10 march 2017 markets research european monthly etf market ... · etf market review date 10 march...

10 March 2017

European Monthly ETF Market Review

Europe Synthetic Equity & Index Strategy

European MonthlyETF Market Review

Date10 March 2017

Deutsche BankMarkets Research

Over €10bn of inflows in February

Data in this report is as of 28 February 2017.

European ETP Monthly Highlights (Assets & Flows):■ Assets: European ETPs AUM increased by €28bn on MoM basis and

ended the month at €579bn.

■ Flows: European domiciled ETPs registered strong inflows of +€10.6bn.Equity ETFs were again dominant where there were inflows of +€6.3bnfollowed by Fixed Income ETFs and Commodity ETPs with inflows of +€3.2bn and +€1.1bn respectively.

New Product Launches – 4 new productsEuropean ETP market witnessed launches in: Fixed Income (3) and Multi-asset (1).

Investment Themes for the Month■ European equities drew +€0.9bn of inflows primarily into broad

composites. EM also saw +€0.8bn of inflows. Country wise, Japan (+€0.9bn), Canada (+€0.2bn) and US (+€0.2bn) benefited.

■ The Smart Beta segment saw further increase (+€1.6bn). Value factor (+€703mn), Dividend (+€261mn) and Fundamental (+€228mn) strategieswere the sub-segments that gained significant inflows. In other segments,Small Cap (+€173mn) and Energy ETFs (+€134mn) also had notable gains.

■ Currency hedged ETFs saw increased activity where there were almost +€1bn inflows into mainly broad global equity indices.

■ Sovereigns and Corporates commanded inflows in the Fixed Incomesegment (+€3.2bn).

■ Gold based ETPs (+€0.8bn) contributed most to overall commodity flows(+€1.1bn).

■ US listed ETFs with exposure to Europe have had 3 months withoutsignificant outflows, following significant monthly outflows in 2016.

Turnover: MoM turnover remains flat compared to previous monthThe total turnover activity into European ETPs was flat (€65.6bn) compared to thelast month’s total (€65.8bn).

Ari Rajendra

Strategist

+44-20-754-52282

Shan Lan

Strategist

+852-22036716

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) 057/04/2016.

Distributed on: 10/03/2017 07:27:09 GMT

mailto:[email protected]



10 March 2017


Table Of ContentsEuropean ETP Highlights ................................................................................ 3New Launch Activity ...................................................................................... 3Investment Themes for the Month ................................................................. 4Turnover: MoM turnover activity remains flats compared to previou ............. 6Price discounts/premium to NAV Monitor ..................................................... 6US Market: Inflows from European Exposed ETFs ......................................... 7

1. Investment Trends ........................................................ 9Cross-Asset Class - | ETPs | Europe | ............................................................. 9

2. Market Metrics ........................................................... 10ETF Industry Asset Evolution ....................................................................... 10ETFs vs. Cash Equities ................................................................................. 13ETFs vs. Unlisted Mutual Funds ................................................................... 14European ETF Industry Replication Structure Composition .......................... 16Industry Growth Analysis ............................................................................. 17

3. Cash Flow Analysis .................................................... 19Regional Cash Flow Analysis ....................................................................... 19Asset Class Cash Flow Analysis ................................................................... 19Product Rankings ......................................................................................... 24

4. Product Review .......................................................... 26New Products Launched in the Month ........................................................ 26Average TERs ............................................................................................... 28

5. Provider Rankings ...................................................... 32Global Provider Rankings ............................................................................. 32European Provider Rankings - General ......................................................... 34European Provider Rankings - by Asset Class .............................................. 38European Provider Analysis by Replication Method ..................................... 41

6. Trading Perspective .................................................... 42ETP Monthly Turnover Analysis by Asset Class, by Instrument .................... 42Asset Class Analysis ..................................................................................... 42Product Rankings ......................................................................................... 47

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

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

9. ETF Broker rankings ................................................... 63US ETP Broker Rankings .............................................................................. 63European ETP Broker Rankings .................................................................... 64

Appendix A: How we define ETPs ................................. 65

Appendix B: The road from beta to alpha ...................... 67


10 March 2017


European ETP Highlights

Assets: European ETPs AUM increased by €28bn on MoM basis and ended themonth at €579bn. All the asset classes saw positive asset growth during lastmonth where Commodity ETPs assets rose by 8% followed by Equity (6%) andFixed Income ETFs (4%). In absolute term, Equity ETFs had assets worth €387bnwhile Fixed Income ETFs and Commodity ETPs had assets worth €144bn and€45.9bn respectively. For more details please refer to Assets section.

Flows: European domiciled ETPs registered strong inflows of +€10.6bn. EquityETFs were dominant where there were inflows of +€6.3bn followed by FixedIncome ETFs and Commodity ETPs with inflows of +€3.2bn and +€1.1bnrespectively. For more details please refer to Cash Flow Analysis section.

Global ETPs HighlightsGlobal ETPs assets increased by $147bn, ending around $3.7 trillion at the endof Feb'17, 4.13% up from last month-end levels. Globally, ETPs registered strongmonthly inflows of +$65bn during February. US listed ETPs registered inflows of+$47bn. Asia-Pacific listed ETPs continued previous month's positive trend andrecorded inflows of +$7.3bn during last month.

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

Region Feb-17 Jan-17

MoM

Change

(%)

Feb-17 Jan-17 Feb-17 Jan-17

MoM

Change

(%)

AUMCash

Flows*Turnover

US 2737.57 2624.00 4.33% 46.76 41.82 1220.54 1401.39 -12.91% 74% 1.8% 86%

Europe 615.28 595.05 3.40% 11.27 11.92 69.78 69.96 -0.26% 17% 1.9% 5%

Asia-Pacific 345.49 332.64 3.86% 7.26 7.64 129.39 113.85 13.65% 9% 2.2% 9%

Global 3698.34 3551.68 4.13% 65.29 61.38 1419.70 1585.20 -10.44% 1.8%

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

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

New Launch Activity

Quiet month with 4 new Products launchesNew ETF launches in February saw only 4 new ETF listings which included 3Fixed Income and 1 Multi Asset ETFs. Within Fixed Income, BNP Paribas listedthree FI ETFs on Euronext Paris Exchange providing exposure to Barclays EuroGovernment Inflation Linked (EUR) Index, Bloomberg Barclays US Treasury (TR)index and iBoxx Euro Liquid Corporates (EUR) Index. Ossiam listed a multi assetETF on Deutsche Boerse providing exposure to Global Multi-Asset Risk-ControlIndex. For additional information on new product launches please refer to ProductReview section.

Figure 2: New Launches in February - | ETFs | Europe |

Source: Deutsche Bank, Bloomberg Finance LP, Reuters


10 March 2017


Investment Themes for the Month

European equities continue to see large inflows. Japan, Canada and US alsobenefitEuropean equities continued to see large inflows in February. ETFs tracking pan-European indices (predominantly MSCI EMU, STOXX Europe 600 & MSCI Europe)experienced inflows of +€0.9bn ( +€1bn inflows in Jan'17). We have observeda positive trend since Sep'16 where total inflows amount to +€5.5bn (Sep'16to Feb'17). In contrast, up till Sep'16 there were large outflows from Europeanexposed ETFs (-€9.5bn net outflows Jan'16 to Aug'16). Country wise, Japanfocused ETFs benefitted most with inflows of +€0.8bn. Canada and US focusedETFs also had notable monthly inflows of +€234mn and +€154mn respectively.

With the French elections coming up in April we investigated flows that may relateto the event (see Figure 3 below) . France focused equity ETFs have experiencednet outflows since Aug'16 (-€209mn) which coincides with the period whenbroad European equities benefitted from large inflows. Given the potential riskto the Euro area, we also investigated flows into the peripherals: Italy and Spainfocussed equity ETFs. Italy has shown consistent outflows during the same periodwhile Spain showed a turnaround into positive territory in February.

Figure 3: Monthly Flows & AUM growth (%) - Equity ETFs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Value factor ETFs continued to draw investment, Currency-hedged, Energy andSmall Cap segments also gainEuropean listed smart beta ETFs continued their positive run in February withmonthly inflows of +€1.6bn taking YTD inflows to +€2.6bn. Within Smart Beta,Factor ETFs remained popular amongst investors where we observed largeinflows into Value factor ETFs (+€703mn), a trend that began in Q4'16. Within thissegment, the main contributor was a single ETF with US Value exposure receiving+€592mn net inflows. Low vol ETFs continued to see outflows (- €263mn). Similardirectional trends were observed among US listed Smart Beta ETFs. A notabledifference was the large inflows into multi-factor ETFs.


10 March 2017


Amongst other Smart Beta categories, Dividend and Fundamental strategiesbased ETFs also recorded positive inflows worth of +€0.3bn and +€0.2bn duringlast month.

Figure 4: Monthly Flows into Factor & Low-Vol Strategies- |ETFs|Europe|


Figure 5: Monthly Flows into Factor & Low-Vol Strategies- |ETFs|US|


Sector-wise, Energy, Real Estate and Materials sector ETFs recorded monthlyinflows of +€135mn, +€111mn and +€102mn during last month whereasFinancial sector ETFs which were on a positive momentum up till last monthrecorded outflows of -€32mn. The most significant contribution was made bySource Morningstar US Energy Infrastructure MLP UCITS ETF A (MLPS LN)collecting +€133mn of monthly flows.

ETFs tracking Small cap and Mid cap indices also performed well during lastmonth and recorded inflows of +€173mn and +€124mn respectively. iSharesMSCI EMU Small Cap UCITS ETF (CSEMUS SW) and Lyxor UCITS ETF FTSE MidCap Italy D-EUR (ITAMID IM) benefitted the most with monthly inflows of +€84mnand +€78mn respectively.

Currency-hedged ETFs listed in Europe also benefitted in February with monthlyinflows of around +€1bn. So far in 2017, currency-hedged ETFs have gained totalinflows of +€2.9bn while there were net outflows for the last year (-€197mn).

Sovereigns and Corporates drive inflows into the Fixed Income segment,money markets segment was top in terms of asset growthFixed Income ETFs had a strong February with inflows of +€3.2bn (+€2.9bninflows in Jan'17). Sovereigns and Corporates bonds contributed most of theoverall fixed income flows. We observed inflows of +€2.3bn and +€0.6bn inSovereigns and Corporates bonds ETFs respectively. Since the start of year, allfixed income sub-segments have reported positive flows. In terms of growth,money market ETFs led with 7.2% increase in assets followed by sovereign bondETFs (3.5%). Further, it is worth noting that EM Sovereign bonds contributed +€1.3bn of inflows in February, taking its YTD flows to +€2.4bn. Figures belowillustrate monthly flows and flows % in Fixed Income segments.


10 March 2017


Figure 6: Monthly flows and Flows % in Corp. and Sov.Bond ETFs


Figure 7: Flow as % of AUM - Fixed Income Segments


Commodity ETPs draw inflows worth €1.1bnCommodity ETPs market witnessed another month of inflows +€1.1bn (+€2.3bnYTD inflows) during last month. Within Commodity, Gold ETPs commands majorportion in Commodity ETPs area where we observed monthly flows of +€0.8bnand assets reached at €30.8bn out of total commodity assets of €45.9bn which isalmost 67% of overall commodity assets. Further, Broad commodity also showedsome activity with monthly flows of +€0.2bn while crude oil saw selling pressureand witnessed redemptions of -€0.1bn.

Turnover: MoM turnover activity remains flats compared toprevious month

The total turnover activity into European ETPs was flat (€65.6bn) compared tothe previous month’s total (€65.8bn). Equity ETFs had total monthly turnover of€42.6bn followed by Fixed Income (€17.1bn) and Commodity ETPs (€4.7bn). Formore details please refer to Trading Perspective section.

Price discounts/premium to NAV Monitor

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

■ Equities: Deepest discount in Sector (-0.09%) and highest premium(0.25%) occurred within Size ETFs.

■ Fixed Income: Broad ETFs had the deepest discount (-0.40%) and highestpremium (0.25%) occurred within Corporate Bond ETFs.


10 March 2017


Figure 8: Price premium/discount to NAV - | ETFs | Europe |


US Market: Inflows from European Exposed ETFs

US domiciled ETPs continued the positive run in 2017 and recorded inflows of+$47bn in February (+$41.8bn in Jan'17). All the major asset classes receivedhealthy inflows where Equity ETFs led the rally with inflows of +$32.5bn followedby inflows into fixed income ETFs (+$12.3bn). Commodity ETPs reversed thenegative trend and came into positive territory with inflows of +$1.8bn duringFeb'17 (-$0.9bn in Jan'17).

US investors invested +$265mn in Europe focused ETFs during last month. Wehave observed new money creation in Europe focused ETFs for the last threemonths (+$1.1bn net inflows) while there were significant outflows in the rest of2016 (-$28.4bn outflows from Jan'16 to Nov'16). The Figure below illustrates themonthly flows into US listed and Europe listed Europe focused ETFs since Jan'16.


10 March 2017


Figure 9: Monthly Flows in Europe Focused ETFs - | ETF | US |



10 March 2017


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

Figure 10: Cash flows by asset class – YTD

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10 March 2017


2. Market MetricsETF Industry Asset Evolution

Figure 12: 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 91.4 136.3 169.8 206.8 283.9 314.4 345.5

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.3 615.3

US ($) 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 2,737.6

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 3,698.3

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 540.7 579.0

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,125 3,492 3,709 4,022 4,453 4,734 4,774

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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 13: 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 30.0

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 66.2

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 3,602.1

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 3,698.3

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,125 3,492 3,709 4,022 4,453 4,734 4,774

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10 March 2017


Figure 14: 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 90.7 135.5 169.3 206.4 283.5 314.1 345.1

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 543.8 585.7

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 2,671.4

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 3,602.1

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.8 286.3 362.4 450.0 515.6 551.2

Number of ETFs* 257 310 414 676 1,116 1,481 1,801 2,234 2,700 2,966 3,181 3,487 3,909 4,189 4,229

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Figure 15: 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 1,573

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,449 18,427

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,427 138,001 144,483

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,542 147,272 139,335 170,853 209,824 261,415 323,861 359,654 386,676

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,105 211,061 207,602 252,766 286,296 362,388 449,984 515,617 551,160

Number of ETFs* 100 114 162 266 419 614 817 1,055 1,217 1,313 1,349 1,438 1,515 1,518 1,526

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10 March 2017


Figure 16: 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 1,063 713 777 467 689 860

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 764 862

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,579 2,463

Overall - - 1,103 1,444 981 3,531 5,581 4,416 4,822 3,759 3,563 3,661 6,027 6,916

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 34,818

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 45,929

Number of ETPs* 1 3 40 76 144 185 247 324 421 415 390 397 408 409

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Figure 17: 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 27,872

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,06 207,60 252,76 286,29 362,38 449,98 515,61 551,16

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,18 279,34 301,71 379,20 466,03 540,69 579,03

Number of ETPs 100 115 164 298 476 738 993 1,331 1,564 1,748 1,791 1,888 1,977 1,993 2,001

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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.


10 March 2017


ETFs vs. Cash Equities

Figure 18: ETFs vs. cash equities turnover – US market - | ETFs | US |

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10 March 2017


Figure 19: ETFs vs. cash equities turnover – European market - | ETFs | Europe |

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ETFs vs. Unlisted Mutual Funds

Figure 20: 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

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

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

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%

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%

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


10 March 2017


Figure 21: 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

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

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

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

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Figure 22: 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*

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

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 2,561

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% 18.9%

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% 18.4%

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 31-01-2017.

Figure 23: US ETP vs mutual fund cash flows - | ETPs | US |

-100

-80

-60

-40

-20

0

20

40

60

80

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

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

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

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 10.21

Source: Deutsche Bank, Bloomberg Finance LP, ICI


10 March 2017


European ETF Industry Replication Structure Composition

Synthetic vs Physical

Figure 24: 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

Num

ber

of

ETFs

AU

M (€

bill

ion)

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


Figure 25: European AUM ETF market historical asset class analysis byreplication technique - | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 281,807 77,895 300,574 86,102 300,574 86,102

Fixed Income 115,319 22,682 120,284 24,199 120,284 24,199

Commodity 10,801 5,660 11,889 6,539 11,889 6,539

Others 589 924 674 900 674 900

Total 408,516 107,161 433,420 117,740 433,420 117,740

Equity 605 478 607 478 607 478

Fixed Income 240 132 244 132 244 132

Commodity 21 28 20 29 20 29

Others 7 8 7 9 7 9

Total 873 646 878 648 878 648

Equity 10,573 6,169 8,716 4,772 3,287 3,035

Fixed Income 23,614 -824 4,562 1,561 2,152 1,052

Commodity 1,231 1,517 85 850 -21 247

Others 145 -59 54 -39 5 -16

Total 35,563 6,804 13,417 7,145 5,423 4,317

ETFs (number of products)

Cash Flows (€ million)

Feb-17

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Year-to-date (upto 28-Feb-2017) numbers have been provided).


