european monthly etf market review...9 september 2016 european monthly etf market review deutsche...

Deutsche Bank Markets Research

Europe

Synthetic Equity & Index Strategy

European Monthly ETF Market Review

Date

9 September 2016

EM and Smart Beta continue to draw Investment

Data in this report is as of 31st August 2016

________________________________________________________________________________________________________________

Deutsche Bank AG/London

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 057/04/2016.

Author

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Team Contacts

Shan Lan

Strategist

(+852 ) 22036716

[email protected]

Sebastian Mercado, CFA

Strategist

(+1) 212 250-8690

[email protected]

European ETP Monthly Highlights (Assets & Flows)

Assets: European ETPs assets increased by €8bn and stood at $565bn (€508bn) at the end of Aug’16, up by 2% (MoM in € terms).

Flows: European domiciled ETPs registered inflows of +€6bn across all major asset classes (equity, fixed income and commodity). Once again, Fixed Income ETFs lead with inflows of +€2.7bn closely followed by Equity ETFs (+€2.2bn) and Commodity ETPs (+€1bn).

New Product Launches – 2 new products Lyxor listed 2 fixed income ETFs on London Stock Exchange providing exposure to FTSE Actuaries Govt Securities UK GILTS TR under 5 Yr and Barclays US Inflation Linked Bonds TR.

Investment Themes for the Month

Global EM and US exposed ETFs attracted inflows of +€1.2bn and +€0.7bn respectively.

Germany and Broad European equities (e.g. MSCI Europe / STOXX 600) focused ETFs witnessed outflows of -€0.9bn, & -€0.5bn respectively.

Smart Beta ETFs witnessed inflows of +€0.7bn in August with year-to-date flows stood at +€6.9bn.

Once again, Corporate (+€1.4bn) and Sovereign (+€1.2bn) bond ETFs were the strongest segments within Fixed Income. Within Corporate Bonds, IG bonds registered inflows of +€1.4bn.

Gold ETPs registered inflows of +€1.6bn (+€7.3bn so far this year).

Turnover: MoM turnover activity down by 24% The total turnover activity into European ETPs was down by 24% (€56bn) from the previous month’s total (€74bn). At the asset class level, on a MoM basis, Fixed Income ETFs turnover activity decreased most (-30%) followed by Equity (-23%) and Commodity ETPs (-18%).

Price premium/discount to NAV monitor The maximum premiums/discounts to NAV in June were observed in the following categories: Equities: Deepest discount (-1.21%) and highest premium (0.27%) occurred

within Country ETFs.

Fixed Income: Deepest discount in Broad ETFs (-0.48%) while highest premium in Corporate ETFs (0.54%).

US Market: European Exposed ETFs witness outflows in August European exposed ETFs listed in US had outflows of -$1.8bn (-$4.8bn in Jul’16) during August. European exposure ETFs remained weak so far this year with net outflows of -$18.5bn in US listed ETFs.

Distributed on: 09/09/2016 11:45:10 GMT

9 September 2016



Table of Contents

European ETP Highlights ......................................................................................... 3 New Launch Activity: Quiet month with 2 new Products launches ......................... 3 Investment Themes for the Month .......................................................................... 4 Turnover: MoM turnover activity down by 24% ...................................................... 5 Price discounts/premium to NAV Monitor ............................................................... 5 US Market: European Exposed ETFs witness outflows in August........................... 6

1. Investment Trends ...................................................... 7 Cross-Asset Class ETPs ........................................................................................... 7

2. Market Metrics ............................................................ 8 ETF Industry Asset Evolution ................................................................................... 8 ETFs vs. Cash Equities ............................................................................................11 ETFs vs. Unlisted Mutual Funds .............................................................................12 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)

................................................................................................................................14 Industry Growth Analysis ........................................................................................15

3. Cash Flow Analysis ................................................... 17 Regional Cash Flow Analysis ..................................................................................17 Asset Class Cash Flow Analysis .............................................................................17 Product Rankings ....................................................................................................23

4. Product Review ......................................................... 25 New Products Launched in the Month ...................................................................25 Average TERs .........................................................................................................27

5. Provider Rankings ..................................................... 31 Global Provider Rankings ........................................................................................31 European Provider Rankings – General ...................................................................33 European Provider Rankings – by Asset Class ........................................................37 European Provider Analysis by Replication Method ...............................................40

6. Trading Perspective .................................................. 41 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................41 Asset Class Analysis ...............................................................................................41 Product Rankings ....................................................................................................47

7. European ETF Exchanges ............................................ 52

8. Assets ......................................................................... 55 ETP Monthly AUM Analysis by Asset Class ...........................................................55 Asset Class Analysis ...............................................................................................55 Product Rankings ....................................................................................................61

9. ETF Broker rankings .................................................. 63 US ETP Broker Rankings .........................................................................................63 European ETP Broker Rankings ..............................................................................65

Appendix A: How we define ETPs ..................................... 67

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

9 September 2016



European ETP Highlights

Assets: European ETPs AUM increased by €8bn on a MoM basis and ended

the month at €508bn. On MoM basis, Fixed Income ETFs assets increased the

most (2.4%) followed by Commodity (2.1%) and Equity ETFs (1.4%). For more

details please refer to Assets section on page 55.

Flows: European domiciled ETPs registered inflows of +€6bn across all major

asset classes (equity, fixed income and commodity). Once again, Fixed Income

ETFs lead with inflows of +€2.7bn closely followed by Equity ETFs (+€2.2bn)

and Commodity ETPs (+€1bn). For more details please refer to Cash Flow

Analysis section on page 17.

Global ETPs Highlights

Global ETPs assets increased by $39bn and reached $3.26 trillion at the end of

Aug’16, 1.2% up from last month-end levels. Global ETPs registered inflows of

+$39bn during August (+$54bn for July). US and Asia-Pacific listed ETPs

registered inflows of +$27bn and +$5bn respectively during last month.

Figure 1: Global ETPs Snapshot | ETPs | Global |

Region Aug-16 Jul-16

MoM

Change

(%)

Aug-16 Jul-16 Aug-16 Jul-16

MoM

Change

(%)

AUMCash

Flows*Turnover

US 2382.75 2358.00 1.05% 27.52 45.69 1315.61 1330.04 -1.08% 73% 1.2% 85%

Europe 565.43 559.01 1.15% 6.72 10.66 62.73 81.53 -23.05% 17% 1.2% 4%

Asia-Pacific 314.31 306.07 2.69% 5.13 -2.48 164.00 166.51 -1.51% 10% 1.7% 11%

Global 3262.49 3223.07 1.22% 39.37 53.87 1542.34 1578.08 -2.26% 100% 1.2% 100%

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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Cash Flow Market Share corresponds to Aug-16 Monthly Cash Flow / End of Jul-16 AUM

New Launch Activity: Quiet month with 2 new Products launches

European ETP market witnessed 2 new product launches in August. Lyxor

listed 2 Fixed Income ETFs on London Stock Exchange providing exposure to

FTSE Actuaries Govt Securities UK GILTS TR under 5 Yr and Barclays US

Inflation Linked Bonds TR.

Figure 2: New Launches in August | ETFs | Europe |

ETF Name BBG Ticker Issuer TER Exchange Listed

Lyxor FTSE Actuaries UK Gilts 0-5Y DR UCITS ETF GIL5 LN Lyxor 0.07% London SE

Lyxor US TIPS DR UCITS ETF - D USD TIPG LN Lyxor 0.09% London SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

For additional information on new product launches please refer to

Product Review on page 25.

9 September 2016



Investment Themes for the Month

Global EM and US focused ETFs benefitted from inflows, outflows from Germany and Broad European equities

Similar to previous month, Investors trading European-listed ETPs were net

buyers of Global Emerging Markets focused ETFs with inflows of +€1.2bn in

August. UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A

(EGUSAS SW), Amundi ETF MSCI Emerging Markets UCITS ETF (AEEM FP)

and iShares MSCI Emerging Markets IMI UCITS ETF (EMIM NA) benefited

most with inflows of +€456mn, +€253mn and +€179mn respectively.

US focused ETFs were also favored during August. There were net inflows of

+€732mn over the last month, primarily into iShares Core S&P 500 UCITS ETF

(CSSPX SW) and Vanguard S&P 500 ETF (VUSA LN) with monthly inflows of

+€380mn and +€247mn respectively.

ETFs tracking broad European indices (e.g. MSCI Europe / STOXX 600)

continued the negative trend and experienced net outflows of -€0.5bn during

Aug (-€9.5bn so far this year). Country-wise, Germany focused ETFs suffered

significant redemptions of -€0.9bn (YTD -€2.8bn).

Popularity for Smart Beta ETFs persists

European investors poured another +€714mn into Smart Beta ETFs in August

with year-to-date flows of +€6.9bn. Product count has also seen tremendous

growth as 24 new Smart Beta products were launched during 2016, taking the

total count to 176. Such a sharp increase in number of Smart Beta products

can be partly attributed to demand from investor for innovative products. At

the end of August, assets stood at €33.5bn which is 32% above the last year’s

end assets (€25.5bn in 2015).

Investment Grade Bonds dominates within Corporate Bond category

Once again, both Corporate and Sovereign bond ETFs contributed significantly

to the overall Fixed Income flows, attracting +€1.4bn and +€1.2bn

respectively. Within corporate bonds, investment grade bonds dominate with

inflows of +€1.4bn. iShares Euro Ultrashort Bond UCITS ETF (ERNE LN),

iShares $ Corporate Bond UCITS ETF (LQDE LN) and iShares £ Corporate Bond

UCITS ETF (SLXX LN) were the primary beneficiaries with monthly inflows of

+€241mn, +€207mn and +€200mn respectively.

Commodity ETPs inflows driven by Gold ETPs

Commodity ETPs continued the positive run in August with inflows of +€1bn

(+€2.5bn in July). Flows into Gold ETPs remained strong during the month of

August with inflows of +€1.2bn (YTD +€8.5bn). Compared to last five years,

Commodity ETPs performed very well in 2016 with YTD inflows of +€10.4bn vs

+€2.4bn net flows from 2011 through 2015.

9 September 2016



Figure 3: Yearly Flows into Commodity ETPs

-15

-10

-5

-

5

10

15

2011 2012 2013 2014 2015 2016*

Yearl

y C

ash

flo

ws

€b

n

Gold ETPs Others

+€10.4bn

+€2.4bn

* Upto 31-Aug-2016. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Turnover: MoM turnover activity down by 24%

The total turnover activity into European ETPs was down by 24% (€56bn) from

the previous month’s total (€74bn). At the asset class level, on a MoM basis,

Fixed Income ETFs turnover activity decreased most (-30%) followed by Equity

(-23%) and Commodity ETPs (-18%). Monthly turnover as % of Avg. AUM has

seen increased significantly for all the major asset classes since the start of

2016. For more details please refer to Trading Perspective on page 41.

Figure 4: Monthly TO as % of Avg. AUM | ETPs | Europe |

0%

5%

10%

15%

20%

25%

30%

TO

as %

of

Avg

. A

UM

*

Equity Fixed Income Commodity

* Avg. AUM has been calculated using previous month- end and current month-end AUM. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Price discounts/premium to NAV Monitor

The price of ETFs may not trade in-line with its respective NAVs driven by

multiple factors such as supply/demand, market access, duty and varying

trading time zones of stocks within an index. In this section we highlight, for

ETFs with European equity exposure only, the median, maximum premium and

maximum discount observed in varying categories for this month. Figures

below illustrate the Price premium/discount to NAV for European ETFs. Equities: Deepest discount (-1.21%) and highest premium (0.27%)

occurred within Country ETFs.

9 September 2016



Fixed Income: Deepest discount in Broad ETFs (-0.48%) while highest

premium in Corporate ETFs (0.54%).

Figure 5: Price premium/discount to NAV | ETFs | Europe |

Max

Discount

Max

PremiumMedian

Max

Discount

Max

PremiumMedian

Max

Discount

Max

PremiumMedian

Equity

Country -1.21% 0.27% 0.01% -0.12% 0.31% 0.02% -1.21% 0.59% 0.04%

Regional -0.36% 0.23% -0.02% -0.27% 0.39% -0.07% -0.83% 0.65% -0.02%

Size -0.35% 0.06% -0.11% -0.32% 0.19% -0.17% -1.07% 0.48% -0.08%

Style -0.31% 0.19% -0.05% -0.26% 0.24% -0.08% -0.68% 0.69% -0.02%

Sector -0.29% 0.25% -0.04% -0.22% 0.27% -0.04% -0.65% 0.66% 0.02%

Strategy -0.05% 0.11% 0.06% -0.04% 0.16% 0.08% -0.13% 0.42% 0.04%

Fixed Income

Sovereign -0.08% 0.05% -0.01% -0.11% 0.03% -0.02% -0.12% 0.06% -0.03%

Corporates - 0.54% 0.34% - 0.61% 0.40% -0.22% 1.64% 0.30%

Broad -0.48% 0.14% -0.01% -0.36% 0.19% -0.03% -0.63% 0.47% -0.02%

Money Market - 0.00% 0.00% -0.01% 0.00% 0.00% -0.02% 0.01% 0.00%

Credit exposure - - - - - - - - -

Covered Bonds -0.16% 0.20% 0.05% -0.21% 0.19% 0.02% -0.28% 0.49% 0.03%

*Universe: Europe Listed ETFs with European focus (DM only), AUM>€200mn.

*Calculation Methodolgy: We have calculated asset weighted daily avg. Price premium/discount to Nav of a category and then derived

max. discount/premium and median for a period.

Aug-16 Jul-16 YTD

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

US Market: European Exposed ETFs witness outflows in August

US domiciled ETPs recorded inflows of +$27bn in August (+$45.7bn in Jul’16)

taking YTD flows to above +$137bn. Equity ETFs lead the tally with strong

inflows of +$18bn followed by inflows in Fixed Income ETFs (+$9bn).

Commodity ETPs reversed the previous month’s trend and comes into negative

territory with outflows of -$0.4bn during Aug’16.

European exposed ETFs listed in US had outflows of -$1.8bn (-$4.8bn in Jul’16)

during August. European exposure ETFs remained weak so far this year with

net outflows of -$18.5bn in US listed ETFs.

9 September 2016



1. Investment Trends1

Cross-Asset Class ETPs

Figure 6: Cash flows by asset class – YTD

| ETPs | Europe |

Figure 7: Cash flows by asset class – Month

| ETPs | Europe |

-12,000

-6,000

0

6,000

12,000

18,000

24,000

30,000

36,000

42,000

€m

illio

ns

Equity Fixed Income Commodity Others

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

€m

illio

ns

Equity Fixed Income Commodity Others



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

9 September 2016



2. Market Metrics

ETF Industry Asset Evolution

Figure 8: Global ETP regional asset growth | ETPs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 283.9 314.3

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 565.4

US ($) 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,382.7

US, Europe & Asia Pacific ($) 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,903.6 3,262.5

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 507.7

Number of ETPs* 269 324 432 737 1,213 1,666 2,041 2,580 3,125 3,491 3,711 4,023 4,446 4,605

0

500

1,000

1,500

2,000

2,500

3,000

3,500

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4,500

5,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illio

n

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

Figure 9: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |

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

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 17.8 30.1

ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 74.4

ETFs 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,837.6 3,158.0

Total 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,903.6 3,262.5

Number of ETPs* 269 324 432 737 1,213 1,666 2,041 2,580 3,125 3,491 3,711 4,023 4,446 4,605

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illio

n


9 September 2016



Figure 10: Global ETF regional asset growth | ETFs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 168.3 201.8 283.5 313.9

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 535.8

US ($) 143.2 203.1 291.5 411.2 581.9 499.1 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 2,308.3

US, Europe & Asia Pacific ($) 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,837.6 3,158.0

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 450.0 481.1

Number of ETFs* 257 310 415 677 1,116 1,481 1,802 2,231 2,697 2,962 3,181 3,487 3,909 4,082

0

500

1,000

1,500

2,000

2,500

3,000

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3,500

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ber

of

ETF

s

$ b

illio

n


Figure 11: European ETF asset growth by asset class | ETFs | Europe |

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

Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,251

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,890

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,42 140,03

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,54 147,27 139,31 170,82 209,80 261,39 323,85 322,88

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 449,97 481,05

Number of ETFs* 100 114 163 267 419 614 818 1,052 1,214 1,310 1,350 1,439 1,517 1,531

0

300

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900

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1,800

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ber

of

ETFs

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illion


9 September 2016



Figure 12: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |

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

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

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 581

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 671

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,290

Overall - - 1,103 1,444 981 3,531 5,582 4,439 4,846 3,779 3,580 3,668 5,422

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 34,194

Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,007 43,167

Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 398 391

-

90

180

270

360

450

0

10,000

20,000

30,000

40,000

50,000

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s

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illion


Figure 13: European ETPs (ETF & ETC) asset growth | ETPs | Europe |

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

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,057 26,628

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 449,97 481,05

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,16 279,32 301,69 379,18 466,03 507,68

Number of ETPs 100 115 165 299 476 738 994 1,331 1,564 1,748 1,794 1,890 1,972 1,981

-

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ber

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illion


9 September 2016



ETFs vs. Cash Equities

Figure 14: ETFs vs. cash equities turnover – US market | ETFs | US |

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

ETFs v

s c

ash e

quitie

s

$ b

illion

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

Figure 15: ETFs vs. cash equities turnover – European market | ETFs | Europe |

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0

100

200

300

400

500

600

700

800

900

ETFs v

s c

ash e

quitie

s

€billion

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

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

9 September 2016



ETFs vs. Unlisted Mutual Funds

Figure 16: European ETP vs mutual fund assets | ETPs | Europe |

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16*

ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 16 20 22

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 451 438 456

ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.3% 3.7% 3.6% 3.6% 3.5% 3.5% 3.5%

ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4%

1.7%

2.2%

2.7%

3.2%

3.7%

4.2%

0

100

200

300

400

500

600

ETP

vs m

utu

al fu

nd

s

ETP

AU

M (

€b

illio

n)

*Data as of 31-May-2016. Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

Figure 17: European ETP vs mutual fund cash flows | ETPs | Europe |

Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16

ETCs -0.77 -0.03 -0.11 -0.13 -0.13 -0.68 -0.13 0.18 0.40 0.13 -0.16 -0.08 0.38 0.07 -0.46 -0.12 0.24 0.06 0.90 0.82 -0.48 0.07 0.00 -0.31 -0.51 0.43 -0.14 0.25 0.01 -0.02 0.68 2.29 0.51 0.47 0.31

ETFs 3.16 0.39 0.99 2.93 2.78 1.64 3.69 3.36 0.88 6.20 4.68 4.20 7.57 5.98 -1.78 5.68 4.13 0.06 11.26 10.26 7.18 4.18 0.28 1.68 7.94 9.73 1.91 5.95 3.56 8.57 2.26 -0.01 3.99 3.10 1.90

