etf annual review & outlook - altii fondsportal · 21 january 2016 etf annual review &...

Deutsche Bank Markets Research

Global

Synthetic Equity & Index Strategy

ETF Annual Review & Outlook

Date

21 January 2016

Strong Growth to Continue Despite Volatile Markets

Data in this report is as of 31st December 2015

________________________________________________________________________________________________________________

Deutsche Bank AG/Hong Kong

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

Contributors

Shan Lan

Strategist

(+852) 22036716

[email protected]

Sebastian Mercado, CFA

Strategist

(+1) 212 250-8690

[email protected]

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

ETP assets up 8.3% reaching $2.95 trillion in 2015 driven by record inflows Global ETP industry reached near the $3 trillion mark and closed at $2.95 trillion by the end of 2015. Amid volatile markets last year, ETP assets grew by 8.3% mainly attributable to organic sources (i.e. new money inflows) which made up 13.7%, while prices went negative and eroded 5.5% from overall assets. Year-on-year, organic growth or new money inflows continued to remain strong and provided healthy growth to the ETP industry. Similar to 2014, global ETP industry once again received healthy inflows in 2015 recording inflows of $373.8bn but this time it is the highest ever flows total for any of the years historically. Flows for US listed ETPs were similar to last year but Europe and Asia listed ETPs saw significant jump in new creations. During the last three years equities have stood as leaders contributing the major portion of the inflows, but since 2014 fixed income ETFs also showed significant signs of growth and contributed $105.4bn in 2015 ($89.4bn in 2014). The US, Europe, Asia-Pac, and RoW regional ETP assets closed the year at $2.11 trillion (+6.8%), $507.4bn (+10.6%), $250.2bn (+23.8%), and $74.7bn (-7.9%), respectively.

ETP assets likely to reach $3.46 trillion at the end of 2016 We project the industry will continue to grow significantly in 2016 despite potential weak markets. In our base case scenario, assuming a neutral market condition, global ETF assets may grow by 17.8%: broken down into 11.6% or $335bn growth from new flows, and 5.5% from price appreciation. This growth should put the ETF assets well on their way to $3.4 trillion by the end of 2016. We expect the US ETF market to be the major contributor with asset growth of 16.1% and inflows in the vicinity of $230bn. In a bull market case, ETF assets may grow by 29.7% reaching over $3.7 trillion. We expect ETPs (including ETFs and other exchange traded products such as ETVs/ETCs) to experience a similar growth rate and reach about $3.46 trillion in 2016 in our base case scenario, and pass $3.8 trillion in a bull market case. ETF flows suggest that investors continue to prefer less risky assets 2015 was another strong year for global equity flows with over $250bn. Similarly, fixed income ETP flows also attracted healthy amounts of new cash reaching just above $100bn at the end of last year. However, other asset classes such as commodities with under $5bn of inflows didn’t enjoy the same degree of interest from investors. Most of the major trends happened within equities. Among equity products, ETPs with exposure to developed markets excluding the US received the largest new allocations with inflows of $195bn last year. Meanwhile European-focused and Japan-focused equity products also received significant attention from investors with positive flows of $80bn and $50bn, respectively.

21 January 2016



ETPs tracking US equities didn’t fall short either, and attracted $66bn in inflows during the same period. On the other hand, ETFs with focus on Chinese equities also received significant attention, but mostly due to the exodus of investors who pulled about $15bn away from these funds. Outside equities, the most remarkable trend was registered in fixed income where the investment grade space received over $70bn inflows during 2015. Going into 2016, our house view continues to favor global equities (mainly DM), a strong USD as well as investment grade credit and short durations in Fixed Income (Europe is more preferable than the US). Therefore we expect equity products particularly in developed markets to continue attracting most of the flows. Certain type of Fixed Income products and currency hedge products should continue to remain relevant during 2016, although less than in 2015; while smart beta products should raise strong support as investors seek to control risk in a more specific way in the current year. ETP trading activity up 16.8% in 2015 reaching $21.8 trillion and will continue to rise Trading activity picked up in 2015 again with ETP turnover levels registering a rise of 16.8% over 2014. Overall turnover levels in 2015, 2014 and 2013 were $21.8 trillion, $18.7 trillion and $16.5 trillion, respectively. In 2015, Asian ETFs recorded the highest increase of over 100% in trading volumes ($1.9 trillion), significantly surpassing European on-exchange volumes ($903bn, up 22.9%). US ETFs continue to dominate the global ETP trading activity ($18.8 trillion, up 12.1%). We expect to see ETP trading activity to further increase in 2016 due to wider adoption of ETFs, elevated market volatility, and more product offerings. ETF markets to continue forward on strong organic growth In the US, the organic growth gap between ETFs and Mutual Funds, and Passive and Active Management continued to widen reaching levels of about $250bn and $500bn through the end of November 2015, respectively. In the meantime, we believe that there is still room for new entrants and new products despite the record activity registered during 2015; however we believe that smart beta ETFs and clear distribution access should be key to the success of new ETF ventures. Furthermore, we believe there is abundant room for organic growth in the range of $500bn to $1 trillion over the next 5 to 10 years just from migration away from less efficient vehicles and penetration to the retirement market. In Europe, smart beta products expected to be in demand as market uncertainty remains and investment landscape evolves. Also, currency hedged ETFs to be utilized to invest with reduced currency risks. Despite poor start to equity markets, ETFs tracking European equities anticipated to have a reasonable year. In addition, absolute ETF trading volumes expected to increase despite concerns on overall equity volumes. In Asia-Pac, Japan, China and South Korea were the key domestic markets which drove the industry in 2015. Most of the AUM growth and inflows of the region were contributed by Japan listed ETFs, while China listed equity ETFs saw heavy redemptions offset by money market ETFs receiving notable inflows. Trading activity also rose in the region in 2015, primarily in China, Hong Kong and Japan. South Korea saw most number of ETF launches along with many new development plans announced by its Financial Services Commission to boost ETF market in South Korea. We expect Japan (with increased equity allocation from GPIF and the ETF purchase from Bank of Japan), China (stronger asset growth as market stabilizes and increased product adoption) and South Korea (with new developments being implemented) to be major growth drivers in Asia-Pac region in 2016.

