us etf market weekly review : $14bn drained from etp aum on market downturn

8/6/2019 US ETF Market Weekly Review : $14bn drained from ETP AUM on market downturn

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ETF ResearchNorth America United States

8 June 2011

US ETF Market Weekly Review

$14bn drained from ETPAUM on market downturn

Data in this report is as of Fri, June 3rd***DB cares about the Greenwich Surveyon Equity Derivatives, running from April25 to June 17; if my team is an important

sell-side resource to your investmentprocess, please consider recognizing usin the vote for "ETF & Index Research".Thank you.***

Deutsche Bank Securities Inc.

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be awarethat 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. MICA(P) 146/04/2011

G

l o b a l M a r k e t s R e s e a r c h

& E T F R e s e a r c h

ContributorsShan LanHead of Global Equity Index and ETF Research

(+1) 212 250-2776

[email protected]

Christos CostandinidesETF Strategist

(+44) 20 754-71975

[email protected]

Sebastian MercadoResearch Analyst

(+1) 212 250-8690

[email protected]

Bo HuangResearch Analyst

(+1) 212 250-0569

[email protected]

ContactsAram Flores

Head of Index Research, Americas(+1) 212 250-0630

[email protected]

Daniel J ArnoldHead of Index Research, Europe

(+44) 20 754-74849

[email protected]

Low appetite for risky assets remains in placeThe market couldn’t take it anymore. As more and more disappointing and softer-than-expected US economic data flooded the markets, investors factored in thenew environment and pushed the equity markets down the hill. Equity markets inthe US (S&P 500) plummeted by 2.32%.

Last week, total US ETP flows from all products registered $720m of outflows vs

$2.2bn of inflows the previous week, setting the YTD weekly flows average at+$2.1bn. US ETP AUM lost about $14bn, closing at $1.073 trillion or 7.9% up YTD.

A closer look at our flows makes more evident that the risk-off trade remains inplace. Long-only Equity ETP flows have clearly broken our bullish trend supportlevel of $12bn QTD, while Fixed Income ETP flows keep their momentum andGold ETP flows remain positive, albeit much smaller.

Long only equity ETPs recorded $2.4bn of outflows last week vs $890m of inflowsthe previous week. From a geographic allocation perspective, US-focused ETPsconcentrated the bulk of the outflows (-$2.3bn), followed by Global and EM ETPswith -$254m, and -$196m, respectively; while DM ex US ETPs recorded inflows of$344m.

Long-only fixed Income ETPs recorded inflows of $1.4bn last week. SovereignETPs had $569m inflows, followed by Corporates funds with $406m. Commodity

ETPs recorded outflows of $299m. At a sector level, Energy ETPs recorded thelargest outflows with $312m. Crude Oil ETPs recorded the largest outflows with$169m, followed by Natural Gas ETPs with $138m.

New Launch Calendar: short and quiet week for ETF launchesThere were 2 new ETPs listed in the NYSE Arca during the previous week. Thenew ETFs will offer exposure to Japanese Mid Cap companies and Farmingstocks. (See Figure 20 for more details).

Turnover Review: Floor activity picks up on higher volatilityIn spite of the shorter week, total weekly turnover increased by 4.8% to $316bnvs. $301bn in the previous week. The market plunge and increased volatilitypushed Equity ETP turnover $14.5bn or 5.6% higher to $276bn. Commodity ETPsturnover was again trimmed as Silver ETP related turnover kept returning to pre-bubble levels, total weekly turnover was $23.6bn last week. Finally, Fixed Income

products turnover flourished totaling $13bn at the end of last Friday, about a 30%higher from the previous week.

Assets Under Management (AUM) Review: $14bn drained from ETP assetsOutflows and the market free-fall drained almost $14bn or 1.3% from ETP assetsduring last week. ETP AUM settled at $1.073 trillion as of the end of last Friday,recording a $78.0bn or a 7.9% increase on YTD basis.



08 June 2011 US ETF Market Weekly Review


Table of Contents

Weekly Commentary......................................................................... 3 Market Review..........................................................................................................................3 Flows Trends: don’t be deceived by this week’s inflows ..................................................... ....3 New Products .................................................... ....................................................... ................ 4 Flows in Focus..........................................................................................................................6 ETP – Market Overview..................................................................... 8 Current Week............................................................................................................................8 ETN Data Snapshot ................................................... ...................................................... ........ 10 Issuer Rankings....... ...................................................... .......................................................... 11 ETP – Net Cash Flows...................................................................... 14 Investment Focus .............................................. ................................................... .................. 14 Sub Segment ........................................... ................................................... ............................ 15 Issuer ..................................................... ...................................................... ........................... 17 Index Provider .................................................. ...................................................... ................. 18 Underlying Index/Security ................................................ ...................................................... .19 Top ETPs..... ...................................................... ....................................................... ............... 20 ETP – Weekly Turnover ...................................................................21 Investment Focus .............................................. ................................................... .................. 21 Sub Segment ........................................... ................................................... ............................ 22 Issuer ..................................................... ...................................................... ........................... 24 Index Provider .................................................. ...................................................... ................. 25 Underlying Index/Security ................................................ ...................................................... .25 Top ETPs..... ...................................................... ....................................................... ............... 26 ETP – Assets Under Management..................................................27 Investment Focus .............................................. ................................................... .................. 27 Sub Segment ........................................... ................................................... ............................ 28 Issuer ..................................................... ...................................................... ........................... 30 Index Provider .................................................. ...................................................... ................. 31 Underlying Index/Security ................................................ ...................................................... .31 Top ETPs..... ...................................................... ....................................................... ............... 32 Appendix A: How we define ETPs.................................................. 34





Weekly Commentary1

Market Review

The market couldn’t take it anymore. As more and more disappointing and softer-than-expected US economic data flooded the markets, investors factored in the new environment

and pushed the equity markets down the hill. Equity markets in the US (S&P 500) plummeted

by 2.32%. Other developed and emerging markets outside the US did relatively better

however. The MSCI EAFE (in USD) was down just by 0.11% and the MSCI EM (in USD)

gained 0.76% during the week. Outside equities, Commodities edged modestly to the

positive side. The DB Liquid Commodity Index rose by 0.32% last week; similarly Gold and

the DB Diversified Agriculture Index appreciated by 0.36%, and 0.35%, respectively; while

Silver and WTI Crude Oil prices dropped by 4.62% and 0.37%, respectively. Moving into

other asset classes, the 10-Year Treasury yield fell to 2.96% in the middle of the week and

closed the week 8bps lower than the previous week at 2.99%, after a small correction. Fixed

Income benchmarks tracking the IG range edged higher, while HY benchmarks leaned to the

negative side. Meanwhile on the FX side the USD experienced another week of depreciationagainst most of the Majors; the greenback recorded a weakening of 2.21% against the EUR.

Finally, Volatility picked up with the VIX index up by 12.33% at the end of this period.

Last week, total US ETP flows from all products registered $720m of outflows vs $2.2bn of

inflows the previous week, setting the YTD weekly flows average at +$2.1bn. US ETP AUM

lost almost $14bn, closing at $1.073 trillion or 7.9% up YTD.

Flows Trends: trends still supportive of risk-off mode

In our last weekly report we highlighted that about $4.0bn of inflows into a few MSCI-

benchmarked ETPs were most probably temporary and possibly related to the MSCI Semi

Annual Index Review, and last week’s flows provides more evidence that most of these

inflows were likely related to the MSCI rebalance as most of them were withdrawn on the

day after the effective date of the rebalance. Figure 1 presents the reversal of these flows

and also the unusual size of them as compared to any other week this quarter.

After adjusting our cumulative flows series to exclude the aforementioned irregularities, it is

more evident that the risk-off trade remains in place. Long-only Equity ETP flows have clearly

broken our bullish trend support level of $12bn QTD, while Fixed Income ETP flows keep

their momentum and Gold ETP flows remain positive, albeit much smaller. (Figure 2)

Equity ETP Flows: $2.3bn drained from US-focused ETFs

Long only equity ETPs recorded $2.4bn of outflows (-$3.4bn MSCI related & +$948m non-

MSCI related) last week vs $890m of inflows (+$4.1bn MSCI related & -$3.2bn non-MSCI

related) the previous week. From a geographic allocation perspective, US-focused ETPs

concentrated the bulk of the outflows (-$2.3bn), followed by Global and EM ETPs with -$254m, and -$196m, respectively; while DM ex US ETPs recorded inflows of $344m.

Emerging Markets/Developed Markets ex US: both EM broad (-$95m) and EM country

(-$101m) ETPs experienced outflows during last week; while on the DM world, broad and

country ETPs received inflows of $302m and $42m, respectively. At a country level, China

ETPs continued to experienced significant outflows (-$114m) on the EM side; while Hong

Kong (+$103m) and Canada ETPs (+$79m) captured most of the DM country attention.

1The Weekly Commentary section focuses on long- only ETP Flows. Short and Long-Short ETP Flows are excluded.