Mutual funds 52.00 24.10 2.20 39.50 30.00 28.80 84.10 59.70 51.60 76.50 51.20 29.80 74.70 48.70 7.20 60.00 43.30 3.60 105.00 108.80 87.80 98.40 56.70 2.10 71.00 15.30 -5.50 63.80 64.90 28.60 0.20 8.50 26.30 64.80 52.00

-20

0

20

40

60

80

100

120

140

Cash F

low

s (

€b

illio

n)

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

9 September 2016



Figure 18: US ETP vs mutual fund assets | ETPs | US |

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16*

ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 63 75 77

ETFs 954 976 848 939 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,065 2,100 2,163 2,281

ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 16.4% 16.7% 16.9% 17.3%

ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 16.0% 16.2% 16.4% 16.8%

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

19.7%

0

500

1,000

1,500

2,000

2,500

ETP

vs m

utu

al fu

nd

s

ETP

AU

M ($ b

illio

n)

*Data as of 29-Jul-2016 Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 19: US ETP vs mutual fund cash flows | ETPs | US |

-100

-80

-60

-40

-20

0

20

40

60

80

Cash flo

ws (

$ b

illion)

Jul-13 Aug-13 Sep-13 Oct-13 Nov-13Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16

ETVs -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56 -0.76 0.67 -0.42 0.78 0.45 -0.98 2.11 5.40 2.35 -0.72 3.30 4.11 1.99

ETFs 41.32 -18.25 32.85 28.33 14.22 23.19 -14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51 -7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36 27.22 25.58 39.92 -3.10 -4.22 30.02 11.79 -1.55 15.51 43.70

Mutual funds 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76 -3.00 13.76 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.26 -7.85 -30.08 -76.28 -20.77 8.48 14.67 -4.48 -6.60 -14.56 -14.73

Source: Deutsche Bank, Bloomberg Finance LP, ICI

9 September 2016



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

Figure 20: Historical Composition by ETF Structure | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

-

100

200

300

400

500

600

Num

ber

of

ETFs

AU

M (

€billion)

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


Figure 21: European AUM ETF market historical asset class analysis by replication

technique | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 239,101 85,286 236,229 86,654 236,229 86,654

Fixed Income 87,026 26,050 114,011 26,019 114,011 26,019

Commodity 8,718 3,580 11,733 5,156 11,733 5,156

Others 396 1,003 427 824 427 824

Total 335,241 115,920 362,401 118,653 362,401 118,653

Equity 557 531 583 500 583 500

Fixed Income 203 155 227 157 227 157

Commodity 22 28 22 26 22 26

Others 9 13 7 9 7 9

Total 791 727 839 692 839 692

Equity 36,258 9,398 -1,028 2,610 1,568 677

Fixed Income 19,936 6,800 23,798 -22 2,675 72

Commodity -815 958 1,112 1,577 0 -75

Others 47 -89 13 -141 -25 13

Total 55,426 17,068 23,895 4,024 4,219 686

ETFs (number of products)

Cash Flows (€ million)

Aug-162015 2016*

*Year-to-date (upto 31-Aug-2016) numbers have been provided). Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Industry Growth Analysis

Figure 22: Global ETF Industry growth attribution | ETFs | Global |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

ETF a

sset pri

ce g

row

th c

ontr

ibution (l

ine)

ETF c

ash flo

w g

row

th c

ontr

ibuti

on (B

ars

)

Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16

Price growth -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% 7.3% 1.4% 0.2% -0.2% 3.4% 0.1%

Flows growth -0.3% 1.4% 0.5% 1.5% 0.9% 1.5% 1.3% 1.0% 0.5% 1.5% 1.6% 2.3% 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% 1.7% 1.2%

Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%

Total growth -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% 0.4% -0.2% -4.9% -0.4% 8.7% 1.7% 0.4% 0.5% 5.1% 1.3%


Figure 23: US ETF Industry growth attribution | ETFs | US |

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

ETF a

sset pri

ce g

row

th c

ontr

ibution (L

ine)

ETF c

ash flo

ws g

row

th c

ontr

ibution (B

ars

)

Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 31-Aug

Price growth -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% -0.2% -2.6% -4.8% -0.2% 5.9% 1.1% 0.6% 0.1% 3.4% 0.0%

Flows growth -0.9% 1.2% 0.6% 1.3% 0.8% 1.5% 0.9% 0.9% 1.0% 1.5% 2.3% 2.7% -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% 2.0% 1.2%

Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%

Total growth -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% 1.1% -0.7% -4.9% -0.5% 7.4% 1.6% 0.5% 0.8% 5.5% 1.2%


Figure 24: European ETF Industry growth attribution | ETFs | Europe |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

ETF a

sset pri

ce g

row

th c

ontr

ibution (L

ine)

ETF c

ash flo

ws g

row

th c

ontr

ibution (B

ars

)

Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16

Price growth -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% 1.5% 0.8% 1.5% -0.7% 2.5% 0.5%

Flows growth 1.3% 1.7% 0.3% 2.1% 1.5% 1.3% 2.4% 1.8% -0.5% 1.6% 1.2% 0.0% 3.1% 2.6% 1.7% 0.9% 0.1% 0.4% 1.9% 2.2% 0.5% 1.4% 0.8% 1.9% 0.3% 0.0% 1.1% 0.7% 0.4% 0.8% 1.8% 1.0%

Avg. growth 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%

Total growth 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% 3.1% -2.2% -4.2% -1.1% 2.6% 1.5% 2.0% 0.1% 4.3% 1.6%


9 September 2016



Figure 25: European ETC Industry growth attribution | ETCs | Europe |

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

ETC

asset pri

ce g

row

th c

ontr

ibution (l

ine)

ETC

cash flo

ws g

row

th c

ontr

ibution (B

ars

)

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16

Price growth 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% -2.6% 6.0% -3.2% 7.9% -0.1% -2.1%

Flows growth -0.9% 1.1% 2.6% 0.8% -0.9% -0.6% 2.2% 0.5% -2.6% -0.7% 1.5% 0.3% 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% 5.7% 4.2%

Avg. growth 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%

Total growth 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% 0.8% 8.3% -1.8% 12.3% 5.6% 2.1%


9 September 2016



3. Cash Flow Analysis

Regional Cash Flow Analysis

Figure 26: Global ETP cash flows by region and asset class | ETPs | Global |

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

ETFs

Equity 18,896 2,524 2,244 5,179 26,599 32,707 2,399 2,160 -799 34,307 50,238 1,683 1,582 27,153 79,074

Fixed income 8,987 3,074 2,747 -139 11,922 10,825 5,473 4,944 -2,252 14,047 69,489 26,579 23,776 -2,787 93,281

Commodity -7 -84 -75 -17 -108 44 1,220 1,102 474 1,738 444 3,002 2,690 1,208 4,653

Currency -10 0 0 60 50 2 0 0 38 40 -39 0 0 155 116

Multi Asset 138 -7 -7 12 143 150 -19 -17 -1 130 209 -27 -25 61 242

Alternative 9 -6 -5 19 22 -26 33 30 56 62 -170 -117 -103 253 -34

Total 28,014 5,501 4,905 5,115 38,629 43,701 9,107 8,220 -2,484 50,324 120,170 31,119 27,919 26,044 177,333

ETCs/ETVs

Commodity -359 1,198 1,074 15 854 1,824 1,553 1,403 0 3,377 17,401 8,584 7,719 12 25,997

Currency -138 21 19 0 -117 123 5 4 0 127 -443 27 22 0 -416

Alternative 8 0 0 0 8 44 0 0 0 44 1,098 0 0 0 1,098

Total -490 1,219 1,093 15 744 1,991 1,557 1,407 0 3,548 18,057 8,611 7,741 12 26,680

ETPs

Equity 18,896 2,524 2,244 5,179 26,599 32,707 2,399 2,160 -799 34,307 50,238 1,683 1,582 27,153 79,074

Fixed income 8,987 3,074 2,747 -139 11,922 10,825 5,473 4,944 -2,252 14,047 69,489 26,579 23,776 -2,787 93,281

Commodity -366 1,114 999 -2 746 1,868 2,773 2,505 474 5,115 17,845 11,585 10,409 1,220 30,650

Currency -148 21 19 60 -67 124 5 4 38 167 -482 27 22 155 -300

Multi Asset 138 -7 -7 12 143 150 -19 -17 -1 130 209 -27 -25 61 242

Alternative 17 -6 -5 19 30 18 33 30 56 106 928 -117 -103 253 1,065

Total 27,524 6,720 5,997 5,129 39,373 45,692 10,664 9,627 -2,484 53,872 138,227 39,729 35,660 26,056 204,012

All figures in $ million except where otherwise stated

Aug-16 Jul-16 YTD


Asset Class Cash Flow Analysis

Figure 27: European Equity ETF cash flow summary (€ million) | ETFs | Europe |

Equity Cash Flows

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

Developed Markets -473 -0.2% -665 -0.3% -10,528 -4.5%

Emerging Markets 1,364 5.0% 1,370 5.5% 4,824 21.6%

Global Markets 27 0.5% 130 2.6% 201 4.1%

Sector 237 1.3% -160 -0.9% 64 0.3%

Capitalization 54 0.9% -205 -3.5% -1,058 -14.8%

Strategy 427 2.2% 1,183 6.5% 6,462 48.7%

Style 463 2.6% 561 3.4% 1,221 7.4%

Thematic 146 3.0% -53 -1.1% 396 10.2%

Total equities 2,244 0.7% 2,160 0.7% 1,582 0.5%

Jul-16 YTDAug-16


9 September 2016



Figure 27A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |

Equity Cash Flows


Sector 237 1.3% -160 -0.9% 64 0.3%

Consumer discretionary 29 3.6% -85 -10.2% -10 -1.1%

Consumer staples -40 -4.4% 50 5.8% -121 -12.2%

Energy 14 0.8% 39 2.3% 60 3.9%

Financials -35 -0.9% -86 -2.2% -481 -8.6%

Healthcare 167 8.0% -33 -1.6% 107 5.3%

Industrials 14 2.7% -34 -6.4% 14 2.6%

Information Technology 117 8.4% 26 2.0% 84 5.9%

Materials 28 3.4% -21 -2.7% 65 9.7%

Real Estate 61 1.2% -102 -2.1% 367 7.8%

Telecommunications -92 -12.4% 36 5.1% -56 -7.1%

Utilities -26 -5.0% 50 10.8% 35 7.8%

Capitalization 54 0.9% -205 -3.5% -1,058 -14.8%

Large Cap 5 1.4% 2 0.6% -1 -0.4%

Mid Cap 9 0.5% -157 -9.0% -648 -27.3%

Small Cap 40 1.1% -50 -1.3% -409 -9.3%

Strategy 427 2.2% 1,183 6.5% 6,462 48.7%

Fundamental -4 -0.3% -154 -10.4% -193 -12.5%

Leveraged Long -70 -3.8% 1 0.1% -82 -3.8%

Leveraged Short 74 7.2% -10 -0.9% 380 47.6%

Options Strategy 0 0.0% 0 0.0% 0 0.0%

Quantitative 256 1.9% 1,433 11.9% 5,885 80.3%

Short 171 10.6% -88 -4.9% 471 33.4%

Style 463 2.6% 561 3.4% 1,221 7.4%

Dividend 356 2.2% 755 5.0% 1,347 9.0%

Growth 94 47.7% 4 2.0% 2 0.8%

Value 13 1.2% -198 -15.2% -129 -9.5%

Thematic 146 3.0% -53 -1.1% 396 10.2%

Commodities 25 1.9% -22 -1.8% -22 -3.2%

Faith 9 4.4% 10 4.8% 26 13.9%

Other Theme 1 0.1% 92 9.7% 136 15.7%

Sustainability 111 4.7% -132 -5.5% 256 11.9%

Total 1,326 2.0% 1,326 2.09% 7,085 11.7%

Aug-16 Jul-16 YTD


9 September 2016



Figure 27B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |

Equity Cash Flows


Developed Markets

Europe -1,538 -1.4% -2,723 -2.4% -13,099 -9.9%

Austria 0 0.0% 1 0.3% -143 -36.0%

Belgium 1 1.8% -5 -11.2% 0 1.1%

Finland 0 0.0% -2 -1.1% -7 -4.2%

France -78 -1.7% -28 -0.6% -399 -7.9%

Germany -878 -4.7% -423 -2.4% -2,789 -12.9%

Greece -2 -1.5% 2 1.1% -22 -11.4%

Ireland 0 0.0% 0 0.0% 0 0.0%

Italy -52 -3.0% -157 -8.6% -729 -24.6%

Netherlands -15 -2.6% -35 -6.0% -101 -15.6%

Norway 0 0.0% 0 0.0% 5 2.1%

Portugal 0 0.0% -20 -31.3% -20 -26.7%

Spain -11 -1.0% -103 -8.6% -404 -23.8%

Sweden 103 8.9% 65 6.1% -65 -4.6%

Switzerland 30 0.3% -247 -2.6% -221 -2.1%

UK -113 -0.8% -88 -0.6% 1,330 10.1%

Europe broad -524 -0.9% -1,681 -2.8% -9,533 -12.7%

Americas 835 1.3% 939 1.5% 3,472 5.7%

US 733 1.2% 871 1.4% 3,258 5.6%

Canada 93 7.3% 48 4.6% 280 36.3%

North America 10 0.0% 21 0.0% -66 0.0%

Asia 232 1.3% 627 3.8% -2,641 -11.6%

Australia 160 14.1% 401 58.9% 450 56.6%

Hong Kong 7 4.1% 10 6.1% -71 -27.2%

Japan -97 -0.6% 109 0.8% -3,453 -17.1%

Singapore -3 -6.3% 2 5.5% -21 -33.5%

Asia Pacific broad 164 9.0% 105 6.5% 454 31.5%

Global -2 0.0% 492 2.4% 1,734 9.0%

Broad indices -2 0.0% 492 2.4% 1,734 9.0%

DM Total -473 -0.2% -665 -0.3% -10,533 -4.5%

Aug-16 Jul-16 YTD


9 September 2016



Figure 27C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |

Equity Cash Flows


Emerging Markets

BRIC -39 -0.7% -41 -0.8% -683 -11.5%

Brazil -14 -2.0% 5 0.8% -100 -19.0%

Russia -26 -3.6% -6 -0.8% -92 -13.5%

India 5 0.3% -4 -0.2% -106 -5.9%

China -4 -0.2% -37 -1.6% -385 -13.1%

Latin America 36 2.4% 74 5.5% 195 18.4%

Chile 0 0.0% 0 0.0% 0 0.0%

Mexico 5 3.7% 2 1.5% -3 -2.3%

LATAM broad 31 4.7% 72 12.7% 198 52.0%

Asia 189 2.4% 125 1.7% 345 4.3%

Bangladesh 0 1.8% 1 6.7% 1 3.2%

Indonesia 18 10.6% 23 16.8% 42 35.6%

Malaysia -3 -6.9% -2 -3.8% -6 -12.5%

Pakistan 2 5.9% 7 30.4% 10 45.6%

Philippines -2 -3.9% 0 0.0% 13 32.3%

South Korea 49 6.8% 10 1.5% -80 -9.9%

Taiwan 14 2.9% 20 4.5% -104 -18.5%

Thailand 36 81.0% 1 3.1% 45 154.0%

Vietnam -9 -3.0% 0 0.1% -32 -10.0%

Asia Pacific broad 84 4.6% 64 3.8% 459 33.0%

EMEA 6 0.6% 40 4.7% -2 -0.3%

Kuwait 0 0.0% 0 0.0% -2 -23.9%

Poland 2 3.3% 9 18.6% -1 -1.1%

South Africa 9 9.0% 6 6.5% 31 44.9%

Turkey -8 -3.4% 5 2.1% -78 -27.6%

Europe broad 6 1.6% 19 5.8% 36 11.2%

Middle East & Africa -4 -2.2% 2 1.2% 12 9.0%

Global Markets 1,173 7.1% 1,171 8.0% 4,969 42.9%

Global 1,173 7.1% 1,171 8.0% 4,969 42.9%

EM Total 1,364 5.0% 1,370 5.5% 4,824 21.6%

Total (EM + DM) 891 0.4% 705 0.3% -5,709 -2.2%

Aug-16 Jul-16 YTD


9 September 2016



Figure 28: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |

Fixed Income Cash

Flows


Overall 289 3.1% 189 2.0% 1,582 19.8%

Corporates 1,352 2.4% 2,626 4.8% 14,043 32.4%

Covered Bonds -20 -0.6% 69 2.0% 315 10.3%

Credit Exposure -35 -10.6% -121 -27.0% 15 5.3%

Sovereign 1,206 1.9% 2,271 3.7% 8,143 14.8%

Money Market -43 -1.7% -90 -3.3% -322 -10.9%

Total Fixed Income 2,747 2.0% 4,944 3.8% 23,776 21.1%

Aug-16 Jul-16 YTD


9 September 2016



Figure 29: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |

Commodity Cash Flows


Overall -62 -1.1% 929 18.9% 1,744 47.5%

Overall -34 -0.6% 901 19.1% 1,777 51.6%

Overall ex Energy -27 -12.4% 29 14.7% -32 -14.7%

Overall Light Energy -1 -15.1% 0 -1.7% -2 -24.9%

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

Agriculture 4 0.5% 34 4.8% -75 -9.5%

Overall -11 -3.0% -6 -1.5% -90 -20.6%

Cocoa -1 -9.2% 2 13.4% 2 12.9%

Coffee 0 0.0% -7 -8.7% -16 -19.4%

Corn 8 21.2% 11 33.0% 17 48.1%

Cotton 0 4.4% -1 -7.6% -20 -65.4%

Grains 1 4.6% 6 20.1% 4 12.4%

Softs 0 0.2% 0 8.8% -1 -17.0%

Soybean Oil 0 2.4% 0 5.1% 1 23.4%

Soybeans 0 -0.8% 1 13.1% -1 -12.8%

Sugar -2 -5.4% 0 -1.2% -21 -44.2%

Wheat 8 7.0% 28 30.9% 51 56.4%

Energy -19 -0.9% 27 1.1% 15 0.7%

Overall -29 -19.1% -32 -15.6% -30 -18.2%

Carbon 0 0.0% 0 11.3% 0 9.9%

Crude Oil 9 0.5% 60 2.7% 49 2.6%

Gasoline 0 -1.8% 0 -4.8% -3 -24.9%

Heating Oil 0 -8.9% 0 -2.7% -1 -14.5%

Natural Gas 1 0.8% 0 -0.2% -1 -0.4%

Electricity 0 0.0% 0 0.0% 0 0.0%

Uranium 0 0.0% 0 0.0% 0 0.0%

Industrial Metals -9 -1.4% 110 22.3% 114 24.5%

Overall 0 0.0% 44 26.7% 47 30.2%

Aluminium 4 5.0% 21 33.5% 2 2.9%

Copper -10 -5.4% 46 31.6% 65 55.3%

Lead 0 0.6% 0 3.4% 0 -6.6%

Nickel -3 -2.9% 0 0.0% 2 2.8%

Tin 0 -12.1% -1 -16.9% -1 -24.4%

Zinc 1 8.1% 0 1.1% -2 -11.7%

Precious Metals 1,085 3.2% 1,404 4.4% 8,615 41.3%

Overall -2 -0.9% 5 3.3% 28 24.2%

Gold 1,156 3.9% 1,554 5.6% 8,496 48.3%

Palladium -46 -7.7% 9 1.8% -41 -8.4%

Platinum -40 -4.4% -45 -5.4% -37 -5.2%

Rhodium 0 0.0% 0 0.0% -26 -47.1%

Silver 17 0.6% -120 -4.2% 196 10.4%

Livestock -1 -7.3% 1 6.6% -4 -28.5%

Overall -1 -46.0% 0 0.5% -4 -63.3%

Cattle 0 -14.3% 0 3.2% 0 7.3%

Lean Hogs 1 25.1% 1 12.9% 0 -6.3%

Total 999 2.3% 2,505 6.2% 10,409 37.2%

Aug-16 Jul-16 YTD


9 September 2016



Product Rankings

Figure 30: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

UBS-ETF MSCI EMU EMUEUA GR UBS Beta 627.0 12.7 159.6

UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta 456.5 6.0 498.4

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 380.0 206.9 1,998.9

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 253.2 255.1 1,373.9

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 246.7 399.9 1,132.9

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 179.2 321.1 1,480.5

iShares MSCI Australia UCITS ETF SAUS LN BlackRock Beta 166.0 393.0 430.6

iShares MSCI Pacific ex Japan UCITS ETF Acc CSPXJ SW BlackRock Beta 141.9 13.0 340.7