21 January 2016



Table Of Contents

1. ETP Industry Review ...................................................... 5 ETP industry had significant asset growth in 2015 despite volatile markets ...... 5 2015: ETP industry growth attribution ................................................................ 8 Product Launches ............................................................................................. 10 Industry Entrants and Leavers .......................................................................... 12

2. 2016 Outlook ............................................................... 13 2016: Global ETP Assets to reach $3.46 trillion ................................................ 13 US: The ETF plane is just taking off .................................................................. 14 European Outlook ............................................................................................. 22 Asia Pac: Japan, China and South Korea to be major growth drivers in 2016 .. 27

3. Investment Trends ....................................................... 37 Market review and outlook ............................................................................... 37 Investment trends ............................................................................................. 38 Equity ETFs ....................................................................................................... 39 Fixed Income ETFs ............................................................................................ 42 Commodity ETPs .............................................................................................. 43

4. Market Metrics ............................................................ 44 ETP industry asset evolution ............................................................................. 44 ETFs vs. cash equities ....................................................................................... 49 ETFs vs. unlisted mutual funds ......................................................................... 51 Exchange Traded Notes .................................................................................... 53

5. Provider Rankings ........................................................ 54 Global provider rankings ................................................................................... 54 US provider rankings ........................................................................................ 56 Europe provider rankings .................................................................................. 58 Asia Pacific provider rankings .......................................................................... 60 RoW provider rankings ..................................................................................... 62 New entrants and leavers ................................................................................. 64

6. Product Review ............................................................ 65 Products count ................................................................................................. 65 Average TERs ................................................................................................... 67 ETF assets by strategy type .............................................................................. 69

7. Cash Flow Analysis ...................................................... 71 Regional cash flow analysis .............................................................................. 71 Asset class cash flow analysis - Equity ............................................................. 72 Asset class cash flow analysis – Fixed income ................................................. 76 Asset class cash flow analysis – Commodity .................................................... 77

8. Trading Analysis .......................................................... 78 Regional turnover analysis ................................................................................ 78 Asset class turnover analysis - Equity ............................................................... 78 Asset class turnover analysis – Fixed income ................................................... 82 Asset class turnover analysis – Commodity...................................................... 83

9. Assets .......................................................................... 84 Regional AUM analysis ..................................................................................... 84 Asset class AUM analysis - Equity .................................................................... 84 Asset class AUM analysis – Fixed income ........................................................ 88 Asset class AUM analysis – Commodity ........................................................... 89

21 January 2016



Table Of Contents Cont'd.

10. ETP Rankings ............................................................. 90 Top ETPs - US ................................................................................................... 90 Top ETPs - Europe ............................................................................................ 93 Top ETPs - Asia Pacific ..................................................................................... 96 Top ETPs - RoW ................................................................................................ 99

11. ETP Exchanges ........................................................ 102 US exchanges ................................................................................................. 102 European exchanges ...................................................................................... 102 Asia Pacific exchanges ................................................................................... 103 RoW exchanges .............................................................................................. 104

12. ETF Broker rankings ................................................. 105 European ETP broker rankings ....................................................................... 105

Appendix A: How we define ETPs .................................. 108

Appendix B: The road from beta to alpha ....................... 110

21 January 2016



1. ETP Industry Review

ETP industry had significant asset growth in 2015 despite volatile markets

Global ETP assets reached an all time high of $2.95 trillion at the end of 2015

Global ETP industry assets accomplished a new milestone in 2015 by reaching

the $2.95 trillion mark, representing a YoY growth of 8.3%. Comparing this to

prior years’ growth rates where we saw double digit growth since 2012, could

provide an unfavorable picture and be perceived as a slowing down of the

industry. However, the lower growth rate was mainly due to flat to negative

markets during 2015; while organic growth experienced another record year.

The Global ETP industry received strong flows during 2015 recording inflows of

$374bn which represent a significant growth compared to the previous two

years in which the industry attracted flows of $329bn (2014) and $227bn

(2013), respectively. Equities remained at the top of the list with inflows over

$261bn in 2015 followed by $105bn inflows in Fixed Income ETFs. Amid falling

crude oil prices and gold losing its luster, investors globally sidelined

Commodity ETPs which only experienced mild inflows of $4.8bn during 2015.

Within Equities, developed markets remained favorite among global investors

by receiving inflows of $180bn (vs. $73bn in 2014), whereas emerging markets

saw outflows of $18bn, primarily due to uncertain and volatile performance of

Chinese equity markets, a strong USD, and weak commodity prices during

2015. Other equity segments such as Strategy, Style and Sector recorded

inflows for $40bn, $26bn and $15bn, respectively. Among Fixed income

products, Corporate bonds, Sovereign bonds and Overall bonds received

inflows for $36.8bn (vs. $30.8bn in 2014), $23.5bn (vs. $23.7bn in 2014) and

$19.3bn (vs. $21.4bn in 2014), respectively; whereas within Commodities,

ETPs based on Crude oil registered inflows of $8.3bn while Gold recorded

outflows of $3.4bn over the year.

Figure 1: Global ETP regional asset growth historically

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

RoW 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7

Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 250.2

Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 507.4

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

Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.8 1,444.3 1,491.5 1,913.6 2,338.9 2,721.3 2,945.8

0

500

1,000

1,500

2,000

2,500

3,000

AU

M (

$b

n)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

21 January 2016



Figure 2: Global ETPs Regional Flows Figure 3: Global ETPs Regional Flows as a % of AUM

2013 2014 2015

RoW 4,041 8,435 12,471

Asia-Pac 21,179 18,550 43,034

Europe 17,792 61,000 81,867

US 183,748 240,792 237,142

0

50,000

100,000

150,000

200,000

250,000

300,000

Net

Flo

ws ($

mn

)

2013 2014 2015

RoW 5.3% 11.0% 15.4%

Asia-Pac 15.5% 11.0% 21.3%

Europe 4.8% 14.7% 17.8%

US 13.8% 14.4% 11.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Net

Flo

ws a

s a

% o

f A

UM

Source: Deutsche Bank, Reuters, Bloomberg Finance L.P.


