european monthly etf market review...9 september 2016 european monthly etf market review deutsche...
TRANSCRIPT
Deutsche Bank Markets Research
Europe
Synthetic Equity & Index Strategy
European Monthly ETF Market Review
Date
9 September 2016
EM and Smart Beta continue to draw Investment
Data in this report is as of 31st August 2016
________________________________________________________________________________________________________________
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) 057/04/2016.
Author
Ari Rajendra
Strategist
(+44) 20 754-52282
Team Contacts
Shan Lan
Strategist
(+852 ) 22036716
Sebastian Mercado, CFA
Strategist
(+1) 212 250-8690
European ETP Monthly Highlights (Assets & Flows)
Assets: European ETPs assets increased by €8bn and stood at $565bn (€508bn) at the end of Aug’16, up by 2% (MoM in € terms).
Flows: European domiciled ETPs registered inflows of +€6bn across all major asset classes (equity, fixed income and commodity). Once again, Fixed Income ETFs lead with inflows of +€2.7bn closely followed by Equity ETFs (+€2.2bn) and Commodity ETPs (+€1bn).
New Product Launches – 2 new products Lyxor listed 2 fixed income ETFs on London Stock Exchange providing exposure to FTSE Actuaries Govt Securities UK GILTS TR under 5 Yr and Barclays US Inflation Linked Bonds TR.
Investment Themes for the Month
Global EM and US exposed ETFs attracted inflows of +€1.2bn and +€0.7bn respectively.
Germany and Broad European equities (e.g. MSCI Europe / STOXX 600) focused ETFs witnessed outflows of -€0.9bn, & -€0.5bn respectively.
Smart Beta ETFs witnessed inflows of +€0.7bn in August with year-to-date flows stood at +€6.9bn.
Once again, Corporate (+€1.4bn) and Sovereign (+€1.2bn) bond ETFs were the strongest segments within Fixed Income. Within Corporate Bonds, IG bonds registered inflows of +€1.4bn.
Gold ETPs registered inflows of +€1.6bn (+€7.3bn so far this year).
Turnover: MoM turnover activity down by 24% The total turnover activity into European ETPs was down by 24% (€56bn) from the previous month’s total (€74bn). At the asset class level, on a MoM basis, Fixed Income ETFs turnover activity decreased most (-30%) followed by Equity (-23%) and Commodity ETPs (-18%).
Price premium/discount to NAV monitor The maximum premiums/discounts to NAV in June were observed in the following categories: Equities: Deepest discount (-1.21%) and highest premium (0.27%) occurred
within Country ETFs.
Fixed Income: Deepest discount in Broad ETFs (-0.48%) while highest premium in Corporate ETFs (0.54%).
US Market: European Exposed ETFs witness outflows in August European exposed ETFs listed in US had outflows of -$1.8bn (-$4.8bn in Jul’16) during August. European exposure ETFs remained weak so far this year with net outflows of -$18.5bn in US listed ETFs.
Distributed on: 09/09/2016 11:45:10 GMT
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 2
Table of Contents
European ETP Highlights ......................................................................................... 3 New Launch Activity: Quiet month with 2 new Products launches ......................... 3 Investment Themes for the Month .......................................................................... 4 Turnover: MoM turnover activity down by 24% ...................................................... 5 Price discounts/premium to NAV Monitor ............................................................... 5 US Market: European Exposed ETFs witness outflows in August........................... 6
1. Investment Trends ...................................................... 7 Cross-Asset Class ETPs ........................................................................................... 7
2. Market Metrics ............................................................ 8 ETF Industry Asset Evolution ................................................................................... 8 ETFs vs. Cash Equities ............................................................................................11 ETFs vs. Unlisted Mutual Funds .............................................................................12 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
................................................................................................................................14 Industry Growth Analysis ........................................................................................15
3. Cash Flow Analysis ................................................... 17 Regional Cash Flow Analysis ..................................................................................17 Asset Class Cash Flow Analysis .............................................................................17 Product Rankings ....................................................................................................23
4. Product Review ......................................................... 25 New Products Launched in the Month ...................................................................25 Average TERs .........................................................................................................27
5. Provider Rankings ..................................................... 31 Global Provider Rankings ........................................................................................31 European Provider Rankings – General ...................................................................33 European Provider Rankings – by Asset Class ........................................................37 European Provider Analysis by Replication Method ...............................................40
6. Trading Perspective .................................................. 41 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................41 Asset Class Analysis ...............................................................................................41 Product Rankings ....................................................................................................47
7. European ETF Exchanges ............................................ 52
8. Assets ......................................................................... 55 ETP Monthly AUM Analysis by Asset Class ...........................................................55 Asset Class Analysis ...............................................................................................55 Product Rankings ....................................................................................................61
9. ETF Broker rankings .................................................. 63 US ETP Broker Rankings .........................................................................................63 European ETP Broker Rankings ..............................................................................65
Appendix A: How we define ETPs ..................................... 67
Appendix B: The road from beta to alpha ......................... 68
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 3
European ETP Highlights
Assets: European ETPs AUM increased by €8bn on a MoM basis and ended
the month at €508bn. On MoM basis, Fixed Income ETFs assets increased the
most (2.4%) followed by Commodity (2.1%) and Equity ETFs (1.4%). For more
details please refer to Assets section on page 55.
Flows: European domiciled ETPs registered inflows of +€6bn across all major
asset classes (equity, fixed income and commodity). Once again, Fixed Income
ETFs lead with inflows of +€2.7bn closely followed by Equity ETFs (+€2.2bn)
and Commodity ETPs (+€1bn). For more details please refer to Cash Flow
Analysis section on page 17.
Global ETPs Highlights
Global ETPs assets increased by $39bn and reached $3.26 trillion at the end of
Aug’16, 1.2% up from last month-end levels. Global ETPs registered inflows of
+$39bn during August (+$54bn for July). US and Asia-Pacific listed ETPs
registered inflows of +$27bn and +$5bn respectively during last month.
Figure 1: Global ETPs Snapshot | ETPs | Global |
Region Aug-16 Jul-16
MoM
Change
(%)
Aug-16 Jul-16 Aug-16 Jul-16
MoM
Change
(%)
AUMCash
Flows*Turnover
US 2382.75 2358.00 1.05% 27.52 45.69 1315.61 1330.04 -1.08% 73% 1.2% 85%
Europe 565.43 559.01 1.15% 6.72 10.66 62.73 81.53 -23.05% 17% 1.2% 4%
Asia-Pacific 314.31 306.07 2.69% 5.13 -2.48 164.00 166.51 -1.51% 10% 1.7% 11%
Global 3262.49 3223.07 1.22% 39.37 53.87 1542.34 1578.08 -2.26% 100% 1.2% 100%
AUM ($bn) Cash Flow ($bn) Turnover ($bn) Market Share (%)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Cash Flow Market Share corresponds to Aug-16 Monthly Cash Flow / End of Jul-16 AUM
New Launch Activity: Quiet month with 2 new Products launches
European ETP market witnessed 2 new product launches in August. Lyxor
listed 2 Fixed Income ETFs on London Stock Exchange providing exposure to
FTSE Actuaries Govt Securities UK GILTS TR under 5 Yr and Barclays US
Inflation Linked Bonds TR.
Figure 2: New Launches in August | ETFs | Europe |
ETF Name BBG Ticker Issuer TER Exchange Listed
Lyxor FTSE Actuaries UK Gilts 0-5Y DR UCITS ETF GIL5 LN Lyxor 0.07% London SE
Lyxor US TIPS DR UCITS ETF - D USD TIPG LN Lyxor 0.09% London SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
For additional information on new product launches please refer to
Product Review on page 25.
9 September 2016
European Monthly ETF Market Review
Page 4 Deutsche Bank AG/London
Investment Themes for the Month
Global EM and US focused ETFs benefitted from inflows, outflows from Germany and Broad European equities
Similar to previous month, Investors trading European-listed ETPs were net
buyers of Global Emerging Markets focused ETFs with inflows of +€1.2bn in
August. UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A
(EGUSAS SW), Amundi ETF MSCI Emerging Markets UCITS ETF (AEEM FP)
and iShares MSCI Emerging Markets IMI UCITS ETF (EMIM NA) benefited
most with inflows of +€456mn, +€253mn and +€179mn respectively.
US focused ETFs were also favored during August. There were net inflows of
+€732mn over the last month, primarily into iShares Core S&P 500 UCITS ETF
(CSSPX SW) and Vanguard S&P 500 ETF (VUSA LN) with monthly inflows of
+€380mn and +€247mn respectively.
ETFs tracking broad European indices (e.g. MSCI Europe / STOXX 600)
continued the negative trend and experienced net outflows of -€0.5bn during
Aug (-€9.5bn so far this year). Country-wise, Germany focused ETFs suffered
significant redemptions of -€0.9bn (YTD -€2.8bn).
Popularity for Smart Beta ETFs persists
European investors poured another +€714mn into Smart Beta ETFs in August
with year-to-date flows of +€6.9bn. Product count has also seen tremendous
growth as 24 new Smart Beta products were launched during 2016, taking the
total count to 176. Such a sharp increase in number of Smart Beta products
can be partly attributed to demand from investor for innovative products. At
the end of August, assets stood at €33.5bn which is 32% above the last year’s
end assets (€25.5bn in 2015).
Investment Grade Bonds dominates within Corporate Bond category
Once again, both Corporate and Sovereign bond ETFs contributed significantly
to the overall Fixed Income flows, attracting +€1.4bn and +€1.2bn
respectively. Within corporate bonds, investment grade bonds dominate with
inflows of +€1.4bn. iShares Euro Ultrashort Bond UCITS ETF (ERNE LN),
iShares $ Corporate Bond UCITS ETF (LQDE LN) and iShares £ Corporate Bond
UCITS ETF (SLXX LN) were the primary beneficiaries with monthly inflows of
+€241mn, +€207mn and +€200mn respectively.
Commodity ETPs inflows driven by Gold ETPs
Commodity ETPs continued the positive run in August with inflows of +€1bn
(+€2.5bn in July). Flows into Gold ETPs remained strong during the month of
August with inflows of +€1.2bn (YTD +€8.5bn). Compared to last five years,
Commodity ETPs performed very well in 2016 with YTD inflows of +€10.4bn vs
+€2.4bn net flows from 2011 through 2015.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 5
Figure 3: Yearly Flows into Commodity ETPs
-15
-10
-5
-
5
10
15
2011 2012 2013 2014 2015 2016*
Yearl
y C
ash
flo
ws
€b
n
Gold ETPs Others
+€10.4bn
+€2.4bn
* Upto 31-Aug-2016. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Turnover: MoM turnover activity down by 24%
The total turnover activity into European ETPs was down by 24% (€56bn) from
the previous month’s total (€74bn). At the asset class level, on a MoM basis,
Fixed Income ETFs turnover activity decreased most (-30%) followed by Equity
(-23%) and Commodity ETPs (-18%). Monthly turnover as % of Avg. AUM has
seen increased significantly for all the major asset classes since the start of
2016. For more details please refer to Trading Perspective on page 41.
Figure 4: Monthly TO as % of Avg. AUM | ETPs | Europe |
0%
5%
10%
15%
20%
25%
30%
TO
as %
of
Avg
. A
UM
*
Equity Fixed Income Commodity
* Avg. AUM has been calculated using previous month- end and current month-end AUM. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Price discounts/premium to NAV Monitor
The price of ETFs may not trade in-line with its respective NAVs driven by
multiple factors such as supply/demand, market access, duty and varying
trading time zones of stocks within an index. In this section we highlight, for
ETFs with European equity exposure only, the median, maximum premium and
maximum discount observed in varying categories for this month. Figures
below illustrate the Price premium/discount to NAV for European ETFs. Equities: Deepest discount (-1.21%) and highest premium (0.27%)
occurred within Country ETFs.
9 September 2016
European Monthly ETF Market Review
Page 6 Deutsche Bank AG/London
Fixed Income: Deepest discount in Broad ETFs (-0.48%) while highest
premium in Corporate ETFs (0.54%).
Figure 5: Price premium/discount to NAV | ETFs | Europe |
Max
Discount
Max
PremiumMedian
Max
Discount
Max
PremiumMedian
Max
Discount
Max
PremiumMedian
Equity
Country -1.21% 0.27% 0.01% -0.12% 0.31% 0.02% -1.21% 0.59% 0.04%
Regional -0.36% 0.23% -0.02% -0.27% 0.39% -0.07% -0.83% 0.65% -0.02%
Size -0.35% 0.06% -0.11% -0.32% 0.19% -0.17% -1.07% 0.48% -0.08%
Style -0.31% 0.19% -0.05% -0.26% 0.24% -0.08% -0.68% 0.69% -0.02%
Sector -0.29% 0.25% -0.04% -0.22% 0.27% -0.04% -0.65% 0.66% 0.02%
Strategy -0.05% 0.11% 0.06% -0.04% 0.16% 0.08% -0.13% 0.42% 0.04%
Fixed Income
Sovereign -0.08% 0.05% -0.01% -0.11% 0.03% -0.02% -0.12% 0.06% -0.03%
Corporates - 0.54% 0.34% - 0.61% 0.40% -0.22% 1.64% 0.30%
Broad -0.48% 0.14% -0.01% -0.36% 0.19% -0.03% -0.63% 0.47% -0.02%
Money Market - 0.00% 0.00% -0.01% 0.00% 0.00% -0.02% 0.01% 0.00%
Credit exposure - - - - - - - - -
Covered Bonds -0.16% 0.20% 0.05% -0.21% 0.19% 0.02% -0.28% 0.49% 0.03%
*Universe: Europe Listed ETFs with European focus (DM only), AUM>€200mn.
*Calculation Methodolgy: We have calculated asset weighted daily avg. Price premium/discount to Nav of a category and then derived
max. discount/premium and median for a period.
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
US Market: European Exposed ETFs witness outflows in August
US domiciled ETPs recorded inflows of +$27bn in August (+$45.7bn in Jul’16)
taking YTD flows to above +$137bn. Equity ETFs lead the tally with strong
inflows of +$18bn followed by inflows in Fixed Income ETFs (+$9bn).
Commodity ETPs reversed the previous month’s trend and comes into negative
territory with outflows of -$0.4bn during Aug’16.
