markets research european monthly etf market review ... · 12 june 2017 european monthly etf market...

12 June 2017

European Monthly ETF Market Review

Europe Synthetic Equity & Index Strategy

European MonthlyETF Market Review

Date12 June 2017

Deutsche BankMarkets Research

+€11.1bn in May - Europe, EM equityand Corporate Bonds benefitData in this report is as of 31 May 2017.

European ETP Monthly Highlights (Assets & Flows):■ Assets: European ETPs AUM increased by €7.5bn on MoM basis and

ended the month at €607bn.

■ Flows: European-domiciled ETPs registered strong inflows of +€11.1bnlast month where year-to-date flows have reached +€48bn.

New Product Launches – 40 New productsEuropean ETP market witnessed 40 new launches in May which includes 28Commodities ETPs , 11 Equity and 1 Fixed Income ETFs.

Investment Themes for the Month■ European indices (Regional focused) recorded inflows of +€2.2bn. Indices

that benefitted this month were Euro STOXX 50 (+€879mn), MSCI EMU(+€392mn) and MSCI Europe (+€233mn). EM also saw significant inflows(+€1.3bn). Country wise, Japan (+€255mn) benefited while Germany &UK saw outflows (-€498mn) & (-€258mn) respectively.

■ Smart Beta segment recorded inflows of +€1.3bn. Value Factor ETFssurged with inflows of +€772mn. Robotics & Automation continued todraw steady investment (+€307mn). In other segments, Mid Caps (+€685mn), Financials (+€191mn) and Industrials (+€112mn) benefittedwhile Real Estate lagged (-€137mn).

■ Corporate bond ETF were the net largest contributer for Fixed incomeflows, attracting +€2.4bn.

■ Gold ETPs (+€609mn) commanded most of the overall commodity flows(+€1bn).

■ Activity in US listed ETFs suggests that US investors were positive on bothEuropean-focused regional and country ETFs (+$5.1bn, ytd +$10.4bn).

Turnover: MoM turnover increased by 25%The total turnover activity into European ETPs increased by 25% (€76.1bn)compared to the previous month’s total (€60.7bn).

Ari Rajendra

Research Analyst

+44-20-754-52282

Sebastian Mercado, CFA

Strategist

+1-212-250-8690

Deutsche Bank AG/London

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

Distributed on: 12/06/2017 16:48:09 GMT

0bed7b6cf11c

mailto:[email protected]

mailto:[email protected]

12 June 2017


Table Of ContentsEuropean ETP Highlights ................................................................................ 3New Launch Activity ...................................................................................... 3Investment Themes for the Month ................................................................. 3Turnover: MoM turnover activity increased by 25% ....................................... 6Price discounts/premium to NAV Monitor ..................................................... 7US Market: European-focused regional & country ETFs benefit ..................... 7

1. Investment Trends ........................................................ 8Cross-Asset Class - | ETPs | Europe | ............................................................. 8

2. Market Metrics ............................................................. 9ETF Industry Asset Evolution ......................................................................... 9ETFs vs. Cash Equities ................................................................................. 12ETFs vs. Unlisted Mutual Funds ................................................................... 13European ETF Industry Replication Structure Composition .......................... 15Industry Growth Analysis ............................................................................. 16

3. Cash Flow Analysis .................................................... 18Regional Cash Flow Analysis ....................................................................... 18Asset Class Cash Flow Analysis ................................................................... 18Product Rankings ......................................................................................... 23

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

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

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

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

8. Assets ........................................................................ 54ETP Monthly AUM Analysis by Asset Class ................................................. 54Asset Class Analysis ..................................................................................... 54Product Rankings ......................................................................................... 60

9. ETF Broker rankings ................................................... 62US ETP Broker Rankings .............................................................................. 62European ETP Broker Rankings .................................................................... 63

Appendix A: How we define ETPs ................................. 64

Appendix B: The road from beta to alpha ...................... 66


12 June 2017


European ETP Highlights

Assets: European ETPs AUM increased by €7.5bn on MoM basis and ended themonth at €607bn. At asset class level, Equity ETFs assets rose by €6.5bn (1.6%)followed by fixed income €1.5bn (1%) while assets in Commodity ETPs fell by€482mn (-1%) during last month. For more details please refer to Assets section.

Flows: European-domiciled ETPs registered strong inflows of +€11.1bn duringlast month where year-to-date flows have reached +€48bn. Equity ETFs benefittedmost this month with inflows of +€7.2bn followed by Fixed Income ETFs andCommodity ETPs with inflows of +€3bn and +€1bn respectively. For more detailsplease refer to Cash Flow Analysis section.

Global ETPs HighlightsGlobal ETPs assets increased by $103bn, ending around $4 trillion at the end ofMay'17, 2.7% up from last month-end levels. Globally, ETPs registered monthlyinflows +$46bn during May. US-listed ETPs had inflows of +$31bn in overallflows. Asia-Pacific-listed ETPs recorded inflows of +$2.8bn during last month.

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

Region May-17 Apr-17

MoM

Change

(%)

May-17 Apr-17 May-17 Apr-17

MoM

Change

(%)

AUMCash

Flows*Turnover

US 2907.92 2848.08 2.10% 30.76 35.18 1400.18 1312.89 6.65% 73% 1.1% 85%

Europe 682.66 652.94 4.55% 12.19 4.91 84.15 65.17 29.14% 17% 1.9% 5%

Asia-Pacific 369.22 356.10 3.68% 2.81 1.76 166.76 157.05 6.18% 9% 0.8% 10%

Global 3959.79 3857.11 2.66% 45.76 41.86 1651.09 1535.10 7.56% 1.2%

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

Source: Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Cash Flow Market Share corresponds to May-17 Monthly Cash Flow / Endof Apr-17 AUM

New Launch Activity

40 New products launched dominated by CommoditiesBNP Paribas launched 27 Commodity ETCs on Deutsche Borse providingexposure to various commodities such as Industrial Metals, Energy & PreciousMetals. Within Equity, Amundi listed 4 ETFs while BlackRock and First Trust Eachlisted 2 equity ETFs during last month. BNP Paribas, Lyxor & PowerShares showedtheir presence with the launch of one equity ETF each.

BlackRock and Source listed a Fixed Income and Commodity ETF respectivelyduring the month of May. For additional information on new product launchesplease refer to Product Review section.

Investment Themes for the Month

Broad Europe, EM and Japanese equities benefitted in May, Germany & UKwitness outflowsETFs tracking European indices (Regional focused) recorded inflows of +€2.2bn(+€6.2bn inflows so far this year). Indices that benefitted this month were EuroSTOXX 50 (+€879mn), MSCI EMU (+€392mn) and MSCI Europe (+€233mn).European Equities (based on ETFs tracking traditional regional indices) havebenefitted from positive flows (+€9.7bn) since Sep'16 whereas country focusedETFs observed mix trends. On the other hand, for US listed ETFs, investors havebeen positive on both European-focused regional and country ETFs (+$10.4bnflows so far this year). For more details please refer to US Markets section below.


12 June 2017


In other regions, Emerging Markets equity ETFs also had material inflows (+€1.3bn). Interestingly a single ETF tracking the MSCI Emerging Markets IMI indexwhich includes small cap securities drew +€1.1bn of ytd inflows.

Figure 2: Regional/Country flows - May - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters. *Europe (DM) includes all European regional & country focused ETFs.

Country wise, Japan-focused ETFs benefitted most with inflows of +€255mnwhereas Germany and UK focused ETFs saw redemptions of -€498mn and -€258mn amid political uncertainty in these countries. Deka DAX UCITS ETF(ETFDAX GY) and UBS ETF - MSCI United Kingdom UCITS ETF A-acc (UKGBPBSW) affected most with monthly outflows of -€653mn and -€225mn respectivelyover the last month.

Smart Beta: Value Factor ETFs flows surgeEurope listed Smart Beta ETFs continued their positive run and registered +€1.3bn of new money in May taking year-to-date inflows to +€5.3bn. Within SmartBeta, Factor ETFs remained popular amongst investors where we observed largeinflows into Value factor ETFs (+€772mn). In other Factor sub-segments, multi-factor ETFs also drew investment with inflows of +€148mn. US listed Smart BetaETFs had positive inflows but with differing trends to that observed in Europe.We saw material inflows into multi-factor ETFs (+$1.1bn) and Low Vol (+$659mn)while Value ETFs witness outflows of -$732mn over the last month.

Amongst other Smart Beta categories, ESG and Dividend strategies based ETFsalso recorded positive inflows worth of +€141mn and +€109mn during lastmonth.


12 June 2017


Figure 3: Quarterly Flows into Factor & Low-Vol Strategies - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.

Robotics & Automation continues to draw steady investment, Mid Caps,Financials performed well while Real Estate saw redemptionsAmong other equity sub-segments, Mid cap ETFs recorded monthly inflows of+€685mn during May which was primarily contributed by iShares MSCI EuropeMid Cap UCITS ETF (EUMD LN) with inflows of+€471mn. The thematic segmentalso benefitted from inflows (+€307mn) which were primarily attributed toRobotics & Automation related ETFs. We have seen steady inflows into this sectorsince last year particularly into two products; iShares Automation & RoboticsUCITS ETF (RBOT LN) (+€397mn) and Robo Global Robotics and AutomationUCITS ETF (ROBO LN) (+€244mn).

Sector-wise, Financials and Industrials sector ETFs benefitted most and recordedmonthly inflows of +€191mn and +€111mn respectively while Real Estate sawredemptions of -€137mn during last month. Year to date, Financial Sector ETFshas topped the flow ranking table with inflows of +€943mn while Real Estatefaced most of the redemptions so far this year (-€101mn).

Corporate Bonds witness surge in flows & asset growthFixed Income ETFs registered inflows of +€3bn last month. Corporate bond ETFscontributed most attracting +€2.4bn. However the two largest inflows were intoSovereign ETFs. iShares Emerging Markets Local Government Bond UCITS ETF(SEML LN) and iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS LN) benefitted withmonthly inflows of +€521mn and +€296mn respectively. On a Year to date basis,all the FI sub segments reported positive flows except covered bonds (-€116mn).Sovereign bonds led the tally with inflows of +€6.2bn followed by CorporateBonds (+€5.9bn).

In terms of growth, Corporate Bonds ETFs led with 3.5% increase in assets whilecovered bonds suffered most with -3.4% decrease in assets during May. Further,Global EM bonds recorded another month of significant activity (+€1bn, ytd +€5.5bn). Figures below illustrate monthly flows and flows % in Fixed Incomesegments.


12 June 2017


Figure 4: Flow as % of AUM - Fixed Income Segments

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 5: Corp. ETFs vs Sov. ETFs Monthly Flows


Commodity ETPs inflows driven by Gold ETPsEuropean Commodity ETP market registered inflows of +€1bn (+€4.9bn YTD).Flows into Gold ETPs remained strong during the month of May with inflows of+€1bn (+€2.4bn so far this year). In asset terms, Gold ETPs assets reached at€30.3bn out of total commodity assets of €45.5bn which is almost 67% of overallcommodity assets. In terms of asset growth, Crude Oil led with 4.7% increase inassets followed by Gold ETPs (2%) While Broad ETPs saw flat asset growth.

Figure 6: Cum. Flows into Commodity ETPs for last 3 years


Turnover: MoM turnover activity increased by 25%

The total turnover activity into European ETPs increased by 25% (€76.1bn)compared to the previous month’s total (€60.7bn). All the major assets classessaw increased turnover activity where Equity ETFs increased by 32 % followedby Fixed Income (13%) and Commodity ETPs (7%). For more details please referto Trading Perspective section.


12 June 2017


Price discounts/premium to NAV Monitor

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

■ Equities: Deepest discount in Sector (-0.40%) and highest premium(0.45%) occurred within Size ETFs.

■ Fixed Income: Broad Bonds had the deepest discount (-0.17%) andhighest premium (0.26%) occurred within Corporate Bond ETFs.

Figure 7: Price premium/discount to NAV - | ETFs | Europe |

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

US Market: European-focused regional & country ETFsbenefit

US domiciled ETPs recorded inflows of +$30.8bn in May approaching +$200bninflows so far this year. Equity ETFs topped the flows ranking with inflows of +$20.4bn followed by inflows into fixed income ETFs (+$10.8bn). Commodity ETPsreversed the previous month positive trend and comes into negative zone withredemptions worth of -$0.6bn(+$0.7bn in Apr'17).

US investors have been positive to both European-focused regional and countryETFs where Europe DM broad recorded inflows of +$4.5bn and within countryfocused, only UK saw redemptions (-$203mn) during last month.


12 June 2017


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

Figure 8: Cash flows by asset class – YTD

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12 June 2017


2. Market MetricsETF Industry Asset Evolution

Figure 10: Global ETP regional asset growth - | ETPs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 369.2

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.3 682.6

US ($) 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 2,907.9

US, Europe & Asia Pacific ($) 199.8 278.6 391.9 567.6 805.3 734.4 1,094.2 1,390.3 1,435.3 1,838.0 2,263.4 2,644.9 2,903.6 3,417.3 3,959.8

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 540.7 607.1

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,125 3,493 3,710 4,023 4,456 4,740 4,932

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

Figure 11: Global ETPs (ETF,ETV & ETC) asset growth - | ETPs | Global |

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

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.7 21.7 20.7 17.8 26.8 31.7

ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 61.7 65.0

ETFs 198.6 275.3 384.3 549.8 770.3 689.3 999.9 1,260.0 1,299.5 1,683.0 2,178.2 2,567.4 2,837.6 3,328.8 3,863.1

Total 199.8 278.6 391.9 567.6 805.3 734.4 1,094.2 1,390.3 1,435.3 1,838.0 2,263.4 2,644.9 2,903.6 3,417.3 3,959.8

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,125 3,493 3,710 4,023 4,456 4,740 4,932

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12 June 2017


Figure 12: Global ETF regional asset growth - | ETFs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 169.3 206.4 283.5 314.1 368.8

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 543.8 651.4

US ($) 143.2 203.0 291.5 411.2 581.9 499.0 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 2,470.9 2,842.9

US, Europe & Asia Pacific ($) 198.6 275.3 384.3 549.8 770.3 689.3 999.9 1,260.0 1,299.5 1,683.0 2,178.2 2,567.4 2,837.6 3,328.8 3,863.1

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.8 286.3 362.4 450.0 515.6 579.3

Number of ETFs* 257 310 414 676 1,116 1,481 1,801 2,234 2,700 2,967 3,182 3,488 3,912 4,192 4,338

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Figure 13: European ETF asset growth by asset class - | ETFs | Europe |

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

Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,513 1,484

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,449 18,090

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,427 138,001 149,734

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,542 147,272 139,335 170,853 209,824 261,415 323,861 359,654 409,955

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,105 211,061 207,602 252,766 286,296 362,388 449,984 515,617 579,263

Number of ETFs* 100 114 162 266 419 614 817 1,055 1,217 1,313 1,349 1,438 1,517 1,521 1,553

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12 June 2017


Figure 14: European Commodity ETP (ETF & ETC) asset growth by segment - | ETPs | Europe |

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

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

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 689 868

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 764 962

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,579 2,371

Overall - - 1,103 1,444 981 3,531 5,581 4,416 4,822 3,759 3,563 3,661 6,027 6,783

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 30,986 34,471

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,394 52,451 29,593 29,818 28,001 41,055 45,466

Number of ETPs* 1 3 40 76 144 185 247 324 421 415 390 397 411 459

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Figure 15: European ETPs (ETF & ETC) asset growth - | ETPs | Europe |

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

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,052 25,080 27,790

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,06 207,60 252,76 286,29 362,38 449,98 515,61 579,26

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,18 279,34 301,71 379,20 466,03 540,69 607,05

Number of ETPs 100 115 164 298 476 738 993 1,331 1,564 1,748 1,791 1,888 1,979 1,999 2,077

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


12 June 2017


ETFs vs. Cash Equities

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

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Figure 17: ETFs vs. cash equities turnover – European market - | ETFs | Europe |

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12 June 2017


ETFs vs. Unlisted Mutual Funds

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

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17

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

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

ETPs vs mutual funds 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.3% 3.7% 3.6% 3.6% 3.5% 3.5% 3.6% 3.7% 3.8% 4.0%

ETFs vs mutual funds 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.5% 3.6% 3.8%

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Figure 19: European ETP vs mutual fund cash flows - | ETPs | Europe |

Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17

ETCs 0.24 0.06 0.90 0.82 -0.48 0.07 0.00 -0.31 -0.51 0.43 -0.14 0.25 0.01 -0.02 0.68 2.29 0.51 0.47 0.31 0.97 1.42 1.08 0.51 0.64 -0.51 -1.29 0.39 0.87 0.82

ETFs 4.13 0.06 11.26 10.26 7.18 4.18 0.28 1.68 7.94 9.73 1.91 5.95 3.56 8.57 2.26 -0.01 3.99 3.10 1.90 3.48 8.20 4.77 2.28 2.94 4.72 4.76 10.76 9.67 10.06

Mutual funds 43.30 3.60 105.00 108.80 87.80 98.40 56.70 2.10 71.00 15.30 -5.50 63.80 64.90 28.60 0.20 8.50 26.30 64.80 51.70 14.30 65.50 55.40 50.50 62.10 22.10 32.10 92.40 69.30 98.90

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Figure 20: US ETP vs mutual fund assets - | ETPs | US |

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17*

ETVs 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 63 75 76 62 65 66

ETFs 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,065 2,100 2,163 2,321 2,471 2,730 2,782

ETPs vs mutual funds 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 16.4% 16.7% 16.9% 17.5% 18.6% 19.5% 19.6%

ETFs vs mutual funds 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 16.0% 16.2% 16.4% 17.0% 18.1% 19.1% 19.2%

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

19.7%

21.7%

0

500

1,000

1,500

2,000

2,500

3,000

ETP

vs m

utu

al fu

nd

s

ETP

AU

M ($ b

illio

n)

Source: Deutsche Bank, Bloomberg Finance LP, ICI. *Data as of 28-Apr-2017.


12 June 2017


Figure 21: US ETP vs mutual fund cash flows - | ETPs | US |

-100

-80

-60

-40

-20

0

20

40

60

80

100

Cash f

low

s (

$ b

illio

n)

Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

ETVs -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56 -0.76 0.67 -0.42 0.78 0.45 -0.98 2.11 5.40 2.35 -0.72 3.30 4.11 1.99 -0.49 0.46 -0.36 -3.36 -3.73 -0.86 1.81 -0.44 0.76

ETFs 42.45 51.51 -7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36 27.22 25.58 39.92 -3.10 -4.22 30.02 11.79 -1.55 15.51 43.70 27.99 17.52 18.68 51.77 64.90 42.68 44.96 45.85 34.42

Mutual funds 13.76 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.26 -7.85 -30.08 -76.28 -20.77 8.48 14.67 -4.48 -6.60 -14.56 -14.62 -9.88 -9.00 -33.05 -52.42 -56.06 10.20 25.91 10.77 -0.71

Source: Deutsche Bank, Bloomberg Finance LP, ICI


12 June 2017


European ETF Industry Replication Structure Composition

Synthetic vs Physical

Figure 22: Historical Composition by ETF Structure - | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

1,000

-

100

200

300

400

500

600

700

Num

ber

of

ETFs

AU

M (€

bill

ion)

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


Figure 23: European AUM ETF market historical asset class analysis byreplication technique - | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 281,807 77,895 317,814 92,141 317,814 92,141

Fixed Income 115,319 22,682 123,947 25,787 123,947 25,787

Commodity 10,801 5,660 11,434 6,655 11,434 6,655

Others 589 924 604 880 604 880

Total 408,516 107,161 453,799 125,463 453,799 125,463

Equity 605 478 622 485 622 485

Fixed Income 240 132 250 131 250 131

Commodity 21 28 20 30 20 30

Others 7 8 6 9 6 9

Total 873 646 898 655 898 655

Equity 10,573 6,169 19,662 10,206 5,536 1,622

Fixed Income 23,614 -824 9,525 4,020 2,505 452

Commodity 1,231 1,517 192 1,709 43 30

Others 145 -59 -2 -61 -58 3

Total 35,563 6,804 29,377 15,874 8,025 2,108

ETFs (number of products)

Cash Flows (€ million)

May-17

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Year-to-date (up to 31-May-2017) numbers have been provided).