10 March 2017


Industry Growth Analysis

Figure 26: 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

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%

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%

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%

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%


Figure 27: 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%

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%

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%

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%


Figure 28: 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%

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%

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%

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%



10 March 2017


Figure 29: 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%

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%

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%

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%



10 March 2017


3. Cash Flow AnalysisRegional Cash Flow Analysis

Figure 30: 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 32,504 6,736 6,322 5,897 45,137 29,023 7,625 7,166 10,637 47,285 61,528 14,361 13,488 16,533 92,422

Fixed income 12,327 3,417 3,203 1,385 17,130 13,845 3,100 2,920 -2,994 13,950 26,172 6,517 6,124 -1,609 31,081

Commodity 62 242 226 -59 245 122 760 709 6 888 184 1,003 935 -53 1,133

Currency -13 0 0 17 4 -9 0 0 -15 -24 -22 0 0 2 -20

Multi Asset 77 35 33 0 113 -275 12 11 2 -262 -198 47 44 2 -149

Alternative 0 -47 -44 -8 -55 -25 16 15 5 -4 -26 -31 -29 -3 -60

Total 44,958 10,384 9,740 7,233 62,574 42,680 11,512 10,821 7,640 61,832 87,638 21,896 20,562 14,873 124,407

ETCs/ETVs

Commodity 1,777 891 839 28 2,697 -981 508 478 0 -473 797 1,399 1,317 28 2,223

Currency -66 -10 -9 0 -76 -19 -96 -91 0 -116 -85 -106 -101 0 -192

Alternative 96 0 0 0 96 141 0 0 0 141 237 0 0 0 237

Total 1,807 881 829 28 2,717 -859 411 387 0 -448 949 1,292 1,216 28 2,269

ETPs

Equity 32,504 6,736 6,322 5,897 45,137 29,023 7,625 7,166 10,637 47,285 61,528 14,361 13,488 16,533 92,422

Fixed income 12,327 3,417 3,203 1,385 17,130 13,845 3,100 2,920 -2,994 13,950 26,172 6,517 6,124 -1,609 31,081

Commodity 1,839 1,134 1,064 -31 2,942 -859 1,268 1,187 6 415 980 2,401 2,252 -25 3,356

Currency -79 -10 -9 17 -71 -28 -96 -91 -15 -140 -107 -106 -101 2 -211

Multi Asset 77 35 33 0 113 -275 12 11 2 -262 -198 47 44 2 -149

Alternative 96 -47 -44 -8 41 116 16 15 5 137 211 -31 -29 -3 178

Total 46,765 11,265 10,570 7,261 65,291 41,822 11,923 11,208 7,640 61,385 88,587 23,188 21,778 14,900 126,675

All figures in $ million except where otherwise stated

Feb-17 Jan-17 YTD


Asset Class Cash Flow Analysis

Figure 31: 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 2,941 1.2% 4,644 1.9% 7,586 3.1%

Emerging Markets 832 2.7% -161 -0.5% 671 2.3%

Global Markets 380 5.8% 938 16.9% 1,319 23.8%

Sector 526 2.3% 404 1.7% 929 4.0%

Capitalization 297 3.9% 323 4.4% 620 8.4%

Strategy 843 4.2% 406 2.1% 1,249 6.4%

Style 236 1.2% 561 2.9% 797 4.1%

Thematic 268 4.3% 50 0.8% 318 5.2%

Total equities 6,322 1.7% 7,166 2.0% 13,488 3.7%

Jan-17 YTDFeb-17



10 March 2017


Figure 32: European Equity ETF cash flow summary - A - | ETFs | Europe |Equity Cash Flows


Sector 526 2.3% 404 1.7% 929 4.0%

Consumer discretionary 15 1.4% 10 1.0% 25 2.5%

Consumer staples -8 -0.9% -24 -2.5% -32 -3.3%

Energy 135 5.7% 116 4.9% 251 10.6%

Financials -32 -0.5% 313 4.9% 281 4.4%

Healthcare 88 3.1% -30 -1.0% 58 2.0%

Industrials -23 -3.0% 43 6.2% 21 2.9%

Information Technology 69 3.8% 16 0.9% 85 4.8%

Materials 102 8.8% 45 4.2% 147 13.9%

Real Estate 111 2.5% -168 -3.5% -57 -1.2%

Telecommunications 79 11.3% 50 7.4% 129 19.1%

Utilities -10 -1.9% 32 6.0% 22 4.1%

Capitalization 297 3.9% 323 4.4% 620 8.4%

Large Cap 0 0.0% 0 0.0% 0 0.0%

Mid Cap 124 6.1% 70 3.6% 194 10.0%

Small Cap 173 3.2% 253 5.0% 426 8.4%

Strategy 843 4.2% 406 2.1% 1,249 6.4%

Fundamental 278 18.1% 23 1.5% 301 19.8%

Leveraged Long -73 -4.5% -109 -6.1% -182 -10.2%

Leveraged Short 26 2.4% 97 9.7% 124 12.3%

Options Strategy 0 0.0% 0 0.0% 0 0.0%

Quantitative 617 4.3% 375 2.7% 991 7.2%

Short -5 -0.3% 20 1.4% 15 1.1%

Style 236 1.2% 561 2.9% 797 4.1%

Dividend 197 1.1% 395 2.2% 592 3.4%

Growth 69 29.9% -19 -7.7% 50 19.9%

Value -30 -1.7% 185 11.2% 155 9.4%

Thematic 268 4.3% 50 0.8% 318 5.2%

Commodities 24 1.9% -29 -2.4% -5 -0.4%

Faith 2 1.1% 6 3.2% 9 4.3%

Other Theme 200 11.6% 35 2.1% 236 13.9%

Sustainability 41 1.4% 38 1.3% 79 2.6%

Total 2,169 2.8% 1,744 2.30% 3,913 5.2%

Feb-17 Jan-17 YTD



10 March 2017


Figure 33: European Equity ETF cash flow summary – B - | ETFs | Europe |Equity Cash Flows


Developed Markets

Europe 977 0.8% 1,817 1.5% 2,795 2.3%

Austria 0 0.0% 0 0.0% 0 0.0%

Belgium -1 -1.3% 0 0.0% -1 -1.3%

Finland -5 -2.5% 2 1.0% -3 -1.5%

France 0 0.0% -24 -0.5% -24 -0.5%

Germany 82 0.4% 132 0.7% 214 1.1%

Greece 0 0.1% -2 -1.0% -1 -0.8%

Ireland 0 0.0% -5 -18.1% -5 -18.1%

Italy -80 -4.8% -74 -4.1% -154 -8.6%

Netherlands -46 -8.8% -17 -3.0% -62 -11.4%

Norway 2 0.6% 13 4.7% 15 5.3%

Portugal 0 0.0% 0 0.0% 0 0.0%

Spain 76 6.4% -3 -0.3% 73 6.1%

Sweden 24 1.4% 29 1.7% 53 3.2%

Switzerland 87 0.8% 614 6.1% 701 7.0%

UK -8 -0.1% 153 1.0% 145 1.0%

Europe broad 847 1.2% 999 1.5% 1,845 2.7%

Americas 396 0.5% 1,821 2.3% 2,217 2.8%

US 154 0.2% 1,816 2.4% 1,970 2.6%

Canada 234 13.0% -11 -0.6% 223 12.2%

North America 8 0.0% 16 0.0% 24 0.0%

Asia 1,031 4.8% 70 0.3% 1,101 5.2%

Australia 34 2.7% -53 -4.2% -19 -1.5%

Hong Kong 9 5.4% -6 -3.7% 3 1.8%

Japan 874 5.0% 34 0.2% 908 5.2%

Singapore 3 5.0% 0 0.0% 3 5.3%

Asia Pacific broad 111 4.6% 96 4.2% 207 9.1%

Global 534 2.1% 936 3.7% 1,471 5.9%

Broad indices 534 2.1% 936 3.7% 1,471 5.9%

DM Total 2,939 1.2% 4,644 1.9% 7,583 3.0%

Feb-17 Jan-17 YTD



10 March 2017


Figure 34: European Equity ETF cash flow summary – C - | ETFs | Europe |Equity Cash Flows


Emerging Markets

BRIC 210 3.5% 143 2.5% 353 6.2%

Brazil 42 5.2% 42 6.0% 84 12.0%

Russia 35 2.8% 103 8.4% 138 11.2%

India 133 8.5% -1 -0.1% 131 8.5%

China 0 0.0% 0 0.0% 0 0.0%

Latin America -2 -0.1% 51 2.9% 49 2.8%

Chile 0 0.0% 0 0.0% 0 0.0%

Mexico -9 -6.3% 20 16.1% 11 8.7%

LATAM broad 7 0.7% 31 3.4% 38 4.2%

Asia 14 0.2% -6 -0.1% 8 0.1%

Bangladesh 0 0.0% 0 0.0% 0 0.0%

Indonesia 0 0.2% 2 1.4% 3 1.7%

Malaysia 1 2.1% 1 2.2% 2 4.4%

Pakistan -3 -6.6% 6 17.1% 3 9.6%

Philippines 0 0.0% 4 9.1% 4 9.1%

South Korea 3 0.4% -1 -0.2% 2 0.2%

Taiwan 0 0.0% 2 0.4% 2 0.5%

Thailand -2 -4.8% -2 -4.5% -5 -9.2%

Vietnam -8 -3.5% -4 -1.8% -12 -5.3%

Asia Pacific broad 22 1.2% -13 -0.8% 9 0.5%

EMEA 56 5.5% 48 5.0% 104 11.0%

Bulgaria 1 4.3% 0 -0.5% 1 3.9%

Kuwait 0 0.0% 0 0.0% 0 0.0%

Poland 17 18.2% 13 17.5% 30 40.2%

South Africa -2 -1.4% 3 3.2% 2 1.7%

Turkey -20 -7.5% 51 23.3% 30 13.9%

Europe broad 56 13.3% -1 -0.3% 55 13.2%

Middle East & Africa 5 4.5% -18 -12.9% -12 -9.0%

Global Markets 553 3.0% -397 -2.2% 155 0.8%

Global 553 3.0% -397 -2.2% 155 0.8%

EM Total 831 2.7% -161 -0.5% 670 2.3%

Total (EM + DM) 3,894 1.4% 4,483 1.6% 8,377 3.0%

Feb-17 Jan-17 YTD


Figure 35: European Fixed Income ETF cash flows - | ETFs | Europe |FI Cash Flows


Overall 138 1.5% -171 -1.8% -33 -0.4%

Corporates 565 0.9% 1,230 2.0% 1,795 2.9%

Covered Bonds -10 -0.4% 8 0.3% -3 -0.1%

Credit Exposure 4 1.5% 43 20.6% 46 22.4%

Sovereign 2,317 3.7% 1,439 2.3% 3,756 6.1%

Money Market 190 7.8% 372 17.8% 563 26.9%

Total Fixed Income 3,203 2.3% 2,920 2.1% 6,124 4.4%

Feb-17 Jan-17 YTD



10 March 2017


Figure 36: European Commodity ETP cash flow summary - | ETPs | Europe |

Commodity Cash Flows


Overall 208 3.2% 653 10.8% 861 14.3%

Overall 245 3.8% 653 11.2% 898 15.4%

Overall ex Energy -34 -18.1% -1 -0.3% -35 -18.7%

Overall Light Energy -2 -43.6% 0 0.0% -2 -44.3%

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

Agriculture 42 5.2% 43 5.7% 86 11.2%

Overall 23 5.9% 18 4.8% 41 11.0%

Cocoa 19 44.8% 22 97.1% 41 181.0%

Coffee 3 4.8% -4 -6.3% -1 -1.4%

Corn 1 1.1% 0 0.7% 1 1.9%

Cotton 3 26.0% 0 4.2% 3 32.2%

Grains 2 5.8% 1 3.3% 3 9.3%

Softs 0 0.0% 0 -6.6% 0 -6.6%

Soybean Oil 0 -8.5% 0 -1.7% 0 -9.7%

Soybeans 1 8.2% 0 -2.5% 1 5.5%

Sugar -1 -2.2% 2 7.5% 2 5.1%

Wheat -9 -5.5% 4 2.7% -5 -3.0%

Energy -53 -2.1% 101 3.9% 48 1.9%

Overall 7 4.6% 5 3.2% 11 7.6%

Carbon 0 0.0% 0 0.0% 0 0.0%

Crude Oil -105 -4.7% 77 3.4% -27 -1.2%

Gasoline 0 1.2% 0 5.5% 1 6.7%

Heating Oil 1 19.4% 1 10.1% 2 29.8%

Natural Gas 44 34.3% 18 12.6% 62 43.4%

Electricity 0 0.0% 0 0.0% 0 0.0%

Uranium 0 0.0% 0 0.0% 0 0.0%

Industrial Metals 32 4.1% 73 10.6% 105 15.3%

Overall 40 13.4% 37 15.0% 77 31.1%

Aluminium 8 8.0% 4 4.6% 12 13.3%

Copper -20 -8.7% 17 8.5% -3 -1.4%

Lead 0 -4.0% -1 -32.6% -1 -35.8%

Nickel 2 1.7% 17 15.3% 19 17.1%

Tin 2 66.1% 0 -10.2% 2 43.6%

Zinc 0 0.9% 0 -1.0% 0 0.0%

Precious Metals 835 2.6% 317 1.0% 1,151 3.7%

Overall -3 -1.6% 2 1.4% 0 -0.3%

Gold 812 2.9% 423 1.6% 1,235 4.6%

Palladium 1 0.2% -109 -25.0% -108 -24.8%

Platinum 2 0.2% 18 2.2% 20 2.5%

Rhodium 0 0.0% 0 0.0% 0 0.0%

Silver 23 0.8% -17 -0.7% 6 0.2%

Livestock 0 -2.0% 0 3.3% 0 1.3%

Overall 0 23.1% 0 -4.3% 0 17.0%

Cattle 0 3.5% 0 8.1% 0 11.8%

Lean Hogs -1 -9.7% 0 3.9% 0 -5.8%

Total 1,064 2.5% 1,187 2.9% 2,252 5.5%

Feb-17 Jan-17



10 March 2017


Product Rankings

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

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 688.2 246.0 934.2

iShares Edge MSCI USA Value Factor UCITS ETF IUVF LN BlackRock Beta 592.6 64.6 657.2

Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta 510.8 -21.2 489.6

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS Beta 373.5 649.0 1,022.5

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 293.6 388.8 682.4

iShares Core MSCI Japan IMI UCITS ETF SJPA LN BlackRock Beta 293.1 -116.8 176.3

Lyxor UCITS ETF SG Global Value Beta SGVB FP Lyxor Beta 252.7 0.0 252.7

Amundi JPX-Nikkei 400 UCITS ETF - EUR JPNK FP Amundi Beta 242.5 5.4 247.9

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 235.4 2.2 237.6

iShares MSCI Canada - B UCITS ETF CSCA SW BlackRock Beta 191.8 33.3 225.1


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


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 556.2 438.0 994.2

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 455.3 -139.2 316.1

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 380.9 244.7 625.6

UBS ETF - Barclays TIPS 1-10 UCITS ETF TIP1D SW UBS Beta 308.4 21.2 329.7

Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta+ 302.9 25.1 328.0

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 282.3 363.7 646.0

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 279.5 78.2 357.7

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 256.9 476.6 733.5

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 218.4 -7.3 211.1

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 210.8 100.3 311.1


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

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 191.7 178.0 369.8

Source Bloomberg Commodity UCITS ETF CMOD LN Source Beta 146.9 826.4 973.4

Gold Bullion Securities GBS LN ETF Securities Beta 129.4 47.9 177.3

iShares Physical Gold ETC SGLN LN Blackrock Beta 118.9 143.0 261.9

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 117.0 -9.9 107.1

ETFS Physical Gold PHAU LN ETF Securities Beta 68.8 93.8 162.6

UBS ETFs plc - CMCI ex-Agriculture SF UCITS ETF CXAP LN UBS Beta 68.4 62.0 130.4

ETFS All Commodities AIGC LN ETF Securities Beta 54.0 3.9 57.9

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 49.0 -8.8 40.2

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 47.5 61.3 108.9



10 March 2017


Figure 40: Top 10 monthly Equity ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Vanguard S&P 500 ETF VUSA LN Vanguard Beta -379.8 616.5 236.7

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta -319.1 86.8 -232.3

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta -243.6 -150.7 -394.3

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -169.1 -46.6 -215.8

iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta -99.3 -34.7 -134.0

UBS-ETF MSCI World WRDCHA SW UBS Beta -84.6 114.4 29.8

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta -83.9 -60.7 -144.7

UBS-ETF Euro STOXX 50 E50EUA SW UBS Beta -81.0 -26.4 -107.4

MSCI Europe Value Source ETF EMSV GY Source Beta -77.2 -26.5 -103.7

BNP Paribas Easy Equity Low Vol Europe UCITS ETF EVOE FP BNP Paribas Beta -71.0 11.5 -59.5


Figure 41: Top 10 monthly Fixed Income ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta -544.3 222.0 -322.3

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta -286.5 112.9 -173.6

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta -212.7 227.8 15.1

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta -202.9 -49.6 -252.5

Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta -199.7 -30.8 -230.5

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta -109.9 -365.1 -475.1

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta -108.5 6.4 -102.1

db x-trackers II iBoxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR Deutsche AM Beta -101.7 20.4 -81.4

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta -94.6 78.2 -16.4

iShares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta -76.5 101.2 24.7


Figure 42: Top 10 monthly Commodity ETP outflows (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