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 139.7 282.6 1,439.2

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 135.3 342.4 638.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 31: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 380.7 494.2 1,700.4

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 345.3 44.3 1,144.3

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 288.0 -35.6 365.4

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 275.0 627.4 1,624.2

Deka Deutsche Borse EUROGOV Germany UCITS ETF ETFGS11 GR Deka Investment GmbH Beta 246.5 0.0 246.7

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 240.5 256.2 993.9

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 207.2 333.5 1,636.0

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 199.1 27.9 97.5

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 172.4 -42.9 -60.3

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 168.6 20.6 1,599.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 32: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Physical Gold ETC SGLN LN Blackrock Beta 349.1 180.8 1,600.4

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 234.9 151.4 1,684.4

ETFS Physical Gold PHAU LN ETF Securities Beta 180.7 706.0 1,751.8

Gold Bullion Securities GBS LN ETF Securities Beta 131.1 229.7 1,308.3

ETFS EUR Daily Hedged Physical Gold GBSE GY ETF Securities Beta 122.0 0.0 136.4

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 77.5 89.6 252.7

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 50.2 -14.5 426.8

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 29.4 4.4 152.4

UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW UBS Beta 26.7 2.3 78.9

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 21.9 0.5 59.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 33: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta -678.6 -61.3 -1,504.1

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta -295.9 142.4 -1,428.6

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta -238.3 -180.8 -1,278.0

iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta -162.6 366.1 1,307.4

db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AM Beta -154.8 -45.8 493.4

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta -143.9 -158.2 -299.8

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -131.0 -74.3 -1,351.1

Euro Stoxx 50 THEAM EASY UCITS ETF - EUR D ETBB FP BNP Paribas Beta -122.9 -47.8 -244.3

Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta -97.2 -127.2 -119.0

UBS ETFs plc - MSCI EMU TRN Index SF (EUR) A-acc EMEUAS SW UBS Beta -90.6 1.0 -112.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 34: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta -207.9 131.1 150.4

Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor Beta -162.7 -10.9 -100.2

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta -125.2 10.2 200.4

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta -115.4 17.6 -30.6

iShares Spain Government Bond UCITS ETF SESP LN BlackRock Beta -103.6 18.1 -379.4

iShares eb.rexx Money Market (DE) EBMMEX GR BlackRock Beta -101.3 44.2 26.7

SPDR Thomson Reuters Global Convertible Bond UCITS ETF ZPRC GY State Street Beta -95.8 2.6 1.5

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta -94.8 -63.1 536.7

db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AM Beta -92.5 -103.0 -243.7

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta -89.1 214.2 394.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 35: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta -100.7 713.9 755.0

ETFS Physical Platinum PHPT LN ETF Securities Beta -35.9 -45.9 -28.3

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta -35.8 6.1 53.6

db Physical Palladium Euro Hedged ETC XAD4 GR Deutsche AM Beta -30.4 2.1 -11.0

Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor Beta -26.9 28.4 -31.9

ETFS Energy AIGE LN ETF Securities Beta -26.5 -1.4 -41.9

ETFS Physical Palladium PHPD LN ETF Securities Beta -16.3 -0.3 -8.2

ETFS Copper COPA LN ETF Securities Beta -15.1 46.9 81.0

db Physical Silver ETC XSIL LN Deutsche AM Beta -12.1 0.0 -12.1

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ -11.3 26.1 7.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



4. Product Review

New Products Launched in the Month

Figure 36: Number of ETPs by Asset Class | ETPs | Global |

Aug-16 Jul-16 End of 2015

Asset Class Nu.Mkt

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

ETFs

Equity 3,102 67.4% 3,103 (1) 67.2% 2,970 132 66.8%

Fixed income 758 16.5% 764 (6) 16.6% 718 40 16.1%

Commodity 107 2.3% 110 (3) 2.4% 110 (3) 2.5%

Currency 16 0.3% 16 - 0.3% 16 - 0.4%

Multi Asset 49 1.1% 48 1 1.0% 42 7 0.9%

Alternative 50 1.1% 49 1 1.1% 53 (3) 1.2%

Total 4,082 88.6% 4,090 (8) 88.6% 3,909 173 87.9%

ETC/Vs

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

Commodity 395 8.6% 397 (2) 8.6% 409 (14) 9.2%

Currency 124 2.7% 124 - 2.7% 124 - 2.8%

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

Total 523 11.4% 525 (2) 11.4% 537 (14) 12.1%

Total ETPs 4,605 100.0% 4,615 (10) 100.0% 4,446 159 100.0%

MoM Change YTD Change


Figure 37: Number of ETPs by Asset Class | ETPs | Europe |

Aug-16 Jul-16 End of 2015

Asset Class Nu.Mkt

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

ETFs

Equity 1,083 54.7% 1,085 (2) -0.1% 1,087 (4) -0.2%

Fixed income 384 19.4% 382 2 0.1% 358 26 1.3%

Commodity 48 2.4% 48 - 0.0% 50 (2) -0.1%

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

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

Alternative 8 0.4% 8 - 0.0% 14 (6) -0.3%

Total 1,531 77.3% 1,531 - 0.0% 1,517 14 0.7%

ETCs

Commodity 343 17.3% 343 - 0.0% 348 (5) -0.3%

Currency 107 5.4% 107 - 0.0% 107 - 0.0%

Total 450 22.7% 450 - 0.0% 455 (5) -0.3%

Total ETPs 1,981 100.0% 1,981 - 0.0% 1,972 9 0.5%

MoM Change YTD Change


Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

9 S

ep

tem

ber 2

01

6

Pag

e 2

6

Deu

tsch

e B

an

k A

G/L

on

do

n

Figure 38: New ETF launches | ETFs | Europe |

Launch/

cross listing

date

BBG

Ticker

Reuters

CodeIssuer ETF Name

Asset

class

Invest.

StrategyFocus

Market

flagBenchmark

Long

/Short/

Leverage

TER Exchange Listed

New Launches

05-Aug-16 GIL5 LN GIL5.L Lyxor Lyxor FTSE Actuaries UK Gilts 0-5Y DR UCITS ETF Fixed Income Beta Overall DM FTSE Actuaries Govt Securities UK GILTS TR under 5 Yr 1L 0.07% London SE

18-Aug-16 TIPG LN TIPG.L Lyxor Lyxor US TIPS DR UCITS ETF - D USD Fixed Income Beta Overall DM Barclays US Inflation Linked Bonds TR 1L 0.09% London SE


9 September 2016



Average TERs

Figure 39: ETF TERs using simple average | ETFs | Europe |

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

Equity Alpha 0.40% 6 1.28% 4 0.75% 10

Beta 0.38% 563 0.41% 409 0.39% 972

Beta+ 0.60% 1 0.56% 73 0.56% 74

Semi Active 0.47% 13 0.53% 14 0.50% 27

0.39% 583 0.43% 500 0.41% 1,083

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

Beta 0.25% 219 0.20% 133 0.23% 352

Beta+ NA NA 0.24% 22 0.24% 22

0.26% 227 0.21% 157 0.24% 384

Alternative Alpha NA NA 0.71% 3 0.71% 3

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active NA NA 0.70% 1 0.70% 1

0.0075 2 0.71% 6 0.71% 8

Commodity Beta 0.48% 22 0.48% 25 0.48% 47



0.48% 22 0.48% 26 0.48% 48

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 1 NA 1 NA 2

Alpha 0.46% 4 0.64% 2 0.54% 6

0.46% 5 0.64% 3 0.54% 8

Total 0.36% 839 0.39% 692 0.38% 1,531

Physical Synthetic Total


9 September 2016



Figure 40: ETC TERs using simple average | ETCs | Europe |

Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.

Commodity Agriculture Beta NA NA 0.49% 37 0.48% 37

Beta+ NA NA 0.92% 35 0.92% 35

Energy Beta NA NA 0.47% 49 0.45% 49

Beta+ NA NA 0.80% 53 0.73% 53

Industrial Metals Beta NA NA 0.49% 23 0.47% 23

Beta+ NA NA 0.90% 27 0.90% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.49% 9 0.44% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.45% 31 0.44% 20 0.43% 51

Beta+ NA NA 0.76% 43 0.76% 43

Commodity 0.45% 31 0.67% 312 0.63% 343

Currency Currency Beta NA NA 0.41% 40 0.41% 40

Beta+ NA NA 0.82% 67 0.82% 67

Currency NA NA 0.67% 107 0.67% 107

Physical Synthetic Total


9 September 2016



Figure 41: ETF TERs using AUM weighted average | ETFs | Europe |

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

Equity Alpha 0.52% 6 0.83% 4 0.56% 10

Beta 0.30% 563 0.34% 409 0.31% 972

Beta+ 0.60% 1 0.48% 73 0.48% 74

Semi Active 0.51% 13 0.52% 14 0.52% 27

0.30% 583 0.36% 500 0.32% 1,083

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

Beta 0.27% 219 0.19% 133 0.25% 352

Beta+ NA NA 0.23% 22 0.23% 22

0.27% 227 0.20% 157 0.26% 384

Alternative Alpha NA NA 0.86% 3 0.86% 3

Beta 0.75% 2 0.70% 2 0.73% 4



0.75% 2 0.78% 6 0.77% 8

Commodity Beta 0.41% 22 0.45% 25 0.42% 47



0.41% 22 0.45% 26 0.42% 48

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.40% 1 0.25% 1 0.37% 2

Alpha 0.55% 4 0.71% 2 0.69% 6

0.55% 5 0.71% 3 0.69% 6

Total 0.30% 839 0.33% 692 0.31% 1,531

Synthetic TotalPhysical


9 September 2016



Figure 42: ETC TERs using AUM weighted average | ETCs | Europe |

Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.

Commodity Agriculture Beta NA NA 0.49% 37 0.49% 37

Beta+ NA NA 0.98% 35 0.98% 35

Energy Beta NA NA 0.48% 49 0.48% 49

Beta+ NA NA 0.94% 53 0.94% 53

Industrial Metals Beta NA NA 0.49% 23 0.49% 23

Beta+ NA NA 0.97% 27 0.97% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.49% 9 0.49% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.37% 31 0.37% 20 0.37% 51

Beta+ NA NA 0.95% 43 0.95% 43

Commodity 0.37% 31 0.50% 312 0.40% 343

Currency Currency Beta NA NA 0.39% 40 0.39% 40

Beta+ NA NA 0.86% 67 0.86% 67

Currency NA NA 0.73% 107 0.73% 107

TotalPhysical Synthetic


9 September 2016



5. Provider Rankings

Global Provider Rankings

Figure 43: Global Top 10 ETF Providers ($ million) | ETFs | Global |

Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 BlackRock 1,187,928 37.6% 1,060,878 37.4% 651 12,478 428,923 73,545

2 Vanguard 599,255 19.0% 504,808 17.8% 111 10,248 80,035 58,508

3 State Street 457,820 14.5% 421,286 14.8% 269 3,151 524,142 8,015

4 PowerShares 102,453 3.2% 94,984 3.3% 148 1,789 54,293 3,373

5 Deutsche AM 75,562 2.4% 80,965 2.9% 254 -1,439 8,112 -6,215

6 Nomura Asset Management 72,372 2.3% 63,783 2.2% 50 1,113 27,728 7,775

7 Charles Schwab 52,409 1.7% 39,712 1.4% 21 1,117 5,219 9,452

8 Lyxor 52,308 1.7% 51,862 1.8% 219 237 9,409 468

9 First Trust 39,786 1.3% 42,877 1.5% 114 777 7,072 -3,645

10 WisdomTree 38,981 1.2% 52,160 1.8% 124 -1,321 10,108 -11,751

Total Top 10 2,678,873 84.8% 2,413,315 85.0% 1,961 28,151 1,155,041 139,524

Others 479,144 15.2% 424,301 15.0% 2,121 10,478 306,350 37,808

Global Total 3,158,017 100.0% 2,837,616 100.0% 4,082 38,629 1,461,391 177,333 Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.


Figure 44: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |

Rank Issuer Current AUM Mkt. Share 2015 AUM

2015 Mkt.

Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 State Street 39,690 38.0% 21,931 33.2% 1 -609 27,553 12,047

2 ETF Securities 19,921 19.1% 13,113 19.9% 332 535 4,246 4,247

3 BlackRock 19,496 18.7% 10,702 16.2% 8 810 6,238 5,748

4 PowerShares 5,476 5.2% 4,792 7.3% 11 -124 2,285 536

5 United States Commodity Funds 4,565 4.4% 4,416 6.7% 11 -213 9,162 -59

6 Source 4,247 4.1% 1,798 2.7% 4 266 759 1,917

7 ProShares 3,532 3.4% 3,498 5.3% 17 60 27,491 1,324

8 Deutsche AM 3,190 3.1% 1,799 2.7% 18 111 316 950

9 Deutsche Borse Commodities GmbH 2,111 2.0% 1,715 2.6% 1 0 184 0

10 Guggenheim Investments 1,212 1.2% 1,192 1.8% 9 -104 1,589 -29

Total Top 10 103,439 99.0% 64,957 98.5% 412 731 79,822 26,680

Others 1,030 1.0% 1,002 1.5% 111 13 1,130 -1

Global Total 104,469 100.0% 65,960 100.0% 523 744 80,952 26,680


9 September 2016



Figure 45: Global Top 10 ETP Providers ($ million) | ETPs | Global |

Rank Issuer Current AUM Mkt. Share 2015 AUM

2015 Mkt.

Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 BlackRock 1,207,424 37.0% 1,071,580 36.9% 659 13,288 435,160 79,293

2 Vanguard 599,255 18.4% 504,808 17.4% 111 10,248 80,035 58,508

3 State Street 497,510 15.2% 443,216 15.3% 270 2,543 551,695 20,062

4 PowerShares 107,930 3.3% 99,777 3.4% 159 1,666 56,578 3,909

5 Deutsche AM 78,751 2.4% 82,764 2.9% 272 -1,328 8,428 -5,265

6 Nomura Asset Management 72,372 2.2% 63,783 2.2% 50 1,113 27,728 7,775

7 Charles Schwab 52,409 1.6% 39,712 1.4% 21 1,117 5,219 9,452

8 Lyxor 52,308 1.6% 51,862 1.8% 219 237 9,409 468

9 First Trust 39,786 1.2% 42,877 1.5% 114 777 7,072 -3,645

10 WisdomTree 39,203 1.2% 52,385 1.8% 126 -1,319 10,123 -11,763

Total Top 10 2,746,947 84.2% 2,452,765 84.5% 2,001 28,341 1,191,448 158,793

Others 515,539 15.8% 450,811 15.5% 2,604 11,032 350,896 45,219

Global Total 3,262,486 100.0% 2,903,575 100.0% 4,605 39,373 1,542,343 204,012

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


9 September 2016



European Provider Rankings – General

Figure 46: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe | All figures in € million except

products

Issuer Current

Month

End of

2015 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2015 Diff.

BlackRock 235,413 214,014 10% 2,162 7,272 19,861 24,244 33,214 -27% 279 271 3%

Deutsche AM 54,296 56,228 -3% -551 -950 -2,130 4,194 5,758 -27% 217 216 0%

Lyxor 46,965 47,742 -2% 205 -47 426 8,390 10,013 -16% 219 244 -10%

UBS 26,899 24,949 8% 1,263 272 2,001 1,771 2,584 -31% 123 130 -5%

Amundi 21,106 19,739 7% 549 -5 1,190 2,247 3,454 -35% 102 100 2%

Vanguard 19,868 17,691 12% 258 516 1,807 1,937 2,247 -14% 21 17 24%

Source 15,659 16,286 -4% 163 27 -557 1,082 1,433 -25% 78 77 1%

State Street 15,362 11,863 29% 420 1,016 3,034 1,758 2,241 -22% 99 78 27%

Deka Investment GmbH 7,564 7,027 8% 368 -71 619 407 706 -42% 42 46 -9%

ComStage 7,313 6,925 6% 5 41 265 490 531 -8% 113 111 2%

Zuercher Kantonalbank 6,964 5,400 29% 19 18 386 354 457 -22% 4 4 0%

HSBC 4,659 4,978 -6% -3 -249 -424 344 799 -57% 27 28 -4%

BNP Paribas 4,046 4,466 -9% -165 -103 -268 544 218 150% 30 29 3%

Xact Fonder AB 2,734 2,522 8% 129 57 313 826 941 -12% 13 10 30%

PowerShares 2,205 1,766 25% 111 237 411 277 288 -4% 19 21 -10%

Julius Baer Inv 2,158 1,640 32% 7 46 170 78 88 -11% 4 4 0%

Ossiam 2,018 1,707 18% 13 83 136 73 123 -41% 10 9 11%

ThinkCapital ETFs N.V. 1,563 1,623 -4% -101 -135 -85 78 89 -12% 14 13 8%

ETF Securities 1,422 790 80% 46 140 633 595 792 -25% 28 30 -7%

WisdomTree 462 477 -3% 1 57 12 31 42 -27% 27 19 42%

Fundlogic Global Solutions plc 409 169 142% 9 5 228 12 11 10% 2 2 0%

BBVA Gestion SA SGIIC 335 483 -31% 0 -1 -104 24 38 -38% 2 2 0%

China Post Global 265 331 -20% -23 -16 -142 30 13 138% 8 10 -20%

Raiffeisen Schweiz Genossenschaft 191 152 26% 0 0 8 6 13 -57% 3 3 0%

Seligson & Co Fund Man 179 178 0% 0 -2 -7 3 3 -8% 1 1 0%

BMO Global Asset Management 169 72 133% 6 0 106 13 5 192% 9 9 0%

Van Eck Funds 164 76 116% 3 0 23 96 91 6% 3 3 0%

First Trust 155 119 30% 6 13 32 17 27 -37% 9 7 29%

Nomura Asset Management 135 251 -46% 0 -12 -77 9 52 -83% 3 3 0%

DnB Kapitalforvaltning 99 103 -3% 0 0 -8 13 5 139% 1 1 0%

UniCredit Bank 85 61 40% 0 0 27 0 0 -78% 1 1 0%

Commerzbank AG 54 47 14% 1 7 9 1 1 -7% 3 3 0%

SEB Investment Management AB 43 45 -4% 0 0 0 2 6 -63% 3 3 0%

FinEx Fund Plc 30 33 -9% 0 -3 -6 0 0 52% 2 2 0%

Boost 23 5 402% 4 3 19 33 51 -35% 3 3 0%

Sun Global Investments 16 5 236% 1 1 11 4 1 184% 2 1 100%

Fullgoal Fund Management Co 11 0 NA 0 2 10 0 0 -80% 1 0 NA

Alpha Asset Management 9 11 -16% 0 0 -8 0 0 -33% 1 1 0%

NBG Asset Management MFMC 4 4 -3% 0 0 0 0 0 -10% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 3 6 -49% 1 1 0%

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

PDR Services LLC 0 0 NA 0 0 0 0 0 -90% 0 0 NA

Total 481,054 449,981 7% 4,905 8,220 27,919 49,986 66,342 -25% 1531 1,517 1%

AUM Cash Flow Turnover Products

*China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 47: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |

All figures in € million except products

Issuer Current

Month

End of

2015 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2015 Diff.