12 June 2017


Industry Growth Analysis

Figure 24: 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

ibuti

on (

line)

ETF c

ash f

low

gro

wth

co

ntr

ibutio

n (B

ars

)

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

Price growth -0.5% 3.6% -0.9% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% 7.3% 1.4% 0.2% -0.2% 3.4% 0.1% 0.0% -1.7% 0.7% 1.0% 2.1% 2.3% 0.3% 1.4% 1.5%

Flows growth 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% 1.7% 1.2% 0.9% 0.6% 1.9% 2.0% 1.8% 1.8% 1.7% 0.9% 1.2%

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%

Total growth -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% 0.4% -0.2% -4.9% -0.4% 8.7% 1.7% 0.4% 0.5% 5.1% 1.3% 0.9% -1.2% 2.5% 3.1% 3.9% 4.1% 2.1% 2.3% 2.7%


Figure 25: 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

price g

row

th c

ontr

ibutio

n (Lin

e)

ETF c

ash f

low

s g

row

th c

ontr

ibutio

n (B

ars

)


Price growth -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% -0.2% -2.6% -4.8% -0.2% 5.9% 1.1% 0.6% 0.1% 3.4% 0.0% -0.2% -1.9% 1.5% 1.0% 1.9% 2.5% 0.1% 1.3% 1.1%

Flows growth -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% 2.0% 1.2% 0.8% 0.8% 2.3% 2.7% 1.7% 1.8% 1.7% 0.9% 1.1%

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%

Total growth -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% 1.1% -0.7% -4.9% -0.5% 7.4% 1.6% 0.5% 0.8% 5.5% 1.2% 0.6% -1.1% 3.8% 3.7% 3.7% 4.3% 1.8% 2.3% 2.2%


Figure 26: European ETF Industry growth attribution - | ETFs | Europe |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

ETF

asset

pri

ce g

row

th c

ontr

ibuti

on (

Lin

e)

ETF

cash f

low

s g

row

th c

ontr

ibuti

on (

Bars

)


Price growth 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% 1.5% 0.8% 1.5% -0.7% 2.5% 0.5% -0.6% 0.2% 1.6% 2.8% -0.3% 3.2% 0.9% 0.2% -0.5%

Flows growth 3.1% 2.6% 1.7% 0.9% 0.1% 0.4% 1.9% 2.2% 0.5% 1.4% 0.8% 1.9% 0.3% 0.0% 1.1% 0.7% 0.4% 0.8% 1.8% 1.0% 0.5% 0.6% 1.0% 1.0% 2.1% 1.9% 1.8% 0.8% 1.8%

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%

Total growth 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% 3.1% -2.2% -4.2% -1.1% 2.6% 1.5% 2.0% 0.1% 4.3% 1.6% -0.1% 0.8% 2.6% 3.8% 1.8% 5.0% 2.7% 1.0% 1.3%



12 June 2017


Figure 27: 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

price g

row

th c

ontr

ibutio

n (

line)

ETC

cash f

low

s g

row

th c

ontr

ibuti

on (

Bars

)


Price growth 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% -2.6% 6.0% -3.2% 7.9% -0.1% -2.1% 1.0% -1.6% -2.3% -0.4% 1.5% 4.7% -1.7% -1.4% -3.4%

Flows growth 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% 5.7% 4.2% 1.9% 2.3% -1.8% -4.9% 1.5% 3.2% 2.9% -0.2% 3.4%

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%

Total growth 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% 0.8% 8.3% -1.8% 12.3% 5.6% 2.1% 2.9% 0.8% -4.1% -5.3% 3.0% 7.9% 1.3% -1.6% 0.0%



12 June 2017


3. Cash Flow AnalysisRegional Cash Flow Analysis

Figure 28: Global ETP cash flows by region and asset class - | ETPs | Global |

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

ETFs

Equity 20,381 7,877 7,158 390 28,648 23,499 2,855 2,652 -697 25,658 139,384 32,137 29,868 24,999 196,520

Fixed income 10,774 3,253 2,957 2,327 16,354 10,660 1,683 1,579 2,709 15,053 57,350 14,563 13,545 692 72,605

Commodity -121 80 73 9 -32 61 401 373 -272 190 47 2,037 1,901 -265 1,819

Currency -21 0 0 7 -15 -3 0 0 0 -2 -82 0 0 39 -43

Multi Asset 154 8 8 -1 162 99 20 18 1 120 81 96 90 2 179

Alternative 93 -71 -63 52 75 103 7 6 23 133 165 -167 -153 94 92

Total 31,260 11,148 10,133 2,784 45,192 34,420 4,965 4,629 1,765 41,151 196,946 48,666 45,251 25,561 271,173

ETCs/ETVs

Commodity -476 1,024 928 26 574 686 -56 -50 0 630 587 3,264 3,026 56 3,907

Currency -240 22 20 0 -218 44 3 2 0 47 -450 -50 -49 0 -500

Alternative 213 0 0 0 213 31 0 0 0 31 631 0 0 0 631

Total -503 1,046 947 26 569 761 -53 -47 0 708 767 3,214 2,977 56 4,037

ETPs

Equity 20,381 7,877 7,158 390 28,648 23,499 2,855 2,652 -697 25,658 139,384 32,137 29,868 24,999 196,520

Fixed income 10,774 3,253 2,957 2,327 16,354 10,660 1,683 1,579 2,709 15,053 57,350 14,563 13,545 692 72,605

Commodity -597 1,104 1,001 35 542 747 345 323 -272 820 634 5,301 4,927 -208 5,726

Currency -261 22 20 7 -232 42 3 2 0 45 -532 -50 -49 39 -543

Multi Asset 154 8 8 -1 162 99 20 18 1 120 81 96 90 2 179

Alternative 306 -71 -63 52 287 135 7 6 23 164 796 -167 -153 94 723

Total 30,758 12,194 11,080 2,810 45,761 35,182 4,912 4,582 1,765 41,859 197,714 51,880 48,228 25,617 275,210

All figures in $ million except where otherwise stated

May-17 Apr-17 YTD


Asset Class Cash Flow Analysis

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

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

Developed Markets 2,531 0.9% -47 0.0% 12,908 5.2%

Emerging Markets 1,368 3.9% 661 1.9% 3,742 12.6%

Global Markets 980 11.0% 831 10.2% 3,744 65.9%

Sector 577 2.2% 129 0.5% 2,455 10.6%

Capitalization 500 5.2% 326 3.6% 2,187 29.6%

Strategy 809 3.8% -120 -0.6% 2,050 10.5%

Style 123 0.6% 528 2.5% 1,613 8.2%

Thematic 270 3.7% 344 4.9% 1,168 19.0%

Total equities 7,158 1.8% 2,652 0.7% 29,868 8.3%

Apr-17 YTDMay-17



12 June 2017


Figure 30: European Equity ETF cash flow summary - A - | ETFs | Europe |Equity Cash Flows


Sector 577 2.2% 129 0.5% 2,455 10.6%

Consumer discretionary 49 4.8% -69 -6.4% -28 -2.7%

Consumer staples 65 6.1% 18 1.8% 83 8.5%

Energy 60 2.1% 159 5.8% 698 29.5%

Financials 191 2.6% 278 3.9% 943 14.8%

Healthcare -36 -1.2% -81 -2.6% -70 -2.4%

Industrials 112 15.2% -39 -5.2% 88 12.4%

Information Technology 88 3.7% 23 1.0% 495 27.8%

Materials 95 8.5% -57 -4.8% 98 9.3%

Overall 1 64.6% 1 101.8% 2 na

Real Estate -137 -2.7% -42 -0.9% -102 -2.1%

Telecommunications 80 10.6% -35 -4.3% 188 27.7%

Utilities 8 1.4% -26 -4.2% 60 11.4%

Capitalization 500 5.2% 326 3.6% 2,187 29.6%

Large Cap -25 -6.4% -1 -0.2% -25 -7.0%

Mid Cap 685 24.3% 97 3.6% 1,364 69.9%

Small Cap -161 -2.5% 230 3.8% 848 16.7%

Strategy 809 3.8% -120 -0.6% 2,050 10.5%

Fundamental 23 1.5% -45 -2.9% -43 -2.8%

Leveraged Long 1 0.0% -121 -6.8% -339 -19.1%

Leveraged Short -62 -5.0% 213 19.4% 387 38.6%

Options Strategy 0 0.0% 0 0.0% 0 0.0%

Quantitative 810 5.2% -199 -1.3% 1,838 13.3%

Short 38 2.6% 32 2.2% 207 14.6%

Style 123 0.6% 528 2.5% 1,613 8.2%

Dividend -1 0.0% 422 2.2% 1,314 7.4%

Growth 2 0.7% -5 -1.5% 44 17.7%

Value 122 6.6% 111 6.4% 256 15.5%

Thematic 270 3.7% 344 4.9% 1,168 19.0%

Commodities 32 2.7% -7 -0.6% 9 0.7%

Faith -29 -14.9% -7 -3.6% -43 -21.8%

Other Theme 165 6.9% 238 11.0% 765 45.2%

Sustainability 103 2.9% 120 3.6% 437 14.6%

Total 2,279 2.6% 1,207 1.4% 9,473 12.5%

May-17 Apr-17 YTD



12 June 2017


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

Equity Cash Flows


Developed Markets

Europe 1,455 1.0% 1,659 1.2% 6,863 5.6%

Austria 6 1.9% 9 3.3% 4 1.4%

Belgium 0 -0.2% 0 0.0% -1 -1.4%

Finland 15 6.8% 0 0.0% 12 5.9%

France 103 1.8% 375 7.4% 509 10.7%

Germany -498 -2.3% -83 -0.4% -190 -1.0%

Greece 12 7.0% -1 -0.5% 7 4.5%

Ireland -1 -6.0% 0 0.0% -8 -27.6%

Italy 34 2.1% -5 -0.3% -218 -12.3%

Netherlands 7 1.4% -38 -7.3% -91 -16.7%

Norway -11 -3.9% 0 0.0% -3 -0.9%

Portugal 10 19.4% 7 14.7% 20 50.7%

Spain -22 -1.5% 12 0.8% 100 8.4%

Sweden 34 1.8% 39 2.1% 95 5.6%

Switzerland -176 -1.5% -27 -0.2% 458 4.6%

UK -258 -1.7% 68 0.4% -1 0.0%

Europe broad 2,201 2.8% 1,304 1.7% 6,171 9.0%

Americas -52 -0.1% -1,698 -2.0% 2,126 2.7%

US 116 0.1% -1,391 -1.7% 2,554 3.4%

Canada -132 -7.9% -271 -13.7% -258 -14.1%

North America -36 0.0% -37 0.0% -171 0.0%

Asia 355 1.6% 240 1.1% 1,273 6.0%

Australia 0 0.0% -14 -1.8% -582 -45.4%

Hong Kong 6 3.3% 6 3.0% 15 8.8%

Japan 255 1.4% 196 1.1% 1,365 7.9%

Singapore 0 0.0% 0 0.0% 1 2.3%

Asia Pacific broad 94 3.3% 52 1.9% 474 20.8%

Global 774 2.8% -248 -0.9% 2,644 10.6%

Broad indices 774 2.8% -248 -0.9% 2,644 10.6%

DM Total 2,531 0.9% -47 0.0% 12,906 5.2%

May-17 Apr-17 YTD



12 June 2017


Figure 32: European Equity ETF cash flow summary – C - | ETFs | Europe |

Equity Cash Flows


Emerging Markets

BRIC 29 0.5% -87 -1.3% 337 5.9%

Brazil 123 15.4% -26 -3.1% 172 24.5%

Russia -52 -4.7% -106 -8.6% -47 -3.8%

India 15 0.7% 38 1.9% 260 16.9%

China -57 -2.4% 7 0.3% -48 -2.1%

Latin America -129 -6.4% 7 0.3% -59 -3.4%

Chile 0 0.0% 0 0.0% 0 0.0%

Mexico -3 -1.8% -9 -5.5% 0 0.1%

LATAM broad -126 -11.9% 15 1.4% -59 -6.4%

Asia 216 2.6% 41 0.5% 281 3.9%

Bangladesh 0 -1.9% 0 0.0% 0 -1.9%

Indonesia 16 8.2% 30 18.2% 51 34.1%

Malaysia 0 0.0% 8 15.7% 10 21.8%

Pakistan -2 -5.2% 3 7.4% 1 4.1%

Philippines 2 4.3% 0 0.0% 2 4.8%

South Korea 85 12.0% -52 -6.8% 21 3.1%

Taiwan 17 3.7% -9 -1.8% -11 -2.5%

Thailand 0 0.0% 0 0.0% -5 -9.2%

Vietnam -7 -3.0% -4 -1.9% -32 -13.8%

Asia Pacific broad 105 5.0% 66 3.3% 243 13.9%

EMEA -4 -0.3% 37 3.3% 148 15.5%

Bulgaria 0 -2.0% 0 -1.8% 0 -3.4%

Kuwait 0 1.4% 1 15.6% 1 18.8%

Poland -4 -3.7% -4 -3.3% 13 17.8%

South Africa 1 0.7% 10 10.0% 4 4.3%

Turkey -1 -0.3% 25 9.6% 44 20.4%

Europe broad 12 2.1% 4 0.7% 110 26.4%

Middle East & Africa -11 -9.6% 0 0.1% -25 -18.2%

Global Markets 1,255 5.7% 664 3.1% 3,035 16.5%

Global 1,255 5.7% 664 3.1% 3,035 16.5%

EM Total 1,368 3.9% 661 1.9% 3,743 12.6%

Total (EM + DM) 3,899 1.3% 614 0.2% 16,648 6.0%

May-17 Apr-17 YTD


Figure 33: European Fixed Income ETF cash flows - | ETFs | Europe |FI Cash Flows


Overall -125 -1.3% 152 1.6% 548 5.9%

Corporates 2,366 3.6% 171 0.3% 5,864 9.5%

Covered Bonds -94 -3.3% 2 0.1% -116 -4.0%

Credit Exposure 0 0.0% 2 0.8% 60 28.8%

Sovereign 775 1.2% 1,027 1.6% 6,229 10.1%

Money Market 35 1.2% 225 8.1% 961 45.8%

Total Fixed Income 2,957 2.0% 1,579 1.1% 13,545 9.8%

May-17 Apr-17 YTD



12 June 2017


Figure 34: European Commodity ETP cash flow summary - | ETPs | Europe |

Commodity Cash Flows


Overall 8 0.1% 320 4.6% 1,494 24.8%

Overall 3 0.0% 320 4.7% 1,529 26.2%

Overall ex Energy 5 3.6% 0 0.0% -34 -17.9%

Overall Light Energy 0 0.0% 0 0.0% -2 -44.3%

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

Agriculture 23 2.3% 40 4.1% 296 38.7%

Overall 9 1.8% 1 0.2% 183 49.0%

Cocoa -7 -9.8% 26 43.0% 59 260.8%

Coffee 11 14.6% 10 14.6% 32 52.4%

Corn 6 10.4% -5 -8.6% 5 8.0%

Cotton -4 -25.0% -1 -3.6% 1 10.7%

Grains 0 2.0% -7 -23.6% -11 -30.4%

Softs 0 2.3% 0 -9.7% 0 -5.4%

Soybean Oil 0 7.3% 0 6.1% 0 -3.5%

Soybeans 0 0.9% 1 12.7% -2 -10.1%

Sugar 5 15.7% 7 24.7% 14 46.7%

Wheat 3 1.7% 7 4.5% 15 10.2%

Energy 100 4.1% -7 -0.3% 388 15.0%

Overall -10 -10.3% -15 -13.1% -43 -28.7%

Carbon 0 16.3% 0 0.0% 0 11.3%

Crude Oil 100 4.7% 14 0.6% 353 15.5%

Gasoline 1 14.8% 0 -1.0% 1 11.7%

Heating Oil 0 -9.8% 1 23.2% 0 -9.1%

Natural Gas 9 5.4% -6 -3.5% 77 53.9%

Electricity 0 0.0% 0 0.0% 0 0.0%

Uranium 0 0.0% 0 0.0% 0 0.0%

Industrial Metals 72 8.6% 1 0.1% 226 32.9%

Overall 34 10.1% -8 -2.2% 132 53.6%

Aluminium 4 3.7% -6 -5.5% 9 9.3%

Copper 24 9.9% 13 5.2% 70 34.7%

Lead 1 21.8% 0 0.0% -1 -20.1%

Nickel 9 7.6% 6 4.9% 27 25.0%

Tin 1 23.4% -2 -37.3% 1 15.8%

Zinc -1 -4.9% 0 -2.1% -12 -40.2%

Precious Metals 797 2.3% -32 -0.1% 2,524 8.1%

Overall -1 -0.5% 2 1.2% 3 1.7%

Gold 609 2.0% -44 -0.1% 2,394 8.9%

Palladium -14 -3.9% -11 -2.9% -139 -31.8%

Platinum 24 2.9% 0 0.0% 43 5.3%

Rhodium 0 0.0% -2 -3.5% -2 -4.7%

Silver 179 6.6% 23 0.8% 225 8.7%

Livestock 0 1.1% 1 12.1% 0 2.9%

Overall 0 0.9% 1 32.7% 1 34.2%

Cattle 0 -1.1% 0 0.0% 0 3.5%

Lean Hogs 0 2.1% 1 10.1% 0 -5.5%

Total 1,001 2.2% 323 0.7% 4,927 12.0%

May-17 Apr-17



12 June 2017


Product Rankings

Figure 35: 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 PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS Beta 645.7 618.9 2,528.0

iShares MSCI Europe Value Factor UCITS ETF IEFV LN BlackRock Beta 613.0 -223.7 658.1

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 580.6 -97.0 1,131.4

iShares Core MSCI World UCITS ETF Dist IWDG LN BlackRock Beta 548.3 0.0 548.3

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 547.4 457.3 1,139.9

iShares MSCI Europe Mid Cap UCITS ETF EUMD LN BlackRock Beta 471.2 0.0 471.2

iShares MSCI Emerging Markets UCITS ETF (Acc) SEMA LN BlackRock Beta 441.8 0.0 483.9

UBS-ETF MSCI EMU EMUEUA GR UBS Beta 353.7 208.3 736.1

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 353.6 -586.6 -557.7

iShares Euro STOXX Banks (DE) SX7EEX GR BlackRock Beta 331.6 -67.2 351.4


Figure 36: Top 10 monthly Fixed Income ETF inflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 521.2 154.1 1,938.3