Figure 1: Long-only Equity ETP weekly flows – QTD Figure 2: Long-only ETP flows by Equity, Fixed Income,

and Gold products - QTD

(3 ,248)

94 8

4,138

(3,361)

(6,000)

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9

$Mio

Equity ex MSCI MSCI

(5,000)

0

5,000

10,000

15,000

20,000

31-Mar-11 14-Apr-11 28-Apr-11 12-May-11 26-May-11

$Mio

Equity ex MSCI spikes Fixed Income Gold

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

US Sectors (long-only ETPs): US sector investing tilted to the negative side (-$366m)during last week. Most of the activity by flows was concentrated around Energy (-$455m),

Materials (-$167m), Healthcare (+$158m), and Consumer Discretionary ETPs (+$146m).

Fixed Income ETP flows: IG continues to be the favorite

Long-only Fixed Income ETP flows recorded inflows of $1.4bn last week vs. $752m in

inflows in the previous week. All sectors within the asset class received positive flows.

Sovereign ETPs received the largest inflows with $569m, followed by Corporates funds

with $406m, and Sub-Sovereign products with $273m at the end of last week. From a

credit quality perspective, Investment Grade ETPs received $833m of inflows, while High

Yield ETPs recorded inflows of $128m.

Commodity ETP flows: Energy outflows dominate

Last week long-only commodity ETPs experienced $299m of outflows vs. $270m of

inflows on the previous week. Energy ETPs experienced the largest outflows at a sector

level with $312m, while broad benchmarked products experienced nominal inflows for

$16m.

At a sub-sector level Crude Oil ETPs recorded the largest outflows with $169m, followed

by Natural Gas ETPs with $138m. Within the Precious Metals ETPs, Gold ETPs continued

to gather inflows, albeit considerably smaller this week ($69m); however most of the

inflows were again offset by Silver ETP outflows (-$64m) as it has been the pattern for the

past month or so.

New Products

New Launch Calendar: short and quiet week for ETF launches There were 2 new ETPs listed in the NYSE Arca during the previous week. The new ETFs

will offer exposure to Japanese Mid Cap companies and Farming stocks. (See Figure 20

for more details).

IndexIQ Advisors LLC launched the first ETF focusing on Mid Cap Japanese stocks. The

IQ Japan Mid Cap ETF (RSUN) comes to market at a TER of 0.69%. RSUN complements a

vast offering of Japan-focused equity ETFs which provides access to different investment

approaches such as broad market, market cap size, dividend, levered long and short, and

fundamental strategy. The new fund tracks an index which holds 100 stocks with a major

concentration in the following 4 sectors: Industrials (23%), Financials (18%), Consumer

Discretionary (16%), and Materials (15%).





Global X Funds listed the Global X Farming ETF (BARN). BARN carries a TER of 0.68%

and, together with other recently launched ETFs, offers another vehicle to benefit from

rising food prices. The ETF holds about 50 global companies which focus in agricultural

products, livestock operations, and manufacturing of farming equipment. The issuer

mentions that world population growth and increased food consumption from Emerging

Markets are expected to boost the growth of the farming industry in the years to come.

The main country exposures of the underlying index are the United States (32%),Singapore (15%), and Malaysia (12%). Other equity vehicles to benefit from rising food

prices are Global X’s EATX (TER: 0.65%), Van Eck’s MOO (TER: 0.56%), and IndexIQ’s

CROP (TER: 0.75%); while Deutsche Bank’s DBA (TER: 0.75%) offer access through

commodity futures contracts.





Flows in Focus2

Equity ETPs by Geographic Focus

Figure 3: Daily Flows – 2 Weeks Figure 4: Weekly Aggregated Flows – 2 Weeks

(4,000)

(3,000)

(2,000)

(1,000)

-

1,000

2,000

3,000

4,0005,000

6,000

$Mio

US EM DM ex US Global

(4,000) (3,000) (2,000) (1,000) - 1,000 2,000

$ Million

US EM DM ex US Global

Equity ETPs by Market Capitalization Focus


(6,000)

(4,000)

(2,000)

-

2,000

4,000

6,000

$Mio

Large Cap Mid Cap Small Cap Broad

(6,000) (4,000) (2,000) - 2,000 4,000 6,000

$ Million

Large Cap Mid Cap Small Cap Broad

Equity ETPs by Style Focus (excluding Blend Products)


(2,500)

(2,000)

(1,500)

(1,000)

(500)

-

500

1,000

1,500

2,000

$Mio

Growth Value Dividend

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

$ M il l ion

Growth Value Dividend

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

2The Flows in Focus sub section considers only Long and Short ETP Flows. Long-Short ETP Flows are excluded.





Equity ETPs by US Sector Focus

Figure 9: Weekly Aggregated Flows – 2 Weeks

(600) (400) (200) - 200 400

Energy

Materials

Industrials

Financials

Information Technology

Utilities

Telecommunication Services

Consumer Staples

Consumer Discretionary

Healthcare

N et C ash F lows ($ M i l lion)Current Week Previous WeekSource: Deutsche Bank, Bloomberg Finance LP, Reuters

Fixed Income ETPs by Maturity Focus (excluding Broad Products)


(500)

(400)

(300)

(200)

(100)

-

100

200

300

400

500

600

$Mio

Money Market Short Durat ion Medium Durat ion Long Durat ion

(200) - 200 400 600 800

$ M il l ion

Money Market Short Durat ion Medium Durat ion Long Durat ion

Equity ETPs by Credit Quality Focus (excluding Mixed Products)


(400)

(300)

(200)

(100)

-

100

200

300

400

500

600

700

$Mio

Investment Grade High Yield

- 200 400 600 800 1,000

$ Mil l ion

Investment Grade High Yield






Figure 18: ETP Turnover ($ Million) by Asset Class

Prev. Week Year 2010

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 276,275 87.4% 261,729 14,545 5.6% 307,205 (30,930) -10.1%

Fixed income 13,344 4.2% 10,263 3,081 30.0% 11,379 1,965 17.3%

Commodity 23,590 7.5% 27,189 (3,599) -13.2% 15,376 8,213 53.4%

Currency 2,672 0.8% 2,290 382 16.7% 2,243 429 19.1%

Alternative 129 0.0% 143 (14) -9.8% 28 101 367.9%

Multi Asset 50 0.0% 46 5 10.0% 40 10 25.0%

Total 316,059 100% 301,660 14,399 4.8% 336,271 (20,212) -6.0%

Current Week WoW Change Change from 2010


Figure 19: ETP AUM ($ Million) by Asset Class

Prev. Week End of 2010

Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 794,477 74.0% 808,891 (14,413) -1.8% 745,592 48,885 6.6%

Fixed income 165,057 15.4% 163,909 1,148 0.7% 145,610 19,447 13.4%

Commodity 103,422 9.6% 104,172 (750) -0.7% 96,378 7,045 7.3%

Currency 7,725 0.7% 7,500 225 3.0% 5,837 1,887 32.3%

Multi Asset 1,528 0.1% 1,547 (19) -1.2% 1,132 397 35.0%

Alternative 1,196 0.1% 1,188 7 0.6% 699 497 71.1%

Total 1,073,405 100% 1,087,207 (13,802) -1.3% 995,247 78,158 7.9%

Current Week WoW Change YTD Change


Figure 20: New Listings ETPs+ETNs

ETP Name IssuerAsset Class

& StructureExchange TER

Bloom-

berg

Reuters

Code

IQ Japan Mid Cap ETF IndexIQ Advisors LLC Equity ETF NYSE Arca 0.69% RSUN US RSUN.K

Global X Farming ETF Global X Management Co LLC Equity ETF NYSE Arca 0.68% BARN US BARN.K






Issuer Rankings

Net Cash Flows

Figure 23: ETP Net Cash flows ($ Million) ranking by Issuer

Issuer EquityFixed

Income

Commo-

dityOther Total

State Street GA 1,124 102 (15) - 1,211

BlackRock (473) 1,082 14 (11) 612

Van Eck Funds 344 14 - - 359

WisdomTree AM 24 97 - 221 342

PowerShares 162 30 - 10 201

ProShares (11) 98 7 15 110

Direxionshares 63 9 - - 73

Bank of New York 61 - - - 61

Rydex Invest. 26 - - 19 46

Merrill Lynch 42 - - - 42

Charles Schwab Investment Mgmt 26 10 - - 36

Guggenheim Funds Distributors, Inc. 0 23 - 2 25

Global X Management Co LLC 14 - - - 14

ALPS Fund Services Inc 11 - - - 11 Russell Investments 10 - - - 10

IndexIQ Advisors LLC 1 - - 6 6

Emerging Global Shares 5 - - - 5

PIMCO - 4 - - 4

GreenHaven Commodity Sers. - - 3 - 3

AdvisorShares Trust - 3 - - 3

Teucrium Trading LLC - - - - -

Javelin Invesment Management LLC - - - - -

FaithShares Advisors LLC - - - - -

PAX World Management LLC - - - - -

Sprott Asset Management LP/Canada - - - - -

FocusShares - - - - -

FactorShares - - - - -

Grail Advisors LLC - - - - - Revenue Shares - - - - -

Fidelity Invest. - - - - -

ETF Securities Ltd - - (9) - (9)

Deutsche Bank AG - - 5 (18) (13)