XACT RAVAROR UCITS ETF XACTCOMM SS Xact Fonder AB Beta -122.0 0.0 -122.0

ETFS WTI Crude Oil CRUD LN ETF Securities Beta -66.2 44.3 -21.9

Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor Beta -34.4 -0.7 -35.1

ETFS Copper COPA LN ETF Securities Beta -20.7 17.7 -3.0

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta -19.4 76.7 57.4

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ -19.1 22.3 3.2

ETFS Energy AIGE LN ETF Securities Beta -11.8 -0.2 -12.0

ETFS Physical Platinum PHPT LN ETF Securities Beta -10.3 22.1 11.8

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ -8.3 4.7 -3.6

db Brent Crude Oil Booster ETC (EUR) XCTL GY Deutsche AM Beta -7.8 0.0 -7.8



10 March 2017


4. Product ReviewNew Products Launched in the Month

Figure 43: Number of ETPs by Asset Class - I ETPs I Global I

Feb-17 Jan-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 3,204 67.1% 3,202 2 67.2% 3,189 15 67.4%

Fixed income 779 16.3% 774 5 16.3% 766 13 16.2%

Commodity 113 2.4% 113 - 2.4% 111 2 2.3%

Currency 23 0.5% 23 - 0.5% 21 2 0.4%

Multi Asset 62 1.3% 57 5 1.2% 54 8 1.1%

Alternative 48 1.0% 48 - 1.0% 48 - 1.0%

Total 4,229 88.6% 4,217 12 88.6% 4,189 40 88.5%

ETC/Vs

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

Commodity 409 8.6% 409 - 8.6% 409 - 8.6%

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

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

Total 545 11.4% 545 - 11.4% 545 - 11.5%

Total ETPs 4,774 100.0% 4,762 100.0% 4,734 100.0%

MoM Change YTD Change


Figure 44: Number of ETPs by Asset Class - | ETPs | Europe |

Feb-17 Jan-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 1,085 54.2% 1,085 - 0.0% 1,083 2 0.1%

Fixed income 376 18.8% 373 3 0.2% 372 4 0.2%

Commodity 49 2.4% 49 - 0.0% 48 1 0.1%

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

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

Alternative 7 0.3% 7 - 0.0% 7 - 0.0%

Total 1,526 76.3% 1,522 4 0.2% 1,518 8 0.4%

ETCs

Commodity 360 18.0% 360 - 0.0% 360 - 0.0%

Currency 115 5.7% 115 - 0.0% 115 - 0.0%

Total 475 23.7% 475 - 0.0% 475 - 0.0%

Total ETPs 2,001 100.0% 1,997 4 0.2% 1,993 8 0.4%

MoM Change YTD Change



10 March 2017


Figure 45: New ETF launches - | ETFs | Europe |



10 March 2017


Average TERs

Figure 46: ETF TERs using simple average - | ETFs | Europe |

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

Equity Alpha 0.33% 5 0.82% 2 0.47% 7

Beta 0.39% 584 0.39% 398 0.39% 982

Beta+ 0.67% 6 0.54% 65 0.55% 71

Semi Active 0.43% 12 0.54% 13 0.49% 25

0.39% 607 0.41% 478 0.40% 1,085

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

Beta 0.25% 238 0.21% 114 0.23% 352

Beta+ NA NA 0.22% 16 0.22% 16

0.25% 244 0.21% 132 0.24% 376

Alternative Alpha NA NA 0.84% 2 0.84% 2

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active NA NA 0.70% 1 0.70% 1

0.0075 2 0.78% 5 0.77% 7

Commodity Beta 0.50% 20 0.45% 28 0.48% 48



0.50% 20 0.45% 29 0.48% 49

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% 878 0.38% 648 0.37% 1,526

Physical Synthetic Total



10 March 2017


Figure 47: 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 0.54% 56 0.52% 56

Beta+ NA NA 0.80% 53 0.73% 53

Industrial Metals Beta NA NA 0.60% 30 0.58% 30

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 0.50% 23 0.46% 54

Beta+ NA NA 0.76% 43 0.76% 43

Commodity 0.45% 31 0.69% 329 0.65% 360

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



10 March 2017


Figure 48: ETF TERs using AUM weighted average - | ETFs | Europe |

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

Equity Alpha 0.30% 5 0.78% 2 0.39% 7

Beta 0.30% 584 0.35% 398 0.31% 982

Beta+ 0.66% 6 0.48% 65 0.50% 71

Semi Active 0.40% 12 0.52% 13 0.50% 25

0.30% 607 0.36% 478 0.31% 1,085

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

Beta 0.27% 238 0.20% 114 0.26% 352

Beta+ NA NA 0.24% 16 0.24% 16

0.28% 244 0.21% 132 0.27% 376

Alternative Alpha NA NA 0.85% 2 0.85% 2

Beta 0.75% 2 0.70% 2 0.73% 4



0.75% 2 0.73% 5 0.74% 7

Commodity Beta 0.41% 20 0.39% 28 0.40% 48



0.41% 20 0.39% 29 0.40% 49

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.40% 1 0.37% 2 0.39% 3

Alpha 0.52% 4 0.71% 2 0.68% 6

0.52% 5 0.71% 4 0.68% 6

Total 0.29% 878 0.34% 648 0.30% 1,526

Synthetic TotalPhysical



10 March 2017


Figure 49: ETC TERs using AUM weighted average - | ETCs | Europe |

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

Commodity Agriculture Beta NA NA 0.49% 37 0.49% 37

Beta+ NA NA 0.98% 35 0.98% 35

Energy Beta NA NA 0.48% 56 0.48% 56

Beta+ NA NA 0.95% 53 0.95% 53

Industrial Metals Beta NA NA 0.49% 30 0.49% 30

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 0.48% 9 0.48% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.37% 31 0.37% 23 0.37% 54

Beta+ NA NA 0.94% 43 0.94% 43

Commodity 0.37% 31 0.50% 329 0.40% 360

Currency Currency Beta NA NA 0.40% 42 0.40% 42

Beta+ NA NA 0.85% 73 0.85% 73

Currency NA NA 0.69% 115 0.69% 115

TotalPhysical Synthetic



10 March 2017


5. Provider RankingsGlobal Provider Rankings

Figure 50: 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 1,334,802 37.1% 1,246,177 37.4% 663 17,493 386,308 37,238

2 Vanguard 698,856 19.4% 639,873 19.2% 112 12,567 78,906 28,176

3 State Street 544,230 15.1% 507,938 15.3% 267 8,864 516,915 11,986

4 PowerShares 116,967 3.2% 107,337 3.2% 156 1,120 50,552 3,256

5 Nomura Asset Management 90,728 2.5% 79,904 2.4% 51 2,737 21,056 6,910

6 Deutsche AM 72,831 2.0% 69,620 2.1% 229 181 6,807 924

7 Charles Schwab 66,873 1.9% 59,750 1.8% 21 2,252 7,271 4,411

8 Lyxor 58,825 1.6% 53,664 1.6% 219 2,502 9,950 3,614

9 First Trust 44,839 1.2% 41,230 1.2% 126 794 6,330 1,607

10 WisdomTree 42,251 1.2% 40,216 1.2% 118 271 9,225 547

Total Top 10 3,071,202 85.3% 2,845,710 85.5% 1,962 48,782 1,093,320 98,669

Others 530,877 14.7% 483,184 14.5% 2,267 13,792 267,746 25,738

Global Total 3,602,080 100.0% 3,328,894 100.0% 4,229 62,574 1,361,066 124,407


Figure 51: 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 33,947 35.3% 30,629 34.6% 1 1,664 17,724 800

2 ETF Securities 20,057 20.8% 18,193 20.6% 340 456 3,369 554

3 BlackRock 18,207 18.9% 16,213 18.3% 8 259 4,025 514

4 PowerShares 5,397 5.6% 5,496 6.2% 11 -22 2,047 -116

5 United States Commodity Funds 4,267 4.4% 4,633 5.2% 11 47 6,380 -132

6 Source 3,986 4.1% 3,287 3.7% 4 221 308 409

7 ProShares 3,134 3.3% 3,289 3.7% 17 -22 21,436 126

8 Deutsche AM 2,806 2.9% 2,620 3.0% 17 95 239 -6

9 Deutsche Borse Commodities GmbH 2,030 2.1% 1,872 2.1% 1 0 537 0

10 Guggenheim Investments 1,210 1.3% 1,201 1.4% 9 -28 1,745 -16

Total Top 10 95,041 98.7% 87,434 98.8% 419 2,670 57,812 2,132

Others 1,214 1.3% 1,081 1.2% 126 47 824 136

Global Total 96,255 100.0% 88,515 100.0% 545 2,717 58,636 2,269



10 March 2017


Figure 52: 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 1,353,009 36.6% 1,262,390 36.9% 671 17,752 390,334 37,752

2 Vanguard 698,856 18.9% 639,873 18.7% 112 12,567 78,906 28,176

3 State Street 578,177 15.6% 538,567 15.8% 268 10,528 534,639 12,786

4 PowerShares 122,365 3.3% 112,834 3.3% 167 1,098 52,599 3,140

5 Nomura Asset Management 90,728 2.5% 79,904 2.3% 51 2,737 21,056 6,910

6 Deutsche AM 75,637 2.0% 72,241 2.1% 246 276 7,046 918

7 Charles Schwab 66,873 1.8% 59,750 1.7% 21 2,252 7,271 4,411

8 Lyxor 58,825 1.6% 53,664 1.6% 219 2,502 9,950 3,614

9 First Trust 44,839 1.2% 41,230 1.2% 126 794 6,330 1,607

10 WisdomTree 42,463 1.1% 40,436 1.2% 119 259 9,242 535

Total Top 10 3,131,771 84.7% 2,900,889 84.9% 2,000 50,766 1,117,372 99,849

Others 566,564 15.3% 516,520 15.1% 2,774 14,525 302,330 26,827

Global Total 3,698,335 100.0% 3,417,409 100.0% 4,774 65,291 1,419,702 126,675



10 March 2017


European Provider Rankings - General

Figure 53: 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 264,593 251,064 5% 3,391 3,672 7,063 28,263 29,084 -3% 288 288 0%

Deutsche AM 55,506 53,462 4% 182 390 573 4,178 4,629 -10% 189 193 -2%

Lyxor 55,359 50,878 9% 2,356 1,047 3,403 9,347 8,496 10% 219 218 0%

UBS 32,310 29,166 11% 919 1,163 2,082 2,528 2,817 -10% 117 116 1%

Amundi 27,974 24,978 12% 1,538 714 2,252 4,766 3,883 23% 107 104 3%

Vanguard 25,645 23,882 7% -245 867 622 3,363 2,858 18% 22 22 0%

State Street 19,708 17,599 12% 534 1,169 1,703 1,816 2,214 -18% 99 99 0%

Source 18,675 16,773 11% 458 1,007 1,465 2,052 2,380 -14% 74 73 1%

Deka Investment GmbH 8,718 8,297 5% 140 124 265 438 598 -27% 42 42 0%

ComStage 7,522 6,925 9% 169 211 380 579 507 14% 114 114 0%

Zuercher Kantonalbank 7,270 6,542 11% 58 15 74 286 234 22% 4 4 0%

BNP Paribas 6,540 5,981 9% 123 273 396 455 632 -28% 44 41 7%

HSBC 5,283 4,925 7% 55 96 152 371 450 -18% 27 27 0%

Xact Fonder AB 2,996 2,933 2% -85 63 -22 714 872 -18% 13 13 0%

PowerShares 2,461 2,297 7% 11 6 17 223 214 4% 20 20 0%

Julius Baer Inv 2,152 1,946 11% 14 16 29 82 66 24% 4 4 0%

Ossiam 1,927 1,943 -1% -57 -96 -153 98 56 75% 12 11 9%

ETF Securities 1,711 1,482 15% 107 79 186 567 596 -5% 27 27 0%

ThinkCapital ETFs N.V. 1,544 1,656 -7% -23 -123 -146 77 78 -1% 14 14 0%

WisdomTree 543 397 37% 70 69 140 105 101 3% 24 24 0%

Fundlogic Global Solutions plc 389 403 -3% -29 -3 -31 22 11 98% 2 2 0%

BBVA Gestion SA SGIIC 366 349 5% 24 -10 14 26 32 -20% 2 2 0%

BMO Global Asset Management 282 234 21% 5 36 41 17 39 -55% 10 10 0%

China Post Global 280 274 2% -2 -1 -3 16 18 -15% 8 8 0%

First Trust 252 210 20% 20 12 32 34 24 45% 11 10 10%

Raiffeisen Schweiz Genossenschaft 214 194 10% 0 3 3 8 9 -4% 3 3 0%

Seligson & Co Fund Man 196 197 -1% -5 2 -3 13 8 74% 1 1 0%

Van Eck Funds 173 148 17% 8 3 11 79 75 5% 3 3 0%

DnB Kapitalforvaltning 132 122 8% 0 7 7 23 8 195% 1 1 0%

Nomura Asset Management 120 117 2% 0 3 3 9 21 -59% 3 3 0%

UniCredit Bank 95 95 0% 0 0 0 1 5 -87% 1 1 0%

Commerzbank AG 56 55 2% 0 0 0 1 0 20% 3 3 0%

SEB Investment Management AB 48 46 4% 0 0 0 2 2 -16% 3 3 0%

FinEx Fund Plc 36 33 11% 1 2 3 0 2 -96% 2 2 0%

Boost 25 22 10% 0 3 4 96 83 16% 3 3 0%

ZyFin Holdings 20 20 3% 0 0 0 0 1 -36% 3 3 0%

Expat Capital 14 13 7% 1 0 1 0 0 41% 1 1 0%

Alpha Asset Management 10 10 -1% 0 0 0 0 0 248% 1 1 0%

Fullgoal Fund Management Co 10 10 0% 0 0 0 0 0 241% 1 1 0%

NBG Asset Management MFMC 4 4 2% 0 0 0 0 0 4876% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 7 0 1840% 1 1 0%

GF International Fund Management 0 0 NA 0 0 0 0 6 -100% 1 0 NA

PDR Services LLC 0 0 NA 0 0 0 0 0 -69% 0 0 NA

Total 551,160 515,682 7% 9,740 10,821 20,562 60,662 61,111 -1% 1526 1,518 1%

AUM Cash Flow Turnover Products



10 March 2017


Figure 54: 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 16,163 14,860 9% 359 75 434 2,857 2,596 10% 330 330 0%

Source 3,751 3,116 20% 208 177 385 290 457 -36% 4 4 0%

Deutsche AM 2,641 2,484 6% 89 -96 -6 225 227 -1% 17 17 0%

BlackRock 2,624 2,184 20% 119 145 264 330 272 21% 4 4 0%

Deutsche Borse Commodities GmbH 1,911 1,775 8% 0 0 0 504 306 64% 1 1 0%

Boost 304 286 6% 17 36 53 661 822 -20% 30 30 0%

Borse Stuttgart Securities GmbH 288 249 16% 9 12 21 0 0 NA 1 1 0%

Commerzbank AG 117 125 -6% -2 -2 -5 17 18 -2% 68 68 0%

UBS 71 0 NA 31 40 71 0 0 NA 1 1 0%

BNP Paribas 1 1 152% 0 0 0 0 0 9% 19 19 0%

Total 27,872 25,080 11% 829 387 1,216 4,884 4,697 4% 475 475 0%

AUM Cash Flow Turnover Products



10 March 2017


Figure 55: 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 267,217 253,248 6% 3,511 3,817 7,328 28,593 29,356 -3% 292 292 0%

Deutsche AM 58,147 55,946 4% 272 295 566 4,402 4,856 -9% 206 210 -2%

Lyxor 55,359 50,878 9% 2,356 1,047 3,403 9,347 8,496 10% 219 218 0%

UBS 32,381 29,166 11% 950 1,203 2,153 2,528 2,817 -10% 118 117 1%

Amundi 27,974 24,978 12% 1,538 714 2,252 4,766 3,883 23% 107 104 3%

Vanguard 25,645 23,882 7% -245 867 622 3,363 2,858 18% 22 22 0%

Source 22,426 19,889 13% 667 1,183 1,850 2,342 2,837 -17% 78 77 1%

State Street 19,708 17,599 12% 534 1,169 1,703 1,816 2,214 -18% 99 99 0%

ETF Securities 17,874 16,342 9% 465 155 620 3,423 3,191 7% 357 357 0%

Deka Investment GmbH 8,718 8,297 5% 140 124 265 438 598 -27% 42 42 0%

ComStage 7,522 6,925 9% 169 211 380 579 507 14% 114 114 0%

Zuercher Kantonalbank 7,270 6,542 11% 58 15 74 286 234 22% 4 4 0%

BNP Paribas 6,542 5,982 9% 123 273 396 455 632 -28% 63 60 5%

HSBC 5,283 4,925 7% 55 96 152 371 450 -18% 27 27 0%

Xact Fonder AB 2,996 2,933 2% -85 63 -22 714 872 -18% 13 13 0%

PowerShares 2,461 2,297 7% 11 6 17 223 214 4% 20 20 0%

Julius Baer Inv 2,152 1,946 11% 14 16 29 82 66 24% 4 4 0%

Ossiam 1,927 1,943 -1% -57 -96 -153 98 56 75% 12 11 9%

Deutsche Borse Commodities GmbH 1,911 1,775 8% 0 0 0 504 306 64% 1 1 0%

ThinkCapital ETFs N.V. 1,544 1,656 -7% -23 -123 -146 77 78 -1% 14 14 0%

WisdomTree 543 397 37% 70 69 140 105 101 3% 24 24 0%

Fundlogic Global Solutions plc 389 403 -3% -29 -3 -31 22 11 98% 2 2 0%

BBVA Gestion SA SGIIC 366 349 5% 24 -10 14 26 32 -20% 2 2 0%

Boost 329 308 7% 17 39 56 757 905 -16% 33 33 0%

Borse Stuttgart Securities GmbH 288 249 16% 9 12 21 0 0 NA 1 1 0%

BMO Global Asset Management 282 234 21% 5 36 41 17 39 -55% 10 10 0%

China Post Global 280 274 2% -2 -1 -3 16 18 -15% 8 8 0%

First Trust 252 210 20% 20 12 32 34 24 45% 11 10 10%

Raiffeisen Schweiz Genossenschaft 214 194 10% 0 3 3 8 9 -4% 3 3 0%

Seligson & Co Fund Man 196 197 -1% -5 2 -3 13 8 74% 1 1 0%

Commerzbank AG 174 181 -4% -2 -2 -4 18 18 -1% 71 71 0%

Van Eck Funds 173 148 17% 8 3 11 79 75 5% 3 3 0%

DnB Kapitalforvaltning 132 122 8% 0 7 7 23 8 195% 1 1 0%

Nomura Asset Management 120 117 2% 0 3 3 9 21 -59% 3 3 0%

UniCredit Bank 95 95 0% 0 0 0 1 5 -87% 1 1 0%

SEB Investment Management AB 48 46 4% 0 0 0 2 2 -16% 3 3 0%

FinEx Fund Plc 36 33 11% 1 2 3 0 2 -96% 2 2 0%

ZyFin Holdings 20 20 3% 0 0 0 0 1 -36% 3 3 0%

Expat Capital 14 13 7% 1 0 1 0 0 41% 1 1 0%

Alpha Asset Management 10 10 -1% 0 0 0 0 0 248% 1 1 0%

Fullgoal Fund Management Co 10 10 0% 0 0 0 0 0 241% 1 1 0%

NBG Asset Management MFMC 4 4 2% 0 0 0 0 0 4876% 2 2 0%

GF International Fund Management 0 0 NA 0 0 0 0 6 -100% 1 0 NA

Landsbankinn 0 0 NA 0 0 0 7 0 1840% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -69% 0 0 NA