ETF Securities 15,325 10,148 51% 409 993 3,587 3,404 4,692 -27% 322 322 0%

Source 3,813 1,655 130% 239 156 1,728 678 772 -12% 4 4 0%

Deutsche AM 2,864 1,656 73% 99 27 850 281 328 -14% 18 18 0%

BlackRock 2,154 397 443% 348 188 1,642 584 470 24% 4 4 0%

Deutsche Borse Commodities GmbH 1,895 1,579 20% 0 0 0 164 165 -1% 1 1 0%

Boost 266 235 13% -3 24 54 849 887 -4% 30 30 0%

Borse Stuttgart Securities GmbH 200 109 83% 5 15 66 13 24 -47% 1 1 0%

Commerzbank AG 110 73 51% -3 4 15 18 15 18% 68 68 0%

Royal Bank of Scotland plc 0 205 -100% 0 0 -202 0 0 NA 0 5 -100%

BNP Paribas 0 0 NA 0 0 0 0 0 -100% 2 2 0%

Total 26,628 16,057 66% 1,093 1,407 7,741 5,992 7,353 -19% 450 455 -1%

AUM Cash Flow Turnover Products


9 September 2016



Figure 48: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |


Issuer Current

Month

End of

2015 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2015 Diff.

BlackRock 237,566 214,411 11% 2,510 7,460 21,503 24,828 33,684 -26% 283 275 3%

Deutsche AM 57,160 57,884 -1% -451 -923 -1,280 4,476 6,086 -26% 235 234 0%

Lyxor 46,965 47,742 -2% 205 -47 426 8,390 10,013 -16% 219 244 -10%

UBS 26,899 24,949 8% 1,263 272 2,001 1,771 2,584 -31% 123 130 -5%

Amundi 21,106 19,739 7% 549 -5 1,190 2,247 3,454 -35% 102 100 2%

Vanguard 19,868 17,691 12% 258 516 1,807 1,937 2,247 -14% 21 17 24%

Source 19,472 17,941 9% 402 183 1,171 1,759 2,205 -20% 82 81 1%

ETF Securities 16,748 10,938 53% 455 1,132 4,220 3,999 5,483 -27% 350 352 -1%

State Street 15,362 11,863 29% 420 1,016 3,034 1,758 2,241 -22% 99 78 27%

Deka Investment GmbH 7,564 7,027 8% 368 -71 619 407 706 -42% 42 46 -9%

ComStage 7,313 6,925 6% 5 41 265 490 531 -8% 113 111 2%

Zuercher Kantonalbank 6,964 5,400 29% 19 18 386 354 457 -22% 4 4 0%

HSBC 4,659 4,978 -6% -3 -249 -424 344 799 -57% 27 28 -4%

BNP Paribas 4,046 4,466 -9% -165 -103 -268 544 218 150% 32 31 3%

Xact Fonder AB 2,734 2,522 8% 129 57 313 826 941 -12% 13 10 30%

PowerShares 2,205 1,766 25% 111 237 411 277 288 -4% 19 21 -10%

Julius Baer Inv 2,158 1,640 32% 7 46 170 78 88 -11% 4 4 0%

Ossiam 2,018 1,707 18% 13 83 136 73 123 -41% 10 9 11%

Deutsche Borse Commodities GmbH 1,895 1,579 20% 0 0 0 164 165 -1% 1 1 0%

ThinkCapital ETFs N.V. 1,563 1,623 -4% -101 -135 -85 78 89 -12% 14 13 8%

WisdomTree 462 477 -3% 1 57 12 31 42 -27% 27 19 42%

Fundlogic Global Solutions plc 409 169 142% 9 5 228 12 11 10% 2 2 0%

BBVA Gestion SA SGIIC 335 483 -31% 0 -1 -104 24 38 -38% 2 2 0%

Boost 290 240 21% 1 27 73 883 938 -6% 33 33 0%

China Post Global 265 331 -20% -23 -16 -142 30 13 138% 8 10 -20%

Borse Stuttgart Securities GmbH 200 109 83% 5 15 66 13 24 -47% 1 1 0%

Raiffeisen Schweiz Genossenschaft 191 152 26% 0 0 8 6 13 -57% 3 3 0%

Seligson & Co Fund Man 179 178 0% 0 -2 -7 3 3 -8% 1 1 0%

BMO Global Asset Management 169 72 133% 6 0 106 13 5 192% 9 9 0%

Van Eck Funds 164 76 116% 3 0 23 96 91 6% 3 3 0%

Commerzbank AG 164 120 36% -2 10 24 19 16 16% 71 71 0%

First Trust 155 119 30% 6 13 32 17 27 -37% 9 7 29%

Nomura Asset Management 135 251 -46% 0 -12 -77 9 52 -83% 3 3 0%

DnB Kapitalforvaltning 99 103 -3% 0 0 -8 13 5 139% 1 1 0%

UniCredit Bank 85 61 40% 0 0 27 0 0 -78% 1 1 0%

SEB Investment Management AB 43 45 -4% 0 0 0 2 6 -63% 3 3 0%

FinEx Fund Plc 30 33 -9% 0 -3 -6 0 0 52% 2 2 0%

Sun Global Investments 16 5 236% 1 1 11 4 1 184% 2 1 100%

Fullgoal Fund Management Co 11 0 NA 0 2 10 0 0 -80% 1 0 NA

Alpha Asset Management 9 11 -16% 0 0 -8 0 0 -33% 1 1 0%

NBG Asset Management MFMC 4 4 -3% 0 0 0 0 0 -10% 2 2 0%

Royal Bank of Scotland plc 0 205 -100% 0 0 -202 0 0 NA 0 5 -100%

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

Landsbankinn 0 0 NA 0 0 0 3 6 -49% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -90% 0 0 NA

Total 507,682 466,038 9% 5,997 9,627 35,660 55,978 73,695 -24% 1,981 1,972 0%

ProductsAUM Cash Flow Turnover

* China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 49: European ETP Providers tier market share | ETPs | Europe |

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

Q3 15

Q4 15

Q1 16

Q2 16

Aug-16

Q3 15 Q4 15 Q1 16 Q2 16 Aug-16

Tier 1 68.1% 73.9% 73.1% 72.6% 72.6%

Tier 2 27.7% 23.1% 23.8% 23.3% 23.5%

Tier 3 4.2% 3.2% 3.1% 4.1% 3.9%


9 September 2016



European Provider Rankings – by Asset Class

Figure 50: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current

TO

Current

CF YTD CF

BlackRock 141,841 91,067 2,180 324 235,413 48.9% 279 24,244 2,162 19,861

Deutsche AM 39,823 13,374 429 670 54,296 11.3% 217 4,194 -551 -2,130

Lyxor 34,641 11,247 959 118 46,965 9.8% 219 8,390 205 426

UBS 22,288 2,225 2,334 53 26,899 5.6% 123 1,771 1,263 2,001

Amundi 16,127 4,980 0 0 21,106 4.4% 102 2,247 549 1,190

Vanguard 19,625 243 0 0 19,868 4.1% 21 1,937 258 1,807

Source 9,632 5,732 294 0 15,659 3.3% 78 1,082 163 -557

State Street 9,689 5,621 0 51 15,362 3.2% 99 1,758 420 3,034

Deka Investment GmbH 4,972 2,592 0 0 7,564 1.6% 42 407 368 619

ComStage 5,365 1,552 385 11 7,313 1.5% 113 490 5 265

Zuercher Kantonalbank 0 0 6,964 0 6,964 1.4% 4 354 19 386

HSBC 4,659 0 0 0 4,659 1.0% 27 344 -3 -424

BNP Paribas 3,713 146 187 0 4,046 0.8% 30 544 -165 -268

Xact Fonder AB 2,581 43 110 0 2,734 0.6% 13 826 129 313

PowerShares 2,181 22 0 3 2,205 0.5% 19 277 111 411

Julius Baer Inv 0 0 2,158 0 2,158 0.4% 4 78 7 170

Ossiam 1,963 0 54 0 2,018 0.4% 10 73 13 136

ThinkCapital ETFs N.V. 940 602 0 20 1,563 0.3% 14 78 -101 -85

ETF Securities 611 333 479 0 1,422 0.3% 28 595 46 633

WisdomTree 439 0 23 0 462 0.1% 27 31 1 12

Fundlogic Global Solutions plc 409 0 0 0 409 0.1% 2 12 9 228

BBVA Gestion SA SGIIC 335 0 0 0 335 0.1% 2 24 0 -104

China Post Global 126 0 138 0 265 0.1% 8 30 -23 -142

Raiffeisen Schweiz Genossenschaft 0 0 191 0 191 0.0% 3 6 0 8

Seligson & Co Fund Man 179 0 0 0 179 0.0% 1 3 0 -7

BMO Global Asset Management 91 78 0 0 169 0.0% 9 13 6 106

Van Eck Funds 164 0 0 0 164 0.0% 3 96 3 23

First Trust 155 0 0 0 155 0.0% 9 17 6 32

Nomura Asset Management 135 0 0 0 135 0.0% 3 9 0 -77

DnB Kapitalforvaltning 99 0 0 0 99 0.0% 1 13 0 -8

UniCredit Bank 0 85 0 0 85 0.0% 1 0 0 27

Commerzbank AG 20 34 0 0 54 0.0% 3 1 1 9

SEB Investment Management AB 43 0 0 0 43 0.0% 3 2 0 0

FinEx Fund Plc 0 26 4 0 30 0.0% 2 0 0 -6

Boost 23 0 0 0 23 0.0% 3 33 4 19

Sun Global Investments 0 16 0 0 16 0.0% 2 4 1 11

Fullgoal Fund Management Co 0 11 0 0 11 0.0% 1 0 0 10

Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 -8

NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0

Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0

Landsbankinn 0 0 0 0 0 0.0% 1 3 0 0

Alpcot Capital Management 0 0 0 0 0 0.0% 0 0 0 0

Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0

NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 322,883 140,030 16,890 1,251 481,054 100.0% 1,531 49,986 4,905 27,919


* China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



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

Issuer Commodity Currency Total AUM

Mkt

Share % Nu. Current TO Current CF YTD CF

ETF Securities 14,978 347 15,325 57.6% 322 3,404 409 3587

Source 3,813 0 3,813 14.3% 4 678 239 1728

Deutsche AM 2,864 0 2,864 10.8% 18 281 99 850

BlackRock 2,154 0 2,154 8.1% 4 584 348 1642

Deutsche Borse Commodities GmbH 1,895 0 1,895 7.1% 1 164 0 0

Boost 263 3 266 1.0% 30 849 -3 54

Borse Stuttgart Securities GmbH 200 0 200 0.8% 1 13 5 66

Commerzbank AG 110 0 110 0.4% 68 18 -3 15

Royal Bank of Scotland plc 0 0 0 0.0% 0 0 0 -202

BNP Paribas 0 0 0 0.0% 2 - 0 0

Total 26,277 350 26,628 100.0% 450 5,992 1,093 7,741



9 September 2016



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

Issuer Equity

Fixed

Income Commodity Others

Total

AUM

Mkt Share

% Nu.

Current

TO

Current

CF YTD CF

BlackRock 141,841 91,067 4,333 324 237,566 46.8% 283 24,828 2,510 21,503

Deutsche AM 39,823 13,374 3,293 670 57,160 11.3% 235 4,476 -451 -1,280

Lyxor 34,641 11,247 959 118 46,965 9.3% 219 8,390 205 426

UBS 22,288 2,225 2,334 53 26,899 5.3% 123 1,771 1,263 2,001

Amundi 16,127 4,980 0 0 21,106 4.2% 102 2,247 549 1,190

Vanguard 19,625 243 0 0 19,868 3.9% 21 1,937 258 1,807

Source 9,632 5,732 4,108 0 19,472 3.8% 82 1,759 402 1,171

ETF Securities 611 333 15,457 347 16,748 3.3% 350 3,999 455 4,220

State Street 9,689 5,621 0 51 15,362 3.0% 99 1,758 420 3,034

Deka Investment GmbH 4,972 2,592 0 0 7,564 1.5% 42 407 368 619

ComStage 5,365 1,552 385 11 7,313 1.4% 113 490 5 265

Zuercher Kantonalbank 0 0 6,964 0 6,964 1.4% 4 354 19 386

HSBC 4,659 0 0 0 4,659 0.9% 27 344 -3 -424

BNP Paribas 3,713 146 187 0 4,046 0.8% 32 544 -165 -268

Xact Fonder AB 2,581 43 110 0 2,734 0.5% 13 826 129 313

PowerShares 2,181 22 0 3 2,205 0.4% 19 277 111 411

Julius Baer Inv 0 0 2,158 0 2,158 0.4% 4 78 7 170

Ossiam 1,963 0 54 0 2,018 0.4% 10 73 13 136

Deutsche Borse Commodities GmbH 0 0 1,895 0 1,895 0.4% 1 164 0 0

ThinkCapital ETFs N.V. 940 602 0 20 1,563 0.3% 14 78 -101 -85

WisdomTree 439 0 23 0 462 0.1% 27 31 1 12

Fundlogic Global Solutions plc 409 0 0 0 409 0.1% 2 12 9 228

BBVA Gestion SA SGIIC 335 0 0 0 335 0.1% 2 24 0 -104

Boost 23 0 263 3 290 0.1% 33 883 1 73

China Post Global 126 0 138 0 265 0.1% 8 30 -23 -142

Borse Stuttgart Securities GmbH 0 0 200 0 200 0.0% 1 13 5 66

Raiffeisen Schweiz Genossenschaft 0 0 191 0 191 0.0% 3 6 0 8

Seligson & Co Fund Man 179 0 0 0 179 0.0% 1 3 0 -7

BMO Global Asset Management 91 78 0 0 169 0.0% 9 13 6 106

Van Eck Funds 164 0 0 0 164 0.0% 3 96 3 23

Commerzbank AG 20 34 110 0 164 0.0% 71 19 -2 24

First Trust 155 0 0 0 155 0.0% 9 17 6 32

Nomura Asset Management 135 0 0 0 135 0.0% 3 9 0 -77

DnB Kapitalforvaltning 99 0 0 0 99 0.0% 1 13 0 -8

UniCredit Bank 0 85 0 0 85 0.0% 1 0 0 27

SEB Investment Management AB 43 0 0 0 43 0.0% 3 2 0 0

FinEx Fund Plc 0 26 4 0 30 0.0% 2 0 0 -6

Sun Global Investments 0 16 0 0 16 0.0% 2 4 1 11

Fullgoal Fund Management Co 0 11 0 0 11 0.0% 1 0 0 10

Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 -8

NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0

Royal Bank of Scotland plc 0 0 0 0 0 0.0% 0 0 0 -202

Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0

Landsbankinn 0 0 0 0 0 0.0% 1 3 0 0

Alpcot Capital Management 0 0 0 0 0 0.0% 0 0 0 0

Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0

NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 322,883 140,030 43,167 1,601 507,682 100.0% 1,981 55,978 5,997 35,660