European exposed ETFs listed in US had outflows of -$1.8bn (-$4.8bn in Jul’16)
during August. European exposure ETFs remained weak so far this year with
net outflows of -$18.5bn in US listed ETFs.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 7
1. Investment Trends1
Cross-Asset Class ETPs
Figure 6: Cash flows by asset class – YTD
| ETPs | Europe |
Figure 7: Cash flows by asset class – Month
| ETPs | Europe |
-12,000
-6,000
0
6,000
12,000
18,000
24,000
30,000
36,000
42,000
€m
illio
ns
Equity Fixed Income Commodity Others
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
€m
illio
ns
Equity Fixed Income Commodity Others
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
1 Investment trends as expressed by cumulative monthly and YTD cash flows
9 September 2016
European Monthly ETF Market Review
Page 8 Deutsche Bank AG/London
2. Market Metrics
ETF Industry Asset Evolution
Figure 8: Global ETP regional asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 283.9 314.3
Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 565.4
US ($) 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,382.7
US, Europe & Asia Pacific ($) 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,903.6 3,262.5
Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 507.7
Number of ETPs* 269 324 432 737 1,213 1,666 2,041 2,580 3,125 3,491 3,711 4,023 4,446 4,605
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
illio
n
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 9: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 17.8 30.1
ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 74.4
ETFs 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,837.6 3,158.0
Total 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,903.6 3,262.5
Number of ETPs* 269 324 432 737 1,213 1,666 2,041 2,580 3,125 3,491 3,711 4,023 4,446 4,605
-
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
illio
n
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
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 9
Figure 10: Global ETF regional asset growth | ETFs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 168.3 201.8 283.5 313.9
Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 535.8
US ($) 143.2 203.1 291.5 411.2 581.9 499.1 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 2,308.3
US, Europe & Asia Pacific ($) 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,837.6 3,158.0
Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 450.0 481.1
Number of ETFs* 257 310 415 677 1,116 1,481 1,802 2,231 2,697 2,962 3,181 3,487 3,909 4,082
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Num
ber
of
ETF
s
$ b
illio
n
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 11: European ETF asset growth by asset class | ETFs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,251
Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,890
Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,42 140,03
Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,54 147,27 139,31 170,82 209,80 261,39 323,85 322,88
Total 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 449,97 481,05
Number of ETFs* 100 114 163 267 419 614 818 1,052 1,214 1,310 1,350 1,439 1,517 1,531
0
300
600
900
1,200
1,500
1,800
0
100,000
200,000
300,000
400,000
500,000
600,000
Num
ber
of
ETFs
€m
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
9 September 2016
European Monthly ETF Market Review
Page 10 Deutsche Bank AG/London
Figure 12: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Livestock - - 1 21 63 49 67 59 40 17 19 14 9
Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 581
Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 671
Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,290
Overall - - 1,103 1,444 981 3,531 5,582 4,439 4,846 3,779 3,580 3,668 5,422
Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 34,194
Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,007 43,167
Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 398 391
-
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
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 13: European ETPs (ETF & ETC) asset growth | ETPs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,057 26,628
ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 449,97 481,05
Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,16 279,32 301,69 379,18 466,03 507,68
Number of ETPs 100 115 165 299 476 738 994 1,331 1,564 1,748 1,794 1,890 1,972 1,981
-
400
800
1,200
1,600
2,000
0
100,000
200,000
300,000
400,000
500,000
600,000
Num
ber
of
ETP
s
€m
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
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 11
ETFs vs. Cash Equities
Figure 14: 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 15: ETFs vs. cash equities turnover – European market | ETFs | Europe |
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
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 September 2016
European Monthly ETF Market Review
Page 12 Deutsche Bank AG/London
ETFs vs. Unlisted Mutual Funds
Figure 16: 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 Q4-15 Q1-16 Q2-16*
ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 16 20 22
ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 451 438 456
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% 3.3% 3.7% 3.6% 3.6% 3.5% 3.5% 3.5%
ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4%
1.7%
2.2%
2.7%
3.2%
3.7%
4.2%
0
100
200
300
400
500
600
ETP
vs m
utu
al fu
nd
s
ETP
AU
M (
€b
illio
n)
*Data as of 31-May-2016. Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Figure 17: 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 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16
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 -0.14 0.25 0.01 -0.02 0.68 2.29 0.51 0.47 0.31
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 1.91 5.95 3.56 8.57 2.26 -0.01 3.99 3.10 1.90
Mutual funds 52.00 24.10 2.20 39.50 30.00 28.80 84.10 59.70 51.60 76.50 51.20 29.80 74.70 48.70 7.20 60.00 43.30 3.60 105.00 108.80 87.80 98.40 56.70 2.10 71.00 15.30 -5.50 63.80 64.90 28.60 0.20 8.50 26.30 64.80 52.00
-20
0
20
40
60
80
100
120
140
Cash F
low
s (
€b
illio
n)
Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 13
Figure 18: 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 Q4-15 Q1-16 Q2-16 Q3-16*
ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 63 75 77
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 2,065 2,100 2,163 2,281
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% 16.4% 16.7% 16.9% 17.3%
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% 16.0% 16.2% 16.4% 16.8%
1.7%
3.7%
5.7%
7.7%
9.7%
11.7%
13.7%
15.7%
17.7%
19.7%
0
500
1,000
1,500
2,000
2,500
ETP
vs m
utu
al fu
nd
s
ETP
AU
M ($ b
illio
n)
*Data as of 29-Jul-2016 Source: Deutsche Bank, Bloomberg Finance LP, ICI
Figure 19: US ETP vs mutual fund cash flows | ETPs | US |
-100
-80
-60
-40
-20
0
20
40
60
80
Cash flo
ws (
$ b
illion)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
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 0.78 0.45 -0.98 2.11 5.40 2.35 -0.72 3.30 4.11 1.99
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 27.22 25.58 39.92 -3.10 -4.22 30.02 11.79 -1.55 15.51 43.70
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 -34.26 -7.85 -30.08 -76.28 -20.77 8.48 14.67 -4.48 -6.60 -14.56 -14.73
Source: Deutsche Bank, Bloomberg Finance LP, ICI
9 September 2016
European Monthly ETF Market Review
Page 14 Deutsche Bank AG/London
European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
Figure 20: Historical Composition by ETF Structure | ETFs | Europe |
0
100
200
300
400
500
600
700
800
900
-
100
200
300
400
500
600
Num
ber
of
ETFs
AU
M (
€billion)
Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 21: European AUM ETF market historical asset class analysis by replication
technique | ETFs | Europe |
Physical Synthetic Physical Synthetic Physical Synthetic
AUM (€ million)
Equity 239,101 85,286 236,229 86,654 236,229 86,654
Fixed Income 87,026 26,050 114,011 26,019 114,011 26,019
Commodity 8,718 3,580 11,733 5,156 11,733 5,156
Others 396 1,003 427 824 427 824
Total 335,241 115,920 362,401 118,653 362,401 118,653
Equity 557 531 583 500 583 500
Fixed Income 203 155 227 157 227 157
Commodity 22 28 22 26 22 26
Others 9 13 7 9 7 9
Total 791 727 839 692 839 692
Equity 36,258 9,398 -1,028 2,610 1,568 677
Fixed Income 19,936 6,800 23,798 -22 2,675 72
Commodity -815 958 1,112 1,577 0 -75
Others 47 -89 13 -141 -25 13
Total 55,426 17,068 23,895 4,024 4,219 686
ETFs (number of products)
Cash Flows (€ million)
Aug-162015 2016*
*Year-to-date (upto 31-Aug-2016) numbers have been provided). Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 15
Industry Growth Analysis
Figure 22: Global ETF Industry growth attribution | ETFs | Global |
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
ETF a
sset pri
ce g
row
th c
ontr
ibution (l
ine)
ETF c
ash flo
w g
row
th c
ontr
ibuti
on (B
ars
)
Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16
Price growth -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% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% 7.3% 1.4% 0.2% -0.2% 3.4% 0.1%
Flows growth -0.3% 1.4% 0.5% 1.5% 0.9% 1.5% 1.3% 1.0% 0.5% 1.5% 1.6% 2.3% 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% 1.7% 1.2%
Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%
Total growth -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% 0.4% -0.2% -4.9% -0.4% 8.7% 1.7% 0.4% 0.5% 5.1% 1.3%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 23: 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%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 31-Aug
Price growth -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% -0.2% -2.6% -4.8% -0.2% 5.9% 1.1% 0.6% 0.1% 3.4% 0.0%
Flows growth -0.9% 1.2% 0.6% 1.3% 0.8% 1.5% 0.9% 0.9% 1.0% 1.5% 2.3% 2.7% -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% 2.0% 1.2%
Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%
Total growth -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% 1.1% -0.7% -4.9% -0.5% 7.4% 1.6% 0.5% 0.8% 5.5% 1.2%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 24: European ETF Industry growth attribution | ETFs | Europe |
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16
Price growth -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% 1.5% 0.8% 1.5% -0.7% 2.5% 0.5%
Flows growth 1.3% 1.7% 0.3% 2.1% 1.5% 1.3% 2.4% 1.8% -0.5% 1.6% 1.2% 0.0% 3.1% 2.6% 1.7% 0.9% 0.1% 0.4% 1.9% 2.2% 0.5% 1.4% 0.8% 1.9% 0.3% 0.0% 1.1% 0.7% 0.4% 0.8% 1.8% 1.0%
Avg. growth 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%
Total growth 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% 3.1% -2.2% -4.2% -1.1% 2.6% 1.5% 2.0% 0.1% 4.3% 1.6%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 16 Deutsche Bank AG/London
Figure 25: European ETC Industry growth attribution | ETCs | Europe |
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
ETC
asset pri
ce g
row
th c
ontr
ibution (l
ine)
ETC
cash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-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 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
Price growth 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% -2.6% 6.0% -3.2% 7.9% -0.1% -2.1%
Flows growth -0.9% 1.1% 2.6% 0.8% -0.9% -0.6% 2.2% 0.5% -2.6% -0.7% 1.5% 0.3% 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% 5.7% 4.2%
Avg. growth 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%
Total growth 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% 0.8% 8.3% -1.8% 12.3% 5.6% 2.1%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 17
3. Cash Flow Analysis
Regional Cash Flow Analysis
Figure 26: 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 18,896 2,524 2,244 5,179 26,599 32,707 2,399 2,160 -799 34,307 50,238 1,683 1,582 27,153 79,074
Fixed income 8,987 3,074 2,747 -139 11,922 10,825 5,473 4,944 -2,252 14,047 69,489 26,579 23,776 -2,787 93,281
Commodity -7 -84 -75 -17 -108 44 1,220 1,102 474 1,738 444 3,002 2,690 1,208 4,653
Currency -10 0 0 60 50 2 0 0 38 40 -39 0 0 155 116
Multi Asset 138 -7 -7 12 143 150 -19 -17 -1 130 209 -27 -25 61 242
Alternative 9 -6 -5 19 22 -26 33 30 56 62 -170 -117 -103 253 -34
Total 28,014 5,501 4,905 5,115 38,629 43,701 9,107 8,220 -2,484 50,324 120,170 31,119 27,919 26,044 177,333
ETCs/ETVs
Commodity -359 1,198 1,074 15 854 1,824 1,553 1,403 0 3,377 17,401 8,584 7,719 12 25,997
Currency -138 21 19 0 -117 123 5 4 0 127 -443 27 22 0 -416
Alternative 8 0 0 0 8 44 0 0 0 44 1,098 0 0 0 1,098
Total -490 1,219 1,093 15 744 1,991 1,557 1,407 0 3,548 18,057 8,611 7,741 12 26,680
ETPs
Equity 18,896 2,524 2,244 5,179 26,599 32,707 2,399 2,160 -799 34,307 50,238 1,683 1,582 27,153 79,074
Fixed income 8,987 3,074 2,747 -139 11,922 10,825 5,473 4,944 -2,252 14,047 69,489 26,579 23,776 -2,787 93,281
Commodity -366 1,114 999 -2 746 1,868 2,773 2,505 474 5,115 17,845 11,585 10,409 1,220 30,650
Currency -148 21 19 60 -67 124 5 4 38 167 -482 27 22 155 -300
Multi Asset 138 -7 -7 12 143 150 -19 -17 -1 130 209 -27 -25 61 242
Alternative 17 -6 -5 19 30 18 33 30 56 106 928 -117 -103 253 1,065
Total 27,524 6,720 5,997 5,129 39,373 45,692 10,664 9,627 -2,484 53,872 138,227 39,729 35,660 26,056 204,012
All figures in $ million except where otherwise stated
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Cash Flow Analysis
Figure 27: European Equity ETF cash flow summary (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM
Developed Markets -473 -0.2% -665 -0.3% -10,528 -4.5%
Emerging Markets 1,364 5.0% 1,370 5.5% 4,824 21.6%
Global Markets 27 0.5% 130 2.6% 201 4.1%
Sector 237 1.3% -160 -0.9% 64 0.3%
Capitalization 54 0.9% -205 -3.5% -1,058 -14.8%
Strategy 427 2.2% 1,183 6.5% 6,462 48.7%
Style 463 2.6% 561 3.4% 1,221 7.4%
Thematic 146 3.0% -53 -1.1% 396 10.2%
Total equities 2,244 0.7% 2,160 0.7% 1,582 0.5%
Jul-16 YTDAug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 18 Deutsche Bank AG/London
Figure 27A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM
Sector 237 1.3% -160 -0.9% 64 0.3%
Consumer discretionary 29 3.6% -85 -10.2% -10 -1.1%
Consumer staples -40 -4.4% 50 5.8% -121 -12.2%
Energy 14 0.8% 39 2.3% 60 3.9%
Financials -35 -0.9% -86 -2.2% -481 -8.6%
Healthcare 167 8.0% -33 -1.6% 107 5.3%
Industrials 14 2.7% -34 -6.4% 14 2.6%
Information Technology 117 8.4% 26 2.0% 84 5.9%
Materials 28 3.4% -21 -2.7% 65 9.7%
Real Estate 61 1.2% -102 -2.1% 367 7.8%
Telecommunications -92 -12.4% 36 5.1% -56 -7.1%
Utilities -26 -5.0% 50 10.8% 35 7.8%
Capitalization 54 0.9% -205 -3.5% -1,058 -14.8%
Large Cap 5 1.4% 2 0.6% -1 -0.4%
Mid Cap 9 0.5% -157 -9.0% -648 -27.3%
Small Cap 40 1.1% -50 -1.3% -409 -9.3%
Strategy 427 2.2% 1,183 6.5% 6,462 48.7%
Fundamental -4 -0.3% -154 -10.4% -193 -12.5%
Leveraged Long -70 -3.8% 1 0.1% -82 -3.8%
Leveraged Short 74 7.2% -10 -0.9% 380 47.6%
Options Strategy 0 0.0% 0 0.0% 0 0.0%
Quantitative 256 1.9% 1,433 11.9% 5,885 80.3%
Short 171 10.6% -88 -4.9% 471 33.4%
Style 463 2.6% 561 3.4% 1,221 7.4%
Dividend 356 2.2% 755 5.0% 1,347 9.0%
Growth 94 47.7% 4 2.0% 2 0.8%
Value 13 1.2% -198 -15.2% -129 -9.5%
Thematic 146 3.0% -53 -1.1% 396 10.2%
Commodities 25 1.9% -22 -1.8% -22 -3.2%
Faith 9 4.4% 10 4.8% 26 13.9%
Other Theme 1 0.1% 92 9.7% 136 15.7%
Sustainability 111 4.7% -132 -5.5% 256 11.9%
Total 1,326 2.0% 1,326 2.09% 7,085 11.7%
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 19
Figure 27B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM
Developed Markets
Europe -1,538 -1.4% -2,723 -2.4% -13,099 -9.9%
Austria 0 0.0% 1 0.3% -143 -36.0%
Belgium 1 1.8% -5 -11.2% 0 1.1%
Finland 0 0.0% -2 -1.1% -7 -4.2%
France -78 -1.7% -28 -0.6% -399 -7.9%
Germany -878 -4.7% -423 -2.4% -2,789 -12.9%
Greece -2 -1.5% 2 1.1% -22 -11.4%
Ireland 0 0.0% 0 0.0% 0 0.0%
Italy -52 -3.0% -157 -8.6% -729 -24.6%
Netherlands -15 -2.6% -35 -6.0% -101 -15.6%
Norway 0 0.0% 0 0.0% 5 2.1%
Portugal 0 0.0% -20 -31.3% -20 -26.7%
Spain -11 -1.0% -103 -8.6% -404 -23.8%
Sweden 103 8.9% 65 6.1% -65 -4.6%
Switzerland 30 0.3% -247 -2.6% -221 -2.1%
UK -113 -0.8% -88 -0.6% 1,330 10.1%
Europe broad -524 -0.9% -1,681 -2.8% -9,533 -12.7%
Americas 835 1.3% 939 1.5% 3,472 5.7%
US 733 1.2% 871 1.4% 3,258 5.6%
Canada 93 7.3% 48 4.6% 280 36.3%
North America 10 0.0% 21 0.0% -66 0.0%
Asia 232 1.3% 627 3.8% -2,641 -11.6%
Australia 160 14.1% 401 58.9% 450 56.6%
Hong Kong 7 4.1% 10 6.1% -71 -27.2%
Japan -97 -0.6% 109 0.8% -3,453 -17.1%
Singapore -3 -6.3% 2 5.5% -21 -33.5%
Asia Pacific broad 164 9.0% 105 6.5% 454 31.5%
Global -2 0.0% 492 2.4% 1,734 9.0%
Broad indices -2 0.0% 492 2.4% 1,734 9.0%
DM Total -473 -0.2% -665 -0.3% -10,533 -4.5%
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 20 Deutsche Bank AG/London
Figure 27C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM
Emerging Markets
BRIC -39 -0.7% -41 -0.8% -683 -11.5%
Brazil -14 -2.0% 5 0.8% -100 -19.0%
Russia -26 -3.6% -6 -0.8% -92 -13.5%
India 5 0.3% -4 -0.2% -106 -5.9%
China -4 -0.2% -37 -1.6% -385 -13.1%
Latin America 36 2.4% 74 5.5% 195 18.4%
Chile 0 0.0% 0 0.0% 0 0.0%
Mexico 5 3.7% 2 1.5% -3 -2.3%
LATAM broad 31 4.7% 72 12.7% 198 52.0%
Asia 189 2.4% 125 1.7% 345 4.3%
Bangladesh 0 1.8% 1 6.7% 1 3.2%
Indonesia 18 10.6% 23 16.8% 42 35.6%
Malaysia -3 -6.9% -2 -3.8% -6 -12.5%
Pakistan 2 5.9% 7 30.4% 10 45.6%
Philippines -2 -3.9% 0 0.0% 13 32.3%
South Korea 49 6.8% 10 1.5% -80 -9.9%
Taiwan 14 2.9% 20 4.5% -104 -18.5%
Thailand 36 81.0% 1 3.1% 45 154.0%
Vietnam -9 -3.0% 0 0.1% -32 -10.0%
Asia Pacific broad 84 4.6% 64 3.8% 459 33.0%
EMEA 6 0.6% 40 4.7% -2 -0.3%
Kuwait 0 0.0% 0 0.0% -2 -23.9%
Poland 2 3.3% 9 18.6% -1 -1.1%
South Africa 9 9.0% 6 6.5% 31 44.9%
Turkey -8 -3.4% 5 2.1% -78 -27.6%
Europe broad 6 1.6% 19 5.8% 36 11.2%
Middle East & Africa -4 -2.2% 2 1.2% 12 9.0%
Global Markets 1,173 7.1% 1,171 8.0% 4,969 42.9%
Global 1,173 7.1% 1,171 8.0% 4,969 42.9%
EM Total 1,364 5.0% 1,370 5.5% 4,824 21.6%
Total (EM + DM) 891 0.4% 705 0.3% -5,709 -2.2%
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 21
Figure 28: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |
Fixed Income Cash
Flows
All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM
Overall 289 3.1% 189 2.0% 1,582 19.8%
Corporates 1,352 2.4% 2,626 4.8% 14,043 32.4%
Covered Bonds -20 -0.6% 69 2.0% 315 10.3%
Credit Exposure -35 -10.6% -121 -27.0% 15 5.3%
Sovereign 1,206 1.9% 2,271 3.7% 8,143 14.8%
Money Market -43 -1.7% -90 -3.3% -322 -10.9%
Total Fixed Income 2,747 2.0% 4,944 3.8% 23,776 21.1%
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 22 Deutsche Bank AG/London