The Global ETP trading activity recorded an increase of 16.8% during 2015.

Overall turnover levels in 2015, 2014 and 2013 were $21.8 trillion, $18.7 trillion

and $16.5 trillion, respectively. During 2015 all the Asset classes saw positive

YoY trading growth.

US: Equities led the flows in the US with Global broad, European broad DM, US and Japan attracting significant flows while large caps saw outflows

In 2015, the US-domiciled ETPs crossed the $2 trillion milestone and ended the

year with AUM worth $2.1 trillion with YoY growth of 6.8% (18% in 2014).

Equity ETFs continued their positive run and again obtained the lion’s share of

the market with assets worth $1.7 trillion or 6% above the previous year’s

close, followed by fixed income with AUM worth $361bn or 16% above last

year’s close. Commodity ETPs had a YoY asset decline of 16% with assets

worth of $44bn at the end of last year (vs. $53bn in 2014)[1] ; while ETPs based

on Multi asset and Alternative investment products ended the year with AUM

worth $5.9bn and $4.1bn respectively.

During the year 2015, flows into US ETPs totaled $237bn ($241bn in 2014).

Equity ETFs recorded inflows for $173.8bn (vs. $185.4bn in 2014), while Fixed

income ETFs recorded flows of $59.9bn (vs. $55bn in 2014) in 2015.

Commodity, Multi asset and Alternative ETPs registered inflows of $1.3bn,

$1.1bn and $0.9bn respectively.

Within Equities, Developed markets focused ETFs had the lion’s share in

overall equity flows (59%) $102bn followed by inflows in Strategy ($28.4bn)

and Style ($22bn). Within regional and country funds, ETFs focused on Broad

Indices led the way collecting inflows of $42.8bn, followed by ETFs focusing in

the broad Europe, US, Japan and Germany which received inflows of $34bn,

$11bn, $9.2bn, and $3.7bn, respectively while large caps saw outflows of

$13bn.

[1] We remind our readers that the majority of the US commodity assets are held within the ETV structure,

where assets closed the year just below $44bn (vs. $53 in 2014).

21 January 2016



Within Fixed Income, ETFs focusing on corporate bonds led the tally with

inflows of $19bn (vs. $15.7bn in 2014) followed by overall bond and sovereign

bond focused ETFs collecting inflows of $16bn (vs. $18.2bn in 2014) and

$11.6bn (vs. $11bn in 2014); while Commodity ETPs focused on Crude oil and

Gold registered flows of $4.7bn and $2.3bn, respectively.

Europe: Broad Europe, Germany and Japan focused ETFs received inflows while China saw Outflows

European ETPs assets reached $507bn at the end of 2015 registering a growth

of 10.6% YoY. During 2015, European ETPs had significant flows totaled

$81.8bn compared to flows of $61bn in 2014 and $17.8bn in 2013. Primary

contributions were from Equity and Fixed Income ETFs which received flows of

$51bn (vs. $35.5bn in 2014) and $29.6bn (vs. $26.8bn in 2014), respectively.

Whereas Commodity ETPs ended the year with inflows of $1.5bn (vs. $1.1bn in

2014)

Within Equities, developed market ETFs remained favorite among investors

with inflows of $40bn contributing more than 80% of total equity flows ($51bn)

this year. Among these, Broad European equities represented the largest share

and received flows of $26.1bn, while ETFs focused on Germany and Japan

recorded flows of $4.2bn (vs. $9.9bn in 2014) and $4.2bn (vs. $2.8bn in 2014),

respectively. Meanwhile, 2015 became a challenging year for Emerging

markets ETFs with outflows of $1.8bn compared to inflows of $1.1bn in 2014,

primarily due to outflows from China-focused ETFs ($2.3bn).

Fixed Income based ETFs in Europe continued their positive trend and

collected flows worth $29.6bn over the last year (vs. $26.8bn in 2014), with

primary contribution from ETFs based on Corporate bonds and Sovereign

bonds which received inflows of $16bn (vs. $12bn in 2014) and $10.7bn (vs.

$11.7bn in 2014) respectively.

Asia-Pacific: Inflows from Asia-Pacific ETPs were driven by Japan and money market ETFs, partially offset by outflows from China focused ETPs

Despite uncertain and highly volatile markets, Asia-Pacific ETPs experienced

another strong year with a 24% YoY asset growth and closed the year at

$250bn. In 2015, total flows received by Asia Pacific ETPs were $43bn, a

significant increase over the flows received in 2014 ($18.6bn). Equity ETFs had

another favorable year with strong inflows of $30bn followed by $11.4bn

inflows in Fixed Income ETFs last year. Almost all the other asset classes

remained in positive territory, but with minimal inflows.

Within Equities, investors once again preferred developed markets over

emerging markets during 2015. Developed market ETFs received inflows of

$35bn while emerging market ETFs saw redemptions worth $13.1bn. Within

developed markets, Japan-focused ETFs represented the largest share (89%)

with $31.3bn of inflows. Whereas outflows from emerging market equities was

mainly contributed by ETFs focusing on China recording outflows worth

$14bn over the same period. At a sub-segment level, leveraged long ETFs

received notable inflows of $3.8bn during 2015.

Within the Fixed Income segment, Money Market ETFs captured the bulk of

the new assets with total flows worth $10.3bn followed by inflows into

Sovereign bond ($0.5bn) and corporate bond ETFs ($0.2bn). Within money

market, Yinhua Traded Money Market Fund (511880 CH) was the notable

21 January 2016



product recording inflows of $7.4bn. All in, total flows in fixed income ETFs

were $11.4bn during 2015. Commodity ETPs ended the year with mild inflows

of $1.7bn.

RoW: Rest of World markets experienced negative growth in USD terms

RoW ETP assets (which include Canada, Africa, and Latin America) registered

negative growth of -7.9% in 2015 mostly drive by FX weakness; however the

industry continued to grow in local terms. Total assets decreased by $6bn and

set at $74.7bn at the end of last year. The total flows into RoW ETPs were

$11.8bn (vs. $8.4bn in 2014); primarily contributed by Equity and Fixed Income

ETFs which received inflows of $6.9bn and $4.4bn, respectively.