9 September 2016



European Provider Analysis by Replication Method

Figure 53: European ETF Providers list by replication | ETFs | Europe|

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

European Providers

BlackRock Physical 141,681 184 91,067 89 828 3 324 1 233,901 99% 277

Synthetic 160 1 - - 1,351 1 - - 1,512 1% 2

Deutsche AM Physical 25,181 62 737 5 - - 29 1 25,947 48% 68

Synthetic 14,641 73 12,637 70 429 3 641 3 28,349 52% 149

Lyxor Physical 1,016 14 5,030 25 - - - - 6,045 13% 39

Synthetic 33,625 151 6,217 24 959 2 118 3 40,920 87% 180

UBS Physical 18,635 68 2,153 23 1,495 6 - - 22,284 83% 97

Synthetic 3,652 14 72 1 839 9 53 2 4,616 17% 26

Amundi Physical 930 6 - - - - - - 930 4% 6

Synthetic 15,196 69 4,980 27 - - - - 20,176 96% 96

Vanguard Physical 19,625 16 243 5 - - - - 19,868 100% 21

Source Physical 1,824 15 5,472 12 - - - - 7,296 47% 27

Synthetic 7,808 48 260 2 294 1 - - 8,363 53% 51

State Street Physical 9,689 62 5,621 36 - - 51 1 15,362 100% 99

ComStage Physical 249 6 - - - - - - 249 3% 6

Synthetic 5,116 76 1,552 28 385 2 11 1 7,064 97% 107

Zuercher Kantonalbank Physical - - - - 6,964 4 - - 6,964 100% 4

Deka Investment GmbH Physical 4,957 25 2,592 16 - - - - 7,549 100% 41

Synthetic 16 1 - - - - - - 16 0% 1

HSBC Physical 4,659 27 - - - - - - 4,659 100% 27

BNP Paribas Physical 1,364 17 - - 92 1 - - 1,456 36% 18

Synthetic 2,348 10 146 1 95 1 - - 2,590 64% 12

Xact Fonder AB Physical 2,083 4 - - - - - - 2,083 76% 4

Synthetic 498 7 43 1 110 1 - - 651 24% 9

Julius Baer Inv Physical - - - - 2,158 4 - - 2,158 100% 4

PowerShares Physical 1,577 13 22 1 - - 3 1 1,601 73% 15

Synthetic 604 4 - - - - - - 604 27% 4

Ossiam Physical 62 1 - - - - - - 62 3% 1

Synthetic 1,901 8 - - 54 1 - - 1,955 97% 9

ThinkCapital ETFs N.V. Physical 940 8 602 3 - - 20 3 1,563 100% 14

ETF Securities Synthetic 468 20 - - 479 1 - - 946 100% 21

Physical 143 3 333 4 - - - - 476 100% 7

WisdomTree Physical 434 24 - - - - - - 434 100% 24

Synthetic 6 2 - - 23 1 - - 29 100% 3

Fundlogic Global Solutions plc Synthetic 409 2 - - - - - - 409 100% 2

BBVA Gestion SA Physical 335 2 - - - - - - 335 100% 2

China Post Global Synthetic 126 5 - - 138 3 - - 265 100% 8

Raiffeisen Schweiz

Genossenschaft

Physical - - - - 191 3 - - 191 100% 3

Seligson & Co Fund Mgmt. Physical 179 1 - - - - - - 179 100% 1

BMO Global Asset Management Physical 91 5 78 4 - - - - 169 100% 9

Van Eck Funds Physical 164 3 - - - - - - 164 100% 3

First Trust Physical 155 9 - - - - - - 155 100% 9

Nomura Asset Management Physical 135 3 - - - - - - 135 100% 3

DnB Kapitalforvaltning Physical 99 1 - - - - - - 99 100% 1

UniCredit Bank Synthetic - - 85 1 - - - - 85 100% 1

Commerzbank AG Synthetic 10 1 - - - - - - 10 19% 1

Physical 9 1 34 1 - - - - 43 81% 2

SEB Investment Management AB Synthetic 43 3 - - - - - - 43 100% 3

FinEx Fund Plc Physical - - - - 4 1 - - 4 13% 1

Synthetic - - 26 1 - - - - 26 87% 1

Boost Synthetic 23 2 0 1 - - - - 23 100% 3

Sun Global Investments Physical - - 16 2 - - - - 16 100% 2

Fullgoal Fund Management Co Physical - - 11 1 - - - - 11 100% 1

Alpha Asset Mgmt. Physical 9 1 - - - - - - 9 100% 1

NBG Asset Mgmt. Physical 2 1 - - - - - - 2 49% 1

Synthetic 2 1 - - - - - - 2 51% 1

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

Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2

Total 322,883 1,083 140,030 384 16,890 48 1,251 16 481,054 1,531

Total


Replication

Method Equity Fixed Income Commodity Other


9 September 2016



6. Trading Perspective

ETP Monthly Turnover Analysis by Asset Class, by Instrument

Figure 54: Turnover by asset class and instrument (€ million) | ETPs | Europe |

Jul-162015 (Monthly

Avg.)

Asset Class Turnover Market

Share %

MoM

%Change

2015 (Monthly

Avg.) %Change Turnover Turnover

ETFs

Equity 35,175 62.8% -22.9% -28.4% 45,650 49,094

Fixed income 13,663 24.4% -30.0% -1.9% 19,530 13,929

Commodity 1,016 1.8% -3.7% 38.2% 1,055 735

Currency 0 0.0% 0.0% -100.0% 0 1

Multi Asset 19 0.0% 18.5% -31.1% 16 27

Alternative 114 0.2% 25.3% 5.5% 91 108

Total 49,986 89.3% -24.7% -21.8% 66,342 63,893

ETCs

Commodity 5,886 10.5% -17.6% 61.5% 7,144 3,646

Currency 105 0.2% -49.7% -55.7% 210 238

Total 5,992 10.7% -18.5% 54.3% 7,353 3,884

Total ETPs 55,978 100.0% -24.0% -17.4% 73,695 67,777

Aug-16


Asset Class Analysis

Figure 55: European Equity ETF Turnover Summary (€ million) | ETFs | Europe |

Jul-162015 (Monthly

Avg.)

Equity Turnover Turnover Market

Share %

MoM

%Change

2015 (Monthly


Developed Markets 19,112 54.3% -28.0% 59.6% 26,558 32,083

Emerging Markets 4,367 12.4% -5.4% 94.7% 4,617 4,610

Global Markets 603 1.7% -44.2% 78.5% 1,080 768

Sector 2,797 8.0% -12.5% 94.2% 3,196 2,968

Capitalization 579 1.6% -10.2% 81.6% 644 709

Strategy 5,313 15.1% -18.7% 88.7% 6,537 5,988

Style 1,652 4.7% -16.3% 108.0% 1,974 1,530

Thematic 753 2.1% -27.8% 171.3% 1,044 440

Total Equities 35,175 100% -23% 71.6% 45,650 49,094

Aug-16


9 September 2016



Figure 55A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe |

Jul-162015 (Monthly

Avg.)


Share %

MoM

%Change

2015 (Monthly


Sector 2,797 25.2% -12.5% -5.8% 3,196 2,968

Consumer discretionary 96 0.9% -41.9% -42.1% 166 166

Consumer staples 135 1.2% -16.7% -9.5% 162 150

Energy 363 3.3% 20.7% 0.1% 301 363

Financials 971 8.8% -20.4% 6.1% 1220 916

Healthcare 229 2.1% 5.2% -5.6% 218 243

Industrials 55 0.5% -27.4% -62.1% 76 146

Information Technology 172 1.6% 19.8% 4.1% 144 165

Materials 182 1.6% 9.3% -4.5% 167 191

Real Estate 350 3.2% -32.7% -0.211715604 520 444

Telecommunications 145 1.3% 126.1% 53.1% 64 95

Utilities 97 0.9% -39.2% 7.9% 159 90

Capitalization 579 5.2% -10.2% -18.4% 644 709

Large Cap 22 0.2% -36.8% -41.9% 35 38

Mid Cap 87 0.8% -58.4% -69.1% 209 282

Small Cap 470 4.2% 17.4% 20.6% 400 389

Strategy 5,313 47.9% -18.7% -11.3% 6,537 5,988

Fundamental 113 1.0% 16.9% 11.4% 96 101

Leveraged Long 1543 13.9% -17.9% -44.9% 1879 2801

Leveraged Short 1432 12.9% -27.3% -21.1% 1969 1815

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 1740 15.7% -5.0% 176.9% 1831 628

Short 485 4.4% -36.3% -24.4% 762 642

Style 1,652 14.9% -16.3% 8.0% 1,974 1,530

Dividend 1,465 13.2% -17.3% 6.2% 1,773 1,380

Growth 139 1.3% 401.8% 111.8% 28 66

Value 47 0.4% -72.8% -43.7% 174 84

Thematic 753 6.8% -27.8% 71.3% 1,044 440

Commodities 338 3.0% -19.7% 177.2% 420 122

Cyclical 0 0.0% 0.0% 0.0% 0 -

Faith 39 0.3% 52.1% 114.1% 25 18

Other Theme 164 1.5% 30.8% 40.9% 126 116

Sustainability 213 1.9% -55.0% 16.1% 472 183

Total 11,093 100.0% -17.2% -4.6% 13,396 11,634

Aug-16


9 September 2016



Figure 55B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe |

Jul-162015 (Monthly

Avg.)


Share %

MoM

%Change

2015 (Monthly


Developed Markets

Europe 11,552 60.4% -26.4% -43.3% 15,687 20,373

Austria 9 0.0% -49.6% -29.1% 18 13

Belgium 2 0.0% 65.6% -58.1% 1 4

Finland 3 0.0% -8.3% -75.6% 3 11

France 233 1.2% -37.5% -61.3% 373 603

Germany 2,641 13.8% -20.4% -43.9% 3,316 4,709

Greece 15 0.1% 57.2% -75.7% 9 61

Ireland 0 0.0% -63.4% -93.3% 0 3

Italy 390 2.0% -32.7% -58.3% 579 934

Netherlands 106 0.6% -30.2% -55.4% 152 237

Norway 14 0.1% 132.7% -47.4% 6 27

Portugal 2 0.0% 23.8% -90.3% 2 20

Iceland 3 0.0% -49.3% 656.2% 6 0

Spain 73 0.4% -41.9% -77.6% 126 327

Sweden 257 1.3% -5.0% -25.3% 271 344

Switzerland 680 3.6% -18.1% -45.2% 830 1,240

UK 2,013 10.5% -38.2% -19.2% 3,258 2,491

Europe broad 5,111 26.7% -24.1% -45.3% 6,737 9,349

Americas 4,407 23.1% -19.7% -27.0% 5,491 6,037

US 4,189 21.9% -19.8% -27.3% 5,221 5,759

Canada 113 0.6% 6.4% 37.5% 106 82

North America 105 0.6% -35.8% -46.5% 164 196

Asia 1,961 10.3% -40.3% -38.9% 3,287 3,211

Australia 110 0.6% -76.6% 5.0% 468 105

Hong Kong 23 0.1% 123.5% -57.9% 10 54

Japan 1,575 8.2% -40.1% -45.6% 2,629 2,895

Singapore 5 0.0% 43.2% 81.4% 4 3

Asia Pacific broad 249 1.3% 41.4% 61.4% 176 154

EMEA 1 0.0% -69.1% 0.0% 2 0

Israel 1 0.0% -69.1% 0.0% 2 0

Global 1,191 6.2% -43.0% -51.6% 2,091 2,461

Broad indices 1,191 6.2% -43.0% -51.6% 2,091 2,461

DM Total 19,112 100.0% -28.0% -40.4% 26,555 32,083

Aug-16


9 September 2016



Figure 55C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe |

Jul-162015 (Monthly

Avg.)


Share %

MoM

%Change

2015 (Monthly


Emerging Markets

BRIC 736 16.9% -3.4% -55.8% 762 1,664

Brazil 169 3.9% -0.1% 2.0% 169 165

Russia 119 2.7% 45.1% -50.0% 82 238

India 163 3.7% -9.8% -54.5% 181 358

China 285 6.5% -13.6% -68.4% 330 903

Latin America 105 2.4% -4.1% -8.9% 109 115

Chile 0 0.0% 0.0% -100.0% 0 6

Mexico 26 0.6% -16.2% -22.3% 31 33

LATAM broad 79 1.8% 0.6% 4.2% 78 76

Asia 574 13.1% 33.2% -13.7% 431 665

Bangladesh 2 0.0% -25.2% 63.5% 2 1

Indonesia 40 0.9% 42.9% 16.7% 28 34

Malaysia 9 0.2% 19.9% -58.1% 7 21

Pakistan 3 0.1% -48.2% 21.4% 6 2

Philippines 13 0.3% 1.8% 10.4% 13 12

South Korea 126 2.9% 56.3% -27.2% 80 173

Taiwan 71 1.6% -24.8% -32.3% 94 105

Thailand 18 0.4% 185.1% 23.3% 6 14

Vietnam 18 0.4% 14.8% -46.6% 15 33

Asia Pacific broad 275 6.3% 54.2% 2.1% 178 270

EMEA 140 3.2% -40.1% -41.8% 234 240

Kuwait 0 0.0% -41.1% -99.4% 0 2

Poland 34 0.8% 116.8% 185.7% 16 12

South Africa 37 0.8% 35.2% 54.3% 27 24

Turkey 26 0.6% -61.3% -76.0% 67 108

Europe broad 38 0.9% -67.5% -54.7% 115 83

Middle East & Africa 6 0.1% -31.8% -54.2% 8 12

Global Markets 2,812 64.4% -8.7% 46.1% 3,081 1,925

Global 2,812 64.4% -8.7% 46.1% 3,081 1,925

EM Total 4,367 100.0% -5.4% -5.3% 4,617 4,610

Total (EM + DM) 23,479 100.0% -24.7% -36.0% 31,172 36,692

Aug-16


9 September 2016



Figure 56: European Fixed Income ETF Turnover (€ million) | ETFs | Europe |

Jul-162015 (Monthly

Avg.)

Fixed Income Turnover Turnover Market

Share %

MoM

%Change

2015 (Monthly


Overall 456 3.3% -34.0% 9.3% 691 417

Corporates 5,640 41.3% -24.1% 13.8% 7,435 4,957

Covered Bonds 156 1.1% 5.8% -21.1% 148 198

Credit Exposure 26 0.2% -0.9% -25.6% 26 34

Sovereign 6,993 51.2% -34.9% -9.0% 10,736 7,688

Money Market 392 2.9% -20.9% -38.2% 495 634

Total Fixed Income 13,663 100.0% -30.0% -1.9% 19,530 13,929

Aug-16


9 September 2016



Figure 57: European Commodity ETP Turnover summary (€ million) | ETPs | Europe |

Jul-162015 (Monthly

Avg.)

Commodity Turnover Turnover Market

Share %

MoM

%Change

2015 (Monthly


Overall 351 5.1% -13.2% 4.0% 404 337

Overall 332 4.8% -14.7% 5.5% 390 315

Overall ex Energy 18 0.3% 32.7% -16.8% 14 22

Overall Light Energy 0 0.0% -93.8% -79.2% 0 0

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

Agriculture 217 3.1% -23.4% 1.7% 284 214

Overall 54 0.8% -2.6% 27.0% 55 42

Cocoa 6 0.1% -5.7% 16.5% 6 5

Coffee 18 0.3% -46.1% -64.1% 34 51

Corn 16 0.2% -47.2% 29.7% 29 12

Cotton 5 0.1% 4.1% -22.7% 5 6

Grains 4 0.1% 36.4% -10.1% 3 5

Softs 0 0.0% -20.2% -41.4% 1 1

Soybean Oil 26 0.4% 41.0% 435.0% 19 5

Soybeans 8 0.1% -70.0% 59.8% 28 5

Sugar 19 0.3% -9.8% -26.3% 21 26

Wheat 61 0.9% -26.7% 8.8% 84 56

Energy 1,982 28.7% 12.5% 20.6% 1,763 1,644

Overall 41 0.6% 50.7% -21.6% 27 53

Carbon 0 0.0% 94.7% -63.9% 0 0

Crude Oil 1733 25.1% 14.0% 30.6% 1520 1327

Gasoline 8 0.1% 43.9% -8.9% 6 9

Heating Oil 5 0.1% 14.3% 53.9% 5 3

Natural Gas 194 2.8% -5.2% -22.8% 205 252

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 165 2.4% -7.4% -4.6% 178 172

Overall 38 0.6% 19.5% -3.9% 32 40

Aluminium 6 0.1% -36.2% -76.1% 9 24

Copper 97 1.4% -3.5% 25.0% 101 78

Lead 0 0.0% 3.2% -46.2% 0 1

Nickel 16 0.2% -46.6% -32.0% 30 23

Tin 0 0.0% -24.7% -82.2% 1 2

Zinc 7 0.1% 26.0% 43.6% 5 5

Precious Metals 4,179 60.5% -24.9% 108.2% 5,567 2,007

Overall 31 0.4% 59.2% -15.3% 19 37

Gold 3565 51.7% -22.0% 114.1% 4573 1665

Palladium 74 1.1% -20.2% 45.8% 93 51

Platinum 96 1.4% -6.3% 36.3% 103 71

Rhodium 0 0.0% -84.0% -92.2% 1 2

Silver 413 6.0% -47.0% 126.3% 779 182

Livestock 8 0.1% 160.5% 36.7% 3 6

Overall 2 0.0% 528.5% 167.1% 0 1

Cattle 0 0.0% -53.8% -72.7% 1 1

Lean Hogs 6 0.1% 189.5% 50.4% 2 4

Total 6,902 100.0% -15.8% 57.6% 8,198 4,381

Aug-16


9 September 2016



Product Rankings

Figure 58: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,125.8 1,532.7 12,368.8

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,059.2 760.4 8,757.3

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,029.6 1,287.3 9,961.0

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 834.1 1,384.2 11,101.3

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 812.2 1,034.5 7,542.9

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 664.8 741.1 8,335.7

iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta 540.9 353.4 2,861.0

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 535.2 513.0 2,352.7

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 466.0 588.6 5,684.1

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 426.5 414.0 5,166.7

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 408.6 749.3 5,248.3

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 407.5 442.2 5,550.4

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 391.2 654.3 4,011.0

db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AM Beta 387.6 296.6 3,085.0

Lyxor UCITS ETF LevDAX LYXLEDAX GR Lyxor Beta+ 367.7 369.4 1,977.1

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 366.0 341.0 2,919.7

Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor Beta 366.0 439.5 2,809.1

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 362.0 489.5 4,317.4

Lyxor UCITS ETF DAX (DR) LYXDAX GR Lyxor Beta 361.3 292.7 2,742.8

iShares MSCI World Minimum Volatility UCITS ETF MVOL LN BlackRock Beta 341.0 358.2 1,879.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 59: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe |

ETF Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 804.3 1,124.1 6,083.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 652.7 899.9 4,915.6

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 522.7 573.6 6,465.8

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 515.1 1,196.0 8,163.6

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 496.7 892.8 4,428.3

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 492.3 673.8 5,594.8

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 411.2 330.9 3,453.7

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 400.0 140.1 1,492.5

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 357.7 447.0 3,228.9

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 280.6 194.2 1,983.1

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 274.3 289.1 2,613.7

iShares £ Index-Linked Gilts UCITS ETF INXG LN BlackRock Beta 271.7 386.3 1,770.4

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 248.1 720.3 2,626.8

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 223.5 384.2 1,830.4

iShares Global High Yield Corp Bond UCITS ETF HYLD LN BlackRock Beta 201.1 83.3 948.8

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 189.6 105.1 1,049.3

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 178.2 671.5 1,199.8

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 177.7 204.3 1,474.2

LYXOR ETF iBoxx GBP Gilts GILS FP Lyxor Beta 177.6 9.2 314.7

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 166.6 146.2 1,169.5


9 September 2016



Figure 60: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

ETFS Physical Gold PHAU LN ETF Securities Beta 929.4 1,497.1 6,810.5

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 635.4 719.0 7,553.1

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 576.6 431.7 3,523.1

iShares Physical Gold ETC SGLN LN Blackrock Beta 552.6 422.9 3,054.8

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 370.8 378.3 4,008.9

Gold Bullion Securities GBS LN ETF Securities Beta 327.3 846.3 5,385.5

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 282.2 317.6 2,448.7

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 217.7 222.0 1,748.6

ETFS Physical Silver PHAG LN ETF Securities Beta 168.5 280.9 1,389.4

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 163.9 165.4 1,652.8

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 114.1 185.4 1,842.8

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 104.9 121.9 812.6

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 91.2 92.9 786.8

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 89.4 28.2 337.0

ETFS Copper COPA LN ETF Securities Beta 87.2 83.9 524.3

UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW UBS Beta 83.9 7.5 167.6

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 74.7 62.1 1,025.1

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 67.9 72.6 869.2

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 58.9 120.6 421.3

ETFS Physical Platinum PHPT LN ETF Securities Beta 54.5 54.1 201.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 61: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core DAX UCITS ETF DE DAXEX GR 1,078.52 1 iShares Markit iBoxx Euro High Yield EUNW GR 51.14