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 296.3 94.5 463.2

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 237.0 -7.1 451.2

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 236.3 246.9 1,555.9

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 229.2 456.1 1,930.9

db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) XDGU GY Deutsche AM Beta 211.5 31.4 112.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 181.0 80.6 -197.8

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 159.9 11.3 503.8

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 157.3 144.9 80.3

SPDR Barclays 0-3 Year Euro Corporate Bond UCITS ETF SYBD GY State Street Beta 147.0 -4.5 315.0


Figure 37: Top 10 monthly Commodity ETP inflows (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 210.4 4.9 442.5

db Physical Gold ETC XGLD LN Deutsche AM Beta 141.5 -3.4 130.4

ETFS Physical Silver PHAG LN ETF Securities Beta 120.9 2.2 125.6

Gold Bullion Securities GBS LN ETF Securities Beta 57.6 63.3 365.1

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 50.8 70.8 159.5

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 44.6 -40.3 527.8

ETFS EUR Daily Hedged Industrial Metals EIMT IM ETF Securities Beta 32.9 0.4 34.7

db Physical Silver Euro Hedged ETC XAD2 GR Deutsche AM Beta 29.6 7.3 10.2

ETFS Physical Gold PHAU LN ETF Securities Beta 29.4 -88.7 128.8

ETFS Copper COPA LN ETF Securities Beta 25.6 10.4 68.7



12 June 2017


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


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta -653.2 562.2 443.3

iShares MSCI World GBP Hedged UCITS ETF IGWD LN Blackrock Beta -511.4 0.0 74.4

Amundi ETF MSCI World Financials UCITS ETF CWF FP Amundi Beta -287.2 25.1 -142.9

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta -275.8 -225.4 78.2

iShares S&P SmallCap 600 UCITS ETF ISP6 LN BlackRock Beta -248.5 -62.3 -54.5

UBS ETF - MSCI United Kingdom UCITS ETF A-acc UKGBPB SW UBS Beta -224.8 -19.6 -297.3

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta -184.6 -80.1 -243.7

UBS ETF (CH) - SMIM (CHF) A-dis SMMCHA SW UBS Beta -176.5 -4.2 -174.1

EasyETF FTSE EPRA Eurozone EEE FP BNP Paribas Beta -165.5 -3.7 15.4

SPDR MSCI World Financials UCITS ETF WFIN SW State Street Beta -147.4 -13.3 -118.9


Figure 39: Top 10 monthly Fixed Income ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta -851.8 -117.6 -645.7

iShares Italy Government Bond UCITS ETF SITB LN BlackRock Beta -223.8 3.1 -325.6

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha -140.5 104.5 -61.7

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta -118.0 -72.6 25.7

db x-trackers EUR Liquid Corporate 12.5 UCITS ETF 1C D3V3 GS Deutsche AM Beta -106.5 0.0 -103.9

ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR ComStage Beta+ -103.0 103.0 -39.6

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta -91.7 -167.3 175.0

PIMCO Covered Bond Source UCITS ETF COVR GY Source Alpha -82.8 -7.4 -106.9

Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta -78.5 10.7 2.7

db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 1C XBAG GY Deutsche AM Beta -70.8 -31.9 -72.5


Figure 40: Top 10 monthly Commodity ETP outflows (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta -21.4 20.8 247.0

db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AM Beta -19.3 6.3 -11.8

Source Physical Silver P-ETC SSLV LN Source Beta -14.4 23.4 25.7

ETFS All Commodities AIGC LN ETF Securities Beta -12.3 -23.0 26.2

Source Bloomberg Commodity UCITS ETF CMOD LN Source Beta -12.2 175.1 1,292.0

ETFS Physical Palladium PHPD LN ETF Securities Beta -11.0 -4.1 -122.3

ETFS Energy AIGE LN ETF Securities Beta -9.3 1.4 -21.4

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta -7.7 9.5 51.8

ETFS EUR Daily Hedged Precious Metals DJ-UBS ED 00XQ GY ETF Securities Beta -6.7 7.0 0.4

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta -6.0 3.3 -6.9



12 June 2017


4. Product ReviewNew Products Launched in the Month

Figure 41: Number of ETPs by Asset Class - I ETPs I Global I

May-17 Apr-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 3,281 66.5% 3,262 19 66.8% 3,193 88 67.4%

Fixed income 799 16.2% 799 - 16.4% 765 34 16.1%

Commodity 123 2.5% 120 3 2.5% 111 12 2.3%

Currency 24 0.5% 24 - 0.5% 21 3 0.4%

Multi Asset 64 1.3% 66 (2) 1.4% 54 10 1.1%

Alternative 47 1.0% 47 - 1.0% 48 (1) 1.0%

Total 4,338 88.0% 4,318 20 88.4% 4,192 146 88.4%

ETC/Vs

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

Commodity 458 9.3% 431 27 8.8% 412 46 8.7%

Currency 132 2.7% 132 - 2.7% 132 - 2.8%

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

Total 594 12.0% 567 27 11.6% 548 46 11.6%

Total ETPs 4,932 100.0% 4,885 100.0% 4,740 100.0%

MoM Change YTD Change


Figure 42: Number of ETPs by Asset Class - | ETPs | Europe |

May-17 Apr-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 1,107 53.3% 1,104 3 0.1% 1,086 21 1.1%

Fixed income 381 18.3% 384 (3) -0.1% 372 9 0.5%

Commodity 50 2.4% 49 1 0.0% 48 2 0.1%

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

Multi Asset 9 0.4% 9 - 0.0% 8 1 0.1%

Alternative 6 0.3% 6 - 0.0% 7 (1) -0.1%

Total 1,553 74.8% 1,552 1 0.0% 1,521 32 1.6%

ETCs

Commodity 409 19.7% 382 27 1.3% 363 46 2.3%

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

Total 524 25.2% 497 27 1.3% 478 46 2.3%

Total ETPs 2,077 100.0% 2,049 1.4% 1,999 3.9%

MoM Change YTD Change



12 June 2017


Average TERs

Figure 45: ETF TERs using simple average - | ETFs | Europe |

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

Equity Alpha 0.35% 6 0.82% 2 0.46% 8

Beta 0.38% 598 0.39% 403 0.39% 1,001

Beta+ 0.67% 6 0.56% 67 0.56% 73

Semi Active 0.43% 12 0.54% 13 0.49% 25

0.38% 622 0.42% 485 0.40% 1,107

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

Beta 0.25% 244 0.20% 112 0.23% 356

Beta+ NA NA 0.22% 17 0.22% 17

0.25% 250 0.21% 131 0.23% 381

Alternative Alpha NA NA 0.80% 2 0.80% 2

Beta 0.75% 1 0.70% 2 0.72% 3

Beta+ NA NA NA NA NA NA

Semi Active NA NA 0.70% 1 0.70% 1

0.0075 1 0.74% 5 0.74% 6

Commodity Beta 0.50% 20 0.44% 29 0.47% 49



0.50% 20 0.44% 30 0.47% 50

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 1 NA 2 NA 3

Alpha 0.46% 4 0.64% 2 0.54% 6

0.46% 5 0.64% 4 0.54% 9

Total 0.36% 898 0.38% 655 0.37% 1,553

Physical Synthetic Total



12 June 2017


Figure 46: ETC TERs using simple average - | ETCs | Europe |

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

Commodity Agriculture Beta NA NA 0.49% 37 0.48% 37

Beta+ NA NA 0.92% 35 0.92% 35

Energy Beta NA NA 0.66% 77 0.64% 77

Beta+ NA NA 0.80% 55 0.74% 55

Industrial Metals Beta NA NA 0.64% 51 0.63% 51

Beta+ NA NA 0.90% 27 0.90% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.48% 9 0.43% 9

Beta+ NA NA 0.98% 4 0.98% 4

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

Beta+ NA NA 0.76% 43 0.76% 43

Commodity 0.45% 31 0.71% 378 0.67% 409

Currency Currency Beta NA NA 0.41% 42 0.41% 42

Beta+ NA NA 0.79% 73 0.79% 73

Currency NA NA 0.65% 115 0.65% 115

Physical Synthetic Total



12 June 2017


Figure 47: ETF TERs using AUM weighted average - | ETFs | Europe |

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

Equity Alpha 0.32% 6 0.77% 2 0.41% 8

Beta 0.29% 598 0.35% 403 0.30% 1,001

Beta+ 0.66% 6 0.49% 67 0.50% 73

Semi Active 0.39% 12 0.53% 13 0.51% 25

0.29% 622 0.36% 485 0.31% 1,107

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

Beta 0.28% 244 0.20% 112 0.27% 356

Beta+ NA NA 0.24% 17 0.24% 17

0.28% 250 0.21% 131 0.27% 381

Alternative Alpha NA NA 0.76% 2 0.76% 2

Beta 0.75% 1 0.70% 2 0.73% 3



0.75% 1 0.71% 5 0.73% 6

Commodity Beta 0.41% 20 0.39% 29 0.40% 49



0.41% 20 0.39% 30 0.40% 50

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.40% 1 0.37% 2 0.38% 3

Alpha 0.52% 4 0.71% 2 0.68% 6

0.52% 5 0.71% 4 0.68% 6

Total 0.29% 898 0.33% 655 0.30% 1,553

Synthetic TotalPhysical



12 June 2017


Figure 48: ETC TERs using AUM weighted average - | ETCs | Europe |

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

Commodity Agriculture Beta NA NA 0.49% 37 0.49% 37

Beta+ NA NA 0.97% 35 0.97% 35

Energy Beta NA NA 0.48% 77 0.48% 77

Beta+ NA NA 0.96% 55 0.96% 55

Industrial Metals Beta NA NA 0.49% 51 0.49% 51

Beta+ NA NA 0.97% 27 0.97% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.47% 9 0.47% 9

Beta+ NA NA 0.98% 4 0.98% 4

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

Beta+ NA NA 0.95% 43 0.95% 43

Commodity 0.37% 31 0.51% 378 0.40% 409

Currency Currency Beta NA NA 0.41% 42 0.41% 42

Beta+ NA NA 0.87% 73 0.87% 73

Currency NA NA 0.68% 115 0.68% 115

TotalPhysical Synthetic



12 June 2017


5. Provider RankingsGlobal Provider Rankings

Figure 49: Global Top 10 ETF Providers ($ million) - | ETFs | Global |

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

Current

Month CF

Current Month

YTD CF

1 BlackRock 1,455,436 37.7% 1,246,177 37.4% 668 21,616 475,596 109,428

2 Vanguard 755,017 19.5% 639,873 19.2% 112 15,415 88,960 66,945

3 State Street 541,392 14.0% 507,938 15.3% 267 -5,834 570,503 50

4 PowerShares 125,607 3.3% 107,337 3.2% 156 2,095 84,873 7,092

5 Nomura Asset Management 98,215 2.5% 79,904 2.4% 51 148 20,065 10,512

6 Deutsche AM 81,015 2.1% 69,620 2.1% 223 1,284 7,497 3,938

7 Charles Schwab 75,926 2.0% 59,750 1.8% 21 2,354 7,217 11,805

8 Lyxor 66,586 1.7% 53,664 1.6% 219 771 12,942 6,201

9 First Trust 48,293 1.3% 41,230 1.2% 131 1,186 6,191 4,153

10 Nikko Asset Management 45,833 1.2% 35,341 1.1% 28 726 446 6,954

Total Top 10 3,293,320 85.3% 2,840,834 85.3% 1,876 39,761 1,274,289 227,077

Others 569,766 14.7% 488,060 14.7% 2,462 5,431 311,669 44,096

Global Total 3,863,086 100.0% 3,328,894 100.0% 4,338 45,192 1,585,959 271,173


Figure 50: Global Top 10 ETC/V Providers ($ million) - | ETCs/Vs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM

2016 Mkt.

Share Nu.

Current

Month CF

Current Month

YTD CF

1 State Street 34,488 35.7% 30,629 34.6% 1 -227 19,016 1,103

2 ETF Securities 20,552 21.3% 18,193 20.6% 340 536 3,219 1,428

3 BlackRock 18,195 18.8% 16,213 18.3% 8 162 4,857 821

4 PowerShares 4,367 4.5% 5,496 6.2% 11 -332 1,750 -862

5 Source 4,194 4.3% 3,287 3.7% 4 37 365 596

6 United States Commodity Funds 3,875 4.0% 4,633 5.2% 11 -136 8,474 -169

7 Deutsche AM 3,441 3.6% 2,620 3.0% 17 426 247 574

8 ProShares 3,202 3.3% 3,289 3.7% 17 191 23,911 435

9 Deutsche Borse Commodities GmbH 2,048 2.1% 1,872 2.1% 1 0 239 0

10 Guggenheim Investments 1,108 1.1% 1,201 1.4% 9 -143 2,292 -142

Total Top 10 95,470 98.7% 87,434 98.8% 419 514 64,371 3,785

Others 1,237 1.3% 1,081 1.2% 175 55 759 253

Global Total 96,707 100.0% 88,515 100.0% 594 569 65,130 4,037



12 June 2017


Figure 51: Global Top 10 ETP Providers ($ million) - | ETPs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM

2016 Mkt.

Share Nu.

Current

Month CF

Current Month

YTD CF

1 BlackRock 1,473,631 37.2% 1,262,390 36.9% 676 21,777 480,452 110,250

2 Vanguard 755,017 19.1% 639,873 18.7% 112 15,415 88,960 66,945

3 State Street 575,880 14.5% 538,567 15.8% 268 -6,060 589,519 1,153

4 PowerShares 129,974 3.3% 112,834 3.3% 167 1,762 86,623 6,230

5 Nomura Asset Management 98,215 2.5% 79,904 2.3% 51 148 20,065 10,512

6 Deutsche AM 84,456 2.1% 72,241 2.1% 240 1,710 7,745 4,512

7 Charles Schwab 75,926 1.9% 59,750 1.7% 21 2,354 7,217 11,805

8 Lyxor 66,613 1.7% 53,664 1.6% 221 771 12,942 6,242

9 First Trust 48,293 1.2% 41,230 1.2% 131 1,186 6,191 4,153

10 Nikko Asset Management 45,833 1.2% 35,341 1.0% 28 726 446 6,954

Total Top 10 3,353,838 84.7% 2,895,793 84.7% 1,915 39,789 1,300,159 228,755

Others 605,955 15.3% 521,616 15.3% 3,017 5,973 350,929 46,456

Global Total 3,959,793 100.0% 3,417,409 100.0% 4,932 45,761 1,651,089 275,210



12 June 2017


European Provider Rankings - General

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

All figures in オﾏillion except

products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 273,623 251,064 9% 5,611 -472 15,035 35,940 25,955 38% 291 288 1%

Lyxor 59,214 50,878 16% 700 836 5,804 11,714 9,636 22% 219 218 0%

Deutsche AM 59,202 53,462 11% 1,011 721 3,576 4,373 3,902 12% 188 193 -3%

UBS 36,566 29,166 25% 1,116 1,251 5,887 3,221 2,730 18% 118 116 2%

Amundi 32,097 24,978 29% 497 1,896 5,739 4,110 3,885 6% 116 105 10%

Vanguard 26,380 23,882 10% 769 -112 1,888 2,631 2,739 -4% 22 22 0%

State Street 20,494 17,599 16% 419 45 2,678 2,853 1,909 49% 99 99 0%

Source 18,976 16,773 13% 235 261 2,199 1,828 1,854 -1% 76 73 4%

Deka Investment GmbH 9,336 8,297 13% -519 376 475 624 576 8% 42 42 0%

ComStage 7,703 6,925 11% -15 -138 491 637 568 12% 114 114 0%

BNP Paribas 7,034 5,981 18% -116 -24 631 590 320 84% 46 43 7%

Zuercher Kantonalbank 6,884 6,542 5% 43 -37 82 308 244 26% 4 4 0%

HSBC 4,850 4,925 -2% -46 -15 -220 505 432 17% 27 27 0%

Xact Fonder AB 3,254 2,933 11% 37 71 86 848 744 14% 14 13 8%

PowerShares 2,564 2,297 12% 201 -56 166 268 182 47% 17 20 -15%

Ossiam 2,200 1,943 13% 60 102 60 128 41 213% 12 11 9%

Julius Baer Inv 2,067 1,946 6% -7 0 27 59 54 8% 4 4 0%

ETF Securities 1,936 1,482 31% 69 42 475 574 524 9% 27 27 0%

ThinkCapital ETFs N.V. 1,390 1,656 -16% -20 -140 -299 95 61 57% 14 14 0%

WisdomTree 619 397 56% 34 25 223 180 43 313% 26 24 8%

BBVA Gestion SA SGIIC 394 349 13% -11 -7 -4 28 26 8% 2 2 0%

Fundlogic Global Solutions plc 359 403 -11% -12 -1 -54 38 7 467% 2 2 0%

First Trust 327 210 56% 78 2 110 24 33 -29% 14 10 40%

BMO Global Asset Management 319 234 37% 14 9 75 24 13 88% 10 10 0%

China Post Global 259 274 -5% 3 5 1 20 21 -5% 8 8 0%

Seligson & Co Fund Man 233 197 18% 15 0 12 37 7 461% 1 1 0%

Raiffeisen Schweiz Genossenschaft 218 194 12% 0 4 15 9 6 60% 3 3 0%

Van Eck Funds 181 148 22% 2 16 38 63 33 92% 4 3 33%

Nomura Asset Management 121 117 3% 0 0 3 1 2 -29% 3 3 0%

DnB Kapitalforvaltning 102 122 -17% -13 0 -19 24 5 388% 1 1 0%

UniCredit Bank 96 95 2% 0 0 0 5 1 450% 1 1 0%

Boost 71 22 219% -23 -26 52 105 127 -17% 9 3 200%

Commerzbank AG 55 55 0% 0 0 0 0 0 -66% 3 3 0%

SEB Investment Management AB 51 46 10% 0 0 0 8 1 534% 3 3 0%

FinEx Fund Plc 36 33 10% 1 0 4 0 1 -74% 2 2 0%

ZyFin Holdings 18 20 -7% 1 -5 -2 1 1 -44% 4 3 33%

GF International Fund Management 17 0 NA 0 0 18 0 0 NA 1 0 NA

Expat Capital 15 13 15% 0 0 0 0 0 -20% 1 1 0%

Alpha Asset Management 12 10 19% 0 0 0 4 0 718% 1 1 0%

Fullgoal Fund Management Co 9 10 -6% 0 0 0 0 0 412% 1 1 0%

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

Landsbankinn 0 0 NA 0 0 0 3 0 67408% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 1 -70% 0 0 NA

Total 579,288 515,682 12% 10,133 4,629 45,251 71,881 56,684 27% 1553 1,521 2%

AUM Cash Flow Turnover Products



12 June 2017


Figure 53: European ETC Providers (All) – Assets, Flows, Products, Turnover - | ETCs | Europe |

All figures in € million except products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