First Trust Ad. (84) - - - (84)

United States Commodity Funds LLC - - (289) - (289)

Vanguard (3,552) 52 - - (3,500)

Total (2,205) 1,524 (284) 245 (720)

Current Week Net Cashflows ($ Million)






Weekly Turnover

Figure 24: ETP Turnover ($ Million) by Issuer

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

State Street GA 148,544 1,101 8,245 - 157,890 50.0%

BlackRock 67,118 8,851 7,471 18 83,457 26.4%ProShares 14,093 1,736 3,948 324 20,101 6.4%

Direxionshares 13,679 222 - - 13,901 4.4%

PowerShares 12,187 192 - 24 12,403 3.9%

Vanguard 7,219 658 - - 7,877 2.5%

Merrill Lynch 5,038 - - - 5,038 1.6%

Van Eck Funds 4,418 31 - - 4,449 1.4%

United States Commodity Funds LLC - - 2,941 - 2,941 0.9%

Bank of New York 2,103 - - - 2,103 0.7%

Rydex Invest. 219 - - 1,564 1,783 0.6%

Deutsche Bank AG - - 767 538 1,305 0.4%

WisdomTree AM 551 397 - 347 1,295 0.4%

First Trust Ad. 494 - - - 494 0.2%

Charles Schwab Investment Mgmt 188 34 - - 223 0.1%

ETF Securities Ltd - - 168 - 168 0.1%

Global X Management Co LLC 143 2 - - 146 0.0%

Guggenheim Funds Distributors, Inc. 115 15 - 13 143 0.0%

PIMCO - 100 - - 100 0.0%

ALPS Fund Services Inc 83 - - - 83 0.0%

GreenHaven Commodity Sers. - - 26 - 26 0.0%

IndexIQ Advisors LLC 13 - - 12 25 0.0%

Revenue Shares 25 - - - 25 0.0%

Teucrium Trading LLC - - 24 - 24 0.0%

Emerging Global Shares 23 - - - 23 0.0%

AdvisorShares Trust 1 4 - 10 15 0.0%

FocusShares 7 - - - 7 0.0%

Fidelity Invest. 5 - - - 5 0.0%

Russell Investments 4 - - - 4 0.0%

FactorShares - - - 2 2 0.0%

PAX World Management LLC 1 - - - 1 0.0%

Grail Advisors LLC 0 0 - - 0 0.0%

Javelin Invesment Management LLC 0 - - - 0 0.0%

FaithShares Advisors LLC 0 - - - 0 0.0%

Total 276,274 13,344 23,590 2,851 316,059 100%

Current Week T urnover ($ Mil l ion)






AUM

Figure 25: ETP AUM ($ Million) ranking by Issuer

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

BlackRock 347,859 106,079 19,789 554 474,282 44.2%

State Street GA 168,392 16,439 60,028 - 244,859 22.8% Vanguard 148,231 21,354 - - 169,585 15.8%

PowerShares 37,534 7,058 - 772 45,364 4.2%

ProShares 15,220 7,410 2,502 1,074 26,205 2.4%

Van Eck Funds 21,777 1,035 - - 22,812 2.1%

Deutsche Bank AG - - 12,004 1,786 13,789 1.3%

WisdomTree AM 9,165 1,359 - 2,004 12,528 1.2%

Bank of New York 10,821 - - - 10,821 1.0%

Rydex Invest. 5,572 - - 3,325 8,898 0.8%

First Trust Ad. 7,811 - - - 7,811 0.7%

Direxionshares 5,666 613 - - 6,279 0.6%

Merrill Lynch 4,789 - - - 4,789 0.4%

Charles Schwab Investment Mgmt 3,941 340 - - 4,280 0.4%

United States Commodity Funds LLC - - 4,279 - 4,279 0.4%

ETF Securities Ltd - - 3,910 - 3,910 0.4%

Guggenheim Funds Distributors, Inc. 2,800 444 - 489 3,733 0.3%

PIMCO - 2,873 - - 2,873 0.3%

Global X Management Co LLC 1,638 2 - - 1,640 0.2%

ALPS Fund Services Inc 1,413 - - - 1,413 0.1%

GreenHaven Commodity Sers. - - 769 - 769 0.1%

Revenue Shares 598 - - - 598 0.1%

Emerging Global Shares 535 - - - 535 0.0%

IndexIQ Advisors LLC 284 - - 196 480 0.0%

AdvisorShares Trust 26 39 - 226 291 0.0%

Fidelity Invest. 162 - - - 162 0.0%

Teucrium Trading LLC - - 142 - 142 0.0%

Russell Investments 107 - - - 107 0.0%

FocusShares 76 - - - 76 0.0%

Grail Advisors LLC 16 10 - - 26 0.0%

FactorShares - - - 23 23 0.0%

Javelin Invesment Management LLC 15 - - - 15 0.0%

FaithShares Advisors LLC 11 - - - 11 0.0%

PAX World Management LLC 5 - - - 5 0.0%

Total 794,464 165,057 103,422 10,448 1,073,392 100%

Current Week AUM ($ Mil l ion)






ETP – Net Cash Flows

Investment Focus

Figure 26: ETP Net Cash flows ($ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Country (168) -0.2% (152) -0.2% 8,632 9.8%

Regional 1 0.0% 291 0.2% (1,212) -0.7%

Sector (365) -0.3% (98) -0.1% 8,544 8.5%

Size (228) -0.1% (2,245) -0.9% (3,528) -1.6%

Style (1,892) -1.6% 2,169 1.8% 7,891 7.5%

Strategy 121 0.4% 365 1.1% 2,038 6.5%

Thematic 326 1.3% 687 2.7% 5,209 24.5%

Total (2,205) -0.3% 1,016 0.1% 27,575 3.7%

Current Week Prev. Week YTD


Figure 27: Net Cash flows ($ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall 118 0.5% 144 0.6% 989 4.6%

Corporates 410 0.7% 370 0.6% 8,202 16.5%

Sovereign 666 1.2% 107 0.2% 4,434 8.8%

Sovereign & Corporates 25 0.3% 19 0.2% 826 9.6%

Sub-Sovereign 273 1.7% 79 0.5% 2,328 17.7%

Structured Products 32 1.1% 75 2.5% 657 28.7%

Total 1,524 0.9% 794 0.5% 17,435 12.0%



Figure 28: ETP Net Cash flows ($ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall 13 0.1% (0) 0.0% 1,171 15.5%

Agriculture (13) -0.4% 6 0.2% 629 22.8%

Energy (312) -6.2% (126) -2.4% (1,250) -20.9%

Industrial Metals - 0.0% - 0.0% 102 20.0%

Precious Metals 28 0.0% 416 0.5% (2,052) -2.6%

Total (284) -0.3% 296 0.3% (1,400) -1.5%







Sub Segment

Figure 29: ETP Net Cashflows ($ Million) by Investment Focus Sub Segment – Equity

Investment Focus

Sub Segment - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

CountryUS Broad (112) -0.4% 125 0.5% 840 3.4%

Developed non-US 44 0.2% (134) -0.5% 6,311 28.9%

Emerging Country (100) -0.2% (143) -0.3% 1,481 3.6%

Regional

Asia Pacific - 0.0% 46 0.5% (788) -8.2%

Emerging Markets (60) -0.1% 267 0.3% (6,339) -6.2%

Europe 24 0.4% (39) -0.6% 832 16.9%

Global 39 0.7% (0) 0.0% 988 21.8%

Global ex-US (1) 0.0% 18 0.0% 4,095 7.7%

Sector

Global (8) -0.2% (87) -1.6% 145 2.8%

Global ex-US 40 1.1% 86 2.5% 880 35.8%

Other Sector 8 0.8% (9) -1.0% 153 18.6%US (404) -0.4% (88) -0.1% 7,367 8.0%

Size

Large Cap 1,843 1.1% (4,436) -2.6% (846) -0.5%

Mid Cap (1,019) -3.1% 898 2.6% (247) -0.8%

Small Cap (1,053) -3.5% 1,293 4.0% (2,435) -7.7%

Style

Growth (1,259) -2.6% 1,097 2.2% 2,424 5.6%

alue (833) -2.1% 841 2.0% 1,583 4.2%

Dividend 200 0.7% 231 0.8% 3,883 15.8%

Strategy

Short 40 1.3% 168 5.7% 472 17.1%

Leveraged (156) -1.5% 170 1.5% (1,351) -12.2%Leveraged Short 168 2.2% (48) -0.7% 1,134 15.5%

Quantitative 57 0.8% 71 0.9% 1,575 28.2%

Fundamental 12 0.3% 4 0.1% 221 5.1%

Active - 0.0% - 0.0% (13) -12.3%

Thematic

Sustainability (4) -0.1% (23) -0.6% 122 3.3%

Commodities 343 1.9% 686 3.8% 4,081 27.3%

Other Theme (13) -0.4% 23 0.6% 1,007 38.7%

Total (2,205) -0.3% 1,016 0.1% 27,575 3.7%







Figure 30: ETP Net Cashflows ($ Million) by Investment Focus Sub Segment – Fixed Income

Investment Focus

Sub Segment - Fixed Income

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall 118 0.5% 144 0.6% 989 4.6%

