etf monthly europe 11 october 2017 synthetic equity ......11 october 2017 etf monthly europe...

11 October 2017

ETF Monthly Europe

Europe Synthetic Equity & Index Strategy

ETF Monthly EuropeDate11 October 2017

Deutsche BankMarkets Research

European equity demand returns

Data in this report is as of 29th September 2017.

European ETP Monthly Highlights (Assets, Flows & Launches):■ Assets & Flows: Assets rose by €18bn MoM (Total Assets €630bn), Net

inflows +€6.7bn (YTD +€75bn)

■ 20 New Launches: 18 Equity and 2 Fixed Income ETFs.

Investment Themes for the MonthEquities (+€6.3bn) - Winners: Europe +€2.9bn, EM +€1.4bn, US +€1bn, Japan+€747mn & Global DM +€239mn; Smart Beta covering all regions saw +€1.1bninflows. Regional flow drivers:

■ Europe (+€2.9bn): Regional (EStoxx 50 & Stoxx 600) and Sector (Banks)ETFs were the major contributors. ESG ETFs also had notable inflows.

■ Other regions (+€3.5bn): 1) EM inflows (MSCI EM and MSCI EM IMI) 2) USinflows (S&P 500). 3) Japan inflows (MSCI Japan) 4) Global DM inflows(MSCI World & MSCI World Momentum)

Fixed Income (+€0.7bn) - Mixed flow trends across regions; Winners: EM +€745mn, US +€202mn; Losers: Europe -€666mn, Global -€9mn. Regional flowdrivers:

■ Europe (-€0.7bn): Outflows from Sovereign ETFs partially offset by inflowsinto HY Corporate ETFs.

■ Other regions (+€0.9bn): 1) EM inflows (almost entirely Sovereign) 2) USinflows (across multiple segments) 3) Global DM mild outflows (HY Corpinflows offset by IG Corps)

Commodities (-€94mn) - Inflows in Broad Commodity (+€263mn), while Goldand Crude Oil based ETPs saw redemptions (-€178mn & -€132mn respectively).

Turnover: MoM turnover decreased by 10%The total turnover activity into European ETPs decreased by 10% where totalturnover observed was (€58bn) compared to the last month’s total (€53bn).

Ari Rajendra

Research Analyst

+44-20-754-52282

Deutsche Bank AG/London

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should beaware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should considerthis report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONSARE LOCATED IN APPENDIX 1.MCI (P) 083/04/2017.

Distributed on: 11/10/2017 19:03:10 GMT

0bed7b6cf11c

mailto:[email protected]

11 October 2017

ETF Monthly Europe

Table Of ContentsEuropean ETP September Highlights ............................................................. 3New Launch Activity ...................................................................................... 3Investment Themes for the Month ................................................................. 5Turnover: MoM turnover activity increased by 10% ....................................... 8Price discounts/premium to NAV Monitor ..................................................... 8US Market: Outflows continues in European-focused ETFs but MSCI E ......... 8

1. Investment Trends ...................................................... 10Cross-Asset Class - | ETPs | Europe | ........................................................... 10

2. Market Metrics ........................................................... 11ETF Industry Asset Evolution ....................................................................... 11ETFs vs. Cash Equities ................................................................................. 14ETFs vs. Unlisted Mutual Funds ................................................................... 15European ETF Industry Replication Structure Composition .......................... 17Industry Growth Analysis ............................................................................. 18

3. Cash Flow Analysis .................................................... 20Regional Cash Flow Analysis ....................................................................... 20Asset Class Cash Flow Analysis ................................................................... 20Product Rankings ......................................................................................... 25

4. Product Review .......................................................... 27New Products Launched in the Month ........................................................ 27Average TERs ............................................................................................... 29

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

6. Trading Perspective .................................................... 43ETP Monthly Turnover Analysis by Asset Class, by Instrument .................... 43Asset Class Analysis ..................................................................................... 43Product Rankings ......................................................................................... 49

7. European ETF Exchanges ........................................... 54

8. Assets ........................................................................ 56ETP Monthly AUM Analysis by Asset Class ................................................. 56Asset Class Analysis ..................................................................................... 56Product Rankings ......................................................................................... 62

9. ETF Broker rankings ................................................... 64US ETP Broker Rankings .............................................................................. 64European ETP Broker Rankings .................................................................... 65

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

Appendix B: The road from beta to alpha ...................... 68


11 October 2017

ETF Monthly Europe

European ETP September Highlights

Assets: European ETPs AUM increased by €18bn on MoM basis and ended themonth at €629.6bn. At asset class level, Equity and Fixed Income ETFs assetsincreased by 4.4% and 0.5% respectively while Commodity ETPs assets declinedby -1.45%. For more details please refer to Assets section.

Flows: European-domiciled ETPs registered inflows of +€6.7bn last month whereyear-to-date flows have reached +€75.2bn. Equity ETFs registered strong inflowsof +€6.7bn. Fixed Income had inflows of +€654mn while Commodity ETPs sawredemptions of -€149mn. For more details please refer to Cash Flow Analysissection.

Global ETPs HighlightsGlobal ETPs assets increased by more than $100bn, reached $4.3 trillion at theend of Sep'17, 2.4% up from last month-end levels. Globally, ETPs registeredmonthly inflows of +$47bn during September. US-listed ETPs had inflows of +$36bn in overall flows while Asia-Pacific-listed ETPs witnessed inflows of +$3bnduring last month.

Figure 1: Global ETPs Snapshot - | ETPs | Global |

Region Sep-17 Aug-17MoM

Change (%)Sep-17 Aug-17 Sep-17 Aug-17

MoM

Change (%)AUM

Cash

Flows*Turnover

US 3149.66 3071.74 2.54% 36.00 22.64 1271.27 1433.11 -11.29% 73% 1.2% 85%

Europe 744.29 727.06 2.37% 7.93 3.87 69.18 62.54 10.62% 17% 1.1% 5%

Asia-Pacific 403.65 397.83 1.46% 3.13 10.29 160.63 171.36 -6.26% 9% 0.8% 11%

Global 4297.59 4196.62 2.41% 47.07 36.80 1501.08 1667.01 -9.95% 1.1%

AUM ($bn) Cash Flow ($bn) Turnover ($bn) Market Share (%)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Cash Flow Market Share corresponds to Sep-17 Monthly Cash Flow / End of Aug-17AUM

New Launch Activity

20 New products launched during SeptemberAfter a quiet month, New launch activity in Europe has been picked up and saw20 new products launched during September. This includes 18 Equity and 2 FixedIncome ETFs. Deutsche AM and new issuer Franklin Templeton Investments eachlisted 4 Equity ETFs last month. Xact Fonder AB and BNP Paribas each listed 3Equity ETFs whereas BlackRock listed 2 equity products. Further, UBS and Lyxorlisted 1 equity product each. BlackRock also listed 2 Fixed Income ETFs during thesame period.These ETFs were listed on multiple stock exchanges. For additionalinformation on new product launches please refer to Product Review section.


11 October 2017

ETF Monthly Europe

Figure 2: Newly Launched ETFs in September

Source: Deutsche Bank,Bloomberg Finance LP, Reuters


11 October 2017

ETF Monthly Europe

Investment Themes for the Month

Figure 3: Regional/Country Equity Flows - September - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.*Others includes Sector, Size, Strategy & Thematic ETFs.

Equity inflows into all major regions with Europe and EM benefitting mostThe Equity segment dominated flows this month with net inflows of €6.3bn,taking ytd flows to €47bn.

■ Investor interest for Broad exposure to Europe returns in September.ETFs tracking traditional European regional and country focused indicesrecorded material inflows of +€1.9bn (YTD inflows at +€11bn) inSeptember. If we include the Smart Beta segment along with all theequity segments (Size, Sector etc.), flows into European equities wereeven higher, at +€2.9bn. Index wise, the Euro STOXX 50 benefittedmost (+€814mn) while interestingly MSCI Europe saw the highest netredemptions within Europe (-€256mn). At country level, Germany andFrance stood out with inflows of +€182mn and +€162mn respectively.

■ EM continues to be popular. In other regions, Emerging Markets equityETFs continued its strong momentum, accumulating +€1bn of inflows.The flows were driven by Amundi ETF MSCI Emerging Markets UCITSETF (AEEM FP) and iShares MSCI Emerging Markets IMI UCITS ETF(EMIM NA) with inflows of +€609mn and +€210mn respectively. Countrywise, outside Europe, US and Russia focused ETFs benefitted most withinflows of +€325mn and +€159mn respectively.

■ Smart Beta: Multi-Factor and ESG ETFs drive inflows, Low Vol sawredemptions. European listed Smart Beta ETFs saw +€1.1bn inflowsin September (YTD flows +€9.2bn). Factor ETFs contributed mostwith inflows of +€431mn where the major contributors were productswith Global DM equity exposure. Within Factor ETFs, multi-factorstrategy recorded most of the inflows (+€446mn) whereas Low Volsaw redemptions (-€204mn). In other sub-segments, we observed solidinflows into ESG based ETFs (+€366mn) where iShares Dow Jones


11 October 2017

ETF Monthly Europe

Europe Sustainability Screened UCITS ETF (IESE LN) contributed mostwith inflows of +€100mn.

Figure 4: Quarterly Flows into Factor Strategies - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.

■ Strong gains for Financials (+€1bn). Financial sector ETFs had a strongmonth with inflows of +€1bn (+€427mn in Aug'17). The top 3 productsthat benefitted were iShares Euro STOXX Banks (DE) (SX7EEX GR),Lyxor UCITS ETF Euro Stoxx Banks (BNKE FP) and SPDR MSCI EuropeFinancials UCITS ETF (STZ FP) with inflows of +€187mn, +€153mn and+€118mn respectively. Information Technology and Healthcare sectorsalso had notable inflows of +€180mn and +€158mn respectively whileMaterials saw outflows of -€106mn.

■ Renewed interest for EUR and GBP hedged products and Small Caps.Currency Hedged ETFs recorded +€415mn inflows in the month ofSeptember. EUR and GBP hedged products, in particular, gained themost. Small cap based ETFs also drew investment with inflows of +€274mn, primarily into European focussed small cap (+€133mn).


11 October 2017

ETF Monthly Europe

Fixed Income ETFs: Mixed Flow trends observed within Fixed Income subsegments, EM bonds commanded major flows

Figure 5: Regional Fixed Income Flows - September - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.*Others Includes Covered, Credit Exposure , Money Market & Broad Bonds.

The European fixed income ETF market had a modest month in Septembergathering inflows of +€653mn (+€2.2bn in Aug'17). YTD flows now stand at +€22.8bn inflows.

■ Regional observations: Solid EM Sovereign inflows. Aside from smallinflows into HY Corporates, most segments with exposure to Europe hadnet outflows. EM sovereign bonds was a standout segment with inflowsof +€742mn. Where Global exposures were concerned, HY Corporateswere popular, similar to Europe, offsetting outflows from IG Corporates.Flows into North America were slightly up where outflows from IGCorporates depressed inflows into the region.

■ Flows by Segment: Credit Exposure ETFs see largest growth.Considering all regions, flows by segment were mixed whereSovereigns (+€508mn), Broad (+€308mn) and Corporate (+€264mn)bonds witnessed positive flows while Money Market (-€334mn) andCovered Bonds (-€111mn) saw redemptions. In terms of growth, Creditexposure (CDS) ETFs led with 7% increase in assets while Money Marketbonds suffered most with -11% decrease in assets during September.

Commodity ETPs: Broad Commodity indices see largest inflows counteringoverall trendEuropean Commodity ETP market witnessed outflows of -€149mn for the monthof September (+€5.7bn YTD). Within Commodity, Broad Commodity based ETPsrecorded monthly inflows of +€263mn which was more than offset by outflowsfrom Gold (-€178mn) and Crude Oil (-€132mn) based ETPs. In terms of growth,Broad Commodity based ETPs led with 4% increase in assets While Crude Oilsaw maximum decrease in assets (-6%).


11 October 2017

ETF Monthly Europe

Turnover: MoM turnover activity increased by 10%

The total turnover activity into European ETPs increased by 10% where totalturnover observed was (€58bn) compared to the last month’s total (€52.9bn).Equity and Commodity ETPs saw increased turnover activity by +14.3% & +13%respectively while Fixed income witness decreased by -7.7%. For more detailsplease refer to Trading Perspective section.

Price discounts/premium to NAV Monitor

The price of ETFs may not trade in line with the respective NAVs driven bymultiple factors such as supply/demand, market access, duty and varying tradingtime zones of stocks within an index. In this section we highlight, for ETFs withEuropean equity exposure only, the median, maximum premium and maximumdiscount observed in varying categories for this month. Figures below illustratethe Price premium/discount to NAV for European ETFs.

■ Equities: Sector ETFs had the deepest discount (-0.34%) and highestpremium (0.37%).

■ Fixed Income: Covered Bonds had the deepest discount (-0.23%) andhighest premium (0.19%).

Figure 6: Price premium/discount to NAV - | ETFs | Europe |

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

US Market: Outflows continues in European-focused ETFsbut MSCI EAFE witnessed inflows

US domiciled ETPs recorded inflows of +$36bn in September where year-to-dateinflows reached at +$330bn . All the major assets classes recorded positive flowsduring last month. Equity ETFs topped the flows ranking with inflows of +$22.7bnfollowed by inflows into fixed income ETFs (+$11.bn) and Commodity ETPs (+$2bn). In growth terms (flows as % of assets), Commodity ETPs registered 3%growth where as Fixed income and Equity witness 2% and 1% asset growthduring last month.


11 October 2017

ETF Monthly Europe

Europe focused ETFs (Regional + Country) listed in US witnessed further outflowsof -$821mn in September (-$338mn in Aug'17). Despite the sell off in Europeanequities, we observed strong inflows in MSCI EAFE indices (+$2.4bn) whereEurope is a major contributor.

US listed Smart Beta ETFs had strong inflows of +$7.2bn. Major inflowswere observed in Value (+$1.7bn), Low Vol (+$774mn), Momentum (+$534mn),Fundamental (+$457mn) and Multi-factor (+$421mn).


11 October 2017

ETF Monthly Europe

1. Investment TrendsCross-Asset Class - | ETPs | Europe |

Figure 7: Cash flows by asset class – YTD Figure 8: Cash flows by asset class – Month

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Equity Fixed Income Commodity Others

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


11 October 2017

ETF Monthly Europe

2. Market MetricsETF Industry Asset Evolution

Figure 9: Global ETP regional asset growth - | ETPs | Global |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 403.7

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.2 744.3

US ($) 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 3,149.7

US, Europe & Asia Pacific ($) 199.8 278.6 391.9 567.6 805.3 734.4 1,094.2 1,390.3 1,435.3 1,838.0 2,263.4 2,644.9 2,903.6 3,417.3 4,297.6

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 540.6 629.6

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,123 3,491 3,709 4,021 4,454 4,737 5,040

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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 10: Global ETPs (ETF,ETV & ETC) asset growth - | ETPs | Global |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.7 21.7 20.7 17.8 26.8 32.2

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 61.7 67.7

ETFs 198.6 275.3 384.3 549.8 770.3 689.3 999.9 1,260.0 1,299.5 1,683.0 2,178.2 2,567.4 2,837.6 3,328.7 4,197.7

Total 199.8 278.6 391.9 567.6 805.3 734.4 1,094.2 1,390.3 1,435.3 1,838.0 2,263.4 2,644.9 2,903.6 3,417.3 4,297.6

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,123 3,491 3,709 4,021 4,454 4,737 5,040

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11 October 2017

ETF Monthly Europe

Figure 11: Global ETF regional asset growth - | ETFs | Global |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 169.3 206.4 283.5 314.1 403.2

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 543.8 712.6

US ($) 143.2 203.0 291.5 411.2 581.9 499.0 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 2,470.9 3,082.0

US, Europe & Asia Pacific ($) 198.6 275.3 384.3 549.8 770.3 689.3 999.9 1,260.0 1,299.5 1,683.0 2,178.2 2,567.4 2,837.6 3,328.7 4,197.7

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.8 286.3 362.4 450.0 515.5 602.8

Number of ETFs* 257 310 414 676 1,116 1,481 1,801 2,234 2,698 2,965 3,181 3,486 3,910 4,189 4,446

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Figure 12: European ETF asset growth by asset class - | ETFs | Europe |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,433 1,215

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,449 18,366

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,427 138,001 155,959

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,542 147,272 139,335 170,853 209,824 261,415 323,861 359,653 427,230

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,105 211,061 207,602 252,766 286,296 362,388 449,984 515,536 602,771

Number of ETFs* 100 114 162 266 419 614 817 1,055 1,216 1,312 1,348 1,436 1,515 1,518 1,571

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11 October 2017

ETF Monthly Europe

Figure 13: European Commodity ETP (ETF & ETC) asset growth by segment - | ETPs | Europe |

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Livestock - - 1 21 63 49 67 59 40 17 19 14 11 9

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 689 790

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 764 996

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,579 2,351

Overall - - 1,103 1,444 981 3,531 5,581 4,416 4,822 3,759 3,563 3,661 6,027 6,876

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 30,986 33,710

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,394 52,451 29,593 29,818 28,001 41,055 44,733

Number of ETPs* 1 3 40 76 144 185 247 324 421 415 390 397 411 463

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Figure 14: European ETPs (ETF & ETC) asset growth - | ETPs | Europe |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,052 25,080 26,806

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,06 207,60 252,76 286,29 362,38 449,98 515,53 602,77

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,18 279,34 301,71 379,20 466,03 540,61 629,57

Number of ETPs 100 115 164 298 476 738 993 1,331 1,563 1,747 1,790 1,886 1,977 1,996 2,095

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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.


11 October 2017

ETF Monthly Europe

ETFs vs. Cash Equities

Figure 15: ETFs vs. cash equities turnover – US market - | ETFs | US |

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Figure 16: ETFs vs. cash equities turnover – European market - | ETFs | Europe |

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11 October 2017

ETF Monthly Europe

ETFs vs. Unlisted Mutual Funds

Figure 17: European ETP vs mutual fund assets - | ETPs | Europe |

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 Q4-16 Q1-17 Q2-17 Q3-17*

ETCs 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 16 20 25 27 25 28 27 27

ETFs 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 451 438 454 481 516 566 578 583

ETPs vs mutual funds 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% 3.6% 3.7% 3.8% 4.0% 4.0% 4.0%

ETFs vs mutual funds 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% 3.5% 3.6% 3.8% 3.9% 3.9%

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Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP.*Data as of 31-Jul-17

Figure 18: European ETP vs mutual fund cash flows - | ETPs | Europe |

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 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

ETCs 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 0.97 1.42 1.08 0.51 0.64 -0.51 -1.29 0.39 0.87 0.82 -0.05 -0.21 0.31 -0.21

ETFs 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 3.48 8.20 4.77 2.28 2.94 4.72 4.76 10.76 9.67 10.06 4.69 8.81 8.06 8.78

Mutual funds 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 51.70 14.30 65.50 55.40 50.50 62.10 22.10 32.10 92.40 69.30 98.90 82.80 95.30 65.40 96.20

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

Figure 19: US ETP vs mutual fund assets - | ETPs | US |

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 Q4-16 Q1-17 Q2-17 Q3-17*

ETVs 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 63 75 76 62 65 65 67

ETFs 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 2,321 2,471 2,730 2,891 3,005

ETPs vs mutual funds 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% 17.5% 18.6% 19.5% 20.0% 20.3%

ETFs vs mutual funds 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% 17.0% 18.1% 19.1% 19.5% 19.9%

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

19.7%

21.7%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

ETP

vs m

utu

al fu

nd

s

ETP

AU

M ($

billio

n)

Source: Deutsche Bank, Bloomberg Finance LP, ICI.*Data as of 31-Aug-17


11 October 2017

ETF Monthly Europe

Figure 20: US ETP vs mutual fund cash flows - | ETPs | US |

-100

-80

-60

-40

-20

0

20

40

60

80

100

Cash f

low

s (

$ b

illio

n)

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 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

ETVs -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 -0.49 0.46 -0.36 -3.36 -3.73 -0.86 1.81 -0.44 0.76 -0.50 1.60 -3.63 2.28

ETFs 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 27.99 17.52 18.68 51.77 64.90 42.68 44.96 45.85 34.42 31.26 45.25 30.43 20.36

Mutual funds 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 -14.62 -9.88 -9.00 -33.05 -52.42 -56.06 10.20 25.91 10.77 -0.76 25.91 7.43 3.78 -0.53

Source: Deutsche Bank, Bloomberg Finance LP, ICI


11 October 2017

ETF Monthly Europe

European ETF Industry Replication Structure Composition

Synthetic vs Physical

Figure 21: Historical Composition by ETF Structure - | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

1,000

-

100

200

300

400

500

600

700

Num

ber

of

ETF

s

AU

M (€

bill

ion)

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


Figure 22: European AUM ETF market historical asset class analysis byreplication technique - | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 281,807 77,895 333,766 93,465 333,766 93,465

Fixed Income 115,319 22,682 127,980 27,980 127,980 27,980

Commodity 10,801 5,660 11,594 6,772 11,594 6,772

Others 589 924 575 640 575 640

Total 408,516 107,161 473,915 128,856 473,915 128,856

Equity 605 478 638 477 638 477

Fixed Income 240 132 258 129 258 129

Commodity 21 28 20 34 20 34

Others 7 8 8 7 8 7

Total 873 646 924 647 924 647

Equity 10,573 6,169 35,853 11,161 5,676 653

Fixed Income 23,614 -824 15,995 6,756 679 -26

Commodity 1,231 1,517 825 2,038 -3 182

Others 145 -59 -59 -186 -22 -136

Total 35,563 6,804 52,614 19,768 6,330 673

ETFs (number of products)

Cash Flows (€ million)

Sep-17

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Year-to-date (up to 29-Sep-2017) numbers have been provided).


