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Deutsche Bank Markets Research
Europe
Synthetic Equity & Index Strategy
European Monthly ETF Market Review
Date
9 April 2015
Strong Inflows Continue, European and Japanese Equities Benefit
Data in this report is as of 31st March 2015
________________________________________________________________________________________________________________
Deutsche Bank AG/London
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 148/04/2014.
Author
Ari Rajendra
Strategist
(+44) 20 754-52282
Team Contacts
Shan Lan
Strategist
(+852) 22036716
Sebastian Mercado
Strategist
(+1) 212 250-8690
March European ETP Highlights
As of the end of March 2015, global ETP assets were at $2.8 trillion with
European ETP assets at $493bn (€459bn). European ETPs continued the
positive trend and registered a net inflow of +€7bn over the last month
(+€30.2bn YTD). Fixed Income and Equity ETFs were the major contributors to
inflows receiving +€3.8bn and +€3.5bn respectively. Commodity ETPs
experienced outflows of -€306mn after two consecutive months of inflows.
Preference for European equities over US equities continues into March
Investors trading European listed ETPs continued to show preference for
European equities over US equities in March. This was evident following a total
monthly inflow of +€5.8bn into developed Europe focused ETFs versus
outflows of -€2.1bn from US focused ETFs.
Significant inflows into Japan focused ETFs
European listed ETFs tracking Japanese equities gathered +€1.1bn of cash
flows in March, primarily into ETFs tracking MSCI Japan and JPX-Nikkei 400
indices. Among these, the largest recipient of inflows was Lyxor’s JPX-Nikkei
400 (JPX4 FP) collecting +€441mn.
Broad based EM ETFs saw redemptions
ETFs benchmarked to emerging markets indices reversed previous month’s
inflows by recording outflows of -€582mn in March. These redemptions were
primarily from MSCI EM benchmarked ETFs which saw aggregated outflows
of -€472mn. YTD flows for EM ETFs have now reached to -€1.1bn which
suggests that ETF investors may be shying away from emerging market
exposure.
Fixed Income ETP flows dominated by investment grade Corporate Bonds
In March, fixed income ETF flow activity was similar to the previous month,
recording +€3.8bn of inflows (+€4bn in Feb’15). Corporate bonds ETFs
continued its dominance by attracting +€2.3bn over the last month followed
by Sovereigns (+€1.5bn). Unlike the previous month, preference was for
Investment Grade Corporate bonds over High Yield with +€1.5bn inflows.
Crude oil ETPs continue to accumulate assets while gold ETPs saw significant redemptions
Commodity ETP flows ended the month in negative territory recording
outflows of -€306mn. This was primarily driven by redemptions from gold ETPs
(-€688mn), partially offset by inflows into crude oil ETPs (+€256mn). Crude oil
ETPs have now attracted +€1.2bn in YTD flows which may be driven by low oil
prices.
9 April 2015
European Monthly ETF Market Review
Page 2 Deutsche Bank AG/London
Table of Contents
European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 5 Product Launch Activity ........................................................................................... 5 Other regions’ cash flow summary.......................................................................... 6
1. Investment Trends ...................................................... 7 Cross-Asset Class ETPs ........................................................................................... 7 Equity ETFs .............................................................................................................. 7 Fixed Income ETFs .................................................................................................10 Commodity ETPs ....................................................................................................10
2. Market Metrics .......................................................... 11 ETF Industry Asset Evolution ..................................................................................11 ETFs vs. Cash Equities ............................................................................................14 ETFs vs. Unlisted Mutual Funds .............................................................................16 European ETF Industry Replication Structure Composition (Synthetic vs.
Physical) ..................................................................................................................18 Industry Growth Analysis ........................................................................................20
3. Cash Flow Analysis ................................................... 22 Regional Cash Flow Analysis ..................................................................................22 Asset Class Cash Flow Analysis .............................................................................22 Product Rankings ....................................................................................................27
4. Product Review ......................................................... 29 New Products Launched in the Month ...................................................................29 Average TERs .........................................................................................................31
5. Provider Rankings ..................................................... 33 Global Provider Rankings ........................................................................................33 European Provider Rankings – General ...................................................................35 European Provider Rankings – by Asset Class ........................................................39 European Provider Analysis by Replication Method ...............................................42
6. Trading Perspective .................................................. 43 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................43 Asset Class Analysis ...............................................................................................43 Product Rankings ....................................................................................................48
7. European ETF Exchanges ............................................ 53
8. Assets ......................................................................... 55 ETP Monthly AUM Analysis by Asset Class ...........................................................55 Asset Class Analysis ...............................................................................................55 Product Rankings ....................................................................................................60
9. ETF Broker rankings .................................................. 62 US ETP Broker Rankings .........................................................................................62 European ETP Broker Rankings ..............................................................................64
Appendix A: How we define ETPs ..................................... 66
Appendix B: The road from beta to alpha ......................... 67
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 3
European Investment Trends
European ETPs continue to experience notable inflows
2015 started with healthy inflows into European listed ETPs and this trend
continued in March with +€7bn of inflows, taking the YTD total to over
+€30bn. To put this magnitude in perspective, net inflows in Q1 2015 has now
approached 2/3rds of the total net inflows collected in the 2014 (+€45bn).
Fixed Income and Equity ETFs had strong inflows recording +€3.8bn and
+€3.5bn respectively. Commodity ETPs saw redemptions amounting to over
-€300mn in March following two consecutive months of inflows.
It is worth noting that US listed ETPs had a solid month in March where we
observed c.+$28bn in new money. Equity ETFs dominated flows with
+$29.3bn of inflows while fixed income and commodity ETPs saw small
outflows.
Preference for European equities over US equities continues into March
One of our key observations was that Investors trading European ETPs
continued to show preference for European equities over US equities in March.
We also observed this pattern both in January and February this year. Our
analysis shows that +€5.8bn flowed into Developed Europe focused ETFs
versus outflows of -€2.1bn from US focused ETFs. Figure 1 below compares
the quarterly net flows for ETFs with exposure to Europe and US respectively.
We can see that Q1’15 net flows for these categories now amount to +€17bn
and -€2.1bn respectively.
Figure 1: Quarterly inflows into European ETPs with exposure to European and
US equities
(5,000)
-
5,000
10,000
15,000
20,000
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
Qu
art
erl
y F
low
s (€
mn
)
Europe US
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Significant inflows into Japan focused ETFs
ETFs tracking Japanese equities also gathered significant inflows where we
observed +€1.1bn of cash flows in March. Flows were primarily into ETFs
tracking MSCI Japan and JPX-Nikkei 400 indices. We have listed the most
popular ETFs in Europe with exposure to Japan in Figure 2 below. Among
these, Lyxor’s JPX Nikkei 400 ETF (JPX4 FP) benefitted from the largest inflow
(+€441mn).
9 April 2015
European Monthly ETF Market Review
Page 4 Deutsche Bank AG/London
Figure 2: Top 5 Japan focused ETFs by net inflows for March 2015
Ticker Name TER Net Flows (€mn) AUM (€mn)
JPX4 FP Lyxor UCITS ETF JPX-Nikkei 400 0.25% 441.3 860
XMJP GR db x-trackers MSCI Japan Index UCITS ETF 1C 0.50% 278.8 1,802
IJPN LN iShares MSCI Japan UCITS ETF (Inc) 0.59% 130.4 2,300
CSJP SW iShares MSCI Japan - B UCITS ETF 0.48% 121.6 791
SJPA LN iShares Core MSCI Japan IMI UCITS ETF 0.20% 92.6 986 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Broad based EM ETFs saw redemptions while India received more inflows in
March
ETFs benchmarked to Emerging Markets indices reversed previous month’s
inflows by recording outflows of -€582mn in March. These redemptions were
primarily from MSCI EM benchmarked ETFs which saw aggregated outflows
of -€472mn. YTD flows for EM ETFs have now approached -€1.1bn which
indicates that investors may be shying away from emerging market exposure.
Among all of the EM sub-segments, Indian equity based ETFs was the only
sub-segment receiving new money on a consistent basis, recording +€142mn
in March and c.+€400mn in YTD flows.
Fixed Income ETP flows dominated by investment grade Corporate Bonds
In March, fixed income ETF flow activity was similar to the previous month
recording +€3.8bn of inflows (+€4bn in Feb’15). Corporate bonds ETFs
continued their dominance by attracting +€2.3bn over the last month (+€2.5bn
in Feb’15), followed by Sovereigns (+€1.5bn in Mar’15 and +€1.6bn in Feb’15).
Unlike the previous month where investors allocated equally between
Investment Grade and High Yield Corporate Bonds, this month’s preference
was for Investment Grade with +€1.5bn inflows.
Crude oil ETPs continue to accumulate assets while gold ETPs saw significant
redemptions
Commodity ETP flows ended the month in negative territory recording
outflows of -€306mn. This was primarily driven by redemptions from gold ETPs
(-€688mn) but partially offset by inflows into crude oil ETPs (+€256mn). Crude
oil ETPs have been the most popular commodity ETPs attracting +€1.2bn in
YTD flows which may be attributed to the low oil prices.
Other segments contributing towards European ETP inflows
Among other segments, short strategy (+€325mn), small caps (+€300mn),
quantitative strategy (+€214mn) and Germany (+€204mn) focused ETFs were
the major contributors towards overall flows in the European region. ETFs
focused on Swiss equities saw -€260mn worth of outflows over the last
month.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 5
ETF Comparatives: Mutual Funds, cash equity turnover
European ETF turnover1 as a percentage of the region’s cash equities
turnover2, increased to 9.5% (from 8.7% in Feb’15) as of the end of March
2015. The equivalent number for the US market also increased to 25.4%
over the same period (from 23.3% in Feb’15).
European ETFs comprised 3.3% of the continent’s mutual fund industry as
of January 2015. European domiciled ETFs registered inflows of +€11.3bn
through January 2015, while UCITS mutual funds registered inflows
totalling +€54.7bn in the same period, according to mutual fund industry
data published by the European Fund and Asset Management Association
(EFAMA).
US ETFs comprised 14.8% of the mutual fund industry as of the end of
February 2015. US domiciled ETFs registered strong inflows of +$31.8bn
in February 2015, while US mutual funds registered inflows of +$29bn
over the same period, according to mutual fund industry data published by
the Investment Company Institute (ICI).
Product Launch Activity
ETP launch calendar in March: 6 new launches
European ETP industry registered six new product launches during March
including three equity and three fixed income ETFs.
ETF launches:
Equity
Deutsche AWM listed two equity ETFs on the Deutsche Borse. One ETF
tracks Russell 2000 Index (XRS2 GY) while the other tracks Russell
MIDCAP Index (XRSM GY). ETFs with similar exposure are already
available in the European ETP market but with indirect replication, while
the new ETFs from Deutsche AWM follow direct replication style.
BlackRock launched one equity ETF (UKRE LN) providing exposure to UK
real estate sector. This ETF was listed on the London Stock Exchange.
Fixed Income
Lyxor listed one fixed income ETF (MTH FP) focusing on long duration
Eurozone government bonds. This ETF was listed on Euronext Paris.
BlackRock listed one fixed income ETF (EI18 LN) on the London Stock
Exchange providing exposure to USD corporate bonds maturing in
September 2018.
Commerzbank AG launched first UCITS regulated RQFII money market ETF
in Europe (CCMR LN) providing exposure to Chinese money market
instruments. This ETF was listed on the London Stock Exchange.
For additional information on new product launches and listings please refer to
Figure 62.
1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently
reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as
reported by Bloomberg
9 April 2015
European Monthly ETF Market Review
Page 6 Deutsche Bank AG/London
Other regions’ cash flow summary
US: Equity registered strong inflows, fixed income witness outflows
US domiciled ETPs continued the previous month trend with inflows of
+$27.8bn (+$33.2bn in Feb’15) during March. Equity ETFs registered strong
inflows of +$29.3bn (+$17.4bn in Feb’15) while Fixed Income ETFs reversed
previous month’s trend and experienced outflows of -$0.8bn (+$14bn in
Feb’15). Commodity ETPs comes in the negative territory with outflows of
-$1.2bn (+$1.5bn in Feb’15).
Within equities, the following segments and sub-segments saw significant
activity:
Segments: Developed Markets (+$19.8bn), Strategy (+$4.6bn), Sector
(+$4.4bn) and Size (-$1bn).
Sub-segments: Europe DM broad (+$7.8bn), Global DM broad (+$6.9bn), Small
Cap (+$3.1bn), Japan (+$2.7bn), Consumer Discretionary (+$2.5bn), Healthcare
(+$2.3bn), Quantitative (+$2bn), Large Cap (-$4.4bn) and Consumer Staples
(-$2.1bn).
Within fixed income, sovereign bonds experienced outflows of -$3bn while
corporate bonds registered inflows of +$0.8bn for Mar’15. Among commodity
ETPs, gold based ETPs registered outflows of -$1.4bn while crude oil witness
inflows of +$0.9bn over the same period.
Asia: China focused ETFs recede while Japan ETFs continue to attract new money
Asia-Pacific ETPs landed into negative territory in terms of net flows at the end
of March. These ETPs experienced outflows of -$1.1bn last month (+$2.4bn in
Feb’15) bringing YTD flows total to +$2.3bn.
Majority of the region’s outflows were from equity ETFs recording -$1.4bn in
redemptions, partially offset by inflows into commodity ETPs (+$470mn).
Within equity, China focused ETFs experienced heavy outflows worth of
-$4.2bn, followed by South Korea (-$1bn). On the contrary, Japan focused ETFs
recorded healthy inflows of +$2.2bn, followed by Hong Kong ETFs (+$222mn)
over the last month. Among other equity segments, Short and leveraged short
strategy ETFs witnessed notable inflows of +$1.3bn and +$266mn
respectively.
Within commodities, crude oil based ETPs continue to attracted inflows
bringing in +$410mn in March and taking YTD total to +$1bn.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 7
1. Investment Trends3
Cross-Asset Class ETPs
Figure 3: Cash flows by asset class – YTD
| ETPs | Europe |
Figure 4: Cash flows by asset class – Month
| ETPs | Europe |
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
€m
illio
ns
Equity Commodity Fixed Income Others
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
€m
illio
ns
Equity Commodity Fixed Income Others
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Equity ETFs
Figure 5: Top 3 aggregate equity segments – YTD
| ETFs | Europe |
Figure 6: Top 3 aggregate equity segments – Month
| ETFs | Europe |
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
€m
illio
ns
Developed Markets Style Strategy
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
€m
illio
ns
Developed Markets Strategy Emerging Markets
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
3 Investment trends as expressed by cumulative monthly and YTD cash flows
9 April 2015
European Monthly ETF Market Review
Page 8 Deutsche Bank AG/London
Figure 7: Top 3 DM countries – YTD | ETFs | Europe | Figure 8: Top 3 DM countries – Month | ETFs | Europe |
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
€m
illio
ns
US Germany Japan
-3,000
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
€m
illio
ns
US Japan Switzerland
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 9: Top 3 DM regions – YTD
| ETFs | Europe |
Figure 10: Top 3 DM regions – Month
| ETFs | Europe |
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
€m
illio
ns
Europe Asia Pacific North America
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
€m
illio
ns
Europe Global North America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 11: Top 3 EM countries – YTD
| ETFs | Europe |
Figure 12: Top 3 EM countries – Month
| ETFs | Europe |
-1,000
-800
-600
-400
-200
0
200
400
600
€m
illio
ns
China India South Korea
-200
-150
-100
-50
0
50
100
150
200
€m
illio
ns
India China South Korea
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 9
Figure 13: Top 3 EM regions – YTD
| ETFs | Europe |
Figure 14: Top 3 EM regions – Month
| ETFs | Europe |
(1,200)
(1,000)
(800)
(600)
(400)
(200)
-
200
400
600
€m
illio
ns
Global Asia Pacific Latin America
(700)
(600)
(500)
(400)
(300)
(200)
(100)
-
100
200
€m
illio
ns
Global Latin America Middle East & Africa
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 15: Top 3 sectors – YTD
| ETFs | Europe |
Figure 16: Top 3 sectors – Month
| ETFs | Europe |
(200)
-
200
400
600
800
1,000
1,200
€m
illio
ns
Financials Energy Consumer Discretionary
(200)
(150)
(100)
(50)
-
50
100
150
€m
illio
ns
Information Technology Financials Industrials
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 17: Top 3 strategy segments – YTD
| ETFs | Europe |
Figure 18: Top 3 strategy segments – Month
| ETFs | Europe |
(200)
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
€m
illio
ns
Quantitative Short Leveraged Short
-
100
200
300
400
500
600
700
€m
illio
ns
Short Quantitative Leveraged Short
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 10 Deutsche Bank AG/London
Fixed Income ETFs
Figure 19: Top 3 aggregate fixed income segments –
YTD | ETFs | Europe |
Figure 20: Top 3 aggregate fixed income segments –
Month | ETFs | Europe |
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
€m
illio
ns
Corporates Sovereign Overall
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
€m
illio
ns
Corporates Sovereign Covered Bonds
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Commodity ETPs
Figure 21: Top 3 aggregate commodity segments –
YTD | ETPs | Europe |
Figure 22: Top 3 aggregate commodity segments –
Month | ETPs | Europe |
-500
0
500
1,000
1,500
2,000
2,500
€m
illio
ns
Energy Overall Precious Metals
-1,000
-800
-600
-400
-200
0
200
400
600
€m
illio
ns
Precious Metals Energy Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 23: Top 5 commodity sub-segments – YTD
| ETPs | Europe |
Figure 24: Top 5 commodity sub-segments – Month
| ETPs | Europe |
-500
0
500
1,000
1,500
2,000
2,500
€m
illio
ns
Crude Oil Commodity Overall Gold Silver Palladium
-1,000
-800
-600
-400
-200
0
200
400
600
€m
illio
ns
Gold Crude Oil Commodity Overall Silver Energy Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 11
2. Market Metrics
ETF Industry Asset Evolution
Figure 25: Global ETP regional asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Asia Pacific ($) 34.8 39.9 42.8 48.4 60.8 53.4 65.7 85.6 91.3 136.0 169.0 201.9 221.5
Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 459.1 493.1
US ($) 149.9 225.9 306.0 429.3 583.2 558.0 781.5 994.9 1,046.4 1,333.5 1,677.9 1,979.1 2,069.9
US, Europe & Asia Pacific ($) 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,640.1 2,784.5
Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 379.4 459.1
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,128 3,494 3,713 3,993 4,050
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETP
s
$ b
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 26: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 21.5
ETVs 5.8 8.5 14.0 24.9 34.3 41.7 75.2 101.6 107.1 119.3 63.5 56.7 59.3
ETFs 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.6 2,703.7
Total 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,640.1 2,784.5
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,128 3,494 3,713 3,993 4,050
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETP
s
$ b
illio
n
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
9 April 2015
European Monthly ETF Market Review
Page 12 Deutsche Bank AG/London
Figure 27: Global ETF regional asset growth | ETFs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 201.5 221.1
Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.7 472.0
US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,922.4 2,010.6
US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.6 2,703.7
Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.6 439.5
Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,700 3,004 3,183 3,457 3,517
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETFs
$ b
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 28: European ETF asset growth by asset class | ETFs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Other - - - - 96 168 1,078 1,995 1,549 1,620 1,516 1,410 1,599
Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,804
Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 102,87
Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,60 320,21
Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,57 439,49
Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,418 1,430
0
300
600
900
1,200
1,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Num
ber
of
ETFs
€m
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 13
Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Livestock - - 1 21 63 49 67 59 40 17 19 21
Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 720
Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 834
Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,078 2,419
Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 4,099
Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 25,955
Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 34,047
Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 390
-
90
180
270
360
450
0
10,000
20,000
30,000
40,000
50,000
60,000
Num
ber
of
ETP
s
€m
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 30: European ETPs (ETF & ETC) asset growth | ETPs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 19,650
ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,57 439,49
Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 379,38 459,14
Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,869 1,879
-
400
800
1,200
1,600
2,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Num
ber
of
ETP
s
€m
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
9 April 2015
European Monthly ETF Market Review
Page 14 Deutsche Bank AG/London
ETFs vs. Cash Equities
Figure 31: ETFs vs. cash equities turnover – US market | ETFs | US |
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
ETFs v
s c
ash e
quitie
s
$ b
illion
Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Source: Deutsche Bank , Bloomberg Finance LP, Reuters
Figure 32: ETFs vs. cash equities turnover – European market | ETFs | Europe |
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0
100
200
300
400
500
600
700
800
900
ETFs v
s c
ash e
quitie
s
€billion
Cash Equities ETF Turnover ETFs vs Cash Equities (right axis)
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 15
Figure 33: Turnover Comparatives – ETF vs. Cash equities | ETFs | Global |
Region:
Statistic: ETFs Cash Equities1
ETFs vs CEs3 ETFs Cash Equities
2ETFs vs CEs
3 ETFs vs
CEsCEs ETFs
Date (A) (B) A/B (C) (D) C/D
Jan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x
Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x
Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x
Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x
May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x
Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x
Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x
Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x
Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x
Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x
Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x
Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x
Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x
Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x
Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x
Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x
May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x
Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x
Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x
Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x
Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x
Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x
Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x
Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x
Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x
Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x
Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x
Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x
May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x
Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x
Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x
Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x
Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x
Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x
Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x
Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x
Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x
Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x
Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x
Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x
May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x
Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x
Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x
Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x
Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x
Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x
Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x
Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x
Jan-15 69,583 734,963 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.7x
Feb-15 58,143 665,512 8.7% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x
Mar-15 75,698 796,097 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x
Period 2,195,251 29,491,614 7.4% 65,960,549 255,459,386 27.0% 3.5x 8.7x 30.4x
Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x
Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x
Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x
Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.9% 3.3x 9.4x 30.6x
Total 2015 203,424 2,196,571 9.3% 4,479,494 17,415,045 25.7% 2.8x 7.9x 22.0x
3 On-exchange turnover comparision between ETFs and Cash Equities.
Europe (€ million) USA ($ million)
Turnover
US vs Europe comparatives
1As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe.