Total 579,031 540,762 7% 10,570 11,208 21,778 65,547 65,809 0% 2,001 1,993 0%

ProductsAUM Cash Flow Turnover



10 March 2017


Figure 56: European ETP Providers tier market share - | ETPs | Europe |

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

Q1 16

Q2 16

Q3 16

Q4 16

Feb-17

Q1 16 Q2 16 Q3 16 Q4 16 Feb-17

Tier 1 73.1% 72.6% 72.3% 72.0% 71.3%

Tier 2 23.8% 23.3% 23.7% 24.1% 24.8%

Tier 3 3.1% 4.1% 4.0% 3.9% 3.8%



10 March 2017


European Provider Rankings - by Asset Class

Figure 57: 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 170,139 92,365 1,530 559 264,593 48.0% 288 28,263 3,391 7,063

Deutsche AM 43,013 11,439 396 657 55,506 10.1% 189 4,178 182 573

Lyxor 41,123 13,091 983 162 55,359 10.0% 219 9,347 2,356 3,403

UBS 26,610 2,751 2,908 41 32,310 5.9% 117 2,528 919 2,082

Amundi 21,656 6,317 0 0 27,974 5.1% 107 4,766 1,538 2,252

Vanguard 25,249 396 0 0 25,645 4.7% 22 3,363 -245 622

State Street 12,960 6,687 0 61 19,708 3.6% 99 1,816 534 1,703

Source 11,116 6,268 1,291 0 18,675 3.4% 74 2,052 458 1,465

Deka Investment GmbH 6,266 2,452 0 0 8,718 1.6% 42 438 140 265

ComStage 5,452 1,349 684 37 7,522 1.4% 114 579 169 380

Zuercher Kantonalbank 0 0 7,270 0 7,270 1.3% 4 286 58 74

BNP Paribas 6,155 155 230 0 6,540 1.2% 44 455 123 396

HSBC 5,283 0 0 0 5,283 1.0% 27 371 55 152

Xact Fonder AB 2,948 43 6 0 2,996 0.5% 13 714 -85 -22

PowerShares 2,412 46 0 3 2,461 0.4% 20 223 11 17

Julius Baer Inv 0 0 2,152 0 2,152 0.4% 4 82 14 29

Ossiam 1,845 0 56 26 1,927 0.3% 12 98 -57 -153

ETF Securities 871 327 512 0 1,711 0.3% 27 567 107 186

ThinkCapital ETFs N.V. 1,065 453 0 26 1,544 0.3% 14 77 -23 -146

WisdomTree 509 0 34 0 543 0.1% 24 105 70 140

Fundlogic Global Solutions plc 389 0 0 0 389 0.1% 2 22 -29 -31

BBVA Gestion SA SGIIC 366 0 0 0 366 0.1% 2 26 24 14

BMO Global Asset Management 128 155 0 0 282 0.1% 10 17 5 41

China Post Global 124 0 156 0 280 0.1% 8 16 -2 -3

First Trust 252 0 0 0 252 0.0% 11 34 20 32

Raiffeisen Schweiz Genossenschaft 0 0 214 0 214 0.0% 3 8 0 3

Seligson & Co Fund Man 196 0 0 0 196 0.0% 1 13 -5 -3

Van Eck Funds 173 0 0 0 173 0.0% 3 79 8 11

DnB Kapitalforvaltning 132 0 0 0 132 0.0% 1 23 0 7

Nomura Asset Management 120 0 0 0 120 0.0% 3 9 0 3

UniCredit Bank 0 95 0 0 95 0.0% 1 1 0 0

Commerzbank AG 22 34 0 0 56 0.0% 3 1 0 0

SEB Investment Management AB 48 0 0 0 48 0.0% 3 2 0 0

FinEx Fund Plc 0 30 6 0 36 0.0% 2 0 1 3

Boost 24 0 0 0 25 0.0% 3 96 0 4

ZyFin Holdings 2 18 0 0 20 0.0% 3 0 0 0

Expat Capital 14 0 0 0 14 0.0% 1 0 1 1

Alpha Asset Management 10 0 0 0 10 0.0% 1 0 0 0

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

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

GF International Fund Management 0 0 0 0 0 0.0% 1 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 386,676 144,483 18,427 1,573 551,160 100.0% 1,526 60,662 9,740 20,562




10 March 2017


Figure 58: 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 15,796 367 16,163 58.0% 330 2,857 359 434

Source 3,751 0 3,751 13.5% 4 290 208 385

Deutsche AM 2,641 0 2,641 9.5% 17 225 89 -6

BlackRock 2,624 0 2,624 9.4% 4 330 119 264

Deutsche Borse Commodities GmbH 1,911 0 1,911 6.9% 1 504 0 0

Boost 301 3 304 1.1% 30 661 17 53

Borse Stuttgart Securities GmbH 288 0 288 1.0% 1 - 9 21

Commerzbank AG 117 0 117 0.4% 68 17 -2 -5

UBS 71 0 71 0.3% 1 - 31 71

BNP Paribas 1 0 1 0.0% 19 0 0 0

Total 27,502 370 27,872 100.0% 475 4,884 829 1,216




10 March 2017


Figure 59: 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 170,139 92,365 4,154 559 267,217 46.1% 292 28,593 3,511 7,328

Deutsche AM 43,013 11,439 3,037 657 58,147 10.0% 206 4,402 272 566

Lyxor 41,123 13,091 983 162 55,359 9.6% 219 9,347 2,356 3,403

UBS 26,610 2,751 2,979 41 32,381 5.6% 118 2,528 950 2,153

Amundi 21,656 6,317 0 0 27,974 4.8% 107 4,766 1,538 2,252

Vanguard 25,249 396 0 0 25,645 4.4% 22 3,363 -245 622

Source 11,116 6,268 5,042 0 22,426 3.9% 78 2,342 667 1,850

State Street 12,960 6,687 0 61 19,708 3.4% 99 1,816 534 1,703

ETF Securities 871 327 16,309 367 17,874 3.1% 357 3,423 465 620

Deka Investment GmbH 6,266 2,452 0 0 8,718 1.5% 42 438 140 265

ComStage 5,452 1,349 684 37 7,522 1.3% 114 579 169 380

Zuercher Kantonalbank 0 0 7,270 0 7,270 1.3% 4 286 58 74

BNP Paribas 6,155 155 232 0 6,542 1.1% 63 455 123 396

HSBC 5,283 0 0 0 5,283 0.9% 27 371 55 152

Xact Fonder AB 2,948 43 6 0 2,996 0.5% 13 714 -85 -22

PowerShares 2,412 46 0 3 2,461 0.4% 20 223 11 17

Julius Baer Inv 0 0 2,152 0 2,152 0.4% 4 82 14 29

Ossiam 1,845 0 56 26 1,927 0.3% 12 98 -57 -153

Deutsche Borse Commodities GmbH 0 0 1,911 0 1,911 0.3% 1 504 0 0

ThinkCapital ETFs N.V. 1,065 453 0 26 1,544 0.3% 14 77 -23 -146

WisdomTree 509 0 34 0 543 0.1% 24 105 70 140

Fundlogic Global Solutions plc 389 0 0 0 389 0.1% 2 22 -29 -31

BBVA Gestion SA SGIIC 366 0 0 0 366 0.1% 2 26 24 14

Boost 24 0 301 3 329 0.1% 33 757 17 56

Borse Stuttgart Securities GmbH 0 0 288 0 288 0.0% 1 0 9 21

BMO Global Asset Management 128 155 0 0 282 0.0% 10 17 5 41

China Post Global 124 0 156 0 280 0.0% 8 16 -2 -3

First Trust 252 0 0 0 252 0.0% 11 34 20 32

Raiffeisen Schweiz Genossenschaft 0 0 214 0 214 0.0% 3 8 0 3

Seligson & Co Fund Man 196 0 0 0 196 0.0% 1 13 -5 -3

Commerzbank AG 22 34 117 0 174 0.0% 71 18 -2 -4

Van Eck Funds 173 0 0 0 173 0.0% 3 79 8 11

DnB Kapitalforvaltning 132 0 0 0 132 0.0% 1 23 0 7

Nomura Asset Management 120 0 0 0 120 0.0% 3 9 0 3

UniCredit Bank 0 95 0 0 95 0.0% 1 1 0 0

SEB Investment Management AB 48 0 0 0 48 0.0% 3 2 0 0

FinEx Fund Plc 0 30 6 0 36 0.0% 2 0 1 3

ZyFin Holdings 2 18 0 0 20 0.0% 3 0 0 0

Expat Capital 14 0 0 0 14 0.0% 1 0 1 1

Alpha Asset Management 10 0 0 0 10 0.0% 1 0 0 0

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

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

GF International Fund Management 0 0 0 0 0 0.0% 1 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 386,676 144,483 45,929 1,943 579,031 100.0% 2,001 65,547 10,570 21,778




10 March 2017


European Provider Analysis by Replication Method

Figure 60: European ETF Providers list by replication - | ETFs | Europe|

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

European Providers

BlackRock Physical 169,293 190 92,365 89 736 3 559 1 262,953 99% 283

Synthetic 846 4 - - 794 1 - - 1,640 1% 5

Deutsche AM Physical 28,193 67 2,453 12 - - 24 1 30,669 55% 80

Synthetic 14,821 56 8,986 47 396 3 634 3 24,837 45% 109

Lyxor Physical 15,125 15 6,051 29 - - - - 21,176 38% 44

Synthetic 25,998 147 7,040 23 983 3 162 2 34,183 62% 175

UBS Physical 22,155 69 2,751 23 1,512 5 - - 26,418 82% 97

Synthetic 4,455 9 - - 1,396 9 41 2 5,893 18% 20

Amundi Physical 4,628 10 8 3 - - - - 4,636 17% 13

Synthetic 17,029 67 6,309 27 - - - - 23,338 83% 94

Vanguard Physical 25,249 16 396 6 - - - - 25,645 100% 22

State Street Physical 12,960 62 6,687 36 - - 61 1 19,708 100% 99

Source Physical 53 5 5,854 10 - - - - 5,907 32% 15

Synthetic 11,063 55 414 2 1,291 2 - - 12,768 68% 59

Deka Investment GmbH Physical 6,249 25 2,452 16 - - - - 8,701 100% 41

Synthetic 17 1 - - - - - - 17 0% 1

ComStage Physical 258 7 - - - - - - 258 3% 7

Synthetic 5,194 76 1,349 28 684 2 37 1 7,264 97% 107

Zuercher Kantonalbank Physical - - - - 7,270 4 - - 7,270 100% 4

BNP Paribas Physical 2,301 17 151 1 - - - - 2,451 37% 18

Synthetic 3,854 21 5 3 230 2 - - 4,089 63% 26

HSBC Physical 5,283 27 - - - - - - 5,283 100% 27

Xact Fonder AB Physical 2,948 11 43 1 6 1 - - 2,996 100% 13

PowerShares Physical 2,412 17 46 2 - - 3 1 2,461 100% 20

Julius Baer Inv Physical - - - - 2,152 4 - - 2,152 100% 4

Ossiam Physical 51 1 - - - - - - 51 3% 1

Synthetic 1,794 9 - - 56 1 26 1 1,876 97% 11

ETF Securities Synthetic 433 19 - - 512 1 - - 945 100% 20

Physical 439 3 327 4 - - - - 766 100% 7

ThinkCapital ETFs N.V. Physical 1,065 8 453 3 - - 26 3 1,544 100% 14

WisdomTree Physical 509 23 - - - - - - 509 100% 23

Synthetic - - - - 34 1 - - 34 100% 1

Fundlogic Global Solutions plc Synthetic 389 2 - - - - - - 389 100% 2

BBVA Gestion SA Physical 366 2 - - - - - - 366 100% 2

BMO Global Asset Management Physical 128 6 155 4 - - - - 282 100% 10

China Post Global Synthetic 124 5 - - 156 3 - - 280 100% 8

First Trust Physical 252 11 - - - - - - 252 100% 11

Raiffeisen Schweiz Genossenschaft Physical - - - - 214 3 - - 214 100% 3

Seligson & Co Fund Mgmt. Physical 196 1 - - - - - - 196 100% 1

Van Eck Funds Physical 173 3 - - - - - - 173 100% 3

DnB Kapitalforvaltning Physical 132 1 - - - - - - 132 100% 1

Nomura Asset Management Physical 120 3 - - - - - - 120 100% 3

UniCredit Bank Synthetic - - 95 1 - - - - 95 100% 1

Commerzbank AG Physical 11 1 34 1 - - - - 45 80% 2

Synthetic 11 1 - - - - - - 11 20% 1

SEB Investment Management AB Synthetic 48 3 - - - - - - 48 100% 3

FinEx Fund Plc Physical - - 30 1 - - - - 30 83% 1

Synthetic - - - - 6 1 - - 6 17% 1

Boost Synthetic 24 2 0 1 - - - - 25 100% 3

ZyFin Holdings Physical 2 1 18 2 - - - - 20 35% 3

Expat Capital Physical 14 1 - - - - - - 14 100% 1

Alpha Asset Mgmt. Physical 10 1 - - - - - - 10 100% 1

Fullgoal Fund Management Co Physical - - 10 1 - - - - 10 100% 1

NBG Asset Mgmt. Physical 2 1 - - - - - - 2 51% 1

Synthetic 2 1 - - - - - - 2 49% 1

GF International Fund Management Physical - 1 - - - - - - - NA 1

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

Total 386,676 1,085 144,483 376 18,427 49 1,573 16 551,160 1,526

Total


Replication

Method Equity Fixed Income Commodity Other



10 March 2017


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

Figure 61: Turnover by asset class and instrument - | ETPs | Europe |

Asset Class Jan-172016 (Monthly

Avg.)

All figures in € million Turnover Market

Share %

MoM

%Change

2016 (Monthly

Avg.) %Change Turnover Turnover

ETFs

Equity 42,548 64.9% -0.3% -8.2% 42,696 46,358

Fixed income 17,147 26.2% -0.4% -7.6% 17,208 18,567

Commodity 878 1.3% -16.4% -17.0% 1,050 1,058

Currency 0 0.0% 0.0% na 0 0

Multi Asset 26 0.0% -15.2% 29.2% 30 20

Alternative 63 0.1% -50.5% -47.0% 128 119

Total 60,662 92.5% -0.7% -8.3% 61,111 66,122

ETCs

Commodity 4,724 7.2% 7.3% -24.1% 4,403 6,227

Currency 160 0.2% -45.5% -24.5% 294 213

Total 4,884 7.5% 4.0% -24.1% 4,697 6,439

Total ETPs 65,547 100.0% -0.4% -9.7% 65,809 72,561

Feb-17


Asset Class Analysis

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

Equity Turnover Jan-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets 25,152 59.1% -2.4% 90.0% 25,769 27,932

Emerging Markets 3,991 9.4% -12.7% 88.0% 4,574 4,536

Global Markets 888 2.1% 19.0% 128.9% 746 689

Sector 3,942 9.3% 2.9% 110.0% 3,829 3,583

Capitalization 780 1.8% -3.7% 111.0% 810 703

Strategy 5,733 13.5% 30.2% 86.2% 4,403 6,651

Style 1,328 3.1% -25.4% 87.0% 1,782 1,527

Thematic 735 1.7% -6.2% 99.6% 783 738

Total Equities 42,548 100% 0% 91.8% 42,696 46,358

Feb-17



10 March 2017


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


Avg.)