ETF Securities 15,718 14,860 6% 456 -49 1,187 2,599 2,337 11% 330 330 0%

Source 3,729 3,116 20% 32 -13 561 331 413 -20% 4 4 0%

Deutsche AM 3,060 2,484 23% 384 -7 521 224 189 18% 17 17 0%

BlackRock 2,661 2,184 22% 21 54 433 256 274 -7% 4 4 0%

Deutsche Borse Commodities GmbH 1,821 1,775 3% 0 0 0 217 315 -31% 1 1 0%

Boost 304 286 6% 35 -39 104 587 488 20% 30 30 0%

Borse Stuttgart Securities GmbH 299 249 20% 11 3 45 0 0 NA 1 1 0%

Commerzbank AG 105 125 -16% 6 2 10 19 17 14% 68 68 0%

Lyxor 24 0 NA 0 0 39 0 0 98% 2 0 NA

UBS 67 0 NA 1 2 76 0 0 NA 4 4 0%

BNP Paribas 2 1 213% 0 0 1 0 0 147% 63 19 232%

Total 27,790 25,080 11% 947 -47 2,977 4,232 4,034 5% 524 478 10%

AUM Cash Flow Turnover Products



12 June 2017


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


Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 276,284 253,248 9% 5,632 -419 15,468 36,196 26,229 38% 295 292 1%

Deutsche AM 62,262 55,946 11% 1,395 715 4,097 4,597 4,091 12% 205 210 -2%

Lyxor 59,238 50,878 16% 700 836 5,843 11,714 9,636 22% 221 218 1%

UBS 36,633 29,166 26% 1,117 1,253 5,963 3,221 2,730 18% 122 120 2%

Amundi 32,097 24,978 29% 497 1,896 5,739 4,110 3,885 6% 116 105 10%

Vanguard 26,380 23,882 10% 769 -112 1,888 2,631 2,739 -4% 22 22 0%

Source 22,705 19,889 14% 267 248 2,759 2,159 2,267 -5% 80 77 4%

State Street 20,494 17,599 16% 419 45 2,678 2,853 1,909 49% 99 99 0%

ETF Securities 17,654 16,342 8% 525 -7 1,662 3,173 2,861 11% 357 357 0%

Deka Investment GmbH 9,336 8,297 13% -519 376 475 624 576 8% 42 42 0%

ComStage 7,703 6,925 11% -15 -138 491 637 568 12% 114 114 0%

BNP Paribas 7,036 5,982 18% -116 -24 632 590 320 84% 109 62 76%

Zuercher Kantonalbank 6,884 6,542 5% 43 -37 82 308 244 26% 4 4 0%

HSBC 4,850 4,925 -2% -46 -15 -220 505 432 17% 27 27 0%

Xact Fonder AB 3,254 2,933 11% 37 71 86 848 744 14% 14 13 8%

PowerShares 2,564 2,297 12% 201 -56 166 268 182 47% 17 20 -15%

Ossiam 2,200 1,943 13% 60 102 60 128 41 213% 12 11 9%

Julius Baer Inv 2,067 1,946 6% -7 0 27 59 54 8% 4 4 0%

Deutsche Borse Commodities GmbH 1,821 1,775 3% 0 0 0 217 315 -31% 1 1 0%

ThinkCapital ETFs N.V. 1,390 1,656 -16% -20 -140 -299 95 61 57% 14 14 0%

WisdomTree 619 397 56% 34 25 223 180 43 313% 26 24 8%

BBVA Gestion SA SGIIC 394 349 13% -11 -7 -4 28 26 8% 2 2 0%

Boost 375 308 21% 12 -65 156 692 615 13% 39 33 18%

Fundlogic Global Solutions plc 359 403 -11% -12 -1 -54 38 7 467% 2 2 0%

First Trust 327 210 56% 78 2 110 24 33 -29% 14 10 40%

BMO Global Asset Management 319 234 37% 14 9 75 24 13 88% 10 10 0%

Borse Stuttgart Securities GmbH 299 249 20% 11 3 45 0 0 NA 1 1 0%

China Post Global 259 274 -5% 3 5 1 20 21 -5% 8 8 0%

Seligson & Co Fund Man 233 197 18% 15 0 12 37 7 461% 1 1 0%

Raiffeisen Schweiz Genossenschaft 218 194 12% 0 4 15 9 6 60% 3 3 0%

Van Eck Funds 181 148 22% 2 16 38 63 33 92% 4 3 33%

Commerzbank AG 160 181 -11% 6 2 10 19 17 12% 71 71 0%

Nomura Asset Management 121 117 3% 0 0 3 1 2 -29% 3 3 0%

DnB Kapitalforvaltning 102 122 -17% -13 0 -19 24 5 388% 1 1 0%

UniCredit Bank 96 95 2% 0 0 0 5 1 450% 1 1 0%

SEB Investment Management AB 51 46 10% 0 0 0 8 1 534% 3 3 0%

FinEx Fund Plc 36 33 10% 1 0 4 0 1 -74% 2 2 0%

ZyFin Holdings 18 20 -7% 1 -5 -2 1 1 -44% 4 3 33%

GF International Fund Management 17 0 NA 0 0 18 0 0 NA 1 0 NA

Expat Capital 15 13 15% 0 0 0 0 0 -20% 1 1 0%

Alpha Asset Management 12 10 19% 0 0 0 4 0 718% 1 1 0%

Fullgoal Fund Management Co 9 10 -6% 0 0 0 0 0 412% 1 1 0%

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

Landsbankinn 0 0 NA 0 0 0 3 0 67408% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 1 -70% 0 0 NA

Total 607,079 540,762 12% 11,080 4,582 48,228 76,113 60,718 25% 2,077 1,999 4%

ProductsAUM Cash Flow Turnover



12 June 2017


Figure 55: European ETP Providers tier market share - | ETPs | Europe |

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

Q2 16

Q3 16

Q4 16

Q1 17

May-17

Q2 16 Q3 16 Q4 16 Q1 17 May-17

Tier 1 72.6% 72.3% 72.0% 71.3% 76.8%

Tier 2 23.3% 23.7% 24.1% 24.9% 19.5%

Tier 3 4.1% 4.0% 3.9% 3.7% 3.7%



12 June 2017


European Provider Rankings - by Asset Class

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

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 178,312 93,272 1,558 481 273,623 47.2% 291 35,940 5,611 15,035

Lyxor 44,358 13,725 989 142 59,214 10.2% 219 11,714 700 5,804

Deutsche AM 46,497 11,713 360 633 59,202 10.2% 188 4,373 1,011 3,576

UBS 30,231 3,330 2,953 52 36,566 6.3% 118 3,221 1,116 5,887

Amundi 23,773 8,324 0 0 32,097 5.5% 116 4,110 497 5,739

Vanguard 25,995 385 0 0 26,380 4.6% 22 2,631 769 1,888

State Street 12,979 7,452 0 63 20,494 3.5% 99 2,853 419 2,678

Source 11,097 6,376 1,503 0 18,976 3.3% 76 1,828 235 2,199

Deka Investment GmbH 6,692 2,644 0 0 9,336 1.6% 42 624 -519 475

ComStage 5,770 1,266 617 50 7,703 1.3% 114 637 -15 491

BNP Paribas 6,669 157 208 0 7,034 1.2% 46 590 -116 631

Zuercher Kantonalbank 0 0 6,884 0 6,884 1.2% 4 308 43 82

HSBC 4,850 0 0 0 4,850 0.8% 27 505 -46 -220

Xact Fonder AB 3,206 42 5 0 3,254 0.6% 14 848 37 86

PowerShares 2,518 46 0 0 2,564 0.4% 17 268 201 166

Ossiam 2,114 0 54 32 2,200 0.4% 12 128 60 60

Julius Baer Inv 0 0 2,067 0 2,067 0.4% 4 59 -7 27

ETF Securities 1,084 365 486 0 1,936 0.3% 27 574 69 475

ThinkCapital ETFs N.V. 1,093 267 0 30 1,390 0.2% 14 95 -20 -299

WisdomTree 576 0 43 0 619 0.1% 26 180 34 223

BBVA Gestion SA SGIIC 394 0 0 0 394 0.1% 2 28 -11 -4

Fundlogic Global Solutions plc 359 0 0 0 359 0.1% 2 38 -12 -54

First Trust 327 0 0 0 327 0.1% 14 24 78 110

BMO Global Asset Management 145 174 0 0 319 0.1% 10 24 14 75

China Post Global 119 0 139 0 259 0.0% 8 20 3 1

Seligson & Co Fund Man 233 0 0 0 233 0.0% 1 37 15 12

Raiffeisen Schweiz Genossenschaft 0 0 218 0 218 0.0% 3 9 0 15

Van Eck Funds 166 15 0 0 181 0.0% 4 63 2 38

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

DnB Kapitalforvaltning 102 0 0 0 102 0.0% 1 24 -13 -19

UniCredit Bank 0 96 0 0 96 0.0% 1 5 0 0

Boost 71 0 0 0 71 0.0% 9 105 -23 52

Commerzbank AG 22 33 0 0 55 0.0% 3 0 0 0

SEB Investment Management AB 51 0 0 0 51 0.0% 3 8 0 0

FinEx Fund Plc 0 29 7 0 36 0.0% 2 0 1 4

ZyFin Holdings 5 13 0 0 18 0.0% 4 1 1 -2

GF International Fund Management 17 0 0 0 17 0.0% 1 0 0 18

Expat Capital 15 0 0 0 15 0.0% 1 0 0 0

Alpha Asset Management 12 0 0 0 12 0.0% 1 4 0 0

Fullgoal Fund Management Co 0 9 0 0 9 0.0% 1 0 0 0

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 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 409,981 149,734 18,090 1,484 579,288 100.0% 1,553 71,881 10,133 45,251




12 June 2017


Figure 57: 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 15,310 409 15,718 56.6% 330 2,599 456 1187

Source 3,729 0 3,729 13.4% 4 331 32 561

Deutsche AM 3,060 0 3,060 11.0% 17 224 384 521

BlackRock 2,661 0 2,661 9.6% 4 256 21 433

Deutsche Borse Commodities GmbH 1,821 0 1,821 6.6% 1 217 0 0

Boost 298 6 304 1.1% 30 587 35 104

Borse Stuttgart Securities GmbH 299 0 299 1.1% 1 - 11 45

Commerzbank AG 105 0 105 0.4% 68 19 6 10

UBS 67 0 67 0.2% 4 - 1 76

Lyxor 24 0 24 0.1% 2 0 0 39

BNP Paribas 2 0 2 0.0% 63 0 0 1

Total 27,376 414 27,790 100.0% 524 4,232 947 2,977




12 June 2017


Figure 58: European ETP Providers (All) – Assets, Flows, Products, Turnover - | ETPs | Europe |

Issuer Equity

Fixed

Income Commodity Others

Total Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 178,312 93,272 4,218 481 276,284 45.5% 295 36,196 5,632 15,468

Deutsche AM 46,497 11,713 3,420 633 62,262 10.3% 205 4,597 1,395 4,097

Lyxor 44,358 13,725 1,013 142 59,238 9.8% 221 11,714 700 5,843

UBS 30,231 3,330 3,020 52 36,633 6.0% 122 3,221 1,117 5,963

Amundi 23,773 8,324 0 0 32,097 5.3% 116 4,110 497 5,739

Vanguard 25,995 385 0 0 26,380 4.3% 22 2,631 769 1,888

Source 11,097 6,376 5,232 0 22,705 3.7% 80 2,159 267 2,759

State Street 12,979 7,452 0 63 20,494 3.4% 99 2,853 419 2,678

ETF Securities 1,084 365 15,796 409 17,654 2.9% 357 3,173 525 1,662

Deka Investment GmbH 6,692 2,644 0 0 9,336 1.5% 42 624 -519 475

ComStage 5,770 1,266 617 50 7,703 1.3% 114 637 -15 491

BNP Paribas 6,669 157 210 0 7,036 1.2% 109 590 -116 632

Zuercher Kantonalbank 0 0 6,884 0 6,884 1.1% 4 308 43 82

HSBC 4,850 0 0 0 4,850 0.8% 27 505 -46 -220

Xact Fonder AB 3,206 42 5 0 3,254 0.5% 14 848 37 86

PowerShares 2,518 46 0 0 2,564 0.4% 17 268 201 166

Ossiam 2,114 0 54 32 2,200 0.4% 12 128 60 60

Julius Baer Inv 0 0 2,067 0 2,067 0.3% 4 59 -7 27

Deutsche Borse Commodities GmbH 0 0 1,821 0 1,821 0.3% 1 217 0 0

ThinkCapital ETFs N.V. 1,093 267 0 30 1,390 0.2% 14 95 -20 -299

WisdomTree 576 0 43 0 619 0.1% 26 180 34 223

BBVA Gestion SA SGIIC 394 0 0 0 394 0.1% 2 28 -11 -4

Boost 71 0 298 6 375 0.1% 39 692 12 156

Fundlogic Global Solutions plc 359 0 0 0 359 0.1% 2 38 -12 -54

First Trust 327 0 0 0 327 0.1% 14 24 78 110

BMO Global Asset Management 145 174 0 0 319 0.1% 10 24 14 75

Borse Stuttgart Securities GmbH 0 0 299 0 299 0.0% 1 0 11 45

China Post Global 119 0 139 0 259 0.0% 8 20 3 1

Seligson & Co Fund Man 233 0 0 0 233 0.0% 1 37 15 12

Raiffeisen Schweiz Genossenschaft 0 0 218 0 218 0.0% 3 9 0 15

Van Eck Funds 166 15 0 0 181 0.0% 4 63 2 38

Commerzbank AG 22 33 105 0 160 0.0% 71 19 6 10

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

DnB Kapitalforvaltning 102 0 0 0 102 0.0% 1 24 -13 -19

UniCredit Bank 0 96 0 0 96 0.0% 1 5 0 0

SEB Investment Management AB 51 0 0 0 51 0.0% 3 8 0 0

FinEx Fund Plc 0 29 7 0 36 0.0% 2 0 1 4

ZyFin Holdings 5 13 0 0 18 0.0% 4 1 1 -2

GF International Fund Management 17 0 0 0 17 0.0% 1 0 0 18

Expat Capital 15 0 0 0 15 0.0% 1 0 0 0

Alpha Asset Management 12 0 0 0 12 0.0% 1 4 0 0

Fullgoal Fund Management Co 0 9 0 0 9 0.0% 1 0 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 409,981 149,734 45,466 1,898 607,079 100.0% 2,077 76,113 11,080 48,228




12 June 2017


European Provider Analysis by Replication Method

Figure 59: European ETF Providers list by replication - | ETFs | Europe|

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

European Providers

BlackRock Physical 177,346 196 93,272 86 756 3 481 1 271,855 99% 286

Synthetic 966 4 - - 802 1 - - 1,768 1% 5

Deutsche AM Physical 31,500 67 3,677 15 - - 29 1 35,206 59% 83

Synthetic 14,997 56 8,036 43 360 3 603 3 23,996 41% 105

Lyxor Physical 16,376 16 5,890 30 - - - - 22,267 38% 46

Synthetic 27,982 142 7,834 26 989 3 142 2 36,947 62% 173

UBS Physical 24,162 70 3,330 23 1,504 5 - - 28,997 79% 98

Synthetic 6,069 9 - - 1,449 9 52 2 7,570 21% 20

Amundi Physical 5,398 12 267 7 - - - - 5,665 18% 19

Synthetic 18,376 70 8,057 27 - - - - 26,432 82% 97

Vanguard Physical 25,995 16 385 6 - - - - 26,380 100% 22

State Street Physical 12,979 62 7,452 36 - - 63 1 20,494 100% 99

Source Physical 48 5 5,882 10 - - - - 5,931 31% 15

Synthetic 11,049 56 493 2 1,503 3 - - 13,045 69% 61

Deka Investment GmbH Physical 6,675 25 2,644 16 - - - - 9,318 100% 41

Synthetic 18 1 - - - - - - 18 0% 1

ComStage Physical 276 7 - - - - - - 276 4% 7

Synthetic 5,495 76 1,266 28 617 2 50 1 7,427 96% 107

BNP Paribas Physical 2,559 17 152 1 - - - - 2,712 39% 18

Synthetic 4,110 23 5 3 208 2 - - 4,323 61% 28

Zuercher Kantonalbank Physical - - - - 6,884 4 - - 6,884 100% 4

HSBC Physical 4,850 27 - - - - - - 4,850 100% 27

Xact Fonder AB Physical 3,206 12 42 1 5 1 - - 3,254 100% 14

PowerShares Physical 2,518 15 46 2 - - - - 2,564 100% 17

Ossiam Physical 37 1 - - - - - - 37 2% 1

Synthetic 2,077 9 - - 54 1 32 1 2,163 98% 11

Julius Baer Inv Physical - - - - 2,067 4 - - 2,067 100% 4

ETF Securities Synthetic 415 19 - - 486 1 - - 901 100% 20

Physical 669 3 365 4 - - - - 1,035 100% 7

ThinkCapital ETFs N.V. Physical 1,093 8 267 3 - - 30 3 1,390 100% 14

WisdomTree Physical 576 25 - - - - - - 576 100% 25

Synthetic - - - - 43 1 - - 43 100% 1

BBVA Gestion SA Physical 394 2 - - - - - - 394 100% 2

Fundlogic Global Solutions plc Synthetic 359 2 - - - - - - 359 100% 2

First Trust Physical 327 14 - - - - - - 327 100% 14

BMO Global Asset Management Physical 145 6 174 4 - - - - 319 100% 10

China Post Global Synthetic 119 5 - - 139 3 - - 259 100% 8

Seligson & Co Fund Mgmt. Physical 233 1 - - - - - - 233 100% 1

Raiffeisen Schweiz Genossenschaft Physical - - - - 218 3 - - 218 100% 3

Van Eck Funds Physical 166 3 15 1 - - - - 181 100% 4

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

DnB Kapitalforvaltning Physical 102 1 - - - - - - 102 100% 1

UniCredit Bank Synthetic - - 96 1 - - - - 96 100% 1

Boost Synthetic 71 8 0 1 - - - - 71 100% 9

Commerzbank AG Physical 11 1 33 1 - - - - 44 79% 2

Synthetic 11 1 - - - - - - 11 21% 1

SEB Investment Management AB Synthetic 51 3 - - - - - - 51 100% 3

FinEx Fund Plc Physical - - 29 1 - - - - 29 81% 1

Synthetic - - - - 7 1 - - 7 19% 1

ZyFin Holdings Physical 5 2 13 2 - - - - 18 24% 4

GF International Fund Management Physical 17 1 - - - - - - 17 100% 1

Expat Capital Physical 15 1 - - - - - - 15 100% 1

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

Fullgoal Fund Management Co Physical - - 9 1 - - - - 9 100% 1

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

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

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

Total 409,981 1,107 149,734 381 18,090 50 1,484 15 579,288 1,553

Total


Replication

Method Equity Fixed Income Commodity Other



12 June 2017


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

Figure 60: Turnover by asset class and instrument - | ETPs | Europe |

Asset Class Apr-172016 (Monthly

Avg.)