Within equities, developed market, Strategy and Sector ETFs recorded flows

worth $2.5bn, $2.4bn and $1.3bn, respectively, whereas emerging market

based ETFs experienced outflows of $1.2bn during 2015. ETFs focusing on

Global broad Indices, US and Canada recorded flows worth $1.1bn, $0.54bn

and $0.48bn, respectively. Within fixed income, Sovereign & Corporate bond,

Corporate bond, and broad bond ETFs received flows worth $1.5bn, $1.3bn

and $0.9bn, respectively.

2015: ETP industry growth attribution

Global ETP industry assets grew by 8.3% in 2015 despite volatile global

equity markets. Fund flows for the year stood strong and recorded 13.7%

growth over the last year asset base while asset price growth was negative

(-5.5%). On a regional basis also, growth was driven by flows only and asset

prices were either negative or at a very low level. Globally, flows totaled

$373.8bn for 2015 which is the highest-ever annual flow total for the

industry.

Asia Pacific presented the top growth among regions with an increase of

23.8% in assets over 2014 year-end figures. Contribution from flows was at

21.3% while asset prices contributed only 2.5%. Asia-Pac was the only region

which saw positive growth in both categories. Total flows for 2015 were at a

record high level totaling $43bn.

Europe also delivered double digit asset growth of 10.6% in 2015 over the year

2014. In this case contributions from organic growth were at 17.8%, while

asset prices removed 7.2% from growth (in USD). European ETP industry was

positioned better in EUR terms because of EURUSD depreciation in 2015 with

overall growth of 23.2% of which flows growth was at 19.4% and asset price

growth was at 3.8%. Europe also witnessed the strongest year in terms of

yearly flows totaling $81.8bn (€73.5bn) for 2015.

The US ETP industry lagged behind Asia-Pac and Europe with growth reaching

only 6.8% by the end of 2015. Fund flows contribution was solid at 12% while

asset price movement eroded 5.2%. Total flows of 2015 were strong

($237.1bn) although slightly behind last year’s total of $240.7bn.

21 January 2016



The Rest of the World region [which includes markets outside of the US,

Europe and Asia such as Canada and Latin America] was the only region with

negative growth (-7.9%) where organic growth was positive (14.6%) while

asset prices in USD deteriorated 22.5% from the overall growth mostly driven

by depreciation of the CAD versus the USD.

Figure 4: Flows contribute to growth, offsetting negative growth from ETP asset prices

in 2015 (based on USD)

12.0%17.8%

21.3%14.6% 13.7%

-5.2%-7.2%

2.5%

-22.5%

-5.5%

-30%

-20%

-10%

0%

10%

20%

30%

40%

US Europe Asia RoW Global

Cash flows Asset prices

8.3%

23.8%

6.8%

10.6% -7.9%


21 January 2016



Figure 5: Global ETP industry growth attribution in 2015 over 2014 (based on

USD)

US Europe Asia Pacific RoW Global

ETPs

Total ETF industry growth

Equity 5.8% 11.4% 19.7% -9.2% 7.5%

Fixed income 15.6% 17.8% 85.0% 0.1% 17.2%

Commodity -16.1% -16.0% 35.1% -32.1% -15.4%

Currency 0.9% -22.5% 54.4% 48.6% 2.4%

Multi Asset 9.3% 26.6% -13.3% -2.2% 9.0%

Alternative 9.6% -20.1% 4.9% 100.3% 2.5%

Total 6.8% 10.6% 23.8% -7.9% 8.3%

Growth from flows

Equity 10.9% 16.1% 15.9% 12.6% 12.1%

Fixed income 19.2% 28.4% 96.1% 21.0% 23.4%

Commodity 2.5% 4.1% 65.0% 5.3% 5.0%

Currency 0.4% -27.7% 56.9% 59.5% 1.7%

Multi Asset 20.3% 39.0% -7.8% 22.4% 21.4%

Alternative 24.9% -13.3% 27.9% 182.9% 16.3%

Total 12.0% 17.8% 21.3% 14.6% 13.7%

Growth from asset price fluctuation

Equity -5.0% -4.7% 3.8% -21.8% -4.6%

Fixed income -3.6% -10.6% -11.1% -20.8% -6.2%

Commodity -18.6% -20.1% -29.9% -37.5% -20.4%

Currency 0.5% 5.2% -2.6% -10.9% 0.7%

Multi Asset -11.0% -12.4% -5.5% -24.6% -12.4%

Alternative -15.3% -6.9% -23.0% -82.6% -13.8%

Total -5.2% -7.2% 2.5% -22.5% -5.5% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Product Launches

ETF Launches:

During 2015, new ETFs came in bulk numbers. Globally, the ETF industry

registered 681 new product launches, bringing the total number of global

products to 4,396 as of the 2015 year ending. The US yet again took the lead

with 273 new ETF launches followed by Europe with 177, Asia Pacific with 158

and the Rest of the World with 73 (Figure 101).

Among Equity ETFs, there were 546 new ETFs listed globally reaching a new

record compared to the 411 and 298 products listed during 2014 and 2013,

respectively. The US led the launches by listing 225 new products (vs. 125 in

2014), followed by Asia Pacific listing 136 new products (vs. 89 in 2014).

Meanwhile the European region remained close to previous year’s level by listing

132 new products (vs. 127 in 2014), and the Rest of World declined during 2015

and listed 53 new ETFs as compared to 70 new products listed in 2014.

21 January 2016



Among Fixed Income ETFs, global market remained on slightly higher level

with 98 new launches during 2015 as compared to 91 new products listed

during 2014. The European ETF market witnessed the largest number of new

Fixed Income ETFs in 2015 with 43 new products, way above the previous

year’s count of 25 products, Followed by the US listing 30 new Fixed Income

products during 2015 far below 2014 and 2013 with recorded counts of 42 and

41, respectively. Also, the largely equity-dominated Asia Pacific market gave a

warm welcome to Fixed Income ETFs recording 14 new products in 2015

where 9 and 11 new products were recorded in the years 2014 and 2013,

respectively. Rest of World listed 11 new Fixed Income ETFs in 2015 as

compared to 15 funds listed in 2014.