11 October 2017

ETF Monthly Europe

Industry Growth Analysis

Figure 23: 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

price g

row

th c

ontr

ibutio

n (lin

e)

ETF c

ash f

low

gro

wth

co

ntr

ibutio

n (B

ars

)

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 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17

Price growth -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% 0.0% -1.7% 0.7% 1.0% 2.1% 2.3% 0.3% 1.4% 1.5% 0.1% 2.1% 0.3% 1.4%

Flows growth 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% 0.9% 0.6% 1.9% 2.0% 1.8% 1.8% 1.7% 0.9% 1.2% 1.4% 1.2% 0.9% 1.1%

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% 0.8%

Total growth -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% 0.9% -1.2% 2.5% 3.1% 3.9% 4.1% 2.1% 2.3% 2.7% 1.5% 3.2% 1.2% 2.5%


Figure 24: 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

asset

price g

row

th c

ontr

ibutio

n (Lin

e)

ETF

cash f

low

s g

row

th c

ontr

ibuti

on (

Bars

)


Price growth -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% -0.2% -1.9% 1.5% 1.0% 1.9% 2.5% 0.1% 1.3% 1.1% 0.1% 1.9% 0.3% 1.4%

Flows growth -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% 0.8% 0.8% 2.3% 2.7% 1.7% 1.8% 1.7% 0.9% 1.1% 1.6% 1.1% 0.7% 1.1%

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% 0.8%

Total growth -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% 0.6% -1.1% 3.8% 3.7% 3.7% 4.3% 1.8% 2.3% 2.2% 1.7% 3.0% 0.9% 2.6%


Figure 25: 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

asset

price g

row

th c

ontr

ibutio

n (Lin

e)

ETF

cash f

low

s g

row

th c

ontr

ibutio

n (

Bars

)


Price growth 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% -0.6% 0.2% 1.6% 2.8% -0.3% 3.2% 0.9% 0.2% -0.5% -1.6% -0.7% -0.4% 2.0%

Flows growth 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% 0.5% 0.6% 1.0% 1.0% 2.1% 1.9% 1.8% 0.8% 1.8% 1.4% 1.5% 0.6% 1.2%

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% 1.6%

Total growth 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% -0.1% 0.8% 2.6% 3.8% 1.8% 5.0% 2.7% 1.0% 1.3% -0.2% 0.8% 0.2% 3.2%



11 October 2017

ETF Monthly Europe

Figure 26: 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

ibutio

n (

line)

ETC

cash f

low

s g

row

th c

ontr

ibutio

n (

Bars

)


Price growth 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% 1.0% -1.6% -2.3% -0.4% 1.5% 4.7% -1.7% -1.4% -3.4% -3.3% -0.5% 1.9% -1.0%

Flows growth 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% 1.9% 2.3% -1.8% -4.9% 1.5% 3.2% 2.9% -0.2% 3.4% 1.1% -0.8% 0.2% -1.3%

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% 1.3%

Total growth 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% 2.9% 0.8% -4.1% -5.3% 3.0% 7.9% 1.3% -1.6% 0.0% -2.2% -1.2% 2.1% -2.2%



11 October 2017

ETF Monthly Europe

3. Cash Flow AnalysisRegional Cash Flow Analysis

Figure 27: Global ETP cash flows by region and asset class - | ETPs | Global |

Asset Class EU ($) EU (Φ) Asia Total EU ($) EU (Φ) Asia Total EU ($) EU (Φ) Asia Total

ETFs

Equity 22,715 7,551 6,328 5,993 36,259 10,517 1,485 1,266 11,268 23,271 222,162 52,077 47,013 47,704 321,943

Fixed income 11,269 771 654 -2,705 9,335 9,779 2,547 2,152 -829 11,497 104,143 25,165 22,751 -1,814 127,494

Commodity 42 212 179 -245 9 31 -135 -114 -184 -288 191 3,149 2,862 -456 2,884

Currency -2 0 0 8 6 -7 0 0 -2 -10 -107 0 0 53 -54

Multi Asset 129 5 4 0 134 33 11 10 -9 35 466 159 144 -11 614

Alternative 22 -194 -162 56 -116 6 -96 -81 27 -62 292 -451 -389 247 89

Total 34,174 8,345 7,002 3,108 45,628 20,360 3,813 3,233 10,271 34,444 327,147 80,099 72,382 45,724 452,970

ETCs/ETVs

Commodity 2,005 -390 -327 23 1,638 1,331 3 2 17 1,351 2,011 2,982 2,797 81 5,074

Currency -54 -21 -18 0 -75 86 57 48 0 143 -452 -9 -14 0 -462

Alternative -123 0 0 0 -123 866 0 0 0 866 1,293 0 0 0 1,293

Total 1,828 -411 -345 23 1,440 2,283 59 50 17 2,360 2,852 2,973 2,783 81 5,905

ETPs

Equity 22,715 7,551 6,328 5,993 36,259 10,517 1,485 1,266 11,268 23,271 222,162 52,077 47,013 47,704 321,943

Fixed income 11,269 771 654 -2,705 9,335 9,779 2,547 2,152 -829 11,497 104,143 25,165 22,751 -1,814 127,494

Commodity 2,047 -178 -149 -222 1,647 1,363 -133 -112 -167 1,063 2,202 6,131 5,659 -375 7,958

Currency -56 -21 -18 8 -69 79 57 48 -2 133 -560 -9 -14 53 -516

Multi Asset 129 5 4 0 134 33 11 10 -9 35 466 159 144 -11 614

Alternative -101 -194 -162 56 -239 872 -96 -81 27 803 1,585 -451 -389 247 1,382

Total 36,003 7,934 6,657 3,131 47,068 22,643 3,872 3,284 10,287 36,803 329,998 83,072 75,165 45,805 458,875

All figures in $ million except where otherwise stated

Sep-17 Aug-17 YTD

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Asset Class Cash Flow Analysis

Figure 28: European Equity ETF cash flow summary - | ETFs | Europe |Equity Cash Flows

All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM

Developed Markets 2,497 0.9% -26 0.0% 19,333 7.8%

Emerging Markets 1,296 3.3% 348 0.9% 6,819 23.0%

Global Markets -495 -4.8% 58 0.6% 3,794 66.7%

Sector 1,270 4.7% 112 0.4% 4,685 20.2%

Capitalization 314 3.1% -73 -0.7% 2,619 35.4%

Strategy 587 2.6% 458 2.0% 4,038 20.6%

Style 191 0.9% -12 -0.1% 2,448 12.5%

Thematic 669 7.6% 402 4.8% 3,277 53.4%

Total equities 6,328 1.5% 1,266 0.3% 47,013 13.1%

Aug-17 YTDSep-17



11 October 2017

ETF Monthly Europe

Figure 29: European Equity ETF cash flow summary - A - | ETFs | Europe |Equity Cash Flows


Sector 1,270 4.7% 112 0.4% 4,685 20.2%

Consumer discretionary 30 3.6% -116 -12.1% -163 -15.8%

Consumer staples -3 -0.3% -44 -3.8% 87 8.9%

Energy -12 -0.4% 48 1.7% 947 40.1%

Financials 969 10.9% 427 4.9% 3,341 52.4%

Healthcare 158 6.0% -85 -3.1% -259 -8.9%

Industrials 36 5.5% -93 -12.3% -21 -2.9%

Information Technology 180 7.4% -11 -0.4% 566 31.8%

Materials -106 -7.3% 116 9.0% 180 17.0%

Overall 0 0.0% -1 -29.6% 2 na

Real Estate -24 -0.5% -55 -1.2% -148 -3.1%

Telecommunications 18 2.3% -82 -9.2% 168 24.9%

Utilities 23 4.4% 7 1.3% -16 -3.1%

Capitalization 314 3.1% -73 -0.7% 2,619 35.4%

Large Cap -3 -1.0% -12 -3.7% -47 -12.9%

Mid Cap 43 1.3% -83 -2.3% 1,387 71.1%

Small Cap 274 4.4% 22 0.3% 1,279 25.2%

Strategy 587 2.6% 458 2.0% 4,038 20.6%

Fundamental 92 6.2% 22 1.5% 79 5.2%

Leveraged Long 187 11.0% -42 -2.4% -131 -7.4%

Leveraged Short 11 0.9% 48 4.4% 412 41.1%

Options Strategy 0 0.0% 0 0.0% 0 0.0%

Quantitative 353 2.1% 374 2.3% 3,280 23.7%

Short -57 -3.3% 56 3.4% 398 28.0%

Style 191 0.9% -12 -0.1% 2,448 12.5%

Dividend 149 0.8% 12 0.1% 1,948 11.0%

Growth -7 -2.6% -15 -5.2% 8 3.1%

Value 49 2.4% -9 -0.4% 493 29.9%

Thematic 669 7.6% 402 4.8% 3,277 53.4%

Commodities 93 6.8% 17 1.3% 268 21.6%

Faith 0 -0.2% 10 6.8% -37 -18.7%

Other Theme 315 9.9% 275 9.6% 1,698 100.3%

Sustainability 261 6.3% 99 2.4% 1,347 44.9%

Total 3,031 3.4% 887 1.0% 17,067 22.5%

Sep-17 Aug-17 YTD



11 October 2017

ETF Monthly Europe

Figure 30: European Equity ETF cash flow summary – B - | ETFs | Europe |

Equity Cash Flows


Developed Markets

Europe 1,865 1.3% 451 0.3% 11,270 9.1%

Austria 6 1.7% 23 7.1% 24 9.1%

Belgium 0 0.0% 4 10.4% -4 -9.8%

Finland 31 14.1% 0 0.0% 37 18.8%

France 163 2.8% 27 0.5% 989 20.8%

Germany 182 0.9% 335 1.7% 97 0.5%

Greece -1 -0.3% -3 -1.2% 19 11.4%

Ireland 0 0.0% 0 0.0% -8 -27.6%

Italy -53 -3.0% -21 -1.2% -298 -16.7%

Netherlands -11 -2.0% 12 2.2% -63 -11.5%

Norway -4 -1.2% -8 -2.6% -5 -2.0%

Portugal 3 5.1% 1 1.9% 22 56.9%

Spain 9 0.6% 4 0.2% 87 7.3%

Sweden 12 0.7% -22 -1.2% 23 1.4%

Switzerland -53 -0.5% 46 0.4% 343 3.4%

UK -14 -0.1% 45 0.3% 84 0.6%

Europe broad 1,593 2.0% 6 0.0% 9,923 14.5%

Americas 336 0.4% 321 0.4% 3,934 5.0%

US 313 0.4% 390 0.5% 4,190 5.6%

Canada 31 2.3% -82 -5.7% -104 -5.7%

North America -8 0.0% 13 0.0% -152 0.0%

Asia 191 0.8% -374 -1.6% 1,987 9.4%

Australia 17 1.6% 0 0.0% -223 -17.4%

Hong Kong 3 1.8% -7 -3.5% 3 2.0%

Japan 133 0.7% -321 -1.7% 1,714 9.9%

Singapore -5 -8.5% 3 4.5% 1 2.5%

Asia Pacific broad 42 1.5% -49 -1.7% 491 21.6%

Global 105 0.4% -424 -1.5% 2,139 8.6%

Broad indices 105 0.4% -424 -1.5% 2,139 8.6%

DM Total 2,497 0.9% -26 0.0% 19,331 7.8%

Sep-17 Aug-17 YTD



11 October 2017

ETF Monthly Europe

Figure 31: European Equity ETF cash flow summary – C - | ETFs | Europe |

Equity Cash Flows


Emerging Markets

BRIC 164 2.7% -103 -1.7% 229 4.0%

Brazil 13 1.6% -84 -9.4% 122 17.4%

Russia 159 16.7% -17 -1.9% 97 7.9%

India -16 -0.9% -19 -1.0% 75 4.9%

China 8 0.3% 17 0.7% -65 -2.9%

Latin America 18 0.9% 14 0.7% -17 -1.0%

Chile 0 0.0% 0 0.0% 0 0.0%

Mexico 3 2.0% -3 -2.4% -8 -6.4%

LATAM broad 15 1.6% 17 1.9% -9 -1.0%

Asia 96 1.1% 143 1.6% 1,025 14.1%

Bangladesh 0 0.0% 0 0.0% -4 -15.1%

Indonesia -3 -1.3% 7 3.5% 55 36.8%

Malaysia 2 3.2% -1 -2.7% 5 10.3%

Pakistan 3 12.2% 0 0.0% -1 -4.1%

Philippines 11 22.6% -2 -4.2% 8 17.3%

South Korea -22 -2.2% -63 -5.7% 221 32.2%

Taiwan 0 0.0% 140 29.8% 119 26.7%

Thailand 0 0.0% -2 -4.9% -7 -13.7%

Vietnam 0 0.0% 1 0.4% -36 -15.2%

Asia Pacific broad 106 4.1% 64 2.5% 664 38.0%

EMEA 58 4.9% 3 0.2% 117 12.3%

Bulgaria 1 3.5% 0 -1.0% 0 1.7%

Kuwait 0 0.0% 0 0.0% 0 -1.3%

Poland 2 1.9% -6 -5.3% 4 5.4%

South Africa 0 0.0% 8 8.0% 6 6.1%

Turkey 10 3.1% 5 1.6% 57 26.0%

Europe broad 45 9.2% -5 -1.2% 76 18.3%

Middle East & Africa 0 0.0% 0 0.0% -26 -19.1%

Global Markets 960 3.7% 291 1.2% 5,464 29.6%

Global 960 3.7% 291 1.2% 5,464 29.6%

EM Total 1,295 3.3% 348 0.9% 6,819 23.0%

Total (EM + DM) 3,792 1.2% 322 0.1% 26,150 9.4%

Sep-17 Aug-17 YTD


Figure 32: European Fixed Income ETF cash flows - | ETFs | Europe |FI Cash Flows


Overall 308 3.1% 193 2.0% 1,272 13.7%

Corporates 264 0.4% 953 1.4% 9,764 15.8%

Covered Bonds -111 -4.0% -103 -3.6% -234 -8.1%

Credit Exposure 19 7.2% 10 4.0% 66 31.9%

Sovereign 508 0.7% 1,188 1.7% 10,944 17.7%

Money Market -334 -10.2% -89 -2.7% 939 44.8%

Total Fixed Income 654 0.4% 2,152 1.4% 22,751 16.5%

Sep-17 Aug-17 YTD



11 October 2017

ETF Monthly Europe

Figure 33: European Commodity ETP cash flow summary - | ETPs | Europe |

Commodity Cash Flows


Overall 264 4.0% -79 -1.2% 1,818 30.2%

Overall 263 4.1% -79 -1.2% 1,856 31.8%

Overall ex Energy 1 0.9% 0 0.0% -33 -17.8%

Overall Light Energy 0 0.0% 0 0.0% -5 -99.2%

Overall Ultra Light Energy 0 0.0% 0 0.0% 0 0.0%

Agriculture 31 3.3% 49 5.1% 371 48.6%

Overall 18 3.6% 13 2.7% 195 52.0%

Cocoa 1 1.7% 0 0.0% 68 302.4%

Coffee 1 1.2% 0 0.1% 44 73.5%

Corn 1 1.9% 3 4.4% 15 26.3%

Cotton 2 14.7% 1 5.5% 4 36.6%

Grains 0 0.9% 1 3.4% -9 -25.4%

Softs 0 13.2% 0 14.5% 1 12.9%

Soybean Oil 0 -11.5% 0 -4.0% 0 -4.8%

Soybeans 1 4.0% 0 2.1% 2 12.6%

Sugar 3 7.9% 1 2.9% 32 106.0%

Wheat 4 2.9% 30 21.1% 20 13.5%

Energy -92 -4.1% -209 -8.2% 328 12.7%

Overall 41 69.7% -1 -2.0% -20 -13.3%

Carbon 0 3.4% 0 -0.3% 0 14.4%

Crude Oil -132 -6.5% -215 -9.1% 256 11.3%

Gasoline 0 1.9% -1 -11.1% 1 8.2%

Heating Oil 0 6.6% 0 4.7% 0 2.4%

Natural Gas -2 -1.3% 7 5.6% 90 63.4%

Electricity 0 0.0% 0 0.0% 0 0.0%

Uranium 0 0.0% 0 0.0% 0 0.0%

Industrial Metals -192 -18.8% -16 -1.6% 75 10.9%

Overall -101 -23.7% 9 2.4% 53 21.5%

Aluminium -11 -8.4% 6 5.7% 13 14.0%

Copper -78 -24.7% -9 -2.9% 15 7.5%

Lead -1 -16.9% 0 11.0% -1 -34.3%

Nickel -1 -1.0% -24 -18.4% 6 5.1%

Tin 0 2.2% -1 -13.7% 0 -8.2%

Zinc 0 -1.9% 2 11.9% -10 -33.0%

Precious Metals -160 -0.5% 143 0.4% 3,068 9.9%

Overall 34 24.1% -8 -5.4% 24 16.2%

Gold -178 -0.6% 226 0.8% 2,999 11.1%

Palladium -1 -0.4% -2 -0.7% -172 -39.3%

Platinum -10 -1.4% -21 -2.8% -32 -4.1%

Rhodium -1 -2.7% 0 0.0% -4 -9.4%

Silver -4 -0.1% -52 -1.9% 253 9.8%

Livestock 0 0.4% -1 -8.9% 0 -3.5%

Overall 0 0.0% 0 4.6% 0 25.7%

Cattle 0 -7.8% 0 -12.0% 0 2.0%

Lean Hogs 0 4.0% -1 -12.5% -1 -12.7%

Total -149 -0.3% -112 -0.3% 5,659 13.8%

Sep-17 Aug-17



11 October 2017

ETF Monthly Europe

Product Rankings

Figure 34: Top 10 monthly Equity ETF inflows (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 608.6 367.4 1,922.5