All figures in € million Turnover Market

Share %

MoM

%Change

2016 (Monthly

Avg.) %Change Turnover Turnover

ETFs

Equity 55,223 72.6% 31.5% 19.1% 41,994 46,356

Fixed income 15,705 20.6% 13.4% -15.4% 13,849 18,567

Commodity 852 1.1% 13.4% -19.4% 752 1,058

Currency 0 0.0% 0.0% na 0 0

Multi Asset 25 0.0% 7.1% 28.3% 24 20

Alternative 76 0.1% 14.9% -36.5% 66 119

Total 71,881 94.4% 26.8% 8.7% 56,684 66,120

ETCs

Commodity 4,052 5.3% 5.4% -34.9% 3,843 6,227

Currency 181 0.2% -4.8% -14.9% 190 213

Total 4,232 5.6% 4.9% -34.3% 4,034 6,439

Total ETPs 76,113 100.0% 25.4% 4.9% 60,718 72,559

May-17


Asset Class Analysis

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

Equity Turnover Apr-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets 32,439 58.7% 25.6% 116.2% 25,836 27,909

Emerging Markets 5,704 10.3% 70.3% 125.7% 3,349 4,536

Global Markets 1,186 2.1% 47.6% 167.0% 804 710

Sector 6,088 11.0% 46.4% 169.9% 4,158 3,583

Capitalization 2,154 3.9% 129.0% 306.4% 941 703

Strategy 5,028 9.1% 15.9% 75.6% 4,337 6,651

Style 1,597 2.9% -1.3% 104.6% 1,618 1,527

Thematic 1,027 1.9% 8.0% 139.2% 951 738

Total Equities 55,223 100% 32% 119.1% 41,994 46,356

May-17



12 June 2017


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


Avg.)


Share %

MoM

%Change

2016 (Monthly


Sector 6,088 38.3% 46.4% 69.9% 4,158 3,583

Consumer discretionary 174 1.1% 91.2% 22.1% 91 143

Consumer staples 195 1.2% 106.9% 29.6% 94 151

Energy 683 4.3% 63.7% 72.4% 417 396

Financials 3091 19.5% 40.3% 118.2% 2203 1,417

Healthcare 323 2.0% 34.0% 8.9% 241 296

Industrials 131 0.8% 8.0% 43.7% 121 91

Information Technology 319 2.0% 43.6% 88.4% 222 169

Materials 330 2.1% 74.4% 53.8% 189 215

Overall 0 0.0% 836.4% na 0 -

Real Estate 619 3.9% 56.8% 25.1% 395 495

Telecommunications 95 0.6% 27.0% 18.0% 75 81

Utilities 127 0.8% 16.4% -2.1% 109 130

Capitalization 2,154 13.6% 129.0% 206.4% 941 703

Large Cap 7 0.0% -65.9% -78.3% 19 30

Mid Cap 961 6.0% 152.6% 383.8% 380 199

Small Cap 1186 7.5% 119.4% 150.4% 541 474

Strategy 5,028 31.6% 15.9% -24.4% 4,337 6,651

Fundamental 58 0.4% -53.0% -30.8% 124 84

Leveraged Long 1627 10.2% 12.8% -24.9% 1443 2167

Leveraged Short 1158 7.3% 5.6% -43.7% 1097 2058

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 1706 10.7% 44.9% 13.6% 1177 1502

Short 478 3.0% -3.7% -43.1% 496 840

Style 1,597 10.0% -1.3% 4.6% 1,618 1,527

Dividend 1,431 9.0% -6.0% 4.2% 1,523 1,373

Growth 68 0.4% 238.0% 83.1% 20 37

Value 98 0.6% 30.9% -16.2% 75 117

Thematic 1,027 6.5% 8.0% 39.2% 951 738

Commodities 325 2.0% 46.7% -5.3% 222 343

Cyclical 0 0.0% 0.0% 0.0% 0 -

Faith 52 0.3% 103.3% 119.4% 26 24

Other Theme 301 1.9% -6.3% 146.5% 321 122

Sustainability 349 2.2% -8.9% 40.3% 383 248

Total 15,894 100.0% 32.4% 20.4% 12,005 13,202

May-17



12 June 2017


Figure 63: European Equity ETF Turnover Summary – B - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets

Europe 18,585 57.3% 17.7% 10.3% 15,789 16,843

Austria 26 0.1% 76.1% 130.3% 15 11

Belgium 1 0.0% 34.3% 151414.1% 1 0

Finland 37 0.1% 461.4% 448.7% 7 7

France 1,166 3.6% -28.9% 158.7% 1,639 451

Germany 3,199 9.9% 49.8% -8.5% 2,136 3,495

Greece 64 0.2% 306.6% 170.8% 16 24

Ireland 1 0.0% 275.4% 28.2% 0 1

Italy 1,018 3.1% 54.9% 41.7% 657 719

Netherlands 102 0.3% 11.9% -51.7% 91 211

Norway 28 0.1% 205.1% 23.3% 9 22

Portugal 8 0.0% 157.9% 58.8% 3 5

Iceland 3 0.0% 67408.0% -35.2% 0 4

Spain 166 0.5% -14.6% 3.4% 195 161

Sweden 397 1.2% 38.7% 23.9% 286 320

Switzerland 1,013 3.1% 23.5% 8.5% 820 933

UK 2,618 8.1% 25.5% -4.9% 2,086 2,754

Europe broad 8,738 26.9% 11.6% 13.1% 7,828 7,724

Americas 6,981 21.5% 11.2% 9.4% 6,280 6,380

US 6,751 20.8% 11.1% 11.5% 6,079 6,057

Canada 140 0.4% 55.7% -9.2% 90 154

North America 91 0.3% -18.7% -46.6% 111 170

Asia 2,318 7.1% 20.3% -10.9% 1,926 2,602

Australia 58 0.2% 4.4% -49.7% 56 115

Hong Kong 29 0.1% 23.8% 78.9% 24 16

Japan 1,843 5.7% 9.3% -19.0% 1,685 2,273

Singapore 4 0.0% 76.0% 20.0% 2 3

Asia Pacific broad 384 1.2% 140.9% 98.2% 160 194

EMEA 2 0.0% -23.4% -43.1% 2 3

Israel 2 0.0% -23.4% -43.1% 2 3

Global 4,553 14.0% 147.6% 118.8% 1,839 2,081

Broad indices 4,553 14.0% 147.6% 118.8% 1,839 2,081

DM Total 32,439 100.0% 25.6% 16.2% 25,834 27,906

May-17



12 June 2017


Figure 64: European Equity ETF Turnover Summary – C - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2016 (Monthly


Emerging Markets

BRIC 1,058 18.5% 52.1% 22.3% 696 865

Brazil 306 5.4% 222.3% 86.8% 95 164

Russia 248 4.3% 37.6% 54.6% 180 160

India 265 4.6% 23.9% 35.4% 214 195

China 240 4.2% 15.7% -30.7% 207 346

Latin America 263 4.6% 221.8% 79.0% 82 147

Chile 0 0.0% 0.0% na 0 0

Mexico 28 0.5% 39.3% -29.7% 20 40

LATAM broad 235 4.1% 281.1% 119.2% 62 107

Asia 570 10.0% 31.4% 4.7% 433 544

Bangladesh 3 0.1% 29.3% 90.9% 3 2

Indonesia 27 0.5% -39.5% -12.1% 45 31

Malaysia 4 0.1% -71.5% -72.9% 13 13

Pakistan 8 0.1% 351.0% 199.5% 2 3

Philippines 8 0.1% 23.3% -17.2% 7 10

South Korea 190 3.3% 91.7% 63.9% 99 116

Taiwan 67 1.2% 81.6% -21.0% 37 85

Thailand 3 0.0% 32.6% -78.4% 2 12

Vietnam 9 0.2% -51.1% -55.6% 18 20

Asia Pacific broad 250 4.4% 20.2% -0.8% 208 252

EMEA 175 3.1% -1.0% 1.9% 177 172

Bulgaria 0 0.0% -19.5% -64.1% 0 0

Kuwait 0 0.0% -91.6% -75.5% 2 1

Poland 18 0.3% -12.9% 24.4% 21 15

South Africa 14 0.3% -50.0% -41.7% 29 25

Turkey 38 0.7% -24.1% -6.8% 50 41

Europe broad 101 1.8% 43.5% 22.3% 71 83

Middle East & Africa 3 0.1% -32.3% -60.5% 5 9

Global Markets 3,637 63.8% 85.5% 29.6% 1,961 2,807

Global 3,637 63.8% 85.5% 29.6% 1,961 2,807

EM Total 5,704 100.0% 70.3% 25.8% 3,349 4,536

Total (EM + DM) 38,143 100.0% 30.7% 17.6% 29,183 32,442

May-17



12 June 2017


Figure 65: European Fixed Income ETF Turnover - | ETFs | Europe |

Fixed Income Turnover Apr-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Overall 688 4.4% 42.2% 37.0% 484 502

Corporates 6,053 38.5% 0.3% -18.7% 6,035 7,449

Covered Bonds 68 0.4% -4.2% -52.3% 71 142

Credit Exposure 18 0.1% 196.3% -37.5% 6 29

Sovereign 8,470 53.9% 26.0% -14.0% 6,722 9,850

Money Market 407 2.6% -23.3% -31.5% 531 594

Total Fixed Income 15,705 100.0% 13.4% -15.4% 13,849 18,567

May-17



12 June 2017


Figure 66: European Commodity ETP Turnover summary - | ETPs | Europe |

Commodity Turnover Apr-172016 (Monthly

Avg.)


Share %

MoM

%Change Avg.) %Change Turnover Turnover

Overall 421 8.6% 7.5% -4.3% 392 440

Overall 395 8.1% 5.1% -7.0% 376 425

Overall ex Energy 26 0.5% 65.9% 73.6% 16 15

Overall Light Energy 0 0.0% -21.5% -64.2% 0 0

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

Agriculture 217 4.4% 8.0% 13.4% 201 191

Overall 31 0.6% -11.6% -29.9% 35 44

Cocoa 57 1.2% 24.2% 563.7% 46 9

Coffee 40 0.8% 4.8% 14.1% 38 35

Corn 5 0.1% -39.8% -56.1% 9 12

Cotton 9 0.2% 318.0% 157.3% 2 3

Grains 1 0.0% -88.7% -67.2% 8 3

Softs 0 0.0% 86.5% -48.8% 0 1

Soybean Oil 1 0.0% 3.8% -83.9% 1 8

Soybeans 1 0.0% -64.6% -83.2% 4 8

Sugar 27 0.6% 5.5% 15.7% 26 24

Wheat 44 0.9% 38.2% -2.8% 32 45

Energy 1,377 28.1% 36.6% -31.4% 1,008 2,008

Overall 20 0.4% 133.8% -28.5% 8 27

Carbon 0 0.0% 106.7% 59.0% 0 0

Crude Oil 1214 24.8% 42.7% -30.9% 851 1756

Gasoline 3 0.1% -24.3% -68.8% 4 9

Heating Oil 2 0.0% -14.0% -52.2% 3 5

Natural Gas 139 2.8% -2.9% -34.3% 143 211

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 181 3.7% 3.8% 5.7% 174 171

Overall 43 0.9% -34.5% 8.9% 65 39

Aluminium 21 0.4% -7.8% 161.3% 23 8

Copper 87 1.8% 100.7% -8.2% 43 95

Lead 2 0.0% 366.6% 6.9% 0 2

Nickel 20 0.4% -37.6% 9.2% 32 18

Tin 0 0.0% -86.6% -72.3% 3 1

Zinc 7 0.2% 1.3% 0.8% 7 7

Precious Metals 2,698 55.0% -4.2% -39.6% 2,815 4,468

Overall 25 0.5% -17.8% 32.2% 30 19

Gold 2091 42.6% -16.9% -46.9% 2515 3940

Palladium 61 1.3% 143.0% -6.8% 25 66

Platinum 65 1.3% 9.0% 2.4% 59 63

Rhodium 2 0.0% -69.5% 155.9% 6 1

Silver 453 9.2% 152.4% 19.5% 180 379

Livestock 9 0.2% 129.9% 89.4% 4 5

Overall 1 0.0% 727.8% 63.0% 0 0

Cattle 6 0.1% 2166.1% 531.0% 0 1

Lean Hogs 2 0.1% -33.9% -30.7% 4 4

Total 4,904 100.0% 6.7% -32.7% 4,595 7,284

May-17



12 June 2017


Product Rankings

Figure 67: Top 20 Equity ETFs by Turnover (€ million) - | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,976.7 1,440.2 8,955.9

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,891.7 1,069.6 6,928.2

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,299.1 1,536.0 8,998.2

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 1,219.0 763.2 4,034.5

iShares MSCI World GBP Hedged UCITS ETF IGWD LN Blackrock Beta 1,138.9 33.6 1,669.5

iShares MSCI Emerging Markets UCITS ETF (Acc) SEMA LN BlackRock Beta 1,132.7 39.7 1,416.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 1,093.7 1,102.0 3,694.3

iShares Core MSCI World UCITS ETF Dist IWDG LN BlackRock Beta 1,093.1 - 1,093.1

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,087.8 917.6 4,401.4

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,014.5 1,078.0 3,700.3

Lyxor UCITS ETF Euro Stoxx Banks BNKE FP Lyxor Beta 884.3 497.7 1,991.8

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 797.1 567.7 2,335.6

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 773.1 1,035.5 2,403.4

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 716.9 860.3 3,234.7

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 578.5 442.4 3,142.6

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 529.9 481.3 3,011.1

iShares Euro STOXX Banks (DE) SX7EEX GR BlackRock Beta 529.2 418.1 1,847.5

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 496.9 464.2 3,054.9

iShares MSCI Europe Mid Cap UCITS ETF EUMD LN BlackRock Beta 482.1 - 482.1

UBS-ETF MSCI EMU EMUEUA GR UBS Beta 469.1 272.3 1,326.9


Figure 68: 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 Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 808.9 350.2 3,343.4

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 797.9 823.1 4,674.1

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 759.5 523.1 3,838.0

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 607.9 745.3 3,933.2

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 583.1 457.6 2,054.3

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 432.5 244.1 2,398.5

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 411.9 243.3 1,366.3

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 356.5 543.1 3,212.0

Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP Lyxor Beta 351.9 34.6 686.7

iShares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta 347.2 336.5 1,197.6

SPDR Barclays 0-3 Year Euro Corporate Bond UCITS ETF SYBD GY State Street Beta 340.7 53.9 600.9

Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor Beta 298.3 120.9 1,265.5

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 294.0 103.9 1,211.7

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 282.8 366.5 1,353.1

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 243.9 245.7 1,357.0

iShares £ Corporate Bond 1-5yr UCITS ETF IS15 LN Blackrock Beta 216.6 93.3 753.4

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 212.5 195.5 1,060.8

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 211.4 230.3 1,101.1

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 206.8 330.5 2,003.0

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 205.1 235.9 1,078.5



12 June 2017


Figure 69: 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 465.1 632.0 3,177.7

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 404.8 197.8 1,405.7

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 299.2 394.9 1,885.7


Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 280.8 198.4 1,457.2

Gold Bullion Securities GBS LN ETF Securities Beta 250.6 311.1 1,454.8

iShares Physical Gold ETC SGLN LN Blackrock Beta 234.4 264.8 1,403.4

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 217.8 188.7 1,073.4

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 217.0 315.4 1,571.8

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 133.2 116.4 764.1

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 123.0 98.0 499.8

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 97.8 57.3 449.7

Source Bloomberg Commodity UCITS ETF CMOD LN Source Beta 70.2 86.0 623.8

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 65.0 66.3 466.8

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 63.0 43.4 243.9

ETFS Copper COPA LN ETF Securities Beta 62.3 32.5 236.9

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 58.5 26.3 249.1

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 48.1 54.2 365.5

ETFS All Commodities AIGC LN ETF Securities Beta 48.0 38.2 234.2

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 45.1 45.2 221.7


Figure 70: 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 1,856.62 1 iShares Euro Ultrashort Bond UCITS ETF IS3M GY 129.11

2 iShares Euro STOXX 50 (DE) SX5EEX GR 1,073.85 2 iShares Markit iBoxx Euro High Yield EUNW GR 49.25

3 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 560.75 3 ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR 40.28

4 iShares Euro STOXX Banks (DE) SX7EEX GR 464.13 4 db x-trackers II EONIA TR Index UCITS ETF XEON GR 34.01

5 iShares STOXX 600 (DE) SXXPIEX GR 378.93 5 db x-trackers II - iBoxx Global Inflation-Linked UCITS ETF (DR) 1C EUR - Hedged XGIN GR 30.13

6 Deka DAX UCITS ETF ETFDAX GR 332.50 6 iShares Global Corporate Bond EUR Hedged UCITS ETF IBCQ GY 29.24

7 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 303.06 7 iShares JPMorgan USD Emerging Markets Bond IUS7 GR 28.62

8 iShares STOXX Europe 50 UCITS ETF EUN1 GR 214.41 8 db x-trackers II iBoxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR 27.67

9 iShares Euro STOXX (DE) SXXEEX GR 181.94 9 iShares Barclays Euro Corporate Bond EUN5 GR 27.07

10 iShares MDAX (DE) MDAXEX GR 158.74 10 SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY 26.20

Commodity ETPs BBG Ticker Turnover BBG Ticker Turnover

1 XETRA-Gold XAUEUR 217.05 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 10.08

2 db Physical Gold Euro Hedged ETC XAD1 GR 74.04 2 iShares S&P Listed Private Equity Fund IQQL GR 5.49

3 Source Physical Gold ETC (P-ETC) 8PSG GY 42.74 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 5.01

4 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 19.05 4 ComStage Vermogensstrategie UCITS ETF F701 GY 3.72

5 ETFS Physical Silver VZLC GR 17.27 5 ETFS Short USD Long EUR XBJQ GR 2.98

6 ETFS Brent Oil OESA GR 15.22 6 ETFS Long USD Short EUR XBJP GR 2.02

7 ETFS Physical Gold VZLD GR 11.75 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY 1.71

8 ETFS WTI Crude Oil OD7F GR 11.08 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 1.07

9 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 9.61 9 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 1.07

10 db Physical Gold ETC (EUR) XAD5 GR 7.97 10 ETFS 5X Long USD Short EUR 5CH5 GY 1.01



12 June 2017


Figure 71: Top 10 ETPs by Turnover (€ million) – London SE - | ETPs | Europe |


1 iShares Core S&P 500 UCITS ETF CSPX LN 1,227.12 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 661.75

2 iShares MSCI World GBP Hedged UCITS ETF IGWD LN 1,138.94 2 iShares Euro Corporate Bond UCITS ETF IEAC LN 626.76

3 iShares Core MSCI World UCITS ETF Dist IWDG LN 1,093.14 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 599.08

4 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,033.58 4 iShares $ Corporate Bond UCITS ETF LQDE LN 548.77

5 iShares MSCI Emerging Markets UCITS ETF (Acc) IEMA LN 996.16 5 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 350.89

6 Vanguard S&P 500 ETF VUSD LN 924.50 6 iShares UK Gilts 0-5yr UCITS ETF IGLS LN 347.15

7 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 608.71 7 SPDR Barclays 0-3 Year Euro Corporate Bond UCITS ETF SEUC LN 309.27

8 iShares MSCI Europe Mid Cap UCITS ETF EUMD LN 482.12 8 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 291.08

9 Vanguard FTSE 100 UCITS ETF VUKE LN 402.42 9 iShares Euro Aggregate Bond UCITS ETF IEAG LN 251.20

10 SPDR FTSE UK All Share ETF FTAL LN 357.14 10 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTXX LN 250.30


1 ETFS WTI Crude Oil CRUD LN 269.99 1 iShares Listed Private Equity UCITS ETF IPRV LN 18.13

2 ETFS Physical Gold PHAU LN 234.92 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 11.96

3 ETFS Physical Silver PHAG LN 225.00 3 iShares Listed Private Equity UCITS ETF IDPE LN 2.62

4 Source Physical Gold ETC (P-ETC) SGLD LN 196.27 4 ETFS Short GBP Long USDGBP USD2 LN 2.49

5 iShares Physical Gold ETC IGLN LN 195.93 5 ETFS 3x Long EUR Short USD LEU3 LN 2.27