Share %

MoM

%Change

2016 (Monthly


Sector 3,942 31.5% 2.9% 10.0% 3,829 3,583

Consumer discretionary 102 0.8% -39.7% -28.7% 169 143

Consumer staples 98 0.8% 21.7% -34.8% 81 151

Energy 620 4.9% 31.0% 56.4% 473 396

Financials 1453 11.6% -3.1% 2.5% 1499 1,417

Healthcare 482 3.9% 1.1% 62.8% 477 296

Industrials 70 0.6% -33.8% -23.0% 106 91

Information Technology 273 2.2% 21.0% 61.7% 226 169

Materials 257 2.1% 5.4% 19.7% 244 215

Real Estate 342 2.7% 6.5% -30.9% 321 495

Telecommunications 129 1.0% 43.4% 59.0% 90 81

Utilities 116 0.9% -19.2% -10.6% 144 130

Capitalization 780 6.2% -3.7% 11.0% 810 703

Large Cap 19 0.2% 74.4% -36.1% 11 30

Mid Cap 226 1.8% 1.1% 14.0% 224 199

Small Cap 534 4.3% -7.1% 12.8% 575 474

Strategy 5,733 45.8% 30.2% -13.8% 4,403 6,651

Fundamental 413 3.3% 592.6% 389.6% 60 84

Leveraged Long 1238 9.9% -11.3% -42.9% 1396 2167

Leveraged Short 1040 8.3% -3.8% -49.4% 1082 2058

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 2582 20.6% 78.9% 71.9% 1444 1502

Short 459 3.7% 8.7% -45.3% 422 840

Style 1,328 10.6% -25.4% -13.0% 1,782 1,527

Dividend 1,130 9.0% -19.8% -17.7% 1,408 1,373

Growth 46 0.4% 36.3% 23.9% 34 37

Value 153 1.2% -55.1% 31.0% 340 117

Thematic 735 5.9% -6.2% -0.4% 783 738

Commodities 296 2.4% -0.5% -13.9% 297 343

Cyclical 0 0.0% 0.0% 0.0% 0 -

Faith 19 0.2% -26.6% -19.9% 26 24

Other Theme 186 1.5% 1.6% 52.8% 184 122

Sustainability 234 1.9% -15.4% -6.0% 276 248

Total 12,518 100.0% 7.8% -5.2% 11,607 13,202

Feb-17



10 March 2017


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


Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets

Europe 12,051 47.9% -12.0% -28.5% 13,687 16,844

Austria 6 0.0% -42.6% -48.7% 10 11

Belgium 2 0.0% 128.1% 46.1% 1 1

Finland 13 0.1% 74.3% 96.0% 8 7

France 203 0.8% -13.0% -55.0% 233 451

Germany 2,302 9.2% -1.2% -34.1% 2,329 3,495

Greece 15 0.1% -3.7% -37.7% 15 24

Ireland 1 0.0% 13.4% 53.1% 1 1

Italy 525 2.1% -6.0% -27.0% 558 719

Netherlands 126 0.5% 23.2% -40.5% 102 211

Norway 28 0.1% 36.4% 23.8% 20 22

Portugal 2 0.0% -60.3% -58.2% 5 5

Iceland 7 0.0% 1840.5% 57.3% 0 4

Spain 100 0.4% -11.6% -38.1% 113 161

Sweden 287 1.1% -22.4% -10.5% 369 320

Switzerland 853 3.4% -16.7% -8.6% 1,024 933

UK 1,544 6.1% -27.5% -43.9% 2,131 2,754

Europe broad 6,038 24.0% -10.8% -21.8% 6,767 7,724

Americas 8,378 33.3% 7.0% 31.3% 7,830 6,380

US 8,167 32.5% 9.0% 34.9% 7,492 6,057

Canada 123 0.5% -30.3% -20.4% 176 154

North America 88 0.3% -46.1% -48.4% 162 170

Asia 2,660 10.6% 12.7% 2.2% 2,359 2,602

Australia 427 1.7% 444.7% 269.8% 78 115

Hong Kong 36 0.1% 185.6% 118.7% 12 16

Japan 1,923 7.6% -4.5% -15.4% 2,013 2,273

Singapore 2 0.0% -2.7% -31.0% 2 3

Asia Pacific broad 273 1.1% 7.8% 40.6% 253 194

EMEA 1 0.0% -76.9% -76.1% 3 3

Israel 1 0.0% -76.9% -76.1% 3 3

Global 2,063 8.2% 9.2% -1.9% 1,889 2,102

Broad indices 2,063 8.2% 9.2% -1.9% 1,889 2,102

DM Total 25,152 100.0% -2.4% -9.9% 25,766 27,929

Feb-17



10 March 2017


Figure 65: European Equity ETF Turnover Summary – C - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2016 (Monthly


Emerging Markets

BRIC 940 23.5% -13.7% 8.6% 1,089 865

Brazil 177 4.4% -22.6% 8.3% 229 164

Russia 219 5.5% -38.6% 36.7% 357 160

India 313 7.8% 59.3% 60.2% 196 195

China 230 5.8% -24.9% -33.4% 307 346

Latin America 106 2.7% -43.8% -27.8% 189 147

Chile 0 0.0% 0.0% na 0 0

Mexico 37 0.9% -27.2% -8.0% 50 40

LATAM broad 70 1.7% -49.8% -35.2% 139 107

Asia 385 9.6% -3.5% -29.3% 398 544

Bangladesh 0 0.0% -63.1% -73.6% 1 2

Indonesia 27 0.7% -28.2% -13.3% 38 31

Malaysia 3 0.1% -56.4% -75.1% 8 13

Pakistan 6 0.1% -56.6% 107.8% 13 3

Philippines 9 0.2% -24.5% -13.7% 11 10

South Korea 77 1.9% -24.7% -33.2% 103 116

Taiwan 26 0.6% -47.3% -70.0% 49 85

Thailand 6 0.2% -31.6% -44.5% 9 12

Vietnam 25 0.6% 61.9% 25.5% 15 20

Asia Pacific broad 205 5.1% 35.7% -18.7% 151 252

EMEA 188 4.7% -31.8% 9.2% 276 172

Bulgaria 0 0.0% 41.0% 63.8% 0 0

Kuwait 0 0.0% -76.2% -96.2% 0 1

Poland 29 0.7% 4.6% 98.2% 28 15

South Africa 9 0.2% -77.3% -61.9% 42 25

Turkey 52 1.3% -53.8% 28.3% 113 41

Europe broad 88 2.2% 8.7% 5.9% 81 83

Middle East & Africa 10 0.2% -24.0% 11.3% 13 9

Global Markets 2,372 59.4% -9.5% -15.5% 2,622 2,807

Global 2,372 59.4% -9.5% -15.5% 2,622 2,807

EM Total 3,991 100.0% -12.7% -12.0% 4,574 4,536

Total (EM + DM) 29,260 100.0% -3.6% -10.0% 30,354 32,505

Feb-17


Figure 66: European Fixed Income ETF Turnover - | ETFs | Europe |

Fixed Income Turnover Jan-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Overall 516 3.0% -13.5% 2.6% 596 502

Corporates 7,203 42.0% -7.7% -3.3% 7,803 7,449

Covered Bonds 71 0.4% -37.5% -49.9% 114 142

Credit Exposure 15 0.1% 48.6% -48.1% 10 29

Sovereign 8,627 50.3% 5.4% -12.4% 8,182 9,850

Money Market 715 4.2% 42.4% 20.4% 502 594

Total Fixed Income 17,147 100.0% -0.4% -7.6% 17,208 18,567

Feb-17



10 March 2017


Figure 67: European Commodity ETP Turnover summary - | ETPs | Europe |

Commodity Turnover Jan-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Overall 440 7.9% -28.6% 0.0% 616 440

Overall 421 7.5% -28.8% -1.0% 591 425

Overall ex Energy 19 0.3% -24.7% 27.3% 25 15

Overall Light Energy 0 0.0% 92.6% -2.2% 0 0

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

Agriculture 206 3.7% 9.7% 7.9% 188 191

Overall 55 1.0% 63.7% 24.3% 33 44

Cocoa 39 0.7% -6.7% 362.9% 42 9

Coffee 24 0.4% -19.7% -31.3% 30 35

Corn 9 0.2% -1.6% -27.0% 9 12

Cotton 5 0.1% -6.8% 45.1% 5 3

Grains 2 0.0% -31.4% -27.7% 3 3

Softs 0 0.0% -68.1% -86.3% 0 1

Soybean Oil 8 0.1% 209.0% 1.1% 3 8

Soybeans 5 0.1% 4.6% -42.2% 4 8

Sugar 19 0.3% 4.7% -17.8% 19 24

Wheat 40 0.7% 2.7% -10.7% 39 45

Energy 1,242 22.2% -14.1% -38.1% 1,447 2,008

Overall 22 0.4% 276.9% -20.2% 6 27

Carbon 0 0.0% 118.8% 13.1% 0 0

Crude Oil 1014 18.1% -10.9% -42.3% 1137 1756

Gasoline 5 0.1% -15.3% -37.4% 6 9

Heating Oil 1 0.0% 59.2% -70.5% 1 5

Natural Gas 199 3.6% -32.6% -5.6% 296 211

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 286 5.1% 65.8% 66.8% 172 171

Overall 92 1.6% 102.4% 135.0% 46 39

Aluminium 39 0.7% 202.1% 377.9% 13 8

Copper 91 1.6% 38.9% -4.1% 66 95

Lead 1 0.0% -61.5% -39.3% 3 2

Nickel 57 1.0% 46.6% 208.0% 39 18

Tin 1 0.0% 12.6% -28.6% 1 1

Zinc 5 0.1% -18.4% -33.8% 6 7

Precious Metals 3,421 61.1% 13.4% -23.4% 3,017 4,468

Overall 22 0.4% 36.6% 19.9% 16 19

Gold 3066 54.7% 19.3% -22.2% 2570 3940

Palladium 26 0.5% -80.3% -60.5% 132 66

Platinum 108 1.9% 49.0% 70.6% 73 63

Rhodium 1 0.0% -17.5% 49.1% 1 1

Silver 197 3.5% -12.4% -48.0% 225 379

Livestock 7 0.1% -45.8% 31.0% 12 5

Overall 1 0.0% 204.5% 38.1% 0 0

Cattle 1 0.0% -82.3% -3.0% 5 1

Lean Hogs 5 0.1% -22.0% 39.6% 6 4

Total 5,602 100.0% 2.7% -23.1% 5,453 7,284

Feb-17



10 March 2017


Product Rankings

Figure 68: Top 20 Equity ETFs by Turnover (€ million) - | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 2,479.7 1,816.5 4,296.2

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,802.8 1,895.0 3,697.9

Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta 1,170.7 450.7 1,621.3

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,119.1 1,153.8 2,272.9

iShares Edge MSCI USA Value Factor UCITS ETF IUVF LN BlackRock Beta 1,100.9 63.4 1,164.3

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 752.2 283.3 1,035.5

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 699.4 711.2 1,410.5

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 627.2 860.3 1,487.5

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 557.7 755.9 1,313.6

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 528.0 556.4 1,084.4

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 524.3 555.0 1,079.2

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 492.2 697.7 1,189.9

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 468.9 476.5 945.5

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 425.5 536.6 962.1

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 411.1 679.6 1,090.7

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 410.4 285.7 696.0

iShares MSCI Australia UCITS ETF SAUS LN BlackRock Beta 400.8 61.1 461.9

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 382.3 362.9 745.2

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 354.4 446.5 800.9

Lyxor UCITS ETF SG Global Value Beta SGVB FP Lyxor Beta 352.7 1.6 354.3


Figure 69: 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 $ TIPS UCITS ETF IDTP LN BlackRock Beta 821.2 575.7 1,396.9

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 796.5 910.1 1,706.6

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 789.0 826.5 1,615.5

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 747.6 1,202.3 1,949.9

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 722.6 451.2 1,173.9

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 552.7 795.7 1,348.4

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 497.2 639.4 1,136.6

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 396.3 160.8 557.1

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 393.0 86.8 479.8

iShares $ Short Duration Corporate Bond UCITS ETF SDIG LN BlackRock Beta 346.6 117.3 463.9

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 318.8 214.8 533.6

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 307.9 146.2 454.1

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 307.5 462.0 769.5

Lyxor ETF Daily Double Short BTP BTPS FP Lyxor Beta+ 288.2 192.2 480.4

Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 265.9 74.0 339.9

Lyxor US TIPS DR UCITS ETF - D USD TIPG LN Lyxor Beta 253.2 44.1 297.3

iShares US Mortgage Backed Securities UCITS ETF IMBS LN BlackRock Beta 247.7 360.9 608.5

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 238.0 323.2 561.3

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 225.4 122.1 347.5

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 225.4 296.0 521.4



10 March 2017


Figure 70: 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 919.1 589.9 1,508.9

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 503.9 306.5 810.4

Gold Bullion Securities GBS LN ETF Securities Beta 331.0 286.2 617.2

iShares Physical Gold ETC SGLN LN Blackrock Beta 317.4 254.7 572.1

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 279.1 441.1 720.2

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 272.0 365.6 637.6

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 236.2 172.5 408.6

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 234.4 199.4 433.8

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 173.1 152.3 325.5

Source Bloomberg Commodity UCITS ETF CMOD LN Source Beta 109.6 198.9 308.5

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 97.4 94.1 191.4

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 92.8 76.9 169.6

ETFS Industrial Metals AIGI LN ETF Securities Beta 90.0 40.5 130.5

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 90.0 128.4 218.4

ETFS Physical Silver PHAG LN ETF Securities Beta 72.2 70.1 142.3

ETFS Physical Platinum PHPT LN ETF Securities Beta 71.3 32.7 103.9

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 69.3 136.2 205.4

ETFS Copper COPA LN ETF Securities Beta 55.0 34.8 89.8

Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 50.6 78.1 128.7

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta 49.0 29.2 78.2


Figure 71: 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 1,093.40 1 db x-trackers II EONIA TR Index UCITS ETF XEON GR 46.69

2 iShares Euro STOXX 50 (DE) SX5EEX GR 460.73 2 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF IS3C GY 45.89

3 iShares Euro STOXX Banks (DE) SX7EEX GR 294.59 3 iShares Markit iBoxx Euro High Yield EUNW GR 45.68

4 iShares STOXX 600 (DE) SXXPIEX GR 268.58 4 iShares Markit iBoxx $ High Yield Capped Bond IS0R GY 43.76

5 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 248.07 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 42.73

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 240.72 6 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR 40.15

7 iShares MDAX (DE) MDAXEX GR 174.25 7 ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR 38.52

8 Source EURO STOXX Optimised Banks UCITS ETF S7XE GR 164.00 8 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 37.78

9 Deka DAX UCITS ETF ETFDAX GR 158.34 9 iShares Barclays Euro Corporate Bond EUN5 GR 35.30

10 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC GR 127.16 10 db x-trackers II - iBoxx Global Inflation-Linked UCITS ETF 1C EUR - Hedged XGIN GR 35.14

Commodity ETPs BBG Ticker Turnover BBG Ticker Turnover

1 XETRA-Gold XAUEUR 503.90 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 9.38

2 Source Physical Gold ETC (P-ETC) 8PSG GY 37.57 2 ETFS Short USD Long EUR XBJQ GR 7.24

3 db Physical Gold Euro Hedged ETC XAD1 GR 35.03 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 5.74

4 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 29.74 4 ETFS Long USD Short EUR XBJP GR 3.39

5 db Physical Gold ETC (EUR) XAD5 GR 26.71 5 ComStage Vermogensstrategie UCITS ETF F701 GY 3.18

6 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 24.05 6 ETFS Long JPY Short EUR SJPS GR 2.70

7 Gold Bullion Securities GG9B GR 11.43 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY 2.14

8 ETFS Physical Gold VZLD GR 11.15 8 ETFS 5X Long USD Short EUR 5CH5 GY 1.80

9 ETFS Physical Silver VZLC GR 9.86 9 db-x trackers Portfolio Income UCITS ETF XS7W GR 1.08

10 Lyxor ETF Commodities CRB LYXCRB GR 9.75 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 1.07



10 March 2017


Figure 72: Top 10 ETPs by Turnover (€ million) – London SE - | ETPs | Europe |


1 Vanguard S&P 500 ETF VUSD LN 1,975.14 1 iShares Euro Corporate Bond UCITS ETF IEAC LN 673.28

2 iShares Core S&P 500 UCITS ETF CSPX LN 1,184.95 2 iShares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN 631.73

3 iShares Edge MSCI USA Value Factor UCITS ETF IUVL LN 1,094.25 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 609.97

4 iShares FTSE 100 UCITS ETF (Inc) ISF LN 613.55 4 iShares $ Corporate Bond UCITS ETF LQDE LN 594.30

5 Lyxor ETF S&P 500 LSPU LN 439.22 5 iShares $ TIPS UCITS ETF ITPS LN 565.88

6 iShares MSCI Australia UCITS ETF IAUS LN 373.43 6 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 425.52

7 Vanguard S&P 500 ETF VUSA LN 362.45 7 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 376.87

8 Source S&P 500 UCITS ETF SPXS LN 302.10 8 iShares Euro Corporate Bond ex-Financials UCITS ETF IEXF LN 363.43

9 Vanguard FTSE 100 ETF VUKE LN 294.13 9 iShares $ Short Duration Corporate Bond UCITS ETF SDIG LN 332.20

10 iShares MSCI World GBP Hedged UCITS ETF IGWD LN 286.24 10 Lyxor US TIPS DR UCITS ETF - D USD TIPU LN 251.15