2 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 383.44 2 iShares JPMorgan USD Emerging Markets Bond IUS7 GR 39.69

3 iShares STOXX 600 (DE) SXXPIEX GR 346.53 3 iShares Barclays Euro Corporate Bond EUN5 GR 35.10

4 iShares Euro STOXX 50 (DE) SX5EEX GR 318.69 4 iShares Barclays Euro Corporate Bond 1-5 (EUR) EUNT GR 32.88

5 iShares MDAX (DE) MDAXEX GR 222.21 5 iShares Euro Government Bond 1-3 IBCA GR 32.61

6 Lyxor UCITS ETF LevDAX LYXLEDAX GR 212.41 6 iShares Pfandbriefe UCITS ETF DE R1JKEX GR 30.67

7 iShares Euro STOXX Banks (DE) SX7EEX GR 209.52 7 db x-trackers II EONIA TR Index UCITS ETF XEON GR 30.52

8 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 209.45 8 iShares Euro Covered Bond IUS6 GR 30.13

9 iShares Euro STOXX (DE) SXXEEX GR 188.53 9 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 29.21

10 Deka DAX UCITS ETF ETFDAX GR 174.21 10 SPDR Barclays 1 - 3 Year Euro Government Bond UCITS ETF SYB3 GY 26.62

Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover

1 XETRA-Gold XAUEUR 163.91 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 6.73

2 db Physical Gold Euro Hedged ETC XAD1 GR 42.73 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 5.81

3 Source Physical Gold ETC (P-ETC) 8PSG GY 34.74 3 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 4.94

4 Gold Bullion Securities GG9B GR 29.95 4 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 3.82

5 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 29.03 5 ETFS Short USD Long EUR XBJQ GR 1.49

6 ETFS Physical Gold VZLD GR 25.81 6 ComStage Vermogensstrategie UCITS ETF F701 GY 1.23

7 ETFS Physical Silver VZLC GR 22.45 7 ETFS 5X Short USD Long EUR 5CH6 GY 1.12

8 db Physical Gold ETC (EUR) XAD5 GR 17.88 8 db-x trackers Portfolio Income UCITS ETF XS7W GR 0.58

9 ETFS EUR Daily Hedged Physical Gold GBSE GY 14.32 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.55

10 ETFS Brent Oil OESA GR 13.71 10 iShares S&P Listed Private Equity Fund IQQL GR 0.52


9 September 2016



Figure 62: Top 10 ETPs by Turnover (€ million) – London SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares FTSE 100 UCITS ETF (Inc) ISF LN 822.41 1 iShares $ Corporate Bond UCITS ETF LQDE LN 499.09

2 Vanguard S&P 500 ETF VUSD LN 748.65 2 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 403.53

3 iShares Core S&P 500 UCITS ETF CSPX LN 607.17 3 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 401.86

4 iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN 479.39 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 378.96

5 Vanguard FTSE 100 ETF VUKE LN 391.19 5 iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN 355.83

6 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 270.44 6 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 329.37

7 iShares FTSE 250 UCITS ETF MIDD LN 244.66 7 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 319.04

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN 217.64 8 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 286.64

9 Vanguard S&P 500 ETF VUSA LN 211.92 9 iShares £ Index-Linked Gilts UCITS ETF INXG LN 271.67

10 iShares Core S&P 500 UCITS ETF CSP1 LN 191.71 10 iShares £ Corporate Bond UCITS ETF SLXX LN 267.06


1 ETFS Physical Gold PHAU LN 649.06 1 iShares Listed Private Equity UCITS ETF IDPE LN 40.05

2 Source Physical Gold ETC (P-ETC) SGLD LN 505.12 2 iShares Listed Private Equity UCITS ETF IPRV LN 25.94

3 iShares Physical Gold ETC IGLN LN 428.36 3 ETFS 3x Short JPY Long USD SJP3 LN 12.17

4 ETFS WTI Crude Oil CRUD LN 427.42 4 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 4.34

5 Gold Bullion Securities GBS LN 240.31 5 ETFS 3x Short EUR Long GBP SUP3 LN 4.22

6 ETFS Physical Gold GBP PHGP LN 184.19 6 ETFS 3x Short GBP Long USD SGB3 LN 3.67

7 iShares Physical Gold ETC SGLN LN 124.22 7 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 3.64

8 ETFS Physical Silver PHAG LN 96.37 8 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 3.52

9 ETFS Copper COPA LN 82.96 9 ETFS 3x Long USD Short GBP USP3 LN 3.02

10 ETFS Physical Swiss Gold SGBS LN 74.52 10 ETFS Short USD Long GBP USGB LN 2.88 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 63: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares SMI CH CSSMI SW 215.06 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 52.77

2 iShares Core S&P 500 UCITS ETF CSSPX SW 120.03 2 iShares CHF Corporate Bond (CH) CHCORP SW 44.60

3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 83.22 3 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 41.63

4 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 73.67 4 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE SW 41.08

5 iShares MSCI EMU UCITS ETF CSEMU SW 69.26 5 db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 2C (USD Hedged) XBAU SW 32.53

6 iShares SPI (CH) CHSPI SW 65.91 6 iShares $ TIPS UCITS ETF ITPS SW 31.15

7 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF SW 64.83 7 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 23.22

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 63.98 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 22.64

9 UBS-ETF MSCI USA USAUSA SW 58.76 9 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 20.29

10 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 57.46 10 UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to CHF CBUS5S SW 18.23


1 ZKB Gold ETF-A USD ZGLDUS SW 117.82 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 0.75

2 UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW 83.90 2 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.61

3 ZKB Gold ETF ZGLD SW 57.30 3 iShares Listed Private Equity UCITS ETF IPRV SW 0.21

4 ZKB Gold ETF-H (CHF) ZGLDHC SW 53.65 4 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10

5 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 51.57 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.07

6 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 38.34 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.03

7 ZKB Gold ETF-A EUR ZGLDEU SW 28.19 7 Lyxor ETF Privex LYPVX SW 0.03

8 ZKB Silver ETF ZSIL SW 27.90 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.01

9 ZKB Gold ETF-H (EUR) ZGLDHE SW 22.70 9 PowerShares Global Listed Private Equity UCITS ETF PSP SW 0.00

10 iShares Gold CH CSGOLD SW 19.50 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 64: Top 10 ETPs by Turnover (€ million) – Euronext Paris | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 525.84 1 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 88.68

2 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP 315.93 2 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 73.50

3 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 288.01 3 Lyxor UCiTS ETF EuroMTS 7-10Y IG (DR) MTD FP 57.31

4 Lyxor ETF Leverage CAC 40 LVC FP 265.04 4 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP 53.00

5 Lyxor ETF XBear CAC 40 BX4 FP 258.29 5 Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 51.53

6 Amundi ETF MSCI Emerging Markets UCITS ETF AUEM FP 184.38 6 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP 51.26

7 Lyxor ETF MSCI Emerging Markets - A LEM FP 175.71 7 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 49.94

8 Lyxor ETF S&P 500 SP5 FP 138.79 8 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 48.99

9 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 135.90 9 Lyxor ETF Euro Corporate Bond ex Financials CNB FP 48.97

10 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 120.34 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 44.07


1 Gold Bullion Securities GBS FP 17.36 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.12

2 Lyxor ETF Commodities CRB Non-Energy CRN FP 13.36 2 Lyxor ETF Privex PVX FP 0.12

3 ETFS WTI Crude Oil CRUDP FP 12.33 3 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.11

4 Lyxor ETF Commodities CRB CRB FP 12.26 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.01

5 ETFS Brent 1mnth Oil OILBP FP 5.14

6 ETFS Silver SLVRP FP 2.75

7 ETFS Agriculture AIGAP FP 2.48

8 ETFS Gold BULLP FP 1.14

9 ETFS Natural Gas NGASP FP 0.39

10 ETFS WTI 2mth Oil OILWP FP 0.38 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 65: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor ETF XBear FTSE/MIB XBRMIB IM 221.67 1 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 61.58

2 Lyxor UCITS ETF FTSE MIB ETFMIB IM 187.13 2 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 55.14

3 Lyxor UCITS ETF DAX (DR) DAXX IM 186.79 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 55.04

4 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 173.72 4 iShares $ Corporate Bond UCITS ETF LQDE IM 40.66

5 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 166.62 5 Lyxor ETF Daily Double Short BTP BTP2S IM 36.48

6 Lyxor UCITS ETF Euro STOXX 50 MSE IM 120.50 6 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) EM13 IM 34.73

7 Lyxor UCITS ETF LevDAX DAXLEV IM 108.28 7 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 34.09

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 86.24 8 iShares Euro Government Bond 1-3yr UCITS ETF IBGS IM 34.01

9 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 73.45 9 LYXOR UCITS ETF Smart Cash C-EUR SMART IM 33.90

10 Lyxor UCITS ETF STOXX Europe 600 Banks BNK IM 71.51 10 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 32.96


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 320.85 1 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 19.37

2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 178.88 2 ETFS 3X Long USD Short EUR EUS3 IM 19.13

3 ETFS WTI Crude Oil CRUD IM 123.33 3 ETFS 5X Long USD Short EUR EUS5 IM 12.00

4 ETFS Daily Leveraged Crude Oil LOIL IM 65.27 4 ETFS 3X Short USD Long EUR USE3 IM 2.71

5 ETFS Physical Gold PHAU IM 62.67 5 ETFS 3X Short GBP Long EUR GBE3 IM 2.67

6 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 61.15 6 ETFS 5X Short USD Long EUR USE5 IM 2.00

7 db Physical Gold Euro Hedged ETC XAD1 IM 54.77 7 db x-trackers Portfolio TR Index UCITS ETF XQUI IM 1.73

8 Boost Natural Gas 3x Short Daily 3NGS IM 32.16 8 Boost Long USD Short EUR 5x Daily ETP 5USE IM 1.58

9 Gold Bullion Securities GBS IM 26.93 9 ETFS Long CHF Short EUR EUCH IM 1.46

10 ETFS Physical Silver PHAG IM 25.40 10 ETFS Long USD Short EUR EUUS IM 1.05 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 66: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen


1 XACT OMXS30 XACTOMX SS 184.85 1 XACT Obligation UCITS ETF XACTBOND SS 0.88

2 XACT Bear 2 XABEAR2 SS 151.12

3 XACT Bull 2 XABULL2 SS 108.11

4 XACT OMXSB XACTSBX SS 71.40

5 XACT Bear XACBEAR SS 50.85

6 XACT Nordic 30 XACTVINX SS 24.09

7 XACT Bull XACBULL SS 22.68

8 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 15.91

9 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 1.27

10 SpotR OMXS30 SPOTROMX SS 1.20

Euronext Amsterdam


1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 91.11 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 85.36

2 Vanguard S&P 500 ETF VUSA NA 86.46 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 31.25

3 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 75.43 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 22.05

4 iShares MSCI World UCITS ETF (Inc) IWRD NA 50.66 4 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 16.03

5 iShares AEX UCITS ETF IAEX NA 47.64 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 15.62

6 iShares European Property Yield UCITS ETF IPRP NA 44.17 6 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 15.26

7 Think AEX Tracker TDT NA 43.32 7 iShares Euro Government Bond 5-7yr UCITS ETF IEGY NA 11.12

8 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 40.50 8 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 9.08

9 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 27.03 9 iShares France Government Bond UCITS ETF IFRB NA 7.97

10 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF NA 26.24 10 iShares Euro Government Bond 3-7 UCITS ETF CBE7 NA 7.55 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



7. European ETF Exchanges

Figure 67: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |

Summary Apr-16Market

Share %May-16

Market

Share %Jun-16

Market

Share %Jul-16

Market

Share %Aug-16

Market

Share %

Deutche Boerse

Deutsche Borse 12,183 20.0% 10,604 19.2% 17,344 20.5% 12,490 18.8% 9,337 18.7%

LSE

London SE 25,127 41.2% 23,430 42.5% 35,997 42.6% 29,707 44.8% 22,345 44.7%

Borsa Italiana 5,693 9.3% 5,672 10.3% 7,703 9.1% 6,712 10.1% 4,950 9.9%

30,820 50.5% 29,102 52.8% 43,700 51.8% 36,419 54.9% 27,295 54.6%

Euronext

Paris 9,249 15.2% 8,053 14.6% 12,189 14.4% 8,042 12.1% 6,406 12.8%

Amsterdam 2,039 3.3% 1,594 2.9% 2,204 2.6% 1,706 2.6% 1,161 2.3%

Lisbon 5 0.0% 2 0.0% 5 0.0% 1 0.0% 2 0.0%

Brussels 1 0.0% 1 0.0% 2 0.0% 1 0.0% 2 0.0%

11,294 18.5% 9,650 17.5% 14,401 17.1% 9,749 14.7% 7,571 15.1%

Swiss SE 5,043 8.3% 4,473 8.1% 6,999 8.3% 6,402 9.6% 4,708 9.4%

Stockholmborsen 938 1.5% 791 1.4% 1,028 1.2% 712 1.1% 648 1.3%

Oslo Bors 339 0.6% 219 0.4% 460 0.5% 257 0.4% 202 0.4%

BME 387 0.6% 291 0.5% 471 0.6% 303 0.5% 219 0.4%

Others 24 0.0% 11 0.0% 17 0.0% 9 0.0% 6 0.0%

Total 61,027 100.0% 55,142 100.0% 84,420 100.0% 66,342 100.0% 49,986 100.0%


9 September 2016



Figure 68: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |

Summary Apr-16Market

Share %May-16

Market

Share %Jun-16

Market

Share %Jul-16

Market

Share %Aug-16

Market

Share %

LSE

London SE 3,426 5.6% 2,827 5.1% 5,976 7.1% 4,516 6.8% 3,947 7.9%

Borsa Italiana 1,723 2.8% 1,913 3.5% 2,301 2.7% 2,153 3.2% 1,429 2.9%

5,149 8.4% 4,740 8.6% 8,277 9.8% 6,669 10.1% 5,375 10.8%

Deutche Boerse

Deutsche Borse 507 0.8% 845 1.5% 662 0.8% 537 0.8% 510 1.0%

Euronext

Amsterdam 33 0.1% 19 0.0% 48 0.1% 36 0.1% 16 0.0%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

75 0.1% 60 0.1% 131 0.2% 88 0.1% 59 0.1%

Others 61 0.1% 40 0.1% 76 0.1% 60 0.1% 48 0.1%

Total 5,792 9.5% 5,684 10.3% 9,146 10.8% 7,353 11.1% 5,992 12.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 69: Total ETP on-exchange Turnover by asset class and by exchange | ETPs | Europe |

Deutsche

BorseLondon SE

Euronext

Paris

Borsa

Italiana

Euronext

AmsterdamSwiss SE

Stockholm

Borsen

Turnover* Mkt Share %

Equity

Developed Markets 64,463.3 79,790.3 27,361.4 22,521.8 10,175.4 25,400.4 2,797.5 232,510.1 40.2%

Emerging Markets 5,823.1 14,606.8 6,736.0 3,124.3 1,361.1 2,780.3 32.4 34,464.0 6.0%

Global Markets 530.1 3,159.1 506.2 138.9 341.9 620.3 0.9 5,297.5 0.9%

Sector 9,742.1 5,602.1 6,290.9 1,745.6 512.2 1,089.7 5.3 24,987.9 4.3%

Capitalization 1,333.5 2,210.4 609.2 219.6 166.4 768.5 154.5 5,462.2 0.9%

Style 2,761.6 6,134.8 715.3 794.9 530.6 774.8 0.0 11,711.9 2.0%

Strategy 8,702.7 11,790.8 12,269.1 11,601.2 11.0 780.8 5,023.3 50,178.7 8.7%

Thematic 1,426.7 2,147.1 490.4 315.2 237.4 834.3 0.0 5,451.1 0.9%

Total 94,783 125,441 54,979 40,462 13,336 33,049 8,014 370,063.5 63.9%

Fixed Income

Overall 610.6 2,479.1 13.5 177.2 316.4 312.4 30.5 3,939.6 0.7%

Corporates 3,722.2 40,596.2 6,622.6 4,396.3 1,451.5 1,843.5 0.0 58,632.3 10.1%

Covered Bonds 530.6 355.9 87.9 110.5 30.2 29.5 0.0 1,144.7 0.2%

Credit Exposure 235.2 0.0 0.0 52.0 0.0 1.6 0.0 288.7 0.0%

Sovereign 7,242.6 42,922.8 16,084.9 6,885.6 1,239.2 3,953.9 0.0 78,329.1 13.5%

Money Market 843.9 1,870.9 807.8 1,390.9 0.0 24.9 0.0 4,938.4 0.9%

Total 13,185 88,225 23,617 13,013 3,037 6,166 31 147,272.8 25.4%

Commodity 0.0%

Overall 547.0 1,413.2 198.3 258.0 27.3 692.1 142.2 3,278.1 0.6%

Agriculture 120.3 662.0 8.8 623.7 0.3 24.7 0.0 1,439.8 0.2%

Energy 1,121.8 6,490.6 190.9 9,124.7 0.0 135.2 0.0 17,063.3 2.9%

Industrial Metals 57.2 854.3 12.2 199.6 0.0 4.5 0.0 1,127.9 0.2%

Precious Metals 3,477.7 23,120.9 222.2 3,466.6 217.8 5,219.3 0.0 35,724.5 6.2%

Livestock 3.3 16.6 0.0 8.8 0.0 0.0 0.0 28.7 0.0%

Total 5,327 32,558 632 13,681 245 6,076 142 58,662.2 10.1%

Other 0.0%

Alternative 150.5 587.3 4.3 172.2 29.4 52.4 0.0 996.2 0.2%

Currency 46.7 794.4 0.0 791.7 5.3 0.0 0.0 1,638.1 0.3%

Multi Asset 69.6 35.8 0.0 30.2 19.4 1.7 0.0 156.7 0.0%

Total 267 1,417 4 994 54 54 - 2,791.0 0.5%

Grand Total 113,562 247,641 79,232 68,150 16,673 45,345 8,187 578,789 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)


9 September 2016



8. Assets

ETP Monthly AUM Analysis by Asset Class

Figure 70: AUM by asset class and instrument (€ million) | ETPs | Europe |

Jul-16 End of 2015

Asset Class AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

ETFs

Equity 322,883 63.6% 1.4% -0.3% 318,354 323,858

Fixed income 140,030 27.6% 2.4% 24.6% 136,763 112,427

Commodity 16,890 3.3% -3.2% 37.3% 17,452 12,298

Currency 0 0.0% 0.0% 0.0% 0 0

Multi Asset 414 0.1% -1.0% -2.2% 418 423

Alternative 837 0.2% 0.2% -14.2% 836 975

Total 481,054 94.8% 1.5% 6.9% 473,823 449,981

ETCs

Commodity 26,277 5.2% 2.1% 67.3% 25,742 15,709

Currency 350 0.1% 6.3% 0.9% 329 347

Total 26,628 5.2% 2.1% 65.8% 26,072 16,057

Total ETPs 507,682 100.0% 1.6% 8.9% 499,894 466,038

Aug-16


Asset Class Analysis

Figure 71: European Equity ETF AUM summary (€ million) | ETFs | Europe |

Jul-16 End of 2015

Equity AUM AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets 220,069 68.2% 0.5% -6.8% 219,042 236,223