2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange.
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
9 April 2015
European Monthly ETF Market Review
Page 16 Deutsche Bank AG/London
ETFs vs. Unlisted Mutual Funds
Figure 34: European ETP vs mutual fund assets | ETPs | Europe |
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15*
ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 19
ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 395
ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.5%
ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.3%
1.7%
1.9%
2.1%
2.3%
2.5%
2.7%
2.9%
3.1%
3.3%
3.5%
3.7%
0
50
100
150
200
250
300
350
400
450
ETP
vs m
utu
al fu
nds
ETP
AU
M (
€billion)
*Data as of 31-Jan-2015. Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Figure 35: European ETP vs mutual fund cash flows | ETPs | Europe |
-40
-20
0
20
40
60
80
Cash F
low
s (
€billion)
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
ETCs 0.28 -0.46 -0.60 -0.20 -0.99 -0.95 -0.77 -0.03 -0.11 -0.13 -0.13 -0.68 -0.13 0.18 0.40 0.13 -0.16 -0.08 0.38 0.07 -0.46 -0.12 0.24 0.06 0.90
ETFs 4.56 1.64 0.22 -0.30 0.65 -1.02 3.16 0.39 0.99 2.93 2.78 1.64 3.69 3.36 0.88 6.20 4.68 4.20 7.57 5.98 -1.78 5.68 4.13 0.06 11.26
Mutual funds 53.30 40.50 40.90 49.40 39.10 -25.30 34.60 0.50 9.40 25.90 20.60 26.80 41.90 50.40 46.70 63.20 48.00 36.90 40.90 32.10 28.10 22.70 30.80 16.10 54.70
Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 17
Figure 36: US ETP vs mutual fund assets | ETPs | US |
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15*
ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 62
ETFs 954 976 848 939 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,005
ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.2%
ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.8%
1.7%
3.7%
5.7%
7.7%
9.7%
11.7%
13.7%
15.7%
17.7%
0
500
1,000
1,500
2,000
2,500
ETP
vs m
utu
al fu
nds
ETP
AU
M (
$ b
illion)
*Data as of 27-Feb-2015. Source: Deutsche Bank, Bloomberg Finance LP, ICI
Figure 37: US ETP vs mutual fund cash flows | ETPs | US |
-80
-60
-40
-20
0
20
40
60
80
100
120
Cash flo
ws (
$ b
illion)
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15
ETVs -0.71 -3.70 -1.75 -8.19 -3.92 -2.58 -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41
ETFs 30.19 11.50 18.83 17.80 22.03 -8.23 41.32 -18.25 32.85 28.33 14.22 23.19 -14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51 -7.88 31.79
Mutual funds 80.34 42.92 37.97 29.02 23.61 -58.82 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76 -3.00 13.76 -47.08 25.20 29.05
Source: Deutsche Bank, Bloomberg Finance LP, ICI
9 April 2015
European Monthly ETF Market Review
Page 18 Deutsche Bank AG/London
European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
Figure 38: Historical Composition by ETF Structure | ETFs | Europe |
0
100
200
300
400
500
600
700
800
900
-
50
100
150
200
250
300
350
400
450
500
Num
ber
of
ETFs
AU
M (
€billion)
Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 39: European AUM ETF market historical asset class analysis by replication
technique | ETFs | Europe |
Physical Synthetic Physical Synthetic Physical Synthetic
AUM (€ million)
Equity 135,822 74,558 188,495 73,101 232,953 87,264
Fixed Income 45,672 14,773 67,114 19,062 80,142 22,729
Commodity 10,892 3,620 10,027 3,385 10,837 3,968
Others 352 1,175 344 1,065 444 1,154
Total 192,737 94,126 265,980 96,614 324,377 115,114
Equity 421 516 474 523 491 522
Fixed Income 165 161 179 164 184 156
Commodity 23 35 22 27 22 27
Others 9 20 9 20 9 19
Total 618 732 684 734 706 724
Equity 18,302 -3,209 22,993 3,072 3,046 453
Fixed Income 7,760 326 16,880 3,265 2,284 1,469
Commodity -4,360 -697 -1,577 160 46 135
Others 62 -231 -34 -101 32 -3
Total 21,764 -3,810 38,263 6,398 5,409 2,054
ETFs (number of products)
Cash Flows (€ million)
Mar-152013 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 19
Figure 40: European ETF AUM by replication method
| ETFs | Europe |
Figure 41: European ETF flows by replication method
| ETFs | Europe |
€192,737
€265,980
€324,377
€94,126
€96,614
€115,114
0% 20% 40% 60% 80% 100%
2013
2014
Mar-15
Physical Synthetic
€21,764
€38,263
€22,513
€5,409
-€3,810
€6,398
€6,476
€2,054
-20% 0% 20% 40% 60% 80% 100%
2013
2014
2015
Mar-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 42: European ETFs product count by replication
method | ETFs | Europe |
Figure 43: European Equity ETFs AUM by replication
method | ETFs | Europe |
618
684
706
732
734
724
0% 20% 40% 60% 80% 100%
2013
2014
Mar-15
Physical Synthetic
€135,822
€188,495
€232,953
€74,558
€73,101
€87,264
0% 20% 40% 60% 80% 100%
2013
2014
Mar-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 44: European Fixed Income ETFs AUM by
replication method | ETFs | Europe |
Figure 45: European Commodity ETFs AUM by
replication method | ETFs | Europe |
€45,672
€67,114
€80,142
€14,773
€19,062
€22,729
0% 20% 40% 60% 80% 100%
2013
2014
Mar-15
Physical Synthetic
€10,892
€10,027
€10,837
€3,620
€3,385
€3,968
0% 20% 40% 60% 80% 100%
2013
2014
Mar-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 20 Deutsche Bank AG/London
Industry Growth Analysis
Figure 46: Global ETF Industry growth attribution | ETFs | Global |
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
ETF a
sset pri
ce g
row
th c
ontr
ibution (l
ine)
ETF c
ash flo
w g
row
th c
ontr
ibuti
on (B
ars
)
Jan-13 Feb-13Mar-13 Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14 Feb-14Mar-14 Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15 Feb-15Mar-15
Other flows 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fixed Income flows 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% 0.1%
Equity flows 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2%
Price growth 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9%
Total growth 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 47: US ETF Industry growth attribution | ETFs | US |
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15
Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fixed Income flows 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0%
Equity flows 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5%
Price growth 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1%
Total growth 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 21
Figure 48: European ETF Industry growth attribution | ETFs | Europe |
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-13 Feb-13Mar-13 Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14 Feb-14Mar-14 Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15 Feb-15Mar-15
Other flows -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0%
Fixed Income flows 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9%
Equity flows 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8%
Price growth 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2%
Total growth 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 49: European ETC Industry growth attribution | ETCs | Europe |
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
ETC
asset pri
ce g
row
th c
ontr
ibution (l
ine)
ETC
cash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15
Currency Flows 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1%
Commodity Flows 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4%
Price growth -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5%
Total growth -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 22 Deutsche Bank AG/London
3. Cash Flow Analysis
Regional Cash Flow Analysis
Figure 50: Global ETP cash flows by region and asset class | ETPs | Global |
Asset Class US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total
ETFs
Equity 29,308 3,824 3,499 -1,428 31,703 17,389 6,841 6,011 2,175 26,405 30,921 18,763 16,536 112 49,797
Fixed income -770 4,064 3,753 -227 3,067 13,981 4,523 3,995 -113 18,391 21,179 13,783 12,203 1,025 35,987
Commodity 18 195 181 479 692 350 265 234 254 870 396 221 213 1,027 1,644
Currency 14 0 0 21 36 41 0 0 -1 40 -9 0 0 29 20
Multi Asset 113 5 5 0 118 101 17 15 -2 116 167 50 44 -3 214
Alternative 44 26 24 69 139 -75 12 10 54 -8 -15 -8 -6 130 108
Total 28,727 8,115 7,463 -1,087 35,755 31,787 11,658 10,264 2,367 45,813 52,639 32,810 28,989 2,320 87,769
ETCs/ETVs
Commodity -1,218 -513 -487 -9 -1,740 1,106 981 863 -10 2,078 3,459 1,536 1,302 -18 4,977
Currency 214 13 12 0 227 -73 -50 -44 0 -124 302 -73 -63 0 230
Alternative 40 0 0 0 40 373 0 0 0 373 355 0 0 0 355
Total -964 -500 -475 -9 -1,473 1,406 931 818 -10 2,328 4,116 1,464 1,239 -18 5,562
ETPs
Equity 29,308 3,824 3,499 -1,428 31,703 17,389 6,841 6,011 2,175 26,405 30,921 18,763 16,536 112 49,797
Fixed income -770 4,064 3,753 -227 3,067 13,981 4,523 3,995 -113 18,391 21,179 13,783 12,203 1,025 35,987
Commodity -1,200 -318 -306 470 -1,048 1,457 1,247 1,096 244 2,948 3,855 1,758 1,515 1,009 6,621
Currency 228 13 12 21 263 -33 -50 -44 -1 -84 293 -73 -63 29 250
Multi Asset 113 5 5 0 118 101 17 15 -2 116 167 50 44 -3 214
Alternative 84 26 24 69 179 299 12 10 54 365 341 -8 -6 130 463
Total 27,763 7,614 6,987 -1,096 34,282 33,193 12,590 11,083 2,358 48,141 56,755 34,274 30,227 2,302 93,330
All figures in $ million except where otherwise stated
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Cash Flow Analysis
Figure 51: European Equity ETF cash flow summary (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets 3,092 0 0 1 3,093 3,097 0 0 -13 3,083 12,434 0 0 -39 12,395
Emerging Markets -582 0 0 0 -582 543 0 0 0 543 -1,092 0 0 0 -1,092
Global Markets -109 0 0 0 -109 111 0 0 0 111 -17 0 0 0 -17
Sector -112 0 0 0 -112 371 0 0 0 371 897 0 0 0 897
Capitalization 444 0 0 0 444 172 0 0 0 172 705 0 0 0 705
Strategy 222 416 -4 -22 611 404 201 153 -10 748 785 570 297 -45 1,607
Style 42 0 0 0 42 779 0 0 0 779 1,623 0 0 0 1,623
Thematic 113 0 0 0 113 204 0 0 0 204 416 0 0 0 416
Total equities 3,110 416 -4 -22 3,499 5,679 201 153 -23 6,011 15,752 570 297 -83 16,536
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 23
Figure 51A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Sector -112 0 0 0 -112 371 0 0 0 371 897 0 0 0 897
Consumer discretionary 43 0 0 0 43 114 0 0 0 114 253 0 0 0 253
Consumer staples -46 0 0 0 -46 -18 0 0 0 -18 -36 0 0 0 -36
Energy 24 0 0 0 24 139 0 0 0 139 319 0 0 0 319
Financials -58 0 0 0 -58 179 0 0 0 179 366 0 0 0 366
Healthcare 6 0 0 0 6 -48 0 0 0 -48 -38 0 0 0 -38
Industrials 47 0 0 0 47 136 0 0 0 136 159 0 0 0 159
Information Technology -83 0 0 0 -83 -105 0 0 0 -105 -84 0 0 0 -84
Materials 16 0 0 0 16 -2 0 0 0 -2 53 0 0 0 53
Telecommunications -37 0 0 0 -37 -41 0 0 0 -41 -42 0 0 0 -42
Utilities -23 0 0 0 -23 16 0 0 0 16 -53 0 0 0 -53
Capitalization 444 0 0 - 444 172 0 0 0 172 705 0 0 0 705
Large Cap -34 0 0 0 -34 3 0 0 0 3 -31 0 0 0 -31
Mid Cap 178 0 0 0 178 74 0 0 0 74 275 0 0 0 275
Small Cap 300 0 0 0 300 95 0 0 0 95 461 0 0 0 461
Strategy 222 416 -4 -22 611 404 201 153 -10 748 785 570 297 -45 1,607
Fundamental 44 0 -63 0 -19 155 0 84 0 239 196 0 84 0 280
Leveraged Long 0 -11 0 0 -11 0 -88 0 0 -88 0 -340 0 0 -340
Leveraged Short 0 101 0 0 101 0 108 0 0 108 0 410 0 0 410
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 178 0 59 -22 214 200 0 69 -10 259 540 0 213 -45 708
Short 0 325 0 0 325 49 181 0 0 230 49 500 0 0 549
Style 42 0 0 0 42 779 0 0 0 779 1,623 0 0 0 1,623
Dividend -63 0 0 0 63- 594 0 0 0 594 1,132 0 0 0 1,132
Growth 90 0 0 0 90 70 0 0 0 70 159 0 0 0 159
Value 14 0 0 0 14 115 0 0 0 115 332 0 0 0 332
Thematic 113 0 0 0 113 204 0 0 0 204 416 0 0 0 416
Commodities 20 0 0 0 20 59 0 0 0 59 85 0 0 0 85
Faith 10 0 0 0 10 -6 0 0 0 6- -5 0 0 0 5-
Other Theme 35 0 0 0 35 84 0 0 0 84 159 0 0 0 159
Sustainability 48 0 0 0 48 66 0 0 0 66 177 0 0 0 177
Total 708 416 -4 -22 1,097 1,929 201 153 -10 2,274 4,426 570 297 -45 5,249
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 24 Deutsche Bank AG/London
Figure 51B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets
Europe 4,713 0 0 1 4,714 3,420 0 0 -13 3,406 13,041 0 0 -39 13,002
Austria -38 0 0 0 -38 -3 0 0 0 -3 -30 0 0 0 -30
Belgium -1 0 0 0 -1 1 0 0 0 1 2 0 0 0 2
Finland 0 0 0 0 0 12 0 0 0 12 6 0 0 0 6
France 4 0 0 0 4 -19 0 0 0 -19 -62 0 0 0 -62
Germany 204 0 0 0 204 1,121 0 0 0 1,121 1,841 0 0 0 1,841
Greece -11 0 0 0 -11 49 0 0 0 49 24 0 0 0 24
Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Italy 62 0 0 0 62 -29 0 0 0 -29 106 0 0 0 106
Netherlands 15 0 0 0 15 9 0 0 0 9 -41 0 0 0 -41
Norway 6 0 0 0 6 -10 0 0 0 -10 10 0 0 0 10
Portugal 10 0 0 0 10 7 0 0 0 7 17 0 0 0 17
Spain 99 0 0 0 99 19 0 0 0 19 114 0 0 0 114
Sweden 3 0 0 0 3 -5 0 0 0 -5 0 0 0 0 0
Switzerland -260 0 0 0 -260 -317 0 0 0 -317 -323 0 0 0 -323
UK -124 0 0 0 -124 64 0 0 0 64 889 0 0 0 889
Europe broad 4,744 0 0 1 4,745 2,520 0 0 -13 2,506 10,489 0 0 -39 10,450
Americas -2,099 0 0 0 -2,099 -858 0 0 0 -858 -2,340 0 0 0 -2,340
US -2,048 0 0 0 -2,048 -850 0 0 0 -850 -2,372 0 0 0 -2,372
Canada 35 0 0 0 35 19 0 0 0 19 59 0 0 0 59
North America -86 0 0 0 -86 -27 0 0 0 -27 -26 0 0 0 -26
Asia 1,111 0 0 0 1,111 334 0 0 0 334 1,735 0 0 0 1,735
Australia 16 0 0 0 16 18 0 0 0 18 38 0 0 0 38
Hong Kong -16 0 0 0 -16 4 0 0 0 4 74 0 0 0 74
Japan 1,102 0 0 0 1,102 326 0 0 0 326 1,655 0 0 0 1,655
Singapore 0 0 0 0 0 2 0 0 0 2 2 0 0 0 2
Asia Pacific broad 9 0 0 0 9 -17 0 0 0 -17 -36 0 0 0 -36
Global -633 0 0 0 -633 201 0 0 0 201 -2 0 0 0 -2
Broad indices -633 0 0 0 -633 201 0 0 0 201 -2 0 0 0 -2
DM Total 3,092 0 0 1 3,093 3,097 0 0 -13 3,083 12,434 0 0 -39 12,395
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 25
Figure 51C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Emerging Markets
BRIC 13 0 0 0 13 26 0 0 0 26 -433 0 0 0 -432
Brazil 7 0 0 0 7 -11 0 0 0 -11 -11 0 0 0 -11
Russia -45 0 0 0 -45 69 0 0 0 69 38 0 0 0 38
India 142 0 0 0 142 112 0 0 0 112 398 0 0 0 398
China -91 0 0 0 -91 -144 0 0 0 -144 -858 0 0 0 -858
Latin America -72 0 0 0 -72 3 0 0 0 3 -90 0 0 0 -90
Chile -2 0 0 0 -2 9 0 0 0 9 8 0 0 0 8
Mexico -26 0 0 0 -26 -1 0 0 0 -1 -30 0 0 0 -30
LATAM broad -45 0 0 0 -45 -5 0 0 0 -5 -67 0 0 0 -67
Asia -61 0 0 0 -61 189 0 0 0 189 285 0 0 0 285
Bangladesh 0 0 0 0 0 0 0 0 0 0 3 0 0 0 3
Indonesia 0 0 0 0 0 -9 0 0 0 -9 -3 0 0 0 -3
Malaysia -13 0 0 0 -13 0 0 0 0 0 -9 0 0 0 -9
Pakistan 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1
Philippines -8 0 0 0 -8 12 0 0 0 12 7 0 0 0 7
South Korea -51 0 0 0 -51 0 0 0 0 0 -67 0 0 0 -67
Taiwan 24 0 0 0 24 36 0 0 0 36 33 0 0 0 33
Thailand -2 0 0 0 -2 3 0 0 0 3 1 0 0 0 1
Vietnam -6 0 0 0 -6 -6 0 0 0 -6 -7 0 0 0 -7
Asia Pacific broad -5 0 0 0 -5 151 0 0 0 151 326 0 0 0 326
EMEA 7 0 0 0 7 14 0 0 0 14 -20 0 0 0 -20
Kuwait 1 0 0 0 1 1 0 0 0 1 4 0 0 0 4
Poland 2 0 0 0 2 2 0 0 0 2 8 0 0 0 8
South Africa -3 0 0 0 -3 16 0 0 0 16 9 0 0 0 9
Turkey 5 0 0 0 5 -17 0 0 0 -17 5 0 0 0 5
Europe broad -9 0 0 0 -9 7 0 0 0 7 -65 0 0 0 -65
Middle East & Africa 11 0 0 0 11 6 0 0 0 6 18 0 0 0 18
Global Markets -469 0 0 0 -469 311 0 0 0 311 -834 0 0 0 -834
Global -469 0 0 0 -469 311 0 0 0 311 -834 0 0 0 -834
EM Total -582 0 0 0 -582 543 0 0 0 543 -1,092 0 0 0 -1,092
Total (EM + DM) 2,511 0 0 1 2,511 3,639 0 0 -13 3,626 11,342 0 0 -39 11,304
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 52: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |
Fixed Income Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 145 0 0 9 155 98 0 0 -13 85 531 0 0 -9 522
Corporates 2,222 0 0 109 2,331 2,441 0 0 16 2,457 6,794 0 0 124 6,918
Covered Bonds -295 0 0 7 -288 34 0 0 44 78 -229 0 0 30 -199
Credit Exposure 61 7 0 0 68 21 0 0 0 21 116 7 0 0 123
Sovereign 1,519 30 0 0 1,549 1,457 97 0 5 1,559 4,645 255 0 -33 4,867
Money Market -62 0 0 0 -62 -206 0 0 0 -206 -28 0 0 0 -28
Total Fixed Income 3,591 37 0 126 3,753 3,847 96 0 52 3,995 11,829 262 0 112 12,203
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 26 Deutsche Bank AG/London
Figure 53: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |
Commodity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 120 0 1 0 121 198 -5 0 0 193 424 -5 -21 0 398
Overall 110 0 1 0 111 189 -5 0 0 184 412 -5 -21 0 386
Overall ex Energy 10 0 0 0 10 8 0 0 0 8 11 0 0 0 11
Overall Light Energy 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1
Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Agriculture 27 6 0 0 34 2 6 0 0 8 -6 16 0 0 10
Overall 25 0 0 0 25 -1 0 0 0 -1 -51 0 0 0 -51
Cocoa 0 -1 0 0 -1 -1 0 0 0 -1 -1 0 0 0 -1
Coffee 8 3 0 0 11 0 5 0 0 5 10 10 0 0 20
Corn -12 0 0 0 -12 -1 0 0 0 -1 -7 -1 0 0 -8
Cotton -2 0 0 0 -2 -1 -2 0 0 -3 -2 -2 0 0 -4
Grains -2 0 0 0 -2 0 0 0 0 0 -3 0 0 0 -3
Softs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Soybean Oil 0 0 0 0 0 0 0 0 0 -1 0 0 0 0 0
Soybeans 0 0 0 0 0 0 -1 0 0 -1 -1 0 0 0 -1
Sugar 5 4 0 0 9 0 1 0 0 1 44 4 0 0 48
Wheat 5 1 0 0 5 7 3 0 0 10 5 5 0 0 10
Energy 226 85 0 0 311 308 98 0 0 407 1,073 262 0 0 1,336
Overall 38 0 0 0 38 38 0 0 0 38 45 0 0 0 46
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Crude Oil 187 68 0 0 256 264 92 0 0 357 1,013 223 0 0 1,235
Gasoline 0 0 0 0 1 0 0 0 0 1 3 1 0 0 4
Heating Oil 0 0 0 0 0 2 0 0 0 2 4 0 0 0 4
Natural Gas 1 17 0 0 18 4 5 0 0 9 9 38 0 0 46
Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Industrial Metals 20 6 0 0 26 22 -34 0 0 -12 -68 -20 0 0 -88
Overall 30 0 0 0 30 15 -19 0 0 -3 5 -18 0 0 -13
Aluminium -11 -2 0 0 -12 4 0 0 0 4 -46 -1 0 0 -47
Copper -4 6 0 0 2 -2 -16 0 0 -18 1 -4 0 0 -3
Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Nickel 4 1 0 0 6 4 1 0 0 5 -29 3 0 0 -26
Tin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Zinc 0 0 0 0 0 0 0 0 0 -1 1 0 0 0 1
Precious Metals -645 -155 0 0 -800 476 24 0 0 500 -8 -135 0 0 -143
Overall 4 0 0 0 4 31 0 0 0 31 3 0 0 0 3
Gold -585 -103 0 0 -688 470 18 0 0 487 -49 -83 0 0 -132
Palladium -25 0 0 0 -25 -21 0 0 0 -21 -68 0 0 0 -68
Platinum -28 1 0 0 -28 -20 1 0 0 -19 -24 1 0 0 -23
Rhodium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Silver -10 -53 0 0 -63 16 6 0 0 22 130 -53 0 0 77
Livestock 1 1 0 0 2 2 -1 0 0 1 2 0 0 0 2
Overall 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0
Cattle 0 0 0 0 0 0 -1 0 0 0 0 0 0 0 0
Lean Hogs 0 1 0 0 1 1 0 0 0 1 2 0 0 0 2
Total -250 -57 1 0 -306 1,008 89 0 0 1,096 1,418 118 -21 0 1,515
Mar-15 Feb-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 27
Product Rankings
Figure 54: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 858.9 105.9 1,010.5
UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta 473.7 84.7 808.1
Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta 441.3 -1.3 452.2
UBS-ETF MSCI EMU EMUEUA GR UBS Beta 374.7 60.1 723.5
db x-trackers Stoxx® Europe 600 UCITS ETF (DR) XSX6 GR Deutsche AWM Beta 347.0 99.4 543.9
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 313.9 300.6 861.5
Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 308.7 360.3 844.0
db x-trackers MSCI Japan Index UCITS ETF 1C XMJP GR Deutsche AWM Beta 278.8 136.7 528.3
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 247.7 -40.4 554.6
UBS ETF - MSCI EMU 100% hedged to GBP UCITS ETF A-acc EUGBBH SW UBS Beta 236.3 45.1 468.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 55: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 652.7 349.6 1,435.7