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 488.7 107.1 1,589.0

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 277.7 -7.4 106.9

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 265.1 242.0 421.6

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 229.7 -10.3 1,154.7

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 228.9 76.8 -492.0

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 210.5 0.0 1,847.8

Amundi ETF S&P 500 UCITS ETF 500 FP Amundi Beta 209.3 1.1 457.4

iShares S&P Financials Sector UCITS ETF IUFS LN BlackRock Beta 198.5 113.9 257.0

iShares MSCI World Momentum Factor UCITS ETF IS3R GY BlackRock Beta 193.6 199.9 534.2


Figure 35: Top 10 monthly Fixed Income ETF inflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta 218.3 135.9 495.3

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 188.2 48.6 2,112.9

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 182.0 228.9 1,316.0

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 182.0 -30.2 2,973.7

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN PowerShares Alpha 170.4 32.2 690.8

db x-trackers II Emerging Markets Liquid EuroBond UCITS ETF 1C EUR - Hedged XEMB GR Deutsche AM Beta 161.9 39.3 321.8

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 146.9 -138.0 548.4

Lyxor US$ 10Y Inflation Expectations UCITS ETF C-USD INFU FP Lyxor Beta 145.5 32.8 427.9

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 144.4 -58.3 -365.1

Lyxor EUR 2-10Y Inflation Expectations UCITS ETC C-EUR INFL FP Lyxor Beta 117.8 -11.6 691.7


Figure 36: 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 309.1 15.1 441.4

BNP Paribas Easy S&P GSCI Energy&Metals Capped Component 35/20 UCITS ETF GSCE NA BNP Paribas Beta 110.4 1.4 114.5

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 89.7 25.5 380.5

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 58.0 -2.2 271.0

iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 53.7 6.3 -350.3

ETFS All Commodities AIGC LN ETF Securities Beta 52.7 -10.4 12.9

ETFS Agriculture AIGA LN ETF Securities Beta 51.5 13.4 46.2

Source Physical Gold ETC (P-ETC) SGLD LN PowerShares Beta 44.1 208.3 1,169.7

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 37.2 -6.8 96.4

ETFS EUR Daily Hedged Precious Metals DJ-UBS ED 00XQ GY ETF Securities Beta 36.3 0.0 36.7



11 October 2017

ETF Monthly Europe

Figure 37: Top 10 monthly Equity ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS Beta -289.6 114.1 2,804.5

ComStage ETF S&P 500 C012 GR ComStage Beta -280.4 264.2 0.7

BNP Paribas Easy Equity Low Vol Europe UCITS ETF EVOE FP BNP Paribas Beta -230.0 0.0 -433.4

iShares Core MSCI World UCITS ETF Dist IWDG LN BlackRock Beta -199.7 -5.9 348.4

XACT OBX OBXEXACT NO Xact Fonder AB Beta -180.6 -7.5 -167.8

Lyxor UCITS ETF MSCI World D-EUR WLD FP Lyxor Beta -147.6 -35.5 58.5

SPDR MSCI ACWI ETF SPYY GY State Street Beta -131.9 -8.1 477.6

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta -131.3 350.1 -211.7

db x-trackers MSCI USA Index UCITS ETF (DR) XD9U GY Deutsche AM Beta -130.0 125.9 1,103.4

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta -121.6 -70.7 -1,065.1


Figure 38: Top 10 monthly Fixed Income ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AM Beta -182.8 27.9 208.9

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta -174.0 -4.7 1,060.2

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta -154.8 -54.5 588.6

iShares Euro Corporate Bond BBB-BB UCITS ETF ISBB LN BlackRock Beta -125.4 26.6 -113.1

iShares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta -123.7 -12.4 -50.6

iShares Global Corporate Bond EUR Hedged UCITS ETF CRPH LN BlackRock Beta -110.8 11.2 -31.5

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta -110.4 0.0 -65.8

ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR ComStage Beta+ -105.9 11.1 -119.6

SPDR Barclays 1 - 3 Year Euro Government Bond UCITS ETF SYB3 GY State Street Beta -93.9 9.4 310.5

db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) XDGU GY Deutsche AM Beta -91.8 4.7 72.8


Figure 39: Top 10 monthly Commodity ETP outflows (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Gold Bullion Securities GBS LN ETF Securities Beta -261.7 6.9 20.2

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta -256.2 -1.3 295.0

Source Bloomberg Commodity UCITS ETF CMOD LN PowerShares Beta -84.9 -5.4 663.7

ETFS Industrial Metals AIGI LN ETF Securities Beta -79.8 -6.1 27.9

ETFS Physical Gold PHAU LN ETF Securities Beta -76.9 91.8 -1.1

ETFS Copper COPA LN ETF Securities Beta -74.7 -11.8 11.6

ETFS WTI Crude Oil CRUD LN ETF Securities Beta -40.6 -114.6 68.5

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN WisdomTree Beta+ -39.3 -3.8 60.8

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta -36.1 -43.4 -189.8

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta -31.9 -6.6 35.4



11 October 2017

ETF Monthly Europe

4. Product ReviewNew Products Launched in the Month

Figure 40: Number of ETPs by Asset Class - I ETPs I Global I

Sep-17 Aug-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 3,334 66.2% 3,326 8 66.3% 3,192 142 67.4%

Fixed income 844 16.7% 833 11 16.6% 764 80 16.1%

Commodity 133 2.6% 132 1 2.6% 111 22 2.3%

Currency 26 0.5% 24 2 0.5% 21 5 0.4%

Multi Asset 64 1.3% 64 - 1.3% 54 10 1.1%

Alternative 45 0.9% 44 1 0.9% 47 (2) 1.0%

Total 4,446 88.2% 4,423 23 88.2% 4,189 257 88.4%

ETC/Vs

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

Commodity 458 9.1% 458 - 9.1% 412 46 8.7%

Currency 132 2.6% 132 - 2.6% 132 - 2.8%

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

Total 594 11.8% 594 - 11.8% 548 46 11.6%

Total ETPs 5,040 100.0% 5,017 100.0% 4,737 100.0%

MoM Change YTD Change


Figure 41: Number of ETPs by Asset Class - | ETPs | Europe |

Sep-17 Aug-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 1,115 53.2% 1,102 13 0.6% 1,085 30 1.5%

Fixed income 387 18.5% 385 2 0.1% 371 16 0.8%

Commodity 54 2.6% 54 - 0.0% 48 6 0.3%

Currency - 0.0% 0 - 0.0% 0 - 0.0%

Multi Asset 10 0.5% 10 - 0.0% 8 2 0.1%

Alternative 5 0.2% 5 - 0.0% 6 (1) -0.1%

Total 1,571 75.0% 1,556 15 0.7% 1,518 53 2.7%

ETCs

Commodity 409 19.5% 409 - 0.0% 363 46 2.3%

Currency 115 5.5% 115 - 0.0% 115 - 0.0%

Total 524 25.0% 524 - 0.0% 478 46 2.3%

Total ETPs 2,095 100.0% 2,080 0.7% 1,996 5.0%

MoM Change YTD Change



11 October 2017

ETF Monthly Europe

Figure 42: New ETF launches - | ETFs | Europe |



11 October 2017

ETF Monthly Europe

Average TERs

Figure 43: ETF TERs using simple average - | ETFs | Europe |

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

Equity Alpha 0.35% 6 0.82% 2 0.46% 8

Beta 0.37% 619 0.38% 395 0.38% 1,014

Beta+ 0.60% 4 0.57% 67 0.57% 71

Semi Active 0.46% 9 0.54% 13 0.51% 22

0.38% 638 0.41% 477 0.39% 1,115

Fixed Income Alpha 0.41% 6 0.41% 2 0.41% 8

Beta 0.24% 252 0.21% 110 0.23% 362

Beta+ NA NA 0.22% 17 0.22% 17

0.25% 258 0.21% 129 0.24% 387

Alternative Alpha NA NA 0.60% 1 0.60% 1

Beta 0.75% 1 0.70% 2 0.72% 3

Beta+ NA NA NA NA NA NA

Semi Active NA NA 0.70% 1 0.70% 1

0.0075 1 0.68% 4 0.69% 5

Commodity Beta 0.50% 20 0.41% 33 0.46% 53



0.50% 20 0.41% 34 0.46% 54

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 2 NA 1 NA 3

Alpha 0.52% 5 0.64% 2 0.57% 7

0.52% 7 0.64% 3 0.57% 10

Total 0.35% 924 0.38% 647 0.36% 1,571

Physical Synthetic Total



11 October 2017

ETF Monthly Europe

Figure 44: 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 0.66% 77 0.64% 77

Beta+ NA NA 0.80% 55 0.74% 55

Industrial Metals Beta NA NA 0.64% 51 0.63% 51

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 0.48% 9 0.43% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.45% 31 0.59% 28 0.50% 59

Beta+ NA NA 0.76% 43 0.76% 43

Commodity 0.45% 31 0.71% 378 0.67% 409

Currency Currency Beta NA NA 0.41% 42 0.41% 42

Beta+ NA NA 0.79% 73 0.79% 73

Currency NA NA 0.65% 115 0.65% 115

Physical Synthetic Total



11 October 2017

ETF Monthly Europe

Figure 45: ETF TERs using AUM weighted average - | ETFs | Europe |

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

Equity Alpha 0.32% 6 0.74% 2 0.43% 8

Beta 0.29% 619 0.34% 395 0.30% 1,014

Beta+ 0.60% 4 0.50% 67 0.51% 71

Semi Active 0.40% 9 0.52% 13 0.50% 22

0.29% 638 0.35% 477 0.30% 1,115

Fixed Income Alpha 0.36% 6 0.39% 2 0.36% 8

Beta 0.28% 252 0.21% 110 0.27% 362

Beta+ NA NA 0.24% 17 0.24% 17

0.28% 258 0.22% 129 0.27% 387

Alternative Alpha NA NA 0.60% 1 0.60% 1

Beta 0.75% 1 0.70% 2 0.73% 3



0.75% 1 0.69% 4 0.73% 5

Commodity Beta 0.40% 20 0.39% 33 0.39% 53



0.40% 20 0.39% 34 0.40% 54

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.34% 2 0.55% 1 0.40% 3

Alpha 0.53% 5 0.71% 2 0.68% 7

0.53% 7 0.71% 3 0.68% 7

Total 0.29% 924 0.33% 647 0.30% 1,571

Synthetic TotalPhysical



11 October 2017

ETF Monthly Europe

Figure 46: 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 0.97% 35 0.97% 35

Energy Beta NA NA 0.48% 77 0.48% 77

Beta+ NA NA 0.96% 55 0.96% 55

Industrial Metals Beta NA NA 0.49% 51 0.49% 51

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 0.47% 9 0.47% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.36% 31 0.38% 28 0.37% 59

Beta+ NA NA 0.95% 43 0.95% 43

Commodity 0.36% 31 0.51% 378 0.40% 409

Currency Currency Beta NA NA 0.40% 42 0.40% 42

Beta+ NA NA 0.90% 73 0.90% 73

Currency NA NA 0.67% 115 0.67% 115

TotalPhysical Synthetic



11 October 2017

ETF Monthly Europe

5. Provider RankingsGlobal Provider Rankings

Figure 47: Global Top 10 ETF Providers ($ million) - | ETFs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM 2016 Mkt. Share Nu.

Current

Month CF

Current Month

YTD CF

1 BlackRock 1,594,677 38.0% 1,246,177 37.4% 694 21,552 423,648 189,695

2 Vanguard 825,270 19.7% 639,873 19.2% 112 9,560 74,240 108,942

3 State Street 572,060 13.6% 507,938 15.3% 248 2,145 504,134 8,211

4 PowerShares 149,909 3.6% 125,028 3.8% 238 -113 101,526 7,726

5 Nomura Asset Management 110,957 2.6% 79,904 2.4% 51 2,733 19,231 20,565

6 Charles Schwab 87,903 2.1% 59,750 1.8% 21 1,829 6,214 20,041

7 Deutsche AM 85,922 2.0% 69,535 2.1% 216 -10 7,555 5,011

8 Lyxor 73,309 1.7% 53,664 1.6% 226 1,223 10,544 9,833

9 Nikko Asset Management 52,660 1.3% 35,341 1.1% 29 1,241 419 12,592

10 First Trust 52,541 1.3% 41,230 1.2% 141 681 5,262 6,327

Total Top 10 3,605,207 85.9% 2,858,440 85.9% 1,976 40,842 1,152,772 388,942

Others 592,540 14.1% 470,369 14.1% 2,470 4,786 281,025 64,028

Global Total 4,197,747 100.0% 3,328,809 100.0% 4,446 45,628 1,433,797 452,970


Figure 48: Global Top 10 ETC/V Providers ($ million) - | ETCs/Vs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM

2016 Mkt.

Share Nu.

Current

Month CF

Current Month

YTD CF

1 State Street 35,658 35.7% 30,629 34.6% 1 2,042 21,843 2,002

2 ETF Securities 20,225 20.3% 18,193 20.6% 340 -529 3,383 677

3 BlackRock 19,203 19.2% 16,213 18.3% 8 768 5,811 1,806

4 PowerShares 9,628 9.6% 8,783 9.9% 15 314 2,326 651

5 ProShares 3,626 3.6% 3,289 3.7% 17 -263 25,993 891

6 United States Commodity Funds 3,580 3.6% 4,633 5.2% 11 -492 4,801 -629

7 Deutsche AM 3,415 3.4% 2,620 3.0% 17 -235 283 385

8 Deutsche Borse Commodities GmbH 2,074 2.1% 1,872 2.1% 1 0 162 0

9 Guggenheim Investments 1,156 1.2% 1,201 1.4% 9 -122 1,974 -143

10 WisdomTree 527 0.5% 521 0.6% 31 -42 606 73

Total Top 10 99,092 99.2% 87,955 99.4% 450 1,440 67,183 5,714

Others 754 0.8% 560 0.6% 144 0 97 191

Global Total 99,845 100.0% 88,515 100.0% 594 1,440 67,280 5,905



11 October 2017

ETF Monthly Europe

Figure 49: Global Top 10 ETP Providers ($ million) - | ETPs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM

2016 Mkt.

Share Nu.

Current

Month CF

Current Month

YTD CF

1 BlackRock 1,613,880 37.6% 1,262,390 36.9% 702 22,320 429,459 191,502

2 Vanguard 825,270 19.2% 639,873 18.7% 112 9,560 74,240 108,942

3 State Street 607,717 14.1% 538,567 15.8% 249 4,187 525,977 10,213

4 PowerShares 159,537 3.7% 133,811 3.9% 253 201 103,852 8,377

5 Nomura Asset Management 110,957 2.6% 79,904 2.3% 51 2,733 19,231 20,565

6 Deutsche AM 89,337 2.1% 72,155 2.1% 233 -245 7,838 5,396

7 Charles Schwab 87,903 2.0% 59,750 1.7% 21 1,829 6,214 20,041

8 Lyxor 73,334 1.7% 53,664 1.6% 228 1,223 10,544 9,874

9 Nikko Asset Management 52,660 1.2% 35,341 1.0% 29 1,241 419 12,592

10 First Trust 52,541 1.2% 41,230 1.2% 141 681 5,262 6,327

Total Top 10 3,673,136 85.5% 2,916,686 85.3% 2,019 43,731 1,183,034 393,827

Others 624,456 14.5% 500,638 14.7% 3,021 3,337 318,043 65,048

Global Total 4,297,593 100.0% 3,417,324 100.0% 5,040 47,068 1,501,077 458,875



11 October 2017

ETF Monthly Europe

European Provider Rankings - General

Figure 50: European ETF Providers (All) – Assets, Flows, Products, Turnover - | ETFs | Europe |All figures in オﾏillion except

products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 284,560 251,064 13% 3,942 2,138 28,254 25,560 24,031 6% 299 288 4%

Deutsche AM 62,072 53,381 16% 358 -20 6,332 4,207 3,892 8% 181 190 -5%

Lyxor 62,011 50,878 22% 1,025 -16 8,935 8,849 7,296 21% 226 218 4%

UBS 38,931 29,166 33% 203 87 8,622 2,187 2,102 4% 116 116 0%

Amundi 34,736 24,978 39% 1,104 -203 7,690 3,170 3,180 0% 115 105 10%

Vanguard 27,059 23,882 13% 96 350 2,882 2,499 2,284 9% 22 22 0%

State Street 21,649 17,599 23% 129 370 4,159 1,799 1,475 22% 99 99 0%

PowerShares 20,721 19,069 9% 87 32 1,723 1,716 1,158 48% 91 93 -2%

Deka Investment GmbH 9,060 8,297 9% 147 -31 226 468 574 -19% 42 42 0%

BNP Paribas 7,446 5,981 24% -84 318 994 496 308 61% 47 43 9%

ComStage 7,439 6,925 7% -278 8 248 392 473 -17% 111 114 -3%

Zuercher Kantonalbank 6,618 6,542 1% -4 -24 127 251 230 9% 4 4 0%

HSBC 4,999 4,925 1% 43 23 -71 267 315 -15% 27 27 0%

Xact Fonder AB 3,243 2,933 11% 21 -16 52 559 663 -16% 14 13 8%

Ossiam 2,294 1,943 18% 12 100 392 86 86 1% 12 11 9%

ETF Securities 2,185 1,482 48% 50 -30 749 448 524 -14% 29 27 7%

Julius Baer Inv 1,930 1,946 -1% -32 -8 -42 62 64 -3% 4 4 0%

ThinkCapital ETFs N.V. 1,425 1,656 -14% -41 67 -246 94 106 -11% 14 14 0%

WisdomTree 958 419 129% 134 58 511 239 217 10% 35 27 30%

First Trust 431 210 105% 54 23 201 67 20 236% 15 10 50%

BMO Global Asset Management 382 234 64% 3 18 149 4 16 -74% 13 10 30%

BBVA Gestion SA SGIIC 367 349 5% 3 7 -18 38 28 36% 2 2 0%

IndexIQ 330 0 NA 5 2 323 0 0 -100% 5 0 NA

Fundlogic Global Solutions plc 284 403 -29% -43 -2 -126 48 9 410% 2 2 0%

China Post Global 259 274 -5% 8 2 36 15 34 -55% 9 8 13%

Seligson & Co Fund Man 258 197 31% 31 0 37 39 6 564% 1 1 0%

Van Eck Funds 213 148 44% 1 0 75 28 49 -42% 4 3 33%

Raiffeisen Schweiz Genossenschaft 213 194 9% 4 0 19 10 8 33% 3 3 0%

Fidelity International 149 0 NA 7 8 152 13 10 28% 2 0 NA

Nomura Asset Management 121 117 4% 0 -9 -1 4 2 106% 3 3 0%

DnB Kapitalforvaltning 116 122 -5% -4 0 -18 9 7 30% 1 1 0%

UniCredit Bank 93 95 -2% 0 0 0 2 1 30% 1 1 0%

Commerzbank AG 55 55 1% 0 0 0 0 0 -7% 3 3 0%

SEB Investment Management AB 52 46 11% 0 0 0 2 1 229% 3 3 0%

FinEx Fund Plc 37 33 13% 2 0 6 0 1 -74% 2 2 0%

Franklin Templeton Investments 18 0 NA 17 0 17 15 0 NA 4 0 NA

Expat Capital 16 13 24% 1 0 0 0 0 198% 1 1 0%

Alpha Asset Management 12 10 18% 0 0 0 0 0 -67% 1 1 0%

ZyFin Holdings 11 20 -45% 0 -4 -9 0 4 -93% 3 3 0%

Fullgoal Fund Management Co 8 10 -20% 0 0 -1 0 0 179% 1 1 0%

GF International Fund Management 5 0 NA 0 -13 5 0 0 NA 1 0 NA

NBG Asset Management MFMC 5 4 14% 0 0 0 0 0 NA 2 2 0%

Landsbankinn 0 0 NA 0 0 0 5 0 1608% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -55% 0 0 NA