6 Gold Bullion Securities GBS LN 173.25 6 ETFS Bullish USD vs Commodity Currency Basket Securities SCOM LN 1.66

7 ETFS Physical Gold GBP PHGP LN 80.67 7 ETFS 3x Long EUR Short GBP EUP3 LN 1.56

8 Source Bloomberg Commodity UCITS ETF CMOD LN 69.17 8 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 1.52

9 ETFS Copper COPA LN 52.65 9 ETFS 3x Short EUR Long GBP SUP3 LN 1.47

10 Source Physical Gold ETC (P-ETC) SGLP LN 46.16 10 ETFS 3x Short GBP Long USD SGB3 LN 1.45


Figure 72: Top 10 ETPs by Turnover (€ million) – Swiss SE - | ETPs | Europe |


1 iShares Core S&P 500 UCITS ETF CSSPX SW 272.48 1 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) LYMTA SW 231.67

2 iShares SMI CH CSSMI SW 213.32 2 iShares $ TIPS UCITS ETF ITPS SW 109.85

3 UBS-ETF MSCI EMU EMUAA SW 212.87 3 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 63.75

4 iShares MSCI EMU Small Cap UCITS ETF CSEMUS SW 148.74 4 UBS ETF - Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-acc CBUSE SW 47.73

5 iShares SMIM CH CSSMIM SW 134.02 5 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) LYMTC SW 44.53

6 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 122.24 6 iShares CHF Corporate Bond (CH) CHCORP SW 43.68

7 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 121.95 7 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 43.15

8 iShares Core MSCI World UCITS ETF (Acc) SWDA SW 110.25 8 Amundi ETF Global Emerging Bond Markit iBoxx UCITS ETF AGEB SW 30.30

9 UBS-ETF MSCI EMU EMUEUA SW 109.49 9 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 27.19

10 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW 106.56 10 UBS ETF - Barclays TIPS 1-10 UCITS ETF Hedged to EUR TIP1E SW 22.06


1 ZKB Gold ETF ZGLD SW 68.36 1 iShares Listed Private Equity UCITS ETF IPRV SW 3.77

2 ZKB Gold ETF-A USD ZGLDUS SW 64.50 2 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 1.32

3 ZKB Gold ETF-H (CHF) ZGLDHC SW 51.59 3 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 1.31

4 ZKB Silver ETF ZSIL SW 32.23 4 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.13

5 ComStage ETF Commerzbank Commodity EW Index TR CBCOMMUS SW 26.00 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.02

6 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 25.52 6 Lyxor ETF Privex LYPVX SW 0.00

7 UBS ETFs plc - CMCI Composite SF CHF-A CCCHAS SW 18.77

8 ZKB Gold ETF-A EUR ZGLDEU SW 17.09

9 ZKB Platinum ETF ZPLA SW 16.98

10 iShares Gold CH CSGOLD SW 16.18



12 June 2017


Figure 73: Top 10 ETPs by Turnover (€ million) – Euronext Paris - | ETPs | Europe |


1 Lyxor UCITS ETF Euro Stoxx Banks BNKE FP 817.85 1 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP 100.55

2 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 500.65 2 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 84.49

3 Lyxor UCITS ETF Euro STOXX 50 MSE FP 478.72 3 Lyxor ETF Daily Double Short BTP BTPS FP 84.46

4 Lyxor ETF Leverage CAC 40 LVC FP 365.51 4 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP 74.18

5 Amundi ETF MSCI EMU UCITS ETF CMU FP 277.73 5 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 66.88

6 Amundi ETF CAC 40 UCITS ETF C40 FP 262.06 6 Amundi ETF EuroMTS Cash 3 Months UCITS ETF C3M FP 66.04

7 Lyxor ETF XBear CAC 40 BX4 FP 237.87 7 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 63.50

8 Lyxor UCITS ETF MSCI Europe MEU FP 200.08 8 Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP 56.48

9 Lyxor ETF MSCI Emerging Markets - A LEM FP 197.25 9 Lyxor UCITS ETF Barclays Floating Rate Euro 0-7y FLOT FP 54.55

10 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 185.12 10 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 47.34


1 Gold Bullion Securities GBS FP 22.00 1 Lyxor ETF Privex PVX FP 1.01

2 Lyxor ETF Commodities CRB CRB FP 13.46

3 Lyxor ETF Commodities CRB Non-Energy CRN FP 9.53

4 ETFS WTI Crude Oil CRUDP FP 9.10

5 ETFS Brent 1mnth Oil OILBP FP 2.72

6 ETFS Wheat WEATP FP 0.97

7 ETFS All Commodities AIGCP FP 0.68

8 ETFS Gold BULLP FP 0.66

9 ETFS Copper COPAP FP 0.52

10 ETFS Agriculture AIGAP FP 0.38


Figure 74: Top 10 ETPs by Turnover (€ million) – Borsa Italiana - | ETPs | Europe |


1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 526.59 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 92.59

2 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 303.05 2 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR HFRN IM 81.96

3 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 276.06 3 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 66.20

4 Lyxor ETF XBear FTSE/MIB XBRMIB IM 198.40 4 Lyxor ETF Daily Double Short BTP BTP2S IM 61.18

5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 181.20 5 Lyxor UCITS ETF Euro Cash LEONIA IM 58.47

6 Lyxor UCITS ETF FTSE Mid Cap Italy D-EUR ITAMID IM 172.46 6 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 53.70

7 Lyxor ETF Bear FTSE/MIB BERMIB IM 134.29 7 iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM 53.45

8 UBS-ETF MSCI EMU EMUEUA IM 99.17 8 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 43.53

9 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 88.57 9 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 38.95

10 Lyxor UCITS ETF DAX (DR) DAXX IM 85.86 10 db x-trackers II iBoxx Euro Inflation-Linked TR Index UCITS ETF XEIN IM 35.94


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 249.11 1 ETFS 3X Short USD Long EUR USE3 IM 29.56

2 ETFS Physical Gold PHAU IM 119.61 2 ETFS 3X Long USD Short EUR EUS3 IM 25.29

3 ETFS WTI Crude Oil CRUD IM 114.61 3 ETFS 5X Long USD Short EUR EUS5 IM 23.49

4 Boost Wti Oil 3X Short Daily ETP 3OIS IM 110.24 4 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 14.81

5 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 62.45 5 ETFS 5X Short USD Long EUR USE5 IM 13.43

6 ETFS Daily Leveraged Crude Oil LOIL IM 52.64 6 ETFS Short USD Long EUR USEU IM 13.12

7 db Physical Gold Euro Hedged ETC XAD1 IM 48.90 7 Boost Short USD Long EUR 5x Daily ETP 5EUS IM 6.13

8 Gold Bullion Securities GBS IM 31.74 8 ETFS Long USD Short EUR EUUS IM 4.31

9 Boost Natural Gas 3x Short Daily 3NGS IM 30.67 9 ETFS Long GBP Short EUR EUGB IM 4.14

10 ETFS Physical Silver PHAG IM 24.46 10 Boost Long USD Short EUR 5x Daily ETP 5USE IM 2.97



12 June 2017


Figure 75: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam - | ETPs | Europe |

Stockholmborsen


1 XACT OMXS30 XACTOMX SS 372.19 1 XACT Obligation UCITS ETF XACTBOND SS 0.63

2 XACT Bear 2 XABEAR2 SS 83.57

3 XACT Bull 2 XABULL2 SS 63.72

4 XACT Bear XACBEAR SS 39.82

5 XACT Nordic High Dividend Low Volatility UCITS ETF XACTHDIV SS 23.49

6 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 21.91

7 XACT Nordic 30 XACTVINX SS 18.05

8 XACT Bull XACBULL SS 18.05

9 XACT OMXSB XACTSBX SS 15.66

10 SpotR OMXS30 SPOTROMX SS 6.84

Euronext Amsterdam


1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 144.26 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 107.58

2 Vanguard S&P 500 ETF VUSA NA 111.60 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 23.25

3 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 73.30 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 16.27

4 iShares MSCI Europe ex-UK UCITS ETF IEUX NA 73.21 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 12.41

5 Vanguard FTSE Developed Europe UCITS ETF VEUR NA 64.41 5 iShares France Government Bond UCITS ETF IFRB NA 11.23

6 iShares AEX UCITS ETF IAEX NA 61.56 6 Think iBoxx Government Bond Tracker TGBT NA 10.84

7 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 56.38 7 Think iBoxx AAA-AA Government Bond Tracker TAT NA 10.66

8 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 55.46 8 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 8.26

9 iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA 47.24 9 iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP NA 7.81

10 iShares European Property Yield UCITS ETF IPRP NA 47.03 10 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 7.62



12 June 2017


7. European ETFExchangesFigure 76: European on-exchange trading ranking by exchange - | ETPs | Europe |

Exchanges (All

figures in € million)

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

Deutche Boerse

Deutsche Borse 13,283 18.5% 546 12.9% 11,143 19.7% 544 13.5% 12,120 17.0% 487 10.3%

LSE

London SE 31,762 44.2% 2,200 52.0% 23,057 40.7% 2,225 55.2% 32,454 45.6% 2,632 55.8%

Borsa Italiana 7,572 10.5% 1,414 33.4% 6,174 10.9% 1,183 29.3% 6,780 9.5% 1,515 32.1%

39,334 54.7% 3,614 85.4% 29,232 51.6% 3,408 84.5% 39,234 55.1% 4,146 88.0%

Euronext

Paris 9,492 13.2% 38 0.9% 8,180 14.4% 29 0.7% 9,525 13.4% 36 0.8%

Amsterdam 1,577 2.2% 27 0.6% 1,355 2.4% 41 1.0% 1,738 2.4% 25 0.5%

Lisbon 4 0.0% 0 0.0% 2 0.0% 0 0.0% 3 0.0% 0 0.0%

Brussels 1 0.0% 0 0.0% 1 0.0% 0 0.0% 2 0.0% 0 0.0%

11,074 15.4% 65 1.5% 9,538 16.8% 70 1.7% 11,267 15.8% 60 1.3%

Swiss SE 6,928 9.6% 7 0.2% 5,696 10.0% 12 0.3% 7,182 10.1% 21 0.4%

Stockholmborsen 684 1.0% 0 0.0% 563 1.0% 0 0.0% 798 1.1% 0 0.0%

Oslo Bors 215 0.3% 0 0.0% 196 0.3% 0 0.0% 269 0.4% 0 0.0%

BME 320 0.4% 0 0.0% 309 0.5% 0 0.0% 338 0.5% 0 0.0%

Others 44 0.1% 0 0.0% 7 0.0% 0 0.0% 11 0.0% 0 0.0%

Total 71,881 100.0% 4,232 100.0% 56,684 100.0% 4,034 100.0% 71,219 100.0% 4,714 100.0%

May-17 Apr-17 Mar-17



12 June 2017


Figure 77: 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 32,223.4 50,759.9 19,281.5 12,460.9 4,483.5 16,439.5 1,909.5 137,558.3 40.3%

Emerging Markets 3,310.1 9,589.3 4,264.8 2,395.7 823.3 2,377.2 35.0 22,795.5 6.7%

Global Markets 329.2 2,260.6 177.4 135.5 133.9 1,825.0 1.6 4,863.0 1.4%

Sector 6,908.8 6,140.4 5,726.6 1,860.1 261.5 1,310.4 5.2 22,213.0 6.5%

Capitalization 991.7 2,709.2 259.5 860.9 138.3 695.3 136.9 5,791.6 1.7%

Style 1,858.7 4,027.5 539.4 596.6 378.8 594.0 0.0 7,995.0 2.3%

Strategy 2,724.2 7,670.5 5,608.2 5,188.4 23.2 341.9 1,200.3 22,756.6 6.7%

Thematic 1,168.7 1,780.5 315.6 344.1 124.9 678.5 0.0 4,412.3 1.3%

Total 49,515 84,938 36,173 23,842 6,367 24,262 3,288 228,385.4 66.9%

Fixed Income

Overall 401.1 2,167.3 4.5 128.5 171.0 329.8 3.0 3,205.2 0.9%

Corporates 2,720.8 25,245.0 2,708.0 3,541.2 624.2 1,178.0 0.0 36,017.2 10.5%

Covered Bonds 297.3 50.0 12.5 36.0 14.0 3.6 0.0 413.4 0.1%

Credit Exposure 50.5 0.0 0.0 26.3 0.0 2.8 0.0 79.6 0.0%

Sovereign 4,161.8 25,683.2 4,047.0 5,114.9 486.9 3,331.6 0.0 42,825.3 12.5%

Money Market 333.0 799.2 896.0 664.2 0.0 12.4 0.0 2,704.9 0.8%

Total 7,965 53,945 7,668 9,511 1,296 4,858 3 85,245.7 25.0%

Commodity 0.0%

Overall 492.8 1,203.0 126.2 226.4 15.8 584.0 37.8 2,685.9 0.8%

Agriculture 77.9 379.5 6.7 567.3 0.0 12.4 0.0 1,043.7 0.3%

Energy 288.9 2,366.6 49.7 3,862.1 0.0 53.4 0.0 6,620.6 1.9%

Industrial Metals 64.0 748.9 2.4 234.7 0.0 9.3 0.0 1,059.2 0.3%

Precious Metals 2,500.5 8,073.0 112.3 1,729.9 159.1 2,381.7 0.0 14,956.5 4.4%

Livestock 9.6 18.5 0.0 10.0 0.0 0.0 0.0 38.1 0.0%

Total 3,434 12,789 297 6,630 175 3,041 38 26,404.1 7.7%

0.0%

Alternative 90.0 162.2 17.2 80.6 25.2 38.5 0.0 413.7 0.1%

Currency 60.1 291.1 0.0 637.0 15.3 0.0 0.0 1,003.5 0.3%

Multi Asset 90.0 10.0 0.0 18.8 13.3 2.2 0.0 134.2 0.0%

Total 240 463 17 736 54 41 - 1,551.4 0.5%

Grand Total 61,153 152,135 44,156 40,720 7,892 32,201 3,329 341,587 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)



12 June 2017


8. AssetsETP Monthly AUM Analysis by Asset Class

Figure 78: AUM by asset class and instrument - | ETPs | Europe |

Asset Class Apr-17 End of 2016

All figures in € million

AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

ETFs

Equity 409,981 67.5% 1.6% 14.0% 403,432 359,706

Fixed income 149,734 24.7% 1.0% 8.5% 148,247 138,001

Commodity 18,090 3.0% -2.6% 9.9% 18,563 16,461

Currency 0 0.0% 0.0% 0.0% 0 0

Multi Asset 539 0.1% 1.1% 23.7% 533 436

Alternative 945 0.2% -9.1% -12.3% 1,040 1,078

Total 579,288 95.4% 1.3% 12.3% 571,816 515,682

ETCs

Commodity 27,376 4.5% 0.0% 11.3% 27,385 24,606

Currency 414 0.1% 3.1% -12.6% 402 474

Total 27,790 4.6% 0.0% 10.8% 27,786 25,080

Total ETPs 607,079 100.0% 1.2% 12.3% 599,602 540,762

May-17


Asset Class Analysis

Figure 79: European Equity ETF AUM summary - | ETFs | Europe |

Equity AUM Apr-17 End of 2016

All figures in € million AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets 276,198 67.4% 1.0% 11.1% 273,518 248,536

Emerging Markets 35,723 8.7% 3.0% 20.5% 34,694 29,644

Global Markets 9,918 2.4% 10.9% 74.4% 8,942 5,685

Sector 26,621 6.5% 2.0% 14.9% 26,110 23,172

Capitalization 10,128 2.5% 4.8% 37.0% 9,666 7,393

Strategy 22,279 5.4% 3.4% 13.8% 21,550 19,572

Style 21,583 5.3% -0.2% 10.3% 21,635 19,567

Thematic 7,531 1.8% 2.9% 22.7% 7,318 6,137

Total Equities 409,981 100.0% 1.6% 14.0% 403,432 359,706

May-17



12 June 2017


Figure 80: European Equity ETF AUM summary - A - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Sector 26,621 30.2% 2.0% 14.9% 26,110 23,172

Consumer discretionary 1,054 1.2% 2.5% 2.2% 1,028 1,031

Consumer staples 1,164 1.3% 9.2% 19.1% 1,066 977

Energy 2,747 3.1% -1.9% 16.3% 2,801 2,361

Financials 7,547 8.6% 0.8% 18.4% 7,488 6,375

Healthcare 3,061 3.5% -1.1% 5.7% 3,095 2,895

Industrials 843 1.0% 14.6% 19.7% 735 704

Information Technology 2,571 2.9% 6.7% 44.5% 2,410 1,779

Materials 1,186 1.3% 5.7% 11.8% 1,121 1,060

Overall 2 0.0% 61.6% na 2 0

Real Estate 4,926 5.6% -1.8% 2.9% 5,015 4,786

Telecommunications 876 1.0% 16.0% 29.6% 755 676

Utilities 645 0.7% 8.5% 22.4% 594 527

Capitalization 10,128 11.5% 4.8% 37.0% 9,666 7,393

Large Cap 362 0.4% -5.7% 0.2% 384 362

Mid Cap 3,527 4.0% 24.9% 80.8% 2,824 1,950

Small Cap 6,239 7.1% -3.4% 22.8% 6,458 5,081

Strategy 22,279 25.3% 3.4% 13.8% 21,550 19,572

Fundamental 1,504 1.7% -0.1% -1.0% 1,505 1,518

Leveraged Long 1,741 2.0% 2.3% -2.1% 1,702 1,778

Leveraged Short 1,121 1.3% -10.0% 11.7% 1,246 1,003

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 16,450 18.7% 5.2% 18.8% 15,640 13,852

Short 1,463 1.7% 0.4% 3.0% 1,457 1,421

Style 21,583 24.5% -0.2% 10.3% 21,635 19,567

Dividend 19,292 21.9% -0.9% 9.2% 19,467 17,671

Growth 321 0.4% 1.7% 28.9% 315 249

Value 1,970 2.2% 6.3% 19.6% 1,853 1,647

Thematic 7,531 8.5% 2.9% 22.7% 7,318 6,137

Commodities 1,192 1.4% -0.6% -4.1% 1,200 1,243

Cyclical 0 0.0% 0.0% 0.0% 0 0

Faith 160 0.2% -16.5% -19.6% 192 199

Other Theme 2,570 2.9% 7.2% 51.8% 2,396 1,693

Sustainability 3,609 4.1% 2.2% 20.2% 3,530 3,001

Total 88,142 100.0% 2.2% 16.2% 86,279 75,841

May-17



12 June 2017


Figure 81: European Equity ETF AUM summary - B - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets

Europe 142,155 51.5% 2.4% 15.1% 138,790 123,525

Austria 316 0.1% 7.0% 22.4% 295 258

Belgium 47 0.0% 1.9% 8.3% 46 43

Finland 233 0.1% 8.8% 18.3% 214 197

France 5,796 2.1% 3.8% 21.9% 5,584 4,755

Germany 21,205 7.7% -1.1% 8.8% 21,438 19,483

Greece 202 0.1% 15.7% 22.5% 175 165

Ireland 22 0.0% -4.3% -22.1% 23 29

Italy 1,707 0.6% 3.8% -4.2% 1,645 1,782

Netherlands 505 0.2% 2.7% -7.6% 492 546

Norway 271 0.1% -3.2% -2.3% 280 277

Portugal 66 0.0% 27.1% 68.9% 52 39

Spain 1,514 0.5% 0.2% 27.2% 1,511 1,191

Sweden 1,952 0.7% 1.9% 15.9% 1,915 1,684

Switzerland 11,630 4.2% 0.5% 16.4% 11,573 9,989

UK 15,474 5.6% -0.4% 4.8% 15,531 14,761

Europe broad 81,215 29.4% 4.1% 18.9% 78,016 68,326

Americas 82,850 30.0% -1.7% 4.9% 84,252 78,950

US 79,340 28.7% -1.4% 5.9% 80,468 74,940

Canada 1,471 0.5% -11.8% -19.5% 1,668 1,828

North America 2,039 0.7% -3.7% -6.6% 2,117 2,182

Asia 22,694 8.2% 1.0% 7.7% 22,479 21,076

Australia 714 0.3% -6.8% -44.3% 767 1,284

Hong Kong 200 0.1% 4.3% 18.6% 192 169

Japan 18,897 6.8% 1.5% 9.2% 18,622 17,301

Singapore 53 0.0% 0.1% 11.4% 53 48

Asia Pacific broad 2,829 1.0% -0.6% 24.4% 2,845 2,274

EMEA 10 0.0% 0.2% 30.4% 10 7

Israel 10 0.0% 0.2% 30.4% 10 7

Global 28,488 10.3% 1.8% 14.1% 27,986 24,979

Broad indices 28,488 10.3% 1.8% 14.1% 27,986 24,979

DM Total 276,198 100.0% 1.0% 11.1% 273,508 248,529

May-17



12 June 2017


Figure 82: European Equity ETF AUM summary - C - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Emerging Markets

BRIC 6,167 2.0% -2.3% 7.6% 6,312 5,730

Brazil 859 0.3% 7.5% 22.3% 799 702

Russia 963 0.3% -13.1% -21.6% 1,107 1,228

India 2,013 0.6% -0.7% 30.8% 2,028 1,539

China 2,332 0.7% -1.9% 3.1% 2,377 2,261

Latin America 1,017 0.3% -15.5% -2.1% 1,205 1,040

Chile 0 0.0% 0.0% 0.0% 0 0

Mexico 140 0.0% -4.6% 11.8% 147 125

LATAM broad 878 0.3% -17.0% -4.0% 1,058 915

Asia 4,153 1.3% 6.6% 19.9% 3,897 3,465

Bangladesh 23 0.0% -4.3% -2.7% 24 24

Indonesia 208 0.1% 7.2% 39.3% 194 150

Malaysia 58 0.0% -1.8% 28.5% 60 46

Pakistan 34 0.0% -6.8% -0.2% 36 34

Philippines 55 0.0% 3.2% 11.6% 53 49

South Korea 823 0.3% 16.4% 20.2% 707 685

Taiwan 476 0.2% 2.7% 6.8% 463 446

Thailand 46 0.0% -2.0% -7.7% 47 50

Vietnam 205 0.1% -5.9% -12.9% 218 235

Asia Pacific broad 2,225 0.7% 6.2% 27.3% 2,095 1,748

EMEA 1,202 0.4% -0.6% 26.1% 1,209 953

Bulgaria 15 0.0% -1.3% 15.4% 15 13

Kuwait 7 0.0% -2.4% 18.7% 7 6

Poland 107 0.0% -6.7% 44.3% 114 74

South Africa 113 0.0% -0.7% 9.7% 114 103

Turkey 307 0.1% -1.9% 41.3% 313 217

Europe broad 543 0.2% -1.2% 30.3% 549 417

Middle East & Africa 110 0.0% -1.3% -19.0% 112 136

Global Markets 23,184 7.4% 5.1% 25.7% 22,056 18,443

Global 23,184 7.4% 5.1% 25.7% 22,056 18,443

EM Total 35,723 11.5% 3.0% 20.6% 34,679 29,631

Total (EM + DM) 311,921 100.0% 1.2% 12.1% 308,187 278,160

May-17



12 June 2017


Figure 83: European Fixed Income ETF AUM summary - | ETFs | Europe |

Fixed Income AUM Apr-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 9,649 6.4% -2.4% 3.9% 9,888 9,290

Corporates 67,070 44.8% 2.9% 8.6% 65,167 61,766

Covered Bonds 2,782 1.9% -3.1% -4.1% 2,870 2,899

Credit Exposure 270 0.2% 0.4% 30.3% 269 207

Sovereign 66,956 44.7% -0.1% 8.4% 67,053 61,742

Money Market 3,008 2.0% 0.3% 43.6% 2,999 2,095

Total Fixed Income 149,734 100.0% 1.0% 8.5% 148,247 138,001

May-17



12 June 2017


Figure 84: European Commodity ETP AUM summary - | ETPs | Europe |

Commodity AUM Apr-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 6,783 14.9% -4.0% 12.5% 7,064 6,027

Overall 6634 14.6% -4.1% 13.7% 6916 5834

Overall ex Energy 146 0.3% 0.1% -22.2% 146 187

Overall Light Energy 3 0.0% -1.0% -44.7% 3 5

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

Agriculture 962 2.1% -0.8% 25.8% 969 764

Overall 506 1.1% -2.2% 35.2% 518 374

Cocoa 76 0.2% 2.2% 240.3% 75 22

Coffee 79 0.2% 6.7% 30.7% 74 60

Corn 59 0.1% 9.7% 4.3% 54 57

Cotton 11 0.0% -29.9% 6.8% 16 10

Grains 22 0.0% -2.1% -37.3% 23 35

Softs 4 0.0% -5.3% -21.8% 4 5

Soybean Oil 3 0.0% 2.3% -20.7% 3 4

Soybeans 12 0.0% -6.0% -24.3% 13 16

Sugar 33 0.1% 2.4% 8.7% 32 30

Wheat 156 0.3% -1.6% 4.0% 159 150

Energy 2,371 5.2% -2.6% -8.1% 2,433 2,579

Overall 80 0.2% -15.2% -46.4% 95 150

Carbon 1 0.0% 25.7% -13.1% 1 1

Crude Oil 2127 4.7% -1.3% -6.4% 2155 2272

Gasoline 7 0.0% 14.5% -11.4% 6 8

Heating Oil 4 0.0% -12.9% -28.8% 4 5

Natural Gas 152 0.3% -12.1% 6.3% 173 143

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 868 1.9% 4.0% 26.0% 835 689

Overall 362 0.8% 6.1% 47.0% 342 247

Aluminium 106 0.2% 1.0% 15.3% 105 92

Copper 260 0.6% 5.8% 28.3% 246 203

Lead 3 0.0% 10.5% -20.9% 3 4

Nickel 114 0.3% -2.0% 4.4% 116 109

Tin 5 0.0% 23.0% 9.5% 4 4

Zinc 18 0.0% -8.9% -41.6% 19 30

Precious Metals 34,471 75.8% -0.5% 11.2% 34,636 30,998

Overall 157 0.3% -3.8% 4.4% 163 150

Gold 30264 66.6% -0.8% 12.1% 30496 26998

Palladium 341 0.7% -7.9% -22.0% 370 437

Platinum 829 1.8% 0.2% 3.6% 828 801

Rhodium 44 0.1% -12.1% 8.9% 50 40

Silver 2836 6.2% 3.9% 10.3% 2729 2572

Livestock 11 0.0% 5.8% 5.6% 11 11

Overall 3 0.0% 2.1% 42.9% 3 2

Cattle 2 0.0% -2.2% 19.7% 2 2

Lean Hogs 6 0.0% 10.7% -8.2% 6 7

Total 45,466 100.0% -1.0% 10.7% 45,948 41,067

May-17



12 June 2017


Product Rankings

Figure 85: Top 20 Products by AUM – Equity ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 18,661.1 19,286.8 18,252.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 16,520.7 16,499.0 15,926.4

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 9,332.4 8,847.1 7,918.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 9,006.3 8,882.9 7,409.9

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,264.4 7,833.6 8,100.4

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,387.7 7,278.2 7,029.6

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 6,826.9 7,046.2 7,462.6

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,830.5 5,729.0 5,469.1

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,714.2 5,636.8 5,372.1

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,613.0 5,503.8 5,787.0

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 5,373.0 5,333.1 5,448.7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 5,330.9 5,231.0 4,773.2

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 5,168.1 5,014.6 3,689.0

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,938.1 5,050.8 5,411.3

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,680.6 4,697.2 4,078.2

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 4,348.5 4,264.5 3,709.6

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 4,131.7 4,265.6 4,002.4

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 3,644.9 3,064.6 2,252.4

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 3,549.2 3,618.3 2,613.7

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS Beta 3,488.0 2,846.1 882.4


Figure 86: Top 20 Products by AUM – Fixed Income ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 7,110.8 6,965.4 7,674.5

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 6,789.3 6,745.1 5,400.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,628.4 5,407.2 5,780.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,615.5 5,605.2 4,585.6

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 5,188.8 4,734.5 3,273.2

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4,335.8 4,257.0 5,115.0

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3,786.0 3,822.9 3,480.5

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,651.5 3,487.1 3,564.3

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 2,998.4 2,768.2 1,062.3

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 2,610.4 2,542.1 1,613.9

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 2,457.1 3,415.7 3,255.0

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,216.7 2,357.4 2,277.7

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 2,094.6 1,925.7 1,765.8

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 2,064.9 2,156.7 1,889.3

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,942.0 1,894.6 1,866.5

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,940.3 1,921.3 1,701.2

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,918.9 1,671.3 1,555.5

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,854.7 1,851.8 2,206.4

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,842.1 1,809.2 1,826.8

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,837.0 1,946.9 1,823.7



12 June 2017


Figure 87: Top 20 Products by AUM – Commodity ETPs (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,367.0 5,494.1 5,087.1

ETFS Physical Gold PHAU LN ETF Securities Beta 5,319.7 5,465.5 5,076.4

Gold Bullion Securities GBS LN ETF Securities Beta 3,739.2 3,804.3 3,307.6

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3,602.4 3,675.5 3,015.8

iShares Physical Gold ETC SGLN LN Blackrock Beta 2,582.8 2,651.2 2,111.0

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,821.3 1,877.5 1,774.6

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,690.6 1,727.4 1,619.1

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 1,312.7 1,103.4 800.2

Source Bloomberg Commodity UCITS ETF CMOD LN Source Beta 1,163.4 1,230.8 -

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,147.7 1,150.7 1,084.5

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 982.9 1,036.6 822.8


iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 801.8 822.4 1,261.8

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 791.3 793.0 668.3

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 778.3 772.7 782.3

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 766.7 794.0 750.4

db Physical Gold ETC XGLD LN Deutsche AM Beta 660.5 538.5 520.7

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 496.6 497.6 515.6

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 486.2 517.9 487.4

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 470.3 473.1 401.2



12 June 2017


9. ETF Broker rankingsUS ETP Broker Rankings

Figure 88: 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 (CDRG) CITADEL SECURITIES LLC 174,232 17.82% 141,104 572,491 12.35% 397,234 (CDRG) CITADEL SECURITIES LLC 3,077 19.75% 141,104 11,000 14.27% 397,235

2 (KCG) KCG HOLDINGS, INC. 160,756 16.44% 188,027 774,911 16.72% 927,431 (KCG) KCG HOLDINGS, INC. 2,843 18.25% 188,094 15,057 19.53% 927,741

3 (CSFB) CREDIT SUISSE 80,426 8.22% 25,771 409,468 8.83% 120,962 (UBS) UBS INVESTMENT BANK 1,235 7.92% 41,674 6,928 8.99% 197,721

4 (UBS) UBS INVESTMENT BANK 73,847 7.55% 41,557 384,131 8.29% 197,176 (CSFB) CREDIT SUISSE 1,222 7.84% 25,835 6,334 8.22% 121,253

5 (MLCO) MERRILL LYNCH 66,553 6.81% 48,458 345,589 7.46% 214,114 (MLCO) MERRILL LYNCH 1,002 6.43% 48,632 5,387 6.99% 214,799

6 (GS) GOLDMAN SACHS & CO. 63,457 6.49% 135,352 302,473 6.53% 677,329 (JPM) JP MORGAN 814 5.22% 128,736 3,779 4.90% 538,310

7 (JPM) JP MORGAN 60,079 6.14% 128,735 275,833 5.95% 538,303 (GS) GOLDMAN SACHS & CO. 742 4.76% 135,377 3,774 4.90% 677,432

8 (CITI) CITIGROUP GLOBAL MARKETS 50,834 5.20% 14,744 276,807 5.97% 75,400 (BCAP) BARCLAYS CAPITAL 719 4.61% 60,845 3,224 4.18% 281,692

9 (BCAP) BARCLAYS CAPITAL 44,536 4.55% 60,845 203,502 4.39% 281,691 (CITI) CITIGROUP GLOBAL MARKETS 719 4.61% 14,745 3,846 4.99% 75,407

10 (MSCO) MORGAN STANLEY 34,695 3.55% 13,951 175,929 3.80% 72,233 (DBAB) DEUTSCHE BANK SECURITIES INC 569 3.65% 20,551 2,964 3.85% 101,732

11 (FCM) FIDELITY CAPITAL MARKETS 33,208 3.40% 45,388 179,370 3.87% 242,614 (FCM) FIDELITY CAPITAL MARKETS 562 3.60% 45,388 3,690 4.79% 242,614

12 (DBAB) DEUTSCHE BANK SECURITIES INC 32,883 3.36% 20,551 172,311 3.72% 101,730 (MSCO) MORGAN STANLEY 507 3.26% 13,951 2,727 3.54% 72,236

13 (INCA) INSTINET 12,248 1.25% 7,340 63,065 1.36% 37,298 (BNYM) BANK OF NEW YORK, THE 146 0.94% 15,787 896 1.16% 76,795

14 (SG) SG SECURITIES 9,259 0.95% 386 44,738 0.97% 2,174 (INCA) INSTINET 137 0.88% 7,340 653 0.85% 37,298

15 (BNYM) BANK OF NEW YORK, THE 8,818 0.90% 15,784 48,831 1.05% 76,764 (CVGX) CONVERGEX 131 0.84% 17,487 845 1.10% 92,952

16 (CVGX) CONVERGEX 7,768 0.79% 17,482 50,109 1.08% 92,938 (RBC) ROYAL BANK OF CANADA 110 0.71% 6,876 857 1.11% 103,120

17 (RBC) ROYAL BANK OF CANADA 5,560 0.57% 6,872 50,750 1.09% 103,072 (BMOC) BMO CAPITAL MARKETS 85 0.55% 2,050 298 0.39% 7,811

18 (JEFF) JEFFERIES & CO., INC. 5,015 0.51% 4,691 33,946 0.73% 31,712 (SG) SG SECURITIES 70 0.45% 386 390 0.51% 2,174

19 (ITGI) INVESTMENT TECHNOLOGY GROUP 3,906 0.40% 17,987 18,396 0.40% 86,602 (WBET) WALLACHBETH CAPITAL LLC 67 0.43% 212 248 0.32% 798

20 (RAJA) RAYMOND JAMES & ASSOCIATES 3,754 0.38% 33,597 23,202 0.50% 159,783 (JEFF) JEFFERIES & CO., INC. 67 0.43% 4,691 451 0.58% 31,712

Other 46,113 4.72% 97,968 229,405 4.95% 505,762 Other 756 4.85% 147,314 3,730 4.84% 743,718

Total 977,945 100.00% 1,066,590 4,635,258 100.00% 4,942,322 Total 15,580 100.00% 1,067,075 77,076 100.00% 4,944,550

Value Trade Summary Volume Trade Summary

May-17 YTD May-17 YTD

Source:Deutsche Bank, Bloomberg Finance LP.

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Figure 89: 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. 9,741 25.31% 15,877 45,170 26.77% 73,319 (CDRG) CITADEL SECURITIES LLC 470 26.43% 7,819 1,350 19.62% 22,267

2 (CDRG) CITADEL SECURITIES LLC 9,571 24.87% 7,819 30,356 17.99% 22,267 (KCG) KCG HOLDINGS, INC. 451 25.36% 15,879 1,852 26.90% 73,326

3 (UBS) UBS INVESTMENT BANK 3,524 9.16% 2,108 18,361 10.88% 10,117 (UBS) UBS INVESTMENT BANK 166 9.32% 2,124 730 10.61% 10,194

4 (CSFB) CREDIT SUISSE 2,497 6.49% 1,108 13,080 7.75% 5,278 (CSFB) CREDIT SUISSE 103 5.79% 1,111 520 7.55% 5,285

5 (FCM) FIDELITY CAPITAL MARKETS 1,944 5.05% 4,313 9,995 5.92% 21,550 (FCM) FIDELITY CAPITAL MARKETS 92 5.15% 4,313 426 6.19% 21,550

6 (BCAP) BARCLAYS CAPITAL 1,492 3.88% 4,434 6,263 3.71% 19,724 (BCAP) BARCLAYS CAPITAL 63 3.53% 4,434 260 3.77% 19,724

7 (MLCO) MERRILL LYNCH 1,251 3.25% 1,876 5,770 3.42% 8,410 (JPM) JP MORGAN 59 3.29% 6,116 224 3.25% 29,116

8 (DBAB) DEUTSCHE BANK SECURITIES INC 1,147 2.98% 1,227 4,536 2.69% 4,324 (MLCO) MERRILL LYNCH 52 2.93% 1,877 218 3.16% 8,415

9 (CITI) CITIGROUP GLOBAL MARKETS 1,110 2.88% 1,124 5,982 3.55% 5,666 (DBAB) DEUTSCHE BANK SECURITIES INC 49 2.74% 1,227 177 2.57% 4,324

10 (JPM) JP MORGAN 1,093 2.84% 6,116 5,594 3.31% 29,115 (GS) GOLDMAN SACHS & CO. 48 2.72% 8,865 204 2.96% 44,267

11 (GS) GOLDMAN SACHS & CO. 1,065 2.77% 8,865 5,919 3.51% 44,267 (MSCO) MORGAN STANLEY 37 2.10% 695 131 1.91% 3,504

12 (MSCO) MORGAN STANLEY 1,011 2.63% 695 3,740 2.22% 3,504 (CITI) CITIGROUP GLOBAL MARKETS 35 1.98% 1,125 185 2.68% 5,667

13 (CVGX) CONVERGEX 335 0.87% 992 1,913 1.13% 6,076 (CVGX) CONVERGEX 17 0.97% 992 80 1.16% 6,077

14 (INCA) INSTINET 328 0.85% 248 1,490 0.88% 1,416 (BNYM) BANK OF NEW YORK, THE 14 0.80% 674 64 0.92% 3,205

15 (BNYM) BANK OF NEW YORK, THE 296 0.77% 674 1,449 0.86% 3,203 (JEFF) JEFFERIES & CO., INC. 13 0.73% 719 41 0.59% 3,228

16 (RBC) ROYAL BANK OF CANADA 202 0.52% 244 2,097 1.24% 5,070 (ING) ING BANK 13 0.71% 34 17 0.25% 55

17 (ING) ING BANK 195 0.51% 32 258 0.15% 53 (RBC) ROYAL BANK OF CANADA 12 0.67% 244 93 1.35% 5,070

18 (ITGI) INVESTMENT TECHNOLOGY GROUP 177 0.46% 468 980 0.58% 3,097 (INCA) INSTINET 12 0.66% 248 49 0.71% 1,416

19 (JEFF) JEFFERIES & CO., INC. 152 0.40% 719 634 0.38% 3,228 (ITGI) INVESTMENT TECHNOLOGY GROUP 10 0.54% 468 42 0.62% 3,097

20 (FLOW) FLOW TRADERS 144 0.37% 23 212 0.13% 50 (GFIG) GFI GROUP INC. 6 0.32% 112 19 0.27% 414

Other 1,215 3.16% 5,428 4,957 2.94% 23,148 Other 58 3.26% 5,341 204 2.96% 22,791

Total 38,488 100.00% 64,390 168,755 100.00% 292,882 Total 1,779 100.00% 64,417 6,882 100.00% 292,992



Source: Deutsche Bank, Bloomberg Finance LP.

Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.


12 June 2017


European ETP Broker Rankings

Figure 90: 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 (FLOW) FLOW TRADERS 15,375 14.48% 4,374 48,799 9.27% 14,321 (FLOW) FLOW TRADERS 485 13.92% 4,777 1,424 9.06% 15,217

2 (CBK) COMMERZBANK 13,150 12.38% 27,441 67,950 12.90% 128,185 (SIS) SUSQUEHANNA INTERNATIONAL GRP 454 13.05% 3,270 1,457 9.26% 14,631

3 (SIS) SUSQUEHANNA INTERNATIONAL GRP 9,641 9.08% 3,257 35,694 6.78% 14,559 (CBK) COMMERZBANK 398 11.43% 27,946 1,931 12.28% 130,428

4 (CITI) CITIGROUP GLOBAL MARKETS 6,993 6.58% 4,083 25,179 4.78% 20,740 (CITI) CITIGROUP GLOBAL MARKETS 198 5.70% 4,106 707 4.50% 20,851

5 (CSFB) CREDIT SUISSE 5,005 4.71% 4,003 24,688 4.69% 17,782 (KEPL) KEPLER CAPITAL MARKETS 187 5.36% 4,262 612 3.89% 19,529

6 (BCAP) BARCLAYS CAPITAL 4,852 4.57% 4,260 22,259 4.23% 20,914 (IMC) IMC TRADING BV 142 4.08% 3,133 669 4.25% 13,965

7 (MSCO) MORGAN STANLEY 4,536 4.27% 15,779 19,102 3.63% 71,218 (MSCO) MORGAN STANLEY 142 4.08% 15,801 584 3.72% 71,316

8 (JPMS) JPMORGAN CHASE BANK, N.A. 4,238 3.99% 4,012 18,985 3.61% 18,145 (BCAP) BARCLAYS CAPITAL 139 4.00% 4,265 630 4.01% 20,924

9 (IMC) IMC TRADING BV 4,229 3.98% 3,113 18,365 3.49% 13,874 (CSFB) CREDIT SUISSE 138 3.98% 4,077 776 4.94% 18,079

10 (KEPL) KEPLER CAPITAL MARKETS 3,815 3.59% 4,257 19,499 3.70% 19,515 (UBS) UBS INVESTMENT BANK 119 3.43% 2,048 501 3.19% 9,492

11 (UBS) UBS INVESTMENT BANK 3,424 3.22% 2,044 14,227 2.70% 9,405 (WINS) WINTERFLOOD SECURITIES 96 2.76% 7,700 471 3.00% 36,941

12 (DBK) DEUTSCHE BANK AG 3,138 2.95% 4,373 38,496 7.31% 20,147 (HSBC) HSBC GROUP PLC 85 2.45% 2,865 465 2.96% 13,669

13 (HSBC) HSBC GROUP PLC 2,706 2.55% 2,862 13,868 2.63% 13,657 (DBK) DEUTSCHE BANK AG 85 2.43% 4,414 518 3.29% 20,348

14 (GS) GOLDMAN SACHS & CO. 2,495 2.35% 16,560 10,785 2.05% 58,618 (KCG) KCG HOLDINGS, INC. 78 2.25% 8,258 517 3.29% 42,849

15 (WINS) WINTERFLOOD SECURITIES 2,453 2.31% 7,693 11,772 2.24% 36,898 (JPMS) JPMORGAN CHASE BANK, N.A. 70 2.01% 4,019 293 1.86% 18,159

16 (UNIC) UNICREDIT 2,090 1.97% 619 10,763 2.04% 3,091 (OPTV) OPTIVER VOF 58 1.67% 736 390 2.48% 15,190

17 (OPTV) OPTIVER VOF 1,727 1.63% 725 11,204 2.13% 15,121 (NATI) NATIXIS SECURITIES 57 1.64% 700 155 0.99% 2,425

18 (NATI) NATIXIS SECURITIES 1,726 1.63% 698 4,897 0.93% 2,423 (GS) GOLDMAN SACHS & CO. 54 1.55% 16,642 184 1.17% 58,700

19 (ITGE) ITG EUROPE 1,723 1.62% 803 6,183 1.17% 3,428 (MLCO) MERRILL LYNCH 53 1.52% 3,056 207 1.31% 12,650

20 (MLCO) MERRILL LYNCH 1,498 1.41% 3,053 5,609 1.07% 12,642 (UNIC) UNICREDIT 50 1.45% 619 250 1.59% 3,094

Other 11,386 10.72% 36,738 98,241 18.66% 215,458 Other 391 11.22% 29,551 2,983 18.97% 177,981

Total 106,201 100.00% 150,747 526,564 100.00% 730,141 Total 3,481 100.00% 152,245 15,724 100.00% 736,438




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Figure 91: Top 20 European ETC brokers - | ETCs | Europe |

Rank Broker

Advertised

value (

million)

Market

Share

Advertised

Trades

Advertised

value (

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (FLOW) FLOW TRADERS 733 20.19% 380 2,829 13.29% 1,169 (MSCO) MORGAN STANLEY 95 19.58% 2,669 690 21.85% 12,782

2 (MACQ) MACQUARIE SECURITIES 509 14.02% 132 1,007 4.73% 351 (FLOW) FLOW TRADERS 92 19.11% 424 211 6.67% 1,264

3 (WINS) WINTERFLOOD SECURITIES 288 7.93% 1,945 1,623 7.62% 10,418 (WINS) WINTERFLOOD SECURITIES 59 12.23% 1,945 319 10.09% 10,418

4 (MSCO) MORGAN STANLEY 286 7.88% 2,669 1,612 7.57% 12,782 (CITI) CITIGROUP GLOBAL MARKETS 52 10.80% 786 172 5.44% 3,833

5 (CITI) CITIGROUP GLOBAL MARKETS 279 7.68% 786 1,478 6.94% 3,833 (MACQ) MACQUARIE SECURITIES 24 5.00% 134 52 1.64% 353

6 (HSBC) HSBC GROUP PLC 244 6.72% 208 1,124 5.28% 922 (UBS) UBS INVESTMENT BANK 21 4.41% 239 120 3.81% 1,168

7 (CBK) COMMERZBANK 233 6.41% 538 750 3.52% 2,324 (CBK) COMMERZBANK 17 3.48% 538 53 1.68% 2,324

8 (OPTV) OPTIVER VOF 206 5.67% 116 1,804 8.47% 3,400 (HSBC) HSBC GROUP PLC 14 2.94% 208 46 1.46% 923

9 (UBS) UBS INVESTMENT BANK 116 3.19% 239 674 3.17% 1,155 (OPTV) OPTIVER VOF 11 2.29% 116 387 12.24% 3,404

10 (BCAP) BARCLAYS CAPITAL 102 2.81% 249 673 3.16% 1,339 (SIS) SUSQUEHANNA INTERNATIONAL GRP 11 2.22% 39 76 2.39% 183

11 (CSFB) CREDIT SUISSE 81 2.22% 175 1,416 6.65% 952 (BCAP) BARCLAYS CAPITAL 10 1.97% 249 40 1.27% 1,339

12 (SIS) SUSQUEHANNA INTERNATIONAL GRP 73 2.01% 39 656 3.08% 183 (CSFB) CREDIT SUISSE 8 1.71% 176 53 1.69% 955

13 (PEEL) PEEL HUNT LLP 58 1.59% 467 200 0.94% 2,351 (KEPL) KEPLER CAPITAL MARKETS 8 1.70% 232 59 1.88% 1,338

14 (KEPL) KEPLER CAPITAL MARKETS 48 1.33% 232 434 2.04% 1,338 (DBK) DEUTSCHE BANK AG 8 1.63% 396 112 3.56% 2,165

15 (KCG) KCG HOLDINGS, INC. 43 1.18% 425 259 1.22% 2,190 (BABK) BAADER BANK / HELVEA 7 1.36% 322 15 0.49% 1,271

16 (DBK) DEUTSCHE BANK AG 41 1.14% 396 370 1.74% 2,165 (MED) MEDIOBANCA SPA 7 1.36% 1,001 25 0.80% 4,249

17 (MLCO) MERRILL LYNCH 36 1.00% 155 215 1.01% 763 (INCA) INSTINET 6 1.26% 84 23 0.74% 336

18 (JPMS) JPMORGAN CHASE BANK, N.A. 22 0.59% 292 348 1.64% 1,402 (JPMS) JPMORGAN CHASE BANK, N.A. 5 1.06% 292 40 1.28% 1,402

19 (CANT) CANTOR FITZGERALD L.P. 21 0.58% 2 35 0.16% 57 (MLCO) MERRILL LYNCH 4 0.86% 155 19 0.62% 763

20 (INTM) INTERMONTE SIM SPA 21 0.58% 16 210 0.99% 106 (KCG) KCG HOLDINGS, INC. 4 0.73% 425 24 0.77% 2,190

Other 191 5.27% 2,399 3,572 16.78% 10,732 Other 21 4.30% 1,479 620 19.63% 7,393

Total 3,632 100.00% 11,860 21,290 100.00% 59,932 Total 483 100.00% 11,909 3,157 100.00% 60,053




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.


12 June 2017


Appendix A: How wedefine ETPsExchange-Traded Products (ETPs)We define an exchange-traded product (ETP) as a secure (funded or collateralized)open-ended delta-one exchange-traded equity or debt instrument with noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region andstructure type as on 30 December 2016.

The vast majority of instruments are ETFs (97.4%, 4,779 products, $3,422bn) withthe remainder being ETCs (0.8%, 474 products, $26.5bn) in Europe and ETVs(1.8%, 64 products, $61.7bn) in the US.

Figure 92: ETP Coverage Universe Summary


Exchange-Traded Funds (ETFs, 97.4%)US (70.4%): Fund structures that issue shares that are traded on an exchangemuch the same way as equities. ETFs indexed to equity and fixed incomebenchmarks are registered under the investment company act of 1940. Onlyphysical index replication techniques are permissible by this legislation whilesynthetic replication is not allowed.

Europe (15.5%): Fund structures that issue units or shares that are traded on anexchange much the same way as equities. The vast majorities of European ETFsare UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. TheUndertakings for Collective Investment in Transferable Securities (UCITS) are aset of European Union directives that aim to allow collective investment schemesto operate freely throughout the EU on the basis of a single authorization fromone member state. Both physical and synthetic index replication is permissible byUCITS and funds are allowed to track equity, fixed income as well as diversifiedcommodity indices.

Asia (8.9%): Both European and US ETFs are cross sold into the Asian market.


12 June 2017


Exchange-Traded Collateralized Instruments (2.6%)

Exchange-Traded Commodities (ETCs, 0.8%)In Europe as UCITS III does not permit the creation of funds tracking nondiversified commodity indices (for example wheat or oil), exchange-tradedproducts that track single commodity profiles are issued under the EU ProspectusDirective in two structures that have become widely known as exchange-tradedcommodities (ETCs). ETCs can either be physically backed or they can beissued through a bankruptcy remote special purpose vehicle (SPV). Both formsutilize offshore domiciles, such as Jersey, and are classed as debt instruments.Physically-backed ETCs are fully backed with securities that closely resemble thecomposition of a product’s benchmark index. SPV structures are collateralized byassets which could bear no resemblance to those of their respective benchmarkindex and ensure replication of their index return through a total return swapstructure or by holding other derivative instruments such as futures. In the vastmajority of cases, both types of ETCs are fully collateralized with secure assetssuch as money market instruments, government bonds and gold. For moreinformation, please refer to our research report issued on March 11 2010 titled‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 1.8%)This terminology typically refers to grantor trusts that exist in the US market.These instruments track primarily commodity benchmarks. They differ fromETFs in that they are registered under the Securities Act of 1933 and not theinvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.


12 June 2017


Appendix B: The road frombeta to alphaThe figure below illustrates the road from beta (diversified rule based marketaccess) to alpha (discretionary market access). Moving counter-clockwise frombeta, the potential for return increases, together with the potential risk.

Figure 93: The Roadmap From Beta (β) to Alpha (α)

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager ismost successful when they manage to match the return of a product to its statedbenchmark. The performance of alpha products, or rather the performance of analpha product’s manager, is measured by the risk adjusted return it generates.The highest the return and the lowest the risk [typically measured by the standarddeviation of a product’s returns] the more successful a product is deemed to be.

There is however a whole host of products that fall between beta and alpha, wehave sought to create a classification system that classifies these products, takinginto consideration a number of variables, ranging from diversification to whatconstitutes a market segment.


12 June 2017


The authors of this report wish to acknowledge the contribution made by VibhorMahalwala and Varun Sachdeva, employees of Evalueserve, a third party providerto Deutsche Bank of offshore research support services.


12 June 2017


Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. Aside from within this report,important conflict disclosures can also be found at https://gm/db.com/equities under the "Disclosures Lookup" and "Legal"tabs. Investors are strongly encouraged to review this information before investing.

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition,the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendationor view in this report. Ari Rajendra, Sebastian Mercado

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

Equity Rating Key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holderreturn (TSR = percentage change in share price from currentprice to projected target price plus pro-jected dividend yield ) ,we recommend that investors buy the stock.Sell: Based on a current 12-month view of total share-holderreturn, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and,based on this time horizon, do not recommend either a Buyor Sell.

Newly issued research recommendations and target pricessupersede previously published research.

Regulatory Disclosures


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1.Additional InformationInformation on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or asolicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund'sinvestment objectives, risk factors, and charges and expenses before investing. This and other information can be foundin the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is notnecessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understandthe similarities and differences between investments, including investment objectives, risks, fees and expenses, it isimportant to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange throughany brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in verylarge creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generatetax 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 itreceives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinionsexpressed 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.


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Additional Information

?The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content noris responsible for the accuracy or security controls of these websites.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report,or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank mayact as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for itsown account or with customers, in a manner inconsistent with the views taken in this research report. Others withinDeutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those takenin this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linkedanalysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differfrom recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise.Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analysts arepaid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking, tradingand principal trading revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They donot necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank providesliquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimeshave shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Tradeideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high conviction beliefby an analyst that a stock will outperform or underperform the market and/or sector delineated over a time frame of noless than two weeks. In addition to SOLAR ideas, the analysts named in this report may from time to time discuss withour clients, Deutsche Bank salespersons and Deutsche Bank traders, trading strategies or ideas that reference catalystsor events that may have a near-term or medium-term impact on the market price of the securities discussed in this report,which impact may be directionally counter to the analysts' current 12-month view of total return or investment return asdescribed herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipientthereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage andthe frequency of changes in market conditions and in both general and company specific economic prospects make itdifficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or ofthe Research Department Management and as such the majority of reports are published at irregular intervals. This reportis provided for informational purposes only and does not take into account the particular investment objectives, financialsituations, or needs of individual clients. It is not an offer or a solicitation of an offer to buy or sell any financial instrumentsor to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst’sjudgment. The financial instruments discussed in this report may not be suitable for all investors and investors must maketheir own informed investment decisions. Prices and availability of financial instruments are subject to change withoutnotice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financialinstrument is denominated in a currency other than an investor's currency, a change in exchange rates may adverselyaffect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, pricesare current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloombergand other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto our research is available on our website under Disclaimer found on the Legal tab.??Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows),


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increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss.The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be theloss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adversemacroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation(including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility(which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issuesrelated to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instrumentsto macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or tospecified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- byconstruction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of theproper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed toa typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledgethat funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally,options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements.??Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstancesincluding their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such,investors should take expert legal and financial advice before entering into any transaction similar to or inspired by thecontents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As aresult of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greaterthan the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Priorto buying or selling an option investors must review the "Characteristics and Risks of Standardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contactyour Deutsche Bank representative for a copy of this important document.?

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected bynumerous market factors, including world and national economic, political and regulatory events, events in equity anddebt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposedexchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values areaffected by the currency of an underlying security, effectively assume currency risk.?

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in theinvestor's home jurisdiction. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review thisinformation before investing.

Deutsche Bank (which includes Deutsche Bank AG, its branches and all affiliated companies) is not acting as a financialadviser, consultant or fiduciary to you, any of your agents (collectively, "You" or "Your") with respect to any informationprovided in the materials attached hereto. Deutsche Bank does not provide investment, legal, tax or accounting advice,Deutsche Bank is not acting as Your impartial adviser, and does not express any opinion or recommendation whatsoeveras to any strategies, products or any other information presented in the materials. Information contained herein is beingprovided solely on the basis that the recipient will make an independent assessment of the merits of any investmentdecision, and it does not constitute a recommendation of, or express an opinion on, any product or service or any tradingstrategy.

The information presented is general in nature and is not directed to retirement accounts or any specific person or accounttype, and is therefore provided to You on the express basis that it is not advice, and You may not rely upon it in makingYour decision. The information we provide is being directed only to persons we believe to be financially sophisticated,who are capable of evaluating investment risks independently, both in general and with regard to particular transactionsand investment strategies, and who understand that Deutsche Bank has financial interests in the offering of its productsand services. If this is not the case, or if You are an IRA or other retail investor receiving this directly from us, we askthat you inform us immediately.


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United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporatedin the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized underGerman Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s FederalFinancial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at WinchesterHouse, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by thePrudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and FinancialConduct Authority. Details about the extent of our authorisation and regulation are available on request.??Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch or Deutsche Securities Asia Limited.??India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India (SEBI)as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received administrativewarnings from the SEBI for breaches of Indian regulations.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financialinstruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, TypeII Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involvedin stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying thetransaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a resultof share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming fromforeign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice,products and services. Recommended investment strategies, products and services carry the risk of losses to principaland other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Beforedeciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures,prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are notregistered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity.Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts withthe coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed accordingto the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are basedon a 12-month forecast period.

Korea: Distributed by Deutsche Securities Korea Co.?

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch RegisterNumber in South Africa: 1998/003298/10).??Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One RafflesQuay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters arisingfrom, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not anaccredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations),they accept legal responsibility to such person for its contents.

Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers shouldindependently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank researchmay not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without written consent.Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to beconstrued as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branchmay not execute transactions for clients in these securities/instruments.??


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Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial CentreRegulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall withinthe scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, WestBay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financialproducts or services are only available to Business Customers, as defined by the Qatar Financial Centre RegulatoryAuthority.

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Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial productreferred to in this report and consider the PDS before making any decision about whether to acquire the product. Pleaserefer to Australian specific research disclosures and related information at https://australia.db.com/australia/content/research-information.html??Australia and New Zealand: This research is intended only for "wholesale clients" within the meaning of the AustralianCorporations Act and New Zealand Financial Advisors Act respectively.?

Additional information relative to securities, other financial products or issuers discussed in this report is available uponrequest. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent.??Copyright © 2017 Deutsche Bank AG


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