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 435.6 655.0 1,487.8
ComStage ETF iBoxx Euro Liquid Sovereigns Diversified3-5 TR CBOXES3 GR ComStage Beta 360.4 0.0 360.4
ComStage ETF iBoxx Euro Liquid Sovereigns Diversified 5-7 TR CBOXES5 GR ComStage Beta 360.0 0.0 360.0
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 210.3 330.5 661.2
iShares Euro Corporate Bond BBB-BB UCITS ETF ISBB LN BlackRock Beta 175.5 64.3 239.7
iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 145.7 -31.9 174.4
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 132.1 75.6 240.2
PIMCO Low Duration Euro Corporate Bond Source UCITS ETF LDCE GY Source Alpha 109.3 1.0 109.1
iShares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta 104.3 32.6 193.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 56: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta 100.2 127.5 429.7
ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta 65.8 39.6 105.4
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 40.9 128.3 184.3
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 35.1 33.1 90.5
ETFS Energy AIGE LN ETF Securities Ltd Beta 35.0 26.8 21.0
ETFS EUR Daily Hedged WTI Crude Oil 00XM GY ETF Securities Ltd Beta 31.0 9.8 71.5
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 28.4 68.6 114.3
UBS-IS Silver ETF A SVUSA SW UBS Beta 25.5 0.0 27.4
db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 24.3 0.0 27.4
UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 24.3 37.1 83.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 28 Deutsche Bank AG/London
Figure 57: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -627.7 -666.2 -1,972.2
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta -487.5 -224.4 -745.1
UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta -360.9 18.7 -295.1
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta -332.6 238.7 808.6
UBS-ETF MSCI USA USACHA SW UBS Beta -287.2 -8.8 -484.2
db x-trackers MSCI World Index UCITS ETF 1C XMWO GR Deutsche AWM Beta -267.8 77.0 -215.0
db x-trackers MSCI USA Index UCITS ETF (DR) XD9U GY Deutsche AWM Beta -232.5 3.7 -173.0
UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW UBS Beta -172.7 -39.2 145.5
iShares SMI CH CSSMI SW BlackRock Beta -163.7 -28.1 70.8
iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta -134.0 4.5 27.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 58: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Euro Covered Bond UCITS ETF SCOV LN BlackRock Beta -290.0 5.0 -244.8
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta -132.1 54.3 -63.3
Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka Investment GmbH Beta -128.3 12.9 -89.8
db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE GR Deutsche AWM Beta -77.0 -130.6 16.1
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta -76.3 89.2 133.4
iShares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta -71.8 68.9 -17.3
UBS-ETF Markit iBoxx EUR Germany 1-3 A UEFL GY UBS Beta -69.3 -19.9 42.0
Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta+ -53.7 90.0 48.4
Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -39.8 53.3 65.2
PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha -36.5 -53.1 -57.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 59: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
ETFS Physical Gold PHAU LN ETF Securities Ltd Beta -551.3 36.5 -363.5
Gold Bullion Securities GBS LN ETF Securities Ltd Beta -194.6 121.5 37.9
ETFS Daily Short Gold SBUL LN ETF Securities Ltd Beta+ -101.8 4.3 -94.0
ETFS Daily Short Silver SSIL LN ETF Securities Ltd Beta+ -50.0 0.8 -48.0
ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta -31.7 -1.7 -8.1
ETFS Physical Silver PHAG LN ETF Securities Ltd Beta -25.1 22.0 117.0
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta -17.1 34.6 40.3
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta -15.6 -4.7 -25.4
ETFS Physical Palladium PHPD LN ETF Securities Ltd Beta -13.1 -9.3 -34.6
ETFS Corn CORN LN ETF Securities Ltd Beta -11.7 -1.7 -7.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 29
4. Product Review
New Products Launched in the Month
Figure 60: Number of ETPs by Asset Class | ETPs | Global |
Mar-15 Feb-15 End of 2014
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 2,625 64.8% 2,615 10 65.0% 2,577 48 64.5%
Fixed income 678 16.7% 664 14 16.5% 665 13 16.7%
Commodity 105 2.6% 105 - 2.6% 106 (1) 2.7%
Currency 15 0.4% 16 (1) 0.4% 17 (2) 0.4%
Multi Asset 47 1.2% 47 - 1.2% 47 - 1.2%
Alternative 47 1.2% 45 2 1.1% 45 2 1.1%
Total 3,517 86.8% 3,492 25 86.7% 3,457 60 86.6%
ETC/Vs
Equity - 0.0% 0 - 0.0% 0 - 0.0%
Commodity 404 10.0% 405 (1) 10.1% 406 (2) 10.2%
Currency 125 3.1% 125 - 3.1% 126 (1) 3.2%
Alternative 4 0.1% 4 - 0.1% 4 - 0.1%
Total 533 13.2% 534 (1) 13.3% 536 (3) 13.4%
Total ETPs 4,050 100.0% 4,026 24 100.0% 3,993 57 100.0%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 61: Number of ETPs by Asset Class | ETPs | Europe |
Mar-15 Feb-15 End of 2014
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 1,013 53.9% 1,017 (4) -0.2% 998 15 0.8%
Fixed income 340 18.1% 337 3 0.2% 342 (2) -0.1%
Commodity 49 2.6% 49 - 0.0% 49 - 0.0%
Currency - 0.0% 1 (1) -0.1% 1 (1) -0.1%
Multi Asset 8 0.4% 8 - 0.0% 8 - 0.0%
Alternative 20 1.1% 20 - 0.0% 20 - 0.0%
Total 1,430 76.1% 1,432 (2) -0.1% 1,418 12 0.6%
ETCs
Commodity 341 18.1% 341 - 0.0% 342 (1) -0.1%
Currency 108 5.7% 108 - 0.0% 109 (1) -0.1%
Total 449 23.9% 449 - 0.0% 451 (2) -0.1%
Total ETPs 1,879 100.0% 1,881 (2) -0.1% 1,869 10 0.5%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Mon
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Figure 62: New ETF launches & cross listings | ETFs | Europe |
Launch/ cross
listing dateBBG Ticker
Reuters
CodeIssuer ETF Name Asset class
Invest.
StrategyFocus
Marke
t flagBenchmark
Long
/Short/
Leverage
TERExchange
Listed
New Launches
10-Mar-15 MTH FP MTH.PA Lyxor Lyxor Ultra Long Duration EUR Govt FTSE MTS 25+Y UCITS ETF DR - C EUR Fixed Income Beta Overall DM EuroMTS Inv Grade Eurozone Govt Bond 25+yr 1L 0.17% Euronext Paris
17-Mar-15 EI18 LN EI18.L BlackRock iShares iBonds Sep 2018 USD Corporate UCITS ETF Fixed Income Beta Overall DM Barclays Sep 2018 maturity US Corporate Index 1L 0.10% London SE
18-Mar-15 UKRE LN UKRE.L BlackRock iShares MSCI Target UK Real Estate UCITS ETF Equity Beta European DM MSCI UK IMI Liquid Real Estate Index 1L 0.40% London SE
23-Mar-15 XRS2 GY XRS2.DE Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% Deutsche Borse
24-Mar-15 XRSM GY XRSM.DE Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% Deutsche Borse
25-Mar-15 CCMR LN CCMR.L Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -CNY Fixed Income Beta Overall EM Other 1L 0.65% London SE
Cross-Listings & share classes
2-Mar-15 BACK SW BACK.S BlackRock iShares US Equity Buyback Achievers UCITS ETF Equity Beta Other Theme DM Nasdaq US Select Buyback Achievers Index 1L 0.55% Swiss SE
6-Mar-15 U1FA GY U1FA.DE UBS UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (EUR hedged) 1L 0.43% Deutsche Borse
6-Mar-15 CAHEUA IM CAHEUA.MI UBS UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (EUR hedged) 1L 0.43% Borsa Italiana
6-Mar-15 UC88 LN UC88.L UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% London SE
6-Mar-15 UC87 LN UC87.L UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% London SE
6-Mar-15 CAHGBD SW CAHGBD.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% Swiss SE
6-Mar-15 CAHGBA SW CAHGBA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (GBP hedged) 1L 0.43% Swiss SE
6-Mar-15 CAHUSA SW CAHUSA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (USD hedged) 1L 0.43% Swiss SE
6-Mar-15 CAHCHA SW CAHCHA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (CHF hedged) 1L 0.43% Swiss SE
6-Mar-15 CAHEUA SW CAHEUA.S UBS UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc Equity Beta Developed non-Europe DM MSCI Canada Total Return Net (EUR hedged) 1L 0.43% Swiss SE
10-Mar-15 EEI SW EEI.S WisdomTree WisdomTree Europe Equity Income UCITS ETF Equity Beta Dividend DM Wisdom Tree Europe Equity Income Index 1L 0.29% Swiss SE
10-Mar-15 DESE SW DESE.S WisdomTree WisdomTree US SmallCap Dividend UCITS ETF Equity Beta Dividend DM Wisdom Tree US SmallCap Dividend Index 1L 0.38% Swiss SE
10-Mar-15 DGSE SW DGSE.S WisdomTree WisdomTree Emerging Markets SmallCap Dividend UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Markets SmallCap Dividend Index 1L 0.54% Swiss SE
10-Mar-15 DHS SW DHS.S WisdomTree WisdomTree US Equity Income UCITS ETF Equity Beta Dividend DM Wisdom Tree US Equity Income Index 1L 0.29% Swiss SE
10-Mar-15 DEM SW DEM.S WisdomTree WisdomTree Emerging Markets Equity Income UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Markets Equity Income Index 1L 0.46% Swiss SE
10-Mar-15 DFE SW DFE.S WisdomTree WisdomTree Europe SmallCap Dividend UCITS ETF Equity Beta Dividend DM Wisdom Tree Europe SmallCap Dividend Index 1L 0.38% Swiss SE
10-Mar-15 UC90 LN UC90.L UBS UBS ETF - CMCI Composite SF UCITS ETF A acc GBP Commodity Beta Overall DM UBS Bloomberg CMCI Composite GBP TR 1L 0.45% London SE
10-Mar-15 CCGBAS SW CCGBAS.S UBS UBS ETF - CMCI Composite SF UCITS ETF A acc GBP Commodity Beta Overall DM UBS Bloomberg CMCI Composite GBP TR 1L 0.45% Swiss SE
11-Mar-15 GI18 LN GI18.L BlackRock iShares iBonds Sep 2018 USD Corporate UCITS ETF Fixed Income Beta Overall DM Barclays Sep 2018 maturity US Corporate Index 1L 0.10% London SE
11-Mar-15 UI18 LN UI18.L BlackRock iShares iBonds Sep 2018 USD Corporate UCITS ETF Fixed Income Beta Overall DM Barclays Sep 2018 maturity US Corporate Index 1L 0.10% London SE
13-Mar-15 N4US LN N4US.L Source Source JPX-Nikkei 400 UCITS ETF USD Hedged Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.20% London SE
16-Mar-15 NS4E GY NS4E.DE Source Source JPX-Nikkei 400 UCITS ETF EUR Hedged Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.20% Deutsche Borse
18-Mar-15 UKPR LN UKPR.L BlackRock iShares MSCI Target UK Real Estate UCITS ETF Equity Beta European DM MSCI UK IMI Liquid Real Estate Index 1L 0.40% London SE
18-Mar-15 FLOT IM FLOT.MI Lyxor Lyxor UCITS ETF Barclays Floating Rate Euro 0-7y Fixed Income Beta Overall DM Barclays Euro Corporate FRN 0-7Y Enhanced Duration 1L 0.10% Borsa Italiana
19-Mar-15 2B7N GY 2B7N.DE BlackRock iShares MSCI Target UK Real Estate UCITS ETF Equity Beta European DM MSCI UK IMI Liquid Real Estate Index 1L 0.40% Deutsche Borse
23-Mar-15 XDPE GY XDPE.DE Deutsche AWM db x-trackers S&P 500 UCITS ETF Prospective DR 1C - EUR Hedged Equity Beta Developed non-Europe DM S&P 500 EUR Hedged Index 1L 0.30% Deutsche Borse
24-Mar-15 PRUS LN PRUS.L PowerShares PowerShares FTSE RAFI US 1000 UCITS ETF Equity Semi ActiveFundamental DM FTSE RAFI US 1000 1L 0.39% London SE
24-Mar-15 PSWU LN PSWU.L PowerShares PowerShares Dynamic US Market UCITS ETF Equity Alpha Quantitative DM Dynamic Market Intellidex (SM) 1L 0.75% London SE
24-Mar-15 EQQU LN EQQU.L PowerShares PowerShares EQQQ Nasdaq-100 UCITS ETF Equity Beta Developed non-Europe DM NASDAQ 100 1L 0.30% London SE
24-Mar-15 XRMU LN XRMU.L Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% London SE
24-Mar-15 XRSS LN XRSS.L Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% London SE
25-Mar-15 CCMG LN CCMG.L Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -GBP Fixed Income Beta Overall EM Other 1L 0.65% London SE
25-Mar-15 CCME LN CCME.L Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -EUR Fixed Income Beta Overall EM Other 1L 0.65% London SE
27-Mar-15 FTAL SW FTAL.S State Street SPDR FTSE UK All Share ETF Equity Beta European Developed DM FTSE All Share 1L 0.20% Swiss SE
27-Mar-15 XRSU LN XRSU.L Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% London SE
27-Mar-15 XRSG LN XRSG.L Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% London SE
27-Mar-15 XDPG LN XDPG.L Deutsche AWM db x-trackers S&P 500 UCITS ETF (DR) 2C GBP Hedged Equity Beta Developed non-Europe DM S&P 500 1L 0.30% London SE
31-Mar-15 XRSM SW XRSM.S Deutsche AWM db x-trackers Russell Midcap UCITS ETF (Prospective DR) Equity Beta Mid Cap DM Russell MIDCAP Index 1L 0.35% Swiss SE
31-Mar-15 XRLS SW XRLS.S Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 2C Equity Beta Developed non-Europe DM Russell 2000 1L 0.20% Swiss SE
31-Mar-15 XRS2 SW XRS2.S Deutsche AWM db x-trackers Russell 2000 UCITS ETF Prospective DR 1C Equity Beta Developed non-Europe DM Russell 2000 1L 0.45% Swiss SE
31-Mar-15 XEOU SW XEOU.S Deutsche AWM db x-trackers MSCI Europe Index UCITS ETF (DR) 2C Equity Beta Europe DM MSCI Europe 1L 0.15% Swiss SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 31
Average TERs
Figure 63: ETF TERs using simple average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.70% 7 1.48% 3 0.87% 10
Beta 0.40% 464 0.42% 437 0.41% 901
Beta+ 0.55% 4 0.51% 65 0.51% 69
Semi Active 0.54% 16 0.55% 17 0.55% 33
0.41% 491 0.44% 522 0.43% 1,013
Fixed Income Alpha 0.65% 7 0.39% 2 0.59% 9
Beta 0.24% 177 0.19% 131 0.21% 308
Beta+ NA NA 0.25% 23 0.25% 23
0.25% 184 0.20% 156 0.23% 340
Alternative Alpha NA NA 0.67% 7 0.67% 7
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.60% 8 0.57% 9
0.006 3 0.65% 17 0.65% 20
Commodity Beta 0.49% 22 0.49% 26 0.49% 48
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.49% 22 0.49% 27 0.49% 49
Currency Beta NA NA NA NA NA NA
NA NA NA NA NA NA
Multi Asset Alpha 0.60% 6 0.73% 2 0.64% 8
0.60% 6 0.73% 2 0.64% 8
Total 0.38% 706 0.40% 724 0.39% 1,430
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 64: ETC TERs using simple average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.51% 42 0.49% 42
Beta+ NA NA 0.91% 29 0.91% 29
Energy Beta NA NA 0.49% 50 0.47% 50
Beta+ NA NA 0.77% 47 0.77% 47
Industrial Metals Beta NA NA 0.49% 29 0.48% 29
Beta+ NA NA 0.89% 23 0.89% 23
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.50% 13 0.47% 13
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.46% 32 0.45% 19 0.44% 51
Beta+ NA NA 0.72% 41 0.72% 41
Commodity 0.46% 32 0.65% 309 0.62% 341
Currency Currency Beta NA NA 0.41% 42 0.41% 42
Beta+ NA NA 0.77% 66 0.77% 66
Currency NA NA 0.63% 108 0.63% 108
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 32 Deutsche Bank AG/London
Figure 65: ETF TERs using AUM weighted average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.73% 7 0.95% 3 0.76% 10
Beta 0.33% 464 0.37% 437 0.34% 901
Beta+ 0.58% 4 0.49% 65 0.49% 69
Semi Active 0.58% 16 0.56% 17 0.57% 33
0.34% 491 0.38% 522 0.35% 1,013
Fixed Income Alpha 0.37% 7 0.39% 2 0.37% 9
Beta 0.26% 177 0.18% 131 0.24% 308
Beta+ NA NA 0.23% 23 0.23% 23
0.26% 184 0.19% 156 0.25% 340
Alternative Alpha NA NA 0.83% 7 0.83% 7
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.67% 8 0.57% 9
0.72% 3 0.79% 17 0.77% 20
Commodity Beta 0.42% 22 0.44% 26 0.42% 48
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.42% 22 0.44% 27 0.42% 49
Currency Beta NA NA NA NA NA NA
NA NA NA - NA -
Multi Asset Alpha 0.66% 6 0.72% 2 0.72% 8
0.66% 6 0.72% 2 0.72% 8
Total 0.32% 706 0.35% 724 0.33% 1,430
Synthetic TotalPhysical
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 66: ETC TERs using AUM weighted average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.53% 42 0.53% 42
Beta+ NA NA 0.98% 29 0.98% 29
Energy Beta NA NA 0.52% 50 0.52% 50
Beta+ NA NA 0.97% 47 0.97% 47
Industrial Metals Beta NA NA 0.49% 29 0.49% 29
Beta+ NA NA 0.98% 23 0.98% 23
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.50% 13 0.50% 13
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.39% 32 0.37% 19 0.39% 51
Beta+ NA NA 0.92% 41 0.92% 41
Commodity 0.39% 32 0.52% 309 0.44% 341
Currency Currency Beta NA NA 0.39% 42 0.39% 42
Beta+ NA NA 0.91% 66 0.91% 66
Currency NA NA 0.76% 108 0.76% 108
TotalPhysical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 33
5. Provider Rankings
Global Provider Rankings
Figure 67: Global Top 10 ETF Providers ($ million) | ETFs | Global |
Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,030,631 38.1% 975,205 38.1% 605 11,273 461,451 37,892
2 Vanguard 475,834 17.6% 443,404 17.3% 94 8,088 79,140 23,229
3 State Street 429,297 15.9% 453,738 17.7% 225 -3,180 774,789 -27,224
4 PowerShares 93,367 3.5% 91,378 3.6% 142 614 77,425 306
5 Deutsche AWM 69,853 2.6% 58,319 2.3% 260 4,482 13,806 10,872
6 WisdomTree 55,800 2.1% 39,297 1.5% 76 6,468 24,994 13,283
7 Nomura Asset Management 51,616 1.9% 43,106 1.7% 44 2,865 38,276 4,039
8 Lyxor 51,264 1.9% 46,227 1.8% 215 1,569 17,751 4,823
9 First Trust 38,719 1.4% 33,266 1.3% 98 1,930 8,664 4,150
10 Charles Schwab 31,051 1.1% 26,922 1.1% 21 1,616 4,975 3,551
Total Top 10 2,327,432 86.1% 2,210,862 86.3% 1,780 35,725 1,501,270 74,921
Others 376,301 13.9% 351,762 13.7% 1,737 30 276,823 12,847
Global Total 2,703,733 100.0% 2,562,624 100.0% 3,517 35,755 1,778,093 87,769 Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 68: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |
Rank Issuer Current AUM Mkt. Share 2014 AUM
2014 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 State Street 28,123 34.8% 27,325 35.3% 1 -1,292 15,119 1,283
2 ETF Securities Ltd 16,527 20.5% 16,586 21.4% 327 -747 4,295 477
3 BlackRock 12,796 15.8% 12,494 16.1% 8 -75 3,221 255
4 PowerShares 6,623 8.2% 7,159 9.2% 11 -140 3,240 -196
5 United States Commodity Funds 4,235 5.2% 2,790 3.6% 11 286 14,183 1,793
6 ProShares 4,199 5.2% 3,282 4.2% 19 275 20,827 1,154
7 Deutsche AWM 2,386 3.0% 2,192 2.8% 39 92 211 341
8 Source 2,079 2.6% 1,920 2.5% 4 37 230 203
9 Deutsche Borse Commodities GmbH 1,918 2.4% 1,902 2.5% 1 0 142 0
10 Guggenheim Investments 985 1.2% 935 1.2% 9 20 4,067 104
Total Top 10 79,872 98.8% 76,584 98.9% 430 -1,544 65,536 5,414
Others 939 1.2% 880 1.1% 103 71 666 148
Global Total 80,811 100.0% 77,464 100.0% 533 -1,473 66,202 5,562
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 34 Deutsche Bank AG/London
Figure 69: Global Top 10 ETP Providers ($ million) | ETPs | Global |
Rank Issuer Current AUM Mkt. Share 2014 AUM
2014 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,043,427 37.5% 987,699 37.4% 613 11,198 464,672 38,147
2 Vanguard 475,834 17.1% 443,404 16.8% 94 8,088 79,140 23,229
3 State Street 457,421 16.4% 481,063 18.2% 226 -4,472 789,908 -25,940
4 PowerShares 99,990 3.6% 98,537 3.7% 153 473 80,666 110
5 Deutsche AWM 72,239 2.6% 60,511 2.3% 299 4,575 14,017 11,213
6 WisdomTree 55,800 2.0% 39,297 1.5% 76 6,468 24,994 13,283
7 Nomura Asset Management 51,616 1.9% 43,106 1.6% 44 2,865 38,276 4,039
8 Lyxor 51,264 1.8% 46,227 1.8% 215 1,569 17,751 4,823
9 First Trust 38,719 1.4% 33,266 1.3% 98 1,930 8,664 4,150
10 Charles Schwab 31,051 1.1% 26,922 1.0% 21 1,616 4,975 3,551
Total Top 10 2,377,361 85.4% 2,260,031 85.6% 1,839 34,310 1,523,062 76,605
Others 407,182 14.6% 380,057 14.4% 2,211 -28 321,233 16,726
Global Total 2,784,543 100.0% 2,640,087 100.0% 4,050 34,282 1,844,295 93,330
Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 35
European Provider Rankings – General
Figure 70: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |
All figures in € million except
products
Issuer Current
Month
End of
2014 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2014 Diff.