Figure 29: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |
Commodity Cash Flows
All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM
Overall -62 -1.1% 929 18.9% 1,744 47.5%
Overall -34 -0.6% 901 19.1% 1,777 51.6%
Overall ex Energy -27 -12.4% 29 14.7% -32 -14.7%
Overall Light Energy -1 -15.1% 0 -1.7% -2 -24.9%
Overall Ultra Light Energy 0 0.0% 0 0.0% 0 0.0%
Agriculture 4 0.5% 34 4.8% -75 -9.5%
Overall -11 -3.0% -6 -1.5% -90 -20.6%
Cocoa -1 -9.2% 2 13.4% 2 12.9%
Coffee 0 0.0% -7 -8.7% -16 -19.4%
Corn 8 21.2% 11 33.0% 17 48.1%
Cotton 0 4.4% -1 -7.6% -20 -65.4%
Grains 1 4.6% 6 20.1% 4 12.4%
Softs 0 0.2% 0 8.8% -1 -17.0%
Soybean Oil 0 2.4% 0 5.1% 1 23.4%
Soybeans 0 -0.8% 1 13.1% -1 -12.8%
Sugar -2 -5.4% 0 -1.2% -21 -44.2%
Wheat 8 7.0% 28 30.9% 51 56.4%
Energy -19 -0.9% 27 1.1% 15 0.7%
Overall -29 -19.1% -32 -15.6% -30 -18.2%
Carbon 0 0.0% 0 11.3% 0 9.9%
Crude Oil 9 0.5% 60 2.7% 49 2.6%
Gasoline 0 -1.8% 0 -4.8% -3 -24.9%
Heating Oil 0 -8.9% 0 -2.7% -1 -14.5%
Natural Gas 1 0.8% 0 -0.2% -1 -0.4%
Electricity 0 0.0% 0 0.0% 0 0.0%
Uranium 0 0.0% 0 0.0% 0 0.0%
Industrial Metals -9 -1.4% 110 22.3% 114 24.5%
Overall 0 0.0% 44 26.7% 47 30.2%
Aluminium 4 5.0% 21 33.5% 2 2.9%
Copper -10 -5.4% 46 31.6% 65 55.3%
Lead 0 0.6% 0 3.4% 0 -6.6%
Nickel -3 -2.9% 0 0.0% 2 2.8%
Tin 0 -12.1% -1 -16.9% -1 -24.4%
Zinc 1 8.1% 0 1.1% -2 -11.7%
Precious Metals 1,085 3.2% 1,404 4.4% 8,615 41.3%
Overall -2 -0.9% 5 3.3% 28 24.2%
Gold 1,156 3.9% 1,554 5.6% 8,496 48.3%
Palladium -46 -7.7% 9 1.8% -41 -8.4%
Platinum -40 -4.4% -45 -5.4% -37 -5.2%
Rhodium 0 0.0% 0 0.0% -26 -47.1%
Silver 17 0.6% -120 -4.2% 196 10.4%
Livestock -1 -7.3% 1 6.6% -4 -28.5%
Overall -1 -46.0% 0 0.5% -4 -63.3%
Cattle 0 -14.3% 0 3.2% 0 7.3%
Lean Hogs 1 25.1% 1 12.9% 0 -6.3%
Total 999 2.3% 2,505 6.2% 10,409 37.2%
Aug-16 Jul-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 23
Product Rankings
Figure 30: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
UBS-ETF MSCI EMU EMUEUA GR UBS Beta 627.0 12.7 159.6
UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta 456.5 6.0 498.4
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 380.0 206.9 1,998.9
Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 253.2 255.1 1,373.9
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 246.7 399.9 1,132.9
iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 179.2 321.1 1,480.5
iShares MSCI Australia UCITS ETF SAUS LN BlackRock Beta 166.0 393.0 430.6
iShares MSCI Pacific ex Japan UCITS ETF Acc CSPXJ SW BlackRock Beta 141.9 13.0 340.7
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 139.7 282.6 1,439.2
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 135.3 342.4 638.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 31: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 380.7 494.2 1,700.4
iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 345.3 44.3 1,144.3
PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 288.0 -35.6 365.4
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 275.0 627.4 1,624.2
Deka Deutsche Borse EUROGOV Germany UCITS ETF ETFGS11 GR Deka Investment GmbH Beta 246.5 0.0 246.7
iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 240.5 256.2 993.9
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 207.2 333.5 1,636.0
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 199.1 27.9 97.5
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 172.4 -42.9 -60.3
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 168.6 20.6 1,599.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 32: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Physical Gold ETC SGLN LN Blackrock Beta 349.1 180.8 1,600.4
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 234.9 151.4 1,684.4
ETFS Physical Gold PHAU LN ETF Securities Beta 180.7 706.0 1,751.8
Gold Bullion Securities GBS LN ETF Securities Beta 131.1 229.7 1,308.3
ETFS EUR Daily Hedged Physical Gold GBSE GY ETF Securities Beta 122.0 0.0 136.4
db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 77.5 89.6 252.7
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 50.2 -14.5 426.8
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 29.4 4.4 152.4
UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW UBS Beta 26.7 2.3 78.9
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 21.9 0.5 59.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 24 Deutsche Bank AG/London
Figure 33: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta -678.6 -61.3 -1,504.1
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta -295.9 142.4 -1,428.6
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta -238.3 -180.8 -1,278.0
iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta -162.6 366.1 1,307.4
db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AM Beta -154.8 -45.8 493.4
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta -143.9 -158.2 -299.8
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -131.0 -74.3 -1,351.1
Euro Stoxx 50 THEAM EASY UCITS ETF - EUR D ETBB FP BNP Paribas Beta -122.9 -47.8 -244.3
Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta -97.2 -127.2 -119.0
UBS ETFs plc - MSCI EMU TRN Index SF (EUR) A-acc EMEUAS SW UBS Beta -90.6 1.0 -112.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 34: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta -207.9 131.1 150.4
Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor Beta -162.7 -10.9 -100.2
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta -125.2 10.2 200.4
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta -115.4 17.6 -30.6
iShares Spain Government Bond UCITS ETF SESP LN BlackRock Beta -103.6 18.1 -379.4
iShares eb.rexx Money Market (DE) EBMMEX GR BlackRock Beta -101.3 44.2 26.7
SPDR Thomson Reuters Global Convertible Bond UCITS ETF ZPRC GY State Street Beta -95.8 2.6 1.5
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta -94.8 -63.1 536.7
db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AM Beta -92.5 -103.0 -243.7
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta -89.1 214.2 394.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 35: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta -100.7 713.9 755.0
ETFS Physical Platinum PHPT LN ETF Securities Beta -35.9 -45.9 -28.3
UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta -35.8 6.1 53.6
db Physical Palladium Euro Hedged ETC XAD4 GR Deutsche AM Beta -30.4 2.1 -11.0
Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor Beta -26.9 28.4 -31.9
ETFS Energy AIGE LN ETF Securities Beta -26.5 -1.4 -41.9
ETFS Physical Palladium PHPD LN ETF Securities Beta -16.3 -0.3 -8.2
ETFS Copper COPA LN ETF Securities Beta -15.1 46.9 81.0
db Physical Silver ETC XSIL LN Deutsche AM Beta -12.1 0.0 -12.1
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ -11.3 26.1 7.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 25
4. Product Review
New Products Launched in the Month
Figure 36: Number of ETPs by Asset Class | ETPs | Global |
Aug-16 Jul-16 End of 2015
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 3,102 67.4% 3,103 (1) 67.2% 2,970 132 66.8%
Fixed income 758 16.5% 764 (6) 16.6% 718 40 16.1%
Commodity 107 2.3% 110 (3) 2.4% 110 (3) 2.5%
Currency 16 0.3% 16 - 0.3% 16 - 0.4%
Multi Asset 49 1.1% 48 1 1.0% 42 7 0.9%
Alternative 50 1.1% 49 1 1.1% 53 (3) 1.2%
Total 4,082 88.6% 4,090 (8) 88.6% 3,909 173 87.9%
ETC/Vs
Equity - 0.0% 0 - 0.0% 0 - 0.0%
Commodity 395 8.6% 397 (2) 8.6% 409 (14) 9.2%
Currency 124 2.7% 124 - 2.7% 124 - 2.8%
Alternative 4 0.1% 4 - 0.1% 4 - 0.1%
Total 523 11.4% 525 (2) 11.4% 537 (14) 12.1%
Total ETPs 4,605 100.0% 4,615 (10) 100.0% 4,446 159 100.0%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 37: Number of ETPs by Asset Class | ETPs | Europe |
Aug-16 Jul-16 End of 2015
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 1,083 54.7% 1,085 (2) -0.1% 1,087 (4) -0.2%
Fixed income 384 19.4% 382 2 0.1% 358 26 1.3%
Commodity 48 2.4% 48 - 0.0% 50 (2) -0.1%
Currency - 0.0% 0 - 0.0% 0 - 0.0%
Multi Asset 8 0.4% 8 - 0.0% 8 - 0.0%
Alternative 8 0.4% 8 - 0.0% 14 (6) -0.3%
Total 1,531 77.3% 1,531 - 0.0% 1,517 14 0.7%
ETCs
Commodity 343 17.3% 343 - 0.0% 348 (5) -0.3%
Currency 107 5.4% 107 - 0.0% 107 - 0.0%
Total 450 22.7% 450 - 0.0% 455 (5) -0.3%
Total ETPs 1,981 100.0% 1,981 - 0.0% 1,972 9 0.5%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
9 S
ep
tem
ber 2
01
6
Pag
e 2
6
Deu
tsch
e B
an
k A
G/L
on
do
n
Figure 38: New ETF launches | ETFs | Europe |
Launch/
cross listing
date
BBG
Ticker
Reuters
CodeIssuer ETF Name
Asset
class
Invest.
StrategyFocus
Market
flagBenchmark
Long
/Short/
Leverage
TER Exchange Listed
New Launches
05-Aug-16 GIL5 LN GIL5.L Lyxor Lyxor FTSE Actuaries UK Gilts 0-5Y DR UCITS ETF Fixed Income Beta Overall DM FTSE Actuaries Govt Securities UK GILTS TR under 5 Yr 1L 0.07% London SE
18-Aug-16 TIPG LN TIPG.L Lyxor Lyxor US TIPS DR UCITS ETF - D USD Fixed Income Beta Overall DM Barclays US Inflation Linked Bonds TR 1L 0.09% London SE
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 27
Average TERs
Figure 39: ETF TERs using simple average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.40% 6 1.28% 4 0.75% 10
Beta 0.38% 563 0.41% 409 0.39% 972
Beta+ 0.60% 1 0.56% 73 0.56% 74
Semi Active 0.47% 13 0.53% 14 0.50% 27
0.39% 583 0.43% 500 0.41% 1,083
Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10
Beta 0.25% 219 0.20% 133 0.23% 352
Beta+ NA NA 0.24% 22 0.24% 22
0.26% 227 0.21% 157 0.24% 384
Alternative Alpha NA NA 0.71% 3 0.71% 3
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.70% 1 0.70% 1
0.0075 2 0.71% 6 0.71% 8
Commodity Beta 0.48% 22 0.48% 25 0.48% 47
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.48% 22 0.48% 26 0.48% 48
Currency Beta NA NA NA NA NA NA
NA NA NA NA NA NA
Multi Asset Beta NA 1 NA 1 NA 2
Alpha 0.46% 4 0.64% 2 0.54% 6
0.46% 5 0.64% 3 0.54% 8
Total 0.36% 839 0.39% 692 0.38% 1,531
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 28 Deutsche Bank AG/London
Figure 40: ETC TERs using simple average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.49% 37 0.48% 37
Beta+ NA NA 0.92% 35 0.92% 35
Energy Beta NA NA 0.47% 49 0.45% 49
Beta+ NA NA 0.80% 53 0.73% 53
Industrial Metals Beta NA NA 0.49% 23 0.47% 23
Beta+ NA NA 0.90% 27 0.90% 27
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.49% 9 0.44% 9
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.45% 31 0.44% 20 0.43% 51
Beta+ NA NA 0.76% 43 0.76% 43
Commodity 0.45% 31 0.67% 312 0.63% 343
Currency Currency Beta NA NA 0.41% 40 0.41% 40
Beta+ NA NA 0.82% 67 0.82% 67
Currency NA NA 0.67% 107 0.67% 107
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 29
Figure 41: ETF TERs using AUM weighted average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.52% 6 0.83% 4 0.56% 10
Beta 0.30% 563 0.34% 409 0.31% 972
Beta+ 0.60% 1 0.48% 73 0.48% 74
Semi Active 0.51% 13 0.52% 14 0.52% 27
0.30% 583 0.36% 500 0.32% 1,083
Fixed Income Alpha 0.36% 8 0.39% 2 0.36% 10
Beta 0.27% 219 0.19% 133 0.25% 352
Beta+ NA NA 0.23% 22 0.23% 22
0.27% 227 0.20% 157 0.26% 384
Alternative Alpha NA NA 0.86% 3 0.86% 3
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.70% 1 0.70% 1
0.75% 2 0.78% 6 0.77% 8
Commodity Beta 0.41% 22 0.45% 25 0.42% 47
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.41% 22 0.45% 26 0.42% 48
Currency Beta NA NA NA NA NA NA
NA NA NA - NA -
Multi Asset Beta 0.40% 1 0.25% 1 0.37% 2
Alpha 0.55% 4 0.71% 2 0.69% 6
0.55% 5 0.71% 3 0.69% 6
Total 0.30% 839 0.33% 692 0.31% 1,531
Synthetic TotalPhysical
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 30 Deutsche Bank AG/London
Figure 42: ETC TERs using AUM weighted average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.49% 37 0.49% 37
Beta+ NA NA 0.98% 35 0.98% 35
Energy Beta NA NA 0.48% 49 0.48% 49
Beta+ NA NA 0.94% 53 0.94% 53
Industrial Metals Beta NA NA 0.49% 23 0.49% 23
Beta+ NA NA 0.97% 27 0.97% 27
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.49% 9 0.49% 9
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.37% 31 0.37% 20 0.37% 51
Beta+ NA NA 0.95% 43 0.95% 43
Commodity 0.37% 31 0.50% 312 0.40% 343
Currency Currency Beta NA NA 0.39% 40 0.39% 40
Beta+ NA NA 0.86% 67 0.86% 67
Currency NA NA 0.73% 107 0.73% 107
TotalPhysical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 31
5. Provider Rankings
Global Provider Rankings
Figure 43: Global Top 10 ETF Providers ($ million) | ETFs | Global |
Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,187,928 37.6% 1,060,878 37.4% 651 12,478 428,923 73,545
2 Vanguard 599,255 19.0% 504,808 17.8% 111 10,248 80,035 58,508
3 State Street 457,820 14.5% 421,286 14.8% 269 3,151 524,142 8,015
4 PowerShares 102,453 3.2% 94,984 3.3% 148 1,789 54,293 3,373
5 Deutsche AM 75,562 2.4% 80,965 2.9% 254 -1,439 8,112 -6,215
6 Nomura Asset Management 72,372 2.3% 63,783 2.2% 50 1,113 27,728 7,775
7 Charles Schwab 52,409 1.7% 39,712 1.4% 21 1,117 5,219 9,452
8 Lyxor 52,308 1.7% 51,862 1.8% 219 237 9,409 468
9 First Trust 39,786 1.3% 42,877 1.5% 114 777 7,072 -3,645
10 WisdomTree 38,981 1.2% 52,160 1.8% 124 -1,321 10,108 -11,751
Total Top 10 2,678,873 84.8% 2,413,315 85.0% 1,961 28,151 1,155,041 139,524
Others 479,144 15.2% 424,301 15.0% 2,121 10,478 306,350 37,808
Global Total 3,158,017 100.0% 2,837,616 100.0% 4,082 38,629 1,461,391 177,333 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.
Figure 44: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |
Rank Issuer Current AUM Mkt. Share 2015 AUM
2015 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 State Street 39,690 38.0% 21,931 33.2% 1 -609 27,553 12,047
2 ETF Securities 19,921 19.1% 13,113 19.9% 332 535 4,246 4,247
3 BlackRock 19,496 18.7% 10,702 16.2% 8 810 6,238 5,748
4 PowerShares 5,476 5.2% 4,792 7.3% 11 -124 2,285 536
5 United States Commodity Funds 4,565 4.4% 4,416 6.7% 11 -213 9,162 -59
6 Source 4,247 4.1% 1,798 2.7% 4 266 759 1,917
7 ProShares 3,532 3.4% 3,498 5.3% 17 60 27,491 1,324
8 Deutsche AM 3,190 3.1% 1,799 2.7% 18 111 316 950
9 Deutsche Borse Commodities GmbH 2,111 2.0% 1,715 2.6% 1 0 184 0
10 Guggenheim Investments 1,212 1.2% 1,192 1.8% 9 -104 1,589 -29
Total Top 10 103,439 99.0% 64,957 98.5% 412 731 79,822 26,680
Others 1,030 1.0% 1,002 1.5% 111 13 1,130 -1
Global Total 104,469 100.0% 65,960 100.0% 523 744 80,952 26,680
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 32 Deutsche Bank AG/London
Figure 45: Global Top 10 ETP Providers ($ million) | ETPs | Global |
Rank Issuer Current AUM Mkt. Share 2015 AUM
2015 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,207,424 37.0% 1,071,580 36.9% 659 13,288 435,160 79,293
2 Vanguard 599,255 18.4% 504,808 17.4% 111 10,248 80,035 58,508
3 State Street 497,510 15.2% 443,216 15.3% 270 2,543 551,695 20,062
4 PowerShares 107,930 3.3% 99,777 3.4% 159 1,666 56,578 3,909
5 Deutsche AM 78,751 2.4% 82,764 2.9% 272 -1,328 8,428 -5,265
6 Nomura Asset Management 72,372 2.2% 63,783 2.2% 50 1,113 27,728 7,775
7 Charles Schwab 52,409 1.6% 39,712 1.4% 21 1,117 5,219 9,452
8 Lyxor 52,308 1.6% 51,862 1.8% 219 237 9,409 468
9 First Trust 39,786 1.2% 42,877 1.5% 114 777 7,072 -3,645
10 WisdomTree 39,203 1.2% 52,385 1.8% 126 -1,319 10,123 -11,763
Total Top 10 2,746,947 84.2% 2,452,765 84.5% 2,001 28,341 1,191,448 158,793
Others 515,539 15.8% 450,811 15.5% 2,604 11,032 350,896 45,219
Global Total 3,262,486 100.0% 2,903,575 100.0% 4,605 39,373 1,542,343 204,012
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 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 33
European Provider Rankings – General
Figure 46: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe | All figures in € million except
products
Issuer Current
Month
End of
2015 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2015 Diff.
BlackRock 235,413 214,014 10% 2,162 7,272 19,861 24,244 33,214 -27% 279 271 3%
Deutsche AM 54,296 56,228 -3% -551 -950 -2,130 4,194 5,758 -27% 217 216 0%
Lyxor 46,965 47,742 -2% 205 -47 426 8,390 10,013 -16% 219 244 -10%
UBS 26,899 24,949 8% 1,263 272 2,001 1,771 2,584 -31% 123 130 -5%
Amundi 21,106 19,739 7% 549 -5 1,190 2,247 3,454 -35% 102 100 2%
Vanguard 19,868 17,691 12% 258 516 1,807 1,937 2,247 -14% 21 17 24%
Source 15,659 16,286 -4% 163 27 -557 1,082 1,433 -25% 78 77 1%
State Street 15,362 11,863 29% 420 1,016 3,034 1,758 2,241 -22% 99 78 27%
Deka Investment GmbH 7,564 7,027 8% 368 -71 619 407 706 -42% 42 46 -9%
ComStage 7,313 6,925 6% 5 41 265 490 531 -8% 113 111 2%
Zuercher Kantonalbank 6,964 5,400 29% 19 18 386 354 457 -22% 4 4 0%
HSBC 4,659 4,978 -6% -3 -249 -424 344 799 -57% 27 28 -4%
BNP Paribas 4,046 4,466 -9% -165 -103 -268 544 218 150% 30 29 3%
Xact Fonder AB 2,734 2,522 8% 129 57 313 826 941 -12% 13 10 30%
PowerShares 2,205 1,766 25% 111 237 411 277 288 -4% 19 21 -10%
Julius Baer Inv 2,158 1,640 32% 7 46 170 78 88 -11% 4 4 0%
Ossiam 2,018 1,707 18% 13 83 136 73 123 -41% 10 9 11%
ThinkCapital ETFs N.V. 1,563 1,623 -4% -101 -135 -85 78 89 -12% 14 13 8%
ETF Securities 1,422 790 80% 46 140 633 595 792 -25% 28 30 -7%
WisdomTree 462 477 -3% 1 57 12 31 42 -27% 27 19 42%
Fundlogic Global Solutions plc 409 169 142% 9 5 228 12 11 10% 2 2 0%
BBVA Gestion SA SGIIC 335 483 -31% 0 -1 -104 24 38 -38% 2 2 0%
China Post Global 265 331 -20% -23 -16 -142 30 13 138% 8 10 -20%
Raiffeisen Schweiz Genossenschaft 191 152 26% 0 0 8 6 13 -57% 3 3 0%
Seligson & Co Fund Man 179 178 0% 0 -2 -7 3 3 -8% 1 1 0%
BMO Global Asset Management 169 72 133% 6 0 106 13 5 192% 9 9 0%
Van Eck Funds 164 76 116% 3 0 23 96 91 6% 3 3 0%
First Trust 155 119 30% 6 13 32 17 27 -37% 9 7 29%
Nomura Asset Management 135 251 -46% 0 -12 -77 9 52 -83% 3 3 0%
DnB Kapitalforvaltning 99 103 -3% 0 0 -8 13 5 139% 1 1 0%
UniCredit Bank 85 61 40% 0 0 27 0 0 -78% 1 1 0%
Commerzbank AG 54 47 14% 1 7 9 1 1 -7% 3 3 0%
SEB Investment Management AB 43 45 -4% 0 0 0 2 6 -63% 3 3 0%
FinEx Fund Plc 30 33 -9% 0 -3 -6 0 0 52% 2 2 0%
Boost 23 5 402% 4 3 19 33 51 -35% 3 3 0%
Sun Global Investments 16 5 236% 1 1 11 4 1 184% 2 1 100%
Fullgoal Fund Management Co 11 0 NA 0 2 10 0 0 -80% 1 0 NA
Alpha Asset Management 9 11 -16% 0 0 -8 0 0 -33% 1 1 0%
NBG Asset Management MFMC 4 4 -3% 0 0 0 0 0 -10% 2 2 0%
Landsbankinn 0 0 NA 0 0 0 3 6 -49% 1 1 0%
Nordea Investment Funds 0 0 NA 0 0 0 0 0 NA 2 2 0%
PDR Services LLC 0 0 NA 0 0 0 0 0 -90% 0 0 NA
Total 481,054 449,981 7% 4,905 8,220 27,919 49,986 66,342 -25% 1531 1,517 1%
AUM Cash Flow Turnover Products
*China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 September 2016
European Monthly ETF Market Review
Page 34 Deutsche Bank AG/London
Figure 47: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2015 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2015 Diff.