Globally, Alternative and Currency ETFs saw positive movement with 13 and 5

new ETFs respectively in 2015, whereas in 2014 the above asset classes

recorded 5 and 0 new launches respectively. On the other hand Commodity

ETFs recorded 9 new products during 2015 whereas 15 new ETFs were listed

during previous year. Also 10 new Multi Asset ETFs were listed in 2015

whereas 9 products were listed during 2014.

In 2015, Leveraged/Short, Currency hedged and RQFII ETFs saw noteworthy

rise in product offerings. We have seen tremendous demand for these less

conventional products due to uncertain and volatile markets. Below are the

product highlights for these ETFs:

Leverage/Short ETFs: We have seen significant growth in Leveraged/Short

ETFs in terms of new product offerings in the market, globally (109) and

especially in Asia-Pac (38), closely followed by Europe (37) and US (34) in

2015. It is worthwhile to highlight that these ETFs behave different from most

traditional ETFs, and therefore require additional education and understanding.

These products should be used mostly as trading tools and held for taking

advantage of short term views.

Currency Hedged: Amid increased currency volatility during the last year, total

number of ETFs providing currency hedged exposure has reached 201 with the

launch of 100 new ETFs this year. US led the rally with 56 new launches

followed by Europe (36) and Asia-Pac (8).

RQFII ETFs: Despite highly volatile and uncertain Chinese markets last year, RQFII

ETFs have seen positive growth in the new product offering. RQFII ETFs tally has

now reached to 40 globally including 23 in Asia-Pac, 11 in US and 6 in Europe.

ETC/V Launches:

Globally, we again saw the increase in new ETC/V products. Last year the

count of new products was 36 compared to 24 products listed in 2014,

bringing the total number of ETC/V to 539 globally. Commodity benchmarked

ETPs showed a positive turnaround in 2015 listing 30 new ETPs where only 1

commodity ETP was listed in 2014. On the other hand 6 new Currency ETPs

were registered in 2015 far below the count of 23 in year 2014 (Figure 101).

On the regional level Europe led the tallies by listing 35 ETC/V products including

29 Commodity ETPs and 6 Currency ETPs. Asia pacific listed one new Commodity

ETP in 2015, where no listings were seen in the US and Rest of World.

For historical information on product counts please refer to Figure 101 through

Figure 105.

21 January 2016



Industry Entrants and Leavers

Global ETF market flooded with New Providers

Global ETF market has been flooded by many new providers which can be

directly attributable to the exponentially soaring popularity of the ETFs over

other investment products. To capture their share of the growing ETF market

36 new issuers marked their presence across different regions in 2015. 7 of

these issuers were already present in one region and made entry to another

region. The US had the largest number of entrants registering 19 new

providers, followed by Asia Pacific, Europe and Rest of World registering 8, 5

and 4 new providers respectively (Figure 100).

US: Among the 19 new providers in the US, John Hancock Investments led the

launches by listing 6 new products, followed by Pacer Advisors and O'Shares

Investments listing 5 new products each. Lattice Strategies and Legg Mason

GAM listed 4 products each. ETF Securities (which only had ETVs in the US),

Goldman Sachs, and CSOP Asset Management made their US ETF debut by

listing 4, 3, and 3 new products, respectively. While the remaining issuers

entered the US market offering 1 or 2 products each.

Europe: Among the 5 new providers in Europe, BMO Global Asset

Management and Nomura Asset Management (which were already present in

Asia Pacific) entered the European ETP market in the year 2015 by listing 9 and

3 products, respectively. Also, Van Eck Funds which was present in both the

US and Asia now made its debut in the European ETP market with the launch

of 3 products. Sun Global Investments and UniCredit Bank entered the

European ETP market listing 1 product each.

Asia-Pac: Last year the Asia-Pacific ETF market saw 8 new providers entering

the ETP market which is equal to the number of new providers entering the

market in the previous 2 years combined. Among these ANZ Asset

Management listed 4 new products, DIAM Asset Management listed 3 new

products, Rakuten Investment Management and Edelweiss Asset Management

listed 2 new products each. The remaining providers entered the Asian market

offering 1 product each.

RoW: Questrade Wealth Management entered into RoW markets with the

launch of 8 new products. While, Vetiva Capital Management, Quanta Shares

and Auspice Capital Advisors listed 3, 2 and 1 products respectively in 2015.

Despite some local exits, no issuer left the global ETP market during 2015

indicating positive investment prospects for ETP market.

ETC/V Issuers

During 2015, ANZ Asset Management also registered one new ETC in the Asia

Pacific ETP market.

For more information on entrants and leavers please refer to Figure 100.

21 January 2016



2. 2016 Outlook

2016: Global ETP Assets to reach $3.46 trillion

We expect the ETF industry to experience strong positive growth in 2016. Our

approach to ETF industry growth projection is driven primarily by two factors,

asset prices and new money into the industry (fund flows). Our base case

scenario contemplates a positive equity market and average ETF flow growth

till 2015.

Accounting for historical flow trends and ETF usage patterns in the last 5

years, we expect the ETF industry to attract between $255bn and $430bn of

inflows over 2016, with a base case scenario of $335bn (equivalent to 11.6%

AUM growth in 2016).

Assuming neutral growth in asset prices, fund flow base case scenario implies

17.8% global ETF asset growth over 2016. This growth could range between

2.8% and 29.7% depending on how the equity markets develop over the year.

Figure 6: 2016 ETF industry growth projection

Bull market 12.8% High $3,734 29.7% 14.9%Neutral market 5.5% Middle $3,391 17.8% 11.6%Bear market -5.6% Low $2,960 2.8% 8.9%

Strong Neutral WeakUS $2,065.3 72% $270 $230 $200Europe $490.1 17% $90 $60 $30Asia $249.9 9% $55 $35 $20RoW $73.6 3% $15 $10 $5Total $2,878.9 100% $430 $335 $255

Region

Market performance

range

2015 Share2015 Assets

Market scenarioCash Flow

Activity2016 Global ETF

Asset Range

2016 Global ETF Market Growth Projection

Growth RateFund Flow

Contribution

2016 ETF Cash Flow Scenarios by Region


The ETF industry registered assets of $2.88 trillion at the end of 2015; we

expect the industry to close 2016 with a size closer to $3.39 trillion, ranging

between $2.96 trillion to $3.73 trillion depending on how asset prices evolve.