Corporates

Overall 403 0.7% 371 0.7% 8,162 17.0%

Financials 7 0.4% (1) 0.0% 40 2.3%

Sovereign

Overall 666 1.2% 107 0.2% 4,434 8.8%

Sovereign & Corporates

Overall 25 0.3% 19 0.2% 826 9.6%

Sub-Sovereign

Agency - 0.0% - 0.0% 11 3.1%

Foreign Sovereigns 210 2.7% 72 1.0% 2,231 43.1%

Local Governments 63 0.8% 7 0.1% 86 1.1%

Structured Products

MBS 32 1.1% 75 2.5% 657 28.7%

Total 1,524 0.9% 794 0.5% 17,435 12.0%



Figure 31: ETP Net Cash flows ($ Million) by Investment Focus Sub Segment – Commodity

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall 13 0.1% (0) 0.0% 1,171 15.5%

Agriculture

Overall (13) -0.4% 6 0.2% 549 20.3%

Corn - 0.0% - 0.0% 80 185.1%

Energy

Overall - 0.0% - 0.0% 48 29.8%

Crude Oil (169) -6.2% (95) -3.3% (554) -18.6%

Gasoline (5) -3.6% (5) -3.4% 55 81.2%

Heating Oil - 0.0% (3) -48.7% (7) -55.4%

Natural Gas (138) -6.9% (23) -1.1% (793) -28.7%

Industrial Metals

Overall - 0.0% - 0.0% 102 20.0%

Precious MetalsOverall 5 0.6% 11 1.3% 181 29.7%

Gold 69 0.1% 650 0.9% (1,766) -2.7%

Palladium (8) -1.0% - 0.0% (78) -8.9%

Platinum 9 1.1% - 0.0% (4) -0.5%

Silver (48) -0.4% (244) -1.7% (385) -3.2%

Total (284) -0.3% 296 0.3% (1,400) -1.5%







Issuer

Figure 32: ETP Net Cash flows ($ Million) by Issuer

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

State Street GA 1,211 0.5% (3,175) -1.3% (1,020) -0.4%BlackRock 612 0.1% 530 0.1% 11,583 2.6%

an Eck Funds 359 1.6% 590 2.6% 3,848 19.4%

WisdomTree AM 342 2.7% 132 1.1% 2,473 25.0%

PowerShares 201 0.4% (512) -1.1% 2,770 6.7%

ProShares 110 0.4% 410 1.6% 3,655 15.5%

Direxionshares 73 1.2% 38 0.6% (86) -1.4%

Bank of New York 61 0.6% (203) -1.8% (2,087) -17.1%

Rydex Invest. 46 0.5% 77 0.9% 1,017 13.6%

Merrill Lynch 42 0.9% (97) -2.0% (33) -0.7%

Charles Schwab Investment Mgmt 36 0.8% 25 0.6% 1,445 53.1%

Guggenheim Funds Distributors, Inc. 25 0.7% (2) -0.1% 177 5.0%

Global X Management Co LLC 14 0.9% 4 0.2% 562 43.5%

ALPS Fund Services Inc 11 0.8% 31 2.2% 593 70.5%

Russell Investments 10 9.5% 44 44.3% 110 0.0%

IndexIQ Advisors LLC 6 1.3% - 0.0% 185 61.2%Emerging Global Shares 5 0.9% (1) -0.2% 109 25.6%

PIMCO 4 0.1% 43 1.5% 666 30.7%

GreenHaven Commodity Sers. 3 0.4% (9) -1.1% 203 38.0%

AdvisorShares Trust 3 0.9% 3 1.1% 142 92.1%

FocusShares - 0.0% - 0.0% 76 101.0%

Teucrium Trading LLC - 0.0% - 0.0% 87 61.7%

Javelin Invesment Management LLC - 0.0% - 0.0% 2 14.6%

PAX World Management LLC - 0.0% - 0.0% - 0.0%

FaithShares Advisors LLC - 0.0% - 0.0% (2) -13.0%

Grail Advisors LLC - 0.0% - 0.0% 5 24.9%

US One Inc - 0.0% - 0.0% 2 25.0%

Revenue Shares - 0.0% (1) -0.2% 36 6.5%

Fidelity Invest. - 0.0% (11) -6.6% (0) -0.1%

ETF Securities Ltd (9) -0.2% - 0.0% 175 5.0%

Deutsche Bank AG (13) -0.1% 2 0.0% 1,531 13.1%First Trust Ad. (84) -1.1% 10 0.1% 2,173 40.1%

United States Commodity Funds LLC (289) -6.8% (163) -3.6% (852) -17.2%

anguard (3,500) -2.1% 4,462 2.6% 16,722 11.3%

Total (720) -0.08% 2,226 0.2% 46,289 5.5%







Index Provider

Figure 33: ETP Net Cash flows ($ Million) by Index Provider – Equity

(4,000)(3,500)(3,000)(2,500)(2,000)(1,500)(1,000) (500) - 500 1,000 1,500

MSCIFTSE

RussellOther

MorningstarS-Network

IndexIQ

BNY MellonMarket Vector

Wilshire

HOLDRDow JonesNasdaq OMX

Deutsche BorseS&P

Net Cashflow ($ Million)


Figure 34: ETP Net Cash flows ($ Million) by Index Provider – Fixed Income

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

BofA Merri ll LynchActive

NYSE

Deutsche Bank

Markit iBoxx

S&P

Other

Barclays



Figure 35: ETP Net Cash flows ($ Million) by Index Provider – Commodity

(300) (250) (200) (150) (100) (50) - 50

Commodity

Dow Jones

Other

Deutsche Bank







Underlying Index/Security

Figure 36: ETP inflows ($ Million) by Underlying Index –

Equity (Top 10)

Figure 37: ETP outflows ($ Million) by Underlying Index

– Equity (Top 10)

0 500 1,000 1,500 2,000

MSCI Canada

Consumer Staples Select …

MSCI Hong Kong

Russell Top 200 Index…

MSCI REIT

Nasdaq 100

MSCI EAFE

S&P Retail Select Industry

DAXglobal Agribusiness

S&P 500

Inflow ($ Million)

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

FTSE All-World EX-US

Energy Select Sector

S&P Oil & Gas Exploration

MSCI US Mid Cap Growth

Russell 2000 Growth

Financial Select Sector

MSCI US Small Cap Value

MSCI US Small Cap Gr owth

MSCI US Small Cap 1750

MSCI US Mid Cap 450

Outflow ($ Million)

Figure 38: ETP inflows ($ Million) by Underlying Index –

Fixed Income (Top 10)

Figure 39: ETP outflows ($ Million) by Underlying Index

– Fixed Income

0 50 100 150 200 250

S&P Municiap Bond

Barclays Capital US Aggregate

iBoxx $ Liquid High Yield

Barclays Capital 3-7 Year US Treasury

iBoxx $ Liquid Investment Grade

Treasury Bill

Barclays Capital 1-3 Year Treasury Bond

S&P Preferred Stock

Barclays Capital 7-10 Year Treasury Bond

Barclays Capital 20+ Year Treasury Bond

Inflow ($ Million)

-60 -50 -40 -30 -20 -10 0

Adelante Shares Growth

Barclays Capital US Treasury 2Y/10Y Yield Curve

Index

BofA Merrill Lynch Build America Bond Index

Merrill Lynch California Insured Long-Term

Municipal Securities

Active

BofA Merrill Lynch 15+ Year US Inflation-Linked

Treasury Index

Outflow ($ Million)

Figure 40: ETP inflows ($ Million) by Underlying

Index/Security – Commodity

Figure 41: ETP outflows ($ Million) by Underlying


0 20 40 60

Active

Deutsche Bank Liquid Commodity Index-…

Deutsche Bank Liquid Commodity Index -…

Continuous Commodity Total Return

Rogers International Commodity Aggriculture TR

Rogers Intern ational Commodity TR

Deutsche Bank Liquid Comm Index - Opt Yield

Commodity - Platinum

Deutsche Bank Liquid Commodity

Commodity - Gold

Inflow ($ Million)

(160) (140) (120) (100) (80) (60) (40) (20) -

Deutsche Bank Liquid Commodity Index —…

Deutsche Bank Liquid Commodity Index -…

Unleaded Gas

Commodity - Palladium

UBS Bloomberg CMCI

Deutsche Bank Liquid Commodity Index Div…

London Silver Market

Silver Price

Natural Gas futures contract

West Texas Intermediate Light

Outflow ($ Million)






Top ETPs

Figure 42: Top 20 ETPs by inflow ($ Million) (Includes ETNs also)


& StructureBBG Ticker TER

Net Flow

$ MM

S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% 1,633

Market Vectors Agribusiness ETF Van Eck Funds Equity ETF MOO US 0.56% 416

WisdomTree Dreyfus Brazilian Real Fund WisdomTree AM Currency ETF BZF US 0.45% 229

iShares Barclays 20+ Year Treasury Bond Fund BlackRock Fixed Income ETF TLT US 0.15% 212