ETF Securities 15,325 10,148 51% 409 993 3,587 3,404 4,692 -27% 322 322 0%
Source 3,813 1,655 130% 239 156 1,728 678 772 -12% 4 4 0%
Deutsche AM 2,864 1,656 73% 99 27 850 281 328 -14% 18 18 0%
BlackRock 2,154 397 443% 348 188 1,642 584 470 24% 4 4 0%
Deutsche Borse Commodities GmbH 1,895 1,579 20% 0 0 0 164 165 -1% 1 1 0%
Boost 266 235 13% -3 24 54 849 887 -4% 30 30 0%
Borse Stuttgart Securities GmbH 200 109 83% 5 15 66 13 24 -47% 1 1 0%
Commerzbank AG 110 73 51% -3 4 15 18 15 18% 68 68 0%
Royal Bank of Scotland plc 0 205 -100% 0 0 -202 0 0 NA 0 5 -100%
BNP Paribas 0 0 NA 0 0 0 0 0 -100% 2 2 0%
Total 26,628 16,057 66% 1,093 1,407 7,741 5,992 7,353 -19% 450 455 -1%
AUM Cash Flow Turnover Products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 35
Figure 48: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2015 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2015 Diff.
BlackRock 237,566 214,411 11% 2,510 7,460 21,503 24,828 33,684 -26% 283 275 3%
Deutsche AM 57,160 57,884 -1% -451 -923 -1,280 4,476 6,086 -26% 235 234 0%
Lyxor 46,965 47,742 -2% 205 -47 426 8,390 10,013 -16% 219 244 -10%
UBS 26,899 24,949 8% 1,263 272 2,001 1,771 2,584 -31% 123 130 -5%
Amundi 21,106 19,739 7% 549 -5 1,190 2,247 3,454 -35% 102 100 2%
Vanguard 19,868 17,691 12% 258 516 1,807 1,937 2,247 -14% 21 17 24%
Source 19,472 17,941 9% 402 183 1,171 1,759 2,205 -20% 82 81 1%
ETF Securities 16,748 10,938 53% 455 1,132 4,220 3,999 5,483 -27% 350 352 -1%
State Street 15,362 11,863 29% 420 1,016 3,034 1,758 2,241 -22% 99 78 27%
Deka Investment GmbH 7,564 7,027 8% 368 -71 619 407 706 -42% 42 46 -9%
ComStage 7,313 6,925 6% 5 41 265 490 531 -8% 113 111 2%
Zuercher Kantonalbank 6,964 5,400 29% 19 18 386 354 457 -22% 4 4 0%
HSBC 4,659 4,978 -6% -3 -249 -424 344 799 -57% 27 28 -4%
BNP Paribas 4,046 4,466 -9% -165 -103 -268 544 218 150% 32 31 3%
Xact Fonder AB 2,734 2,522 8% 129 57 313 826 941 -12% 13 10 30%
PowerShares 2,205 1,766 25% 111 237 411 277 288 -4% 19 21 -10%
Julius Baer Inv 2,158 1,640 32% 7 46 170 78 88 -11% 4 4 0%
Ossiam 2,018 1,707 18% 13 83 136 73 123 -41% 10 9 11%
Deutsche Borse Commodities GmbH 1,895 1,579 20% 0 0 0 164 165 -1% 1 1 0%
ThinkCapital ETFs N.V. 1,563 1,623 -4% -101 -135 -85 78 89 -12% 14 13 8%
WisdomTree 462 477 -3% 1 57 12 31 42 -27% 27 19 42%
Fundlogic Global Solutions plc 409 169 142% 9 5 228 12 11 10% 2 2 0%
BBVA Gestion SA SGIIC 335 483 -31% 0 -1 -104 24 38 -38% 2 2 0%
Boost 290 240 21% 1 27 73 883 938 -6% 33 33 0%
China Post Global 265 331 -20% -23 -16 -142 30 13 138% 8 10 -20%
Borse Stuttgart Securities GmbH 200 109 83% 5 15 66 13 24 -47% 1 1 0%
Raiffeisen Schweiz Genossenschaft 191 152 26% 0 0 8 6 13 -57% 3 3 0%
Seligson & Co Fund Man 179 178 0% 0 -2 -7 3 3 -8% 1 1 0%
BMO Global Asset Management 169 72 133% 6 0 106 13 5 192% 9 9 0%
Van Eck Funds 164 76 116% 3 0 23 96 91 6% 3 3 0%
Commerzbank AG 164 120 36% -2 10 24 19 16 16% 71 71 0%
First Trust 155 119 30% 6 13 32 17 27 -37% 9 7 29%
Nomura Asset Management 135 251 -46% 0 -12 -77 9 52 -83% 3 3 0%
DnB Kapitalforvaltning 99 103 -3% 0 0 -8 13 5 139% 1 1 0%
UniCredit Bank 85 61 40% 0 0 27 0 0 -78% 1 1 0%
SEB Investment Management AB 43 45 -4% 0 0 0 2 6 -63% 3 3 0%
FinEx Fund Plc 30 33 -9% 0 -3 -6 0 0 52% 2 2 0%
Sun Global Investments 16 5 236% 1 1 11 4 1 184% 2 1 100%
Fullgoal Fund Management Co 11 0 NA 0 2 10 0 0 -80% 1 0 NA
Alpha Asset Management 9 11 -16% 0 0 -8 0 0 -33% 1 1 0%
NBG Asset Management MFMC 4 4 -3% 0 0 0 0 0 -10% 2 2 0%
Royal Bank of Scotland plc 0 205 -100% 0 0 -202 0 0 NA 0 5 -100%
Nordea Investment Funds 0 0 NA 0 0 0 0 0 NA 2 2 0%
Landsbankinn 0 0 NA 0 0 0 3 6 -49% 1 1 0%
PDR Services LLC 0 0 NA 0 0 0 0 0 -90% 0 0 NA
Total 507,682 466,038 9% 5,997 9,627 35,660 55,978 73,695 -24% 1,981 1,972 0%
ProductsAUM Cash Flow Turnover
* China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 September 2016
European Monthly ETF Market Review
Page 36 Deutsche Bank AG/London
Figure 49: European ETP Providers tier market share | ETPs | Europe |
60% 65% 70% 75% 80% 85% 90% 95% 100%
Q3 15
Q4 15
Q1 16
Q2 16
Aug-16
Q3 15 Q4 15 Q1 16 Q2 16 Aug-16
Tier 1 68.1% 73.9% 73.1% 72.6% 72.6%
Tier 2 27.7% 23.1% 23.8% 23.3% 23.5%
Tier 3 4.2% 3.2% 3.1% 4.1% 3.9%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 37
European Provider Rankings – by Asset Class
Figure 50: 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 141,841 91,067 2,180 324 235,413 48.9% 279 24,244 2,162 19,861
Deutsche AM 39,823 13,374 429 670 54,296 11.3% 217 4,194 -551 -2,130
Lyxor 34,641 11,247 959 118 46,965 9.8% 219 8,390 205 426
UBS 22,288 2,225 2,334 53 26,899 5.6% 123 1,771 1,263 2,001
Amundi 16,127 4,980 0 0 21,106 4.4% 102 2,247 549 1,190
Vanguard 19,625 243 0 0 19,868 4.1% 21 1,937 258 1,807
Source 9,632 5,732 294 0 15,659 3.3% 78 1,082 163 -557
State Street 9,689 5,621 0 51 15,362 3.2% 99 1,758 420 3,034
Deka Investment GmbH 4,972 2,592 0 0 7,564 1.6% 42 407 368 619
ComStage 5,365 1,552 385 11 7,313 1.5% 113 490 5 265
Zuercher Kantonalbank 0 0 6,964 0 6,964 1.4% 4 354 19 386
HSBC 4,659 0 0 0 4,659 1.0% 27 344 -3 -424
BNP Paribas 3,713 146 187 0 4,046 0.8% 30 544 -165 -268
Xact Fonder AB 2,581 43 110 0 2,734 0.6% 13 826 129 313
PowerShares 2,181 22 0 3 2,205 0.5% 19 277 111 411
Julius Baer Inv 0 0 2,158 0 2,158 0.4% 4 78 7 170
Ossiam 1,963 0 54 0 2,018 0.4% 10 73 13 136
ThinkCapital ETFs N.V. 940 602 0 20 1,563 0.3% 14 78 -101 -85
ETF Securities 611 333 479 0 1,422 0.3% 28 595 46 633
WisdomTree 439 0 23 0 462 0.1% 27 31 1 12
Fundlogic Global Solutions plc 409 0 0 0 409 0.1% 2 12 9 228
BBVA Gestion SA SGIIC 335 0 0 0 335 0.1% 2 24 0 -104
China Post Global 126 0 138 0 265 0.1% 8 30 -23 -142
Raiffeisen Schweiz Genossenschaft 0 0 191 0 191 0.0% 3 6 0 8
Seligson & Co Fund Man 179 0 0 0 179 0.0% 1 3 0 -7
BMO Global Asset Management 91 78 0 0 169 0.0% 9 13 6 106
Van Eck Funds 164 0 0 0 164 0.0% 3 96 3 23
First Trust 155 0 0 0 155 0.0% 9 17 6 32
Nomura Asset Management 135 0 0 0 135 0.0% 3 9 0 -77
DnB Kapitalforvaltning 99 0 0 0 99 0.0% 1 13 0 -8
UniCredit Bank 0 85 0 0 85 0.0% 1 0 0 27
Commerzbank AG 20 34 0 0 54 0.0% 3 1 1 9
SEB Investment Management AB 43 0 0 0 43 0.0% 3 2 0 0
FinEx Fund Plc 0 26 4 0 30 0.0% 2 0 0 -6
Boost 23 0 0 0 23 0.0% 3 33 4 19
Sun Global Investments 0 16 0 0 16 0.0% 2 4 1 11
Fullgoal Fund Management Co 0 11 0 0 11 0.0% 1 0 0 10
Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 -8
NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 3 0 0
Alpcot Capital Management 0 0 0 0 0 0.0% 0 0 0 0
Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0
NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 322,883 140,030 16,890 1,251 481,054 100.0% 1,531 49,986 4,905 27,919
All figures in € million except products
* China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 September 2016
European Monthly ETF Market Review
Page 38 Deutsche Bank AG/London
Figure 51: 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 14,978 347 15,325 57.6% 322 3,404 409 3587
Source 3,813 0 3,813 14.3% 4 678 239 1728
Deutsche AM 2,864 0 2,864 10.8% 18 281 99 850
BlackRock 2,154 0 2,154 8.1% 4 584 348 1642
Deutsche Borse Commodities GmbH 1,895 0 1,895 7.1% 1 164 0 0
Boost 263 3 266 1.0% 30 849 -3 54
Borse Stuttgart Securities GmbH 200 0 200 0.8% 1 13 5 66
Commerzbank AG 110 0 110 0.4% 68 18 -3 15
Royal Bank of Scotland plc 0 0 0 0.0% 0 0 0 -202
BNP Paribas 0 0 0 0.0% 2 - 0 0
Total 26,277 350 26,628 100.0% 450 5,992 1,093 7,741
All figures in € million except products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 39
Figure 52: 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 141,841 91,067 4,333 324 237,566 46.8% 283 24,828 2,510 21,503
Deutsche AM 39,823 13,374 3,293 670 57,160 11.3% 235 4,476 -451 -1,280
Lyxor 34,641 11,247 959 118 46,965 9.3% 219 8,390 205 426
UBS 22,288 2,225 2,334 53 26,899 5.3% 123 1,771 1,263 2,001
Amundi 16,127 4,980 0 0 21,106 4.2% 102 2,247 549 1,190
Vanguard 19,625 243 0 0 19,868 3.9% 21 1,937 258 1,807
Source 9,632 5,732 4,108 0 19,472 3.8% 82 1,759 402 1,171
ETF Securities 611 333 15,457 347 16,748 3.3% 350 3,999 455 4,220
State Street 9,689 5,621 0 51 15,362 3.0% 99 1,758 420 3,034
Deka Investment GmbH 4,972 2,592 0 0 7,564 1.5% 42 407 368 619
ComStage 5,365 1,552 385 11 7,313 1.4% 113 490 5 265
Zuercher Kantonalbank 0 0 6,964 0 6,964 1.4% 4 354 19 386
HSBC 4,659 0 0 0 4,659 0.9% 27 344 -3 -424
BNP Paribas 3,713 146 187 0 4,046 0.8% 32 544 -165 -268
Xact Fonder AB 2,581 43 110 0 2,734 0.5% 13 826 129 313
PowerShares 2,181 22 0 3 2,205 0.4% 19 277 111 411
Julius Baer Inv 0 0 2,158 0 2,158 0.4% 4 78 7 170
Ossiam 1,963 0 54 0 2,018 0.4% 10 73 13 136
Deutsche Borse Commodities GmbH 0 0 1,895 0 1,895 0.4% 1 164 0 0
ThinkCapital ETFs N.V. 940 602 0 20 1,563 0.3% 14 78 -101 -85
WisdomTree 439 0 23 0 462 0.1% 27 31 1 12
Fundlogic Global Solutions plc 409 0 0 0 409 0.1% 2 12 9 228
BBVA Gestion SA SGIIC 335 0 0 0 335 0.1% 2 24 0 -104
Boost 23 0 263 3 290 0.1% 33 883 1 73
China Post Global 126 0 138 0 265 0.1% 8 30 -23 -142
Borse Stuttgart Securities GmbH 0 0 200 0 200 0.0% 1 13 5 66
Raiffeisen Schweiz Genossenschaft 0 0 191 0 191 0.0% 3 6 0 8
Seligson & Co Fund Man 179 0 0 0 179 0.0% 1 3 0 -7
BMO Global Asset Management 91 78 0 0 169 0.0% 9 13 6 106
Van Eck Funds 164 0 0 0 164 0.0% 3 96 3 23
Commerzbank AG 20 34 110 0 164 0.0% 71 19 -2 24
First Trust 155 0 0 0 155 0.0% 9 17 6 32
Nomura Asset Management 135 0 0 0 135 0.0% 3 9 0 -77
DnB Kapitalforvaltning 99 0 0 0 99 0.0% 1 13 0 -8
UniCredit Bank 0 85 0 0 85 0.0% 1 0 0 27
SEB Investment Management AB 43 0 0 0 43 0.0% 3 2 0 0
FinEx Fund Plc 0 26 4 0 30 0.0% 2 0 0 -6
Sun Global Investments 0 16 0 0 16 0.0% 2 4 1 11
Fullgoal Fund Management Co 0 11 0 0 11 0.0% 1 0 0 10
Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 -8
NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0
Royal Bank of Scotland plc 0 0 0 0 0 0.0% 0 0 0 -202
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 3 0 0
Alpcot Capital Management 0 0 0 0 0 0.0% 0 0 0 0
Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0
NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 322,883 140,030 43,167 1,601 507,682 100.0% 1,981 55,978 5,997 35,660
All figures in € million except products
*China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 September 2016
European Monthly ETF Market Review
Page 40 Deutsche Bank AG/London
European Provider Analysis by Replication Method
Figure 53: European ETF Providers list by replication | ETFs | Europe|
AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs
European Providers
BlackRock Physical 141,681 184 91,067 89 828 3 324 1 233,901 99% 277
Synthetic 160 1 - - 1,351 1 - - 1,512 1% 2
Deutsche AM Physical 25,181 62 737 5 - - 29 1 25,947 48% 68
Synthetic 14,641 73 12,637 70 429 3 641 3 28,349 52% 149
Lyxor Physical 1,016 14 5,030 25 - - - - 6,045 13% 39
Synthetic 33,625 151 6,217 24 959 2 118 3 40,920 87% 180
UBS Physical 18,635 68 2,153 23 1,495 6 - - 22,284 83% 97
Synthetic 3,652 14 72 1 839 9 53 2 4,616 17% 26
Amundi Physical 930 6 - - - - - - 930 4% 6
Synthetic 15,196 69 4,980 27 - - - - 20,176 96% 96
Vanguard Physical 19,625 16 243 5 - - - - 19,868 100% 21
Source Physical 1,824 15 5,472 12 - - - - 7,296 47% 27
Synthetic 7,808 48 260 2 294 1 - - 8,363 53% 51
State Street Physical 9,689 62 5,621 36 - - 51 1 15,362 100% 99
ComStage Physical 249 6 - - - - - - 249 3% 6
Synthetic 5,116 76 1,552 28 385 2 11 1 7,064 97% 107
Zuercher Kantonalbank Physical - - - - 6,964 4 - - 6,964 100% 4
Deka Investment GmbH Physical 4,957 25 2,592 16 - - - - 7,549 100% 41
Synthetic 16 1 - - - - - - 16 0% 1
HSBC Physical 4,659 27 - - - - - - 4,659 100% 27
BNP Paribas Physical 1,364 17 - - 92 1 - - 1,456 36% 18
Synthetic 2,348 10 146 1 95 1 - - 2,590 64% 12
Xact Fonder AB Physical 2,083 4 - - - - - - 2,083 76% 4
Synthetic 498 7 43 1 110 1 - - 651 24% 9
Julius Baer Inv Physical - - - - 2,158 4 - - 2,158 100% 4
PowerShares Physical 1,577 13 22 1 - - 3 1 1,601 73% 15
Synthetic 604 4 - - - - - - 604 27% 4
Ossiam Physical 62 1 - - - - - - 62 3% 1
Synthetic 1,901 8 - - 54 1 - - 1,955 97% 9
ThinkCapital ETFs N.V. Physical 940 8 602 3 - - 20 3 1,563 100% 14
ETF Securities Synthetic 468 20 - - 479 1 - - 946 100% 21
Physical 143 3 333 4 - - - - 476 100% 7
WisdomTree Physical 434 24 - - - - - - 434 100% 24
Synthetic 6 2 - - 23 1 - - 29 100% 3
Fundlogic Global Solutions plc Synthetic 409 2 - - - - - - 409 100% 2
BBVA Gestion SA Physical 335 2 - - - - - - 335 100% 2
China Post Global Synthetic 126 5 - - 138 3 - - 265 100% 8
Raiffeisen Schweiz
Genossenschaft
Physical - - - - 191 3 - - 191 100% 3
Seligson & Co Fund Mgmt. Physical 179 1 - - - - - - 179 100% 1
BMO Global Asset Management Physical 91 5 78 4 - - - - 169 100% 9
Van Eck Funds Physical 164 3 - - - - - - 164 100% 3
First Trust Physical 155 9 - - - - - - 155 100% 9
Nomura Asset Management Physical 135 3 - - - - - - 135 100% 3
DnB Kapitalforvaltning Physical 99 1 - - - - - - 99 100% 1
UniCredit Bank Synthetic - - 85 1 - - - - 85 100% 1
Commerzbank AG Synthetic 10 1 - - - - - - 10 19% 1
Physical 9 1 34 1 - - - - 43 81% 2
SEB Investment Management AB Synthetic 43 3 - - - - - - 43 100% 3
FinEx Fund Plc Physical - - - - 4 1 - - 4 13% 1
Synthetic - - 26 1 - - - - 26 87% 1
Boost Synthetic 23 2 0 1 - - - - 23 100% 3
Sun Global Investments Physical - - 16 2 - - - - 16 100% 2
Fullgoal Fund Management Co Physical - - 11 1 - - - - 11 100% 1
Alpha Asset Mgmt. Physical 9 1 - - - - - - 9 100% 1
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 322,883 1,083 140,030 384 16,890 48 1,251 16 481,054 1,531
Total
All figures in € million except products
Replication
Method Equity Fixed Income Commodity Other
*China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 41
6. Trading Perspective
ETP Monthly Turnover Analysis by Asset Class, by Instrument
Figure 54: Turnover by asset class and instrument (€ million) | ETPs | Europe |
Jul-162015 (Monthly
Avg.)