Total 602,771 515,601 17% 7,002 3,233 72,382 53,653 49,175 9% 1571 1,518 3%

AUM Cash Flow Turnover Products



11 October 2017

ETF Monthly Europe

Figure 51: European ETC Providers (All) – Assets, Flows, Products, Turnover - | ETCs | Europe |

All figures in € million except products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

ETF Securities 14,619 14,860 -2% -468 -118 515 2,547 2,415 5% 330 330 0%

PowerShares 4,179 3,116 34% 47 243 1,160 394 231 71% 4 4 0%

Deutsche AM 2,888 2,484 16% -198 -79 369 238 176 35% 17 17 0%

Blackrock 2,564 2,184 17% 314 15 451 610 257 138% 4 4 0%

Deutsche Borse Commodities GmbH 1,754 1,775 -1% 0 0 0 136 206 -34% 1 1 0%

WisdomTree 310 286 9% -32 -2 120 502 464 8% 30 30 0%

Borse Stuttgart Securities GmbH 292 249 17% 2 -2 50 0 0 NA 1 1 0%

Commerzbank AG 106 126 -15% -9 -5 0 15 9 65% 68 68 0%

UBS 67 0 224501% -1 -1 75 1 1 50% 4 4 0%

Lyxor 21 0 NA 0 0 39 0 0 912% 2 0 NA

BNP Paribas 4 1 476% 0 0 3 1 0 253% 63 19 232%

Royal Bank of Scotland plc 0 0 NA 0 0 0 0 0 NA - 0 NA

Total 26,806 25,080 7% -345 50 2,783 4,445 3,758 18% 524 478 10%

AUM Cash Flow Turnover Products



11 October 2017

ETF Monthly Europe

Figure 52: European ETP Providers (All) – Assets, Flows, Products, Turnover - | ETPs | Europe |


Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 287,124 253,248 13% 4,256 2,153 28,705 26,171 24,288 8% 303 292 4%

Deutsche AM 64,960 55,865 16% 160 -99 6,701 4,445 4,068 9% 198 207 -4%

Lyxor 62,032 50,878 22% 1,025 -16 8,974 8,849 7,296 21% 228 218 5%

UBS 38,998 29,166 34% 202 87 8,697 2,188 2,103 4% 120 120 0%

Amundi 34,736 24,978 39% 1,104 -203 7,690 3,170 3,180 0% 115 105 10%

Vanguard 27,059 23,882 13% 96 350 2,882 2,499 2,284 9% 22 22 0%

PowerShares 24,900 22,186 12% 134 275 2,883 2,111 1,389 52% 95 97 -2%

State Street 21,649 17,599 23% 129 370 4,159 1,799 1,475 22% 99 99 0%

ETF Securities 16,804 16,342 3% -418 -149 1,264 2,995 2,939 2% 359 357 1%

Deka Investment GmbH 9,060 8,297 9% 147 -31 226 468 574 -19% 42 42 0%

BNP Paribas 7,450 5,982 25% -84 318 997 497 308 61% 110 62 77%

ComStage 7,439 6,925 7% -278 8 248 392 473 -17% 111 114 -3%

Zuercher Kantonalbank 6,618 6,542 1% -4 -24 127 251 230 9% 4 4 0%

HSBC 4,999 4,925 1% 43 23 -71 267 315 -15% 27 27 0%

Xact Fonder AB 3,243 2,933 11% 21 -16 52 559 663 -16% 14 13 8%

Ossiam 2,294 1,943 18% 12 100 392 86 86 1% 12 11 9%

Julius Baer Inv 1,930 1,946 -1% -32 -8 -42 62 64 -3% 4 4 0%

Deutsche Borse Commodities GmbH 1,754 1,775 -1% 0 0 0 136 206 -34% 1 1 0%

ThinkCapital ETFs N.V. 1,425 1,656 -14% -41 67 -246 94 106 -11% 14 14 0%

WisdomTree 1,269 705 80% 101 56 631 741 681 9% 65 57 14%

First Trust 431 210 105% 54 23 201 67 20 236% 15 10 50%

BMO Global Asset Management 382 234 64% 3 18 149 4 16 -74% 13 10 30%

BBVA Gestion SA SGIIC 367 349 5% 3 7 -18 38 28 36% 2 2 0%

IndexIQ 330 0 NA 5 2 323 0 0 -100% 5 0 NA

Borse Stuttgart Securities GmbH 292 249 17% 2 -2 50 0 0 NA 1 1 0%

Fundlogic Global Solutions plc 284 403 -29% -43 -2 -126 48 9 410% 2 2 0%

China Post Global 259 274 -5% 8 2 36 15 34 -55% 9 8 13%

Seligson & Co Fund Man 258 197 31% 31 0 37 39 6 564% 1 1 0%

Van Eck Funds 213 148 44% 1 0 75 28 49 -42% 4 3 33%

Raiffeisen Schweiz Genossenschaft 213 194 9% 4 0 19 10 8 33% 3 3 0%

Commerzbank AG 162 181 -10% -9 -6 0 16 10 63% 71 71 0%

Fidelity International 149 0 NA 7 8 152 13 10 28% 2 0 NA

Nomura Asset Management 121 117 4% 0 -9 -1 4 2 106% 3 3 0%

DnB Kapitalforvaltning 116 122 -5% -4 0 -18 9 7 30% 1 1 0%

UniCredit Bank 93 95 -2% 0 0 0 2 1 30% 1 1 0%

SEB Investment Management AB 52 46 11% 0 0 0 2 1 229% 3 3 0%

FinEx Fund Plc 37 33 13% 2 0 6 0 1 -74% 2 2 0%

Franklin Templeton Investments 18 0 NA 17 0 17 15 0 NA 4 0 NA

Expat Capital 16 13 24% 1 0 0 0 0 198% 1 1 0%

Alpha Asset Management 12 10 18% 0 0 0 0 0 -67% 1 1 0%

ZyFin Holdings 11 20 -45% 0 -4 -9 0 4 -93% 3 3 0%

Fullgoal Fund Management Co 8 10 -20% 0 0 -1 0 0 179% 1 1 0%

GF International Fund Management 5 0 NA 0 -13 5 0 0 NA 1 0 NA

NBG Asset Management MFMC 5 4 14% 0 0 0 0 0 NA 2 2 0%

Landsbankinn 0 0 NA 0 0 0 5 0 1608% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -55% 0 0 NA

Total 629,577 540,681 16% 6,657 3,284 75,165 58,099 52,933 10% 2,095 1,996 5%

ProductsCash Flow Turnover



11 October 2017

ETF Monthly Europe

Figure 53: European ETP Providers tier market share - | ETPs | Europe |

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

Q3 16

Q4 16

Q1 17

Q2 17

Sep-17

Q3 16 Q4 16 Q1 17 Q2 17 Sep-17

Tier 1 72.3% 72.0% 71.3% 77.1% 77.5%

Tier 2 23.7% 24.1% 24.9% 19.3% 18.2%

Tier 3 4.0% 3.9% 3.7% 3.7% 4.3%



11 October 2017

ETF Monthly Europe

European Provider Rankings - by Asset Class

Figure 54: European ETF Providers (All) – Assets, Flows, Products, Turnover - | ETFs |Europe |

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 186,992 95,199 1,989 380 284,560 47.2% 299 25,560 3,942 28,254

Deutsche AM 48,560 12,642 357 513 62,072 10.3% 181 4,207 358 6,332

Lyxor 46,097 14,803 1,054 57 62,011 10.3% 226 8,849 1,025 8,935

UBS 31,534 3,661 3,688 48 38,931 6.5% 116 2,187 203 8,622

Amundi 25,628 9,107 0 0 34,736 5.8% 115 3,170 1,104 7,690

Vanguard 26,720 339 0 0 27,059 4.5% 22 2,499 96 2,882

State Street 13,598 7,976 0 75 21,649 3.6% 99 1,799 129 4,159

PowerShares 12,725 7,091 904 0 20,721 3.4% 91 1,716 87 1,723

Deka Investment GmbH 6,461 2,599 0 0 9,060 1.5% 42 468 147 226

BNP Paribas 6,951 172 323 0 7,446 1.2% 47 496 -84 994

ComStage 5,648 1,201 536 53 7,439 1.2% 111 392 -278 248

Zuercher Kantonalbank 0 0 6,618 0 6,618 1.1% 4 251 -4 127

HSBC 4,999 0 0 0 4,999 0.8% 27 267 43 -71

Xact Fonder AB 3,195 42 6 0 3,243 0.5% 14 559 21 52

Ossiam 2,190 0 53 51 2,294 0.4% 12 86 12 392

ETF Securities 1,350 337 498 0 2,185 0.4% 29 448 50 749

Julius Baer Inv 0 0 1,930 0 1,930 0.3% 4 62 -32 -42

ThinkCapital ETFs N.V. 1,127 264 0 34 1,425 0.2% 14 94 -41 -246

WisdomTree 874 0 84 0 958 0.2% 35 239 134 511

First Trust 427 0 0 3 431 0.1% 15 67 54 201

BMO Global Asset Management 172 210 0 0 382 0.1% 13 4 3 149

BBVA Gestion SA SGIIC 367 0 0 0 367 0.1% 2 38 3 -18

IndexIQ 231 100 0 0 330 0.1% 5 0 5 323

Fundlogic Global Solutions plc 284 0 0 0 284 0.0% 2 48 -43 -126

China Post Global 151 0 108 0 259 0.0% 9 15 8 36

Seligson & Co Fund Man 258 0 0 0 258 0.0% 1 39 31 37

Van Eck Funds 169 44 0 0 213 0.0% 4 28 1 75

Raiffeisen Schweiz Genossenschaft 0 0 213 0 213 0.0% 3 10 4 19

Fidelity International 149 0 0 0 149 0.0% 2 13 7 152

Nomura Asset Management 121 0 0 0 121 0.0% 3 4 0 -1

DnB Kapitalforvaltning 116 0 0 0 116 0.0% 1 9 -4 -18

UniCredit Bank 0 93 0 0 93 0.0% 1 2 0 0

Commerzbank AG 23 32 0 0 55 0.0% 3 0 0 0

SEB Investment Management AB 52 0 0 0 52 0.0% 3 2 0 0

FinEx Fund Plc 0 30 7 0 37 0.0% 2 0 2 6

Franklin Templeton Investments 18 0 0 0 18 0.0% 4 15 17 17

Expat Capital 16 0 0 0 16 0.0% 1 0 1 0

Alpha Asset Management 12 0 0 0 12 0.0% 1 0 0 0

ZyFin Holdings 2 9 0 0 11 0.0% 3 0 0 -9

Fullgoal Fund Management Co 0 8 0 0 8 0.0% 1 0 0 -1

GF International Fund Management 5 0 0 0 5 0.0% 1 0 0 5

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

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

Landsbankinn 0 0 0 0 0 0.0% 1 5 0 0

Total 427,230 155,959 18,366 1,215 602,771 100.0% 1,571 53,653 7,002 72,382




11 October 2017

ETF Monthly Europe

Figure 55: 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 14,186 433 14,619 54.5% 330 2,547 -468 515

PowerShares 4,179 0 4,179 15.6% 4 394 47 1160

Deutsche AM 2,888 0 2,888 10.8% 17 238 -198 369

Blackrock 2,564 0 2,564 9.6% 4 610 314 451

Deutsche Borse Commodities GmbH 1,754 0 1,754 6.5% 1 136 0 0

WisdomTree 304 7 310 1.2% 30 502 -32 120

Borse Stuttgart Securities GmbH 292 0 292 1.1% 1 - 2 50

Commerzbank AG 106 0 106 0.4% 68 15 -9 0

UBS 67 0 67 0.2% 4 1 -1 75

Lyxor 21 0 21 0.1% 2 0 0 39

BNP Paribas 4 0 4 0.0% 63 1 0 3

Royal Bank of Scotland plc 0 0 0 0.0% - - 0 0

Total 26,366 440 26,806 100.0% 524 4,445 -345 2,783




11 October 2017

ETF Monthly Europe

Figure 56: European ETP Providers (All) – Assets, Flows, Products, Turnover - | ETPs |Europe |

Issuer Equity

Fixed

Income Commodity Others

Total Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 186,992 95,199 4,553 380 287,124 45.6% 303 26,171 4,256 28,705

Deutsche AM 48,560 12,642 3,245 513 64,960 10.3% 198 4,445 160 6,701

Lyxor 46,097 14,803 1,075 57 62,032 9.9% 228 8,849 1,025 8,974

UBS 31,534 3,661 3,754 48 38,998 6.2% 120 2,188 202 8,697

Amundi 25,628 9,107 0 0 34,736 5.5% 115 3,170 1,104 7,690

Vanguard 26,720 339 0 0 27,059 4.3% 22 2,499 96 2,882

PowerShares 12,725 7,091 5,083 0 24,900 4.0% 95 2,111 134 2,883

State Street 13,598 7,976 0 75 21,649 3.4% 99 1,799 129 4,159

ETF Securities 1,350 337 14,684 433 16,804 2.7% 359 2,995 -418 1,264

Deka Investment GmbH 6,461 2,599 0 0 9,060 1.4% 42 468 147 226

BNP Paribas 6,951 172 327 0 7,450 1.2% 110 497 -84 997

ComStage 5,648 1,201 536 53 7,439 1.2% 111 392 -278 248

Zuercher Kantonalbank 0 0 6,618 0 6,618 1.1% 4 251 -4 127

HSBC 4,999 0 0 0 4,999 0.8% 27 267 43 -71

Xact Fonder AB 3,195 42 6 0 3,243 0.5% 14 559 21 52

Ossiam 2,190 0 53 51 2,294 0.4% 12 86 12 392

Julius Baer Inv 0 0 1,930 0 1,930 0.3% 4 62 -32 -42

Deutsche Borse Commodities GmbH 0 0 1,754 0 1,754 0.3% 1 136 0 0

ThinkCapital ETFs N.V. 1,127 264 0 34 1,425 0.2% 14 94 -41 -246

WisdomTree 874 0 388 7 1,269 0.2% 65 741 101 631

First Trust 427 0 0 3 431 0.1% 15 67 54 201

BMO Global Asset Management 172 210 0 0 382 0.1% 13 4 3 149

BBVA Gestion SA SGIIC 367 0 0 0 367 0.1% 2 38 3 -18

IndexIQ 231 100 0 0 330 0.1% 5 0 5 323

Borse Stuttgart Securities GmbH 0 0 292 0 292 0.0% 1 0 2 50

Fundlogic Global Solutions plc 284 0 0 0 284 0.0% 2 48 -43 -126

China Post Global 151 0 108 0 259 0.0% 9 15 8 36

Seligson & Co Fund Man 258 0 0 0 258 0.0% 1 39 31 37

Van Eck Funds 169 44 0 0 213 0.0% 4 28 1 75

Raiffeisen Schweiz Genossenschaft 0 0 213 0 213 0.0% 3 10 4 19

Commerzbank AG 23 32 106 0 162 0.0% 71 16 -9 0

Fidelity International 149 0 0 0 149 0.0% 2 13 7 152

Nomura Asset Management 121 0 0 0 121 0.0% 3 4 0 -1

DnB Kapitalforvaltning 116 0 0 0 116 0.0% 1 9 -4 -18

UniCredit Bank 0 93 0 0 93 0.0% 1 2 0 0

SEB Investment Management AB 52 0 0 0 52 0.0% 3 2 0 0

FinEx Fund Plc 0 30 7 0 37 0.0% 2 0 2 6

Franklin Templeton Investments 18 0 0 0 18 0.0% 4 15 17 17

Expat Capital 16 0 0 0 16 0.0% 1 0 1 0

Alpha Asset Management 12 0 0 0 12 0.0% 1 0 0 0

ZyFin Holdings 2 9 0 0 11 0.0% 3 0 0 -9

Fullgoal Fund Management Co 0 8 0 0 8 0.0% 1 0 0 -1

GF International Fund Management 5 0 0 0 5 0.0% 1 0 0 5

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

Royal Bank of Scotland plc 0 0 0 0 0 0.0% 0 0 0 0

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

Landsbankinn 0 0 0 0 0 0.0% 1 5 0 0

Total 427,230 155,959 44,733 1,655 629,577 100.0% 2,095 58,099 6,657 75,165




11 October 2017

ETF Monthly Europe

European Provider Analysis by Replication Method

Figure 57: European ETF Providers list by replication - | ETFs | Europe|

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

European Providers

BlackRock Physical 185,970 200 95,197 87 705 3 380 1 282,253 99% 291

Synthetic 1,021 4 2 2 1,284 2 - - 2,307 1% 8

Deutsche AM Physical 33,390 72 4,465 19 - - 29 1 37,884 61% 92

Synthetic 15,170 48 8,178 37 357 2 484 2 24,188 39% 89

Lyxor Physical 17,666 18 5,871 30 - - - - 23,536 38% 48

Synthetic 28,431 145 8,932 28 1,054 3 57 2 38,474 62% 178

UBS Physical 25,077 68 3,661 24 2,122 5 - - 30,860 79% 97

Synthetic 6,457 6 - - 1,565 11 48 2 8,071 21% 19

Amundi Physical 6,259 11 99 7 - - - - 6,358 18% 18

Synthetic 19,369 70 9,008 27 - - - - 28,377 82% 97

Vanguard Physical 26,720 16 339 6 - - - - 27,059 100% 22

State Street Physical 13,598 62 7,976 36 - - 75 1 21,649 100% 99

PowerShares Physical 2,347 17 6,532 12 - - - - 8,880 43% 29

Synthetic 10,378 57 559 2 904 3 - - 11,841 57% 62

Deka Investment GmbH Physical 6,440 25 2,599 16 - - - - 9,039 100% 41

Synthetic 21 1 - - - - - - 21 0% 1

ComStage Physical 289 7 - - - - 53 1 342 5% 8

Synthetic 5,359 73 1,201 28 536 2 - - 7,096 95% 103

BNP Paribas Physical 3,123 18 165 1 - - - - 3,288 44% 19

Synthetic 3,828 23 7 3 323 2 - - 4,158 56% 28

Zuercher Kantonalbank Physical - - - - 6,618 4 - - 6,618 100% 4

HSBC Physical 4,999 27 - - - - - - 4,999 100% 27

Xact Fonder AB Physical 3,098 10 42 1 6 1 - - 3,146 100% 12

Xact Fonder AB Synthetic 97 2 - - - - - - 97 100% 2

Ossiam Physical 35 1 - - - - - - 35 2% 1

Synthetic 2,155 9 - - 53 1 51 1 2,259 98% 11

ETF Securities Synthetic 469 19 - - 498 3 - - 967 100% 22

Physical 881 3 337 4 - - - - 1,218 100% 7

Julius Baer Inv Physical - - - - 1,930 4 - - 1,930 100% 4

ThinkCapital ETFs N.V. Physical 1,127 8 264 3 - - 34 3 1,425 100% 14

WisdomTree Physical 642 25 - - - - - - 642 100% 25

Synthetic 233 8 0 1 84 1 - - 317 100% 10

First Trust Physical 427 14 - - - - 3 1 431 100% 15

BMO Global Asset Management Physical 172 9 210 4 - - - - 382 100% 13

BBVA Gestion SA Physical 367 2 - - - - - - 367 100% 2

IndexIQ Physical 231 3 100 2 - - - - 330 100% 5

Fundlogic Global Solutions plc Synthetic 284 2 - - - - - - 284 100% 2

China Post Global Physical 26 1 - - - - - - 26 100% 1

China Post Global Synthetic 126 5 - - 108 3 - - 233 100% 8

Seligson & Co Fund Mgmt. Physical 258 1 - - - - - - 258 100% 1

Van Eck Funds Physical 169 3 44 1 - - - - 213 100% 4

Raiffeisen Schweiz Genossenschaft Physical - - - - 213 3 - - 213 100% 3

Fidelity International Physical 149 2 - - - - - - 149 100% 2

Nomura Asset Management Physical 121 3 - - - - - - 121 100% 3

DnB Kapitalforvaltning Physical 116 1 - - - - - - 116 100% 1

UniCredit Bank Synthetic - - 93 1 - - - - 93 100% 1

Commerzbank AG Physical 12 1 32 1 - - - - 44 79% 2

Synthetic 12 1 - - - - - - 12 21% 1

SEB Investment Management AB Synthetic 52 3 - - - - - - 52 100% 3

FinEx Fund Plc Physical - - 30 1 - - - - 30 82% 1

Synthetic - - - - 7 1 - - 7 18% 1

Expat Capital Physical 16 1 - - - - - - 16 100% 1

ZyFin Holdings Physical 2 1 9 2 - - - - 11 19% 3

Alpha Asset Mgmt. Physical 12 1 - - - - - - 12 100% 1

Franklin Templeton Investments Physical 18 4 - - - - - - 18 100% 4

Fullgoal Fund Management Co Physical - - 8 1 - - - - 8 100% 1

GF International Fund Management Physical 5 1 - - - - - - 5 100% 1

NBG Asset Mgmt. Physical 3 1 - - - - - - 3 52% 1

Synthetic 2 1 - - - - - - 2 48% 1

Landsbankinn Physical - 1 - - - - - - - NA 1

Total 427,230 1,115 155,959 387 18,366 54 1,215 15 602,771 1,571

Total


Replication

Method Equity Fixed Income Commodity Other



11 October 2017

ETF Monthly Europe

6. Trading PerspectiveETP Monthly Turnover Analysis by Asset Class, byInstrument

Figure 58: Turnover by asset class and instrument - | ETPs | Europe |

Asset Class Aug-172016 (Monthly

Avg.)