BlackRock 211,609 175,377 21% 3,291 4,970 13,258 33,006 26,299 26% 267 256 4%
Deutsche AWM 53,768 44,558 21% 1,192 1,113 3,472 6,965 5,446 28% 234 248 -6%
Lyxor 47,732 38,202 25% 1,432 1,778 4,266 16,264 9,509 71% 215 215 0%
UBS 23,032 17,073 35% 707 544 3,213 2,750 2,274 21% 126 124 2%
Amundi 18,316 15,386 19% 5 440 896 4,849 3,890 25% 99 98 1%
Vanguard 14,755 12,538 18% -194 288 483 2,043 1,844 11% 13 13 0%
Source 14,216 12,625 13% 267 14 120 2,145 1,659 29% 76 76 0%
State Street 12,349 9,274 33% 296 902 1,898 1,783 1,448 23% 64 60 7%
Deka Investment GmbH 7,202 6,433 12% -112 4 29 1,443 2,166 -33% 43 42 2%
ComStage 7,106 5,391 32% 615 183 1,031 670 598 12% 102 98 4%
Zuercher Kantonalbank 6,744 6,032 12% -25 -4 16 325 250 30% 4 4 0%
HSBC 5,847 5,363 9% -45 -129 -270 826 605 37% 28 28 0%
BNP Paribas 4,744 3,756 26% -79 209 378 204 154 33% 38 38 0%
Xact Fonder AB 2,762 2,379 16% 6 30 12 1,215 1,071 13% 10 10 0%
Julius Baer Inv 2,199 2,060 7% -4 -28 -44 104 113 -8% 8 8 0%
Ossiam 1,899 1,574 21% 49 -20 81 149 77 93% 8 7 14%
PowerShares 1,707 1,465 17% -44 16 31 234 153 52% 19 19 0%
ThinkCapital ETFs N.V. 1,002 1,030 -3% -5 -87 -97 141 87 63% 11 11 0%
ETF Securities Ltd 553 456 21% 39 19 77 409 308 33% 14 14 0%
BBVA Gestion SA SGIIC 506 434 17% 19 -16 18 39 38 3% 2 2 0%
Royal Bank of Scotland plc 419 379 11% 7 15 10 30 29 4% 12 12 0%
Seligson & Co Fund Man 178 144 23% 0 12 6 7 18 -59% 1 1 0%
Raiffeisen Schweiz Genossenschaft 165 137 21% 5 7 12 6 12 -49% 3 3 0%
DnB Kapitalforvaltning 125 112 12% 0 -16 -2 28 8 271% 1 1 0%
Fundlogic Global Solutions plc 121 104 17% 0 0 0 2 1 40% 1 1 0%
SEB Investment Management AB 98 82 19% 2 0 2 12 32 -64% 3 3 0%
First Trust 73 53 38% 8 4 11 8 4 82% 4 4 0%
Commerzbank AG 68 49 40% 14 -3 10 0 0 31% 2 1 100%
Nomura Asset Management 49 0 NA 7 0 43 18 9 88% 1 0 NA
WisdomTree 43 13 219% 9 18 27 14 29 -54% 6 6 0%
FinEx Fund Plc 34 28 20% 0 0 0 0 2 -72% 2 2 0%
NCB Stockbrokers 28 24 16% 0 0 0 1 1 -8% 1 1 0%
Swedbank Robur 22 19 18% 0 0 0 4 2 87% 3 3 0%
Alpha Asset Management 14 16 -13% 0 0 0 0 1 -87% 1 1 0%
NBG Asset Management MFMC 5 6 -7% 0 0 0 0 0 -86% 2 2 0%
Boost 1 1 135% 0 1 1 2 1 108% 2 2 0%
Alpcot Capital Management 1 0 1207% 0 0 0 0 0 -52% 1 1 0%
Landsbankinn 0 0 NA 0 0 0 1 0 1827% 1 1 0%
Nordea Investment Funds 0 0 NA 0 0 0 0 0 4745% 2 2 0%
PDR Services LLC 0 0 NA 0 0 0 0 0 -56% 0 0 NA
Total 439,491 362,572 21% 7,463 10,264 28,989 75,698 58,143 30% 1430 1,418 1%
AUM Cash Flow Turnover Products
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 36 Deutsche Bank AG/London
Figure 71: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |
All figures in € million except
products
Issuer Current
Month
End of
2014 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2014 Diff.
ETF Securities Ltd 12,851 11,282 14% -673 436 483 3,694 3,427 8% 305 306 0%
Deutsche AWM 2,222 1,811 23% 86 118 304 195 196 0% 39 39 0%
Source 1,936 1,586 22% 33 133 178 212 261 -19% 4 4 0%
Deutsche Borse Commodities GmbH 1,786 1,572 14% 0 0 0 132 149 -12% 1 1 0%
BlackRock 315 179 76% 8 77 114 22 248 -91% 4 4 0%
Royal Bank of Scotland plc 277 251 10% 21 0 21 5 8 -37% 6 7 -14%
Boost 155 42 265% 46 52 131 495 440 13% 21 21 0%
Borse Stuttgart Securities GmbH 109 88 24% 4 4 9 7 9 -25% 1 1 0%
Commerzbank AG 1 1 -1% 0 0 0 32 38 -17% 68 68 0%
Total 19,650 16,813 17% -475 818 1,239 4,794 4,776 0% 449 451 0%
AUM Cash Flow Turnover Products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 37
Figure 72: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2014 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2014 Diff.
BlackRock 211,924 175,556 21% 3,300 5,047 13,372 33,028 26,547 24% 271 260 4%
Deutsche AWM 55,990 46,369 21% 1,278 1,231 3,776 7,160 5,643 27% 273 287 -5%
Lyxor 47,732 38,202 25% 1,432 1,778 4,266 16,264 9,509 71% 215 215 0%
UBS 23,032 17,073 35% 707 544 3,213 2,750 2,274 21% 126 124 2%
Amundi 18,316 15,386 19% 5 440 896 4,849 3,890 25% 99 98 1%
Source 16,152 14,212 14% 299 146 298 2,357 1,920 23% 80 80 0%
Vanguard 14,755 12,538 18% -194 288 483 2,043 1,844 11% 13 13 0%
ETF Securities Ltd 13,403 11,738 14% -634 455 560 4,104 3,735 10% 319 320 0%
State Street 12,349 9,274 33% 296 902 1,898 1,783 1,448 23% 64 60 7%
Deka Investment GmbH 7,202 6,433 12% -112 4 29 1,443 2,166 -33% 43 42 2%
ComStage 7,106 5,391 32% 615 183 1,031 670 598 12% 102 98 4%
Zuercher Kantonalbank 6,744 6,032 12% -25 -4 16 325 250 30% 4 4 0%
HSBC 5,847 5,363 9% -45 -129 -270 826 605 37% 28 28 0%
BNP Paribas 4,744 3,756 26% -79 209 378 204 154 33% 38 38 0%
Xact Fonder AB 2,762 2,379 16% 6 30 12 1,215 1,071 13% 10 10 0%
Julius Baer Inv 2,199 2,060 7% -4 -28 -44 104 113 -8% 8 8 0%
Ossiam 1,899 1,574 21% 49 -20 81 149 77 93% 8 7 14%
Deutsche Borse Commodities GmbH 1,786 1,572 14% 0 0 0 132 149 -12% 1 1 0%
PowerShares 1,707 1,465 17% -44 16 31 234 153 52% 19 19 0%
ThinkCapital ETFs N.V. 1,002 1,030 -3% -5 -87 -97 141 87 63% 11 11 0%
Royal Bank of Scotland plc 696 630 10% 28 15 31 35 37 -5% 18 19 -5%
BBVA Gestion SA SGIIC 506 434 17% 19 -16 18 39 38 3% 2 2 0%
Seligson & Co Fund Man 178 144 23% 0 12 6 7 18 -59% 1 1 0%
Raiffeisen Schweiz Genossenschaft 165 137 21% 5 7 12 6 12 -49% 3 3 0%
Boost 156 43 263% 46 52 131 498 441 13% 23 23 0%
DnB Kapitalforvaltning 125 112 12% 0 -16 -2 28 8 271% 1 1 0%
Fundlogic Global Solutions plc 121 104 17% 0 0 0 2 1 40% 1 1 0%
Borse Stuttgart Securities GmbH 109 88 24% 4 4 9 7 9 -25% 1 1 0%
SEB Investment Management AB 98 82 19% 2 0 2 12 32 -64% 3 3 0%
First Trust 73 53 38% 8 4 11 8 4 82% 4 4 0%
Commerzbank AG 69 50 39% 14 -3 10 32 39 -17% 70 69 1%
Nomura Asset Management 49 0 NA 7 0 43 18 9 88% 1 0 NA
WisdomTree 43 13 219% 9 18 27 14 29 -54% 6 6 0%
FinEx Fund Plc 34 28 20% 0 0 0 0 2 -72% 2 2 0%
NCB Stockbrokers 28 24 16% 0 0 0 1 1 -8% 1 1 0%
Swedbank Robur 22 19 18% 0 0 0 4 2 87% 3 3 0%
Alpha Asset Management 14 16 -13% 0 0 0 0 1 -87% 1 1 0%
NBG Asset Management MFMC 5 6 -7% 0 0 0 0 0 -86% 2 2 0%
Alpcot Capital Management 1 0 1207% 0 0 0 0 0 -52% 1 1 0%
PDR Services LLC 0 0 NA 0 0 0 0 0 -56% 0 0 NA
Nordea Investment Funds 0 0 NA 0 0 0 0 0 4745% 2 2 0%
Landsbankinn 0 0 NA 0 0 0 1 0 1827% 1 1 0%
Total 459,141 379,385 21% 6,987 11,083 30,227 80,491 62,918 28% 1,879 1,869 1%
ProductsAUM Cash Flow Turnover
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 38 Deutsche Bank AG/London
Figure 73: European ETP Providers tier market share | ETPs | Europe |
Tier Tier 1 Tier 2 Tier 3
Providers 4 10 26
Q1 14 70.5% 24.9% 4.6%
Q2 14 69.8% 24.9% 5.3%
Q3 14 68.9% 26.9% 4.2%
Q4 14 68.6% 27.3% 4.2%
Mar-15 68.7% 27.2% 4.0%
60% 65% 70% 75% 80% 85% 90% 95% 100%
Q1 14
Q2 14
Q3 14
Q4 14
Mar-15
Tier 1 Tier 2 Tier 3
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 39
European Provider Rankings – by Asset Class
Figure 74: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |
Issuer Equity
Fixed
Income
Comm-
odity Others
Total
AUM
Mkt Share
% Nu.
Current
TO
Current
CF YTD CF
BlackRock 147,300 62,605 1,319 385 211,609 48.1% 267 33,006 3,291 13,258
Deutsche AWM 39,914 12,352 576 926 53,768 12.2% 234 6,965 1,192 3,472
Lyxor 38,440 8,172 1,047 72 47,732 10.9% 215 16,264 1,432 4,266
UBS 19,982 1,284 1,647 119 23,032 5.2% 126 2,750 707 3,213
Amundi 14,089 4,204 22 0 18,316 4.2% 99 4,849 5 896
Vanguard 14,657 98 0 0 14,755 3.4% 13 2,043 -194 483
Source 9,354 4,572 222 69 14,216 3.2% 76 2,145 267 120
State Street 8,286 4,063 0 0 12,349 2.8% 64 1,783 296 1,898
Deka Investment GmbH 4,574 2,628 0 0 7,202 1.6% 43 1,443 -112 29
ComStage 4,669 2,101 336 0 7,106 1.6% 102 670 615 1,031
Zuercher Kantonalbank 0 0 6,744 0 6,744 1.5% 4 325 -25 16
HSBC 5,847 0 0 0 5,847 1.3% 28 826 -45 -270
BNP Paribas 4,331 167 246 0 4,744 1.1% 38 204 -79 378
Xact Fonder AB 2,762 0 0 0 2,762 0.6% 10 1,215 6 12
Julius Baer Inv 69 0 2,130 0 2,199 0.5% 8 104 -4 -44
Ossiam 1,869 0 30 0 1,899 0.4% 8 149 49 81
PowerShares 1,622 81 0 4 1,707 0.4% 19 234 -44 31
ThinkCapital ETFs N.V. 492 499 0 10 1,002 0.2% 11 141 -5 -97
ETF Securities Ltd 444 0 96 13 553 0.1% 14 409 39 77
BBVA Gestion SA SGIIC 506 0 0 0 506 0.1% 2 39 19 18
Royal Bank of Scotland plc 198 0 222 0 419 0.1% 12 30 7 10
Seligson & Co Fund Man 178 0 0 0 178 0.0% 1 7 0 6
Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 5 12
DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 28 0 -2
Fundlogic Global Solutions plc 121 0 0 0 121 0.0% 1 2 0 0
SEB Investment Management AB 98 0 0 0 98 0.0% 3 12 2 2
First Trust 73 0 0 0 73 0.0% 4 8 8 11
Commerzbank AG 54 14 0 0 68 0.0% 2 0 14 10
Nomura Asset Management 49 0 0 0 49 0.0% 1 18 7 43
WisdomTree 43 0 0 0 43 0.0% 6 14 9 27
FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0
NCB Stockbrokers 28 0 0 0 28 0.0% 1 1 0 0
Swedbank Robur 22 0 0 0 22 0.0% 3 4 0 0
Alpha Asset Management 14 0 0 0 14 0.0% 1 0 0 0
NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0
Boost 1 0 0 0 1 0.0% 2 2 0 1
Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 1 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 320,217 102,871 14,804 1,599 439,491 100.0% 1,430 75,698 7,463 28,989
All figures in € million except products
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 40 Deutsche Bank AG/London
Figure 75: 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 Ltd 12,446 405 12,851 65.4% 305 3,694 -673 483
Deutsche AWM 2,222 0 2,222 11.3% 39 195 86 304
Source 1,936 0 1,936 9.9% 4 212 33 178
Deutsche Borse Commodities GmbH 1,786 0 1,786 9.1% 1 132 0 0
BlackRock 315 0 315 1.6% 4 22 8 114
Royal Bank of Scotland plc 277 0 277 1.4% 6 5 21 21
Boost 152 3 155 0.8% 21 495 46 131
Borse Stuttgart Securities GmbH 109 0 109 0.6% 1 7 4 9
Commerzbank AG 1 0 1 0.0% 68 32 0 0
Total 19,242 408 19,650 100.0% 449 4,794 -475 1,239
All figures in € million except products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 41
Figure 76: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
Issuer Equity
Fixed
Income Commodity Others
Total
AUM
Mkt Share
% Nu.