The ETP industry registered assets of $2.95 trillion at the end of 2015; we

expect the industry to close 2016 with a size closer to $3.46 trillion, ranging

between $3 trillion to $3.82 trillion depending on how asset prices evolve.

21 January 2016



Figure 7: 2016 ETP industry growth projection

Bull market 12.8% High $3,824 29.8% 15.1%Neutral market 5.4% Middle $3,458 17.4% 11.4%Bear market -5.5% Low $3,014 2.3% 8.3%

Strong Neutral WeakUS $2,113.5 72% $278 $230 $195Europe $507.4 17% $95 $60 $27Asia $250.2 8% $56 $35 $20RoW $74.7 3% $16 $10 $4Total $2,945.8 100% $445 $335 $246

Cash Flow Activity

2016 Global ETP Asset Range

Market performance

range

Market scenario

Region 2015 Assets 2015 Share

Growth RateFund Flow

Contribution

2016 ETP Cash Flow Scenarios by Region

2016 Global ETP Market Growth Projection


US: The ETF plane is just taking off

ETFs went on to register a new all time high in assets by surpassing the $2

trillion mark and ending the year at $2.1 trillion in 2015. Furthermore, despite

neutral to weak financial markets, ETFs were able to almost match the annual

record for cash flows by gathering $236bn in new assets and again exhibiting

very strong organic growth. In addition, last year we saw the largest number of

new entrants to the industry (17) and the largest number of new product

launches (273) signaling that, if anything, ETFs continue to be a fertile ground

for new ideas, new players, and new assets. Equity products continued to

remain dominant over other asset classes, within which the so called “Smart

Beta” strategies and currency hedging were among the main trends.

Overall, industry-specific measures such as inflows, number of new products,

new entrants, and assets all point to a healthy growth going forward;

moreover the support from the passive management trend, and a more

significant penetration to the retirement market make us feel very positive

about the prospects of the ETF industry both in the short and long term.

On the other hand, we do recognize that the ETF industry growth will not be

absent of bumps on the road as scrutiny from regulators and some market

participants continue to target some segments of the industry such as

Leveraged, and Corporate High Yield products. However, we do not see

scrutiny as a major threat to the industry growth, but rather as a reminder of

the importance of education.

The following are the key takeaways for the US ETF outlook for 2016:

The organic growth gap between ETFs and Mutual Funds, and Passive and

Active Management should become larger as International Equities and

Fixed Income become more efficient as a consequence of increased

transparency, regulation, and symmetry of information.

Domestic Equity Smart Beta ETFs seem like the best entry strategy for

traditional asset managers. However access to distribution network will be

key for the success of new entrants in the current third wave of ETP

providers that has just started.

21 January 2016



Migration from less efficient vehicles to ETFs is likely to be one of the

major sources of growth for ETFs going forward contributing anywhere

from $500bn to $1 trillion in new assets in the next 5 to 10 years.

Mind the Gap: Annual review of ETFs, Mutual Funds, Passive, and Active

management

Every year we look at the organic growth of ETFs and Mutual Funds measured

by their net cash flows. In recent years, ETFs have been steadily taking market

share away from mutual funds by clearly outpacing their organic growth. Last

year was not the exception; in fact through the end of November 2015 ETFs

had gathered $195bn of new cash, while Mutual Funds had experienced

outflows of $47bn bringing the organic growth gap between ETFs and Mutual

Funds close to $250bn (Figure 8). However, the organic growth gap is not just

a fund structure phenomenon. Actually, we also see this situation at the

management style dimension when we compare Active Mutual Funds and

ETFs vs. Passive Mutual Funds and ETFs. At the management style level, the

organic growth gap is even more impressive surpassing the $530bn on a YTD

basis as of the end of November 2015, driven by $340bn inflows into Passive

vehicles and $192bn outflows from Active vehicles (Figure 9).

These figures suggest that active mutual funds are facing significant pressure.

We believe that the headwinds experienced by active mutual funds are a

combination of multiple factors among which we can name: a less efficient

fund structure, investors’ shift away from active strategies to passive

strategies due to a discontent with performance1, cheaper costs, and the rise

of the asset allocation revolution. We discussed some of these factors more in

detail in our report titled “A Stock Picker’s Guide to ETFs” published last year.

We expect these headwinds to continue.

Figure 8: Net Cash Flows and AUM historical comparison

between Mutual Funds and ETFs

Figure 9: New Cash Flows and AUM historical

comparison between Active and Passive mgmt style

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

-300,000

-200,000

-100,000

0

100,000

200,000

300,000

400,000

500,000

ET

F A

UM

as %

of

Mu

tual F

un

d A

UM

Net

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Flo

ws $

billio

n

MF CF ETF CF ETF/MF % AUM

0%

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15%

20%

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30%

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45%

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-100,000

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ve A

UM

as %

of

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ve A

UM

Net

Cash

Flo

ws $

billio

n

Active MF+ETF Passive MF+ETF

Passive / Active %

Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of November 2015. Mutual Funds only include Long Term Mutual Funds.

Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of November 2015. Mutual Funds only include Long Term Mutual Funds. Active ETFs are a very small fraction of ETF assets.

Active Mutual Fund headwinds are not equally strong across asset classes

Active Mutual Fund outflows haven’t hit all asset classes in the same way; in

fact outflows have targeted one specific asset class: Domestic Equities. In the

past 10 years, Active Domestic Equity mutual funds have not recorded one

single year of inflows with over $1.1 trillion departing from this fund category.

In the meantime, active Bond/Hybrid, and World Equity mutual funds have

1 According to the latest mid-year SPIVA Scorecard published by S&P Dow Jones about 80% of Active

Mutual Funds with US focus failed to outperform the benchmark in the last 5Y period.

21 January 2016



received positive flows of $1.2 trillion and $422 billion, respectively (Figure 10).