All figures in € million Turnover Market

Share %

MoM

%Change

2016 (Monthly

Avg.) %Change Turnover Turnover

ETFs

Equity 42,207 72.6% 14.3% -9.0% 36,925 46,356

Fixed income 10,530 18.1% -7.7% -43.3% 11,413 18,567

Commodity 789 1.4% 2.7% -25.4% 768 1,058

Currency 0 0.0% 0.0% na 0 0

Multi Asset 17 0.0% -12.9% -15.3% 19 20

Alternative 110 0.2% 121.7% -8.0% 50 119

Total 53,653 92.3% 9.1% -18.9% 49,175 66,120

ETCs

Commodity 4,067 7.0% 15.4% -34.7% 3,524 6,227

Currency 379 0.7% 61.4% 78.2% 235 213

Total 4,445 7.7% 18.3% -31.0% 3,758 6,439

Total ETPs 58,099 100.0% 9.8% -19.9% 52,933 72,559

Sep-17


Asset Class Analysis

Figure 59: European Equity ETF Turnover Summary - | ETFs | Europe |

Equity Turnover Aug-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets 24,865 58.9% 13.8% 89.1% 21,851 27,909

Emerging Markets 4,500 10.7% 13.2% 99.2% 3,976 4,536

Global Markets 1,241 2.9% 59.4% 174.7% 779 710

Sector 4,302 10.2% 25.7% 120.1% 3,423 3,583

Capitalization 844 2.0% 20.2% 120.1% 703 703

Strategy 4,138 9.8% -3.4% 62.2% 4,285 6,651

Style 1,370 3.2% 29.4% 89.7% 1,059 1,527

Thematic 948 2.2% 11.3% 128.5% 851 738

Total Equities 42,207 100% 14% 91.0% 36,925 46,356

Sep-17



11 October 2017

ETF Monthly Europe

Figure 60: European Equity ETF Turnover Summary – A - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2016 (Monthly


Sector 4,302 37.1% 25.7% 20.1% 3,423 3,583

Consumer discretionary 222 1.9% 120.3% 55.1% 101 143

Consumer staples 155 1.3% 6.0% 2.7% 146 151

Energy 467 4.0% 38.7% 17.9% 336 396

Financials 1792 15.4% 19.7% 26.5% 1497 1,417

Healthcare 357 3.1% 34.0% 20.4% 266 296

Industrials 72 0.6% -4.5% -21.3% 75 91

Information Technology 500 4.3% 132.8% 195.9% 215 169

Materials 263 2.3% 4.5% 22.7% 252 215

Overall 0 0.0% -100.0% na 0 -

Real Estate 271 2.3% -12.7% -45.3% 310 495

Telecommunications 87 0.8% -36.8% 8.1% 138 81

Utilities 118 1.0% 36.7% -9.4% 86 130

Capitalization 844 7.3% 20.2% 20.1% 703 703

Large Cap 10 0.1% -8.9% -66.1% 11 30

Mid Cap 282 2.4% 12.1% 42.0% 252 199

Small Cap 552 4.8% 25.5% 16.4% 439 474

Strategy 4,138 35.7% -3.4% -37.8% 4,285 6,651

Fundamental 147 1.3% 343.3% 73.9% 33 84

Leveraged Long 1258 10.8% -16.7% -42.0% 1510 2167

Leveraged Short 773 6.7% -22.7% -62.4% 1000 2058

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 1541 13.3% 21.0% 2.6% 1274 1502

Short 419 3.6% -10.4% -50.1% 468 840

Style 1,370 11.8% 29.4% -10.3% 1,059 1,527

Dividend 1,286 11.1% 34.1% -6.4% 959 1,373

Growth 12 0.1% -16.7% -68.7% 14 37

Value 73 0.6% -15.5% -37.5% 86 117

Thematic 948 8.2% 11.3% 28.5% 851 738

Commodities 218 1.9% -4.8% -36.4% 229 343

Cyclical 0 0.0% 0.0% 0.0% 0 -

Faith 22 0.2% -2.2% -9.0% 22 24

Other Theme 338 2.9% 6.5% 177.5% 318 122

Sustainability 369 3.2% 30.9% 48.6% 282 248

Total 11,602 100.0% 12.4% -12.1% 10,320 13,202

Sep-17



11 October 2017

ETF Monthly Europe

Figure 61: European Equity ETF Turnover Summary – B - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets

Europe 14,906 59.9% 15.2% -11.5% 12,944 16,843

Austria 20 0.1% 83.9% 81.4% 11 11

Belgium 1 0.0% 42.2% 9073.1% 1 0

Finland 39 0.2% 564.1% 485.4% 6 7

France 813 3.3% 257.9% 80.4% 227 451

Germany 2,988 12.0% 15.4% -14.5% 2,590 3,495

Greece 30 0.1% 41.8% 26.3% 21 24

Ireland 2 0.0% 68.0% 68.9% 1 1

Italy 547 2.2% 4.6% -23.9% 523 719

Netherlands 81 0.3% -21.1% -61.6% 103 211

Norway 14 0.1% -11.5% -37.1% 16 22

Portugal 3 0.0% 35.1% -39.4% 2 5

Iceland 5 0.0% 1608.3% 12.8% 0 4

Spain 79 0.3% -7.2% -51.0% 85 161

Sweden 172 0.7% 39.1% -46.3% 124 320

Switzerland 667 2.7% 6.3% -28.6% 627 933

UK 2,203 8.9% 18.5% -20.0% 1,858 2,754

Europe broad 7,242 29.1% 7.3% -6.2% 6,749 7,724

Americas 5,727 23.0% 6.4% -10.2% 5,385 6,380

US 5,536 22.3% 12.3% -8.6% 4,928 6,057

Canada 62 0.2% -82.5% -60.0% 352 154

North America 130 0.5% 24.3% -23.2% 105 170

Asia 2,432 9.8% 15.5% -6.6% 2,105 2,602

Australia 51 0.2% 21.0% -56.0% 42 115

Hong Kong 20 0.1% 40.9% 21.9% 14 16

Japan 2,159 8.7% 26.8% -5.0% 1,703 2,273

Singapore 2 0.0% 54.3% -21.6% 1 3

Asia Pacific broad 199 0.8% -42.1% 2.7% 344 194

EMEA 2 0.0% -18.3% -21.4% 3 3

Israel 2 0.0% -18.3% -21.4% 3 3

Global 1,797 7.2% 27.2% -13.6% 1,414 2,081

Broad indices 1,797 7.2% 27.2% -13.6% 1,414 2,081

DM Total 24,865 100.0% 13.8% -10.9% 21,848 27,906

Sep-17



11 October 2017

ETF Monthly Europe

Figure 62: European Equity ETF Turnover Summary – C - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2016 (Monthly


Emerging Markets

BRIC 759 16.9% 11.4% -12.3% 681 865

Brazil 148 3.3% -10.5% -9.4% 166 164

Russia 244 5.4% 118.6% 52.0% 111 160

India 129 2.9% 21.9% -34.1% 106 195

China 238 5.3% -20.2% -31.1% 299 346

Latin America 138 3.1% 88.0% -6.0% 74 147

Chile 0 0.0% 0.0% na 0 0

Mexico 16 0.4% -11.0% -58.7% 18 40

LATAM broad 122 2.7% 121.2% 13.5% 55 107

Asia 494 11.0% -24.9% -9.2% 657 544

Bangladesh 2 0.1% 10.1% 36.7% 2 2

Indonesia 19 0.4% 86.2% -38.2% 10 31

Malaysia 9 0.2% 328.6% -34.3% 2 13

Pakistan 6 0.1% 103.3% 130.1% 3 3

Philippines 21 0.5% 278.4% 108.1% 6 10

South Korea 113 2.5% 16.0% -2.5% 97 116

Taiwan 69 1.5% -70.4% -19.4% 232 85

Thailand 5 0.1% -14.9% -58.2% 6 12

Vietnam 6 0.1% 35.8% -68.0% 5 20

Asia Pacific broad 243 5.4% -17.3% -3.5% 294 252

EMEA 154 3.4% 27.4% -10.7% 121 172

Bulgaria 0 0.0% 198.4% 211.7% 0 0

Kuwait 0 0.0% -100.0% -100.0% 0 1

Poland 12 0.3% 25.5% -18.1% 9 15

South Africa 11 0.2% -58.8% -56.7% 26 25

Turkey 45 1.0% 53.7% 9.6% 29 41

Europe broad 81 1.8% 52.5% -2.0% 53 83

Middle East & Africa 5 0.1% 71.9% -44.1% 3 9

Global Markets 2,956 65.7% 21.0% 5.3% 2,443 2,807

Global 2,956 65.7% 21.0% 5.3% 2,443 2,807

EM Total 4,500 100.0% 13.2% -0.8% 3,975 4,536

Total (EM + DM) 29,365 100.0% 13.7% -9.5% 25,824 32,442

Sep-17



11 October 2017

ETF Monthly Europe

Figure 63: European Fixed Income ETF Turnover - | ETFs | Europe |

Fixed Income Turnover Aug-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Overall 218 2.1% -44.8% -56.5% 395 502

Corporates 4,136 39.3% -16.9% -44.5% 4,978 7,449

Covered Bonds 62 0.6% 4.8% -56.2% 59 142

Credit Exposure 12 0.1% -25.1% -60.5% 15 29

Sovereign 5,189 49.3% -1.8% -47.3% 5,286 9,850

Money Market 913 8.7% 34.5% 53.6% 679 594

Total Fixed Income 10,530 100.0% -7.7% -43.3% 11,413 18,567

Sep-17



11 October 2017

ETF Monthly Europe

Figure 64: European Commodity ETP Turnover summary - | ETPs | Europe |

Commodity Turnover Aug-172016 (Monthly

Avg.)


Share %

MoM

%Change Avg.) %Change Turnover Turnover

Overall 368 7.6% 10.5% -16.4% 333 440

Overall 353 7.3% 10.5% -16.9% 320 425

Overall ex Energy 15 0.3% 11.7% 0.1% 14 15

Overall Light Energy 0 0.0% #DIV/0! -100.0% 0 0

Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0

Agriculture 203 4.2% -8.4% 6.2% 222 191

Overall 40 0.8% 24.0% -8.5% 32 44

Cocoa 25 0.5% -7.1% 189.0% 27 9

Coffee 57 1.2% 49.1% 60.7% 38 35

Corn 4 0.1% -77.0% -67.0% 17 12

Cotton 7 0.1% -8.5% 87.2% 7 3

Grains 1 0.0% -44.0% -68.0% 2 3

Softs 1 0.0% 5.0% -25.2% 1 1

Soybean Oil 1 0.0% -34.5% -92.5% 1 8

Soybeans 3 0.1% -59.6% -65.5% 7 8

Sugar 38 0.8% -5.7% 62.1% 41 24

Wheat 28 0.6% -43.4% -37.3% 50 45

Energy 970 20.0% -5.3% -51.7% 1,024 2,008

Overall 13 0.3% 82.3% -52.2% 7 27

Carbon 0 0.0% -25.1% 163.6% 0 0

Crude Oil 809 16.7% -10.0% -53.9% 899 1756

Gasoline 6 0.1% -19.9% -26.9% 8 9

Heating Oil 2 0.0% -17.8% -58.7% 2 5

Natural Gas 139 2.9% 30.2% -34.2% 107 211

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 273 5.6% 59.9% 59.1% 171 171

Overall 70 1.4% 35.8% 77.7% 51 39

Aluminium 4 0.1% -37.5% -52.6% 6 8

Copper 146 3.0% 201.0% 54.2% 49 95

Lead 0 0.0% -69.5% -73.8% 2 2

Nickel 47 1.0% -10.2% 156.5% 52 18

Tin 0 0.0% -94.2% -90.5% 2 1

Zinc 5 0.1% -41.7% -36.6% 8 7

Precious Metals 3,035 62.5% 19.8% -32.1% 2,533 4,468

Overall 13 0.3% -35.2% -32.2% 20 19

Gold 2603 53.6% 22.6% -34.0% 2123 3940

Palladium 30 0.6% 82.9% -54.9% 16 66

Platinum 39 0.8% -50.7% -37.9% 80 63

Rhodium 2 0.0% 82.9% 242.2% 1 1

Silver 348 7.2% 18.9% -8.2% 293 379

Livestock 7 0.1% -25.9% 35.5% 9 5

Overall 0 0.0% -95.7% -55.7% 4 0

Cattle 1 0.0% 328.2% -33.4% 0 1

Lean Hogs 6 0.1% 25.4% 65.2% 5 4

Total 4,856 100.0% 13.1% -33.3% 4,292 7,284

Sep-17



11 October 2017

ETF Monthly Europe

Product Rankings

Figure 65: Top 20 Equity ETFs by Turnover (€ million) - | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 2,012.9 1,407.8 13,129.2

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,405.3 1,465.2 14,354.3

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,386.4 942.1 13,283.4

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,095.2 1,046.6 8,715.6

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 841.6 576.9 5,277.8

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 755.7 510.2 6,783.4

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 742.4 603.4 4,919.6

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 737.8 321.5 5,387.9

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 677.6 125.1 3,646.1

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 642.8 805.9 7,044.7

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 587.4 483.9 3,442.5

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 579.8 411.4 5,935.3

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 549.6 439.3 3,034.7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 513.0 267.8 3,503.9

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 450.8 421.8 4,976.6

Lyxor UCITS ETF Euro Stoxx Banks BNKE FP Lyxor Beta 430.0 279.0 3,772.2

SPDR MSCI ACWI ETF SPYY GY State Street Beta 422.9 40.5 1,132.5

iShares Core MSCI Japan IMI UCITS ETF SJPA LN BlackRock Beta 400.0 351.2 2,130.5

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 390.4 371.0 4,400.4

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 364.1 383.0 4,557.8


Figure 66: 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 661.3 432.2 6,880.9

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 543.8 870.5 7,678.7

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 490.6 222.9 2,304.0

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 374.7 365.6 5,217.6

Lyxor EUR 2-10Y Inflation Expectations UCITS ETC C-EUR INFL FP Lyxor Beta 323.1 57.4 1,180.1

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 300.6 516.0 5,633.1

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 294.0 204.0 2,192.1

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 288.3 111.4 2,358.4

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 247.7 272.8 4,676.8

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 243.9 461.2 3,757.0

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 234.1 310.2 2,382.8

iShares Euro Corporate Bond BBB-BB UCITS ETF ISBB LN BlackRock Beta 226.1 41.0 547.6

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 204.4 158.7 1,766.8

db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AM Beta 177.9 150.3 901.3

iShares Global Government Bond UCITS ETF SGLO LN BlackRock Beta 163.1 48.3 770.7

iShares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta 157.8 169.8 694.8

Lyxor US$ 10Y Inflation Expectations UCITS ETF C-USD INFU FP Lyxor Beta 156.6 24.2 698.3

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 152.0 106.1 2,259.3

iShares £ Corporate Bond 1-5yr UCITS ETF IS15 LN Blackrock Beta 137.0 86.4 1,206.8

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 136.5 240.3 1,779.0



11 October 2017

ETF Monthly Europe

Figure 67: Top 20 Commodity ETPs by Turnover (€ million) - | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Physical Gold ETC SGLN LN Blackrock Beta 599.4 237.2 2,585.8

ETFS Physical Gold PHAU LN ETF Securities Beta 532.3 545.9 5,173.3

Source Physical Gold ETC (P-ETC) SGLD LN PowerShares Beta 374.2 218.7 3,489.1

Gold Bullion Securities GBS LN ETF Securities Beta 229.6 277.9 2,451.0

ETFS Physical Silver PHAG LN ETF Securities Beta 228.6 168.8 1,257.9

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 206.8 182.3 1,826.4

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN WisdomTree Beta+ 188.2 183.8 2,213.3

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 161.4 362.7 2,546.3

Boost Wti Oil 3X Short Daily ETP 3OIS LN WisdomTree Beta+ 144.1 132.4 1,284.9

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 135.9 205.8 2,293.7

ETFS Copper COPA LN ETF Securities Beta 121.1 29.3 454.9

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 116.4 92.6 919.5

ETFS All Commodities AIGC LN ETF Securities Beta 112.0 19.6 489.8

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 87.5 44.7 681.1

iShares Gold CHF Hedged CH CSGLDC SW BlackRock Beta 73.9 8.5 156.6

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 69.9 57.4 576.7

ETFS Industrial Metals AIGI LN ETF Securities Beta 65.2 46.6 462.7

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 56.8 29.0 309.7

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN WisdomTree Beta+ 56.5 57.4 684.3

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 55.8 19.2 557.2


Figure 68: 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 1,979.28 1 iShares Barclays Euro Corporate Bond EUN5 GR 51.42

2 iShares STOXX 600 (DE) SXXPIEX GR 659.43 2 iShares Markit iBoxx Euro High Yield EUNW GR 40.70

3 iShares Euro STOXX 50 (DE) SX5EEX GR 641.83 3 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 39.24

4 iShares Euro STOXX Banks (DE) SX7EEX GR 228.78 4 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF IS3C GY 36.17

5 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 185.00 5 iShares Barclays Euro Corporate Bond 1-5 (EUR) EUNT GR 31.24

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 181.89 6 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 29.62

7 Deka DAX UCITS ETF ETFDAX GR 134.68 7 iShares Euro Ultrashort Bond UCITS ETF IS3M GY 26.31

8 db x-trackers ShortDAX UCITS ETF XSDX GR 108.21 8 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 23.37

9 db x-trackers Stoxx® Europe 600 UCITS ETF (DR) XSX6 GR 105.75 9 ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR 23.14

10 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR 102.06 10 iShares Global Corporate Bond EUR Hedged UCITS ETF IBCQ GY 20.10

Commodity ETPs BBG Ticker Turnover BBG Ticker Turnover

1 XETRA-Gold XAUEUR 135.85 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 5.23

2 db Physical Gold Euro Hedged ETC XAD1 GR 58.28 2 ETFS Long USD Short EUR XBJP GR 3.85