Current
TO
Current
CF YTD CF
BlackRock 147,300 62,605 1,634 385 211,924 46.2% 271 33,028 3,300 13,372
Deutsche AWM 39,914 12,352 2,798 926 55,990 12.2% 273 7,160 1,278 3,776
Lyxor 38,440 8,172 1,047 72 47,732 10.4% 215 16,264 1,432 4,266
UBS 19,982 1,284 1,647 119 23,032 5.0% 126 2,750 707 3,213
Amundi 14,089 4,204 22 0 18,316 4.0% 99 4,849 5 896
Source 9,354 4,572 2,157 69 16,152 3.5% 80 2,357 299 298
Vanguard 14,657 98 0 0 14,755 3.2% 13 2,043 -194 483
ETF Securities Ltd 444 0 12,542 418 13,403 2.9% 319 4,104 -634 560
State Street 8,286 4,063 0 0 12,349 2.7% 64 1,783 296 1,898
Deka Investment GmbH 4,574 2,628 0 0 7,202 1.6% 43 1,443 -112 29
ComStage 4,669 2,101 336 0 7,106 1.5% 102 670 615 1,031
Zuercher Kantonalbank 0 0 6,744 0 6,744 1.5% 4 325 -25 16
HSBC 5,847 0 0 0 5,847 1.3% 28 826 -45 -270
BNP Paribas 4,331 167 246 0 4,744 1.0% 38 204 -79 378
Xact Fonder AB 2,762 0 0 0 2,762 0.6% 10 1,215 6 12
Julius Baer Inv 69 0 2,130 0 2,199 0.5% 8 104 -4 -44
Ossiam 1,869 0 30 0 1,899 0.4% 8 149 49 81
Deutsche Borse Commodities GmbH 0 0 1,786 0 1,786 0.4% 1 132 0 0
PowerShares 1,622 81 0 4 1,707 0.4% 19 234 -44 31
ThinkCapital ETFs N.V. 492 499 0 10 1,002 0.2% 11 141 -5 -97
Royal Bank of Scotland plc 198 0 498 0 696 0.2% 18 35 28 31
BBVA Gestion SA SGIIC 506 0 0 0 506 0.1% 2 39 19 18
Seligson & Co Fund Man 178 0 0 0 178 0.0% 1 7 0 6
Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 5 12
Boost 1 0 152 3 156 0.0% 23 498 46 131
DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 28 0 -2
Fundlogic Global Solutions plc 121 0 0 0 121 0.0% 1 2 0 0
Borse Stuttgart Securities GmbH 0 0 109 0 109 0.0% 1 7 4 9
SEB Investment Management AB 98 0 0 0 98 0.0% 3 12 2 2
First Trust 73 0 0 0 73 0.0% 4 8 8 11
Commerzbank AG 54 14 1 0 69 0.0% 70 32 14 10
Nomura Asset Management 49 0 0 0 49 0.0% 1 18 7 43
FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0
NCB Stockbrokers 28 0 0 0 28 0.0% 1 1 0 0
Swedbank Robur 22 0 0 0 22 0.0% 3 4 0 0
Alpha Asset Management 14 0 0 0 14 0.0% 1 0 0 0
NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0
Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 1 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 320,217 102,871 34,047 2,006 459,141 100.0% 1,879 80,491 6,987 30,227
All figures in € million except products
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 42 Deutsche Bank AG/London
European Provider Analysis by Replication Method
Figure 77: European ETF Providers list by replication | ETFs | Europe|
AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs
European Providers
BlackRock Physical 146,968 173 62,605 86 767 3 385 1 210,725 100% 263
Synthetic 331 3 - - 552 1 - - 884 0% 4
Deutsche AWM Physical 23,409 49 78 1 - - 22 3 23,509 44% 53
Synthetic 16,505 93 12,275 81 576 3 904 4 30,259 56% 181
Lyxor Physical 883 9 4,366 19 - - - - 5,249 11% 28
Synthetic 37,557 152 3,807 22 1,047 6 72 7 42,483 89% 187
UBS Physical 17,907 68 1,281 21 1,027 7 - - 20,215 88% 96
Synthetic 2,075 19 3 1 619 8 119 2 2,817 12% 30
Amundi Physical 1,179 6 - - - - - - 1,179 6% 6
Synthetic 12,910 68 4,204 24 22 1 - - 17,137 94% 93
Vanguard Physical 14,657 12 98 1 - - - - 14,755 100% 13
Source Physical 1,239 9 4,430 9 - - 23 1 5,693 40% 19
Synthetic 8,114 49 142 2 222 1 46 5 8,523 60% 57
State Street Physical 8,286 41 4,063 23 - - - - 12,349 100% 64
Deka Investment GmbH Physical 4,557 23 2,628 19 - - - - 7,185 100% 42
Synthetic 17 1 - - - - - - 17 0% 1
ComStage Physical 93 2 - - - - - - 93 1% 2
Synthetic 4,577 75 2,101 24 336 1 - - 7,014 99% 100
Zuercher Kantonalbank Physical - - - - 6,744 4 - - 6,744 100% 4
HSBC Physical 5,847 28 - - - - - - 5,847 100% 28
BNP Paribas Physical 2,285 17 - - - - - - 2,285 48% 17
Synthetic 2,046 19 167 1 246 1 - - 2,459 52% 21
Xact Fonder AB Physical 2,343 4 - - - - - - 2,343 85% 4
Synthetic 419 6 - - - - - - 419 15% 6
Julius Baer Inv Physical 69 4 - - 2,130 4 - - 2,199 100% 8
Ossiam Physical 45 1 - - - - - - 45 2% 1
Synthetic 1,824 6 - - 30 1 - - 1,854 98% 7
PowerShares Physical 1,599 15 81 1 - - 4 1 1,684 99% 17
Synthetic 23 2 - - - - - - 23 1% 2
ThinkCapital ETFs N.V. Physical 492 5 499 3 - - 10 3 1,002 100% 11
ETF Securities Ltd Synthetic 390 10 - - 96 1 13 1 499 100% 12
Physical 54 2 - - - - - - 54 100% 2
BBVA Gestion SA Physical 506 2 - - - - - - 506 100% 2
RBS plc Synthetic 198 9 - - 222 3 - - 419 100% 12
Seligson & Co Fund Mgmt. Physical 178 1 - - - - - - 178 100% 1
Raiffeisen Schweiz
Genossenschaft
Physical - - - - 165 3 - - 165 100% 3
DnB Kapitalforvaltning Physical 125 1 - - - - - - 125 100% 1
Fundlogic Global Solutions plc Synthetic 121 1 - - - - - - 121 100% 1
SEB Investment Management AB Synthetic 98 3 - - - - - - 98 100% 3
First Trust Physical 73 4 - - - - - - 73 100% 4
Commerzbank AG Synthetic 54 1 - - - - - - 54 100% 1
Physical - - 14 1 - - - - 14 100% 1
Nomura Asset Management Physical 49 1 - - - - - - 49 100% 1
WisdomTree Physical 43 6 - - - - - - 43 100% 6
FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1
Synthetic - - 30 1 - - - - 30 90% 1
NCB Stockbrokers Physical 28 1 - - - - - - 28 100% 1
Swedbank Robur Physical 22 3 - - - - - - 22 100% 3
Alpha Asset Mgmt. Physical 14 1 - - - - - - 14 100% 1
NBG Asset Mgmt. Physical 3 1 - - - - - - 3 48% 1
Synthetic 3 1 - - - - - - 3 52% 1
Alpcot Capital Mgmt Physical 1 1 - - - - - - 1 100% 1
Boost Synthetic 1 2 - - - - - - 1 100% 2
Landsbankinn Physical - 1 - - - - - - - NA 1
Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2
Total 320,217 1,013 102,871 340 14,804 49 1,599 28 439,490 1,430
Total
All figures in € million except products
Replication
Method Equity Fixed Income Commodity Other
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 43
6. Trading Perspective
ETP Monthly Turnover Analysis by Asset Class, by Instrument
Figure 78: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD
Asset Class Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
ETFs
Equity 52,422 4,924 311 19 57,677 41,047 3,649 229 17 44,941 31,089 4,428 117 30 35,664 157,477
Fixed income 16,601 252 0 136 16,989 12,105 156 0 64 12,325 7,137 150 0 77 7,364 42,650
Commodity 859 0 1 0 860 750 0 1 0 751 796 0 1 0 797 2,831
Currency 0 0 0 0 0 4 0 0 0 4 1 0 0 0 1 7
Multi Asset 0 0 0 32 32 0 0 0 28 28 0 0 0 15 15 87
Alternative 73 0 10 58 140 52 0 9 32 93 47 0 12 71 131 368
Total 69,955 5,176 322 245 75,698 53,958 3,805 238 141 58,143 39,071 4,577 129 194 43,972 203,420
ETCs
Commodity 3,065 1,286 0 0 4,351 3,466 1,124 0 0 4,590 1,702 429 0 0 2,130 13,686
Currency 39 403 0 0 442 23 163 0 0 186 26 91 0 0 117 956
Total 3,105 1,689 0 0 4,794 3,489 1,287 0 0 4,776 1,728 520 0 0 2,248 14,642
Total ETPs 73,059 6,865 322 245 80,491 57,447 5,092 238 141 62,918 40,799 5,097 129 194 46,220 218,062
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 79: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Developed Markets 37,850 0 0 16 37,866 29,692 0 0 15 29,706 21,803 0 0 27 21,830 103,810
Emerging Markets 5,610 0 0 0 5,610 4,343 0 0 0 4,343 4,108 0 0 0 4,108 15,883
Global Markets 830 0 0 0 830 656 0 0 0 656 659 0 0 0 659 2,249
Sector 3,699 0 0 0 3,699 3,103 0 0 0 3,103 2,166 0 0 0 2,166 9,814
Capitalization 1,026 0 0 0 1,026 656 0 0 0 656 613 0 0 0 613 2,229
Strategy 457 4,924 311 2 5,695 586 3,649 229 2 4,465 299 4,428 117 3 4,846 16,293
Style 2,428 0 0 0 2,428 1,643 0 0 0 1,643 1,179 0 0 0 1,179 5,719
Thematic 522 0 0 0 522 368 0 0 0 368 263 0 0 0 263 1,479
Total Equities 52,422 4,924 311 19 57,677 41,047 3,649 229 17 44,941 31,089 4,428 117 30 35,664 157,477
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 44 Deutsche Bank AG/London
Figure 79A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Sector 3,699 0 0 0 3,699 3,103 0 0 0 3,103 2,166 0 0 0 2,166 9,814
Consumer discretionary 268 0 0 0 268 180 0 0 0 180 109 0 0 0 109 598
Consumer staples 166 0 0 0 166 157 0 0 0 157 72 0 0 0 72 466
Energy 479 0 0 0 479 441 0 0 0 441 238 0 0 0 238 1370
Financials 1589 0 0 0 1,589 1217 0 0 0 1,217 984 0 0 0 984 4,139
Healthcare 295 0 0 0 295 224 0 0 0 224 133 0 0 0 133 754
Industrials 191 0 0 0 191 203 0 0 0 203 144 0 0 0 144 585
Information Technology 291 0 0 0 291 218 0 0 0 218 128 0 0 0 128 692
Materials 227 0 0 0 227 285 0 0 0 285 215 0 0 0 215 667
Telecommunications 98 0 0 0 98 56 0 0 0 56 65 0 0 0 65 260
Utilities 95 0 0 0 95 121 0 0 0 121 78 0 0 0 78 282
Capitalization 1,026 0 0 0 1,026 656 0 0 0 656 613 0 0 0 613 2,229
Large Cap 58 0 0 0 58 27 0 0 0 27 52 0 0 0 52 140
Mid Cap 509 0 0 0 509 266 0 0 0 266 173 0 0 0 173 964
Small Cap 459 0 0 0 459 363 0 0 0 363 388 0 0 0 388 1,126
Strategy 457 4,924 311 2 5,695 586 3,649 229 2 4,465 299 4,428 117 3 4,846 16,293
Fundamental 49 0 98 0 147 25 0 109 0 135 143 0 56 0 199 348
Leveraged Long 0 2,984 0 0 2,984 0 2,018 0 0 2,018 0 2,254 0 0 2,254 7,913
Leveraged Short 0 1,312 0 0 1,312 0 1,142 0 0 1,142 0 1,736 0 0 1,736 4,360
Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Quantitative 405 0 213 2 620 561 0 119 2 681 155 0 61 3 219 1938
Short 3 629 0 0 632 0 489 0 0 489 0 437 0 0 437 1,734
Style 2,428 0 0 0 2,428 1,643 0 0 0 1,643 1,179 0 0 0 1,179 5,719
Dividend 2,123 0 0 0 2,123 1,481 0 0 0 1,481 1,079 0 0 0 1,079 5,137
Growth 124 0 0 0 124 44 0 0 0 44 23 0 0 0 23 205
Value 182 0 0 0 182 118 0 0 0 118 77 0 0 0 77 377
Thematic 522 0 0 0 522 368 0 0 0 368 263 0 0 0 263 1,479
Commodities 166 0 0 0 166 115 0 0 0 115 96 0 0 0 96 483
Faith 26 0 0 0 26 11 0 0 0 11 20 0 0 0 20 58
Other Theme 130 0 0 0 130 86 0 0 0 86 65 0 0 0 65 466
Sustainability 201 0 0 0 201 156 0 0 0 156 83 0 0 0 83 472
Total 8,132 4,924 311 2 13,370 6,356 3,649 229 2 10,236 4,520 4,428 117 3 9,067 35,534
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 45
Figure 79B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Developed Markets
Europe 21,419 0 0 16 21,435 18,936 0 0 15 18,951 13,795 0 0 27 13,823 64,905
Austria 12 0 0 0 12 37 0 0 0 37 16 0 0 0 16 66
Belgium 6 0 0 0 6 3 0 0 0 3 2 0 0 0 2 15
Finland 7 0 0 0 7 18 0 0 0 18 9 0 0 0 9 38
France 670 0 0 0 670 495 0 0 0 495 342 0 0 0 342 1,727
Germany 4,728 0 0 0 4,728 4,354 0 0 0 4,354 3,368 0 0 0 3,368 15,020
Greece 68 0 0 0 68 159 0 0 0 159 70 0 0 0 70 314
Ireland 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 5
Italy 896 0 0 0 896 795 0 0 0 795 901 0 0 0 901 2,466
Netherlands 245 0 0 0 245 148 0 0 0 148 99 0 0 0 99 749
Norway 40 0 0 0 40 15 0 0 0 15 49 0 0 0 49 68
Portugal 30 0 0 0 30 21 0 0 0 21 27 0 0 0 27 70
Iceland 1 0 0 0 1 0 0 0 0 - 0 0 0 0 - 1
Spain 408 0 0 0 408 315 0 0 0 315 282 0 0 0 282 1,132
Sweden 331 0 0 0 331 339 0 0 0 339 308 0 0 0 308 855
Switzerland 1,371 0 0 0 1,371 1,376 0 0 0 1,376 824 0 0 0 824 5,956
UK 2,554 0 0 0 2,554 2,634 0 0 0 2,634 2,125 0 0 0 2,125 8,828
Europe broad 10,050 0 0 16 10,066 8,226 0 0 15 8,241 5,373 0 0 27 5,400 27,596
Americas 7,937 0 0 0 7,937 6,179 0 0 0 6,179 4,151 0 0 0 4,151 20,967
US 7,599 0 0 0 7,599 5,884 0 0 0 5,884 3,862 0 0 0 3,862 20,010
Canada 114 0 0 0 114 104 0 0 0 104 109 0 0 0 109 314
North America 225 0 0 0 225 191 0 0 0 191 180 0 0 0 180 643
Asia 5,141 0 0 0 5,141 2,742 0 0 0 2,742 2,217 0 0 0 2,217 10,338
Australia 67 0 0 0 67 79 0 0 0 79 89 0 0 0 89 203
Hong Kong 73 0 0 0 73 54 0 0 0 54 40 0 0 0 40 200
Japan 4,782 0 0 0 4,782 2,474 0 0 0 2,474 1,966 0 0 0 1,966 9,416
Singapore 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 6
Asia Pacific broad 219 0 0 0 219 133 0 0 0 133 120 0 0 0 120 513
Global 3,352 0 0 0 3,352 1,834 0 0 0 1,834 1,638 0 0 0 1,638 7,601
Broad indices 3,352 0 0 0 3,352 1,834 0 0 0 1,834 1,638 0 0 0 1,638 7,601
DM Total 37,850 0 0 16 37,866 29,692 0 0 15 29,706 21,802 0 0 27 21,830 103,810
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 46 Deutsche Bank AG/London
Figure 79C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Emerging Markets
BRIC 2,269 0 0 0 2,269 1,660 0 0 0 1,660 1,319 0 0 0 1,320 6,447
Brazil 231 0 0 0 231 170 0 0 0 170 273 0 0 0 273 590
Russia 323 0 0 0 323 402 0 0 0 402 318 0 0 0 318 980
India 637 0 0 0 637 379 0 0 0 379 220 0 0 0 220 1,581
China 1,078 0 0 0 1,078 708 0 0 0 708 509 0 0 0 509 3,295
Latin America 156 0 0 0 156 111 0 0 0 111 170 0 0 0 170 402
Chile 8 0 0 0 8 16 0 0 0 16 5 0 0 0 5 29
Mexico 64 0 0 0 64 36 0 0 0 36 54 0 0 0 54 147
LATAM broad 84 0 0 0 84 59 0 0 0 59 112 0 0 0 112 226
Asia 870 0 0 0 870 601 0 0 0 601 451 0 0 0 451 2,245
Bangladesh 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1 6
Indonesia 72 0 0 0 72 42 0 0 0 42 35 0 0 0 35 158
Malaysia 22 0 0 0 22 40 0 0 0 40 23 0 0 0 23 87
Pakistan 5 0 0 0 5 3 0 0 0 3 2 0 0 0 2 11
Philippines 18 0 0 0 18 16 0 0 0 16 7 0 0 0 7 45
South Korea 183 0 0 0 183 112 0 0 0 112 149 0 0 0 149 409
Taiwan 161 0 0 0 161 114 0 0 0 114 62 0 0 0 62 396
Thailand 30 0 0 0 30 10 0 0 0 10 21 0 0 0 21 71
Vietnam 40 0 0 0 40 21 0 0 0 21 32 0 0 0 32 95
Asia Pacific broad 337 0 0 0 337 242 0 0 0 242 119 0 0 0 119 966
EMEA 225 0 0 0 225 205 0 0 0 205 334 0 0 0 334 729
Kuwait 3 0 0 0 3 5 0 0 0 5 2 0 0 0 2 9
Poland 10 0 0 0 10 6 0 0 0 6 13 0 0 0 13 27
South Africa 16 0 0 0 16 36 0 0 0 36 29 0 0 0 29 77
Turkey 123 0 0 0 123 112 0 0 0 112 163 0 0 0 163 356
Europe broad 59 0 0 0 59 38 0 0 0 38 114 0 0 0 114 223
Middle East & Africa 14 0 0 0 14 10 0 0 0 10 13 0 0 0 13 38
Global Markets 2,090 0 0 0 2,090 1,766 0 0 0 1,766 1,833 0 0 0 1,833 6,061
Global 2,090 0 0 0 2,090 1,766 0 0 0 1,766 1,833 0 0 0 1,833 6,061
EM Total 5,610 0 0 0 5,610 4,343 0 0 0 4,343 4,108 0 0 0 4,108 15,883
Total (EM + DM) 43,460 0 0 17 43,476 34,035 0 0 15 34,050 25,910 0 0 28 25,938 119,694
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 80: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD
Fixed Income Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Overall 439 0 0 128 567 388 0 0 43 431 210 0 0 65 276 1,463
Corporates 4,693 0 0 2 4,695 4,882 0 0 5 4,887 2,496 0 0 1 2,496 14,097
Covered Bonds 153 0 0 5 158 132 0 0 4 135 113 0 0 5 118 465
Credit Exposure 20 9 0 0 28 17 11 0 0 28 14 9 0 0 24 96
Sovereign 10,880 244 0 1 11,125 6,369 145 0 12 6,525 4,054 140 0 7 4,201 24,948
Money Market 416 0 0 0 416 318 0 0 0 318 249 0 0 0 249 1,582
Total Fixed Income 16,601 252 0 136 16,989 12,105 156 0 64 12,325 7,137 150 0 77 7,364 42,650
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 47
Figure 81: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD
Commodity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Overall 309 1 1 0 310 283 3 1 0 287 273 2 1 0 275 928
Overall 284 1 1 0 286 271 3 1 0 275 254 2 1 0 257 861
Overall ex Energy 25 0 0 0 25 11 0 0 0 11 18 0 0 0 18 67
Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Agriculture 105 73 0 0 178 87 61 0 0 148 120 95 0 0 215 501
Overall 18 1 0 0 19 22 0 0 0 22 46 1 0 0 47 88
Cocoa 3 3 0 0 5 3 2 0 0 5 2 2 0 0 4 14
Coffee 18 27 0 0 45 11 22 0 0 32 18 38 0 0 57 112
Corn 8 4 0 0 11 5 4 0 0 9 10 6 0 0 16 32
Cotton 2 2 0 0 4 5 4 0 0 9 5 4 0 0 9 21
Grains 4 0 0 0 4 2 0 0 0 2 5 1 0 0 5 9
Softs 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 2
Soybean Oil 3 2 0 0 5 1 4 0 0 4 1 2 0 0 3 15
Soybeans 3 1 0 0 4 4 1 0 0 5 5 2 0 0 7 14
Sugar 16 10 0 0 25 7 5 0 0 13 8 10 0 0 18 51
Wheat 29 24 0 0 53 27 19 0 0 45 19 29 0 0 48 143
Energy 930 1,021 0 0 1,951 1,269 909 0 0 2,178 185 208 0 0 393 5,800
Overall 67 0 0 0 68 94 1 0 0 94 16 0 0 0 16 190
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Crude Oil 827 798 0 0 1,624 1122 698 0 0 1,820 147 59 0 0 206 4830
Gasoline 2 3 0 0 5 10 6 0 0 16 1 1 0 0 2 32
Heating Oil 1 2 0 0 3 4 1 0 0 5 1 0 0 0 1 11
Natural Gas 32 219 0 0 251 40 204 0 0 243 20 146 0 0 167 736
Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Industrial Metals 172 29 0 0 201 142 58 0 0 200 140 23 0 0 163 602
Overall 62 1 0 0 63 43 21 0 0 64 29 4 0 0 33 158
Aluminium 4 1 0 0 5 11 2 0 0 13 31 2 0 0 33 67
Copper 83 19 0 0 102 76 31 0 0 108 50 11 0 0 61 293
Lead 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 2
Nickel 22 5 0 0 27 9 2 0 0 12 22 5 0 0 27 71
Tin 0 2 0 0 2 0 0 0 0 0 2 0 0 0 2 4
Zinc 2 0 0 0 3 2 0 0 0 2 5 1 0 0 6 7
Precious Metals 2,407 159 0 0 2,566 2,432 87 0 0 2,519 1,776 98 0 0 1,874 8,475
Overall 32 1 0 0 33 24 0 0 0 24 11 1 0 0 11 173
Gold 2046 110 0 0 2,156 2175 38 0 0 2,213 1406 35 0 0 1,441 7181
Palladium 69 1 0 0 69 44 0 0 0 44 90 0 0 0 90 180
Platinum 67 3 0 0 69 76 2 0 0 77 82 2 0 0 83 258
Rhodium 1 0 0 0 1 1 0 0 0 1 3 0 0 0 3 4
Silver 192 45 0 0 237 113 46 0 0 160 185 60 0 0 246 679
Livestock 3 3 0 0 6 4 6 0 0 9 3 4 0 0 7 22
Overall 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 3
Cattle 0 0 0 0 0 2 1 0 0 3 1 1 0 0 2 6
Lean Hogs 1 3 0 0 4 2 4 0 0 6 2 2 0 0 4 14
Total 3,925 1,286 1 0 5,211 4,216 1,124 1 0 5,341 2,498 429 1 0 2,927 16,328
Mar-15 Feb-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 48 Deutsche Bank AG/London
Product Rankings
Figure 82: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,922.5 1,568.8 5,492.2
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 1,674.5 961.8 4,046.3
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,314.6 1,257.3 4,039.5
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 1,289.3 683.5 3,051.3
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,278.9 918.5 3,400.0
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,263.2 995.6 3,075.6
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,233.1 917.9 3,623.2
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,195.6 1,227.0 3,612.0
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 1,029.3 848.3 2,842.5
Amundi JPX-Nikkei 400 UCITS ETF - EUR JPNK FP Amundi Beta 995.6 284.1 1,282.0
Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 957.9 509.1 2,058.3
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 896.2 637.8 2,345.8
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 894.7 556.5 2,147.7
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 738.1 504.7 1,937.6
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 725.2 462.5 1,757.7
Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta 658.9 58.5 743.0
Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 624.4 423.8 1,295.3