Asset Class Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
ETFs
Equity 35,175 62.8% -22.9% -28.4% 45,650 49,094
Fixed income 13,663 24.4% -30.0% -1.9% 19,530 13,929
Commodity 1,016 1.8% -3.7% 38.2% 1,055 735
Currency 0 0.0% 0.0% -100.0% 0 1
Multi Asset 19 0.0% 18.5% -31.1% 16 27
Alternative 114 0.2% 25.3% 5.5% 91 108
Total 49,986 89.3% -24.7% -21.8% 66,342 63,893
ETCs
Commodity 5,886 10.5% -17.6% 61.5% 7,144 3,646
Currency 105 0.2% -49.7% -55.7% 210 238
Total 5,992 10.7% -18.5% 54.3% 7,353 3,884
Total ETPs 55,978 100.0% -24.0% -17.4% 73,695 67,777
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 55: European Equity ETF Turnover Summary (€ million) | ETFs | Europe |
Jul-162015 (Monthly
Avg.)
Equity Turnover Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
Developed Markets 19,112 54.3% -28.0% 59.6% 26,558 32,083
Emerging Markets 4,367 12.4% -5.4% 94.7% 4,617 4,610
Global Markets 603 1.7% -44.2% 78.5% 1,080 768
Sector 2,797 8.0% -12.5% 94.2% 3,196 2,968
Capitalization 579 1.6% -10.2% 81.6% 644 709
Strategy 5,313 15.1% -18.7% 88.7% 6,537 5,988
Style 1,652 4.7% -16.3% 108.0% 1,974 1,530
Thematic 753 2.1% -27.8% 171.3% 1,044 440
Total Equities 35,175 100% -23% 71.6% 45,650 49,094
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 42 Deutsche Bank AG/London
Figure 55A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe |
Jul-162015 (Monthly
Avg.)
Equity Turnover Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
Sector 2,797 25.2% -12.5% -5.8% 3,196 2,968
Consumer discretionary 96 0.9% -41.9% -42.1% 166 166
Consumer staples 135 1.2% -16.7% -9.5% 162 150
Energy 363 3.3% 20.7% 0.1% 301 363
Financials 971 8.8% -20.4% 6.1% 1220 916
Healthcare 229 2.1% 5.2% -5.6% 218 243
Industrials 55 0.5% -27.4% -62.1% 76 146
Information Technology 172 1.6% 19.8% 4.1% 144 165
Materials 182 1.6% 9.3% -4.5% 167 191
Real Estate 350 3.2% -32.7% -0.211715604 520 444
Telecommunications 145 1.3% 126.1% 53.1% 64 95
Utilities 97 0.9% -39.2% 7.9% 159 90
Capitalization 579 5.2% -10.2% -18.4% 644 709
Large Cap 22 0.2% -36.8% -41.9% 35 38
Mid Cap 87 0.8% -58.4% -69.1% 209 282
Small Cap 470 4.2% 17.4% 20.6% 400 389
Strategy 5,313 47.9% -18.7% -11.3% 6,537 5,988
Fundamental 113 1.0% 16.9% 11.4% 96 101
Leveraged Long 1543 13.9% -17.9% -44.9% 1879 2801
Leveraged Short 1432 12.9% -27.3% -21.1% 1969 1815
Options Strategy 0 0.0% 0.0% 0.0% 0 0
Quantitative 1740 15.7% -5.0% 176.9% 1831 628
Short 485 4.4% -36.3% -24.4% 762 642
Style 1,652 14.9% -16.3% 8.0% 1,974 1,530
Dividend 1,465 13.2% -17.3% 6.2% 1,773 1,380
Growth 139 1.3% 401.8% 111.8% 28 66
Value 47 0.4% -72.8% -43.7% 174 84
Thematic 753 6.8% -27.8% 71.3% 1,044 440
Commodities 338 3.0% -19.7% 177.2% 420 122
Cyclical 0 0.0% 0.0% 0.0% 0 -
Faith 39 0.3% 52.1% 114.1% 25 18
Other Theme 164 1.5% 30.8% 40.9% 126 116
Sustainability 213 1.9% -55.0% 16.1% 472 183
Total 11,093 100.0% -17.2% -4.6% 13,396 11,634
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 43
Figure 55B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe |
Jul-162015 (Monthly
Avg.)
Equity Turnover Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
Developed Markets
Europe 11,552 60.4% -26.4% -43.3% 15,687 20,373
Austria 9 0.0% -49.6% -29.1% 18 13
Belgium 2 0.0% 65.6% -58.1% 1 4
Finland 3 0.0% -8.3% -75.6% 3 11
France 233 1.2% -37.5% -61.3% 373 603
Germany 2,641 13.8% -20.4% -43.9% 3,316 4,709
Greece 15 0.1% 57.2% -75.7% 9 61
Ireland 0 0.0% -63.4% -93.3% 0 3
Italy 390 2.0% -32.7% -58.3% 579 934
Netherlands 106 0.6% -30.2% -55.4% 152 237
Norway 14 0.1% 132.7% -47.4% 6 27
Portugal 2 0.0% 23.8% -90.3% 2 20
Iceland 3 0.0% -49.3% 656.2% 6 0
Spain 73 0.4% -41.9% -77.6% 126 327
Sweden 257 1.3% -5.0% -25.3% 271 344
Switzerland 680 3.6% -18.1% -45.2% 830 1,240
UK 2,013 10.5% -38.2% -19.2% 3,258 2,491
Europe broad 5,111 26.7% -24.1% -45.3% 6,737 9,349
Americas 4,407 23.1% -19.7% -27.0% 5,491 6,037
US 4,189 21.9% -19.8% -27.3% 5,221 5,759
Canada 113 0.6% 6.4% 37.5% 106 82
North America 105 0.6% -35.8% -46.5% 164 196
Asia 1,961 10.3% -40.3% -38.9% 3,287 3,211
Australia 110 0.6% -76.6% 5.0% 468 105
Hong Kong 23 0.1% 123.5% -57.9% 10 54
Japan 1,575 8.2% -40.1% -45.6% 2,629 2,895
Singapore 5 0.0% 43.2% 81.4% 4 3
Asia Pacific broad 249 1.3% 41.4% 61.4% 176 154
EMEA 1 0.0% -69.1% 0.0% 2 0
Israel 1 0.0% -69.1% 0.0% 2 0
Global 1,191 6.2% -43.0% -51.6% 2,091 2,461
Broad indices 1,191 6.2% -43.0% -51.6% 2,091 2,461
DM Total 19,112 100.0% -28.0% -40.4% 26,555 32,083
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 44 Deutsche Bank AG/London
Figure 55C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe |
Jul-162015 (Monthly
Avg.)
Equity Turnover Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
Emerging Markets
BRIC 736 16.9% -3.4% -55.8% 762 1,664
Brazil 169 3.9% -0.1% 2.0% 169 165
Russia 119 2.7% 45.1% -50.0% 82 238
India 163 3.7% -9.8% -54.5% 181 358
China 285 6.5% -13.6% -68.4% 330 903
Latin America 105 2.4% -4.1% -8.9% 109 115
Chile 0 0.0% 0.0% -100.0% 0 6
Mexico 26 0.6% -16.2% -22.3% 31 33
LATAM broad 79 1.8% 0.6% 4.2% 78 76
Asia 574 13.1% 33.2% -13.7% 431 665
Bangladesh 2 0.0% -25.2% 63.5% 2 1
Indonesia 40 0.9% 42.9% 16.7% 28 34
Malaysia 9 0.2% 19.9% -58.1% 7 21
Pakistan 3 0.1% -48.2% 21.4% 6 2
Philippines 13 0.3% 1.8% 10.4% 13 12
South Korea 126 2.9% 56.3% -27.2% 80 173
Taiwan 71 1.6% -24.8% -32.3% 94 105
Thailand 18 0.4% 185.1% 23.3% 6 14
Vietnam 18 0.4% 14.8% -46.6% 15 33
Asia Pacific broad 275 6.3% 54.2% 2.1% 178 270
EMEA 140 3.2% -40.1% -41.8% 234 240
Kuwait 0 0.0% -41.1% -99.4% 0 2
Poland 34 0.8% 116.8% 185.7% 16 12
South Africa 37 0.8% 35.2% 54.3% 27 24
Turkey 26 0.6% -61.3% -76.0% 67 108
Europe broad 38 0.9% -67.5% -54.7% 115 83
Middle East & Africa 6 0.1% -31.8% -54.2% 8 12
Global Markets 2,812 64.4% -8.7% 46.1% 3,081 1,925
Global 2,812 64.4% -8.7% 46.1% 3,081 1,925
EM Total 4,367 100.0% -5.4% -5.3% 4,617 4,610
Total (EM + DM) 23,479 100.0% -24.7% -36.0% 31,172 36,692
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 45
Figure 56: European Fixed Income ETF Turnover (€ million) | ETFs | Europe |
Jul-162015 (Monthly
Avg.)
Fixed Income Turnover Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
Overall 456 3.3% -34.0% 9.3% 691 417
Corporates 5,640 41.3% -24.1% 13.8% 7,435 4,957
Covered Bonds 156 1.1% 5.8% -21.1% 148 198
Credit Exposure 26 0.2% -0.9% -25.6% 26 34
Sovereign 6,993 51.2% -34.9% -9.0% 10,736 7,688
Money Market 392 2.9% -20.9% -38.2% 495 634
Total Fixed Income 13,663 100.0% -30.0% -1.9% 19,530 13,929
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 46 Deutsche Bank AG/London
Figure 57: European Commodity ETP Turnover summary (€ million) | ETPs | Europe |
Jul-162015 (Monthly
Avg.)
Commodity Turnover Turnover Market
Share %
MoM
%Change
2015 (Monthly
Avg.) %Change Turnover Turnover
Overall 351 5.1% -13.2% 4.0% 404 337
Overall 332 4.8% -14.7% 5.5% 390 315
Overall ex Energy 18 0.3% 32.7% -16.8% 14 22
Overall Light Energy 0 0.0% -93.8% -79.2% 0 0
Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0
Agriculture 217 3.1% -23.4% 1.7% 284 214
Overall 54 0.8% -2.6% 27.0% 55 42
Cocoa 6 0.1% -5.7% 16.5% 6 5
Coffee 18 0.3% -46.1% -64.1% 34 51
Corn 16 0.2% -47.2% 29.7% 29 12
Cotton 5 0.1% 4.1% -22.7% 5 6
Grains 4 0.1% 36.4% -10.1% 3 5
Softs 0 0.0% -20.2% -41.4% 1 1
Soybean Oil 26 0.4% 41.0% 435.0% 19 5
Soybeans 8 0.1% -70.0% 59.8% 28 5
Sugar 19 0.3% -9.8% -26.3% 21 26
Wheat 61 0.9% -26.7% 8.8% 84 56
Energy 1,982 28.7% 12.5% 20.6% 1,763 1,644
Overall 41 0.6% 50.7% -21.6% 27 53
Carbon 0 0.0% 94.7% -63.9% 0 0
Crude Oil 1733 25.1% 14.0% 30.6% 1520 1327
Gasoline 8 0.1% 43.9% -8.9% 6 9
Heating Oil 5 0.1% 14.3% 53.9% 5 3
Natural Gas 194 2.8% -5.2% -22.8% 205 252
Electricity 0 0.0% 0.0% 0.0% 0 0
Uranium 0 0.0% 0.0% 0.0% 0 0
Industrial Metals 165 2.4% -7.4% -4.6% 178 172
Overall 38 0.6% 19.5% -3.9% 32 40
Aluminium 6 0.1% -36.2% -76.1% 9 24
Copper 97 1.4% -3.5% 25.0% 101 78
Lead 0 0.0% 3.2% -46.2% 0 1
Nickel 16 0.2% -46.6% -32.0% 30 23
Tin 0 0.0% -24.7% -82.2% 1 2
Zinc 7 0.1% 26.0% 43.6% 5 5
Precious Metals 4,179 60.5% -24.9% 108.2% 5,567 2,007
Overall 31 0.4% 59.2% -15.3% 19 37
Gold 3565 51.7% -22.0% 114.1% 4573 1665
Palladium 74 1.1% -20.2% 45.8% 93 51
Platinum 96 1.4% -6.3% 36.3% 103 71
Rhodium 0 0.0% -84.0% -92.2% 1 2
Silver 413 6.0% -47.0% 126.3% 779 182
Livestock 8 0.1% 160.5% 36.7% 3 6
Overall 2 0.0% 528.5% 167.1% 0 1
Cattle 0 0.0% -53.8% -72.7% 1 1
Lean Hogs 6 0.1% 189.5% 50.4% 2 4
Total 6,902 100.0% -15.8% 57.6% 8,198 4,381
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 47
Product Rankings
Figure 58: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,125.8 1,532.7 12,368.8
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,059.2 760.4 8,757.3
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,029.6 1,287.3 9,961.0
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 834.1 1,384.2 11,101.3
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 812.2 1,034.5 7,542.9
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 664.8 741.1 8,335.7
iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta 540.9 353.4 2,861.0
Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 535.2 513.0 2,352.7
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 466.0 588.6 5,684.1
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 426.5 414.0 5,166.7
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 408.6 749.3 5,248.3
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 407.5 442.2 5,550.4
Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 391.2 654.3 4,011.0
db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AM Beta 387.6 296.6 3,085.0
Lyxor UCITS ETF LevDAX LYXLEDAX GR Lyxor Beta+ 367.7 369.4 1,977.1
iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 366.0 341.0 2,919.7
Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor Beta 366.0 439.5 2,809.1
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 362.0 489.5 4,317.4
Lyxor UCITS ETF DAX (DR) LYXDAX GR Lyxor Beta 361.3 292.7 2,742.8
iShares MSCI World Minimum Volatility UCITS ETF MVOL LN BlackRock Beta 341.0 358.2 1,879.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 59: 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 J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 804.3 1,124.1 6,083.2
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 652.7 899.9 4,915.6
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 522.7 573.6 6,465.8
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 515.1 1,196.0 8,163.6
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 496.7 892.8 4,428.3
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 492.3 673.8 5,594.8
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 411.2 330.9 3,453.7
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 400.0 140.1 1,492.5
iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 357.7 447.0 3,228.9
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 280.6 194.2 1,983.1
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 274.3 289.1 2,613.7
iShares £ Index-Linked Gilts UCITS ETF INXG LN BlackRock Beta 271.7 386.3 1,770.4
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 248.1 720.3 2,626.8
SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 223.5 384.2 1,830.4
iShares Global High Yield Corp Bond UCITS ETF HYLD LN BlackRock Beta 201.1 83.3 948.8
LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 189.6 105.1 1,049.3
iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 178.2 671.5 1,199.8
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 177.7 204.3 1,474.2
LYXOR ETF iBoxx GBP Gilts GILS FP Lyxor Beta 177.6 9.2 314.7
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 166.6 146.2 1,169.5
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 48 Deutsche Bank AG/London
Figure 60: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |
ETP Name BBG Code Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
ETFS Physical Gold PHAU LN ETF Securities Beta 929.4 1,497.1 6,810.5
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 635.4 719.0 7,553.1
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 576.6 431.7 3,523.1
iShares Physical Gold ETC SGLN LN Blackrock Beta 552.6 422.9 3,054.8
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 370.8 378.3 4,008.9
Gold Bullion Securities GBS LN ETF Securities Beta 327.3 846.3 5,385.5
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 282.2 317.6 2,448.7
Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 217.7 222.0 1,748.6
ETFS Physical Silver PHAG LN ETF Securities Beta 168.5 280.9 1,389.4
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 163.9 165.4 1,652.8
ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 114.1 185.4 1,842.8
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 104.9 121.9 812.6
Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 91.2 92.9 786.8
ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 89.4 28.2 337.0
ETFS Copper COPA LN ETF Securities Beta 87.2 83.9 524.3
UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW UBS Beta 83.9 7.5 167.6
ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 74.7 62.1 1,025.1
ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 67.9 72.6 869.2
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 58.9 120.6 421.3
ETFS Physical Platinum PHPT LN ETF Securities Beta 54.5 54.1 201.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 61: 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 1,078.52 1 iShares Markit iBoxx Euro High Yield EUNW GR 51.14
2 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 383.44 2 iShares JPMorgan USD Emerging Markets Bond IUS7 GR 39.69
3 iShares STOXX 600 (DE) SXXPIEX GR 346.53 3 iShares Barclays Euro Corporate Bond EUN5 GR 35.10
4 iShares Euro STOXX 50 (DE) SX5EEX GR 318.69 4 iShares Barclays Euro Corporate Bond 1-5 (EUR) EUNT GR 32.88
5 iShares MDAX (DE) MDAXEX GR 222.21 5 iShares Euro Government Bond 1-3 IBCA GR 32.61
6 Lyxor UCITS ETF LevDAX LYXLEDAX GR 212.41 6 iShares Pfandbriefe UCITS ETF DE R1JKEX GR 30.67
7 iShares Euro STOXX Banks (DE) SX7EEX GR 209.52 7 db x-trackers II EONIA TR Index UCITS ETF XEON GR 30.52
8 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 209.45 8 iShares Euro Covered Bond IUS6 GR 30.13
9 iShares Euro STOXX (DE) SXXEEX GR 188.53 9 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 29.21
10 Deka DAX UCITS ETF ETFDAX GR 174.21 10 SPDR Barclays 1 - 3 Year Euro Government Bond UCITS ETF SYB3 GY 26.62
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 XETRA-Gold XAUEUR 163.91 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 6.73
2 db Physical Gold Euro Hedged ETC XAD1 GR 42.73 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 5.81
3 Source Physical Gold ETC (P-ETC) 8PSG GY 34.74 3 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 4.94
4 Gold Bullion Securities GG9B GR 29.95 4 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 3.82
5 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 29.03 5 ETFS Short USD Long EUR XBJQ GR 1.49
6 ETFS Physical Gold VZLD GR 25.81 6 ComStage Vermogensstrategie UCITS ETF F701 GY 1.23
7 ETFS Physical Silver VZLC GR 22.45 7 ETFS 5X Short USD Long EUR 5CH6 GY 1.12
8 db Physical Gold ETC (EUR) XAD5 GR 17.88 8 db-x trackers Portfolio Income UCITS ETF XS7W GR 0.58
9 ETFS EUR Daily Hedged Physical Gold GBSE GY 14.32 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.55
10 ETFS Brent Oil OESA GR 13.71 10 iShares S&P Listed Private Equity Fund IQQL GR 0.52
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 49
Figure 62: 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 822.41 1 iShares $ Corporate Bond UCITS ETF LQDE LN 499.09
2 Vanguard S&P 500 ETF VUSD LN 748.65 2 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 403.53
3 iShares Core S&P 500 UCITS ETF CSPX LN 607.17 3 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 401.86
4 iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN 479.39 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 378.96
5 Vanguard FTSE 100 ETF VUKE LN 391.19 5 iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN 355.83
6 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 270.44 6 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 329.37
7 iShares FTSE 250 UCITS ETF MIDD LN 244.66 7 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 319.04
8 iShares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN 217.64 8 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 286.64
9 Vanguard S&P 500 ETF VUSA LN 211.92 9 iShares £ Index-Linked Gilts UCITS ETF INXG LN 271.67
10 iShares Core S&P 500 UCITS ETF CSP1 LN 191.71 10 iShares £ Corporate Bond UCITS ETF SLXX LN 267.06
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ETFS Physical Gold PHAU LN 649.06 1 iShares Listed Private Equity UCITS ETF IDPE LN 40.05