Part of the Domestic Equity outflows could be attributed to a reallocation away

from equities to fixed income; however we believe that other factors such as a

migration from active vehicles to passive vehicles has also played a major role.

Actually, flows into passive vehicles offering exposure to Domestic Equity have

been inversely correlated to the outflows affecting active vehicles offering

similar exposure. Moreover, ETFs and Index Mutual Funds have received

$672bn and $299bn of inflows, respectively, for a total of $972bn in new cash

or about 90% relative to the size of the outflows from active mutual funds

(Figure 11).

Figure 10: 10Y Annual Cumulative Net Cash Flows for

Active Mutual Funds per asset class

Figure 11: 10Y Annual Net Cash Flows for Active Mutual

Funds, Index Funds, and ETFs with Domestic Equity

exposure

(1,500,000)

(1,000,000)

(500,000)

0

500,000

1,000,000

1,500,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Net

Cu

mu

lati

ve C

ash

Flo

ws ($

bn

)

Active: Domestic Equity

Active: World Equity

Active: Hybrid/Bond

(250,000)

(200,000)

(150,000)

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

250,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*

Net

Cash

Flo

ws ($

bn

)

Index Fund ETF* Active Fund

Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of November 2015. Mutual Funds only include Long Term Mutual Funds.

Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of November 2015. Mutual Funds only include Long Term Mutual Funds. ETFs are mostly passive products.

We believe that the exodus of cash from active to passive vehicles is related to

the level of efficiency of the US market, and the opportunity for alpha in the

same. In fact, if we examine the results from the latest mid-year SPIVA

scorecard published by S&P Dow Jones which compares the returns from

active mutual funds versus their respective benchmarks we find that in the last

5-year period each respective benchmark outperformed 78.36% of the

domestic equity funds, 60.67% of the international equity funds, and between

40% to 98% of the funds among different fixed income fund segments.

Therefore we see that based on these results there seems to be a larger alpha

opportunity in international equity markets and some segments within the

fixed income space than in the domestic equity space. Thus we would expect

active domestic equity mutual funds to continue to face headwinds and

experience outflows due to vehicle migration, while US-focused ETFs should

continue to benefit from this.

2015 saw a record year for new listings, still more ETFs to come

The US ETF industry saw the largest number of products come to market

during last year. With 273 new products, 2015 just passed the year 2007

which held the previous record with 271 launches. On the delisting side, the

industry saw 80 ETPs leaving the industry which accounted for about a 6%

closure rate slightly up from 5% the previous year. Overall, the industry closed

the year with 1,644 products (Figure 12). Equity ETFs continued to dominate

the listing activity, actually we even saw an increase in market share for equity

ETFs which brought the share of the same to above 80% of the new launches,

a level not seen since 2006 (Figure 13).

21 January 2016



Figure 12: Annual ETP listing and delisting activity Figure 13: New listing market share per asset class

0

200

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0

50

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19

93

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Net

Cu

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lati

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of

ET

Ps

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of

ET

Ps

Listed

Delisted

Net Cum

0%

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50%

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100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

New

Lis

tin

g M

ark

et

Sh

are

p

er

Asset

Cla

ss %

ETPs listed on

Equity Fixed Income Commodity Other Source: Deutsche Bank, Bloomberg Finance LP.

Source: Deutsche Bank, Bloomberg Finance LP.

Furthermore, with over 1,600 products, the natural

question is: is there room for more ETFs? The quick

answer is…well there are more than 7,200 Active Mutual

Funds. Yes, we know, this doesn’t answer the question.

Let’s better look at a more solid answer then. In terms of

concentration of assets, more seasoned ETFs which have

been listed for more than 5 years concentrate the bulk of

the assets (~90%); however you shouldn’t assume that

new products fall short of attention. Actually, ETFs listed

in the last 5 years have over $200bn in AUM (Figure 14).

We’re sure that many investment managers would be

more than happy with even just a small slice of that.

Then the answer is no, we don’t think we are done with

new products because there is enough incentive for new

issuance. Actually we wouldn’t be surprised if ETFs

double their number offering in the next 10 years based

on the net issuance levels we have seen.

Smart Beta ETFs are becoming more relevant among new products

In recent years, the focus of listings has changed from first-to-market plain

vanilla beta products to non-traditional products. As a reminder to our readers,

we classify ETFs in four different groups depending on their strategy: Beta,

Beta+, Smart Beta, and Active. Beta products are the traditional market cap-

weighted products such as most blue chip stock indices. Beta+ covers

leveraged and inverse products. Smart Beta corresponds to those non-levered

products which utilize selection and/or weighting criteria beyond market cap

and simple liquidity screening. And finally, Active ETFs correspond mostly to

those ETFs which do not follow an index.

In terms of the number of new listings we have seen a significant increase in

the market share of Smart Beta products recently (Figure 15). In addition, we

have also observed an increase in the AUM market share of Smart Beta

products among newly listed ETFs (Figure 16). Although, at first glance it

would seem that the relative importance of Smart Beta products is not

something new given that we observed similar levels back in 2006 and 2007,

we need to clarify that the industry regimes and the reasons behind the

relevance of these products then and now are very different. The growth in

Smart Beta products back in 2006-2007 is related to the growth of specific

Figure 14: ETP 2015 AUM distribution per listing year

0%

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-

50,000

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1993

1994

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1996

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2001

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2005

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lati

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UM

%

20

15 A

UM

($

bn

)

ETPs listed on

Active Smart Beta

Beta+ Beta

Cum AUM %


21 January 2016



Smart Beta providers such as WisdomTree, PowerShares, and First Trust;

however the recent trend is more of a general trend involving multiple

providers rather than just a particular trend related to a few niche providers.

Figure 15: Annual New Listing Market Share per

management style

Figure 16: Annual 2015 AUM Market Share per

management style and year of listing

0%

10%

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100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

New

Lis

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et

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are

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%

ETPs listed onBeta Beta+ Smart Beta Active

0%

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

20

15 A

UM

Mark

et S

hare

per

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en

t S

tyle

%

ETPs listed on

Beta Beta+ Smart Beta Active Source: Deutsche Bank, Bloomberg Finance LP.