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 620.4 581.0 1,784.1
iShares SMI CH CSSMI SW BlackRock Beta 586.6 399.5 2,160.5
Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 575.5 500.0 1,542.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 83: 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
Lyxor UCITS ETF Daily Double Short 10Y US Treasury DSUS FP Lyxor Beta 4,009.9 18.6 4,047.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 850.4 657.2 2,309.4
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 679.2 462.1 1,579.5
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 662.0 1,352.4 2,710.6
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 593.9 443.8 1,588.9
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 514.4 490.4 1,457.7
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 506.8 267.8 999.3
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 422.7 515.6 1,570.2
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 342.8 293.5 957.9
iShares France Government Bond UCITS ETF SFRB LN BlackRock Beta 308.4 12.0 332.0
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 287.6 300.3 853.9
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 233.2 253.0 837.4
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 184.3 218.7 671.9
iShares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta 167.8 124.7 465.2
iShares Euro Government Bond 15-30yr UCITS ETF IEGL LN BlackRock Beta 164.9 72.4 340.9
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 154.6 152.5 507.5
db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE GR Deutsche AWM Beta 146.7 104.1 420.2
LYXOR ETF iBoxx USD Treasuries 10Y+ US10 FP Lyxor Beta 141.9 29.2 226.1
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 131.7 77.6 296.7
SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 128.4 238.4 698.3
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 49
Figure 84: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |
ETP Name BBG Code Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
Gold Bullion Securities GBS LN ETF Securities Ltd Beta 581.7 298.0 1,294.1
ETFS Physical Gold PHAU LN ETF Securities Ltd Beta 509.4 663.6 2,047.6
ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta 508.1 530.9 1,625.2
ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Ltd Beta+ 306.3 263.1 697.3
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 278.9 240.9 595.6
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 257.3 194.2 905.4
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 197.4 249.9 806.9
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 131.6 148.8 495.7
ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd Beta 121.3 242.3 531.7
ETFS Physical Silver PHAG LN ETF Securities Ltd Beta 107.5 46.8 269.1
ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Ltd Beta+ 98.5 65.4 237.0
ETFS Daily Short Gold SBUL LN ETF Securities Ltd Beta+ 91.6 12.1 115.1
ETFS Copper COPA LN ETF Securities Ltd Beta 82.3 75.8 216.3
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 73.6 72.5 227.7
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 73.6 73.4 295.3
Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 67.2 59.0 183.0
Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 67.2 52.9 182.2
ETFS Energy AIGE LN ETF Securities Ltd Beta 62.5 89.9 170.1
ETFS Industrial Metals AIGI LN ETF Securities Ltd Beta 53.3 40.6 104.6
ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Ltd Beta+ 52.7 50.8 164.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 85: 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 1,893.11 1 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 104.85
2 iShares Euro STOXX 50 (DE) SX5EEX GR 1,025.29 2 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 73.66
3 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 881.83 3 db x-trackers II EONIA TR Index UCITS ETF XEON GR 71.58
4 iShares STOXX 600 (DE) SXXPIEX GR 668.04 4 iShares Markit iBoxx Euro High Yield EUNW GR 69.89
5 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 636.06 5 iShares Barclays Euro Corporate Bond EUN5 GR 61.86
6 Deka DAX UCITS ETF ETFDAX GR 548.78 6 iShares USD Treasury Bond 1-3 IUSU GR 61.58
7 Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR 323.30 7 UBS-ETF Markit iBoxx EUR Germany 5-10 A UEFN GY 57.15
8 db x-trackers ShortDAX UCITS ETF XSDX GR 316.02 8 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 49.97
9 iShares MDAX (DE) MDAXEX GR 292.96 9 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 45.29
10 iShares Euro STOXX Banks (DE) SX7EEX GR 290.13 10 db x-trackers II iBoxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR 31.59
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 XETRA-Gold XAUEUR 131.58 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 19.27
2 ETFS Brent Oil OESA GR 48.51 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 14.11
3 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 41.37 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 9.26
4 ETFS WTI Crude Oil OD7F GR 29.79 4 ETFS 5X Long USD Short EUR 5CH5 GY 5.37
5 db Physical Gold Euro Hedged ETC XAD1 GR 27.74 5 ETFS Long USD Short EUR XBJP GR 4.36
6 ETFS Physical Gold VZLD GR 17.82 6 iShares S&P Listed Private Equity Fund IQQL GR 4.31
7 Coba ETC 4x Brent Oil Daily Long X0D2 GY 16.95 7 ETFS Short USD Long EUR XBJQ GR 2.95
8 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 16.15 8 Portfolio Income UCITS ETF 1D XS7W GR 2.46
9 db Physical Gold ETC (EUR) XAD5 GR 14.32 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 2.23
10 Gold Bullion Securities GG9B GR 13.80 10 ETFS Long SEK Short EUR XBJD GR 0.78
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 50 Deutsche Bank AG/London
Figure 86: Top 10 ETPs by Turnover (€ million) – London SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,261.39 1 Lyxor UCITS ETF Daily Double Short 10Y US Treasury DSUS LN 3,943.92
2 Amundi JPX-Nikkei 400 UCITS ETF - JPY JPNY LN 887.62 2 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 631.36
3 Vanguard S&P 500 ETF VUSD LN 690.69 3 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 485.27
4 iShares S&P 500 UCITS ETF (Inc) IUSA LN 557.75 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 396.25
5 iShares Core S&P 500 UCITS ETF CSPX LN 461.75 5 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 395.95
6 Lyxor UCITS ETF JPX-NIKKEI 400 C-EUR USD JPXU LN 353.50 6 iShares $ Corporate Bond UCITS ETF LQDE LN 340.94
7 Vanguard FTSE 100 ETF VUKE LN 326.40 7 iShares UK Gilts UCITS ETF IGLT LN 331.77
8 Vanguard S&P 500 ETF VUSA LN 305.33 8 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 321.36
9 Source MSCI World UCITS ETF MXWO LN 296.57 9 iShares France Government Bond UCITS ETF IFRB LN 297.38
10 iShares MSCI World UCITS ETF (Inc) IDWR LN 286.29 10 iShares £ Corporate Bond UCITS ETF SLXX LN 287.58
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Gold Bullion Securities GBS LN 497.24 1 ETFS 3x Short EUR Long USD SEU3 LN 47.52
2 ETFS Physical Gold PHAU LN 353.89 2 iShares Listed Private Equity UCITS ETF IPRV LN 27.59
3 ETFS WTI Crude Oil CRUD LN 208.94 3 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 6.43
4 Source Physical Gold ETC (P-ETC) SGLD LN 172.02 4 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 5.65
5 ETFS Daily Short Gold SBUL LN 85.53 5 ETFS Short EUR Long USDGBP SEUP LN 4.96
6 ETFS Physical Silver PHAG LN 75.69 6 ETFS Short EUR Long USD SEUR LN 4.61
7 ETFS Copper COPA LN 74.59 7 J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 4.58
8 ETFS Energy AIGE LN 60.52 8 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 4.45
9 ETFS Physical Gold GBP PHGP LN 55.96 9 J.P.Morgan Macro Hedge US TR Source ETF MHUE LN 4.38
10 ETFS Daily Short WTI Crude Oil SOIL LN 51.32 10 ETFS Short CHF Long USD SCHF LN 4.29 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 87: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares SMI CH CSSMI SW 586.56 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 69.59
2 iShares Core S&P 500 UCITS ETF CSSPX SW 334.32 2 iShares CHF Corporate Bond (CH) CHCORP SW 66.71
3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 332.64 3 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 57.95
4 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 285.51 4 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 36.24
5 iShares MSCI EMU UCITS ETF CSEMU SW 174.11 5 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE SW 24.32
6 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 168.85 6 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 23.05
7 iShares MSCI World UCITS ETF (Inc) IWRD SW 162.19 7 iShares $ TIPS UCITS ETF ITPS SW 22.98
8 iShares MSCI Japan - B UCITS ETF CSJP SW 144.04 8 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 22.41
9 iShares MSCI Japan UCITS ETF (Inc) IJPN SW 143.56 9 iShares $ Corporate Bond UCITS ETF LQDE SW 17.72
10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 137.48 10 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 12.16
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ZKB Gold ETF ZGLD SW 80.56 1 J.P.Morgan Macro Hedge US TR Source ETF MHUU SW 7.63
2 ZKB Gold ETF-A USD ZGLDUS SW 80.06 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 3.31
3 ZKB Gold ETF-H (CHF) ZGLDHC SW 47.62 3 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 3.16
4 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 39.58 4 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 2.50
5 ZKB Gold ETF-A EUR ZGLDEU SW 35.03 5 iShares Listed Private Equity UCITS ETF IPRV SW 2.22
6 ZKB Silver ETF ZSIL SW 33.34 6 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.47
7 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 25.69 7 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.26
8 Julius Baer Physical Gold Fund (CHF) A JBGOCA SW 21.56 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.17
9 UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW 20.89 9 Lyxor ETF Privex LYPVX SW 0.03
10 iShares Gold EUR Hedged CH CSGLDE SW 18.79 10 PowerShares Global Listed Private Equity UCITS ETF PSP SW 0.01 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Figure 88: Top 10 ETPs by Turnover (€ million) – Euronext Paris | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1,112.85 1 Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP 68.41
2 Lyxor UCITS ETF MSCI Europe MEU FP 548.68 2 Lyxor UCITS ETF Euro Cash CSH FP 52.10
3 Amundi ETF CAC 40 UCITS ETF C40 FP 449.16 3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 45.10
4 Lyxor ETF Leverage CAC 40 LVC FP 439.23 4 Lyxor UCITS ETF EuroMTS Inflation Linked IG (DR) MTI FP 35.17
5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 257.88 5 Lyxor UCiTS ETF EuroMTS 7-10Y IG (DR) MTD FP 29.46
6 Lyxor ETF MSCI India INR FP 235.50 6 Lyxor UCITS ETF EuroMTS 10-15Y IG (DR) MTE FP 25.63
7 Lyxor ETF XBear CAC 40 BX4 FP 195.96 7 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 24.03
8 Amundi ETF MSCI EMU UCITS ETF CMU FP 176.48 8 Lyxor ETF Euro Corporate Bond CRP FP 23.36
9 Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP 174.61 9 Lyxor ETF Daily Leveraged BTP BTPL FP 22.28
10 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 172.16 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 19.68
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ETFS WTI Crude Oil CRUDP FP 22.46 1 Lyxor ETF Privex PVX FP 7.79
2 Lyxor ETF Commodities CRB CRB FP 14.29 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.29
3 Gold Bullion Securities GBS FP 13.06 3 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.11
4 Lyxor ETF Commodities CRB Non-Energy CRN FP 12.52 4 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.10
5 ETFS Brent 1mnth Oil OILBP FP 10.43 5 iShares Listed Private Equity UCITS ETF PRV FP -
6 ETFS All Commodities AIGCP FP 1.16
7 ETFS Natural Gas NGASP FP 0.64
8 ETFS WTI 2mth Oil OILWP FP 0.62
9 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 0.44
10 ETFS Precious Metals AIGPP FP 0.37 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 89: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 957.93 1 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 141.36
2 Lyxor UCITS ETF FTSE MIB ETFMIB IM 514.05 2 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 139.21
3 iShares S&P 500 UCITS ETF (Inc) IUSA IM 332.65 3 db x-trackers II iBoxx Euro Sovereigns Eurozone 3-5 TR Index UCITS ETF X35E IM 96.05
4 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 262.27 4 iShares Euro Government Bond 1-3yr UCITS ETF IBGS IM 95.80
5 Lyxor ETF XBear FTSE/MIB XBRMIB IM 249.76 5 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 94.92
6 iShares MSCI World UCITS ETF (Inc) IWRD IM 156.69 6 iShares Euro Corporate Bond UCITS ETF IEAC IM 69.26
7 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 149.93 7 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 67.75
8 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 126.55 8 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 62.96
9 Lyxor UCITS ETF DAX (DR) DAXX IM 124.26 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 55.42
10 iShares Core S&P 500 UCITS ETF CSSPX IM 123.91 10 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) EMG IM 54.20
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 262.74 1 ETFS 3X Long USD Short EUR EUS3 IM 183.18
2 ETFS Daily Leveraged Crude Oil LOIL IM 259.73 2 ETFS 5X Long USD Short EUR EUS5 IM 71.87
3 ETFS WTI Crude Oil CRUD IM 246.92 3 ETFS 3X Short USD Long EUR USE3 IM 31.14
4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 65.06 4 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS IM 7.51
5 ETFS Physical Gold PHAU IM 60.35 5 ETFS 5X Short USD Long EUR USE5 IM 5.30
6 Boost Wti Oil 3X Short Daily ETP 3OIS IM 53.08 6 ETFS Short USD Long EUR USEU IM 4.39
7 Boost Natural Gas 3x Short Daily 3NGS IM 49.94 7 Boost Long USD Short EUR 5x Daily ETP 5USE IM 3.99
8 ETFS Daily Leveraged Natural Gas LNGA IM 46.54 8 ETFS 3X Long JPY Short EUR EJP3 IM 3.32
9 Gold Bullion Securities GBS IM 42.69 9 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 3.25
10 ETFS Daily Short WTI Crude Oil SOIL IM 40.95 10 ETFS 3X Short CHF Long EUR CHE3 IM 2.60 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Figure 90: 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 295.82 No Fixed Income ETFs
2 XACT Bull 2 XABULL2 SS 253.42
3 XACT Bear 2 XABEAR2 SS 231.29
4 XACT Bull XACBULL SS 65.81
5 XACT Bear XACBEAR SS 65.79
6 XACT OMXSB XACTSBX SS 26.86
7 XACT Nordic 30 XACTVINX SS 12.26
8 db x-trackers MSCI Japan Index UCITS ETF 1C XMJP SS 10.87
9 db x-trackers MSCI USA TRN Index UCITS ETF XMUS SS 8.87
10 SpotR OMXS30 SPOTROMX SS 6.90
Euronext Amsterdam
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 319.17 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 145.10
2 iShares MSCI World UCITS ETF (Inc) IWRD NA 214.23 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 95.37
3 iShares S&P 500 UCITS ETF (Inc) IUSA NA 186.42 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 58.80
4 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 182.70 4 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 45.67
5 Vanguard S&P 500 ETF VUSA NA 174.02 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 41.23
6 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 131.23 6 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS NA 33.10
7 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 129.57 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 28.82
8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 125.60 8 iShares Euro Covered Bond UCITS ETF ICOV NA 27.71
9 iShares AEX UCITS ETF IAEX NA 117.04 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 24.10
10 iShares European Property Yield UCITS ETF IPRP NA 77.42 10 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 15.24 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Deutsche Bank AG/London Page 53
7. European ETF Exchanges
Figure 91: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |
Summary Nov-14Market
Share %Dec-14
Market
Share %Jan-15
Market
Share %Feb-15
Market
Share %Mar-15
Market
Share %
Deutche Boerse
Deutsche Borse 10,752 23.3% 14,372 26.0% 18,378 26.4% 14,524 25.0% 17,578 23.2%
LSE
London SE 15,800 34.3% 17,522 31.7% 20,482 29.4% 18,829 32.4% 27,176 35.9%
Borsa Italiana 4,914 10.7% 5,617 10.2% 7,019 10.1% 6,317 10.9% 8,615 11.4%
20,715 45.0% 23,140 41.9% 27,502 39.5% 25,145 43.2% 35,791 47.3%
Euronext
Paris 6,251 13.6% 7,754 14.0% 9,093 13.1% 8,179 14.1% 9,828 13.0%
Amsterdam 2,058 4.5% 2,678 4.9% 3,164 4.5% 2,363 4.1% 3,084 4.1%
Lisbon 14 0.0% 18 0.0% 15 0.0% 22 0.0% 21 0.0%
Brussels 2 0.0% 5 0.0% 6 0.0% 3 0.0% 6 0.0%
8,326 18.1% 10,455 18.9% 12,278 17.6% 10,567 18.2% 12,939 17.1%
Swiss SE 4,581 9.9% 5,586 10.1% 9,618 13.8% 6,217 10.7% 7,541 10.0%
Stockholmborsen 989 2.1% 918 1.7% 894 1.3% 943 1.6% 1,018 1.3%
Oslo Bors 335 0.7% 304 0.6% 324 0.5% 219 0.4% 292 0.4%
BME 342 0.7% 413 0.7% 568 0.8% 506 0.9% 529 0.7%
Others 25 0.1% 9 0.0% 17 0.0% 21 0.0% 10 0.0%
Total 46,065 100.0% 55,198 100.0% 69,578 100.0% 58,143 100.0% 75,698 100.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 92: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |
Summary Nov-14Market
Share %Dec-14
Market
Share %Jan-15
Market
Share %Feb-15
Market
Share %Mar-15
Market
Share %
LSE
London SE 1,591 3.5% 1,439 2.6% 2,878 4.1% 2,491 4.3% 2,319 3.1%
Borsa Italiana 716 1.6% 675 1.2% 1,389 2.0% 1,565 2.7% 1,893 2.5%
2,307 5.0% 2,115 3.8% 4,267 6.1% 4,056 7.0% 4,213 5.6%
Deutche Boerse
Deutsche Borse 297 0.6% 329 0.6% 707 1.0% 617 1.1% 493 0.7%
Euronext
Amsterdam 13 0.0% 12 0.0% 27 0.0% 18 0.0% 25 0.0%
Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
28 0.1% 43 0.1% 75 0.1% 71 0.1% 75 0.1%
Others 22 0.0% 11 0.0% 24 0.0% 32 0.1% 13 0.0%
Total 2,654 5.8% 2,497 4.5% 5,072 7.3% 4,776 8.2% 4,794 6.3%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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European Monthly ETF Market Review