2 Source Physical Gold ETC (P-ETC) SGLD LN 505.12 2 iShares Listed Private Equity UCITS ETF IPRV LN 25.94
3 iShares Physical Gold ETC IGLN LN 428.36 3 ETFS 3x Short JPY Long USD SJP3 LN 12.17
4 ETFS WTI Crude Oil CRUD LN 427.42 4 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 4.34
5 Gold Bullion Securities GBS LN 240.31 5 ETFS 3x Short EUR Long GBP SUP3 LN 4.22
6 ETFS Physical Gold GBP PHGP LN 184.19 6 ETFS 3x Short GBP Long USD SGB3 LN 3.67
7 iShares Physical Gold ETC SGLN LN 124.22 7 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 3.64
8 ETFS Physical Silver PHAG LN 96.37 8 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 3.52
9 ETFS Copper COPA LN 82.96 9 ETFS 3x Long USD Short GBP USP3 LN 3.02
10 ETFS Physical Swiss Gold SGBS LN 74.52 10 ETFS Short USD Long GBP USGB LN 2.88 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 63: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares SMI CH CSSMI SW 215.06 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 52.77
2 iShares Core S&P 500 UCITS ETF CSSPX SW 120.03 2 iShares CHF Corporate Bond (CH) CHCORP SW 44.60
3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 83.22 3 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 41.63
4 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 73.67 4 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE SW 41.08
5 iShares MSCI EMU UCITS ETF CSEMU SW 69.26 5 db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 2C (USD Hedged) XBAU SW 32.53
6 iShares SPI (CH) CHSPI SW 65.91 6 iShares $ TIPS UCITS ETF ITPS SW 31.15
7 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF SW 64.83 7 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 23.22
8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 63.98 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 22.64
9 UBS-ETF MSCI USA USAUSA SW 58.76 9 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 20.29
10 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 57.46 10 UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to CHF CBUS5S SW 18.23
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ZKB Gold ETF-A USD ZGLDUS SW 117.82 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 0.75
2 UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW 83.90 2 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.61
3 ZKB Gold ETF ZGLD SW 57.30 3 iShares Listed Private Equity UCITS ETF IPRV SW 0.21
4 ZKB Gold ETF-H (CHF) ZGLDHC SW 53.65 4 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10
5 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 51.57 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.07
6 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 38.34 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.03
7 ZKB Gold ETF-A EUR ZGLDEU SW 28.19 7 Lyxor ETF Privex LYPVX SW 0.03
8 ZKB Silver ETF ZSIL SW 27.90 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.01
9 ZKB Gold ETF-H (EUR) ZGLDHE SW 22.70 9 PowerShares Global Listed Private Equity UCITS ETF PSP SW 0.00
10 iShares Gold CH CSGOLD SW 19.50 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 50 Deutsche Bank AG/London
Figure 64: 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 525.84 1 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 88.68
2 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP 315.93 2 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 73.50
3 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 288.01 3 Lyxor UCiTS ETF EuroMTS 7-10Y IG (DR) MTD FP 57.31
4 Lyxor ETF Leverage CAC 40 LVC FP 265.04 4 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP 53.00
5 Lyxor ETF XBear CAC 40 BX4 FP 258.29 5 Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 51.53
6 Amundi ETF MSCI Emerging Markets UCITS ETF AUEM FP 184.38 6 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP 51.26
7 Lyxor ETF MSCI Emerging Markets - A LEM FP 175.71 7 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 49.94
8 Lyxor ETF S&P 500 SP5 FP 138.79 8 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 48.99
9 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 135.90 9 Lyxor ETF Euro Corporate Bond ex Financials CNB FP 48.97
10 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 120.34 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 44.07
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Gold Bullion Securities GBS FP 17.36 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.12
2 Lyxor ETF Commodities CRB Non-Energy CRN FP 13.36 2 Lyxor ETF Privex PVX FP 0.12
3 ETFS WTI Crude Oil CRUDP FP 12.33 3 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.11
4 Lyxor ETF Commodities CRB CRB FP 12.26 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.01
5 ETFS Brent 1mnth Oil OILBP FP 5.14
6 ETFS Silver SLVRP FP 2.75
7 ETFS Agriculture AIGAP FP 2.48
8 ETFS Gold BULLP FP 1.14
9 ETFS Natural Gas NGASP FP 0.39
10 ETFS WTI 2mth Oil OILWP FP 0.38 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 65: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor ETF XBear FTSE/MIB XBRMIB IM 221.67 1 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 61.58
2 Lyxor UCITS ETF FTSE MIB ETFMIB IM 187.13 2 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 55.14
3 Lyxor UCITS ETF DAX (DR) DAXX IM 186.79 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 55.04
4 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 173.72 4 iShares $ Corporate Bond UCITS ETF LQDE IM 40.66
5 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 166.62 5 Lyxor ETF Daily Double Short BTP BTP2S IM 36.48
6 Lyxor UCITS ETF Euro STOXX 50 MSE IM 120.50 6 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) EM13 IM 34.73
7 Lyxor UCITS ETF LevDAX DAXLEV IM 108.28 7 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 34.09
8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 86.24 8 iShares Euro Government Bond 1-3yr UCITS ETF IBGS IM 34.01
9 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 73.45 9 LYXOR UCITS ETF Smart Cash C-EUR SMART IM 33.90
10 Lyxor UCITS ETF STOXX Europe 600 Banks BNK IM 71.51 10 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 32.96
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 320.85 1 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 19.37
2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 178.88 2 ETFS 3X Long USD Short EUR EUS3 IM 19.13
3 ETFS WTI Crude Oil CRUD IM 123.33 3 ETFS 5X Long USD Short EUR EUS5 IM 12.00
4 ETFS Daily Leveraged Crude Oil LOIL IM 65.27 4 ETFS 3X Short USD Long EUR USE3 IM 2.71
5 ETFS Physical Gold PHAU IM 62.67 5 ETFS 3X Short GBP Long EUR GBE3 IM 2.67
6 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 61.15 6 ETFS 5X Short USD Long EUR USE5 IM 2.00
7 db Physical Gold Euro Hedged ETC XAD1 IM 54.77 7 db x-trackers Portfolio TR Index UCITS ETF XQUI IM 1.73
8 Boost Natural Gas 3x Short Daily 3NGS IM 32.16 8 Boost Long USD Short EUR 5x Daily ETP 5USE IM 1.58
9 Gold Bullion Securities GBS IM 26.93 9 ETFS Long CHF Short EUR EUCH IM 1.46
10 ETFS Physical Silver PHAG IM 25.40 10 ETFS Long USD Short EUR EUUS IM 1.05 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 51
Figure 66: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 XACT OMXS30 XACTOMX SS 184.85 1 XACT Obligation UCITS ETF XACTBOND SS 0.88
2 XACT Bear 2 XABEAR2 SS 151.12
3 XACT Bull 2 XABULL2 SS 108.11
4 XACT OMXSB XACTSBX SS 71.40
5 XACT Bear XACBEAR SS 50.85
6 XACT Nordic 30 XACTVINX SS 24.09
7 XACT Bull XACBULL SS 22.68
8 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 15.91
9 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 1.27
10 SpotR OMXS30 SPOTROMX SS 1.20
Euronext Amsterdam
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 91.11 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 85.36
2 Vanguard S&P 500 ETF VUSA NA 86.46 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 31.25
3 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 75.43 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 22.05
4 iShares MSCI World UCITS ETF (Inc) IWRD NA 50.66 4 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 16.03
5 iShares AEX UCITS ETF IAEX NA 47.64 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 15.62
6 iShares European Property Yield UCITS ETF IPRP NA 44.17 6 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 15.26
7 Think AEX Tracker TDT NA 43.32 7 iShares Euro Government Bond 5-7yr UCITS ETF IEGY NA 11.12
8 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 40.50 8 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 9.08
9 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 27.03 9 iShares France Government Bond UCITS ETF IFRB NA 7.97
10 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF NA 26.24 10 iShares Euro Government Bond 3-7 UCITS ETF CBE7 NA 7.55 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 52 Deutsche Bank AG/London
7. European ETF Exchanges
Figure 67: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |
Summary Apr-16Market
Share %May-16
Market
Share %Jun-16
Market
Share %Jul-16
Market
Share %Aug-16
Market
Share %
Deutche Boerse
Deutsche Borse 12,183 20.0% 10,604 19.2% 17,344 20.5% 12,490 18.8% 9,337 18.7%
LSE
London SE 25,127 41.2% 23,430 42.5% 35,997 42.6% 29,707 44.8% 22,345 44.7%
Borsa Italiana 5,693 9.3% 5,672 10.3% 7,703 9.1% 6,712 10.1% 4,950 9.9%
30,820 50.5% 29,102 52.8% 43,700 51.8% 36,419 54.9% 27,295 54.6%
Euronext
Paris 9,249 15.2% 8,053 14.6% 12,189 14.4% 8,042 12.1% 6,406 12.8%
Amsterdam 2,039 3.3% 1,594 2.9% 2,204 2.6% 1,706 2.6% 1,161 2.3%
Lisbon 5 0.0% 2 0.0% 5 0.0% 1 0.0% 2 0.0%
Brussels 1 0.0% 1 0.0% 2 0.0% 1 0.0% 2 0.0%
11,294 18.5% 9,650 17.5% 14,401 17.1% 9,749 14.7% 7,571 15.1%
Swiss SE 5,043 8.3% 4,473 8.1% 6,999 8.3% 6,402 9.6% 4,708 9.4%
Stockholmborsen 938 1.5% 791 1.4% 1,028 1.2% 712 1.1% 648 1.3%
Oslo Bors 339 0.6% 219 0.4% 460 0.5% 257 0.4% 202 0.4%
BME 387 0.6% 291 0.5% 471 0.6% 303 0.5% 219 0.4%
Others 24 0.0% 11 0.0% 17 0.0% 9 0.0% 6 0.0%
Total 61,027 100.0% 55,142 100.0% 84,420 100.0% 66,342 100.0% 49,986 100.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 53
Figure 68: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |
Summary Apr-16Market
Share %May-16
Market
Share %Jun-16
Market
Share %Jul-16
Market
Share %Aug-16
Market
Share %
LSE
London SE 3,426 5.6% 2,827 5.1% 5,976 7.1% 4,516 6.8% 3,947 7.9%
Borsa Italiana 1,723 2.8% 1,913 3.5% 2,301 2.7% 2,153 3.2% 1,429 2.9%
5,149 8.4% 4,740 8.6% 8,277 9.8% 6,669 10.1% 5,375 10.8%
Deutche Boerse
Deutsche Borse 507 0.8% 845 1.5% 662 0.8% 537 0.8% 510 1.0%
Euronext
Amsterdam 33 0.1% 19 0.0% 48 0.1% 36 0.1% 16 0.0%
Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
75 0.1% 60 0.1% 131 0.2% 88 0.1% 59 0.1%
Others 61 0.1% 40 0.1% 76 0.1% 60 0.1% 48 0.1%
Total 5,792 9.5% 5,684 10.3% 9,146 10.8% 7,353 11.1% 5,992 12.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 54 Deutsche Bank AG/London
Figure 69: 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 64,463.3 79,790.3 27,361.4 22,521.8 10,175.4 25,400.4 2,797.5 232,510.1 40.2%
Emerging Markets 5,823.1 14,606.8 6,736.0 3,124.3 1,361.1 2,780.3 32.4 34,464.0 6.0%
Global Markets 530.1 3,159.1 506.2 138.9 341.9 620.3 0.9 5,297.5 0.9%
Sector 9,742.1 5,602.1 6,290.9 1,745.6 512.2 1,089.7 5.3 24,987.9 4.3%
Capitalization 1,333.5 2,210.4 609.2 219.6 166.4 768.5 154.5 5,462.2 0.9%
Style 2,761.6 6,134.8 715.3 794.9 530.6 774.8 0.0 11,711.9 2.0%
Strategy 8,702.7 11,790.8 12,269.1 11,601.2 11.0 780.8 5,023.3 50,178.7 8.7%
Thematic 1,426.7 2,147.1 490.4 315.2 237.4 834.3 0.0 5,451.1 0.9%
Total 94,783 125,441 54,979 40,462 13,336 33,049 8,014 370,063.5 63.9%
Fixed Income
Overall 610.6 2,479.1 13.5 177.2 316.4 312.4 30.5 3,939.6 0.7%
Corporates 3,722.2 40,596.2 6,622.6 4,396.3 1,451.5 1,843.5 0.0 58,632.3 10.1%
Covered Bonds 530.6 355.9 87.9 110.5 30.2 29.5 0.0 1,144.7 0.2%
Credit Exposure 235.2 0.0 0.0 52.0 0.0 1.6 0.0 288.7 0.0%
Sovereign 7,242.6 42,922.8 16,084.9 6,885.6 1,239.2 3,953.9 0.0 78,329.1 13.5%
Money Market 843.9 1,870.9 807.8 1,390.9 0.0 24.9 0.0 4,938.4 0.9%
Total 13,185 88,225 23,617 13,013 3,037 6,166 31 147,272.8 25.4%
Commodity 0.0%
Overall 547.0 1,413.2 198.3 258.0 27.3 692.1 142.2 3,278.1 0.6%
Agriculture 120.3 662.0 8.8 623.7 0.3 24.7 0.0 1,439.8 0.2%
Energy 1,121.8 6,490.6 190.9 9,124.7 0.0 135.2 0.0 17,063.3 2.9%
Industrial Metals 57.2 854.3 12.2 199.6 0.0 4.5 0.0 1,127.9 0.2%
Precious Metals 3,477.7 23,120.9 222.2 3,466.6 217.8 5,219.3 0.0 35,724.5 6.2%
Livestock 3.3 16.6 0.0 8.8 0.0 0.0 0.0 28.7 0.0%
Total 5,327 32,558 632 13,681 245 6,076 142 58,662.2 10.1%
Other 0.0%
Alternative 150.5 587.3 4.3 172.2 29.4 52.4 0.0 996.2 0.2%
Currency 46.7 794.4 0.0 791.7 5.3 0.0 0.0 1,638.1 0.3%
Multi Asset 69.6 35.8 0.0 30.2 19.4 1.7 0.0 156.7 0.0%
Total 267 1,417 4 994 54 54 - 2,791.0 0.5%
Grand Total 113,562 247,641 79,232 68,150 16,673 45,345 8,187 578,789 100%
* Total turnover year to date (not daily average)
Total
Total Turnover (€ million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 55
8. Assets
ETP Monthly AUM Analysis by Asset Class
Figure 70: AUM by asset class and instrument (€ million) | ETPs | Europe |
Jul-16 End of 2015
Asset Class AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
ETFs
Equity 322,883 63.6% 1.4% -0.3% 318,354 323,858
Fixed income 140,030 27.6% 2.4% 24.6% 136,763 112,427
Commodity 16,890 3.3% -3.2% 37.3% 17,452 12,298
Currency 0 0.0% 0.0% 0.0% 0 0
Multi Asset 414 0.1% -1.0% -2.2% 418 423
Alternative 837 0.2% 0.2% -14.2% 836 975
Total 481,054 94.8% 1.5% 6.9% 473,823 449,981
ETCs
Commodity 26,277 5.2% 2.1% 67.3% 25,742 15,709
Currency 350 0.1% 6.3% 0.9% 329 347
Total 26,628 5.2% 2.1% 65.8% 26,072 16,057
Total ETPs 507,682 100.0% 1.6% 8.9% 499,894 466,038
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 71: European Equity ETF AUM summary (€ million) | ETFs | Europe |
Jul-16 End of 2015
Equity AUM AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
Developed Markets 220,069 68.2% 0.5% -6.8% 219,042 236,223
Emerging Markets 29,540 9.1% 8.0% 32.4% 27,359 22,316
Global Markets 5,360 1.7% 2.7% 9.1% 5,218 4,913
Sector 18,969 5.9% 2.1% -3.1% 18,580 19,569
Capitalization 5,948 1.8% 1.8% -16.7% 5,841 7,137
Strategy 19,911 6.2% 1.7% 50.1% 19,580 13,265
Style 18,196 5.6% 2.2% 10.0% 17,800 16,546
Thematic 4,889 1.5% -0.9% 25.7% 4,935 3,890
Total Equities 322,883 100.0% 1.4% -0.3% 318,354 323,858
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 56 Deutsche Bank AG/London
Figure 71A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |
Jul-16 End of 2015
Equity AUM AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
Sector 18,969 27.9% 2.1% -3.1% 18,580 19,569
Consumer discretionary 833 1.2% 3.8% -6.5% 802 890
Consumer staples 868 1.3% -4.9% -12.0% 912 986
Energy 1,754 2.6% 2.3% 15.2% 1,714 1,522
Financials 4,228 6.2% 5.5% -24.5% 4,006 5,599
Healthcare 2,145 3.2% 3.2% 6.2% 2,078 2,020
Industrials 554 0.8% 4.8% 3.9% 529 534
Information Technology 1,536 2.3% 9.9% 8.9% 1,397 1,410
Materials 859 1.3% 2.3% 28.4% 840 669
Real Estate 5,079 7.5% 0.8% 8.0% 5,041 4,704
Telecommunications 642 0.9% -12.9% -18.4% 737 787
Utilities 472 0.7% -9.6% 5.4% 522 448
Capitalization 5,948 8.8% 1.8% -16.7% 5,841 7,137
Large Cap 367 0.5% 2.4% -3.2% 359 379
Mid Cap 1,689 2.5% 1.3% -28.9% 1,667 2,376
Small Cap 3,892 5.7% 2.0% -11.2% 3,816 4,381
Strategy 19,911 29.3% 1.7% 50.1% 19,580 13,265
Fundamental 1,384 2.0% 1.1% -10.2% 1,369 1,541
Leveraged Long 1,836 2.7% -1.3% -15.9% 1,861 2,183
Leveraged Short 1,069 1.6% 3.8% 33.8% 1,030 799
Options Strategy 0 0.0% 0.0% 0.0% 0 0
Quantitative 13,868 20.4% 1.2% 89.2% 13,706 7,330
Short 1,754 2.6% 8.7% 24.2% 1,613 1,412
Style 18,196 26.8% 2.2% 10.0% 17,800 16,546
Dividend 16,741 24.7% 1.6% 12.4% 16,471 14,893
Growth 292 0.4% 48.4% -2.7% 197 300
Value 1,162 1.7% 2.7% -14.1% 1,132 1,353
Thematic 4,889 7.2% -0.9% 25.7% 4,935 3,890
Commodities 1,151 1.7% -12.4% 70.4% 1,313 675
Cyclical 0 0.0% 0.0% 0.0% 0 0
Faith 223 0.3% 4.2% 18.4% 214 189
Other Theme 1,039 1.5% -1.4% 19.9% 1,054 867
Sustainability 2,476 3.6% 5.2% 14.7% 2,353 2,159
Total 67,914 100.0% 1.8% 12.4% 66,736 60,406
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 57
Figure 71B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |
Jul-16 End of 2015
Equity AUM AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
Developed Markets
Europe 112,473 51.1% -0.5% -15.3% 113,035 132,765
Austria 239 0.1% 3.6% -39.9% 230 397
Belgium 43 0.0% 4.6% -2.0% 41 43
Finland 179 0.1% -0.5% 0.1% 180 178
France 4,439 2.0% -1.8% -11.9% 4,519 5,037
Germany 18,267 8.3% -2.5% -15.3% 18,727 21,561
Greece 150 0.1% -0.1% -23.8% 150 197
Ireland 28 0.0% 4.7% -10.0% 27 31
Italy 1,654 0.8% -2.6% -44.2% 1,697 2,964
Netherlands 570 0.3% -0.8% -12.2% 574 649