1 ETFS Physical Gold PHAU LN 617.03 1 iShares Listed Private Equity UCITS ETF IPRV LN 17.65

2 iShares Physical Gold ETC IGLN LN 270.30 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 3.99

3 ETFS WTI Crude Oil CRUD LN 189.78 3 iShares Listed Private Equity UCITS ETF IDPE LN 3.21

4 Source Physical Gold ETC (P-ETC) SGLD LN 187.20 4 ETFS Short GBP Long USDGBP USD2 LN 2.89

5 Gold Bullion Securities GBS LN 166.27 5 ETFS 5x Short USD Long GBP PUS5 LN 2.03

6 Source Bloomberg Commodity UCITS ETF CMOD LN 109.56 6 ETFS 3x Short JPY Long GBP SYP3 LN 1.72

7 ETFS Industrial Metals AIGI LN 85.38 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 1.62

8 Gold Bullion Securities GBSS LN 83.47 8 ETFS 3x Short GBP Long USD SGB3 LN 1.39

9 ETFS Brent 1mnth Oil OILB LN 76.08 9 ETFS 3x Short JPY Long USD SJP3 LN 1.26

10 ETFS Physical Gold GBP PHGP LN 71.53 10 ETFS Long USD Short GBP GBUS LN 1.25


Figure 73: Top 10 ETPs by Turnover (€ million) – Swiss SE - | ETPs | Europe |


1 iShares Core S&P 500 UCITS ETF CSSPX SW 306.25 1 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G SW 101.55

2 iShares SMI CH CSSMI SW 201.58 2 iShares $ TIPS UCITS ETF ITPS SW 69.57

3 iShares Core MSCI World UCITS ETF (Acc) SWDA SW 160.03 3 iShares CHF Corporate Bond (CH) CHCORP SW 51.03

4 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 144.89 4 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 40.46

5 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW 128.63 5 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 40.17

6 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR ACWIE SW 107.52 6 db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 2C (USD Hedged) XBAU SW 38.71

7 iShares MSCI Emerging Markets IMI UCITS ETF EIMI SW 105.33 7 UBS ETF - Barclays TIPS 1-10 UCITS ETF Hedged to EUR TIP1E SW 38.10

8 iShares SPI (CH) CHSPI SW 98.47 8 iShares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 29.47

9 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To CHF ACWIS SW 96.35 9 iShares eb.rexx Government Germany (DE) RXRGEX SW 25.51

10 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 89.99 10 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 25.11


1 ZKB Gold ETF-A USD ZGLDUS SW 96.26 1 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 2.39

2 ZKB Gold ETF ZGLD SW 51.34 2 iShares Listed Private Equity UCITS ETF IPRV SW 2.24

3 ZKB Gold ETF-H (CHF) ZGLDHC SW 41.23 3 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 1.84

4 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 33.73 4 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW 0.84

5 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 28.04 5 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.15

6 ZKB Gold ETF-A EUR ZGLDEU SW 22.41 6 Lyxor ETF Privex LYPVX SW 0.06

7 ZKB Gold ETF-H (EUR) ZGLDHE SW 22.32

8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 18.92

9 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM SW 16.89

10 ZKB Silver ETF ZSIL SW 14.71



10 March 2017


Figure 74: Top 10 ETPs by Turnover (€ million) – Euronext Paris - | ETPs | Europe |


1 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 1,116.07 1 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 347.65

2 Lyxor ETF Leverage CAC 40 LVC FP 291.76 2 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP 222.90

3 Amundi ETF MSCI Europe UCITS ETF CEU FP 283.71 3 Lyxor ETF Daily Double Short BTP BTPS FP 211.00

4 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP 277.76 4 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP 146.50

5 Lyxor UCITS ETF SG Global Value Beta SGVB FP 258.36 5 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 67.95

6 Lyxor ETF XBear CAC 40 BX4 FP 248.20 6 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 61.45

7 Lyxor UCITS ETF Euro STOXX 50 MSE FP 246.39 7 Amundi Euro HY Liquid Bond iboxx UCITS ETF AHYE FP 54.31

8 Lyxor ETF S&P 500 SP5 FP 208.01 8 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 53.24

9 Lyxor ETF MSCI India INR FP 178.41 9 Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF X13G FP 42.19

10 Amundi ETF MSCI Japan UCITS ETF CJ1 FP 165.84 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 39.93


1 Gold Bullion Securities GBS FP 24.71 1 Lyxor ETF Privex PVX FP 0.50

2 Lyxor ETF Commodities CRB Non-Energy CRN FP 13.27 2 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.16

3 Lyxor ETF Commodities CRB CRB FP 9.27

4 ETFS All Commodities AIGCP FP 4.16

5 ETFS Natural Gas NGASP FP 2.40

6 ETFS Brent 1mnth Oil OILBP FP 2.10

7 ETFS WTI Crude Oil CRUDP FP 1.51

8 ETFS Copper COPAP FP 1.03

9 ETFS Agriculture AIGAP FP 0.89

10 ETFS Silver SLVRP FP 0.67


Figure 75: Top 10 ETPs by Turnover (€ million) – Borsa Italiana - | ETPs | Europe |


1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 294.30 1 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR HFRN IM 78.82

2 Lyxor ETF XBear FTSE/MIB XBRMIB IM 190.96 2 Lyxor ETF Daily Double Short BTP BTP2S IM 77.20

3 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 171.74 3 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 75.79

4 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 148.78 4 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 71.87

5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 145.27 5 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 64.81

6 iShares Core S&P 500 UCITS ETF CSSPX IM 111.65 6 iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM 62.22

7 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 108.01 7 iShares $ High Yield Corporate Bond UCITS ETF IHYU IM 46.21

8 iShares STOXX 600 (DE) SXXPIEX IM 105.48 8 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 43.16

9 Lyxor UCITS ETF DAX (DR) DAXX IM 95.50 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 38.78

10 Lyxor ETF Bear FTSE/MIB BERMIB IM 84.18 10 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) EM35 IM 38.12


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 242.28 1 ETFS 3X Long USD Short EUR EUS3 IM 29.32

2 ETFS Physical Gold PHAU IM 178.32 2 ETFS 3X Short USD Long EUR USE3 IM 14.96

3 Boost Wti Oil 3X Short Daily ETP 3OIS IM 151.32 3 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 14.44

4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 85.51 4 ETFS 5X Long USD Short EUR EUS5 IM 12.34

5 db Physical Gold Euro Hedged ETC XAD1 IM 57.76 5 ETFS 5X Short USD Long EUR USE5 IM 9.31

6 Boost Natural Gas 3x Short Daily 3NGS IM 49.30 6 ETFS Long GBP Short EUR EUGB IM 8.54

7 Gold Bullion Securities GBS IM 45.13 7 ETFS Long USD Short EUR EUUS IM 7.64

8 ETFS Daily Leveraged Crude Oil LOIL IM 44.17 8 ETFS 5X Long GBP Short EUR EGB5 IM 6.86

9 ETFS WTI Crude Oil CRUD IM 38.67 9 ETFS 3X Short GBP Long EUR GBE3 IM 5.87

10 db Physical Gold ETC (EUR) XAD5 IM 21.43 10 ETFS Short USD Long EUR USEU IM 5.63



10 March 2017


Figure 76: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam - | ETPs | Europe |

Stockholmborsen


1 XACT OMXS30 XACTOMX SS 274.61 1 XACT Obligation UCITS ETF XACTBOND SS 0.36

2 XACT Bull 2 XABULL2 SS 102.80

3 XACT Bear 2 XABEAR2 SS 58.50

4 XACT Bear XACBEAR SS 40.57

5 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 33.30

6 XACT Bull XACBULL SS 21.42

7 XACT Nordic 30 XACTVINX SS 13.32

8 XACT OMXSB XACTSBX SS 10.82

9 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM SS 5.10

10 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 1.58

Euronext Amsterdam


1 Vanguard S&P 500 ETF VUSA NA 124.75 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 59.33

2 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 115.19 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 50.15

3 iShares AEX UCITS ETF IAEX NA 83.94 3 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 25.91

4 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 76.33 4 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 22.67

5 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 74.18 5 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 19.28

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 70.26 6 iShares France Government Bond UCITS ETF IFRB NA 7.94

7 iShares MSCI World UCITS ETF (Inc) IWRD NA 58.92 7 iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP NA 7.73

8 iShares S&P 500 UCITS ETF (Inc) IUSA NA 52.19 8 iShares Euro Government Bond 5-7yr UCITS ETF IEGY NA 6.99

9 iShares MSCI Europe ex-UK UCITS ETF IEUX NA 39.53 9 iShares $ Corporate Bond UCITS ETF LQDA NA 5.65

10 Think AEX Tracker TDT NA 37.40 10 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 5.36



10 March 2017


7. European ETFExchangesFigure 77: European on-exchange ETF trading ranking by exchange - | ETFs | Europe |

Exchanges (All figures in € million)

Oct-16Market

Share %Nov-16

Market

Share %Dec-16

Market

Share %Jan-17

Market

Share %Feb-17

Market

Share %

Deutche Boerse

Deutsche Borse 9,256 17.3% 14,737 18.2% 13,304 18.8% 11,593 19.0% 10,009 16.5%

LSE

London SE 24,136 45.0% 33,975 42.0% 29,175 41.1% 25,656 42.0% 27,126 44.7%

Borsa Italiana 5,872 10.9% 8,830 10.9% 7,515 10.6% 6,707 11.0% 6,423 10.6%

30,008 55.9% 42,805 52.9% 36,691 51.7% 32,363 53.0% 33,548 55.3%

Euronext

Paris 7,157 13.3% 10,963 13.6% 10,362 14.6% 7,932 13.0% 8,848 14.6%

Amsterdam 1,466 2.7% 2,096 2.6% 1,820 2.6% 1,559 2.6% 1,489 2.5%

Lisbon 2 0.0% 3 0.0% 2 0.0% 1 0.0% 2 0.0%

Brussels 0 0.0% 1 0.0% 1 0.0% 1 0.0% 2 0.0%

8,626 16.1% 13,062 16.1% 12,185 17.2% 9,493 15.5% 10,341 17.0%

Swiss SE 4,649 8.7% 8,915 11.0% 7,523 10.6% 6,534 10.7% 5,804 9.6%

Stockholmborsen 633 1.2% 756 0.9% 712 1.0% 708 1.2% 576 1.0%

Oslo Bors 217 0.4% 283 0.4% 207 0.3% 206 0.3% 179 0.3%

BME 257 0.5% 317 0.4% 312 0.4% 205 0.3% 182 0.3%

Others 11 0.0% 8 0.0% 19 0.0% 9 0.0% 22 0.0%

Total 53,656 100.0% 80,884 100.0% 70,952 100.0% 61,111 100.0% 60,662 100.0%



10 March 2017


Figure 78: European on-exchange ETC trading ranking by exchange - | ETCs | Europe |

Exchanges (All figures in € million)

Oct-16Market

Share %Nov-16

Market

Share %Dec-16

Market

Share %Jan-17

Market

Share %Feb-17

Market

Share %

LSE

London SE 3,514 6.5% 5,529 6.8% 3,480 4.9% 2,397 3.9% 2,627 4.3%

Borsa Italiana 1,471 2.7% 1,896 2.3% 1,504 2.1% 1,563 2.6% 1,391 2.3%

4,984 9.3% 7,425 9.2% 4,984 7.0% 3,960 6.5% 4,018 6.6%

Deutche Boerse

Deutsche Borse 558 1.0% 847 1.0% 678 1.0% 662 1.1% 766 1.3%

Euronext

Amsterdam 20 0.0% 46 0.1% 25 0.0% 28 0.0% 53 0.1%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

59 0.1% 101 0.1% 80 0.1% 67 0.1% 92 0.2%

Others 29 0.1% 18 0.0% 26 0.0% 8 0.0% 8 0.0%

Total 5,631 10.5% 8,391 10.4% 5,768 8.1% 4,697 7.7% 4,884 8.1%



10 March 2017


Figure 79: 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 11,180.9 18,668.0 7,448.1 4,765.4 1,742.6 6,237.2 731.0 50,773.3 38.9%

Emerging Markets 1,479.7 3,032.4 1,615.8 1,054.8 354.4 1,003.9 23.1 8,564.1 6.6%

Global Markets 102.9 626.9 40.7 43.4 56.7 763.0 0.3 1,633.8 1.3%

Sector 2,579.2 2,123.9 1,706.5 671.9 98.5 456.0 2.3 7,638.3 5.9%

Capitalization 380.7 690.6 98.7 165.0 38.3 166.0 50.6 1,589.9 1.2%

Style 735.4 1,417.3 323.8 236.2 136.3 260.9 0.0 3,109.9 2.4%

Strategy 1,095.3 3,840.5 2,193.9 1,909.6 8.5 120.0 441.3 9,609.2 7.4%

Thematic 424.0 542.2 99.5 125.9 48.4 277.8 0.0 1,517.7 1.2%

Total 17,978 30,942 13,527 8,972 2,484 9,285 1,249 84,436.2 64.7%

Fixed Income

Overall 175.7 681.6 1.2 58.9 83.4 110.1 0.6 1,111.6 0.9%

Corporates 1,053.4 10,922.0 952.7 1,430.8 235.9 411.7 0.0 15,006.4 11.5%

Covered Bonds 113.0 37.7 8.5 14.4 9.0 2.4 0.0 185.0 0.1%

Credit Exposure 22.3 0.0 0.0 3.0 0.0 0.0 0.0 25.3 0.0%

Sovereign 1,850.9 9,402.5 1,771.3 2,194.0 214.3 1,374.8 0.0 16,807.7 12.9%

Money Market 147.8 293.2 465.7 310.1 0.0 1.1 0.0 1,217.8 0.9%

Total 3,363 21,337 3,199 4,011 543 1,900 1 34,354.0 26.3%

Commodity 0.0%

Overall 180.7 504.6 52.8 109.4 6.0 167.8 35.3 1,056.6 0.8%

Agriculture 24.7 166.6 3.3 195.6 0.0 4.5 0.0 394.8 0.3%

Energy 104.7 912.8 16.3 1,642.0 0.0 12.9 0.0 2,688.7 2.1%

Industrial Metals 20.9 329.3 1.4 104.0 0.0 2.5 0.0 458.1 0.4%

Precious Metals 1,235.5 3,383.8 51.6 734.4 74.5 958.4 0.0 6,438.1 4.9%

Livestock 5.0 9.2 0.0 4.3 0.0 0.0 0.0 18.5 0.0%

Total 1,572 5,306 125 2,790 80 1,146 35 11,054.8 8.5%

0.0%

Alternative 46.1 65.6 5.7 41.1 10.2 22.5 0.0 191.2 0.1%

Currency 35.4 150.5 0.0 262.4 6.4 0.0 0.0 454.7 0.3%

Multi Asset 36.5 4.8 0.0 6.7 5.8 1.9 0.0 55.7 0.0%

Total 118 221 6 310 22 24 - 701.6 0.5%

Grand Total 23,031 57,806 16,858 16,083 3,129 12,355 1,284 130,547 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)



10 March 2017


8. AssetsETP Monthly AUM Analysis by Asset Class

Figure 80: AUM by asset class and instrument - | ETPs | Europe |

Asset Class Jan-17 End of 2016

All figures in € million

AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

ETFs

Equity 386,676 66.8% 5.6% 7.5% 366,320 359,706

Fixed income 144,483 25.0% 3.7% 4.7% 139,354 138,001

Commodity 18,427 3.2% 4.9% 11.9% 17,565 16,461

Currency 0 0.0% 0.0% 0.0% 0 0

Multi Asset 492 0.1% 10.5% 12.9% 445 436

Alternative 1,081 0.2% -1.1% 0.3% 1,094 1,078

Total 551,160 95.2% 5.0% 6.9% 524,778 515,682

ETCs

Commodity 27,502 4.7% 8.0% 11.8% 25,459 24,606

Currency 370 0.1% -2.0% -22.0% 378 474

Total 27,872 4.8% 7.9% 11.1% 25,837 25,080

Total ETPs 579,031 100.0% 5.2% 7.1% 550,615 540,762

Feb-17


Asset Class Analysis

Figure 81: European Equity ETF AUM summary - | ETFs | Europe |

Equity AUM Jan-17 End of 2016

All figures in € million AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets 265,047 68.5% 5.0% 6.6% 252,359 248,674

Emerging Markets 32,469 8.4% 7.3% 9.5% 30,272 29,644

Global Markets 7,266 1.9% 10.3% 31.0% 6,586 5,548

Sector 24,628 6.4% 5.5% 6.3% 23,350 23,172

Capitalization 8,265 2.1% 7.4% 11.8% 7,695 7,393

Strategy 21,452 5.5% 7.6% 9.6% 19,945 19,572

Style 20,847 5.4% 5.0% 6.5% 19,850 19,567

Thematic 6,703 1.7% 7.0% 9.2% 6,263 6,137

Total Equities 386,676 100.0% 5.6% 7.5% 366,320 359,706

Feb-17



10 March 2017


Figure 82: European Equity ETF AUM summary - A - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Sector 24,628 30.1% 5.5% 6.3% 23,350 23,172