SPDR Retail ETF State Street GA Equity ETF XRT US 0.35% 199

Vanguard Europe Pacific ETF Vanguard Equity ETF VEA US 0.12% 189

WisdomTree Asia Local Debt Fund WisdomTree AM Fixed Income ETF ALD US 0.55% 166

iShares Barclays 7-10 Year Treasury bond Fund BlackRock Fixed Income ETF IEF US 0.15% 155

PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 152

Vanguard REIT ETF Vanguard Equity ETF VNQ US 0.13% 109

iShares Russell Top 200 Index Fund BlackRock Equity ETF IWL US 0.15% 104

iShares MSCI Hong Kong BlackRock Equity ETF EWH US 0.53% 103

iShares S&P Preferred Stock Index Fund BlackRock Fixed Income ETF PFF US 0.48% 98

SPDR Consumer Staples State Street GA Equity ETF XLP US 0.20% 93 Direxionshares Small Cap Bear 3X Shares Direxionshares Equity ETF TZA US 0.95% 86

iShares Barclays 1-3 Year Treasury Bond Fund BlackRock Fixed Income ETF SHY US 0.15% 84

iShares MSCI Canada BlackRock Equity ETF EWC US 0.53% 79

iShares iBoxx $ Investment Grade Corporate Bond Fund BlackRock Fixed Income ETF LQD US 0.15% 78

iShares COMEX Gold Trust BlackRock Commodity ETV IAU US 0.25% 72

iShares Barclays 3-7 Year Treasury Bond Fund BlackRock Fixed Income ETF IEI US 0.15% 71


Figure 43: Top 20 ETPs by outflow ($ Million) (Includes ETNs also)



Net Flow

$ MM

Vanguard Mid-Cap ETF Vanguard Equity ETF VO US 0.14% (1,013)

Vanguard Small-Cap ETF Vanguard Equity ETF VB US 0.14% (936)

Vanguard Small-Cap Growth ETF Vanguard Equity ETF VBK US 0.14% (782)

Vanguard Small-Cap Value ETF Vanguard Equity ETF VBR US 0.14% (570)

SPDR Financial State Street GA Equity ETF XLF US 0.20% (363)

iShares Russell 2000 Growth BlackRock Equity ETF IWO US 0.25% (272)

Vanguard Mid-Cap Growth ETF Vanguard Equity ETF VOT US 0.14% (250)

SPDR Oil & Gas Exploration & Production ETF State Street GA Equity ETF XOP US 0.35% (232)

SPDR Energy State Street GA Equity ETF XLE US 0.20% (189)

Vanguard FTSE All-World ex-US ETF Vanguard Equity ETF VEU US 0.22% (178)

United States Oil Fund LP United States Commodity Funds LLC Commodity ETV USO US 0.45% (146)

United States Natural Gas Fund LP United States Commodity Funds LLC Commodity ETV UNG US 1.11% (138) First Trust Bick Index Fund First Trust Ad. Equity ETF BICK US 0.70% (117)

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.07% (116)

iShares FTSE/Xinhua China 25 BlackRock Equity ETF FXI US 0.74% (108)

SPDR Industrial State Street GA Equity ETF XLI US 0.20% (105)

Vanguard Mid-Cap Value ETF Vanguard Equity ETF VOE US 0.14% (97)

iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% (88)

SPDR Materials State Street GA Equity ETF XLB US 0.20% (84)

iShares MSCI Japan BlackRock Equity ETF EWJ US 0.54% (80)






Sub Segment

Figure 47: ETP Weekly Turnover ($ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

CountryUS Broad 694 0.3% 566 128 22.7% 891 (197) -22.1%

Developed non-US 3,978 1.4% 3,967 11 0.3% 3,368 610 18.1%

Emerging Country 11,161 4.0% 10,297 864 8.4% 14,778 (3,617) -24.5%

Regional

Asia Pacific 302 0.1% 325 (23) -7.1% 517 (215) -41.6%

Emerging Markets 13,546 4.9% 15,928 (2,382) -15.0% 18,083 (4,536) -25.1%

Europe 403 0.1% 420 (17) -4.0% 427 (24) -5.6%

Global 218 0.1% 137 81 59.3% 162 57 35.0%

Global ex-US 7,329 2.7% 5,877 1,451 24.7% 6,146 1,182 19.2%

Sector

Global 134 0.0% 229 (95) -41.4% 186 (52) -27.9%

Global ex-US 121 0.0% 114 6 5.6% 68 52 76.8%

Other Sector 38 0.0% 34 4 10.6% 50 (12) -24.6%

US 44,983 16.3% 43,882 1,101 2.5% 41,981 3,002 7.1%

Size

Large Cap 128,148 46.4% 116,645 11,503 9.9% 142,934 (14,786) -10.3%

Mid Cap 2,822 1.0% 2,352 470 20.0% 3,248 (425) -13.1%

Small Cap 25,344 9.2% 22,877 2,467 10.8% 21,280 4,064 19.1%

Style

Growth 2,084 0.8% 2,411 (327) -13.6% 2,346 (262) -11.2%

alue 1,671 0.6% 1,776 (105) -5.9% 2,017 (345) -17.1%

Dividend 952 0.3% 1,045 (94) -9.0% 686 266 38.7%

Strategy

Short 851 0.3% 814 38 4.6% 1,210 (359) -29.7%

Leveraged 15,723 5.7% 15,817 (95) -0.6% 22,737 (7,014) -30.9%

Leveraged Short 11,211 4.1% 11,020 191 1.7% 19,925 (8,714) -43.7%Quantitative 292 0.1% 383 (91) -23.7% 214 79 36.8%

Fundamental 347 0.1% 325 22 6.7% 297 51 17.1%

Active 5 0.0% 7 (2) -29.8% 5 0 7.6%

Thematic

Sustainability 78 0.0% 106 (28) -26.2% 116 (38) -32.6%

Commodities 3,650 1.3% 4,228 (577) -13.7% 3,439 211 6.1%

Other Theme 187 0.1% 144 43 29.5% 94 93 99.2%

Total 276,275 100% 261,729 14,545 5.6% 307,205 (30,930) -10.1%







Figure 48: ETP Weekly Turnover ($ Million) by Investment Focus Sub Segment – Fixed Income


Investment Focus

Sub Segment - Fixed IncomeTurnover

Mkt


%


%

Turnover

Overall

Overall 743 5.6% 799 (56) -7.0% 744 (1) -0.1%

Corporates

Overall 2,599 19.5% 2,355 244 10.3% 2,145 454 21.2%

Financials 44 0.3% 35 9 25.3% 58 (14) -24.3%

Sovereign

Overall 8,721 65.4% 5,924 2,797 47.2% 7,517 1,204 16.0%


Overall 247 1.8% 274 (27) -9.9% 306 (59) -19.4%

Sub-Sovereign

Agency 9 0.1% 5 4 86.2% 11 (3) -22.6%

Foreign Sovereigns 682 5.1% 324 358 110.5% 231 450 194.7%

Local Governments 214 1.6% 296 (82) -27.7% 288 (74) -25.8%

Structured ProductsMBS 86 0.6% 251 (165) -65.8% 78 8 10.6%

Total 13,344 100% 10,263 3,081 30.0% 11,379 1,965 17.3%



Figure 49: ETP Weekly Turnover ($ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 514 2.2% 362 152 42.0% 310 204 66.0%

Agriculture

Overall 249 1.1% 241 8 3.4% 217 32 14.7%

Corn 23 0.1% 32 (8) -26.6% 4 20 507.0%

Energy

Overall 14 0.1% 8 6 76.1% 10 4 43.9%

Crude Oil 2,827 12.0% 3,922 (1,095) -27.9% 2,361 466 19.7%

Gasoline 34 0.1% 26 8 31.8% 10 24 252.3%

Heating Oil 1 0.0% 0 1 778.1% 1 1 56.9%

Natural Gas 843 3.6% 810 33 4.1% 926 (84) -9.0%

Industrial Metals

Overall 13 0.1% 18 (5) -25.6% 38 (25) -64.9%

Precious Metals

Overall 36 0.2% 34 2 5.7% 22 14 64.8%Gold 8,742 37.1% 9,727 (985) -10.1% 9,501 (760) -8.0%

Palladium 20 0.1% 10 10 102.6% 16 4 21.3%

Platinum 18 0.1% 8 11 133.2% 21 (3) -13.8%

Silver 10,254 43.5% 11,991 (1,737) -14.5% 1,938 8,316 429.0%

Total 23,590 100% 27,189 (3,599) -13.2% 15,376 8,213 53.4%







Issuer

Figure 50: ETP Weekly Turnover ($ Million) by Issuer

Prev. W eek Year 2010

Issuer TurnoverMkt

Share %T urno ve r Tu rn over

%


%

Turnover

State Street GA 157,890 50.0% 146,926 10,965 7.5% 159,203 (1,313) -0.8%BlackRock 83,457 26.4% 80,099 3,359 4.2% 82,410 1,047 1.3%