Norway 240 0.1% 2.2% 7.8% 234 222
Portugal 48 0.0% -0.8% -36.9% 48 76
Spain 1,148 0.5% 0.0% -32.3% 1,148 1,696
Sweden 1,290 0.6% 11.0% -8.2% 1,162 1,405
Switzerland 9,562 4.3% 0.3% -7.1% 9,535 10,297
UK 13,880 6.3% 0.0% 5.7% 13,879 13,129
Europe broad 60,737 27.6% -0.2% -18.9% 60,882 74,881
Americas 67,717 30.8% 1.8% 10.2% 66,525 61,439
US 64,321 29.2% 1.7% 9.7% 63,256 58,651
Canada 1,383 0.6% 8.4% 79.1% 1,276 772
North America 2,013 0.9% 1.0% -0.1% 1,993 2,016
Asia 18,505 8.4% 1.7% -18.8% 18,204 22,794
Australia 1,263 0.6% 11.6% 58.9% 1,132 795
Hong Kong 183 0.1% 8.8% -30.1% 168 262
Japan 15,057 6.8% 0.1% -25.6% 15,045 20,233
Singapore 40 0.0% -7.7% -36.6% 43 63
Asia Pacific broad 1,962 0.9% 8.0% 36.0% 1,816 1,442
EMEA 5 0.0% 0.5% 0.0% 5 0
Israel 5 0.0% 0.5% 0.0% 5 0
Global 21,370 9.7% 0.5% 11.2% 21,273 19,225
Broad indices 21,370 9.7% 0.5% 11.2% 21,273 19,225
DM Total 220,069 100.0% 0.5% -6.8% 219,037 236,223
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 58 Deutsche Bank AG/London
Figure 71C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |
Jul-16 End of 2015
Equity AUM AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
Emerging Markets
BRIC 5,576 2.2% 2.9% -6.3% 5,421 5,953
Brazil 707 0.3% -0.7% 34.8% 712 524
Russia 729 0.3% -0.1% 7.1% 730 680
India 1,758 0.7% 1.8% -2.7% 1,727 1,807
China 2,382 1.0% 5.8% -19.0% 2,252 2,941
Latin America 854 0.3% 5.7% 60.5% 808 532
Chile 0 0.0% 0.0% 0.0% 0 0
Mexico 146 0.1% 5.4% -3.3% 139 151
LATAM broad 708 0.3% 5.7% 85.9% 669 381
Asia 4,045 1.6% 8.5% 19.9% 3,727 3,373
Bangladesh 21 0.0% 1.2% 2.0% 20 20
Indonesia 186 0.1% 12.2% 57.0% 166 119
Malaysia 45 0.0% -4.5% -9.8% 47 50
Pakistan 33 0.0% 5.8% 57.1% 31 21
Philippines 59 0.0% -4.7% 48.9% 62 39
South Korea 799 0.3% 10.3% -1.9% 725 815
Taiwan 506 0.2% 5.1% -10.2% 481 563
Thailand 84 0.0% 86.3% 189.8% 45 29
Vietnam 306 0.1% -1.5% -5.8% 311 325
Asia Pacific broad 2,006 0.8% 9.1% 44.1% 1,839 1,392
EMEA 909 0.4% 0.6% 3.8% 903 875
Kuwait 5 0.0% -1.6% -31.3% 5 7
Poland 62 0.0% 5.3% -3.2% 58 64
South Africa 103 0.0% 2.3% 50.6% 101 69
Turkey 217 0.1% -1.7% -23.8% 220 284
Europe broad 369 0.1% 3.6% 15.5% 356 319
Middle East & Africa 153 0.1% -5.3% 15.8% 162 133
Global Markets 18,157 7.3% 10.0% 56.8% 16,500 11,583
Global 18,157 7.3% 10.0% 56.8% 16,500 11,583
EM Total 29,540 11.8% 8.0% 32.4% 27,359 22,316
Total (EM + DM) 249,609 100.0% 1.3% -3.5% 246,396 258,539
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 59
Figure 72: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |
Jul-16 End of 2015
Fixed Income AUM AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
Overall 9,738 7.0% 3.1% 22.0% 9,444 7,984
Corporates 59,174 42.3% 2.9% 36.6% 57,486 43,316
Covered Bonds 3,448 2.5% -0.5% 13.0% 3,466 3,050
Credit Exposure 299 0.2% -10.6% 6.0% 334 282
Sovereign 64,789 46.3% 2.2% 18.1% 63,409 54,854
Money Market 2,583 1.8% -1.6% -12.2% 2,624 2,941
Total Fixed Income 140,030 100.0% 2.4% 24.6% 136,763 112,427
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 60 Deutsche Bank AG/London
Figure 73:European Commodity ETP AUM summary (€ million)| ETPs | Europe |
Jul-16 End of 2015
Commodity AUM AUM Market
Share %
MoM
%change
YTD
%change AUM AUM
Overall 5,422 12.6% -2.2% 47.8% 5,543 3,668
Overall 5232 12.1% -1.6% 51.8% 5319 3446
Overall ex Energy 185 0.4% -15.1% -14.2% 217 215
Overall Light Energy 5 0.0% -16.4% -25.3% 6 6
Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0
Agriculture 671 1.6% -4.4% -14.7% 702 787
Overall 345 0.8% -6.6% -21.0% 370 437
Cocoa 13 0.0% -4.8% 2.6% 14 13
Coffee 72 0.2% -2.4% -13.0% 74 83
Corn 43 0.1% 10.1% 22.1% 39 36
Cotton 10 0.0% -8.0% -67.8% 11 31
Grains 31 0.1% -3.1% -2.1% 32 32
Softs 5 0.0% 0.2% -6.9% 5 5
Soybean Oil 4 0.0% 7.3% 20.0% 3 3
Soybeans 9 0.0% -6.8% -6.5% 10 10
Sugar 37 0.1% 0.6% -21.7% 36 47
Wheat 102 0.2% -5.7% 12.5% 108 91
Energy 2,290 5.3% 5.9% 3.5% 2,162 2,213
Overall 129 0.3% -14.8% -22.4% 152 166
Carbon 1 0.0% 0.7% -38.8% 1 1
Crude Oil 2018 4.7% 8.3% 7.1% 1863 1883
Gasoline 6 0.0% 6.9% -43.9% 6 11
Heating Oil 4 0.0% -2.2% -12.5% 4 5
Natural Gas 132 0.3% -2.7% -9.1% 136 145
Electricity 0 0.0% 0.0% 0.0% 0 0
Uranium 0 0.0% 0.0% 0.0% 0 0
Industrial Metals 581 1.3% -6.6% 24.5% 622 467
Overall 204 0.5% -4.0% 31.1% 213 156
Aluminium 86 0.2% 2.8% 3.3% 84 83
Copper 168 0.4% -12.2% 42.5% 191 118
Lead 2 0.0% 5.8% -8.4% 2 2
Nickel 99 0.2% -11.9% 10.5% 113 90
Tin 4 0.0% -5.4% 8.2% 4 3
Zinc 19 0.0% 11.8% 23.7% 17 15
Precious Metals 34,194 79.2% 0.1% 63.9% 34,156 20,859
Overall 168 0.4% -5.1% 47.3% 177 114
Gold 29908 69.3% 1.5% 69.9% 29477 17603
Palladium 533 1.2% -11.9% 9.2% 605 489
Platinum 792 1.8% -12.2% 12.2% 902 705
Rhodium 33 0.1% 7.4% -40.3% 31 56
Silver 2759 6.4% -6.9% 45.8% 2964 1892
Livestock 9 0.0% -5.1% -36.0% 9 14
Overall 2 0.0% -46.3% -72.3% 3 6
Cattle 2 0.0% -18.3% -8.0% 2 2
Lean Hogs 5 0.0% 32.4% -9.7% 4 6
Total 43,167 100.0% -0.1% 54.1% 43,194 28,007
Aug-16
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 61
Product Rankings
Figure 74: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2015 AUM
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 14,578.0 14,125.7 11,936.4
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 13,109.3 12,796.6 11,503.5
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 7,684.8 8,165.8 9,433.1
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7,575.8 7,670.7 8,688.2
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 6,602.3 6,674.1 7,522.2
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 6,490.7 6,318.3 4,832.1
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 5,949.8 6,178.7 7,872.2
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,214.9 5,209.5 5,957.6
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 4,984.5 5,115.4 6,258.4
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,945.2 4,974.8 5,517.9
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 4,904.3 4,807.5 5,536.2
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,853.2 4,819.5 4,986.1
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,835.1 4,864.2 6,193.4
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,359.2 4,106.3 3,324.6
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 3,830.7 3,976.3 5,275.4
Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,505.9 3,543.9 4,009.1
iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 3,114.2 2,856.9 1,345.1
iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,797.3 2,820.2 2,837.9
Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,737.7 2,653.3 2,463.2
db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM Beta 2,704.7 2,685.8 3,017.9 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 75: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2015 AUM
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 7,658.5 7,495.8 6,385.3
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 5,844.7 5,670.5 4,002.7
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,812.9 5,676.2 4,026.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 5,790.5 5,305.1 3,758.0
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,374.2 5,130.4 3,449.8
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 3,433.7 3,146.3 1,701.7
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3,052.6 3,186.5 2,689.8
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,010.1 3,009.0 2,329.8
iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 2,881.1 2,534.3 1,630.5
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,400.2 2,227.5 2,456.8
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2,373.0 2,417.4 1,725.7
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 2,226.8 2,316.5 1,734.9
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,146.8 2,237.2 1,627.2
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2,120.5 1,873.4 1,982.0
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 2,066.4 1,967.4 1,779.5
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 2,014.3 2,132.4 1,952.5
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AM Beta 1,807.9 1,761.3 2,308.4
iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,766.8 1,782.9 1,391.6
SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 1,718.6 1,656.0 880.4
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,595.8 1,720.8 1,371.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 September 2016
European Monthly ETF Market Review
Page 62 Deutsche Bank AG/London
Figure 76: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2015 AUM
ETFS Physical Gold PHAU LN ETF Securities Beta 5,648.0 5,589.1 3,232.5
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,379.2 5,495.9 4,148.5
Gold Bullion Securities GBS LN ETF Securities Beta 3,949.3 3,900.9 2,150.5
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3,585.1 3,427.8 1,508.2
iShares Physical Gold ETC SGLN LN Blackrock Beta 2,078.7 1,774.9 374.4
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,895.1 1,949.3 1,578.8
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,775.6 1,819.4 1,347.2
iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 1,351.4 1,472.1 622.8
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,200.4 1,302.1 913.9
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 912.9 887.1 388.4
UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 850.1 884.2 491.0
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 775.5 754.7 713.2
ETFS Physical Silver PHAG LN ETF Securities Beta 772.9 809.9 505.9
db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 679.1 616.8 357.1
db Physical Gold ETC XGLD LN Deutsche AM Beta 626.7 640.0 431.0
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 614.9 557.4 594.8
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 592.5 569.5 423.7
ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 478.8 472.7 219.7
iShares Gold CHF Hedged CH CSGLDC SW BlackRock Beta 416.0 443.5 272.2
ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 406.2 422.8 245.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
9 S
ep
tem
ber 2
01
6
Deu
tsch
e B
an
k A
G/L
on
do
n
Pag
e 6
3
9. ETF Broker rankings
US ETP Broker Rankings
Figure 77: 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. 149,442 19.38% 180,587 1,378,270 18.93% 1,468,775 (KCG) KCG HOLDINGS, INC. 2,809 21.26% 180,587 25,939 20.28% 1,468,781
2 (CSFB) CREDIT SUISSE 93,598 12.13% 23,813 786,654 10.81% 170,214 (UBS) UBS INVESTMENT BANK 1,532 11.60% 45,265 15,043 11.76% 333,036
3 (UBS) UBS INVESTMENT BANK 82,685 10.72% 45,265 785,360 10.79% 333,031 (CSFB) CREDIT SUISSE 1,421 10.75% 23,863 12,481 9.76% 170,529
4 (MLCO) MERRILL LYNCH 59,696 7.74% 42,452 512,771 7.04% 316,886 (MLCO) MERRILL LYNCH 1,038 7.86% 42,467 9,316 7.28% 316,957
5 (JPM) JP MORGAN 50,484 6.55% 106,681 507,341 6.97% 824,815 (DBAB) DEUTSCHE BANK SECURITIES INC 807 6.11% 23,248 7,511 5.87% 185,923
6 (GS ) GOLDMAN SACHS & CO. 45,476 5.90% 143,271 502,323 6.90% 1,233,171 (GS ) GOLDMAN SACHS & CO. 751 5.68% 143,271 8,653 6.77% 1,233,178
7 (DBAB) DEUTSCHE BANK SECURITIES INC 43,860 5.69% 23,248 389,209 5.35% 185,923 (JPM) JP MORGAN 745 5.64% 106,681 7,547 5.90% 824,815
8 (CITI) CITIGROUP GLOBAL MARKETS 39,737 5.15% 11,440 423,376 5.82% 120,869 (FCM) FIDELITY CAPITAL MARKETS 700 5.30% 44,661 6,426 5.02% 384,631
9 (BCAP) BARCLAYS CAPITAL 38,221 4.96% 56,795 352,920 4.85% 483,500 (CITI) CITIGROUP GLOBAL MARKETS 628 4.76% 11,441 7,625 5.96% 120,870
10 (FCM) FIDELITY CAPITAL MARKETS 35,836 4.65% 44,661 325,722 4.47% 384,631 (BCAP) BARCLAYS CAPITAL 607 4.60% 56,795 5,870 4.59% 483,501
11 (MSCO) MORGAN STANLEY 32,390 4.20% 13,948 315,534 4.33% 116,644 (MSCO) MORGAN STANLEY 549 4.15% 13,948 5,017 3.92% 116,644
12 (RBC) ROYAL BANK OF CANADA 15,934 2.07% 38,367 137,582 1.89% 322,528 (RBC) ROYAL BANK OF CANADA 279 2.11% 38,367 2,500 1.95% 322,529
13 (INCA) INSTINET 11,658 1.51% 7,043 126,049 1.73% 67,150 (CVGX) CONVERGEX 207 1.56% 16,530 2,545 1.99% 175,988
14 (CVGX) CONVERGEX 11,336 1.47% 16,530 132,215 1.82% 175,988 (INCA) INSTINET 131 0.99% 7,043 1,362 1.06% 67,150
15 (JEFF) JEFFERIES & CO., INC. 9,500 1.23% 5,302 108,371 1.49% 80,208 (JEFF) JEFFERIES & CO., INC. 130 0.98% 5,302 1,409 1.10% 80,208
16 (BNYM) BANK OF NEW YORK, THE 6,941 0.90% 12,747 51,092 0.70% 73,217 (BNYM) BANK OF NEW YORK, THE 113 0.86% 12,747 902 0.71% 73,217
17 (RAJA) RAYMOND JAMES & ASSOCIATES 3,145 0.41% 27,724 23,739 0.33% 194,410 (RAJA) RAYMOND JAMES & ASSOCIATES 54 0.41% 27,729 423 0.33% 194,440
18 (SG) SG SECURITIES 3,029 0.39% 1,159 3,194 0.04% 1,328 (WBET) WALLACHBETH CAPITAL LLC 51 0.39% 177 816 0.64% 2,376
19 (WBET) WALLACHBETH CAPITAL LLC 2,395 0.31% 177 42,355 0.58% 2,374 (BNPP) BNP PARIBAS 40 0.31% 4,300 389 0.30% 19,082
20 (BTIG) BTIG LLC 2,059 0.27% 1,126 24,115 0.33% 9,727 (SG) SG SECURITIES 36 0.27% 1,159 41 0.03% 1,328
Other 33,893 4.39% 92,572 351,404 4.83% 825,673 Other 585 4.43% 89,399 6,084 4.76% 816,449
Total 771,313 100.00% 894,908 7,279,596 100.00% 7,391,062 Total 13,212 100.00% 894,980 127,900 100.00% 7,391,632
Value Trade Summary Volume Trade Summary
Aug-16 YTD Aug-16 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.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
9 S
ep
tem
ber 2
01
6
Pag
e 6
4
Deu
tsch
e B
an
k A
G/L
on
do
n
Figure 78: 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. 11,210 27.37% 16,971 91,163 26.19% 132,353 (KCG) KCG HOLDINGS, INC. 451 30.25% 16,971 3,800 27.75% 132,353
2 (UBS) UBS INVESTMENT BANK 6,325 15.44% 2,499 54,284 15.59% 18,152 (UBS) UBS INVESTMENT BANK 229 15.35% 2,499 2,318 16.93% 18,152
3 (CSFB) CREDIT SUISSE 5,375 13.12% 1,185 35,528 10.21% 8,761 (FCM) FIDELITY CAPITAL MARKETS 161 10.80% 5,450 1,170 8.54% 42,568
4 (FCM) FIDELITY CAPITAL MARKETS 3,023 7.38% 5,450 22,916 6.58% 42,568 (CSFB) CREDIT SUISSE 148 9.95% 1,186 1,089 7.95% 8,770
5 (CITI) CITIGROUP GLOBAL MARKETS 2,173 5.31% 984 28,825 8.28% 7,690 (MLCO) MERRILL LYNCH 78 5.21% 2,031 626 4.57% 14,765
6 (MLCO) MERRILL LYNCH 2,106 5.14% 2,031 15,933 4.58% 14,763 (CITI) CITIGROUP GLOBAL MARKETS 59 3.93% 984 932 6.81% 7,690
7 (JPM) JP MORGAN 1,867 4.56% 6,493 18,890 5.43% 51,317 (BCAP) BARCLAYS CAPITAL 51 3.43% 4,708 464 3.39% 39,237
8 (GS ) GOLDMAN SACHS & CO. 1,394 3.40% 10,295 15,192 4.36% 91,317 (JPM) JP MORGAN 45 3.05% 6,493 555 4.05% 51,317
9 (DBAB) DEUTSCHE BANK SECURITIES INC 1,332 3.25% 1,089 11,574 3.32% 8,825 (GS ) GOLDMAN SACHS & CO. 43 2.88% 10,295 490 3.58% 91,317
10 (BCAP) BARCLAYS CAPITAL 1,292 3.15% 4,708 10,864 3.12% 39,237 (DBAB) DEUTSCHE BANK SECURITIES INC 40 2.65% 1,089 429 3.14% 8,825
11 (MSCO) MORGAN STANLEY 1,128 2.75% 724 8,341 2.40% 5,948 (RBC) ROYAL BANK OF CANADA 39 2.64% 3,639 328 2.40% 22,391
12 (RBC) ROYAL BANK OF CANADA 817 2.00% 3,639 6,123 1.76% 22,391 (MSCO) MORGAN STANLEY 36 2.39% 724 384 2.81% 5,948
13 (CVGX) CONVERGEX 522 1.28% 826 6,788 1.95% 10,041 (CVGX) CONVERGEX 21 1.38% 826 286 2.09% 10,041
14 (INCA) INSTINET 307 0.75% 246 2,420 0.70% 2,964 (BNYM) BANK OF NEW YORK, THE 10 0.64% 508 123 0.90% 3,553
15 (JEFF) JEFFERIES & CO., INC. 271 0.66% 532 2,260 0.65% 2,945 (JEFF) JEFFERIES & CO., INC. 8 0.56% 532 53 0.39% 2,945
16 (BNYM) BANK OF NEW YORK, THE 189 0.46% 508 2,138 0.61% 3,553 (INCA) INSTINET 8 0.54% 246 91 0.66% 2,964
17 (RAJA) RAYMOND JAMES & ASSOCIATES 175 0.43% 1,417 967 0.28% 8,676 (RAJA) RAYMOND JAMES & ASSOCIATES 7 0.46% 1,417 35 0.26% 8,676
18 (ITGI) INVESTMENT TECHNOLOGY GROUP 155 0.38% 261 2,830 0.81% 10,002 (BNPP) BNP PARIBAS 6 0.42% 314 19 0.14% 1,233
19 (BNPP) BNP PARIBAS 88 0.22% 314 354 0.10% 1,233 (BMOC) BMO CAPITAL MARKETS 4 0.28% 153 49 0.36% 1,545
20 (JONE) JONESTRADING 82 0.20% 407 576 0.17% 5,431 (ITGI) INVESTMENT TECHNOLOGY GROUP 4 0.27% 261 115 0.84% 10,002
Other 1,126 2.75% 4,306 10,166 2.92% 31,393 Other 44 2.93% 4,560 335 2.45% 35,283
Total 40,958 100.00% 64,885 348,131 100.00% 519,560 Total 1,493 100.00% 64,886 13,693 100.00% 519,575
Value Trade Summary Volume Trade Summary
Aug-16 YTD Aug-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
9 S
ep
tem
ber 2
01
6
Deu
tsch
e B
an
k A
G/L
on
do
n
Pag
e 6
5
European ETP Broker Rankings
Figure 79: 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 8,768 11.90% 20,468 77,432 10.81% 152,778 (BNPP) BNP PARIBAS 282 10.77% 9,857 2,327 9.74% 79,941
2 (FLOW) FLOW TRADERS 7,287 9.89% 5,195 58,663 8.19% 37,040 (OPTV) OPTIVER VOF 230 8.81% 7,285 925 3.87% 21,203
3 (OPTV) OPTIVER VOF 5,839 7.92% 7,273 21,556 3.01% 21,191 (CBK) COMMERZBANK 211 8.07% 20,468 2,085 8.73% 153,054
4 (BNPP) BNP PARIBAS 5,674 7.70% 9,830 72,949 10.18% 79,668 (FLOW) FLOW TRADERS 211 8.06% 5,428 1,961 8.21% 38,663
5 (SIS) SUSQUEHANNA INTERNATIONAL GRP 4,559 6.18% 2,525 60,483 8.44% 28,375 (SIS) SUSQUEHANNA INTERNATIONAL GRP 203 7.77% 2,525 2,338 9.79% 28,424