Page 54 Deutsche Bank AG/London
Figure 93: 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 31,424.0 25,457.7 14,291.3 9,067.2 5,650.0 15,675.9 1,085.8 102,652.0 47.6%
Emerging Markets 3,077.5 4,949.4 3,507.9 2,005.0 572.8 1,735.2 29.7 15,877.6 7.4%
Global Markets 251.1 1,136.2 263.0 86.5 122.0 387.7 2.9 2,249.5 1.0%
Sector 3,969.4 2,076.7 2,416.8 786.0 258.0 295.0 2.5 9,804.4 4.6%
Capitalization 612.5 853.2 251.6 152.5 55.5 277.4 0.0 2,202.8 1.0%
Style 1,606.9 2,315.9 407.5 487.5 473.5 425.9 0.0 5,717.1 2.7%
Strategy 2,601.7 2,226.9 4,068.6 3,931.4 2.7 375.9 1,734.0 14,941.3 6.9%
Thematic 348.6 660.8 137.0 175.1 64.5 92.5 0.0 1,478.6 0.7%
Total 43,892 39,677 25,344 16,691 7,199 19,265 2,855 154,923.2 71.9%
Fixed Income
Overall 235.1 869.9 4.2 79.9 228.8 44.2 0.0 1,462.1 0.7%
Corporates 1,282.5 10,413.7 200.9 1,239.6 524.9 434.6 0.0 14,096.2 6.5%
Covered Bonds 324.3 38.7 1.1 39.1 60.2 1.4 0.0 464.9 0.2%
Credit Exposure 78.3 1.6 0.0 16.2 0.0 0.1 0.0 96.2 0.0%
Sovereign 3,834.6 14,809.3 1,309.1 3,154.3 566.0 1,271.4 0.0 24,944.8 11.6%
Money Market 446.1 383.1 142.5 581.9 0.0 28.0 0.0 1,581.7 0.7%
Total 6,201 26,516 1,658 5,111 1,380 1,780 - 42,646.0 19.8%
Commodity 0.0%
Overall 236.8 215.9 88.9 118.9 8.3 258.5 0.0 927.3 0.4%
Agriculture 72.6 190.3 1.3 231.1 0.4 5.2 0.0 501.0 0.2%
Energy 671.3 2,012.1 87.0 2,947.0 0.0 82.3 0.0 5,799.8 2.7%
Industrial Metals 40.2 473.6 5.3 81.2 0.0 1.7 0.0 602.0 0.3%
Precious Metals 983.9 4,686.4 56.2 891.5 69.2 1,945.4 0.0 8,632.7 4.0%
Livestock 3.1 10.3 0.0 8.6 0.0 0.0 0.0 21.9 0.0%
Total 2,008 7,589 239 4,278 78 2,293 - 16,484.6 7.7%
Other 0.0%
Alternative 84.1 151.5 11.6 27.7 18.8 74.1 0.0 367.7 0.2%
Currency 45.6 241.5 0.0 673.7 1.4 0.0 0.0 962.3 0.4%
Multi Asset 65.2 0.3 0.0 16.2 4.9 0.6 0.0 87.2 0.0%
Total 195 393 12 718 25 75 - 1,417.2 0.7%
Grand Total 52,295 74,175 27,252 26,798 8,682 23,413 2,855 215,471 100%
* Total turnover year to date (not daily average)
Total
Total Turnover (€ million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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European Monthly ETF Market Review
Deutsche Bank AG/London Page 55
8. Assets
ETP Monthly AUM Analysis by Asset Class
Figure 94: AUM by asset class and instrument (€ million) | ETPs | Europe |
Asset Class Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
ETFs
Equity 311,725 4,277 3,750 465 320,217 300,670 3,889 3,654 475 308,688 254,536 3,613 2,975 475 261,600
Fixed income 97,732 1,446 0 3,692 102,871 92,893 1,425 0 3,507 97,825 81,498 1,245 0 3,408 86,151
Commodity 14,775 0 30 0 14,804 14,533 0 29 0 14,561 13,363 0 49 0 13,412
Currency 0 0 0 0 - 13 0 0 0 13 13 0 0 0 13
Multi Asset 0 0 0 374 374 0 0 0 363 363 0 0 0 300 300
Alternative 602 0 87 535 1,224 533 0 91 543 1,168 453 0 97 547 1,097
Total 424,834 5,723 3,866 5,067 439,491 408,641 5,314 3,774 4,889 422,617 349,863 4,858 3,120 4,731 362,572
ETCs
Commodity 18,490 752 0 0 19,242 18,799 835 0 0 19,634 15,780 643 0 0 16,423
Currency 115 293 0 0 408 112 254 0 0 366 144 246 0 0 390
Total 18,606 1,045 0 0 19,650 18,911 1,089 0 0 20,000 15,924 889 0 0 16,813
Total ETPs 443,440 6,768 3,866 5,067 459,141 427,552 6,402 3,774 4,889 442,617 365,786 5,748 3,120 4,731 379,385
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 95: European Equity ETF AUM summary (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets 227,990 0 0 354 228,344 219,154 0 0 347 219,502 184,960 0 0 341 185,301
Emerging Markets 27,805 0 0 1 27,806 27,501 0 0 1 27,502 25,192 0 0 0 25,192
Global Markets 6,103 0 0 0 6,103 5,965 0 0 0 5,965 5,244 0 0 0 5,244
Sector 18,949 0 0 0 18,949 18,662 0 0 0 18,662 15,443 0 0 0 15,443
Capitalization 6,043 0 0 0 6,043 5,397 0 0 0 5,397 4,485 0 0 0 4,485
Strategy 4,105 4,277 3,750 110 12,241 3,767 3,889 3,654 127 11,437 2,849 3,613 2,975 134 9,571
Style 17,133 0 0 0 17,133 16,720 0 0 0 16,720 13,549 0 0 0 13,549
Thematic 3,598 0 0 0 3,598 3,504 0 0 0 3,504 2,814 0 0 0 2,814
Total Equities 311,725 4,277 3,750 465 320,217 300,670 3,889 3,654 475 308,688 254,536 3,613 2,975 475 261,600
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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European Monthly ETF Market Review
Page 56 Deutsche Bank AG/London
Figure 95A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Sector 18,949 0 0 0 18,949 18,662 0 0 0 18,662 15,443 0 0 0 15,443
Consumer discretionary 1,047 0 0 0 1,047 963 0 0 0 963 624 0 0 0 624
Consumer staples 874 0 0 0 874 920 0 0 0 920 790 0 0 0 790
Energy 1,519 0 0 0 1,519 1,533 0 0 0 1,533 1,102 0 0 0 1,102
Financials 9,762 0 0 0 9,762 9,539 0 0 0 9,539 7,996 0 0 0 7,996
Healthcare 2,212 0 0 0 2,212 2,100 0 0 0 2,100 1,855 0 0 0 1,855
Industrials 673 0 0 0 673 613 0 0 0 613 436 0 0 0 436
Information Technology 1,105 0 0 0 1,105 1,167 0 0 0 1,167 1,027 0 0 0 1,027
Materials 819 0 0 0 819 819 0 0 0 819 670 0 0 0 670
Telecommunications 511 0 0 0 511 551 0 0 0 551 478 0 0 0 478
Utilities 427 0 0 0 427 456 0 0 0 456 466 0 0 0 466
Capitalization 6,043 0 0 0 6,043 5,397 0 0 0 5,397 4,485 0 0 0 4,485
Large Cap 444 0 0 0 444 468 0 0 0 468 408 0 0 0 408
Mid Cap 2,058 0 0 0 2,058 1,813 0 0 0 1,813 1,497 0 0 0 1,497
Small Cap 3,541 0 0 0 3,541 3,116 0 0 0 3,116 2,579 0 0 0 2,579
Strategy 4,105 4,277 3,750 110 12,241 3,767 3,889 3,654 127 11,437 2,849 3,613 2,975 134 9,571
Fundamental 1,354 0 1,118 0 2,472 1,276 0 1,148 0 2,424 1,000 0 892 0 1,893
Leveraged Long 0 1,746 0 0 1,746 0 1,689 0 0 1,689 0 1,583 0 0 1,583
Leveraged Short 0 942 0 0 942 0 893 0 0 893 0 789 0 0 789
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 2,704 0 2,632 110 5,446 2,443 0 2,506 127 5,076 1,849 0 2,082 134 4,065
Short 46 1,589 0 0 1,635 48 1,307 0 0 1,355 0 1,241 0 0 1,241
Style 17,133 0 0 0 17,133 16,720 0 0 0 16,720 13,549 0 0 0 13,549
Dividend 15,368 0 0 0 15,368 15,098 0 0 0 15,098 12,456 0 0 0 12,456
Growth 352 0 0 0 352 253 0 0 0 253 158 0 0 0 158
Value 1,413 0 0 0 1,413 1,369 0 0 0 1,369 935 0 0 0 935
Thematic 3,598 0 0 0 3,598 3,504 0 0 0 3,504 2,814 0 0 0 2,814
Commodities 799 0 0 0 799 854 0 0 0 854 647 0 0 0 647
Faith 191 0 0 0 191 209 0 0 0 209 201 0 0 0 201
Other Theme 921 0 0 0 921 863 0 0 0 863 682 0 0 0 682
Sustainability 1,687 0 0 0 1,687 1,579 0 0 0 1,579 1,285 0 0 0 1,285
Total 49,827 4,277 3,750 110 57,964 48,050 3,889 3,654 127 55,720 39,140 3,613 2,975 134 45,863
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 57
Figure 95B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets
Europe 127,144 0 0 354 127,498 119,523 0 0 347 119,870 96,385 0 0 341 96,726
Austria 360 0 0 0 360 396 0 0 0 396 334 0 0 0 334
Belgium 42 0 0 0 42 42 0 0 0 42 35 0 0 0 35
Finland 178 0 0 0 178 173 0 0 0 173 144 0 0 0 144
France 4,814 0 0 0 4,814 4,723 0 0 0 4,723 4,135 0 0 0 4,135
Germany 21,681 0 0 0 21,681 20,498 0 0 0 20,498 16,129 0 0 0 16,129
Greece 206 0 0 0 206 244 0 0 0 244 211 0 0 0 211
Ireland 28 0 0 0 28 27 0 0 0 27 24 0 0 0 24
Italy 2,877 0 0 0 2,877 2,715 0 0 0 2,715 2,271 0 0 0 2,271
Netherlands 452 0 0 0 452 431 0 0 0 431 431 0 0 0 431
Norway 290 0 0 0 290 285 0 0 0 285 248 0 0 0 248
Portugal 89 0 0 0 89 76 0 0 0 76 58 0 0 0 58
Spain 2,131 0 0 0 2,131 1,965 0 0 0 1,965 1,792 0 0 0 1,792
Sweden 1,585 0 0 0 1,585 1,566 0 0 0 1,566 1,342 0 0 0 1,342
Switzerland 9,906 0 0 0 9,906 9,816 0 0 0 9,816 8,743 0 0 0 8,743
UK 14,342 0 0 0 14,342 14,682 0 0 0 14,682 12,023 0 0 0 12,023
Europe broad 68,164 0 0 354 68,518 61,882 0 0 347 62,230 48,465 0 0 341 48,806
Americas 59,736 0 0 0 59,736 60,356 0 0 0 60,356 54,952 0 0 0 54,952
US 55,820 0 0 0 55,820 56,477 0 0 0 56,477 51,463 0 0 0 51,463
Canada 1,019 0 0 0 1,019 975 0 0 0 975 907 0 0 0 907
North America 2,897 0 0 0 2,897 2,905 0 0 0 2,905 2,582 0 0 0 2,582
Asia 21,789 0 0 0 21,789 19,833 0 0 0 19,833 16,812 0 0 0 16,812
Australia 827 0 0 0 827 795 0 0 0 795 677 0 0 0 677
Hong Kong 260 0 0 0 260 263 0 0 0 263 149 0 0 0 149
Japan 18,912 0 0 0 18,912 17,044 0 0 0 17,044 14,404 0 0 0 14,404
Singapore 23 0 0 0 23 22 0 0 0 22 18 0 0 0 18
Asia Pacific broad 1,767 0 0 0 1,767 1,708 0 0 0 1,708 1,564 0 0 0 1,564
Global 19,321 0 0 0 19,321 19,443 0 0 0 19,443 16,812 0 0 0 16,812
Broad indices 19,321 0 0 0 19,321 19,443 0 0 0 19,443 16,812 0 0 0 16,812
DM Total 227,990 0 0 354 228,344 219,154 0 0 347 219,502 184,960 0 0 341 185,301
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 58 Deutsche Bank AG/London
Figure 95C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Emerging Markets
BRIC 8,734 0 0 1 8,735 8,340 0 0 1 8,341 7,842 0 0 0 7,842
Brazil 751 0 0 0 751 803 0 0 0 803 793 0 0 0 793
Russia 1,005 0 0 1 1,006 1,044 0 0 1 1,045 769 0 0 0 770
India 2,283 0 0 0 2,283 2,149 0 0 0 2,149 1,588 0 0 0 1,588
China 4,695 0 0 0 4,695 4,344 0 0 0 4,344 4,693 0 0 0 4,693
Latin America 627 0 0 0 627 711 0 0 0 711 685 0 0 0 685
Chile 29 0 0 0 29 30 0 0 0 30 19 0 0 0 19
Mexico 197 0 0 0 197 220 0 0 0 220 206 0 0 0 206
LATAM broad 401 0 0 0 401 461 0 0 0 461 460 0 0 0 460
Asia 4,431 0 0 0 4,431 4,337 0 0 0 4,337 3,566 0 0 0 3,566
Bangladesh 22 0 0 0 22 21 0 0 0 21 18 0 0 0 18
Indonesia 159 0 0 0 159 150 0 0 0 150 141 0 0 0 141
Malaysia 72 0 0 0 72 84 0 0 0 84 73 0 0 0 73
Pakistan 26 0 0 0 26 28 0 0 0 28 24 0 0 0 24
Philippines 85 0 0 0 85 89 0 0 0 89 63 0 0 0 63
South Korea 882 0 0 0 882 884 0 0 0 884 813 0 0 0 813
Taiwan 1,012 0 0 0 1,012 961 0 0 0 961 842 0 0 0 842
Thailand 76 0 0 0 76 77 0 0 0 77 66 0 0 0 66
Vietnam 308 0 0 0 308 333 0 0 0 333 310 0 0 0 310
Asia Pacific broad 1,788 0 0 0 1,788 1,710 0 0 0 1,710 1,216 0 0 0 1,216
EMEA 1,179 0 0 0 1,179 1,168 0 0 0 1,168 1,138 0 0 0 1,138
Kuwait 17 0 0 0 17 16 0 0 0 16 13 0 0 0 13
Poland 51 0 0 0 51 47 0 0 0 47 39 0 0 0 39
South Africa 109 0 0 0 109 112 0 0 0 112 87 0 0 0 87
Turkey 395 0 0 0 395 402 0 0 0 402 415 0 0 0 415
Europe broad 465 0 0 0 465 461 0 0 0 461 471 0 0 0 471
Middle East & Africa 142 0 0 0 142 130 0 0 0 130 114 0 0 0 114
Global Markets 12,834 0 0 0 12,834 12,944 0 0 0 12,944 11,960 0 0 0 11,960
Global 12,834 0 0 0 12,834 12,944 0 0 0 12,944 11,960 0 0 0 11,960
EM Total 27,805 0 0 1 27,806 27,501 0 0 1 27,502 25,192 0 0 0 25,192
Total (EM + DM) 255,795 0 0 355 256,151 246,655 0 0 348 247,003 210,151 0 0 341 210,493
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 96: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |
Fixed Income AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 3,968 0 0 2,901 6,870 3,757 0 0 2,840 6,597 3,219 0 0 2,763 5,983
Corporates 37,701 0 0 142 37,843 35,215 0 0 31 35,247 29,657 0 0 15 29,672
Covered Bonds 2,860 0 0 458 3,318 3,150 0 0 452 3,602 3,065 0 0 423 3,488
Credit Exposure 308 63 0 0 371 247 57 0 0 303 184 61 0 0 245
Sovereign 51,119 1,383 0 191 52,694 48,718 1,368 0 185 50,271 43,658 1,185 0 206 45,049
Money Market 1,776 0 0 0 1,776 1,806 0 0 0 1,806 1,714 0 0 0 1,714
Total Fixed Income 97,732 1,446 0 3,692 102,871 92,893 1,425 0 3,507 97,825 81,498 1,245 0 3,408 86,151
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 59
Figure 97: European Commodity ETP AUM summary (€ million) | ETPs | Europe |
Commodity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 4,065 4 30 0 4,099 4,012 4 29 0 4,044 3,523 8 49 0 3,580
Overall 3788 4 30 0 3,822 3746 3 29 0 3,778 3270 8 49 0 3,327
Overall ex Energy 268 0 0 0 268 257 0 0 0 257 246 0 0 0 246
Overall Light Energy 8 0 0 0 8 8 0 0 0 8 8 0 0 0 8
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Agriculture 742 92 0 0 834 722 90 0 0 812 737 88 0 0 826
Overall 441 4 0 0 445 419 4 0 0 424 480 4 0 0 484
Cocoa 9 4 0 0 12 9 5 0 0 14 9 4 0 0 13
Coffee 28 18 0 0 46 21 16 0 0 37 21 12 0 0 33
Corn 31 8 0 0 39 43 8 0 0 51 36 9 0 0 45
Cotton 34 5 0 0 39 35 5 0 0 41 31 6 0 0 37
Grains 35 1 0 0 36 37 1 0 0 38 37 1 0 0 38
Softs 5 0 0 0 6 6 0 0 0 6 5 0 0 0 6
Soybean Oil 4 2 0 0 6 4 2 0 0 7 4 2 0 0 6
Soybeans 15 3 0 0 18 16 3 0 0 18 16 3 0 0 18
Sugar 60 15 0 0 75 60 15 0 0 75 24 15 0 0 38
Wheat 79 32 0 0 111 71 30 0 0 101 75 32 0 0 107
Energy 2,032 386 0 0 2,419 1,936 331 0 0 2,267 916 163 0 0 1,078
Overall 178 1 0 0 179 150 0 0 0 150 132 0 0 0 132
Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1
Crude Oil 1764 282 0 0 2,045 1693 237 0 0 1,931 708 84 0 0 793
Gasoline 9 3 0 0 12 9 3 0 0 12 5 1 0 0 6
Heating Oil 7 1 0 0 8 8 1 0 0 9 3 1 0 0 4
Natural Gas 73 100 0 0 173 75 89 0 0 164 67 76 0 0 142
Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Industrial Metals 638 82 0 0 720 608 76 0 0 685 682 95 0 0 777
Overall 283 2 0 0 285 245 2 0 0 247 267 18 0 0 285
Aluminium 44 4 0 0 48 53 6 0 0 59 85 5 0 0 91
Copper 190 61 0 0 251 184 54 0 0 239 174 58 0 0 233
Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2
Nickel 100 9 0 0 109 105 9 0 0 114 136 8 0 0 144
Tin 2 2 0 0 4 2 2 0 0 4 2 2 0 0 4
Zinc 19 2 0 0 20 18 2 0 0 19 17 2 0 0 18
Precious Metals 25,770 185 0 0 25,955 26,038 331 0 0 26,369 23,269 286 0 0 23,555
Overall 199 1 0 0 200 193 1 0 0 194 178 1 0 0 179
Gold 21368 90 0 0 21,457 21635 187 0 0 21,823 19347 156 0 0 19,503
Palladium 715 1 0 0 716 786 1 0 0 787 762 1 0 0 763
Platinum 997 6 0 0 1,004 1026 6 0 0 1,032 973 5 0 0 978
Rhodium 112 0 0 0 112 110 0 0 0 110 107 0 0 0 107
Silver 2378 87 0 0 2,465 2288 136 0 0 2,424 1903 123 0 0 2,026
Livestock 17 4 0 0 21 15 3 0 0 18 15 3 0 0 19
Overall 9 0 0 0 10 8 0 0 0 8 9 0 0 0 10
Cattle 3 1 0 0 4 3 1 0 0 4 3 2 0 0 4
Lean Hogs 5 2 0 0 7 4 2 0 0 6 3 2 0 0 5
Total 33,265 752 30 0 34,047 33,332 835 29 0 34,195 29,143 643 49 0 29,835
Mar-15 Feb-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Page 60 Deutsche Bank AG/London
Product Rankings
Figure 98: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2014 AUM
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 11,771.4 11,004.4 8,650.4
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 10,857.9 11,181.5 11,426.2
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 10,538.2 10,577.8 8,461.6
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 9,814.8 9,697.8 8,301.8
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,243.1 6,888.5 5,949.9
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 6,826.2 6,664.8 5,193.6
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 6,729.5 7,023.5 6,516.2
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,686.2 6,258.2 5,153.8
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,580.4 4,641.8 3,923.6
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,090.1 5,254.7 4,927.9
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,828.4 4,588.1 3,681.6
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,546.5 4,500.5 4,185.3
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4,121.1 3,981.8 2,879.5
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,109.3 3,929.8 2,972.9
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,971.5 3,983.1 3,566.5
Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,385.3 3,325.0 2,920.9
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 3,274.9 2,878.4 2,072.6
iShares SMI CH CSSMI SW BlackRock Beta 3,183.1 3,238.7 2,640.1
iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,790.6 2,812.1 2,369.3
iShares MSCI North America UCITS ETF INAA LN BlackRock Beta 2,598.9 2,607.9 2,310.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 99: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2014 AUM
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6,390.0 5,747.6 4,912.4
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4,739.2 4,749.5 4,743.6
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 4,121.2 3,691.0 2,653.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,927.6 3,728.9 3,066.2
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 2,645.1 2,458.7 1,758.5
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 2,194.0 2,171.2 2,084.6
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,177.0 2,062.6 1,730.0
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,094.1 2,005.9 2,260.1
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2,030.2 1,908.6 1,612.8
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,968.9 1,921.7 1,641.1
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,896.9 1,743.4 1,582.3
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 1,847.8 1,577.6 1,003.3
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 1,660.7 1,618.6 1,612.1
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,638.4 1,742.1 1,563.8
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,571.5 1,613.0 1,306.5
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,568.0 1,456.4 1,088.3
SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 1,458.5 1,460.4 1,113.5
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,410.2 1,369.2 1,311.3
db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1,352.1 1,284.2 1,329.5
iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,294.8 1,332.7 1,300.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 April 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 61
Figure 100: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2014 AUM
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,078.0 5,005.0 4,550.0
ETFS Physical Gold PHAU LN ETF Securities Ltd Beta 3,980.6 4,448.8 3,896.5
Gold Bullion Securities GBS LN ETF Securities Ltd Beta 3,026.1 3,158.0 2,684.6
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,785.6 1,753.0 1,571.8
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,728.3 1,652.2 1,382.3
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,723.8 1,730.2 1,607.6
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,207.1 1,168.8 1,033.1
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 755.0 753.9 618.9
ETFS Physical Silver PHAG LN ETF Securities Ltd Beta 663.2 657.1 461.4
ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta 623.9 549.7 200.7
db Physical Gold ETC XGLD LN Deutsche AWM Beta 597.2 566.8 511.4
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 552.3 574.9 488.2
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 536.1 530.6 446.0
UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 495.6 495.5 430.8
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 484.6 498.8 517.6
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 440.4 422.1 312.8
iShares Gold CH CSGOLD SW BlackRock Beta 362.0 354.1 670.2
ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta 345.9 376.8 337.4
db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 344.6 313.5 284.2
ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd Beta 337.2 374.2 167.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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9. ETF Broker rankings
US ETP Broker Rankings
Figure 101: Top 20 US ETF Brokers | ETFs | US |
Rank Broker
Advertised
value ($
million)
Market
Share
Advertised
Trades
Advertised
value ($
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (MLCO) MERRILL LYNCH 389,377 30.68% 50,730 936,872 26.75% 139,522 (MLCO) MERRILL LYNCH 4,440 24.90% 50,731 11,033 22.11% 139,529
2 (KCG) KCG HOLDINGS, INC. 156,997 12.37% 206,986 484,459 13.83% 612,788 (KCG) KCG HOLDINGS, INC. 2,403 13.48% 206,986 7,282 14.59% 612,816
3 (CSFB) CREDIT SUISSE 106,615 8.40% 22,117 325,638 9.30% 62,878 (UBS) UBS INVESTMENT BANK 1,611 9.04% 41,264 4,824 9.67% 120,926
4 (UBS) UBS INVESTMENT BANK 101,872 8.03% 41,264 306,544 8.75% 120,923 (CSFB) CREDIT SUISSE 1,560 8.75% 22,183 4,749 9.52% 63,156
5 (CITI) CITIGROUP GLOBAL MARKE 59,033 4.65% 19,546 176,786 5.05% 55,637 (CITI) CITIGROUP GLOBAL MARKE 935 5.24% 19,546 2,815 5.64% 55,639
6 (DBAB) DEUTSCHE BANK SECURITI 47,410 3.74% 20,284 114,297 3.26% 55,846 (DBAB) DEUTSCHE BANK SECURITI 797 4.47% 20,284 1,922 3.85% 55,847
7 (MSCO) MORGAN STANLEY 40,402 3.18% 15,458 113,771 3.25% 43,291 (GSHT) GOLDMAN, SACHS & CO. 676 3.79% 73,436 1,925 3.86% 226,404
8 (JPM) JP MORGAN 38,946 3.07% 8,781 117,502 3.36% 28,398 (FCM) FIDELITY CAPITAL MARKET 636 3.57% 48,280 1,831 3.67% 138,851
9 (FCM) FIDELITY CAPITAL MARKET 37,190 2.93% 48,280 109,130 3.12% 138,851 (JPM) JP MORGAN 524 2.94% 8,781 1,509 3.02% 28,399
10 (GSHT) GOLDMAN, SACHS & CO. 36,890 2.91% 73,435 104,044 2.97% 226,400 (MSCO) MORGAN STANLEY 499 2.80% 15,458 1,410 2.83% 43,293
11 (GSLT) GOLDMAN SACHS ELECTRON 36,810 2.90% 161,175 114,355 3.27% 424,868 (GSLT) GOLDMAN SACHS ELECTRON 464 2.60% 161,175 1,345 2.69% 424,868
12 (BCAP) BARCLAYS CAPITAL 24,294 1.91% 19,665 72,990 2.08% 53,526 (BCAP) BARCLAYS CAPITAL 384 2.15% 19,665 1,168 2.34% 53,527
13 (LIME) LIME BROKERAGE LLC 21,335 1.68% 22,277 30,523 0.87% 35,139 (LIME) LIME BROKERAGE LLC 304 1.70% 22,286 439 0.88% 35,148
14 (INCA) INSTINET 21,031 1.66% 14,611 57,356 1.64% 40,920 (BCET) BARCLAYS CAPITAL ELEC 283 1.59% 32,568 770 1.54% 90,447
15 (BCET) BARCLAYS CAPITAL ELEC 17,371 1.37% 32,568 49,791 1.42% 90,447 (CANT) CANTOR FITZGERALD L.P. 271 1.52% 9,076 777 1.56% 28,264
16 (CVGX) CONVERGEX 16,041 1.26% 23,274 40,248 1.15% 56,455 (INCA) INSTINET 238 1.34% 14,611 645 1.29% 40,925
17 (CANT) CANTOR FITZGERALD L.P. 15,049 1.19% 9,076 43,485 1.24% 28,261 (BNPP) BNP PARIBAS SECURITIES 238 1.33% 10,756 772 1.55% 26,357
18 (SUSQ) SUSQUEHANNA INTERNATIO 14,002 1.10% 6,717 52,532 1.50% 34,477 (CVGX) CONVERGEX 232 1.30% 23,274 590 1.18% 56,456
19 (BNPP) BNP PARIBAS SECURITIES 13,045 1.03% 10,756 33,729 0.96% 26,357 (SUSQ) SUSQUEHANNA INTERNATIO 213 1.20% 6,717 954 1.91% 34,478
20 (JEFF) JEFFERIES & CO., INC. 11,283 0.89% 9,698 36,441 1.04% 30,502 (WBET) WALLACHBETH CAPITAL LL 160 0.89% 402 452 0.91% 1,367
Other 64,046 5.05% 137,575 181,705 5.19% 398,503 Other 960 5.39% 146,871 2,688 5.39% 427,653
Total 1,269,041 100.00% 954,273 3,502,198 100.00% 2,703,989 Total 17,829 100.00% 954,350 49,900 100.00% 2,704,350
Value Trade Summary Volume Trade Summary
Mar-15 YTD Mar-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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Figure 102: 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 (MLCO) MERRILL LYNCH 9,413 22.79% 2,888 23,533 18.22% 8,227 (MLCO) MERRILL LYNCH 385 22.79% 2,888 951 19.51% 8,227
2 (KCG) KCG HOLDINGS, INC. 7,843 18.99% 20,499 25,732 19.93% 59,109 (KCG) KCG HOLDINGS, INC. 322 19.05% 20,499 949 19.48% 59,109
3 (UBS) UBS INVESTMENT BANK 4,730 11.45% 2,408 16,841 13.04% 7,280 (UBS) UBS INVESTMENT BANK 193 11.44% 2,408 635 13.03% 7,280
4 (CITI) CITIGROUP GLOBAL MARKE 3,850 9.32% 1,145 12,052 9.33% 3,271 (CITI) CITIGROUP GLOBAL MARKE 186 11.02% 1,145 498 10.22% 3,271
5 (CSFB) CREDIT SUISSE 3,278 7.94% 1,161 11,420 8.84% 3,315 (CSFB) CREDIT SUISSE 130 7.69% 1,161 410 8.41% 3,319
6 (FCM) FIDELITY CAPITAL MARKET 2,336 5.66% 5,693 7,509 5.81% 17,116 (FCM) FIDELITY CAPITAL MARKET 127 7.49% 5,693 359 7.38% 17,116
7 (GSLT) GOLDMAN SACHS ELECTRON 1,010 2.45% 12,026 3,866 2.99% 34,454 (BCET) BARCLAYS CAPITAL ELEC 32 1.91% 3,118 78 1.60% 8,268
8 (JPM) JP MORGAN 887 2.15% 476 2,726 2.11% 1,436 (GSLT) GOLDMAN SACHS ELECTRON 32 1.87% 12,026 107 2.19% 34,454
9 (DBAB) DEUTSCHE BANK SECURITI 837 2.03% 849 2,417 1.87% 2,358 (JPM) JP MORGAN 31 1.82% 476 105 2.16% 1,436
10 (GSHT) GOLDMAN, SACHS & CO. 825 2.00% 3,744 2,898 2.24% 11,451 (MSCO) MORGAN STANLEY 27 1.62% 1,087 100 2.06% 3,374
11 (MSCO) MORGAN STANLEY 744 1.80% 1,087 2,814 2.18% 3,374 (GSHT) GOLDMAN, SACHS & CO. 27 1.60% 3,744 86 1.76% 11,451
12 (BCET) BARCLAYS CAPITAL ELEC 664 1.61% 3,118 1,844 1.43% 8,268 (DBAB) DEUTSCHE BANK SECURITI 26 1.56% 849 71 1.46% 2,358
13 (INCA) INSTINET 656 1.59% 1,008 2,056 1.59% 2,472 (INCA) INSTINET 24 1.42% 1,008 68 1.40% 2,472
14 (LIME) LIME BROKERAGE LLC 598 1.45% 1,232 993 0.77% 1,956 (CVGX) CONVERGEX 20 1.18% 1,154 69 1.42% 2,969
15 (CVGX) CONVERGEX 529 1.28% 1,154 2,023 1.57% 2,969 (BCAP) BARCLAYS CAPITAL 20 1.15% 1,210 54 1.11% 3,468
16 (SUSQ) SUSQUEHANNA INTERNATIO 457 1.11% 210 2,130 1.65% 2,558 (LIME) LIME BROKERAGE LLC 19 1.11% 1,232 31 0.64% 1,956
17 (BCAP) BARCLAYS CAPITAL 449 1.09% 1,210 1,433 1.11% 3,468 (SUSQ) SUSQUEHANNA INTERNATIO 17 1.01% 210 80 1.63% 2,558
18 (RBC) ROYAL BANK OF CANADA 359 0.87% 540 1,157 0.90% 2,424 (JEFF) JEFFERIES & CO., INC. 13 0.76% 943 22 0.45% 1,622
19 (JEFF) JEFFERIES & CO., INC. 269 0.65% 943 593 0.46% 1,622 (BNPP) BNP PARIBAS SECURITIES 9 0.54% 1,023 28 0.57% 2,285
20 (BNPP) BNP PARIBAS SECURITIES 267 0.65% 1,023 837 0.65% 2,285 (RBC) ROYAL BANK OF CANADA 7 0.39% 540 23 0.48% 2,424
Other 1,298 3.14% 7,573 4,258 3.30% 21,213 Other 43 2.56% 7,573 147 3.02% 21,213
Total 41,299 100.00% 69,987 129,130 100.00% 200,626 Total 1,690 100.00% 69,987 4,873 100.00% 200,630
Value Trade Summary Volume Trade Summary
Mar-15 YTD Mar-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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European ETP Broker Rankings
Figure 103: 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 15,972 16.53% 21,849 44,152 15.72% 60,628 (CBK) COMMERZBANK 404 15.39% 22,209 1,129 14.15% 61,357
2 (FLOW) FLOW TRADERS 7,473 7.73% 4,854 19,007 6.77% 12,875 (FLOW) FLOW TRADERS 203 7.74% 4,924 539 6.76% 13,082
3 (BNPP) BNP PARIBAS SECURITIES 6,531 6.76% 5,301 18,478 6.58% 14,617 (SIS) SUSQUEHANNA INTERNATION 152 5.79% 2,251 626 7.85% 9,146
4 (CITI) CITIGROUP GLOBAL MARKE 5,782 5.98% 3,158 17,120 6.10% 8,606 (CITI) CITIGROUP GLOBAL MARKE 138 5.24% 3,158 455 5.70% 8,606
5 (JPMH) JPMORGAN CHASE BANK, N 5,300 5.48% 3,075 15,564 5.54% 8,319 (BNPP) BNP PARIBAS SECURITIES 129 4.91% 5,319 362 4.53% 14,692
6 (SIS) SUSQUEHANNA INTERNATION 4,916 5.09% 2,248 20,254 7.21% 9,123 (UBS) UBS INVESTMENT BANK 123 4.68% 791 385 4.83% 2,442
7 (SG) SG SECURITIES 4,508 4.67% 13,950 14,852 5.29% 38,838 (SG) SG SECURITIES 115 4.36% 13,956 415 5.20% 38,853
8 (DBK) DEUTSCHE BANK AG 4,315 4.47% 1,753 14,948 5.32% 5,361 (MSCO) MORGAN STANLEY 112 4.28% 2,043 275 3.44% 5,568
9 (MSCO) MORGAN STANLEY 4,164 4.31% 2,043 10,156 3.62% 5,568 (JPMH) JPMORGAN CHASE BANK, N 112 4.26% 3,085 377 4.73% 8,330
10 (BCAP) BARCLAYS CAPITAL 4,081 4.22% 2,962 10,382 3.70% 7,824 (BCAP) BARCLAYS CAPITAL 110 4.18% 2,965 293 3.67% 7,829
11 (UBS) UBS INVESTMENT BANK 3,680 3.81% 791 10,443 3.72% 2,442 (DBK) DEUTSCHE BANK AG 105 3.99% 1,756 420 5.27% 5,368
12 (CSFB) CREDIT SUISSE 3,548 3.67% 3,338 10,123 3.61% 9,142 (CSFB) CREDIT SUISSE 81 3.08% 3,406 239 3.00% 9,309
13 (UNIC) UNICREDIT 3,521 3.64% 1,218 10,180 3.63% 3,260 (WINS) WINTERFLOOD SECURITIES 81 3.07% 6,826 269 3.38% 18,607
14 (GSHT) GOLDMAN, SACHS & CO. 2,217 2.29% 6,995 7,972 2.84% 21,379 (KCG) KCG HOLDINGS, INC. 75 2.84% 4,424 235 2.95% 12,468
15 (CANT) CANTOR FITZGERALD L.P. 2,194 2.27% 2,298 6,027 2.15% 6,298 (MLCE) BANK OF AMERICA MERRIL 71 2.68% 2,741 166 2.08% 7,038
16 (BFIN) BLUEFIN EUROPE LLP 2,166 2.24% 213 6,267 2.23% 571 (UNIC) UNICREDIT 69 2.62% 1,218 200 2.51% 3,266
17 (WINS) WINTERFLOOD SECURITIES 2,132 2.21% 6,826 5,989 2.13% 18,607 (CANT) CANTOR FITZGERALD L.P. 60 2.28% 2,302 204 2.55% 6,304
18 (MLCO) MERRILL LYNCH 1,688 1.75% 816 3,872 1.38% 2,141 (HSBC) HSBC GROUP PLC 52 1.97% 2,444 136 1.71% 6,677
19 (KCG) KCG HOLDINGS, INC. 1,642 1.70% 4,422 5,076 1.81% 12,466 (GSHT) GOLDMAN, SACHS & CO. 45 1.73% 6,995 152 1.91% 21,382
20 (HSBC) HSBC GROUP PLC 1,324 1.37% 2,443 3,659 1.30% 6,675 (KEPL) KEPLER CAPITAL MARKETS 41 1.58% 3,269 122 1.53% 8,687
Other 9,477 9.81% 30,324 26,254 9.35% 74,959 Other 350 13.33% 25,352 978 12.26% 61,972
Total 96,630 100.00% 120,877 280,778 100.00% 329,699 Total 2,628 100.00% 121,434 7,977 100.00% 330,983
Value Trade Summary Volume Trade Summary
Mar-15 YTD Mar-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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Figure 104: Top 20 European ETC brokers | ETCs | Europe |
Rank Broker
Advertised
value (€
million)
Market
Share
Advertised
Trades
Advertised
value (€
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (DBK) DEUTSCHE BANK AG 277 9.61% 50 757 7.43% 181 (WINS) WINTERFLOOD SECURITIES 84 17.14% 1,913 286 16.83% 5,516
2 (WINS) WINTERFLOOD SECURITIES 240 8.30% 1,913 674 6.62% 5,516 (MLCE) BANK OF AMERICA MERRIL 83 16.94% 430 103 6.07% 1,148
3 (MSCO) MORGAN STANLEY 202 7.01% 399 788 7.73% 911 (DBKE) DEUTSCHE BANK AG, AUTO 44 9.07% 519 237 13.93% 1,713
4 (MACQ) MACQUARIE SECURITIES 194 6.73% 45 720 7.06% 156 (CANT) CANTOR FITZGERALD L.P. 37 7.61% 484 136 8.02% 1,152
5 (BFIN) BLUEFIN EUROPE LLP 192 6.65% 73 498 4.89% 219 (CITI) CITIGROUP GLOBAL MARKE 30 6.08% 336 86 5.05% 1,027
6 (FLOW) FLOW TRADERS 183 6.35% 201 599 5.88% 671 (KEPL) KEPLER CAPITAL MARKETS 27 5.51% 311 56 3.31% 837
7 (CBK) COMMERZBANK 171 5.93% 771 502 4.93% 2,158 (FLOW) FLOW TRADERS 22 4.48% 201 57 3.36% 679
8 (UBS) UBS INVESTMENT BANK 157 5.45% 132 419 4.11% 402 (BFIN) BLUEFIN EUROPE LLP 20 4.06% 73 71 4.16% 219
9 (HSBC) HSBC GROUP PLC 146 5.06% 232 352 3.46% 726 (EQUI) EQUITA SIM SPA 15 3.14% 118 31 1.81% 279
10 (CSFB) CREDIT SUISSE 108 3.75% 172 503 4.93% 502 (CVGX) CONVERGEX 11 2.35% 577 21 1.24% 589
11 (GSHT) GOLDMAN, SACHS & CO. 100 3.45% 30 190 1.86% 122 (MED) MEDIOBANCA SPA 11 2.16% 1,223 28 1.66% 3,000
12 (SG) SG SECURITIES 87 3.03% 121 555 5.45% 373 (JPMH) JPMORGAN CHASE BANK, N 10 2.12% 156 31 1.83% 492
13 (CITI) CITIGROUP GLOBAL MARKE 86 2.98% 336 648 6.36% 1,027 (UBS) UBS INVESTMENT BANK 9 1.94% 132 54 3.19% 402
14 (CANT) CANTOR FITZGERALD L.P. 84 2.91% 484 265 2.60% 1,152 (PEEL) PEEL HUNT LLP 9 1.76% 412 30 1.75% 1,313
15 (KCG) KCG HOLDINGS, INC. 78 2.69% 397 285 2.80% 1,125 (INCA) INSTINET 7 1.54% 109 98 5.80% 377
16 (BNPP) BNP PARIBAS SECURITIES 77 2.66% 45 280 2.74% 107 (MACQ) MACQUARIE SECURITIES 7 1.51% 45 67 3.95% 156
17 (KEPL) KEPLER CAPITAL MARKETS 72 2.50% 311 231 2.27% 837 (CBK) COMMERZBANK 7 1.39% 777 19 1.12% 2,165
18 (PEEL) PEEL HUNT LLP 57 1.99% 412 156 1.53% 1,313 (SG) SG SECURITIES 7 1.38% 121 30 1.78% 373
19 (DBKE) DEUTSCHE BANK AG, AUTO 55 1.89% 519 164 1.61% 1,713 (CICS) CM-CIC SECURITIES 6 1.27% 25 6 0.37% 71
20 (MLCE) BANK OF AMERICA MERRIL 47 1.64% 430 128 1.26% 1,147 (CSFB) CREDIT SUISSE 6 1.20% 173 16 0.91% 503
Other 272 9.43% 2,670 1,476 14.49% 6,363 Other 36 7.35% 1,619 235 13.87% 4,736
Total 2,886 100.00% 9,743 10,189 100.00% 26,721 Total 487 100.00% 9,754 1,698 100.00% 26,747
Value Trade Summary Volume Trade Summary
Mar-15 YTD Mar-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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Appendix A: How we define ETPs Exchange-Traded Products (ETPs)
We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-
traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes
exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).
Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2014.
The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451
products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US.
Figure 105: ETP Coverage Universe Summary
Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %
US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1%
Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7%
Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0%
RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1%
Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0%
ETPs ETFs ETC/Vs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Exchange-Traded Funds (ETFs, 97%)
US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs
indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only physical
index replication techniques are permissible by this legislation while synthetic replication is not allowed.
Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as
equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and
Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union
directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single
authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds
are allowed to track equity, fixed income as well as diversified commodity indices.
Asia (7%): Both European and US ETFs are cross sold into the Asian market.
Exchange-Traded Collateralized Instruments (3%)
Exchange-Traded Commodities (ETCs, 1%)
In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example
wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus
Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either
be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms
utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed
with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized
by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their
index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast
majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,
government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled
‘The race for assets in the European Exchange-Traded Products Market”.
Exchange-traded vehicles (ETVs, 2%)
This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily
commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the
investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,
more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange
Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.
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Appendix B: The road from beta to alpha
The figure below illustrates the road from beta (diversified rule based market
access) to alpha (discretionary market access). Moving anti-clockwise from
beta, the potential for return increases, together with the potential risk.
Figure 106: The Roadmap From Beta (β) to Alpha (α)
Beta Alpha
Beta Multiplied Beta Adjusted
Beta Alpha
BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile
Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile
Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile
AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions
Source: Deutsche Bank
The performance of beta products is measured against an index; a manager is
most successful when they manage to match the return of a product to its
stated benchmark. The performance of alpha products, or rather the
performance of an alpha product’s manager, is measured by the risk adjusted
return it generates. The highest the return and the lowest the risk [typically
measured by the standard deviation of a product’s returns] the more
successful a product is deemed to be.
There is however a whole host of products that fall between beta and alpha,
we have sought to create a classification system that classifies these products,
taking into consideration a number of variables, ranging from diversification to
what constitutes a market segment.
9 April 2015
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The authors of this report wish to acknowledge the contribution made by Vibhor
Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party
provider to Deutsche Bank of offshore research support services.
9 April 2015
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Appendix 1
Important Disclosures
Additional information available upon request
For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra
Equity rating key Equity rating dispersion and banking relationships
Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes:
1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:
Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period
37 %
56 %
7 %47 %
40 %
35 %
0
50
100
150
200
250
300
350
400
Buy Hold Sell
European Universe
Companies Covered Cos. w/ Banking Relationship
9 April 2015
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Regulatory Disclosures
1.Additional Information
Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a
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in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling
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necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand
the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is
important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through
any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very
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Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the
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Deutsche Bank AG/London Page 71
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