3 ETFS Physical Gold VZLD GR 58.25 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 3.63

4 Gold Bullion Securities GG9B GR 52.61 4 ComStage Vermogensstrategie UCITS ETF F701 GY 2.04

5 Source Physical Gold ETC (P-ETC) 8PSG GY 37.90 5 ETFS Long JPY Short EUR SJPS GR 1.90

6 db Physical Gold ETC (EUR) XAD5 GR 21.68 6 ETFS 5X Long USD Short EUR 5CH5 GY 1.57

7 ETFS Brent Oil OESA GR 19.49 7 ETFS 5X Short USD Long EUR 5CH6 GY 1.49

8 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 16.70 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 1.16

9 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 13.64 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 1.14

10 ETFS Physical Silver VZLC GR 10.70 10 iShares S&P Listed Private Equity Fund IQQL GR 1.09



11 October 2017

ETF Monthly Europe

Figure 69: Top 10 ETPs by Turnover (€ million) – London SE - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Vanguard S&P 500 ETF VUSD LN 1,070.67 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 555.52

2 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,063.91 2 iShares Euro Corporate Bond UCITS ETF IEAC LN 402.34

3 iShares Core S&P 500 UCITS ETF CSPX LN 956.09 3 Lyxor EUR 2-10Y Inflation Expectations UCITS ETC C-EUR INFL LN 302.33

4 iShares MSCI Emerging Markets IMI UCITS ETF EIMI LN 630.19 4 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 277.01

5 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 429.69 5 iShares $ Corporate Bond UCITS ETF LQDE LN 245.33

6 SPDR MSCI ACWI ETF ACWD LN 403.90 6 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 235.41

7 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CACX LN 310.21 7 iShares Euro Corporate Bond BBB-BB UCITS ETF IEBB LN 218.65

8 Vanguard FTSE 100 UCITS ETF VUKE LN 271.43 8 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 194.46

9 iShares MSCI Japan UCITS ETF (Acc) IJPA LN 267.73 9 iShares UK Gilts UCITS ETF IGLT LN 186.84

10 iShares EURO Core STOXX 50 - B UCITS ETF Acc CSX5 LN 239.31 10 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 165.40


1 iShares Physical Gold ETC IGLN LN 520.22 1 ETFS Short USD Long GBP USGB LN 24.16

2 ETFS Physical Gold PHAU LN 341.83 2 ETFS 3x Long GBP Short USD LGB3 LN 22.18

3 Source Physical Gold ETC (P-ETC) SGLD LN 263.56 3 ETFS Short JPY Long USD SJPY LN 21.87

4 ETFS Physical Silver PHAG LN 205.18 4 ETFS Short CNY Long USD SCNY LN 14.23

5 Gold Bullion Securities GBS LN 124.25 5 ETFS Short EUR Long USD SEUR LN 12.89

6 ETFS Copper COPA LN 114.49 6 iShares Listed Private Equity UCITS ETF IPRV LN 9.04

7 ETFS All Commodities AIGC LN 102.93 7 ETFS Long EUR Short USDGBP EURP LN 7.45

8 ETFS WTI Crude Oil CRUD LN 96.15 8 ETFS 5x Short USD Long GBP PUS5 LN 7.14

9 ETFS Physical Gold GBP PHGP LN 72.50 9 ETFS Bullish USD vs G10 Currency Basket Securities LUSB LN 5.08

10 iShares Physical Gold ETC SGLN LN 55.45 10 ETFS Short EUR Long GBP URGB LN 4.95


Figure 70: Top 10 ETPs by Turnover (€ million) – Swiss SE - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core S&P 500 UCITS ETF CSSPX SW 226.78 1 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 152.12

2 iShares SPI (CH) CHSPI SW 143.02 2 iShares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 48.64

3 iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW 141.56 3 iShares CHF Corporate Bond (CH) CHCORP SW 24.50

4 iShares SMI CH CSSMI SW 120.84 4 iShares $ Corporate Bond UCITS ETF LQDE SW 23.70

5 iShares MSCI EMU UCITS ETF CSEMU SW 93.60 5 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 23.23

6 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 84.58 6 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 20.12

7 iShares MSCI Emerging Markets UCITS ETF (Acc) SEMA SW 76.06 7 UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to CHF CBUS5S SW 19.22

8 UBS-ETF MSCI EMU EMUAA SW 72.02 8 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) LYMTC SW 16.35

9 UBS-ETF MSCI World WRDUSA SW 69.53 9 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 14.05

10 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR ACWIE SW 64.83 10 iShares $ Treasury Bond 20+yr UCITS ETF IDTL SW 13.49


1 iShares Gold CHF Hedged CH CSGLDC SW 73.86 1 iShares Listed Private Equity UCITS ETF IPRV SW 3.05

2 ZKB Gold ETF-A USD ZGLDUS SW 66.55 2 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.53

3 ZKB Gold ETF ZGLD SW 57.04 3 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.16

4 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 54.84 4 Lyxor ETF Privex LYPVX SW 0.03

5 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 36.50 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.01

6 ZKB Gold ETF-A EUR ZGLDEU SW 32.68 6 ComStage Vermogensstrategie UCITS ETF CBVS SW 0.00

7 ZKB Gold ETF-H (CHF) ZGLDHC SW 30.56

8 UBS ETFs plc - CMCI Composite SF CHF-A CCCHAS SW 22.24

9 UBS ETFs plc - CMCI Composite SF EUR-A CCEUAS SW 20.22

10 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 19.29



11 October 2017

ETF Monthly Europe

Figure 71: 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 586.63 1 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 100.05

2 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 367.43 2 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP 83.90

3 Lyxor UCITS ETF Euro Stoxx Banks BNKE FP 338.00 3 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 77.73

4 Amundi ETF MSCI Emerging Markets UCITS ETF AUEM FP 323.81 4 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 56.61

5 Lyxor ETF Leverage CAC 40 LVC FP 245.46 5 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 52.30

6 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP 187.44 6 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP 50.51

7 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP 168.99 7 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 50.13

8 Lyxor UCITS ETF Russia (Dow Jones Russia GDR) C-EUR RUS FP 155.16 8 Amundi ETF Euro Corporates UCITS ETF CC4 FP 48.97

9 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 134.42 9 Amundi ETF EuroMTS Cash 3 Months UCITS ETF C3M FP 31.64

10 Lyxor ETF S&P 500 SP5 FP 132.36 10 Lyxor UCITS ETF Barclays Floating Rate Euro 0-7y FLOT FP 31.59


1 Gold Bullion Securities GBS FP 14.67 1 Lyxor ETF Privex PVX FP 74.39

2 Lyxor ETF Commodities CRB Non-Energy CRN FP 11.20

3 ETFS WTI Crude Oil CRUDP FP 9.24

4 Lyxor ETF Commodities CRB CRB FP 7.64

5 ETFS Agriculture AIGAP FP 6.41

6 ETFS Brent 1mnth Oil OILBP FP 3.20

7 ETFS Precious Metals AIGPP FP 1.01

8 ETFS Silver SLVRP FP 0.68

9 ETFS Wheat WEATP FP 0.53

10 ETFS All Commodities AIGCP FP 0.53


Figure 72: Top 10 ETPs by Turnover (€ million) – Borsa Italiana - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 302.91 1 LYXOR UCITS ETF Smart Cash C-EUR SMART IM 182.58

2 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 192.89 2 db x-trackers II EONIA TR Index UCITS ETF XEON IM 163.11

3 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 181.72 3 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR HFRN IM 61.70

4 Lyxor UCITS ETF FTSE Mid Cap Italy D-EUR ITAMID IM 150.68 4 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 52.19

5 Lyxor UCITS ETF DAX (DR) DAXX IM 124.88 5 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 45.68

6 Lyxor UCITS ETF Euro STOXX 50 MSE IM 121.21 6 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 43.98

7 Lyxor UCITS ETF Euro Stoxx Banks BNKE IM 92.00 7 Lyxor ETF Daily Double Short BTP BTP2S IM 41.48

8 iShares STOXX 600 (DE) SXXPIEX IM 81.07 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 39.27

9 Boost EURO STOXX Banks 3x Leverage Daily ETP 3BAL IM 80.05 9 Lyxor UCITS ETF Euro Cash LEONIA IM 35.64

10 iShares Core S&P 500 UCITS ETF CSSPX IM 79.93 10 iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM 35.50


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 163.29 1 ETFS 3X Short USD Long EUR USE3 IM 53.94

2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 120.70 2 ETFS 5X Short USD Long EUR USE5 IM 49.26

3 db Physical Gold Euro Hedged ETC XAD1 IM 54.96 3 ETFS 3X Long USD Short EUR EUS3 IM 26.55

4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 53.46 4 ETFS 5X Long USD Short EUR EUS5 IM 26.16

5 ETFS WTI Crude Oil CRUD IM 49.69 5 ETFS Short USD Long EUR USEU IM 9.56

6 ETFS Daily Leveraged Crude Oil LOIL IM 45.98 6 ETFS Long GBP Short EUR EUGB IM 5.65

7 ETFS Physical Gold PHAU IM 43.14 7 ETFS Long USD Short EUR EUUS IM 5.57

8 Source Physical Gold ETC (P-ETC) SGLD IM 39.94 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 5.02

9 Boost Natural Gas 3x Short Daily 3NGS IM 29.34 9 ETFS Short GBP Long EUR GBEU IM 3.64

10 Gold Bullion Securities GBS IM 19.61 10 ETFS 3X Short GBP Long EUR GBE3 IM 3.35



11 October 2017

ETF Monthly Europe

Figure 73: 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 145.38 1 XACT Obligation UCITS ETF XACTBOND SS 0.33

2 XACT Bear 2 XABEAR2 SS 94.55

3 XACT Bull 2 XABULL2 SS 64.49

4 XACT Bear XACBEAR SS 29.39

5 XACT OMXSB XACTSBX SS 24.18

6 XACT Nordic High Dividend Low Volatility UCITS ETF XACTHDIV SS 20.58

7 XACT Nordic 30 XACTVINX SS 19.45

8 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 14.74

9 XACT Bull XACBULL SS 11.78

10 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC SS 4.12

Euronext Amsterdam

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 97.77 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 58.07

2 Vanguard S&P 500 ETF VUSA NA 72.10 2 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 26.90

3 iShares S&P 500 EUR Hedged UCITS ETF IUES NA 63.44 3 iShares Euro Aggregate Bond UCITS ETF IEAG NA 18.07

4 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 45.35 4 Think iBoxx Government Bond Tracker TGBT NA 17.75

5 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 40.03 5 Think iBoxx AAA-AA Government Bond Tracker TAT NA 15.08

6 iShares MSCI World UCITS ETF (Inc) IWRD NA 35.88 6 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 10.47

7 iShares European Property Yield UCITS ETF IPRP NA 35.41 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 9.77

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 34.47 8 Think iBoxx Corporate Bond Tracker TCBT NA 7.94

9 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 31.95 9 iShares France Government Bond UCITS ETF IFRB NA 7.42

10 iShares AEX UCITS ETF IAEX NA 29.64 10 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS NA 7.10



11 October 2017

ETF Monthly Europe

7. European ETFExchangesFigure 74: European on-exchange trading ranking by exchange - | ETPs | Europe |

Exchanges (All

figures in € million)

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

Deutche Boerse

Deutsche Borse 10,092 18.8% 536 12.1% 9,783 19.9% 480 12.8% 10,165 19.5% 380 10.5%

LSE

London SE 23,317 43.5% 2,610 58.7% 20,723 42.1% 2,173 57.8% 20,672 39.8% 2,150 59.5%

Borsa Italiana 5,937 11.1% 1,205 27.1% 5,340 10.9% 1,053 28.0% 5,904 11.4% 1,034 28.6%

29,254 54.5% 3,816 85.8% 26,064 53.0% 3,225 85.8% 26,576 51.1% 3,184 88.1%

Euronext

Paris 7,472 13.9% 38 0.8% 6,503 13.2% 26 0.7% 8,300 16.0% 28 0.8%

Amsterdam 1,246 2.3% 29 0.7% 1,364 2.8% 15 0.4% 1,202 2.3% 11 0.3%

Lisbon 2 0.0% 0 0.0% 1 0.0% 0 0.0% 2 0.0% 0 0.0%

Brussels 1 0.0% 0 0.0% 1 0.0% 0 0.0% 1 0.0% 0 0.0%

8,721 16.3% 67 1.5% 7,868 16.0% 41 1.1% 9,505 18.3% 39 1.1%

Swiss SE 4,791 8.9% 27 0.6% 4,570 9.3% 12 0.3% 4,848 9.3% 10 0.3%

Stockholmborsen 440 0.8% 0 0.0% 474 1.0% 0 0.0% 511 1.0% 0 0.0%

Oslo Bors 141 0.3% 0 0.0% 207 0.4% 0 0.0% 203 0.4% 0 0.0%

BME 169 0.3% 0 0.0% 201 0.4% 0 0.0% 178 0.3% 0 0.0%

Others 45 0.1% 0 0.0% 8 0.0% 0 0.0% 10 0.0% 0 0.0%

Total 53,653 100.0% 4,445 100.0% 49,175 100.0% 3,758 100.0% 51,996 100.0% 3,613 100.0%

Sep-17 Aug-17 Jul-17



11 October 2017

ETF Monthly Europe

Figure 75: 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 56,033.9 84,360.0 31,301.7 21,252.2 7,496.6 26,397.4 2,778.5 229,620.4 40.1%

Emerging Markets 5,056.2 16,567.9 7,539.2 3,739.4 1,271.8 3,989.9 45.0 38,209.5 6.7%

Global Markets 526.0 4,335.6 289.0 376.2 255.9 2,935.7 2.8 8,721.2 1.5%

Sector 12,377.0 10,962.1 10,204.9 3,383.8 453.2 2,244.6 6.5 39,632.0 6.9%

Capitalization 1,592.8 3,957.2 453.8 1,402.9 266.8 1,133.2 173.1 8,979.8 1.6%

Style 3,071.3 7,106.3 875.0 968.1 615.4 976.1 0.0 13,612.3 2.4%

Strategy 5,007.3 12,670.7 9,492.6 9,492.7 45.0 621.9 2,200.1 39,530.4 6.9%

Thematic 1,936.6 3,388.5 557.1 605.6 233.8 1,194.5 0.0 7,916.1 1.4%

Total 85,601 143,348 60,713 41,221 10,639 39,493 5,206 386,221.7 67.4%

Fixed Income

Overall 617.0 3,181.5 40.3 198.4 261.1 437.5 5.1 4,740.8 0.8%

Corporates 4,534.5 39,208.5 4,270.8 5,521.7 960.3 2,070.0 0.0 56,565.8 9.9%

Covered Bonds 496.2 128.4 13.6 50.2 19.3 10.1 0.0 717.8 0.1%

Credit Exposure 76.6 0.0 0.0 45.6 0.0 5.8 0.0 128.0 0.0%

Sovereign 6,639.9 43,866.4 6,800.7 8,145.2 904.7 5,147.3 0.0 71,504.3 12.5%

Money Market 821.9 1,530.4 1,254.6 1,904.0 0.0 58.9 0.0 5,569.7 1.0%

Total 13,186 87,915 12,380 15,865 2,145 7,730 5 139,226.3 24.3%

Commodity 0.0%

Overall 755.4 2,318.2 226.7 356.5 40.1 959.9 44.3 4,701.0 0.8%

Agriculture 182.5 644.0 19.0 1,047.9 0.0 38.7 0.0 1,932.2 0.3%

Energy 471.9 3,944.1 93.3 6,043.1 0.0 156.2 0.0 10,708.6 1.9%

Industrial Metals 123.1 1,206.1 4.1 403.3 0.0 17.3 0.0 1,754.0 0.3%

Precious Metals 4,001.9 14,341.7 186.6 2,653.5 225.0 4,256.8 0.0 25,665.4 4.5%

Livestock 15.8 29.1 0.0 16.9 0.0 0.0 0.0 61.8 0.0%

Total 5,551 22,483 530 10,521 265 5,429 44 44,823.1 7.8%

0.0%

Alternative 125.7 309.3 114.9 109.4 41.5 59.0 0.0 759.9 0.1%

Currency 91.7 671.4 0.0 1,189.8 25.1 0.0 0.0 1,978.1 0.3%

Multi Asset 129.7 41.2 0.0 28.9 22.1 2.5 0.0 224.4 0.0%

Total 347 1,022 115 1,328 89 61 - 2,962.3 0.5%

Grand Total 104,685 254,769 73,738 68,936 13,138 52,713 5,255 573,233 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)



11 October 2017

ETF Monthly Europe

8. AssetsETP Monthly AUM Analysis by Asset Class

Figure 76: AUM by asset class and instrument - | ETPs | Europe |

Asset Class Aug-17 End of 2016

All figures in € million

AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

ETFs

Equity 427,230 67.9% 4.4% 18.8% 409,157 359,706

Fixed income 155,959 24.8% 0.5% 13.0% 155,196 138,001

Commodity 18,366 2.9% -0.3% 11.6% 18,430 16,461

Currency 0 0.0% 0.0% 0.0% 0 0

Multi Asset 595 0.1% 2.1% 36.6% 583 436

Alternative 620 0.1% -18.5% -37.8% 760 998

Total 602,771 95.7% 3.2% 16.9% 584,126 515,601

ETCs

Commodity 26,366 4.2% -2.2% 7.2% 26,961 24,606

Currency 440 0.1% -2.9% -7.2% 453 474

Total 26,806 4.3% -2.2% 6.9% 27,414 25,080

Total ETPs 629,577 100.0% 2.9% 16.4% 611,540 540,681

Sep-17


Asset Class Analysis

Figure 77: European Equity ETF AUM summary - | ETFs | Europe |

Equity AUM Aug-17 End of 2016

All figures in € million AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets 281,749 65.9% 4.3% 13.4% 270,096 248,536

Emerging Markets 40,228 9.4% 3.2% 35.7% 38,972 29,644

Global Markets 10,071 2.4% -3.1% 77.1% 10,397 5,685

Sector 29,067 6.8% 8.2% 25.4% 26,861 23,172

Capitalization 10,718 2.5% 7.4% 45.0% 9,975 7,393

Strategy 23,925 5.6% 4.5% 22.2% 22,892 19,572

Style 21,831 5.1% 3.3% 11.6% 21,125 19,567

Thematic 9,641 2.3% 9.1% 57.1% 8,838 6,137

Total Equities 427,230 100.0% 4.4% 18.8% 409,157 359,706

Sep-17



11 October 2017

ETF Monthly Europe

Figure 78: European Equity ETF AUM summary - A - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Sector 29,067 30.5% 8.2% 25.4% 26,861 23,172

Consumer discretionary 912 1.0% 9.0% -11.6% 837 1,031

Consumer staples 1,109 1.2% 0.1% 13.5% 1,107 977

Energy 2,963 3.1% 6.8% 25.5% 2,774 2,361

Financials 10,360 10.9% 16.1% 62.5% 8,924 6,375

Healthcare 2,845 3.0% 8.1% -1.7% 2,631 2,895

Industrials 731 0.8% 10.8% 3.8% 660 704

Information Technology 2,713 2.9% 11.3% 52.5% 2,439 1,779

Materials 1,355 1.4% -6.3% 27.8% 1,446 1,060

Overall 2 0.0% -2.2% na 2 0

Real Estate 4,722 5.0% -0.1% -1.3% 4,728 4,786

Telecommunications 805 0.8% 2.6% 19.1% 785 676

Utilities 550 0.6% 4.0% 4.4% 529 527

Capitalization 10,718 11.3% 7.4% 45.0% 9,975 7,393

Large Cap 310 0.3% 2.4% -14.2% 303 362

Mid Cap 3,590 3.8% 5.0% 84.1% 3,418 1,950

Small Cap 6,818 7.2% 9.0% 34.2% 6,254 5,081

Strategy 23,925 25.1% 4.5% 22.2% 22,892 19,572

Fundamental 1,644 1.7% 9.6% 8.3% 1,500 1,518

Leveraged Long 2,065 2.2% 21.5% 16.2% 1,700 1,778

Leveraged Short 1,050 1.1% -8.5% 4.7% 1,147 1,003

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 17,563 18.5% 4.5% 26.8% 16,813 13,852