6 (CSFB) CREDIT SUISSE 4,363 5.92% 3,102 41,279 5.76% 25,811 (CSFB) CREDIT SUISSE 199 7.59% 3,195 1,524 6.38% 26,212
7 (CITI) CITIGROUP GLOBAL MARKETS 3,653 4.96% 3,471 49,568 6.92% 28,220 (UBS) UBS INVESTMENT BANK 147 5.63% 1,523 744 3.11% 4,335
8 (UBS) UBS INVESTMENT BANK 3,562 4.83% 1,523 18,650 2.60% 4,335 (CITI) CITIGROUP GLOBAL MARKETS 102 3.90% 3,471 1,127 4.72% 28,222
9 (JPMS) JPMORGAN CHASE BANK, N.A. 3,308 4.49% 2,397 24,750 3.45% 20,042 (GS ) GOLDMAN SACHS & CO. 101 3.85% 4,774 399 1.67% 38,158
10 (DBK ) DEUTSCHE BANK AG 2,975 4.04% 3,741 31,971 4.46% 34,528 (WINS) WINTERFLOOD SECURITIES 98 3.76% 7,404 840 3.52% 55,193
11 (HSBC) HSBC GROUP PLC 2,491 3.38% 2,387 17,721 2.47% 17,408 (HSBC) HSBC GROUP PLC 93 3.56% 2,390 626 2.62% 17,421
12 (WINS) WINTERFLOOD SECURITIES 2,275 3.09% 7,404 17,784 2.48% 55,191 (DBK ) DEUTSCHE BANK AG 87 3.32% 3,741 920 3.85% 34,545
13 (SG) SG SECURITIES 2,266 3.07% 3,590 26,817 3.74% 32,958 (KCG) KCG HOLDINGS, INC. 86 3.31% 6,239 971 4.06% 50,491
14 (MSCO) MORGAN STANLEY 1,984 2.69% 1,664 16,915 2.36% 13,141 (SG) SG SECURITIES 84 3.22% 3,590 934 3.91% 32,959
15 (BCAP) BARCLAYS CAPITAL 1,853 2.51% 3,324 22,945 3.20% 26,091 (JPMS) JPMORGAN CHASE BANK, N.A. 59 2.26% 2,397 515 2.16% 20,074
16 (KCG) KCG HOLDINGS, INC. 1,583 2.15% 6,239 17,555 2.45% 50,491 (BCAP) BARCLAYS CAPITAL 59 2.24% 3,324 726 3.04% 26,097
17 (KEPL) KEPLER CAPITAL MARKETS 1,576 2.14% 2,190 17,867 2.49% 20,232 (MSCO) MORGAN STANLEY 53 2.01% 1,664 474 1.99% 13,144
18 (UNIC) UNICREDIT 1,524 2.07% 333 17,502 2.44% 4,912 (KEPL) KEPLER CAPITAL MARKETS 50 1.93% 2,190 522 2.18% 20,235
19 (GS ) GOLDMAN SACHS & CO. 1,498 2.03% 4,774 15,575 2.17% 38,156 (MLCO) MERRILL LYNCH 40 1.54% 2,136 659 2.76% 23,096
20 (MLCO) MERRILL LYNCH 1,152 1.56% 2,136 14,193 1.98% 23,035 (UNIC) UNICREDIT 37 1.42% 335 487 2.04% 4,920
Other 5,521 7.49% 16,197 74,349 10.38% 153,654 Other 183 6.98% 16,204 2,780 11.64% 154,266
Total 73,709 100.00% 109,763 716,524 100.00% 867,257 Total 2,615 100.00% 110,140 23,883 100.00% 870,653
Value Trade Summary Volume Trade Summary
Aug-16 YTD Aug-16 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.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
9 S
ep
tem
ber 2
01
6
Pag
e 6
6
Deu
tsch
e B
an
k A
G/L
on
do
n
Figure 80: 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 (OPTV) OPTIVER VOF 923 16.50% 1,570 2,768 7.10% 4,116 (OPTV) OPTIVER VOF 156 27.83% 1,570 467 7.41% 4,116
2 (WINS) WINTERFLOOD SECURITIES 468 8.36% 2,299 3,391 8.70% 17,332 (WINS) WINTERFLOOD SECURITIES 64 11.42% 2,299 1,615 25.64% 17,332
3 (CBK) COMMERZBANK 456 8.15% 681 2,453 6.30% 4,974 (BNPP) BNP PARIBAS 63 11.34% 150 789 12.52% 1,598
4 (FLOW) FLOW TRADERS 415 7.42% 411 2,818 7.23% 2,639 (UBS) UBS INVESTMENT BANK 57 10.16% 221 125 1.99% 634
5 (SG) SG SECURITIES 395 7.06% 122 1,458 3.74% 1,108 (FLOW) FLOW TRADERS 34 6.12% 432 272 4.32% 2,757
6 (MSCO) MORGAN STANLEY 376 6.72% 176 1,375 3.53% 1,771 (CITI) CITIGROUP GLOBAL MARKETS 33 5.88% 500 328 5.21% 3,707
7 (CITI) CITIGROUP GLOBAL MARKETS 290 5.19% 499 2,526 6.48% 3,706 (MSCO) MORGAN STANLEY 19 3.42% 176 89 1.41% 1,771
8 (UBS) UBS INVESTMENT BANK 273 4.88% 221 901 2.31% 634 (CBK) COMMERZBANK 17 3.01% 681 76 1.21% 4,974
9 (MACQ) MACQUARIE SECURITIES 216 3.86% 64 1,792 4.60% 604 (SIS) SUSQUEHANNA INTERNATIONAL GRP 16 2.80% 57 132 2.10% 308
10 (SIS) SUSQUEHANNA INTERNATIONAL GRP 199 3.55% 57 1,266 3.25% 308 (SG) SG SECURITIES 11 1.97% 122 83 1.32% 1,109
11 (DBK ) DEUTSCHE BANK AG 199 3.55% 486 1,180 3.03% 3,807 (ITGE) ITG EUROPE 8 1.43% 40 74 1.17% 151
12 (HSBC) HSBC GROUP PLC 182 3.26% 168 2,484 6.38% 1,073 (DBK ) DEUTSCHE BANK AG 7 1.32% 486 343 5.45% 3,808
13 (BNPP) BNP PARIBAS 161 2.88% 150 1,749 4.49% 1,565 (CANT) CANTOR FITZGERALD L.P. 7 1.31% 59 82 1.31% 362
14 (JPMS) JPMORGAN CHASE BANK, N.A. 145 2.60% 203 859 2.20% 1,473 (HSBC) HSBC GROUP PLC 7 1.28% 168 61 0.97% 1,073
15 (CSFB) CREDIT SUISSE 128 2.30% 182 2,167 5.56% 1,431 (KCG) KCG HOLDINGS, INC. 7 1.20% 617 329 5.23% 4,601
16 (CANT) CANTOR FITZGERALD L.P. 102 1.82% 59 385 0.99% 362 (MACQ) MACQUARIE SECURITIES 6 1.06% 64 58 0.92% 604
17 (KCG) KCG HOLDINGS, INC. 87 1.55% 617 994 2.55% 4,601 (INCA) INSTINET 6 1.02% 77 217 3.45% 917
18 (BCAP) BARCLAYS CAPITAL 80 1.43% 227 842 2.16% 1,902 (CSFB) CREDIT SUISSE 6 0.98% 185 82 1.30% 1,438
19 (ITGE) ITG EUROPE 70 1.24% 40 284 0.73% 151 (BFIN) BLUEFIN EUROPE LLP 4 0.68% 51 139 2.20% 411
20 (BFIN) BLUEFIN EUROPE LLP 66 1.18% 51 733 1.88% 411 (JPMS) JPMORGAN CHASE BANK, N.A. 3 0.57% 203 24 0.38% 1,473
Other 363 6.49% 2,586 6,540 16.78% 26,601 Other 29 5.21% 2,736 913 14.50% 27,637
Total 5,593 100.00% 10,869 38,965 100.00% 80,569 Total 560 100.00% 10,894 6,299 100.00% 80,781
Value Trade Summary Volume Trade Summary
Aug-16 YTD Aug-16 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 67
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 2015.
The vast majority of instruments are ETFs (97.7%, 4,396 products, $2,879bn) with the remainder being ETCs (0.6%, 455
products, $17.4bn) in Europe and ETVs (1.6%, 67 products, $48.2bn) in the US.
Figure 81: ETP Coverage Universe Summary
Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %
US 1,644 2,113,454 71.7% 1,577 2,065,258 70.1% 67 48,195 1.6%
Europe 1,982 507,450 17.2% 1,527 490,095 16.6% 455 17,354 0.6%
Asia Pacific 810 250,247 8.5% 794 249,926 8.5% 16 321 0.0%
RoW 499 74,661 2.5% 498 73,650 2.5% 1 1,011 0.0%
Global 4,935 2,945,811 100.0% 4,396 2,878,930 97.7% 539 66,881 2.3%
ETPs ETFs ETC/Vs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Exchange-Traded Funds (ETFs, 97.7%)
US (70.1%): 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 (16.6%): 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 (8.5%): Both European and US ETFs are cross sold into the Asian market.
Exchange-Traded Collateralized Instruments (2.3%)
Exchange-Traded Commodities (ETCs, 0.6%)
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, 1.6%)
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 September 2016
European Monthly ETF Market Review
Page 68 Deutsche Bank AG/London
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 82: 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 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 69
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 September 2016
European Monthly ETF Market Review
Page 70 Deutsche Bank AG/London
Appendix 1
Important Disclosures
*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra
Equity rating key Equity rating dispersion and banking relationships
Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock.
Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock
Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.
Newly issued research recommendations and target prices supersede previously published research.
40 %
54 %
6 %
47 % 36 %
16 %0
50
100
150
200
250
300
350
Buy Hold Sell
European Universe
Companies Covered Cos. w/ Banking Relationship
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 71
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.
9 September 2016
European Monthly ETF Market Review
Page 72 Deutsche Bank AG/London
Additional Information
The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively
"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources
believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.
If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this
report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche
Bank may act as principal for its own account or as agent for another person.
Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own
account or with customers, in a manner inconsistent with the views taken in this research report. Others within
Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those
taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,
equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication
may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or
otherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity 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 research
analysts sometimes have shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing
longer term ratings. These trade ideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea
represents a high conviction belief by an analyst that a stock will outperform or underperform the market and/or sector
delineated over a time frame of no less than two weeks. In addition to SOLAR ideas, the analysts named in this report
may have from time to time discussed with our clients, including Deutsche Bank salespersons and traders, or may
discuss in this report or elsewhere, trading strategies or ideas that reference catalysts or events that may have a near-
term or medium-term impact on the market price of the securities discussed in this report, which impact may be
directionally counter to the analysts' current 12-month view of total return as described herein. 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. Coverage and the frequency of changes in
market conditions and in both general and company specific economic prospects makes it difficult to update research at
defined intervals. Updates are at the sole discretion of the coverage analyst concerned or of the Research Department
Management and as such the majority of reports are published at irregular intervals. 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.
The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regarding
our organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respect
to our research is available on our website under Disclaimer found on the Legal tab.
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
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 73
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
to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can
be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be
incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable
for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized
Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the
website please contact your Deutsche Bank representative for a copy of this important document.
Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)
exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by
numerous market factors, including world and national economic, political and regulatory events, events in equity and
debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed
exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are
affected by the currency of an underlying security, effectively assume currency risk.
Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the
investor's home jurisdiction.
United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and
SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated
and therefore not subject to FINRA regulations concerning communications with subject companies, public appearances
and securities held by analysts.
Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated
in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under
German Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal
Financial Supervisory Authority.
United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester
House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the
Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial
Conduct Authority. Details about the extent of our authorisation and regulation are available on request.
Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.
India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India
(SEBI) as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received
administrative warnings from the SEBI for breaches of Indian regulations.
9 September 2016
European Monthly ETF Market Review
Page 74 Deutsche Bank AG/London
Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial
instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,
Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks
involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by
multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to
losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional
losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories
of investment advice, products and services. Recommended investment strategies, products and services carry the risk
of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in
market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the
relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in
this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the
name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank
Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are
not disclosed according to the Financial Instruments and Exchange Law of Japan.
Korea: Distributed by Deutsche Securities Korea Co.
South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register
Number in South Africa: 1998/003298/10).
Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles
Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters
arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who
is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and
regulations), they accept legal responsibility to such person for its contents.
Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers should
independently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank
research may not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without
written consent. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and
is not to be construed as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited,
Taipei Branch may not execute transactions for clients in these securities/instruments.
Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre
Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall
within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,
West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related
financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre
Regulatory Authority.
Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute,
any appraisal or evaluation activity requiring a license in the Russian Federation.
Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the
Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall
within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya
District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.
United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated
by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services
activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai
International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been
distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as
9 September 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 75
defined by the Dubai Financial Services Authority.
Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product
referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please
refer to Australian specific research disclosures and related information at
https://australia.db.com/australia/content/research-information.html
Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the
meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.
Additional information relative to securities, other financial products or issuers discussed in this report is available upon
request. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent.
Copyright © 2016 Deutsche Bank AG
David Folkerts-Landau Group Chief Economist and Global Head of Research
Raj Hindocha Global Chief Operating Officer
Research
Michael Spencer Head of APAC Research
Global Head of Economics
Steve Pollard Head of Americas Research
Global Head of Equity Research
Anthony Klarman Global Head of Debt Research
Paul Reynolds Head of EMEA
Equity Research
Dave Clark Head of APAC
Equity Research
Pam Finelli Global Head of
Equity Derivatives Research
Andreas Neubauer Head of Research - Germany
Stuart Kirk Head of Thematic Research
International Locations
Deutsche Bank AG
Deutsche Bank Place
Level 16
Corner of Hunter & Phillip Streets
Sydney, NSW 2000
Australia
Tel: (61) 2 8258 1234
Deutsche Bank AG
Große Gallusstraße 10-14
60272 Frankfurt am Main
Germany
Tel: (49) 69 910 00
Deutsche Bank AG
Filiale Hongkong
International Commerce Centre,
1 Austin Road West,Kowloon,
Hong Kong
Tel: (852) 2203 8888
Deutsche Securities Inc.
2-11-1 Nagatacho
Sanno Park Tower
Chiyoda-ku, Tokyo 100-6171
Japan
Tel: (81) 3 5156 6770
Deutsche Bank AG London
1 Great Winchester Street
London EC2N 2EQ
United Kingdom
Tel: (44) 20 7545 8000
Deutsche Bank Securities Inc.
60 Wall Street
New York, NY 10005
United States of America
Tel: (1) 212 250 2500