Consumer discretionary 1,088 1.3% 3.8% 5.5% 1,048 1,031

Consumer staples 987 1.2% 4.6% 1.0% 944 977

Energy 2,519 3.1% 6.1% 6.7% 2,375 2,361

Financials 6,714 8.2% 0.6% 5.3% 6,673 6,375

Healthcare 3,159 3.9% 10.7% 9.1% 2,853 2,895

Industrials 756 0.9% 1.4% 7.3% 745 704

Information Technology 1,996 2.4% 9.5% 12.2% 1,823 1,779

Materials 1,272 1.6% 9.4% 19.9% 1,163 1,060

Real Estate 4,780 5.8% 6.5% -0.1% 4,487 4,786

Telecommunications 803 1.0% 14.5% 18.8% 702 676

Utilities 553 0.7% 3.0% 5.1% 537 527

Capitalization 8,265 10.1% 7.4% 11.8% 7,695 7,393

Large Cap 371 0.5% 3.5% 2.5% 358 362

Mid Cap 2,214 2.7% 9.4% 13.5% 2,025 1,950

Small Cap 5,680 6.9% 6.9% 11.8% 5,312 5,081

Strategy 21,452 26.2% 7.6% 9.6% 19,945 19,572

Fundamental 1,875 2.3% 22.1% 23.5% 1,536 1,518

Leveraged Long 1,652 2.0% 0.4% -7.1% 1,646 1,778

Leveraged Short 1,086 1.3% -2.4% 8.3% 1,113 1,003

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 15,451 18.9% 8.7% 11.5% 14,215 13,852

Short 1,387 1.7% -3.3% -2.4% 1,435 1,421

Style 20,847 25.5% 5.0% 6.5% 19,850 19,567

Dividend 18,719 22.9% 5.0% 5.9% 17,820 17,671

Growth 310 0.4% 35.0% 24.5% 229 249

Value 1,818 2.2% 1.0% 10.4% 1,801 1,647

Thematic 6,703 8.2% 7.0% 9.2% 6,263 6,137

Commodities 1,293 1.6% -0.4% 4.0% 1,298 1,243

Cyclical 0 0.0% 0.0% 0.0% 0 0

Faith 215 0.3% 5.4% 8.2% 204 199

Other Theme 1,998 2.4% 15.9% 18.0% 1,724 1,693

Sustainability 3,197 3.9% 5.3% 6.5% 3,037 3,001

Total 81,894 100.0% 6.2% 8.0% 77,103 75,841

Feb-17



10 March 2017


Figure 83: European Equity ETF AUM summary - B - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets

Europe 129,165 48.7% 3.7% 4.6% 124,555 123,525

Austria 271 0.1% 2.6% 4.9% 264 258

Belgium 43 0.0% -0.1% -1.9% 43 43

Finland 196 0.1% 0.1% -0.5% 196 197

France 4,728 1.8% 2.3% -0.6% 4,622 4,755

Germany 20,325 7.7% 3.1% 4.3% 19,721 19,483

Greece 162 0.1% 5.7% -1.7% 153 165

Ireland 23 0.0% 2.8% -18.1% 23 29

Italy 1,602 0.6% -3.1% -10.1% 1,653 1,782

Netherlands 499 0.2% -4.6% -8.6% 523 546

Norway 298 0.1% 0.0% 7.6% 298 277

Portugal 39 0.0% 3.8% -0.7% 38 39

Spain 1,291 0.5% 8.6% 8.4% 1,189 1,191

Sweden 1,804 0.7% 2.6% 7.1% 1,759 1,684

Switzerland 11,241 4.2% 4.4% 12.5% 10,764 9,989

UK 15,291 5.8% 3.7% 3.6% 14,748 14,761

Europe broad 71,351 26.9% 4.1% 4.4% 68,562 68,326

Americas 85,306 32.2% 6.0% 8.1% 80,496 78,950

US 80,938 30.5% 5.8% 8.0% 76,501 74,940

Canada 2,052 0.8% 13.7% 12.3% 1,804 1,828

North America 2,316 0.9% 5.7% 6.1% 2,191 2,182

Asia 22,879 8.6% 7.4% 8.6% 21,301 21,076

Australia 1,337 0.5% 6.8% 4.1% 1,252 1,284

Hong Kong 184 0.1% 9.0% 8.8% 169 169

Japan 18,639 7.0% 7.2% 7.7% 17,395 17,301

Singapore 55 0.0% 8.4% 14.3% 50 48

Asia Pacific broad 2,664 1.0% 9.4% 17.1% 2,435 2,274

EMEA 10 0.0% 41.7% 34.6% 7 7

Israel 10 0.0% 41.7% 34.6% 7 7

Global 27,687 10.4% 6.5% 10.2% 25,999 25,116

Broad indices 27,687 10.4% 6.5% 10.2% 25,999 25,116

DM Total 265,047 100.0% 5.0% 6.6% 252,352 248,667

Feb-17



10 March 2017


Figure 84: European Equity ETF AUM summary - C - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Emerging Markets

BRIC 6,382 2.1% 7.1% 11.4% 5,960 5,730

Brazil 889 0.3% 10.0% 26.7% 809 702

Russia 1,249 0.4% -2.4% 1.8% 1,280 1,228

India 1,818 0.6% 16.2% 18.1% 1,565 1,539

China 2,425 0.8% 5.2% 7.3% 2,306 2,261

Latin America 1,190 0.4% 4.8% 14.5% 1,136 1,040

Chile 0 0.0% 0.0% 0.0% 0 0

Mexico 143 0.0% -1.2% 14.6% 145 125

LATAM broad 1,047 0.4% 5.7% 14.5% 990 915

Asia 3,746 1.3% 5.2% 8.1% 3,560 3,465

Bangladesh 26 0.0% 2.7% 8.9% 25 24

Indonesia 154 0.1% 4.2% 3.2% 148 150

Malaysia 49 0.0% 5.6% 8.4% 47 46

Pakistan 37 0.0% -5.1% 9.1% 39 34

Philippines 55 0.0% 0.4% 12.7% 55 49

South Korea 749 0.3% 5.2% 9.4% 712 685

Taiwan 486 0.2% 5.0% 9.0% 463 446

Thailand 47 0.0% -2.6% -5.7% 48 50

Vietnam 232 0.1% 0.3% -1.3% 231 235

Asia Pacific broad 1,910 0.6% 6.6% 9.3% 1,792 1,748

EMEA 1,124 0.4% 10.0% 18.0% 1,022 953

Bulgaria 14 0.0% 5.3% 7.2% 13 13

Kuwait 7 0.0% 0.3% 10.9% 7 6

Poland 116 0.0% 25.0% 56.4% 92 74

South Africa 109 0.0% 0.6% 5.9% 109 103

Turkey 271 0.1% -0.3% 24.6% 271 217

Europe broad 481 0.2% 13.7% 15.5% 424 417

Middle East & Africa 127 0.0% 6.0% -6.8% 120 136

Global Markets 20,028 6.7% 7.8% 8.6% 18,581 18,443

Global 20,028 6.7% 7.8% 8.6% 18,581 18,443

EM Total 32,469 10.9% 7.3% 9.6% 30,259 29,631

Total (EM + DM) 298,017 100.0% 5.3% 6.9% 282,979 278,677

Feb-17



10 March 2017


Figure 85: European Fixed Income ETF AUM summary - | ETFs | Europe |

Fixed Income AUM Jan-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 9,232 6.4% 2.7% -0.6% 8,985 9,290

Corporates 63,888 44.2% 2.3% 3.4% 62,428 61,766

Covered Bonds 2,900 2.0% 0.3% 0.0% 2,892 2,899

Credit Exposure 254 0.2% 1.7% 22.4% 249 207

Sovereign 65,557 45.4% 5.1% 6.2% 62,351 61,742

Money Market 2,654 1.8% 8.3% 26.7% 2,450 2,095

Total Fixed Income 144,483 100.0% 3.7% 4.7% 139,354 138,001

Feb-17



10 March 2017


Figure 86: European Commodity ETP AUM summary - | ETPs | Europe |

Commodity AUM Jan-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 6,916 15.1% 4.8% 14.8% 6,597 6,027

Overall 6755 14.7% 5.5% 15.8% 6403 5834

Overall ex Energy 158 0.3% -16.5% -15.7% 189 187

Overall Light Energy 3 0.0% -43.0% -42.1% 5 5

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

Agriculture 862 1.9% 5.7% 12.8% 815 764

Overall 421 0.9% 7.3% 12.4% 392 374

Cocoa 55 0.1% 30.4% 144.3% 42 22

Coffee 61 0.1% -1.5% 1.5% 62 60

Corn 60 0.1% 4.5% 5.7% 58 57

Cotton 14 0.0% 27.2% 37.2% 11 10

Grains 40 0.1% 9.0% 12.4% 36 35

Softs 4 0.0% -3.4% -5.5% 4 5

Soybean Oil 3 0.0% -8.1% -14.2% 4 4

Soybeans 17 0.0% 9.8% 6.9% 15 16

Sugar 31 0.1% -6.8% 2.4% 33 30

Wheat 155 0.3% -0.8% 3.6% 157 150

Energy 2,463 5.4% -1.2% -4.5% 2,493 2,579

Overall 149 0.3% 3.4% -0.8% 144 150

Carbon 1 0.0% -2.4% -20.5% 1 1

Crude Oil 2153 4.7% -2.5% -5.3% 2207 2272

Gasoline 7 0.0% 1.3% -3.6% 7 8

Heating Oil 7 0.0% 21.1% 23.4% 6 5

Natural Gas 147 0.3% 14.7% 2.9% 128 143

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 860 1.9% 8.7% 24.8% 791 689

Overall 348 0.8% 17.4% 41.3% 297 247

Aluminium 117 0.3% 15.7% 26.7% 101 92

Copper 213 0.5% -8.5% 5.0% 233 203

Lead 3 0.0% -8.2% -25.8% 3 4

Nickel 140 0.3% 14.9% 28.2% 122 109

Tin 6 0.0% 65.1% 34.2% 3 4

Zinc 33 0.1% 1.3% 9.2% 33 30

Precious Metals 34,818 75.8% 7.7% 12.3% 32,317 30,998

Overall 165 0.4% 4.0% 9.7% 158 150

Gold 30388 66.2% 7.9% 12.6% 28157 26998

Palladium 372 0.8% 1.3% -14.8% 368 437

Platinum 923 2.0% 5.3% 15.3% 876 801

Rhodium 48 0.1% 11.3% 20.6% 44 40

Silver 2921 6.4% 7.6% 13.6% 2714 2572

Livestock 11 0.0% -0.7% -1.8% 11 11

Overall 2 0.0% 26.1% 16.1% 2 2

Cattle 2 0.0% 10.5% 14.9% 2 2

Lean Hogs 6 0.0% -10.6% -11.2% 7 7

Total 45,929 100.0% 6.8% 11.8% 43,024 41,067

Feb-17



10 March 2017


Product Rankings

Figure 87: Top 20 Products by AUM – Equity ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 19,356.2 18,343.1 18,252.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 17,004.2 16,444.2 15,926.4

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 8,969.4 8,297.5 7,918.2

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,213.3 8,059.3 8,100.4

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7,617.3 7,371.9 7,462.6

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7,093.5 7,134.9 7,409.9

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,053.6 6,840.4 7,029.6

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,797.6 5,566.3 5,787.0

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,702.9 5,533.5 5,469.1

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5,605.3 5,406.5 5,411.3

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,509.5 5,312.7 5,372.1

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 5,251.1 5,440.5 5,448.7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 4,680.7 4,633.1 4,773.2

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,437.3 4,196.8 4,078.2

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 4,334.1 3,985.3 3,689.0

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 4,027.6 3,947.7 4,002.4

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 3,707.9 2,853.3 2,613.7

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,706.7 3,622.9 3,709.6

db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM Beta 3,022.0 2,935.8 2,948.4

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,988.7 2,882.2 2,887.1


Figure 88: 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 7,484.7 7,681.7 7,674.5

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 6,512.3 5,754.4 5,400.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,832.5 5,886.8 5,780.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,363.2 4,947.0 4,585.6

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4,651.6 4,708.7 5,115.0

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 4,089.9 3,778.1 3,480.5

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 3,938.0 3,528.5 3,273.2

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 3,591.8 3,066.5 3,255.0

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,244.2 3,766.3 3,564.3

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,244.0 2,226.4 2,277.7

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 2,201.4 1,990.0 1,889.3

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 1,984.3 1,792.6 1,613.9

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 1,959.0 1,913.1 1,765.8

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,949.7 2,125.5 2,206.4

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,882.4 2,083.0 1,866.5

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,869.8 1,796.0 1,826.8

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,765.5 1,757.7 1,823.7

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,748.2 1,671.1 1,769.5

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,727.1 1,662.4 1,793.9

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 1,693.7 1,307.8 1,062.3



10 March 2017


Figure 89: 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

ETFS Physical Gold PHAU LN ETF Securities Beta 5,622.1 5,275.5 5,076.4

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,605.5 5,299.9 5,087.1

Gold Bullion Securities GBS LN ETF Securities Beta 3,736.9 3,425.0 3,307.6

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3,623.0 3,256.9 3,015.8

iShares Physical Gold ETC SGLN LN Blackrock Beta 2,540.2 2,298.1 2,111.0

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,910.6 1,813.2 1,774.6

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,744.4 1,676.5 1,619.1

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,252.0 1,168.4 1,084.5

Source Bloomberg Commodity UCITS ETF CMOD LN Source Beta 970.9 808.5 -

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 948.7 891.8 822.8

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 903.3 825.7 800.2

ETFS Physical Silver PHAG LN ETF Securities Beta 888.9 831.9 797.7

iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 794.0 784.1 1,261.8

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 791.6 749.0 668.3

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 753.6 737.8 750.4

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 736.7 781.1 782.3

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta 666.8 665.1 589.0

db Physical Gold ETC XGLD LN Deutsche AM Beta 550.3 517.3 520.7

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 539.5 399.6 401.2

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 522.8 496.6 515.6



10 March 2017


9. ETF Broker rankingsUS ETP Broker Rankings

Figure 90: Top 20 US ETF Brokers - | ETFs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (KCG) KCG HOLDINGS, INC. 132,790 18.52% 172,761 285,918 18.37% 362,434 (KCG) KCG HOLDINGS, INC. 2,605 22.38% 172,813 5,663 22.06% 362,536

2 (CSFB) CREDIT SUISSE 69,912 9.75% 23,031 162,174 10.42% 45,304 (UBS) UBS INVESTMENT BANK 1,251 10.74% 37,049 2,759 10.75% 75,584

3 (UBS) UBS INVESTMENT BANK 68,783 9.59% 36,967 149,401 9.60% 75,422 (CSFB) CREDIT SUISSE 1,078 9.26% 23,086 2,474 9.64% 45,400

4 (MLCO) MERRILL LYNCH 61,457 8.57% 38,829 136,992 8.80% 80,798 (MLCO) MERRILL LYNCH 960 8.25% 38,957 2,175 8.47% 81,036

5 (GS) GOLDMAN SACHS & CO. 50,324 7.02% 129,022 116,333 7.48% 257,958 (FCM) FIDELITY CAPITAL MARKETS 734 6.31% 48,144 1,543 6.01% 99,438

6 (JPM) JP MORGAN 49,556 6.91% 93,504 101,673 6.53% 192,935 (JPM) JP MORGAN 673 5.78% 93,505 1,434 5.59% 192,938

7 (CITI) CITIGROUP GLOBAL MARKETS 47,024 6.56% 14,069 95,539 6.14% 30,079 (CITI) CITIGROUP GLOBAL MARKETS 648 5.56% 14,069 1,385 5.40% 30,081

8 (DBAB) DEUTSCHE BANK SECURITIES INC 34,414 4.80% 19,055 72,089 4.63% 41,182 (GS) GOLDMAN SACHS & CO. 625 5.37% 129,031 1,460 5.69% 257,996

9 (FCM) FIDELITY CAPITAL MARKETS 34,181 4.77% 48,144 72,139 4.64% 99,438 (DBAB) DEUTSCHE BANK SECURITIES INC 582 5.00% 19,057 1,252 4.88% 41,184

10 (BCAP) BARCLAYS CAPITAL 33,679 4.70% 51,011 74,070 4.76% 106,071 (BCAP) BARCLAYS CAPITAL 513 4.40% 51,012 1,158 4.51% 106,072

11 (MSCO) MORGAN STANLEY 32,870 4.58% 14,278 66,732 4.29% 29,192 (MSCO) MORGAN STANLEY 476 4.09% 14,279 1,015 3.96% 29,193

12 (INCA) INSTINET 11,818 1.65% 6,567 23,427 1.51% 13,745 (RBC) ROYAL BANK OF CANADA 177 1.52% 29,574 437 1.70% 65,730

13 (RBC) ROYAL BANK OF CANADA 10,814 1.51% 29,566 26,471 1.70% 65,705 (BNYM) BANK OF NEW YORK, THE 161 1.39% 14,543 364 1.42% 28,420

14 (CVGX) CONVERGEX 9,108 1.27% 18,371 23,669 1.52% 40,080 (CVGX) CONVERGEX 149 1.28% 18,372 380 1.48% 40,083

15 (BNYM) BANK OF NEW YORK, THE 8,753 1.22% 14,536 19,345 1.24% 28,407 (INCA) INSTINET 117 1.00% 6,567 242 0.94% 13,745

16 (SG) SG SECURITIES 7,884 1.10% 370 18,049 1.16% 1,021 (JEFF) JEFFERIES & CO., INC. 101 0.87% 6,580 191 0.75% 13,030

17 (JEFF) JEFFERIES & CO., INC. 7,250 1.01% 6,580 14,023 0.90% 13,030 (ITGI) INVESTMENT TECHNOLOGY GROUP 70 0.60% 12,007 126 0.49% 23,004