Short 1,603 1.7% -7.5% 12.8% 1,732 1,421

Style 21,831 22.9% 3.3% 11.6% 21,125 19,567

Dividend 19,340 20.3% 3.0% 9.4% 18,772 17,671

Growth 281 0.3% 0.7% 12.9% 279 249

Value 2,210 2.3% 6.6% 34.2% 2,074 1,647

Thematic 9,641 10.1% 9.1% 57.1% 8,838 6,137

Commodities 1,417 1.5% 3.2% 14.0% 1,372 1,243

Cyclical 0 0.0% 0.0% 0.0% 0 0

Faith 167 0.2% 3.1% -16.0% 162 199

Other Theme 3,554 3.7% 12.0% 109.9% 3,175 1,693

Sustainability 4,502 4.7% 9.1% 50.0% 4,128 3,001

Total 95,182 100.0% 6.1% 25.5% 89,691 75,840

Sep-17



11 October 2017

ETF Monthly Europe

Figure 79: European Equity ETF AUM summary - B - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets

Europe 145,900 51.8% 5.5% 18.1% 138,238 123,525

Austria 356 0.1% 4.2% 38.0% 342 258

Belgium 44 0.0% 3.3% 1.2% 43 43

Finland 258 0.1% 16.6% 30.8% 221 197

France 6,241 2.2% 7.8% 31.2% 5,791 4,755

Germany 21,872 7.8% 7.1% 12.3% 20,418 19,483

Greece 201 0.1% -8.9% 22.2% 221 165

Ireland 22 0.0% 3.8% -22.8% 21 29

Italy 1,774 0.6% 1.8% -0.5% 1,742 1,782

Netherlands 542 0.2% 1.4% -0.8% 534 546

Norway 303 0.1% 3.4% 9.3% 292 277

Portugal 68 0.0% 10.2% 74.0% 62 39

Spain 1,429 0.5% 1.5% 20.0% 1,408 1,191

Sweden 1,886 0.7% 4.5% 12.0% 1,805 1,684

Switzerland 11,119 3.9% 1.8% 11.3% 10,923 9,989

UK 14,993 5.3% 2.7% 1.6% 14,596 14,761

Europe broad 84,791 30.1% 6.2% 24.1% 79,818 68,326

Americas 84,293 29.9% 2.8% 6.8% 81,959 78,950

US 80,797 28.7% 2.8% 7.8% 78,591 74,940

Canada 1,449 0.5% 6.5% -20.7% 1,360 1,828

North America 2,047 0.7% 1.9% -6.2% 2,008 2,182

Asia 23,683 8.4% 3.4% 12.4% 22,898 21,076

Australia 1,070 0.4% 1.2% -16.7% 1,057 1,284

Hong Kong 192 0.1% 1.4% 13.7% 190 169

Japan 19,520 6.9% 3.9% 12.8% 18,783 17,301

Singapore 53 0.0% -9.1% 10.1% 58 48

Asia Pacific broad 2,849 1.0% 1.4% 25.3% 2,810 2,274

EMEA 9 0.0% 4.0% 24.5% 9 7

Israel 9 0.0% 4.0% 24.5% 9 7

Global 27,864 9.9% 3.2% 11.6% 26,992 24,979

Broad indices 27,864 9.9% 3.2% 11.6% 26,992 24,979

DM Total 281,749 100.0% 4.3% 13.4% 270,087 248,529

Sep-17



11 October 2017

ETF Monthly Europe

Figure 80: European Equity ETF AUM summary - C - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Emerging Markets

BRIC 6,259 1.9% 2.8% 9.2% 6,088 5,730

Brazil 908 0.3% 6.2% 29.4% 855 702

Russia 1,159 0.4% 22.0% -5.6% 950 1,228

India 1,764 0.5% -4.1% 14.6% 1,840 1,539

China 2,428 0.8% -0.7% 7.4% 2,444 2,261

Latin America 1,145 0.4% 3.1% 10.2% 1,111 1,040

Chile 0 0.0% 0.0% 0.0% 0 0

Mexico 135 0.0% -1.1% 7.9% 137 125

LATAM broad 1,010 0.3% 3.6% 10.5% 975 915

Asia 4,921 1.5% 2.4% 42.0% 4,806 3,465

Bangladesh 21 0.0% 1.0% -13.2% 20 24

Indonesia 205 0.1% -1.5% 37.1% 208 150

Malaysia 51 0.0% 4.3% 12.5% 49 46

Pakistan 24 0.0% 14.5% -29.9% 21 34

Philippines 59 0.0% 26.5% 19.9% 47 49

South Korea 1,000 0.3% 0.3% 46.1% 997 685

Taiwan 583 0.2% -4.7% 30.7% 611 446

Thailand 47 0.0% 3.6% -5.7% 45 50

Vietnam 206 0.1% 3.3% -12.2% 200 235

Asia Pacific broad 2,725 0.8% 4.5% 55.9% 2,607 1,748

EMEA 1,192 0.4% 2.0% 25.1% 1,169 953

Bulgaria 16 0.0% 1.3% 24.3% 16 13

Kuwait 6 0.0% 1.2% 4.6% 6 6

Poland 103 0.0% -1.5% 39.7% 105 74

South Africa 110 0.0% -5.1% 7.2% 116 103

Turkey 316 0.1% -6.1% 45.5% 336 217

Europe broad 532 0.2% 7.6% 27.6% 494 417

Middle East & Africa 108 0.0% -2.7% -20.3% 112 136

Global Markets 26,711 8.3% 3.6% 44.8% 25,782 18,443

Global 26,711 8.3% 3.6% 44.8% 25,782 18,443

EM Total 40,228 12.5% 3.3% 35.8% 38,956 29,631

Total (EM + DM) 321,977 100.0% 4.2% 15.8% 309,044 278,160

Sep-17



11 October 2017

ETF Monthly Europe

Figure 81: European Fixed Income ETF AUM summary - | ETFs | Europe |

Fixed Income AUM Aug-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 10,189 6.5% 3.4% 9.7% 9,852 9,290

Corporates 69,851 44.8% 0.4% 13.1% 69,538 61,766

Covered Bonds 2,648 1.7% -4.3% -8.7% 2,769 2,899

Credit Exposure 279 0.2% 7.4% 34.5% 260 207

Sovereign 70,046 44.9% 0.8% 13.4% 69,509 61,742

Money Market 2,946 1.9% -9.9% 40.6% 3,269 2,095

Total Fixed Income 155,959 100.0% 0.5% 13.0% 155,196 138,001

Sep-17



11 October 2017

ETF Monthly Europe

Figure 82: European Commodity ETP AUM summary - | ETPs | Europe |

Commodity AUM Aug-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 6,876 15.4% 4.6% 14.1% 6,573 6,027

Overall 6764 15.1% 4.7% 15.9% 6462 5834

Overall ex Energy 112 0.2% 0.9% -40.3% 111 187

Overall Light Energy 0 0.0% #DIV/0! -100.0% 0 5

Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0

Agriculture 996 2.2% 4.2% 30.3% 956 764

Overall 513 1.1% 3.4% 36.9% 496 374

Cocoa 82 0.2% 10.7% 266.7% 74 22

Coffee 83 0.2% 1.3% 38.4% 82 60

Corn 61 0.1% 1.5% 6.2% 60 57

Cotton 12 0.0% 11.8% 19.8% 11 10

Grains 22 0.0% 2.6% -38.2% 21 35

Softs 4 0.0% 9.8% -13.3% 4 5

Soybean Oil 3 0.0% -18.3% -24.3% 4 4

Soybeans 15 0.0% 6.9% -3.0% 14 16

Sugar 44 0.1% 0.4% 46.9% 44 30

Wheat 157 0.4% 7.1% 4.4% 146 150

Energy 2,351 5.3% 4.1% -8.8% 2,258 2,579

Overall 103 0.2% 73.8% -31.4% 59 150

Carbon 1 0.0% 22.2% 24.9% 1 1

Crude Oil 2098 4.7% 2.9% -7.7% 2039 2272

Gasoline 7 0.0% 1.3% -12.4% 7 8

Heating Oil 5 0.0% 12.1% -10.8% 4 5

Natural Gas 138 0.3% -7.0% -3.5% 148 143

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 790 1.8% -22.7% 14.7% 1,023 689

Overall 311 0.7% -27.0% 26.2% 427 247

Aluminium 114 0.3% -9.2% 23.8% 126 92

Copper 227 0.5% -28.6% 11.7% 317 203

Lead 3 0.0% -12.0% -26.6% 3 4

Nickel 110 0.2% -11.7% 0.4% 124 109

Tin 3 0.0% 2.9% -19.6% 3 4

Zinc 22 0.1% -0.8% -26.0% 23 30

Precious Metals 33,710 75.4% -2.5% 8.7% 34,573 30,998

Overall 171 0.4% 20.6% 13.6% 141 150

Gold 29817 66.7% -2.4% 10.4% 30546 26998

Palladium 338 0.8% 0.1% -22.5% 338 437

Platinum 694 1.6% -8.2% -13.3% 756 801

Rhodium 52 0.1% 1.1% 28.8% 51 40

Silver 2639 5.9% -3.7% 2.6% 2740 2572

Livestock 9 0.0% 4.2% -15.7% 9 11

Overall 2 0.0% 3.6% 11.1% 2 2

Cattle 2 0.0% -3.9% -1.6% 2 2

Lean Hogs 5 0.0% 8.0% -26.7% 5 7

Total 44,733 100.0% -1.5% 8.9% 45,391 41,067

Sep-17



11 October 2017

ETF Monthly Europe

Product Rankings

Figure 83: Top 20 Products by AUM – Equity ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 19,803.4 19,302.1 18,252.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 16,299.2 16,029.6 15,926.4

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 9,812.3 9,057.1 7,918.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 9,290.7 8,847.1 7,409.9

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,765.4 8,364.2 8,100.4

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,770.7 7,120.0 7,029.6

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 6,619.0 6,362.1 7,462.6

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 6,225.5 5,814.1 5,469.1

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 6,094.8 5,871.7 3,689.0

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 5,708.3 5,308.7 4,773.2

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,616.7 5,411.4 5,372.1

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 5,415.3 4,927.1 5,448.7

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,224.0 5,141.2 5,787.0

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,813.9 4,837.4 4,078.2

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,469.2 4,481.9 5,411.3

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 4,442.8 4,086.0 3,709.6

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 4,349.8 3,737.8 2,092.7

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 4,207.1 4,000.1 2,252.4

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 4,113.2 3,839.2 4,002.4

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 3,830.7 3,505.6 2,613.7


Figure 84: Top 20 Products by AUM – Fixed Income ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 7,828.5 7,913.0 7,674.5

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 7,044.9 6,855.0 5,400.7

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 6,006.5 5,822.1 3,273.2

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,448.3 5,382.8 5,780.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,193.3 5,385.6 4,585.6

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4,430.6 4,510.2 5,115.0

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3,703.0 3,508.4 3,480.5

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,588.5 3,562.7 3,564.3

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 3,204.3 3,252.1 1,062.3

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 2,857.5 2,840.7 1,613.9

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 2,576.9 2,411.1 1,204.9

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR PowerShares Alpha 2,411.3 2,363.2 2,277.7

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 2,338.4 2,298.4 1,889.3

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN PowerShares Alpha 2,234.9 2,050.5 1,765.8

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,129.6 2,130.6 1,555.5

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 2,128.9 2,072.7 1,701.2

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 1,987.5 2,017.3 3,255.0

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,849.6 1,730.4 1,769.5

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,824.6 1,895.7 1,823.7

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,801.4 1,912.7 1,866.5



11 October 2017

ETF Monthly Europe

Figure 85: Top 20 Products by AUM – Commodity ETPs (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,172.7 5,272.3 5,087.1

ETFS Physical Gold PHAU LN ETF Securities Beta 4,997.2 5,157.2 5,076.4

Source Physical Gold ETC (P-ETC) SGLD LN PowerShares Beta 4,101.3 4,128.6 3,015.8

Gold Bullion Securities GBS LN ETF Securities Beta 3,261.6 3,576.6 3,307.6

iShares Physical Gold ETC SGLN LN Blackrock Beta 2,486.7 2,224.2 2,111.0

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,754.5 1,790.6 1,774.6

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,594.9 1,656.2 1,619.1

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 1,178.7 1,463.8 800.2

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 1,100.2 1,112.2 393.0

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,097.2 1,150.0 1,084.5

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 1,024.1 961.1 822.8

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 865.0 759.7 750.4

ETFS Physical Silver PHAG LN ETF Securities Beta 790.4 813.3 797.7

iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 784.1 727.8 1,261.8

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 741.6 773.4 668.3

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 684.6 670.9 782.3

db Physical Gold ETC XGLD LN Deutsche AM Beta 610.3 619.5 520.7

Source Bloomberg Commodity UCITS ETF CMOD LN PowerShares Beta 504.6 588.1 -

iShares Diversified Commodity Swap UCITS ETF ICOM LN BlackRock Beta 499.9 474.2 -

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 489.8 461.1 401.2



11 October 2017

ETF Monthly Europe

9. ETF Broker rankingsUS ETP Broker Rankings

Figure 86: 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 (VIRT) VIRTU FINANCIAL 125,233 15.31% 160,120 1,348,510 16.07% 1,623,993 (VIRT) VIRTU FINANCIAL 2,088 17.54% 160,165 24,609 18.53% 1,624,495

2 (CDRG) CITADEL SECURITIES LLC 89,884 10.99% 71,038 1,220,530 14.54% 884,569 (CDRG) CITADEL SECURITIES LLC 1,525 12.81% 71,038 21,944 16.52% 884,570

3 (CSFB) CREDIT SUISSE 69,157 8.45% 24,963 736,578 8.78% 226,320 (UBS) UBS INVESTMENT BANK 1,037 8.71% 38,410 11,320 8.52% 361,135

4 (UBS) UBS INVESTMENT BANK 65,200 7.97% 38,270 662,104 7.89% 360,039 (CSFB) CREDIT SUISSE 997 8.37% 25,066 10,898 8.21% 226,993

5 (JPM) JP MORGAN 63,706 7.79% 123,930 523,455 6.24% 1,038,878 (MLCO) MERRILL LYNCH 834 7.00% 43,578 9,056 6.82% 405,176

6 (GS) GOLDMAN SACHS & CO. 62,653 7.66% 81,260 549,449 6.55% 1,038,790 (JPM) JP MORGAN 764 6.41% 123,930 6,810 5.13% 1,038,885

7 (MLCO) MERRILL LYNCH 57,364 7.01% 43,509 604,812 7.21% 403,996 (CITI) CITIGROUP GLOBAL MARKETS 711 5.97% 12,826 6,557 4.94% 127,581

8 (CITI) CITIGROUP GLOBAL MARKETS 48,507 5.93% 12,825 464,529 5.54% 127,567 (BCAP) BARCLAYS CAPITAL 699 5.87% 53,954 6,195 4.67% 517,403

9 (BCAP) BARCLAYS CAPITAL 44,751 5.47% 53,954 387,770 4.62% 517,401 (GS) GOLDMAN SACHS & CO. 619 5.20% 81,270 6,384 4.81% 1,038,949

10 (DBAB) DEUTSCHE BANK SECURITIES INC 30,022 3.67% 15,502 289,500 3.45% 168,056 (FCM) FIDELITY CAPITAL MARKETS 495 4.16% 28,360 5,655 4.26% 387,674

11 (FCM) FIDELITY CAPITAL MARKETS 29,879 3.65% 28,360 295,301 3.52% 387,674 (DBAB) DEUTSCHE BANK SECURITIES INC 429 3.61% 15,502 4,781 3.60% 168,059

12 (MSCO) MORGAN STANLEY 29,803 3.64% 14,017 306,134 3.65% 125,627 (MSCO) MORGAN STANLEY 420 3.53% 14,017 4,554 3.43% 125,630

13 (INCA) INSTINET 13,837 1.69% 8,931 119,889 1.43% 72,660 (INCA) INSTINET 126 1.06% 8,931 1,176 0.89% 72,660

14 (SG) SG SECURITIES 11,981 1.46% 370 97,073 1.16% 3,659 (RBC) ROYAL BANK OF CANADA 118 0.99% 10,047 1,280 0.96% 143,677

15 (RBC) ROYAL BANK OF CANADA 6,778 0.83% 10,043 75,242 0.90% 143,609 (BNYM) BANK OF NEW YORK, THE 101 0.85% 12,174 1,367 1.03% 127,959

16 (BNYM) BANK OF NEW YORK, THE 6,135 0.75% 12,168 77,094 0.92% 127,902 (SG) SG SECURITIES 81 0.68% 370 767 0.58% 3,659

17 (JEFF) JEFFERIES & CO., INC. 5,893 0.72% 3,781 58,315 0.69% 50,926 (JEFF) JEFFERIES & CO., INC. 66 0.55% 3,781 737 0.55% 50,926

18 (WELS) WELLS FARGO SECURITIES 4,664 0.57% 5,675 37,588 0.45% 55,518 (WELS) WELLS FARGO SECURITIES 52 0.43% 5,687 466 0.35% 55,624

19 (ITGI) INVESTMENT TECHNOLOGY GROUP 3,658 0.45% 25,547 36,469 0.43% 197,765 (ITGI) INVESTMENT TECHNOLOGY GROUP 50 0.42% 25,547 578 0.44% 197,765

20 (BNPP) BNP PARIBAS 3,627 0.44% 900 24,065 0.29% 7,783 (RAJA) RAYMOND JAMES & ASSOCIATES 45 0.38% 28,951 609 0.46% 285,855

Other 45,444 5.55% 118,276 477,734 5.69% 1,246,610 Other 649 5.45% 90,269 7,057 5.31% 968,768

Total 818,175 100.00% 853,439 8,392,141 100.00% 8,809,342 Total 11,907 100.00% 853,873 132,798 100.00% 8,813,443

Value Trade Summary Volume Trade Summary

Sep-17 YTD Sep-17 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.