Emerging Markets 29,540 9.1% 8.0% 32.4% 27,359 22,316

Global Markets 5,360 1.7% 2.7% 9.1% 5,218 4,913

Sector 18,969 5.9% 2.1% -3.1% 18,580 19,569

Capitalization 5,948 1.8% 1.8% -16.7% 5,841 7,137

Strategy 19,911 6.2% 1.7% 50.1% 19,580 13,265

Style 18,196 5.6% 2.2% 10.0% 17,800 16,546

Thematic 4,889 1.5% -0.9% 25.7% 4,935 3,890

Total Equities 322,883 100.0% 1.4% -0.3% 318,354 323,858

Aug-16


9 September 2016



Figure 71A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |

Jul-16 End of 2015


Share %

MoM

%change

YTD

%change AUM AUM

Sector 18,969 27.9% 2.1% -3.1% 18,580 19,569

Consumer discretionary 833 1.2% 3.8% -6.5% 802 890

Consumer staples 868 1.3% -4.9% -12.0% 912 986

Energy 1,754 2.6% 2.3% 15.2% 1,714 1,522

Financials 4,228 6.2% 5.5% -24.5% 4,006 5,599

Healthcare 2,145 3.2% 3.2% 6.2% 2,078 2,020

Industrials 554 0.8% 4.8% 3.9% 529 534

Information Technology 1,536 2.3% 9.9% 8.9% 1,397 1,410

Materials 859 1.3% 2.3% 28.4% 840 669

Real Estate 5,079 7.5% 0.8% 8.0% 5,041 4,704

Telecommunications 642 0.9% -12.9% -18.4% 737 787

Utilities 472 0.7% -9.6% 5.4% 522 448

Capitalization 5,948 8.8% 1.8% -16.7% 5,841 7,137

Large Cap 367 0.5% 2.4% -3.2% 359 379

Mid Cap 1,689 2.5% 1.3% -28.9% 1,667 2,376

Small Cap 3,892 5.7% 2.0% -11.2% 3,816 4,381

Strategy 19,911 29.3% 1.7% 50.1% 19,580 13,265

Fundamental 1,384 2.0% 1.1% -10.2% 1,369 1,541

Leveraged Long 1,836 2.7% -1.3% -15.9% 1,861 2,183

Leveraged Short 1,069 1.6% 3.8% 33.8% 1,030 799

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 13,868 20.4% 1.2% 89.2% 13,706 7,330

Short 1,754 2.6% 8.7% 24.2% 1,613 1,412

Style 18,196 26.8% 2.2% 10.0% 17,800 16,546

Dividend 16,741 24.7% 1.6% 12.4% 16,471 14,893

Growth 292 0.4% 48.4% -2.7% 197 300

Value 1,162 1.7% 2.7% -14.1% 1,132 1,353

Thematic 4,889 7.2% -0.9% 25.7% 4,935 3,890

Commodities 1,151 1.7% -12.4% 70.4% 1,313 675

Cyclical 0 0.0% 0.0% 0.0% 0 0

Faith 223 0.3% 4.2% 18.4% 214 189

Other Theme 1,039 1.5% -1.4% 19.9% 1,054 867

Sustainability 2,476 3.6% 5.2% 14.7% 2,353 2,159

Total 67,914 100.0% 1.8% 12.4% 66,736 60,406

Aug-16


9 September 2016



Figure 71B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |

Jul-16 End of 2015


Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets

Europe 112,473 51.1% -0.5% -15.3% 113,035 132,765

Austria 239 0.1% 3.6% -39.9% 230 397

Belgium 43 0.0% 4.6% -2.0% 41 43

Finland 179 0.1% -0.5% 0.1% 180 178

France 4,439 2.0% -1.8% -11.9% 4,519 5,037

Germany 18,267 8.3% -2.5% -15.3% 18,727 21,561

Greece 150 0.1% -0.1% -23.8% 150 197

Ireland 28 0.0% 4.7% -10.0% 27 31

Italy 1,654 0.8% -2.6% -44.2% 1,697 2,964

Netherlands 570 0.3% -0.8% -12.2% 574 649

Norway 240 0.1% 2.2% 7.8% 234 222

Portugal 48 0.0% -0.8% -36.9% 48 76

Spain 1,148 0.5% 0.0% -32.3% 1,148 1,696

Sweden 1,290 0.6% 11.0% -8.2% 1,162 1,405

Switzerland 9,562 4.3% 0.3% -7.1% 9,535 10,297

UK 13,880 6.3% 0.0% 5.7% 13,879 13,129

Europe broad 60,737 27.6% -0.2% -18.9% 60,882 74,881

Americas 67,717 30.8% 1.8% 10.2% 66,525 61,439

US 64,321 29.2% 1.7% 9.7% 63,256 58,651

Canada 1,383 0.6% 8.4% 79.1% 1,276 772

North America 2,013 0.9% 1.0% -0.1% 1,993 2,016

Asia 18,505 8.4% 1.7% -18.8% 18,204 22,794

Australia 1,263 0.6% 11.6% 58.9% 1,132 795

Hong Kong 183 0.1% 8.8% -30.1% 168 262

Japan 15,057 6.8% 0.1% -25.6% 15,045 20,233

Singapore 40 0.0% -7.7% -36.6% 43 63

Asia Pacific broad 1,962 0.9% 8.0% 36.0% 1,816 1,442

EMEA 5 0.0% 0.5% 0.0% 5 0

Israel 5 0.0% 0.5% 0.0% 5 0

Global 21,370 9.7% 0.5% 11.2% 21,273 19,225

Broad indices 21,370 9.7% 0.5% 11.2% 21,273 19,225

DM Total 220,069 100.0% 0.5% -6.8% 219,037 236,223

Aug-16


9 September 2016



Figure 71C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |

Jul-16 End of 2015


Share %

MoM

%change

YTD

%change AUM AUM

Emerging Markets

BRIC 5,576 2.2% 2.9% -6.3% 5,421 5,953

Brazil 707 0.3% -0.7% 34.8% 712 524

Russia 729 0.3% -0.1% 7.1% 730 680

India 1,758 0.7% 1.8% -2.7% 1,727 1,807

China 2,382 1.0% 5.8% -19.0% 2,252 2,941

Latin America 854 0.3% 5.7% 60.5% 808 532

Chile 0 0.0% 0.0% 0.0% 0 0

Mexico 146 0.1% 5.4% -3.3% 139 151

LATAM broad 708 0.3% 5.7% 85.9% 669 381

Asia 4,045 1.6% 8.5% 19.9% 3,727 3,373

Bangladesh 21 0.0% 1.2% 2.0% 20 20

Indonesia 186 0.1% 12.2% 57.0% 166 119

Malaysia 45 0.0% -4.5% -9.8% 47 50

Pakistan 33 0.0% 5.8% 57.1% 31 21

Philippines 59 0.0% -4.7% 48.9% 62 39

South Korea 799 0.3% 10.3% -1.9% 725 815

Taiwan 506 0.2% 5.1% -10.2% 481 563

Thailand 84 0.0% 86.3% 189.8% 45 29

Vietnam 306 0.1% -1.5% -5.8% 311 325

Asia Pacific broad 2,006 0.8% 9.1% 44.1% 1,839 1,392

EMEA 909 0.4% 0.6% 3.8% 903 875

Kuwait 5 0.0% -1.6% -31.3% 5 7

Poland 62 0.0% 5.3% -3.2% 58 64

South Africa 103 0.0% 2.3% 50.6% 101 69

Turkey 217 0.1% -1.7% -23.8% 220 284

Europe broad 369 0.1% 3.6% 15.5% 356 319

Middle East & Africa 153 0.1% -5.3% 15.8% 162 133

Global Markets 18,157 7.3% 10.0% 56.8% 16,500 11,583

Global 18,157 7.3% 10.0% 56.8% 16,500 11,583

EM Total 29,540 11.8% 8.0% 32.4% 27,359 22,316

Total (EM + DM) 249,609 100.0% 1.3% -3.5% 246,396 258,539

Aug-16


9 September 2016



Figure 72: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |

Jul-16 End of 2015

Fixed Income AUM AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Overall 9,738 7.0% 3.1% 22.0% 9,444 7,984

Corporates 59,174 42.3% 2.9% 36.6% 57,486 43,316

Covered Bonds 3,448 2.5% -0.5% 13.0% 3,466 3,050

Credit Exposure 299 0.2% -10.6% 6.0% 334 282

Sovereign 64,789 46.3% 2.2% 18.1% 63,409 54,854

Money Market 2,583 1.8% -1.6% -12.2% 2,624 2,941

Total Fixed Income 140,030 100.0% 2.4% 24.6% 136,763 112,427

Aug-16


9 September 2016



Figure 73:European Commodity ETP AUM summary (€ million)| ETPs | Europe |

Jul-16 End of 2015

Commodity AUM AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Overall 5,422 12.6% -2.2% 47.8% 5,543 3,668

Overall 5232 12.1% -1.6% 51.8% 5319 3446

Overall ex Energy 185 0.4% -15.1% -14.2% 217 215

Overall Light Energy 5 0.0% -16.4% -25.3% 6 6

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

Agriculture 671 1.6% -4.4% -14.7% 702 787

Overall 345 0.8% -6.6% -21.0% 370 437

Cocoa 13 0.0% -4.8% 2.6% 14 13

Coffee 72 0.2% -2.4% -13.0% 74 83

Corn 43 0.1% 10.1% 22.1% 39 36

Cotton 10 0.0% -8.0% -67.8% 11 31

Grains 31 0.1% -3.1% -2.1% 32 32

Softs 5 0.0% 0.2% -6.9% 5 5

Soybean Oil 4 0.0% 7.3% 20.0% 3 3

Soybeans 9 0.0% -6.8% -6.5% 10 10

Sugar 37 0.1% 0.6% -21.7% 36 47

Wheat 102 0.2% -5.7% 12.5% 108 91

Energy 2,290 5.3% 5.9% 3.5% 2,162 2,213

Overall 129 0.3% -14.8% -22.4% 152 166

Carbon 1 0.0% 0.7% -38.8% 1 1

Crude Oil 2018 4.7% 8.3% 7.1% 1863 1883

Gasoline 6 0.0% 6.9% -43.9% 6 11

Heating Oil 4 0.0% -2.2% -12.5% 4 5

Natural Gas 132 0.3% -2.7% -9.1% 136 145

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 581 1.3% -6.6% 24.5% 622 467

Overall 204 0.5% -4.0% 31.1% 213 156

Aluminium 86 0.2% 2.8% 3.3% 84 83

Copper 168 0.4% -12.2% 42.5% 191 118

Lead 2 0.0% 5.8% -8.4% 2 2

Nickel 99 0.2% -11.9% 10.5% 113 90

Tin 4 0.0% -5.4% 8.2% 4 3

Zinc 19 0.0% 11.8% 23.7% 17 15

Precious Metals 34,194 79.2% 0.1% 63.9% 34,156 20,859

Overall 168 0.4% -5.1% 47.3% 177 114

Gold 29908 69.3% 1.5% 69.9% 29477 17603

Palladium 533 1.2% -11.9% 9.2% 605 489

Platinum 792 1.8% -12.2% 12.2% 902 705

Rhodium 33 0.1% 7.4% -40.3% 31 56

Silver 2759 6.4% -6.9% 45.8% 2964 1892

Livestock 9 0.0% -5.1% -36.0% 9 14

Overall 2 0.0% -46.3% -72.3% 3 6

Cattle 2 0.0% -18.3% -8.0% 2 2

Lean Hogs 5 0.0% 32.4% -9.7% 4 6

Total 43,167 100.0% -0.1% 54.1% 43,194 28,007

Aug-16


9 September 2016



Product Rankings

Figure 74: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2015 AUM

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 14,578.0 14,125.7 11,936.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 13,109.3 12,796.6 11,503.5

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 7,684.8 8,165.8 9,433.1

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7,575.8 7,670.7 8,688.2

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 6,602.3 6,674.1 7,522.2

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 6,490.7 6,318.3 4,832.1

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 5,949.8 6,178.7 7,872.2

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,214.9 5,209.5 5,957.6

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 4,984.5 5,115.4 6,258.4

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,945.2 4,974.8 5,517.9

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 4,904.3 4,807.5 5,536.2

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,853.2 4,819.5 4,986.1

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,835.1 4,864.2 6,193.4

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,359.2 4,106.3 3,324.6

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 3,830.7 3,976.3 5,275.4

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,505.9 3,543.9 4,009.1

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 3,114.2 2,856.9 1,345.1

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,797.3 2,820.2 2,837.9

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,737.7 2,653.3 2,463.2

db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM Beta 2,704.7 2,685.8 3,017.9 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 75: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2015 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 7,658.5 7,495.8 6,385.3

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 5,844.7 5,670.5 4,002.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,812.9 5,676.2 4,026.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 5,790.5 5,305.1 3,758.0

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,374.2 5,130.4 3,449.8

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 3,433.7 3,146.3 1,701.7

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3,052.6 3,186.5 2,689.8

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,010.1 3,009.0 2,329.8

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 2,881.1 2,534.3 1,630.5

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,400.2 2,227.5 2,456.8

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2,373.0 2,417.4 1,725.7

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 2,226.8 2,316.5 1,734.9

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,146.8 2,237.2 1,627.2

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2,120.5 1,873.4 1,982.0

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 2,066.4 1,967.4 1,779.5

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 2,014.3 2,132.4 1,952.5

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AM Beta 1,807.9 1,761.3 2,308.4

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,766.8 1,782.9 1,391.6

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 1,718.6 1,656.0 880.4

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,595.8 1,720.8 1,371.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 September 2016



Figure 76: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2015 AUM

ETFS Physical Gold PHAU LN ETF Securities Beta 5,648.0 5,589.1 3,232.5

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,379.2 5,495.9 4,148.5

Gold Bullion Securities GBS LN ETF Securities Beta 3,949.3 3,900.9 2,150.5

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3,585.1 3,427.8 1,508.2

iShares Physical Gold ETC SGLN LN Blackrock Beta 2,078.7 1,774.9 374.4

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,895.1 1,949.3 1,578.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,775.6 1,819.4 1,347.2

iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 1,351.4 1,472.1 622.8

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,200.4 1,302.1 913.9

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 912.9 887.1 388.4

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 850.1 884.2 491.0

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 775.5 754.7 713.2

ETFS Physical Silver PHAG LN ETF Securities Beta 772.9 809.9 505.9

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 679.1 616.8 357.1

db Physical Gold ETC XGLD LN Deutsche AM Beta 626.7 640.0 431.0

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 614.9 557.4 594.8

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 592.5 569.5 423.7

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 478.8 472.7 219.7

iShares Gold CHF Hedged CH CSGLDC SW BlackRock Beta 416.0 443.5 272.2

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 406.2 422.8 245.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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9. ETF Broker rankings

US ETP Broker Rankings

Figure 77: Top 20 US ETF Brokers | ETFs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (KCG) KCG HOLDINGS, INC. 149,442 19.38% 180,587 1,378,270 18.93% 1,468,775 (KCG) KCG HOLDINGS, INC. 2,809 21.26% 180,587 25,939 20.28% 1,468,781

2 (CSFB) CREDIT SUISSE 93,598 12.13% 23,813 786,654 10.81% 170,214 (UBS) UBS INVESTMENT BANK 1,532 11.60% 45,265 15,043 11.76% 333,036

3 (UBS) UBS INVESTMENT BANK 82,685 10.72% 45,265 785,360 10.79% 333,031 (CSFB) CREDIT SUISSE 1,421 10.75% 23,863 12,481 9.76% 170,529

4 (MLCO) MERRILL LYNCH 59,696 7.74% 42,452 512,771 7.04% 316,886 (MLCO) MERRILL LYNCH 1,038 7.86% 42,467 9,316 7.28% 316,957

5 (JPM) JP MORGAN 50,484 6.55% 106,681 507,341 6.97% 824,815 (DBAB) DEUTSCHE BANK SECURITIES INC 807 6.11% 23,248 7,511 5.87% 185,923

6 (GS ) GOLDMAN SACHS & CO. 45,476 5.90% 143,271 502,323 6.90% 1,233,171 (GS ) GOLDMAN SACHS & CO. 751 5.68% 143,271 8,653 6.77% 1,233,178

7 (DBAB) DEUTSCHE BANK SECURITIES INC 43,860 5.69% 23,248 389,209 5.35% 185,923 (JPM) JP MORGAN 745 5.64% 106,681 7,547 5.90% 824,815

8 (CITI) CITIGROUP GLOBAL MARKETS 39,737 5.15% 11,440 423,376 5.82% 120,869 (FCM) FIDELITY CAPITAL MARKETS 700 5.30% 44,661 6,426 5.02% 384,631

9 (BCAP) BARCLAYS CAPITAL 38,221 4.96% 56,795 352,920 4.85% 483,500 (CITI) CITIGROUP GLOBAL MARKETS 628 4.76% 11,441 7,625 5.96% 120,870

10 (FCM) FIDELITY CAPITAL MARKETS 35,836 4.65% 44,661 325,722 4.47% 384,631 (BCAP) BARCLAYS CAPITAL 607 4.60% 56,795 5,870 4.59% 483,501

11 (MSCO) MORGAN STANLEY 32,390 4.20% 13,948 315,534 4.33% 116,644 (MSCO) MORGAN STANLEY 549 4.15% 13,948 5,017 3.92% 116,644

12 (RBC) ROYAL BANK OF CANADA 15,934 2.07% 38,367 137,582 1.89% 322,528 (RBC) ROYAL BANK OF CANADA 279 2.11% 38,367 2,500 1.95% 322,529

13 (INCA) INSTINET 11,658 1.51% 7,043 126,049 1.73% 67,150 (CVGX) CONVERGEX 207 1.56% 16,530 2,545 1.99% 175,988

14 (CVGX) CONVERGEX 11,336 1.47% 16,530 132,215 1.82% 175,988 (INCA) INSTINET 131 0.99% 7,043 1,362 1.06% 67,150

15 (JEFF) JEFFERIES & CO., INC. 9,500 1.23% 5,302 108,371 1.49% 80,208 (JEFF) JEFFERIES & CO., INC. 130 0.98% 5,302 1,409 1.10% 80,208

16 (BNYM) BANK OF NEW YORK, THE 6,941 0.90% 12,747 51,092 0.70% 73,217 (BNYM) BANK OF NEW YORK, THE 113 0.86% 12,747 902 0.71% 73,217