18 (ITGI) INVESTMENT TECHNOLOGY GROUP 4,142 0.58% 12,007 6,698 0.43% 23,004 (SG) SG SECURITIES 70 0.60% 370 181 0.71% 1,021

19 (RAJA) RAYMOND JAMES & ASSOCIATES 3,530 0.49% 27,745 11,832 0.76% 60,763 (RAJA) RAYMOND JAMES & ASSOCIATES 61 0.52% 27,751 195 0.76% 60,779

20 (WELS) WELLS FARGO SECURITIES 3,144 0.44% 8,956 6,337 0.41% 16,095 (WELS) WELLS FARGO SECURITIES 45 0.39% 8,958 86 0.34% 16,151

Other 35,651 4.97% 88,969 73,364 4.71% 171,872 Other 544 4.68% 88,980 1,147 4.47% 171,895

Total 717,085 100.00% 854,338 1,556,276 100.00% 1,754,535 Total 11,641 100.00% 854,704 25,666 100.00% 1,755,316

Value Trade Summary Volume Trade Summary

Feb-17 YTD Feb-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 91: 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. 7,886 32.05% 13,376 16,133 31.26% 28,133 (KCG) KCG HOLDINGS, INC. 304 34.50% 13,377 638 32.29% 28,135

2 (UBS) UBS INVESTMENT BANK 3,576 14.53% 1,886 7,343 14.23% 3,908 (UBS) UBS INVESTMENT BANK 123 13.94% 1,897 275 13.95% 3,932

3 (CSFB) CREDIT SUISSE 2,643 10.74% 1,033 4,961 9.61% 2,071 (CSFB) CREDIT SUISSE 95 10.76% 1,034 195 9.88% 2,072

4 (FCM) FIDELITY CAPITAL MARKETS 1,831 7.44% 4,030 3,639 7.05% 8,459 (FCM) FIDELITY CAPITAL MARKETS 71 8.12% 4,030 155 7.84% 8,459

5 (CITI) CITIGROUP GLOBAL MARKETS 1,232 5.01% 1,025 2,777 5.38% 2,284 (BCAP) BARCLAYS CAPITAL 44 5.03% 3,523 95 4.79% 7,706

6 (GS) GOLDMAN SACHS & CO. 1,151 4.68% 8,439 2,588 5.01% 17,172 (CITI) CITIGROUP GLOBAL MARKETS 34 3.83% 1,025 84 4.27% 2,284

7 (BCAP) BARCLAYS CAPITAL 1,035 4.21% 3,523 2,262 4.38% 7,706 (JPM) JP MORGAN 32 3.63% 4,575 77 3.92% 9,639

8 (JPM) JP MORGAN 912 3.71% 4,574 2,157 4.18% 9,638 (MLCO) MERRILL LYNCH 31 3.54% 1,522 82 4.14% 3,265

9 (MLCO) MERRILL LYNCH 881 3.58% 1,521 2,228 4.32% 3,262 (GS) GOLDMAN SACHS & CO. 30 3.41% 8,439 82 4.13% 17,172

10 (DBAB) DEUTSCHE BANK SECURITIES INC 756 3.07% 681 1,555 3.01% 1,495 (DBAB) DEUTSCHE BANK SECURITIES INC 22 2.51% 681 54 2.73% 1,495

11 (MSCO) MORGAN STANLEY 466 1.89% 630 973 1.88% 1,304 (RBC) ROYAL BANK OF CANADA 16 1.79% 1,564 51 2.57% 3,374

12 (CVGX) CONVERGEX 394 1.60% 1,121 957 1.85% 2,674 (CVGX) CONVERGEX 13 1.52% 1,121 33 1.66% 2,674

13 (RBC) ROYAL BANK OF CANADA 386 1.57% 1,564 1,084 2.10% 3,374 (BNYM) BANK OF NEW YORK, THE 12 1.41% 604 25 1.28% 1,204

14 (BNYM) BANK OF NEW YORK, THE 289 1.18% 603 575 1.11% 1,203 (MSCO) MORGAN STANLEY 10 1.17% 630 28 1.42% 1,304

15 (ITGI) INVESTMENT TECHNOLOGY GROUP 168 0.68% 589 398 0.77% 1,301 (ITGI) INVESTMENT TECHNOLOGY GROUP 5 0.60% 589 19 0.95% 1,301

16 (JEFF) JEFFERIES & CO., INC. 134 0.54% 312 281 0.55% 1,474 (JEFF) JEFFERIES & CO., INC. 3 0.38% 312 15 0.77% 1,474

17 (INCA) INSTINET 106 0.43% 163 226 0.44% 511 (BMOC) BMO CAPITAL MARKETS 3 0.37% 127 8 0.42% 321

18 (BMOC) BMO CAPITAL MARKETS 95 0.39% 127 171 0.33% 321 (RAJA) RAYMOND JAMES & ASSOCIATES 3 0.37% 869 7 0.33% 1,908

19 (RAJA) RAYMOND JAMES & ASSOCIATES 65 0.26% 869 146 0.28% 1,908 (INCA) INSTINET 3 0.36% 163 8 0.40% 511

20 (HSBC) HSBC GROUP PLC 45 0.18% 262 114 0.22% 517 (GFIG) GFI GROUP INC. 3 0.34% 20 4 0.22% 63

Other 554 2.25% 2,643 1,042 2.02% 5,397 Other 21 2.42% 2,886 41 2.08% 5,853

Total 24,608 100.00% 48,971 51,610 100.00% 104,112 Total 880 100.00% 48,988 1,975 100.00% 104,146



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.


10 March 2017


European ETP Broker Rankings

Figure 92: Top 20 European ETF brokers - | ETFs | Europe |

Rank Broker

Advertised

value (

million)

Market

Share

Advertised

Trades

Advertised

value (

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CBK) COMMERZBANK 14,203 15.09% 26,117 27,878 12.75% 53,666 (CBK) COMMERZBANK 417 15.44% 26,565 789 13.41% 54,603

2 (FLOW) FLOW TRADERS 7,203 7.65% 2,539 16,124 7.37% 5,248 (FLOW) FLOW TRADERS 200 7.40% 2,654 461 7.83% 5,492

3 (BNPP) BNP PARIBAS 6,640 7.05% 9,151 13,255 6.06% 20,541 (BNPP) BNP PARIBAS 186 6.90% 9,202 348 5.92% 20,658

4 (SIS) SUSQUEHANNA INTERNATIONAL GRP 5,198 5.52% 2,620 11,490 5.25% 5,872 (SIS) SUSQUEHANNA INTERNATIONAL GRP 182 6.74% 2,631 429 7.29% 5,900

5 (CSFB) CREDIT SUISSE 4,483 4.76% 3,163 9,638 4.41% 6,655 (OPTV) OPTIVER VOF 124 4.61% 6,517 269 4.58% 13,534

6 (MSCO) MORGAN STANLEY 4,456 4.73% 13,686 7,647 3.50% 27,402 (CSFB) CREDIT SUISSE 123 4.57% 3,208 291 4.94% 6,774

7 (BCAP) BARCLAYS CAPITAL 4,021 4.27% 4,090 8,823 4.03% 8,125 (KEPL) KEPLER CAPITAL MARKETS 116 4.29% 3,712 194 3.30% 7,563

8 (KEPL) KEPLER CAPITAL MARKETS 3,997 4.25% 3,710 7,827 3.58% 7,561 (KCG) KCG HOLDINGS, INC. 111 4.11% 8,673 231 3.93% 17,177

9 (JPMS) JPMORGAN CHASE BANK, N.A. 3,995 4.24% 3,437 6,930 3.17% 7,121 (MSCO) MORGAN STANLEY 110 4.08% 13,712 211 3.59% 27,447

10 (CITI) CITIGROUP GLOBAL MARKETS 3,900 4.14% 4,310 9,296 4.25% 8,598 (BCAP) BARCLAYS CAPITAL 109 4.05% 4,091 232 3.94% 8,130

11 (SG) SG SECURITIES 3,827 4.07% 3,251 8,529 3.90% 7,211 (IMC) IMC TRADING BV 101 3.75% 2,444 253 4.30% 5,050

12 (OPTV) OPTIVER VOF 3,720 3.95% 6,492 7,834 3.58% 13,491 (SG) SG SECURITIES 100 3.72% 3,253 214 3.64% 7,216

13 (DBK) DEUTSCHE BANK AG 2,742 2.91% 3,651 29,580 13.53% 7,832 (CITI) CITIGROUP GLOBAL MARKETS 96 3.55% 4,334 267 4.54% 8,646

14 (IMC) IMC TRADING BV 2,657 2.82% 2,427 6,533 2.99% 5,011 (UBS) UBS INVESTMENT BANK 89 3.29% 1,807 180 3.05% 3,748

15 (UBS) UBS INVESTMENT BANK 2,538 2.70% 1,803 5,064 2.32% 3,743 (WINS) WINTERFLOOD SECURITIES 83 3.09% 6,930 177 3.01% 14,329

16 (UNIC) UNICREDIT 2,278 2.42% 717 5,161 2.36% 1,378 (DBK) DEUTSCHE BANK AG 67 2.50% 3,691 289 4.92% 7,911

17 (HSBC) HSBC GROUP PLC 2,112 2.24% 2,437 5,039 2.30% 5,119 (HSBC) HSBC GROUP PLC 60 2.24% 2,440 163 2.77% 5,123

18 (WINS) WINTERFLOOD SECURITIES 2,063 2.19% 6,922 4,353 1.99% 14,309 (JPMS) JPMORGAN CHASE BANK, N.A. 54 1.98% 3,437 91 1.54% 7,125

19 (KCG) KCG HOLDINGS, INC. 1,998 2.12% 8,672 4,287 1.96% 17,176 (UNIC) UNICREDIT 49 1.83% 719 110 1.88% 1,381

20 (GS) GOLDMAN SACHS & CO. 1,876 1.99% 10,327 3,675 1.68% 16,059 (INTM) INTERMONTE SIM SPA 31 1.17% 180 81 1.37% 418

Other 10,215 10.85% 25,390 19,711 9.01% 51,167 Other 288 10.69% 35,838 603 10.24% 67,588

Total 94,121 100.00% 144,912 218,674 100.00% 293,285 Total 2,698 100.00% 146,038 5,884 100.00% 295,813




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Figure 93: Top 20 European ETC brokers - | ETCs | Europe |

Rank Broker

Advertised

value (

million)

Market

Share

Advertised

Trades

Advertised

value (

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (OPTV) OPTIVER VOF 659 13.30% 1,405 1,293 13.77% 3,127 (MSCO) MORGAN STANLEY 142 20.73% 2,406 316 20.58% 5,071

2 (FLOW) FLOW TRADERS 591 11.94% 244 1,021 10.87% 454 (OPTV) OPTIVER VOF 140 20.50% 1,407 362 23.52% 3,129

3 (WINS) WINTERFLOOD SECURITIES 350 7.06% 2,003 701 7.47% 4,306 (BNPP) BNP PARIBAS 94 13.75% 125 173 11.27% 280

4 (CITI) CITIGROUP GLOBAL MARKETS 346 6.97% 707 561 5.98% 1,491 (WINS) WINTERFLOOD SECURITIES 62 8.99% 2,003 148 9.63% 4,306

5 (DNB) DNB NOR BANK ASA 308 6.21% 12 563 6.00% 23 (UBS) UBS INVESTMENT BANK 38 5.56% 210 61 3.98% 459

6 (MSCO) MORGAN STANLEY 291 5.87% 2,406 721 7.68% 5,071 (FLOW) FLOW TRADERS 28 4.05% 258 50 3.28% 483

7 (HSBC) HSBC GROUP PLC 275 5.56% 186 470 5.01% 349 (CITI) CITIGROUP GLOBAL MARKETS 20 2.94% 707 51 3.30% 1,491

8 (CSFB) CREDIT SUISSE 263 5.30% 188 322 3.43% 355 (INTM) INTERMONTE SIM SPA 18 2.57% 19 25 1.64% 60

9 (MACQ) MACQUARIE SECURITIES 260 5.25% 79 320 3.41% 103 (DBK) DEUTSCHE BANK AG 16 2.28% 416 87 5.64% 961

10 (JPMS) JPMORGAN CHASE BANK, N.A. 233 4.70% 274 282 3.01% 554 (MACQ) MACQUARIE SECURITIES 14 2.11% 79 17 1.10% 103

11 (UBS) UBS INVESTMENT BANK 203 4.10% 210 322 3.43% 459 (SIS) SUSQUEHANNA INTERNATIONAL GRP 13 1.96% 33 28 1.82% 75

12 (ITGE) ITG EUROPE 148 2.99% 52 169 1.80% 71 (DNB) DNB NOR BANK ASA 13 1.96% 12 24 1.59% 23

13 (BNPP) BNP PARIBAS 142 2.86% 125 293 3.12% 280 (CSFB) CREDIT SUISSE 13 1.93% 188 19 1.23% 357

14 (SIS) SUSQUEHANNA INTERNATIONAL GRP 131 2.64% 33 346 3.69% 75 (JPMS) JPMORGAN CHASE BANK, N.A. 11 1.63% 274 18 1.20% 554

15 (GS) GOLDMAN SACHS & CO. 118 2.39% 110 184 1.96% 157 (BCAP) BARCLAYS CAPITAL 8 1.23% 280 12 0.81% 569

16 (BCAP) BARCLAYS CAPITAL 90 1.81% 280 210 2.24% 569 (KCG) KCG HOLDINGS, INC. 6 0.90% 428 11 0.72% 927

17 (KEPL) KEPLER CAPITAL MARKETS 80 1.62% 274 142 1.51% 564 (KEPL) KEPLER CAPITAL MARKETS 6 0.90% 274 14 0.93% 564

18 (DBK) DEUTSCHE BANK AG 53 1.07% 416 205 2.19% 961 (HSBC) HSBC GROUP PLC 6 0.81% 187 22 1.42% 350

19 (MLCO) MERRILL LYNCH 53 1.07% 175 120 1.27% 348 (MLCO) MERRILL LYNCH 5 0.74% 175 10 0.63% 348

20 (SG) SG SECURITIES 44 0.88% 53 77 0.82% 129 (MED) MEDIOBANCA SPA 5 0.66% 856 11 0.75% 1,690

Other 318 6.42% 3,087 1,064 11.34% 6,499 Other 26 3.82% 1,999 77 4.98% 4,180

Total 4,956 100.00% 12,319 9,386 100.00% 25,945 Total 685 100.00% 12,336 1,538 100.00% 25,980




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.


10 March 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 94: 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.

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-traded


10 March 2017


products 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.


10 March 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 95: 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.


10 March 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.


10 March 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, Shan Lan, 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

1.Additional Information


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Information 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.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report,or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank mayact as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for itsown account or with customers, in a manner inconsistent with the views taken in this research report. Others withinDeutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those takenin this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linkedanalysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differfrom recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise.Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analysts arepaid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking, tradingand principal trading revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They donot necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank providesliquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimeshave shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Tradeideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high conviction beliefby an analyst that a stock will outperform or underperform the market and/or sector delineated over a time frame of noless than two weeks. In addition to SOLAR ideas, the analysts named in this report may from time to time discuss withour clients, Deutsche Bank salespersons and Deutsche Bank traders, trading strategies or ideas that reference catalystsor events that may have a near-term or medium-term impact on the market price of the securities discussed in this report,which impact may be directionally counter to the analysts' current 12-month view of total return or investment return asdescribed herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipientthereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage andthe frequency of changes in market conditions and in both general and company specific economic prospects make itdifficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or ofthe Research Department Management and as such the majority of reports are published at irregular intervals. This reportis provided for informational purposes only and does not take into account the particular investment objectives, financialsituations, or needs of individual clients. It is not an offer or a solicitation of an offer to buy or sell any financial instrumentsor to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst’sjudgment. The financial instruments discussed in this report may not be suitable for all investors and investors must maketheir own informed investment decisions. Prices and availability of financial instruments are subject to change withoutnotice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financialinstrument is denominated in a currency other than an investor's currency, a change in exchange rates may adverselyaffect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, pricesare current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloombergand other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto our research is available on our website under Disclaimer found on the Legal tab.??Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows),increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss.


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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.??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.??


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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.??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.

Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute,any appraisal or evaluation activity requiring a license in the Russian Federation.

?Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated bythe Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities thatfall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al OlayaDistrict, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.??


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United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulatedby the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial servicesactivities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai InternationalFinancial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed byDeutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by theDubai Financial Services Authority.

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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David Folkerts-LandauGroup Chief Economist and Global Head of Research

Raj HindochaGlobal Chief Operating Officer

Research

Michael SpencerHead of APAC Research

Global Head of Economics

Steve PollardHead of Americas Research

Global Head of Equity Research

Anthony KlarmanGlobal Head ofDebt Research

Paul ReynoldsHead of EMEA

Equity Research

Dave ClarkHead of APAC

Equity Research

Pam FinelliGlobal Head of

Equity Derivatives Research

Andreas NeubauerHead of Research - Germany

Stuart KirkHead of Thematic Research

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