Figure 87: 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 (VIRT) VIRTU FINANCIAL 8,797 25.15% 13,656 84,966 25.53% 133,272 (VIRT) VIRTU FINANCIAL 311 26.72% 13,656 3,427 26.02% 133,287

2 (CDRG) CITADEL SECURITIES LLC 7,164 20.48% 4,009 74,908 22.51% 49,656 (CDRG) CITADEL SECURITIES LLC 256 22.01% 4,009 3,139 23.83% 49,656

3 (UBS) UBS INVESTMENT BANK 3,663 10.47% 1,983 33,473 10.06% 18,433 (UBS) UBS INVESTMENT BANK 123 10.57% 1,992 1,322 10.04% 18,554

4 (FCM) FIDELITY CAPITAL MARKETS 2,456 7.02% 2,767 18,632 5.60% 35,322 (FCM) FIDELITY CAPITAL MARKETS 83 7.17% 2,767 738 5.60% 35,322

5 (CSFB) CREDIT SUISSE 2,238 6.40% 997 23,578 7.09% 9,511 (CSFB) CREDIT SUISSE 77 6.65% 999 937 7.11% 9,527

6 (BCAP) BARCLAYS CAPITAL 1,591 4.55% 3,851 12,651 3.80% 38,099 (BCAP) BARCLAYS CAPITAL 47 4.01% 3,851 506 3.84% 38,099

7 (CITI) CITIGROUP GLOBAL MARKETS 1,566 4.48% 979 11,614 3.49% 9,657 (JPM) JP MORGAN 37 3.14% 6,227 414 3.14% 53,613

8 (JPM) JP MORGAN 1,419 4.06% 6,227 11,789 3.54% 53,612 (CITI) CITIGROUP GLOBAL MARKETS 36 3.11% 979 343 2.60% 9,660

9 (GS) GOLDMAN SACHS & CO. 1,034 2.96% 5,140 9,876 2.97% 64,605 (MLCO) MERRILL LYNCH 32 2.79% 1,817 389 2.95% 16,096

10 (MSCO) MORGAN STANLEY 935 2.67% 669 7,507 2.26% 6,192 (GS) GOLDMAN SACHS & CO. 29 2.48% 5,140 328 2.49% 64,605

11 (MLCO) MERRILL LYNCH 886 2.53% 1,817 10,464 3.14% 16,078 (MSCO) MORGAN STANLEY 22 1.91% 669 280 2.12% 6,192

12 (DBAB) DEUTSCHE BANK SECURITIES INC 658 1.88% 863 7,646 2.30% 7,839 (DBAB) DEUTSCHE BANK SECURITIES INC 21 1.82% 863 292 2.22% 7,839

13 (INCA) INSTINET 355 1.01% 359 4,138 1.24% 2,693 (INCA) INSTINET 11 0.95% 359 127 0.96% 2,693

14 (ITGI) INVESTMENT TECHNOLOGY GROUP 336 0.96% 1,873 2,145 0.64% 10,310 (BNYM) BANK OF NEW YORK, THE 11 0.95% 558 118 0.90% 5,428

15 (BNYM) BANK OF NEW YORK, THE 278 0.79% 558 2,699 0.81% 5,426 (ITGI) INVESTMENT TECHNOLOGY GROUP 10 0.87% 1,873 89 0.68% 10,310

16 (RBC) ROYAL BANK OF CANADA 230 0.66% 439 2,811 0.84% 6,210 (GFIG) GFI GROUP INC. 7 0.62% 95 42 0.32% 837

17 (GFIG) GFI GROUP INC. 158 0.45% 95 830 0.25% 837 (RBC) ROYAL BANK OF CANADA 6 0.54% 439 116 0.88% 6,210

18 (JEFF) JEFFERIES & CO., INC. 124 0.36% 153 1,167 0.35% 4,553 (JEFF) JEFFERIES & CO., INC. 5 0.42% 153 65 0.50% 4,553

19 (MACQ) MACQUARIE SECURITIES 104 0.30% 1,232 193 0.06% 3,768 (ING) ING BANK 4 0.33% 16 39 0.30% 155

20 (WELS) WELLS FARGO SECURITIES 101 0.29% 137 563 0.17% 1,162 (COWS) COWEN EXECUTION SERVICES LLC 3 0.28% 567 15 0.11% 1,743

Other 888 2.54% 4,315 11,136 3.35% 46,941 Other 31 2.66% 5,103 446 3.39% 49,993

Total 34,983 100.00% 52,119 332,784 100.00% 524,176 Total 1,164 100.00% 52,132 13,172 100.00% 524,372



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.


11 October 2017

ETF Monthly Europe

European ETP Broker Rankings

Figure 88: 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 11,213 12.27% 22,206 114,447 13.13% 220,237 (SIS) SUSQUEHANNA INTERNATIONAL GRP 417 13.20% 8,498 2,620 9.68% 35,888

2 (FLOW) FLOW TRADERS 10,337 11.31% 3,031 88,160 10.11% 26,550 (BNPP) BNP PARIBAS 390 12.36% 10,396 1,987 7.34% 78,776

3 (BNPP) BNP PARIBAS 9,520 10.41% 10,329 62,998 7.23% 78,280 (FLOW) FLOW TRADERS 366 11.60% 3,245 2,681 9.90% 28,421

4 (SIS) SUSQUEHANNA INTERNATIONAL GRP 8,857 9.69% 8,451 62,894 7.21% 35,728 (CBK) COMMERZBANK 330 10.44% 22,606 3,277 12.11% 224,241

5 (CITI) CITIGROUP GLOBAL MARKETS 5,839 6.39% 4,145 42,935 4.92% 36,237 (HSBC) HSBC GROUP PLC 231 7.33% 2,524 922 3.41% 24,246

6 (BCAP) BARCLAYS CAPITAL 3,644 3.99% 3,568 36,787 4.22% 36,529 (CITI) CITIGROUP GLOBAL MARKETS 144 4.57% 4,162 1,204 4.45% 36,418

7 (CSFB) CREDIT SUISSE 3,508 3.84% 3,098 41,337 4.74% 31,629 (BCAP) BARCLAYS CAPITAL 110 3.50% 3,573 1,125 4.16% 36,549

8 (HSBC) HSBC GROUP PLC 3,101 3.39% 2,523 24,327 2.79% 24,219 (CSFB) CREDIT SUISSE 98 3.11% 3,134 1,220 4.51% 32,125

9 (KEPL) KEPLER CAPITAL MARKETS 3,082 3.37% 3,042 30,674 3.52% 32,174 (WINS) WINTERFLOOD SECURITIES 97 3.09% 7,009 858 3.17% 66,548

10 (SG) SG SECURITIES 2,896 3.17% 3,376 23,543 2.70% 26,782 (UBS) UBS INVESTMENT BANK 93 2.96% 1,833 868 3.21% 16,849

11 (JPMS) JPMORGAN CHASE BANK, N.A. 2,840 3.11% 3,285 32,555 3.73% 31,403 (KEPL) KEPLER CAPITAL MARKETS 92 2.93% 3,044 981 3.62% 32,202

12 (NATI) NATIXIS SECURITIES 2,609 2.85% 869 10,804 1.24% 5,085 (NATI) NATIXIS SECURITIES 70 2.21% 869 334 1.23% 5,089

13 (UBS) UBS INVESTMENT BANK 2,580 2.82% 1,798 23,799 2.73% 16,717 (MSCO) MORGAN STANLEY 68 2.16% 9,114 998 3.69% 120,273

14 (MSCO) MORGAN STANLEY 2,421 2.65% 9,105 30,575 3.51% 120,114 (SG) SG SECURITIES 65 2.06% 3,383 644 2.38% 26,807

15 (UNIC) UNICREDIT 2,207 2.41% 529 18,753 2.15% 5,459 (DBK) DEUTSCHE BANK AG 62 1.95% 3,538 811 3.00% 34,667

16 (DBK) DEUTSCHE BANK AG 2,203 2.41% 3,499 48,481 5.56% 34,331 (GS) GOLDMAN SACHS & CO. 57 1.79% 8,967 356 1.31% 96,753

17 (WINS) WINTERFLOOD SECURITIES 2,007 2.20% 6,998 19,872 2.28% 66,463 (UNIC) UNICREDIT 51 1.62% 529 430 1.59% 5,463

18 (GS) GOLDMAN SACHS & CO. 1,896 2.07% 8,965 18,289 2.10% 96,573 (IMC) IMC TRADING BV 44 1.39% 1,983 1,053 3.89% 25,857

19 (IMC) IMC TRADING BV 1,471 1.61% 1,975 28,777 3.30% 25,708 (JPMS) JPMORGAN CHASE BANK, N.A. 44 1.38% 3,286 517 1.91% 31,425

20 (MACQ) MACQUARIE SECURITIES 1,107 1.21% 5,051 10,109 1.16% 27,807 (MACQ) MACQUARIE SECURITIES 36 1.13% 5,051 262 0.97% 27,807

Other 8,079 8.84% 21,661 101,791 11.67% 286,751 Other 292 9.24% 21,858 3,919 14.48% 289,704

Total 91,417 100.00% 127,504 871,907 100.00% 1,264,776 Total 3,158 100.00% 128,602 27,067 100.00% 1,276,108




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Figure 89: 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 (FLOW) FLOW TRADERS 835 20.10% 335 6,055 16.55% 2,309 (BNPP) BNP PARIBAS 147 28.98% 146 831 16.01% 1,000

2 (SIS) SUSQUEHANNA INTERNATIONAL GRP 522 12.57% 649 1,761 4.81% 1,453 (WINS) WINTERFLOOD SECURITIES 69 13.57% 2,034 607 11.70% 18,690

3 (HSBC) HSBC GROUP PLC 457 11.01% 175 3,055 8.35% 1,627 (FLOW) FLOW TRADERS 59 11.63% 369 399 7.70% 2,531

4 (WINS) WINTERFLOOD SECURITIES 321 7.72% 2,034 2,977 8.14% 18,690 (SIS) SUSQUEHANNA INTERNATIONAL GRP 40 7.95% 649 182 3.51% 1,454

5 (UBS) UBS INVESTMENT BANK 254 6.12% 252 1,229 3.36% 2,050 (MSCO) MORGAN STANLEY 36 7.20% 1,267 980 18.88% 21,316

6 (CITI) CITIGROUP GLOBAL MARKETS 202 4.86% 692 2,638 7.21% 6,666 (UBS) UBS INVESTMENT BANK 29 5.70% 258 218 4.19% 2,070

7 (MSCO) MORGAN STANLEY 171 4.11% 1,267 2,439 6.67% 21,316 (SBER) SBERBANK CIB CJSC 23 4.58% 32 47 0.90% 189

8 (BNPP) BNP PARIBAS 170 4.09% 146 1,159 3.17% 1,000 (CITI) CITIGROUP GLOBAL MARKETS 17 3.44% 692 290 5.59% 6,666

9 (KEPL) KEPLER CAPITAL MARKETS 139 3.34% 219 949 2.59% 2,102 (HSBC) HSBC GROUP PLC 11 2.23% 175 101 1.95% 1,628

10 (MACQ) MACQUARIE SECURITIES 134 3.23% 37 1,322 3.61% 515 (SG) SG SECURITIES 10 1.89% 79 40 0.77% 349

11 (SG) SG SECURITIES 120 2.89% 79 408 1.11% 349 (CICS) CM-CIC SECURITIES 8 1.55% 16 9 0.17% 154

12 (BCAP) BARCLAYS CAPITAL 106 2.54% 230 1,102 3.01% 2,257 (KEPL) KEPLER CAPITAL MARKETS 6 1.19% 219 95 1.83% 2,102

13 (ITGE) ITG EUROPE 79 1.91% 22 884 2.42% 301 (DBK) DEUTSCHE BANK AG 6 1.15% 334 139 2.67% 3,590

14 (VIRT) VIRTU FINANCIAL 74 1.77% 91 398 1.09% 3,074 (MLCO) MERRILL LYNCH 4 0.85% 194 34 0.66% 1,516

15 (MLCO) MERRILL LYNCH 66 1.58% 194 369 1.01% 1,516 (ENSK) ENSKILDA SECURITIES 4 0.78% 193 5 0.10% 536

16 (UNIC) UNICREDIT 60 1.46% 15 497 1.36% 64 (BCAP) BARCLAYS CAPITAL 3 0.68% 230 119 2.30% 2,257

17 (GS) GOLDMAN SACHS & CO. 46 1.11% 97 471 1.29% 1,224 (MACQ) MACQUARIE SECURITIES 3 0.66% 37 67 1.29% 518

18 (DNB) DNB NOR BANK ASA 43 1.04% 2 920 2.51% 40 (ITGE) ITG EUROPE 3 0.52% 22 19 0.36% 301

19 (PEEL) PEEL HUNT LLP 41 0.99% 512 374 1.02% 4,392 (MED) MEDIOBANCA SPA 2 0.45% 715 43 0.82% 7,204

20 (CBK) COMMERZBANK 39 0.93% 332 878 2.40% 3,856 (BABK) BAADER BANK / HELVEA 2 0.42% 150 21 0.41% 2,141

Other 275 6.62% 2,532 6,703 18.32% 27,659 Other 23 4.55% 2,146 944 18.19% 26,528

Total 4,154 100.00% 9,912 36,587 100.00% 102,460 Total 507 100.00% 9,957 5,190 100.00% 102,740




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.


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ETF Monthly Europe

Appendix A: How wedefine ETPsExchange-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 noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region andstructure type as on 30 December 2016.

The vast majority of instruments are ETFs (97.4%, 4,779 products, $3,422bn) withthe remainder being ETCs (0.8%, 474 products, $26.5bn) in Europe and ETVs(1.8%, 64 products, $61.7bn) in the US.

Figure 90: ETP Coverage Universe Summary


Exchange-Traded Funds (ETFs, 97.4%)US (70.4%): Fund structures that issue shares that are traded on an exchangemuch the same way as equities. ETFs indexed to equity and fixed incomebenchmarks are registered under the investment company act of 1940. Onlyphysical index replication techniques are permissible by this legislation whilesynthetic replication is not allowed.

Europe (15.5%): Fund structures that issue units or shares that are traded on anexchange much the same way as equities. The vast majorities of European ETFsare UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. TheUndertakings for Collective Investment in Transferable Securities (UCITS) are aset of European Union directives that aim to allow collective investment schemesto operate freely throughout the EU on the basis of a single authorization fromone member state. Both physical and synthetic index replication is permissible byUCITS and funds are allowed to track equity, fixed income as well as diversifiedcommodity indices.

Asia (8.9%): Both European and US ETFs are cross sold into the Asian market.


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ETF Monthly Europe

Exchange-Traded Collateralized Instruments (2.6%)

Exchange-Traded Commodities (ETCs, 0.8%)In Europe as UCITS III does not permit the creation of funds tracking nondiversified commodity indices (for example wheat or oil), exchange-tradedproducts that track single commodity profiles are issued under the EU ProspectusDirective in two structures that have become widely known as exchange-tradedcommodities (ETCs). ETCs can either be physically backed or they can beissued through a bankruptcy remote special purpose vehicle (SPV). Both formsutilize offshore domiciles, such as Jersey, and are classed as debt instruments.Physically-backed ETCs are fully backed with securities that closely resemble thecomposition of a product’s benchmark index. SPV structures are collateralized byassets which could bear no resemblance to those of their respective benchmarkindex and ensure replication of their index return through a total return swapstructure or by holding other derivative instruments such as futures. In the vastmajority of cases, both types of ETCs are fully collateralized with secure assetssuch as money market instruments, government bonds and gold. For moreinformation, 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, 1.8%)This terminology typically refers to grantor trusts that exist in the US market.These instruments track primarily commodity benchmarks. They differ fromETFs in that they are registered under the Securities Act of 1933 and not theinvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.


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ETF Monthly Europe

Appendix B: The road frombeta to alphaThe figure below illustrates the road from beta (diversified rule based marketaccess) to alpha (discretionary market access). Moving counter-clockwise frombeta, the potential for return increases, together with the potential risk.

Figure 91: The Roadmap From Beta (β) to Alpha (α)

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager ismost successful when they manage to match the return of a product to its statedbenchmark. The performance of alpha products, or rather the performance of analpha 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 standarddeviation 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, wehave sought to create a classification system that classifies these products, takinginto consideration a number of variables, ranging from diversification to whatconstitutes a market segment.


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ETF Monthly Europe

The authors of this report wish to acknowledge the contribution made by VibhorMahalwala and Varun Sachdeva, employees of Evalueserve, a third party providerto Deutsche Bank of offshore research support services.


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ETF Monthly Europe

Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. 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.

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 recommendationor view in this report. Ari Rajendra

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

Equity Rating Key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holderreturn (TSR = percentage change in share price from currentprice 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-holderreturn, 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 Buyor Sell.

Newly issued research recommendations and target pricessupersede previously published research.


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ETF Monthly Europe

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 sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content noris responsible for the accuracy or security controls of these websites.

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 mayact 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 itsown account or with customers, in a manner inconsistent with the views taken in this research report. Others withinDeutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those takenin this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linkedanalysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differfrom 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 arepaid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking, tradingand principal trading revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They donot necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank providesliquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimeshave shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Tradeideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high conviction beliefby an analyst that a stock will outperform or underperform the market and/or sector delineated over a time frame of noless than two weeks. In addition to SOLAR ideas, the analysts named in this report may from time to time discuss withour clients, Deutsche Bank salespersons and Deutsche Bank traders, trading strategies or ideas that reference catalystsor 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 or investment return asdescribed herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipientthereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage andthe frequency of changes in market conditions and in both general and company specific economic prospects make itdifficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or ofthe Research Department Management and as such the majority of reports are published at irregular intervals. This reportis provided for informational purposes only and does not take into account the particular investment objectives, financialsituations, or needs of individual clients. It is not an offer or a solicitation of an offer to buy or sell any financial instrumentsor to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst ’ sjudgment. The financial instruments discussed in this report may not be suitable for all investors and investors must maketheir own informed investment decisions. Prices and availability of financial instruments are subject to change withoutnotice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financialinstrument is denominated in a currency other than an investor's currency, a change in exchange rates may adverselyaffect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, pricesare current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloombergand 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 regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto 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 promiseto pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows),increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss.


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ETF Monthly Europe

The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be theloss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adversemacroeconomic 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 issuesrelated to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instrumentsto macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or tospecified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- byconstruction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of theproper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed toa typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledgethat 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 circumstancesincluding 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 thecontents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As aresult of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greaterthan the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Priorto 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 contactyour 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 bynumerous market factors, including world and national economic, political and regulatory events, events in equity anddebt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposedexchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values areaffected 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 theinvestor's home jurisdiction. 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 thisinformation before investing.

Deutsche Bank (which includes Deutsche Bank AG, its branches and all affiliated companies) is not acting as a financialadviser, consultant or fiduciary to you, any of your agents (collectively, "You" or "Your") with respect to any informationprovided in the materials attached hereto. Deutsche Bank does not provide investment, legal, tax or accounting advice,Deutsche Bank is not acting as Your impartial adviser, and does not express any opinion or recommendation whatsoeveras to any strategies, products or any other information presented in the materials. Information contained herein is beingprovided solely on the basis that the recipient will make an independent assessment of the merits of any investmentdecision, and it does not constitute a recommendation of, or express an opinion on, any product or service or any tradingstrategy.

The information presented is general in nature and is not directed to retirement accounts or any specific person or accounttype, and is therefore provided to You on the express basis that it is not advice, and You may not rely upon it in makingYour decision. The information we provide is being directed only to persons we believe to be financially sophisticated,who are capable of evaluating investment risks independently, both in general and with regard to particular transactionsand investment strategies, and who understand that Deutsche Bank has financial interests in the offering of its productsand services. If this is not the case, or if You are an IRA or other retail investor receiving this directly from us, we askthat you inform us immediately.


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ETF Monthly Europe

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporatedin the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized underGerman Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany ’ s FederalFinancial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at WinchesterHouse, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by thePrudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and FinancialConduct Authority. Details about the extent of our authorisation and regulation are available on request.??Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch or Deutsche Securities Asia Limited.??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 administrativewarnings from the SEBI for breaches of Indian regulations.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financialinstruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, TypeII Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involvedin stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying thetransaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a resultof share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming fromforeign 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 principaland other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Beforedeciding 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 notregistered 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 withthe coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed accordingto the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are basedon a 12-month forecast period.

Korea: Distributed by Deutsche Securities Korea Co.?

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch RegisterNumber in South Africa: 1998/003298/10).??Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One RafflesQuay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters arisingfrom, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not anaccredited 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 shouldindependently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank researchmay 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 beconstrued as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branchmay not execute transactions for clients in these securities/instruments.??


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ETF Monthly Europe

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Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial productreferred to in this report and consider the PDS before making any decision about whether to acquire the product. Pleaserefer to Australian specific research disclosures and related information at https://australia.db.com/australia/content/research-information.html??Australia and New Zealand: This research is intended only for "wholesale clients" within the meaning of the AustralianCorporations Act and New Zealand Financial Advisors Act respectively.?

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