ProShares 20,101 6.4% 19,840 260 1.3% 27,250 (7,149) -26.2%

Direxionshares 13,901 4.4% 14,259 (358) -2.5% 19,842 (5,941) -29.9%

PowerShares 12,403 3.9% 11,741 662 5.6% 20,271 (7,868) -38.8%

anguard 7,877 2.5% 7,892 (15) -0.2% 6,912 965 14.0%

Merrill Lynch 5,038 1.6% 5,565 (527) -9.5% 6,544 (1,505) -23.0%

an Eck Funds 4,449 1.4% 4,917 (468) -9.5% 4,116 333 8.1%

United States Commodity Funds LLC 2,941 0.9% 3,637 (696) -19.1% 2,831 111 3.9%

Bank of New York 2,103 0.7% 1,716 387 22.6% 2,456 (353) -14.4%

Rydex Invest. 1,783 0.6% 1,652 131 8.0% 1,771 12 0.7%

Deutsche Bank AG 1,305 0.4% 1,229 76 6.2% 1,154 151 13.1%

WisdomTree AM 1,295 0.4% 800 495 61.8% 534 761 142.5%

First Trust Ad. 494 0.2% 366 128 35.0% 254 240 94.4%

Charles Schwab Investment Mgmt 223 0.1% 217 6 2.7% 144 79 55.3%

ETF Securities Ltd 168 0.1% 181 (13) -7.0% 91 77 85.2%

Global X Management Co LLC 146 0.0% 126 20 15.9% 79 66 83.8%

Guggenheim Funds Distributors, Inc. 143 0.0% 131 12 9.0% 217 (74) -34.0%

PIMCO 100 0.0% 140 (39) -28.1% 81 19 23.9%

ALPS Fund Services Inc 83 0.0% 66 16 24.4% 24 58 239.3%

GreenHaven Commodity Sers. 26 0.0% 25 1 4.3% 15 11 74.2%

IndexIQ Advisors LLC 25 0.0% 19 6 29.7% 14 12 85.6%

Revenue Shares 25 0.0% 10 15 153.9% 20 5 27.0%

Teucrium Trading LLC 24 0.0% 33 (9) -28.0% 4 20 516.8%

Emerging Global Shares 23 0.0% 15 8 54.6% 18 5 27.4%

AdvisorShares Trust 15 0.0% 13 2 16.2% 6 9 162.5%

Fidelity Invest. 5 0.0% 3 3 100.3% 9 (4) -43.7%

PAX World Management LLC 1 0.0% 0 0 26.1% 0 0 480.2%

Grail Advisors LLC 0 0.0% 1 (1) -69.2% 1 (0) -45.1%

Javelin Invesment Management LLC 0 0.0% 0 0 104.3% 0 (0) -41.6%

US One Inc 0 0.0% 0 (0) -38.8% 1 (0) -73.9%

FaithShares Advisors LLC 0 0.0% 0 (0) -57.1% 0 (0) -71.6%

Total 316,059 100% 301,660 14,399 4.8% 336,271 (20,212) -6.0%

Current W eek W oW Change Change from 2010






Index Provider Underlying Index/Security

Figure 51: ETP Weekly Turnover ($ Million) by Index

Provider – Equity (Top 10)

Figure 52: ETP Weekly Turnover ($ Million) by

Underlying Index – Equity (Top 10)

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000

Market Vector

Deutsche Borse

FTSE

Other

HOLDR

Dow Jones

Nasdaq OMX

MSCI

Russell

S&P

Turnover ($ Million)

‐ 20,000 40,000 60,000 80,000 100,000 120,000 140,000

DJIA

MSCI Brazil

Russell 1000 Financial Services Index

Financial Select Sector

MSCI EAFE

Energy Select Sector

MSCI Emerging Markets

Nasdaq 100

Russell 2000

S&P 500



Provider – Fixed Income


Underlying Index – Fixed Income (Top 10)

0 2,000 4,000 6,000 8,000 10,000 12,000

Market Vector

BofA Merrill Lynch

Deutsche Bank

NYSE

Active

S&P

Other

Markit iBoxx

Barclays


‐ 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

Barclays Capital Aggregate Bond


Barclays Capital 1‐3 Year Treasury Bond

Barclays Capital US Treasury Inflation Notes



Barclays Capital High Yield Very Liquid Bond


Treasury Bill

Barclays Capital 20+ Year Treasury Bond



Provider – Commodity


Underlying Index/Security – Commodity (Top 10)

0 5,000 10,000 15,000 20,000 25,000

S&P

Other

Deutsche Bank

Dow Jones

Commodity


‐ 2,000 4,000 6,000 8,000 10,000

Deutsche Bank Liquid Comm Index ‐Opt Yield …

London Silver Market

Deutsche Bank Liquid Commodity Index ‐Crude …

Deutsche Bank Liquid Commodity Index‐…

Deutsche Bank Liquid Commodity Index Div …




Silver Price

Commodity ‐Gold







Top ETPs

Figure 57: Top 20 ETPs by Weekly Turnover ($ Million) (Includes ETNs also)



Turnover

$ MM


iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% 24,713

PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 11,861

iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% 9,423

SPDR Gold Trust State Street GA Commodity ETV GLD US 0.40% 8,245

iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% 7,089

SPDR Energy State Street GA Equity ETF XLE US 0.20% 7,066

SPDR Financial State Street GA Equity ETF XLF US 0.20% 6,427

iShares MSCI EAFE BlackRock Equity ETF EFA US 0.34% 6,096

iShares Barclays 20+ Year Treasury Bond Fund BlackRock Fixed Income ETF TLT US 0.15% 4,455

iShares MSCI Brazil BlackRock Equity ETF EWZ US 0.61% 4,371

SPDR Industrial State Street GA Equity ETF XLI US 0.20% 4,061

DJIA Diamonds ("Diamond") State Street GA Equity ETF DIA US 0.17% 3,510

Vanguard Emerging Markets ETF Vanguard Equity ETF VWO US 0.22% 3,475

SPDR Retail ETF State Street GA Equity ETF XRT US 0.35% 3,391

Oil Services HOLDR Merrill Lynch Equity ETV OIH US n.a. 3,292

Direxionshares Small Cap Bull 3X Shares Direxionshares Equity ETF TNA US 0.95% 3,290

Ultra S&P500 ProShares ProShares Equity ETF SSO US 0.95% 3,079

iShares FTSE/Xinhua China 25 BlackRock Equity ETF FXI US 0.74% 2,741

SPDR Materials State Street GA Equity ETF XLB US 0.20% 2,723


Figure 58: Top 20 ETPs by Weekly Turnover Change ($ Million) (Includes ETNs also)



TurnoverChange

$ MM



iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% (1,611)

iShares Barclays 20+ Year Treasury Bond Fund BlackRock Fixed Income ETF TLT US 0.15% 1,449

SPDR Financial State Street GA Equity ETF XLF US 0.20% 1,309

iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% (1,234)

SPDR Gold Trust State Street GA Commodity ETV GLD US 0.40% (940)

SPDR Retail ETF State Street GA Equity ETF XRT US 0.35% 933

Vanguard Emerging Markets ETF Vanguard Equity ETF VWO US 0.22% (920)


PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 754 United States Oil Fund LP United States Commodity Funds LLC Commodity ETV USO US 0.45% (748)

iShares MSCI EAFE BlackRock Equity ETF EFA US 0.34% 746

SPDR Health Care State Street GA Equity ETF XLV US 0.20% (612)

Direxionshares Energy Bull 3X Shares Direxionshares Equity ETF ERX US 0.94% (520)

ProShares Ultra Silver ProShares Commodity ETV AGQ US 0.95% (485)

Vanguard Europe Pacific ETF Vanguard Equity ETF VEA US 0.12% 472

UltraShort Lehman 20+ Year Treasury ProShares ProShares Fixed Income ETF TBT US 0.95% 446

iShares Barclays 7-10 Year Treasury bond Fund BlackRock Fixed Income ETF IEF US 0.15% 442

DJIA Diamonds ("Diamond") State Street GA Equity ETF DIA US 0.17% 433






ETP – Assets Under Management

Investment Focus

Figure 59: ETP AUM ($ Million) by Investment Focus – Equity


Investment Focus - Equity AUMMkt


Size 231,602 29.2% 237,654 (6,052) -2.5% 226,050 5,552 2.5%

Regional 175,838 22.1% 175,455 384 0.2% 173,806 2,033 1.2%

Style 117,756 14.8% 122,508 (4,751) -3.9% 105,281 12,476 11.8%

Sector 113,144 14.2% 115,854 (2,710) -2.3% 100,067 13,077 13.1%

Country 97,762 12.3% 98,542 (780) -0.8% 87,951 9,811 11.2%

Strategy 33,012 4.2% 33,318 (306) -0.9% 31,177 1,835 5.9%

Thematic 25,363 3.2% 25,560 (197) -0.8% 21,261 4,101 19.3%

Total 794,477 100% 808,891 (14,413) -1.78% 745,592 48,885 6.56%



Figure 60: AUM ($ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income AUMMkt