17 (RAJA) RAYMOND JAMES & ASSOCIATES 3,145 0.41% 27,724 23,739 0.33% 194,410 (RAJA) RAYMOND JAMES & ASSOCIATES 54 0.41% 27,729 423 0.33% 194,440

18 (SG) SG SECURITIES 3,029 0.39% 1,159 3,194 0.04% 1,328 (WBET) WALLACHBETH CAPITAL LLC 51 0.39% 177 816 0.64% 2,376

19 (WBET) WALLACHBETH CAPITAL LLC 2,395 0.31% 177 42,355 0.58% 2,374 (BNPP) BNP PARIBAS 40 0.31% 4,300 389 0.30% 19,082

20 (BTIG) BTIG LLC 2,059 0.27% 1,126 24,115 0.33% 9,727 (SG) SG SECURITIES 36 0.27% 1,159 41 0.03% 1,328

Other 33,893 4.39% 92,572 351,404 4.83% 825,673 Other 585 4.43% 89,399 6,084 4.76% 816,449

Total 771,313 100.00% 894,908 7,279,596 100.00% 7,391,062 Total 13,212 100.00% 894,980 127,900 100.00% 7,391,632

Value Trade Summary Volume Trade Summary

Aug-16 YTD Aug-16 YTD

Source: Deutsche Bank, Bloomberg Finance LP

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

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Figure 78: Top 20 US ETV Brokers | ETVs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (KCG) KCG HOLDINGS, INC. 11,210 27.37% 16,971 91,163 26.19% 132,353 (KCG) KCG HOLDINGS, INC. 451 30.25% 16,971 3,800 27.75% 132,353

2 (UBS) UBS INVESTMENT BANK 6,325 15.44% 2,499 54,284 15.59% 18,152 (UBS) UBS INVESTMENT BANK 229 15.35% 2,499 2,318 16.93% 18,152

3 (CSFB) CREDIT SUISSE 5,375 13.12% 1,185 35,528 10.21% 8,761 (FCM) FIDELITY CAPITAL MARKETS 161 10.80% 5,450 1,170 8.54% 42,568

4 (FCM) FIDELITY CAPITAL MARKETS 3,023 7.38% 5,450 22,916 6.58% 42,568 (CSFB) CREDIT SUISSE 148 9.95% 1,186 1,089 7.95% 8,770

5 (CITI) CITIGROUP GLOBAL MARKETS 2,173 5.31% 984 28,825 8.28% 7,690 (MLCO) MERRILL LYNCH 78 5.21% 2,031 626 4.57% 14,765

6 (MLCO) MERRILL LYNCH 2,106 5.14% 2,031 15,933 4.58% 14,763 (CITI) CITIGROUP GLOBAL MARKETS 59 3.93% 984 932 6.81% 7,690

7 (JPM) JP MORGAN 1,867 4.56% 6,493 18,890 5.43% 51,317 (BCAP) BARCLAYS CAPITAL 51 3.43% 4,708 464 3.39% 39,237

8 (GS ) GOLDMAN SACHS & CO. 1,394 3.40% 10,295 15,192 4.36% 91,317 (JPM) JP MORGAN 45 3.05% 6,493 555 4.05% 51,317

9 (DBAB) DEUTSCHE BANK SECURITIES INC 1,332 3.25% 1,089 11,574 3.32% 8,825 (GS ) GOLDMAN SACHS & CO. 43 2.88% 10,295 490 3.58% 91,317

10 (BCAP) BARCLAYS CAPITAL 1,292 3.15% 4,708 10,864 3.12% 39,237 (DBAB) DEUTSCHE BANK SECURITIES INC 40 2.65% 1,089 429 3.14% 8,825

11 (MSCO) MORGAN STANLEY 1,128 2.75% 724 8,341 2.40% 5,948 (RBC) ROYAL BANK OF CANADA 39 2.64% 3,639 328 2.40% 22,391

12 (RBC) ROYAL BANK OF CANADA 817 2.00% 3,639 6,123 1.76% 22,391 (MSCO) MORGAN STANLEY 36 2.39% 724 384 2.81% 5,948

13 (CVGX) CONVERGEX 522 1.28% 826 6,788 1.95% 10,041 (CVGX) CONVERGEX 21 1.38% 826 286 2.09% 10,041

14 (INCA) INSTINET 307 0.75% 246 2,420 0.70% 2,964 (BNYM) BANK OF NEW YORK, THE 10 0.64% 508 123 0.90% 3,553

15 (JEFF) JEFFERIES & CO., INC. 271 0.66% 532 2,260 0.65% 2,945 (JEFF) JEFFERIES & CO., INC. 8 0.56% 532 53 0.39% 2,945

16 (BNYM) BANK OF NEW YORK, THE 189 0.46% 508 2,138 0.61% 3,553 (INCA) INSTINET 8 0.54% 246 91 0.66% 2,964

17 (RAJA) RAYMOND JAMES & ASSOCIATES 175 0.43% 1,417 967 0.28% 8,676 (RAJA) RAYMOND JAMES & ASSOCIATES 7 0.46% 1,417 35 0.26% 8,676

18 (ITGI) INVESTMENT TECHNOLOGY GROUP 155 0.38% 261 2,830 0.81% 10,002 (BNPP) BNP PARIBAS 6 0.42% 314 19 0.14% 1,233

19 (BNPP) BNP PARIBAS 88 0.22% 314 354 0.10% 1,233 (BMOC) BMO CAPITAL MARKETS 4 0.28% 153 49 0.36% 1,545

20 (JONE) JONESTRADING 82 0.20% 407 576 0.17% 5,431 (ITGI) INVESTMENT TECHNOLOGY GROUP 4 0.27% 261 115 0.84% 10,002

Other 1,126 2.75% 4,306 10,166 2.92% 31,393 Other 44 2.93% 4,560 335 2.45% 35,283

Total 40,958 100.00% 64,885 348,131 100.00% 519,560 Total 1,493 100.00% 64,886 13,693 100.00% 519,575




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 79: Top 20 European ETF brokers | ETFs | Europe |

Rank Broker

Advertised

value (€

million)

Market

Share

Advertised

Trades

Advertised

value (€

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CBK) COMMERZBANK 8,768 11.90% 20,468 77,432 10.81% 152,778 (BNPP) BNP PARIBAS 282 10.77% 9,857 2,327 9.74% 79,941

2 (FLOW) FLOW TRADERS 7,287 9.89% 5,195 58,663 8.19% 37,040 (OPTV) OPTIVER VOF 230 8.81% 7,285 925 3.87% 21,203

3 (OPTV) OPTIVER VOF 5,839 7.92% 7,273 21,556 3.01% 21,191 (CBK) COMMERZBANK 211 8.07% 20,468 2,085 8.73% 153,054

4 (BNPP) BNP PARIBAS 5,674 7.70% 9,830 72,949 10.18% 79,668 (FLOW) FLOW TRADERS 211 8.06% 5,428 1,961 8.21% 38,663

5 (SIS) SUSQUEHANNA INTERNATIONAL GRP 4,559 6.18% 2,525 60,483 8.44% 28,375 (SIS) SUSQUEHANNA INTERNATIONAL GRP 203 7.77% 2,525 2,338 9.79% 28,424

6 (CSFB) CREDIT SUISSE 4,363 5.92% 3,102 41,279 5.76% 25,811 (CSFB) CREDIT SUISSE 199 7.59% 3,195 1,524 6.38% 26,212

7 (CITI) CITIGROUP GLOBAL MARKETS 3,653 4.96% 3,471 49,568 6.92% 28,220 (UBS) UBS INVESTMENT BANK 147 5.63% 1,523 744 3.11% 4,335

8 (UBS) UBS INVESTMENT BANK 3,562 4.83% 1,523 18,650 2.60% 4,335 (CITI) CITIGROUP GLOBAL MARKETS 102 3.90% 3,471 1,127 4.72% 28,222

9 (JPMS) JPMORGAN CHASE BANK, N.A. 3,308 4.49% 2,397 24,750 3.45% 20,042 (GS ) GOLDMAN SACHS & CO. 101 3.85% 4,774 399 1.67% 38,158

10 (DBK ) DEUTSCHE BANK AG 2,975 4.04% 3,741 31,971 4.46% 34,528 (WINS) WINTERFLOOD SECURITIES 98 3.76% 7,404 840 3.52% 55,193

11 (HSBC) HSBC GROUP PLC 2,491 3.38% 2,387 17,721 2.47% 17,408 (HSBC) HSBC GROUP PLC 93 3.56% 2,390 626 2.62% 17,421

12 (WINS) WINTERFLOOD SECURITIES 2,275 3.09% 7,404 17,784 2.48% 55,191 (DBK ) DEUTSCHE BANK AG 87 3.32% 3,741 920 3.85% 34,545

13 (SG) SG SECURITIES 2,266 3.07% 3,590 26,817 3.74% 32,958 (KCG) KCG HOLDINGS, INC. 86 3.31% 6,239 971 4.06% 50,491

14 (MSCO) MORGAN STANLEY 1,984 2.69% 1,664 16,915 2.36% 13,141 (SG) SG SECURITIES 84 3.22% 3,590 934 3.91% 32,959

15 (BCAP) BARCLAYS CAPITAL 1,853 2.51% 3,324 22,945 3.20% 26,091 (JPMS) JPMORGAN CHASE BANK, N.A. 59 2.26% 2,397 515 2.16% 20,074

16 (KCG) KCG HOLDINGS, INC. 1,583 2.15% 6,239 17,555 2.45% 50,491 (BCAP) BARCLAYS CAPITAL 59 2.24% 3,324 726 3.04% 26,097

17 (KEPL) KEPLER CAPITAL MARKETS 1,576 2.14% 2,190 17,867 2.49% 20,232 (MSCO) MORGAN STANLEY 53 2.01% 1,664 474 1.99% 13,144

18 (UNIC) UNICREDIT 1,524 2.07% 333 17,502 2.44% 4,912 (KEPL) KEPLER CAPITAL MARKETS 50 1.93% 2,190 522 2.18% 20,235

19 (GS ) GOLDMAN SACHS & CO. 1,498 2.03% 4,774 15,575 2.17% 38,156 (MLCO) MERRILL LYNCH 40 1.54% 2,136 659 2.76% 23,096

20 (MLCO) MERRILL LYNCH 1,152 1.56% 2,136 14,193 1.98% 23,035 (UNIC) UNICREDIT 37 1.42% 335 487 2.04% 4,920

Other 5,521 7.49% 16,197 74,349 10.38% 153,654 Other 183 6.98% 16,204 2,780 11.64% 154,266

Total 73,709 100.00% 109,763 716,524 100.00% 867,257 Total 2,615 100.00% 110,140 23,883 100.00% 870,653




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Eu

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Mon

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Figure 80: Top 20 European ETC brokers | ETCs | Europe |

Rank Broker

Advertised

value (€

million)

Market

Share

Advertised

Trades

Advertised

value (€

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (OPTV) OPTIVER VOF 923 16.50% 1,570 2,768 7.10% 4,116 (OPTV) OPTIVER VOF 156 27.83% 1,570 467 7.41% 4,116

2 (WINS) WINTERFLOOD SECURITIES 468 8.36% 2,299 3,391 8.70% 17,332 (WINS) WINTERFLOOD SECURITIES 64 11.42% 2,299 1,615 25.64% 17,332

3 (CBK) COMMERZBANK 456 8.15% 681 2,453 6.30% 4,974 (BNPP) BNP PARIBAS 63 11.34% 150 789 12.52% 1,598

4 (FLOW) FLOW TRADERS 415 7.42% 411 2,818 7.23% 2,639 (UBS) UBS INVESTMENT BANK 57 10.16% 221 125 1.99% 634

5 (SG) SG SECURITIES 395 7.06% 122 1,458 3.74% 1,108 (FLOW) FLOW TRADERS 34 6.12% 432 272 4.32% 2,757

6 (MSCO) MORGAN STANLEY 376 6.72% 176 1,375 3.53% 1,771 (CITI) CITIGROUP GLOBAL MARKETS 33 5.88% 500 328 5.21% 3,707

7 (CITI) CITIGROUP GLOBAL MARKETS 290 5.19% 499 2,526 6.48% 3,706 (MSCO) MORGAN STANLEY 19 3.42% 176 89 1.41% 1,771

8 (UBS) UBS INVESTMENT BANK 273 4.88% 221 901 2.31% 634 (CBK) COMMERZBANK 17 3.01% 681 76 1.21% 4,974

9 (MACQ) MACQUARIE SECURITIES 216 3.86% 64 1,792 4.60% 604 (SIS) SUSQUEHANNA INTERNATIONAL GRP 16 2.80% 57 132 2.10% 308

10 (SIS) SUSQUEHANNA INTERNATIONAL GRP 199 3.55% 57 1,266 3.25% 308 (SG) SG SECURITIES 11 1.97% 122 83 1.32% 1,109

11 (DBK ) DEUTSCHE BANK AG 199 3.55% 486 1,180 3.03% 3,807 (ITGE) ITG EUROPE 8 1.43% 40 74 1.17% 151

12 (HSBC) HSBC GROUP PLC 182 3.26% 168 2,484 6.38% 1,073 (DBK ) DEUTSCHE BANK AG 7 1.32% 486 343 5.45% 3,808

13 (BNPP) BNP PARIBAS 161 2.88% 150 1,749 4.49% 1,565 (CANT) CANTOR FITZGERALD L.P. 7 1.31% 59 82 1.31% 362

14 (JPMS) JPMORGAN CHASE BANK, N.A. 145 2.60% 203 859 2.20% 1,473 (HSBC) HSBC GROUP PLC 7 1.28% 168 61 0.97% 1,073

15 (CSFB) CREDIT SUISSE 128 2.30% 182 2,167 5.56% 1,431 (KCG) KCG HOLDINGS, INC. 7 1.20% 617 329 5.23% 4,601

16 (CANT) CANTOR FITZGERALD L.P. 102 1.82% 59 385 0.99% 362 (MACQ) MACQUARIE SECURITIES 6 1.06% 64 58 0.92% 604

17 (KCG) KCG HOLDINGS, INC. 87 1.55% 617 994 2.55% 4,601 (INCA) INSTINET 6 1.02% 77 217 3.45% 917

18 (BCAP) BARCLAYS CAPITAL 80 1.43% 227 842 2.16% 1,902 (CSFB) CREDIT SUISSE 6 0.98% 185 82 1.30% 1,438

19 (ITGE) ITG EUROPE 70 1.24% 40 284 0.73% 151 (BFIN) BLUEFIN EUROPE LLP 4 0.68% 51 139 2.20% 411

20 (BFIN) BLUEFIN EUROPE LLP 66 1.18% 51 733 1.88% 411 (JPMS) JPMORGAN CHASE BANK, N.A. 3 0.57% 203 24 0.38% 1,473

Other 363 6.49% 2,586 6,540 16.78% 26,601 Other 29 5.21% 2,736 913 14.50% 27,637

Total 5,593 100.00% 10,869 38,965 100.00% 80,569 Total 560 100.00% 10,894 6,299 100.00% 80,781




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

9 September 2016



Appendix A: How we define ETPs Exchange-Traded Products (ETPs)

We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-

traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes

exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2015.

The vast majority of instruments are ETFs (97.7%, 4,396 products, $2,879bn) with the remainder being ETCs (0.6%, 455

products, $17.4bn) in Europe and ETVs (1.6%, 67 products, $48.2bn) in the US.

Figure 81: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,644 2,113,454 71.7% 1,577 2,065,258 70.1% 67 48,195 1.6%

Europe 1,982 507,450 17.2% 1,527 490,095 16.6% 455 17,354 0.6%

Asia Pacific 810 250,247 8.5% 794 249,926 8.5% 16 321 0.0%

RoW 499 74,661 2.5% 498 73,650 2.5% 1 1,011 0.0%

Global 4,935 2,945,811 100.0% 4,396 2,878,930 97.7% 539 66,881 2.3%

ETPs ETFs ETC/Vs


Exchange-Traded Funds (ETFs, 97.7%)

US (70.1%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs

indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only

physical index replication techniques are permissible by this legislation while synthetic replication is not allowed.

Europe (16.6%): Fund structures that issue units or shares that are traded on an exchange much the same way as

equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and

Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union

directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single

authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds

are allowed to track equity, fixed income as well as diversified commodity indices.

Asia (8.5%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (2.3%)

Exchange-Traded Commodities (ETCs, 0.6%)

In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example

wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus

Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either

be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms

utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed

with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized

by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their

index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast

majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,

government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled

‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 1.6%)

This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily

commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the

investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,

more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange

Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

9 September 2016



Appendix B: The road from beta to alpha

The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market

access). Moving counter-clockwise from beta, the potential for return increases, together with the potential risk.

Figure 82: The Roadmap From Beta (β) to Alpha (α)

Beta Alpha

Beta Multiplied Beta Adjusted

Beta Alpha

BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile

Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager is most successful when they manage to

match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of

an alpha product’s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest

the risk [typically measured by the standard deviation of a product’s returns] the more successful a product is deemed

to be.

There is however a whole host of products that fall between beta and alpha, we have sought to create a classification

system that classifies these products, taking into consideration a number of variables, ranging from diversification to

what constitutes a market segment.

9 September 2016



The authors of this report wish to acknowledge the contribution made by Vibhor

Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party

provider to Deutsche Bank of offshore research support services.

9 September 2016



Appendix 1

Important Disclosures

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock.

Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock

Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.

Newly issued research recommendations and target prices supersede previously published research.

40 %

54 %

6 %

47 % 36 %

16 %0

50

100

150

200

250

300

350

Buy Hold Sell

European Universe

Companies Covered Cos. w/ Banking Relationship

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9 September 2016



Regulatory Disclosures

1.Additional Information

Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a

solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's

investment objectives, risk factors, and charges and expenses before investing. This and other information can be found

in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling

1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not

necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand

the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is

important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through

any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very

large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate

tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,

advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it

receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions

expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

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9 September 2016



Additional Information

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believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this

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account or with customers, in a manner inconsistent with the views taken in this research report. Others within

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Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank research

analysts sometimes have shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing

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make their own informed investment decisions. Prices and availability of financial instruments are subject to change

without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a

financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may

adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise

indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via

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Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

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9 September 2016



loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

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settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

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denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

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Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

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David Folkerts-Landau Group Chief Economist and Global Head of Research

Raj Hindocha Global Chief Operating Officer

Research

Michael Spencer Head of APAC Research

Global Head of Economics

Steve Pollard Head of Americas Research

Global Head of Equity Research

Anthony Klarman Global Head of Debt Research

Paul Reynolds Head of EMEA

Equity Research

Dave Clark Head of APAC

Equity Research

Pam Finelli Global Head of

Equity Derivatives Research

Andreas Neubauer Head of Research - Germany

Stuart Kirk Head of Thematic Research

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