Sovereign 54,989 33.3% 54,440 549 1.0% 50,480 4,509 8.9%

Corporates 59,011 35.8% 58,930 81 0.1% 49,831 9,180 18.4%

Overall 22,635 13.7% 22,512 123 0.5% 21,303 1,332 6.3%

Sub-Sovereign 15,901 9.6% 15,574 327 2.1% 13,125 2,776 21.2%

Sovereign & Corporates 9,529 5.8% 9,497 32 0.3% 8,580 949 11.1%

Structured Products 2,992 1.8% 2,955 36 1.2% 2,292 700 30.5%

Total 165,057 100% 163,909 1,148 0.7% 145,610 19,447 13.4%



Figure 61: ETP AUM ($ Million) by Investment Focus – Commodity


Investment Focus - Commodity AUMMkt


Precious Metals 84,979 82.2% 85,555 (576) -0.7% 79,568 5,411 6.8%

Overall 9,353 9.0% 9,289 64 0.7% 7,563 1,790 23.7%

Energy 5,076 4.9% 5,315 (238) -4.5% 5,979 (902) -15.1%

Agriculture 3,416 3.3% 3,412 4 0.1% 2,756 660 24.0%

Industrial Metals 597 0.6% 600 (3) -0.5% 512 86 16.8%

Total 103,422 100% 104,172 (750) -0.7% 96,378 7,045 7.3%







Sub Segment

Figure 62: ETP AUM ($ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityAUM

Mkt


CountryUS Broad 26,359 3.3% 27,134 (775) -2.9% 24,537 1,823 7.4%

Developed non-US 28,342 3.6% 28,470 (128) -0.4% 21,822 6,521 29.9%

Emerging Country 43,060 5.4% 42,938 122 0.3% 41,592 1,468 3.5%

Regional

Asia Pacific 8,761 1.1% 8,802 (41) -0.5% 9,556 (795) -8.3%

Emerging Markets 95,606 12.0% 95,196 409 0.4% 101,857 (6,252) -6.1%

Europe 6,255 0.8% 6,205 51 0.8% 4,931 1,325 26.9%

Global 5,704 0.7% 5,713 (9) -0.2% 4,525 1,178 26.0%

Global ex-US 59,513 7.5% 59,539 (26) 0.0% 52,936 6,577 12.4%

Sector

Global 5,500 0.7% 5,577 (77) -1.4% 5,097 402 7.9%

Global ex-US 3,466 0.4% 3,421 44 1.3% 2,456 1,010 41.1%

Other Sector 982 0.1% 974 8 0.8% 820 162 19.7%

US 103,197 13.0% 105,882 (2,685) -2.5% 91,694 11,503 12.5%

Size

Large Cap 168,780 21.2% 170,747 (1,967) -1.2% 163,338 5,442 3.3%

Mid Cap 32,915 4.1% 34,912 (1,997) -5.7% 31,280 1,635 5.2%

Small Cap 29,907 3.8% 31,996 (2,089) -6.5% 31,432 (1,525) -4.9%

Style

Growth 48,014 6.0% 50,539 (2,525) -5.0% 43,363 4,652 10.7%

alue 40,241 5.1% 42,133 (1,891) -4.5% 37,339 2,902 7.8%

Dividend 29,501 3.7% 29,836 (335) -1.1% 24,579 4,922 20.0%

Strategy

Short 3,068 0.4% 2,966 103 3.5% 2,751 317 11.5%

Leveraged 10,301 1.3% 11,083 (783) -7.1% 11,049 (749) -6.8%

Leveraged Short 7,620 1.0% 7,072 548 7.8% 7,303 317 4.3%Quantitative 7,431 0.9% 7,579 (148) -1.9% 5,592 1,839 32.9%

Fundamental 4,492 0.6% 4,517 (24) -0.5% 4,375 117 2.7%

Active 100 0.0% 102 (2) -1.6% 107 (7) -6.2%

Thematic

Sustainability 3,783 0.5% 3,862 (80) -2.1% 3,738 45 1.2%

Commodities 17,951 2.3% 18,004 (53) -0.3% 14,923 3,028 20.3%

Other Theme 3,629 0.5% 3,693 (64) -1.7% 2,600 1,029 39.6%

Total 794,477 100% 808,891 (14,413) -1.8% 745,592 48,885 6.6%







Figure 63: ETP AUM ($ Million) by Investment Focus Sub Segment – Fixed Income


Investment Focus

Sub Segment - Fixed IncomeAUM

Mkt


Overall

Overall 22,635 13.7% 22,512 123 0.5% 21,303 1,332 6.3%

Corporates

Overall 57,184 34.6% 57,091 93 0.2% 48,095 9,089 18.9%

Financials 1,827 1.1% 1,839 (12) -0.6% 1,736 92 5.3%

Sovereign

Overall 54,989 33.3% 54,440 549 1.0% 50,480 4,509 8.9%


Overall 9,529 5.8% 9,497 32 0.3% 8,580 949 11.1%

Sub-Sovereign

Agency 376 0.2% 376 0 0.0% 361 15 4.1%

Foreign Sovereigns 7,636 4.6% 7,381 254 3.4% 5,174 2,462 47.6%

Local Governments 7,889 4.8% 7,817 73 0.9% 7,590 300 3.9%

Structured ProductsMBS 2,992 1.8% 2,955 36 1.2% 2,292 700 30.5%

Total 165,057 100% 163,909 1,148 0.7% 145,610 19,447 13.4%



Figure 64: ETP AUM ($ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 9,353 9.0% 9,289 64 0.7% 7,563 1,790 23.7%

Agriculture

Overall 3,282 3.2% 3,279 3 0.1% 2,713 569 21.0%

Corn 134 0.1% 133 1 0.6% 43 91 212.1%

Energy

Overall 233 0.2% 231 2 0.8% 161 72 44.5%

Crude Oil 2,711 2.6% 2,890 (179) -6.2% 2,979 (268) -9.0%

Gasoline 139 0.1% 146 (7) -4.7% 67 72 106.5%

Heating Oil 7 0.0% 7 0 1.8% 12 (5) -40.9%

Natural Gas 1,986 1.9% 2,040 (54) -2.7% 2,759 (773) -28.0%

Industrial Metals

Overall 597 0.6% 600 (3) -0.5% 512 86 16.8%

Precious Metals

Overall 826 0.8% 833 (7) -0.9% 609 217 35.7%Gold 69,007 66.7% 68,629 378 0.6% 65,195 3,812 5.8%

Palladium 771 0.7% 766 5 0.7% 885 (113) -12.8%

Platinum 788 0.8% 770 18 2.3% 766 23 3.0%

Silver 13,586 13.1% 14,557 (970) -6.7% 12,114 1,473 12.2%

Total 103,422 100% 104,172 (750) -0.7% 96,378 7,045 7.3%







Issuer

Figure 65: ETP AUM ($ Million) by Issuer

Prev. W eek End of 2010

Issuer AUMMkt


BlackRock 474,282 44.2% 479,350 (5,068) -1.1% 448,389 25,893 5.8%State Street GA 244,859 22.8% 247,169 (2,310) -0.9% 234,738 10,121 4.3%

anguard 169,585 15.8% 174,843 (5,258) -3.0% 147,926 21,660 14.6%

PowerShares 45,364 4.2% 45,886 (522) -1.1% 41,510 3,854 9.3%

ProShares 26,205 2.4% 26,269 (64) -0.2% 23,571 2,634 11.2%

an Eck Funds 22,812 2.1% 22,746 66 0.3% 19,878 2,935 14.8%

Deutsche Bank AG 13,789 1.3% 13,792 (2) 0.0% 11,674 2,115 18.1%

WisdomTree AM 12,528 1.2% 12,155 373 3.1% 9,891 2,637 26.7%

Bank of New York 10,821 1.0% 11,082 (260) -2.3% 12,196 (1,375) -11.3%

Rydex Invest. 8,898 0.8% 8,986 (88) -1.0% 7,468 1,430 19.1%

First Trust Ad. 7,811 0.7% 8,082 (271) -3.4% 5,425 2,386 44.0%

Direxionshares 6,279 0.6% 6,373 (93) -1.5% 6,571 (291) -4.4%

Merrill Lynch 4,789 0.4% 4,796 (7) -0.2% 4,733 56 1.2%

Charles Schwab Investment Mgmt 4,280 0.4% 4,308 (28) -0.6% 2,722 1,559 57.3%

United States Commodity Funds LLC 4,279 0.4% 4,491 (212) -4.7% 4,962 (683) -13.8%

ETF Securities Ltd 3,910 0.4% 3,942 (32) -0.8% 3,522 389 11.0%

Guggenheim Funds Distributors, Inc. 3,733 0.3% 3,745 (12) -0.3% 3,549 184 5.2%

PIMCO 2,873 0.3% 2,877 (4) -0.2% 2,168 705 32.5%

Global X Management Co LLC 1,640 0.2% 1,654 (14) -0.8% 1,294 346 26.8%

ALPS Fund Services Inc 1,413 0.1% 1,417 (4) -0.3% 841 572 68.0%

GreenHaven Commodity Sers. 769 0.1% 763 7 0.9% 534 235 43.9%

Revenue Shares 598 0.1% 615 (17) -2.7% 545 53 9.8%

Emerging Global Shares 535 0.0% 524 11 2.1% 427 109 25.4%

IndexIQ Advisors LLC 480 0.0% 479 2 0.4% 302 178 58.8%

AdvisorShares Trust 291 0.0% 288 2 0.8% 154 137 89.0%

Fidelity Invest. 162 0.0% 165 (4) -2.3% 157 5 3.1%

Teucrium Trading LLC 142 0.0% 141 1 0.6% 43 99 229.4%

Grail Advisors LLC 26 0.0% 27 (0) -1.3% 21 6 28.6%

Javelin Invesment Management LLC 15 0.0% 15 (0) -2.6% 12 3 23.0%

US One Inc 13 0.0% 13 (0) -1.2% 10 3 33.0%

FaithShares Advisors LLC 11 0.0% 11 (0) -2.8% 12 (1) -9.6%

PAX World Management LLC 5 0.0% 5 (0) -1.2% 3 3 94.4%

Total 1,073,405 100% 1,087,207 (13,802) -1.3% 995,247 78,158 7.9%

Current W eek W oW Change YTD Change






Index Provider Underlying Index/Security

Figure 66: ETP AUM ($ Million) by Index Provider –

Equity (Top 10)

Figure 67: ETP AUM ($ Million) by Underlying Index –

Equity (Top 10)

0 50,000 100,000 150,000 200,000 250,000 300,000

BLDRS

Morningstar

Market Vector

HOLDR

Wilshire

Deutsche Borse

FTSE

Nasdaq OMX

Dow Jones

Other

Russell

S&P

MSCI

AUM ($ Million)

‐ 20,000 40,000 60,000 80,000 100,000 120,000 140,000

Russell 1000 Value

S&P 400 MidCap

MSCI Brazil

Russell 1000 Growth

Russell 2000

MSCI US Broad Market

Nasdaq 100

MSCI EAFE

MSCI Emerging Markets

S&P 500

AUM ($ Million)

Figure 68: ETP AUM ($ Million) by Index Provider – Fixed

Income

Figure 69: ETP AUM ($ Million) by Underlying Index –

Fixed Income

0 20,000 40,000 60,000 80,000 100,000 120,000

Market Vector

NYSE

Active

BofA Merrill Lynch

Deutsche Bank

Other

S&P

Markit iBoxx

Barclays

AUM ($ Million)

‐

5,000

10,000

15,000

20,000

25,000

Barclays Capital 1‐5 Year Government/Credit

Barclays Capital High Yield Very Liquid Bond

S&P Preferred Stock


Barclays Capital 1‐3 Year US Credit


Barclays Capital Aggregate Bond



Barclays Capital US Treasury Inflation Notes

AUM ($ Million)

Figure 70: ETP AUM ($ Million) by Index Provider –

Commodity

Figure 71: ETP AUM ($ Million) by Underlying


0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000

Other

Dow Jones

S&P

Deutsche Bank

Commodity

AUM ($ Million)

‐ 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

Commodity ‐Platinum

Rogers International Commodity TR

London Gold Market Fixing Price/USD


GSCI Total Return


Deutsche Bank Liquid Commodity Index Div …


Silver Price

Commodity ‐Gold

AUM ($ Million)






Top ETPs

Figure 72: Top 20 ETPs by AUM ($ Million) (Includes ETNs also)



AUM

$ MM


SPDR Gold Trust State Street GA Commodity ETV GLD US 0.40% 60,028

Vanguard Emerging Markets ETF Vanguard Equity ETF VWO US 0.22% 48,008

iShares MSCI EAFE BlackRock Equity ETF EFA US 0.34% 39,984

iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% 39,700

iShares S&P 500 BlackRock Equity ETF IVV US 0.09% 27,294

PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 23,785

iShares Barclays TIPS Bond Fund BlackRock Fixed Income ETF TIP US 0.20% 20,402

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.07% 19,510


iShares iBoxx $ Investment Grade Corporate Bond Fund BlackRock Fixed Income ETF LQD US 0.15% 13,808

iShares Russell 1000 Growth BlackRock Equity ETF IWF US 0.20% 13,529

iShares MSCI Brazil BlackRock Equity ETF EWZ US 0.61% 12,745

iShares Russell 1000 Value BlackRock Equity ETF IWD US 0.20% 11,668

iShares Barclays Aggregate Bond Fund BlackRock Fixed Income ETF AGG US 0.24% 11,373

iShares S&P MidCap 400 BlackRock Equity ETF IJH US 0.20% 11,367

iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% 11,185

S&P 400 MidCap Bank of New York Equity ETF MDY US 0.25% 10,821

Vanguard Total Bond Market Vanguard Fixed Income ETF BND US 0.12% 9,955

DJIA Diamonds ("Diamond") State Street GA Equity ETF DIA US 0.17% 9,638


Figure 73: Top 20 ETPs by AUM Change ($ Million) (Includes ETNs also)


& Structure

BBG Ticker TER

AUM

Change

$ MM

Vanguard Mid-Cap ETF Vanguard Equity ETF VO US 0.14% (1,136)

Vanguard Small-Cap ETF Vanguard Equity ETF VB US 0.14% (1,108)

Vanguard Small-Cap Growth ETF Vanguard Equity ETF VBK US 0.14% (879)

iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% (858)

iShares S&P 500 BlackRock Equity ETF IVV US 0.09% (682)

Vanguard Small-Cap Value ETF Vanguard Equity ETF VBR US 0.14% (644)

iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% (640)

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.07% (603)

SPDR Financial State Street GA Equity ETF XLF US 0.20% (580)

iShares Russell 2000 Growth BlackRock Equity ETF IWO US 0.25% (429)

iShares S&P MidCap 400 BlackRock Equity ETF IJH US 0.20% (419)

S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% (397)

Market Vectors Agribusiness ETF Van Eck Funds Equity ETF MOO US 0.56% 350


iShares Russell 1000 Value BlackRock Equity ETF IWD US 0.20% (311)

iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% 295

PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% (290)

Vanguard Mid-Cap Growth ETF Vanguard Equity ETF VOT US 0.14% (289)

iShares Russell 1000 Growth BlackRock Equity ETF IWF US 0.20% (273)

iShares S&P SmallCap600 BlackRock Equity ETF IJR US 0.20% (267)






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-tradedequity 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 1 gives a summary of our current coverage universe by region and structure type.

The vast majority of instruments are ETFs (90.7%, 2,649 products, $1,400.8 billion) with the remainder being ETCs (1.8%, 280

products, $27.3 billion) in Europe and ETVs (7.5%, 83 products, $115.2 billion) in the US.

Figure 74: ETP Coverage Universe Summary – End of Q1 2011

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,031 1,064,047 68.9% 948 948,851 61.5% 83 115,196 7.5%

Europe 1,414 335,722 21.7% 1,134 308,388 20.0% 280 27,334 1.8%

Asia 311 85,603 5.5% 306 84,937 5.5% 5 666 0.0%

ROW 261 58,632 3.8% 261 58,632 3.8% ‐ ‐ 0.0%

Global 3,017 1,544,004 100.0% 2,649 1,400,808 90.7% 368 143,196 9.3%

ETPs ETFs ETCs (Europe), ETVs (US)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Exchange-Traded Funds (ETFs, 91%)

US (61%): 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 (20%): 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 (6%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (9%)

Exchange-Traded Commodities (ETCs, 2%)

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 future 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, 7%)

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.





Appendix 1

Important Disclosures

Additional information available upon requestFor disclosures pertaining to recommendations or estimates made on a security mentioned in this report, please see

the most recently published company report or visit our global disclosure look-up page on our website at

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr.

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the

undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in

this report. Shan Lan

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder

return (TSR = percentage change in share price from current

price to projected target price plus pro-jected dividend yield )

, we recommend that investors buy the stock.

Sell: Based on a current 12-month view of total share-holder

return, we recommend that investors sell the stock

Hold: We take a neutral view on the stock 12-months out

and, based on this time horizon, do not recommend either a

Buy or Sell.Notes:

1. Newly issued research recommendations and target prices

always supersede previously published research.

2. Ratings definitions prior to 27 January, 2007 were:

Buy: Expected total return (including dividends) of 10% or

more over a 12-month period

Hold: Expected total return (including dividends) between -

10% and 10% over a 12-month period

Sell: Expected total return (including dividends) of -10% or

worse over a 12-month period

3%

51%46%

31%

31%37%

0

100

200

300

400

500

Buy Hold Sell

North American Universe

Companies Covered Cos. w/ Banking Relationship





Regulatory Disclosures

1. Important Additional Conflict Disclosures

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.

3. Country-Specific Disclosures

Australia: This research, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian

Corporations Act.

EU countries: Disclosures relating to our obligations under MiFiD can be found at

http://globalmarkets.db.com/riskdisclosures.

Japan: Disclosures under the Financial Instruments and Exchange Law: Company name – Deutsche Securities Inc.

Registration number – Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho)

No. 117. Member of associations: JSDA, 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. “Moody’s”, “Standard & Poor’s”, and “Fitch” mentioned in this report are not registered credit rating agencies in

Japan unless “Japan” is specifically designated in the name of the entity.

New Zealand: This research is not intended for, and should not be given to, “members of the public” within the meaning of

the New Zealand Securities Market Act 1988.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.




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Australia

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Deutsche Securities Inc.

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