There were 156 new Smart Beta products from 34 different providers launched

in the US last year. Moreover, Smart Beta ETFs gathered +$71.9bn during

2015, to reach a level of assets of $466.6bn. Another segment that deserves a

special mention, although not usually classified under the Smart Beta tag, is

currency hedged ETFs. Currency hedged ETFs attracted +$44.8bn in new cash

during last year and finished the year with a total of $61.6bn in assets

distributed across 85 products, out of which 56 were listed during 2015

Record of new entrants in 2015 marks the beginning of the third wave

Last year 17 new ETP companies entered the US market, more than any other

year before, bringing the total of companies in business to 66 at the end of

2015 (Figure 17). The profile of these new companies was very diverse,

ranging from small companies looking to bring to market a niche offering to

established specialized companies looking to expand their distribution channel

to large traditional asset managers looking to make inroads in the ETF market.

However, more than highlighting a record year we believe that 2015 marked

the beginning of a new wave of product providers, the third wave to be more

specific (Figure 18). Each wave has had its own characteristics and dynamics;

in the next few lines we will briefly examine each of the three waves of

product providers which have shaped the US ETF industry since its inception

back in 1993.

Figure 17: New ETP entrants per

year

0

2

4

6

8

10

12

14

16

18

19

93

19

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P P

rovid

ers

2nd Wave

3rd Wave

Source: Deutsche Bank

21 January 2016



Figure 18: Main ETP providers for each wave

Top 10AUM 2015

$MM

Mkt

Shr % Top 10AUM 2015

$MM

Mkt

Shr % Top 10AUM 2015

$MM

Mkt

Shr %

BlackRock 828,011 39.2% Charles Schwab 39,712 1.9% Goldman Sachs 865 0.0%

Vanguard 483,106 22.9% PIMCO 10,902 0.5% Pacer Advisors 522 0.0%

State Street 414,133 19.6% FlexShares 7,588 0.4% John Hancock Investments 108 0.0%

PowerShares 97,858 4.6% Global X Funds 3,103 0.1% Lattice Strategies 74 0.0%

WisdomTree 51,642 2.4% Exchange Traded Concepts 1,960 0.1% Innovator Management 61 0.0%

First Trust 42,748 2.0% ETF Securities 1,780 0.1% U.S. Global Investors 52 0.0%

Guggenheim Inv. 28,279 1.3% IndexIQ Advisors 1,545 0.1% O'Shares Investments 47 0.0%

ProShares 25,165 1.2% Millington Securities 1,487 0.1% AlphaMark Advisors 32 0.0%

Deutsche AWM 19,884 0.9% AdvisorShares Trust 1,095 0.1% Principal Financial Group 30 0.0%

Van Eck Funds 18,777 0.9% ETFMG 1,024 0.0% CSOP Asset Management 27 0.0%

Other Providers 28,221 1.3% Other Providers 3,526 0.2% Other Providers 91 0.0%

Total 1st Wave 2,037,823 96.4% Total 2nd Wave 73,722 3.5% Total 3rd Wave 1,908 0.1%

1st Wave (1993-2008) 2nd Wave (2009-2014) 3rd Wave (2015-)

The Pioneer The Opportunistic The Joiners

Source: Deutsche Bank, Bloomberg Finance L.P

First Wave: this wave covers the longest period since the inception of the

industry in Jan 1993 until the end of 2008. This was the time of the ETF

pioneers; it was characterized by unique offerings of the first-to-market

type. Most offerings focused on covering main asset classes and providing

efficient building blocks to gain broad exposures to different markets,

other offerings tried to provide similar access but using alternative

methodologies which at the time made them unique and different from the

rest. Most of these ETF Issuers have a multi asset class line up with several

multi-billion products. These were times when ETFs were launched to

provide new access to segments of the market which were not available

before; a time when passive management and product basics education

was key for product adoption. During this period the due diligence process

didn’t focus on comparison among ETF peers, but rather between ETFs

and non-ETF competing products such as mutual funds or close end funds.

These providers have been rewarded handsomely for their early entrance

to the ETF industry as they concentrated more than 96% of the assets at

the end of 2015.

Second Wave: this period covers the time following the onset of the

financial crisis since the beginning of 2009 through the end of 2014. The

combination of discontent from investors with the performance of active

management during the financial crisis and the increasing popularity of

some seasoned ETFs drew the attention from investment companies and

entrepreneurs whom saw an opportunity to enter this growing market.

Unlike those providers of the first wave, the providers of the second wave

focused on offering niche exposures, filling less common corners of the

market which weren’t yet available, or leveraging their own distribution

networks by launching their own range of products. During this period the

number of smaller products increased significantly, thus a focus on

education (particularly around liquidity) and distribution became key

drivers of growth during this period. The due diligence process moved

from the passive management discussion, to the comparison of

characteristics among ETF peers and the advantages of ETFs over other

fund structures. Although the ETP providers of the second wave only

concentrated a small fraction (~3.5%) of the industry assets, their assets

reached almost $74bn at the end of last year.

Third Wave: this is the current period and began at the beginning of 2015.

It has been characterized by the entrance to the industry of investment

companies looking to expand their distribution capabilities by adding an

21 January 2016



ETF channel. This wave is the result of the realization that if you can’t beat

them you should join them. It has been a period which has lacked the first-

to-market or unique exposure element of the previous stages due to the

fact that most corners of the investment universe have already been

covered by existing ETFs. Therefore the way to approach differentiation

has been through unique strategies rather than unique asset class

exposure; thus we have seen that Smart Beta products have become the

major trend of this wave with multiple providers offering their own “secret

sauce” as described in a well written index recipe and served to investors

in an ETF plate. These providers are not really competing against the ETF

providers of the previous waves; they are actually competing with active

mutual fund offerings as the value proposition and the usage of Smart

Beta ETFs are very different from that of traditional plain-vanilla Beta ETFs

so characteristic of the first wave. Assets across third wave ETF providers

are small just under $2bn grown mostly organically during 2015; however

they have already been better than the organic growth experienced by

active mutual funds. Distribution and education will continue to be a key

focus for providers during this phase, but more specifically ownership of or

access to distribution network will be even more important as we believe

that a significant portion of the growth for these third wave providers will

come from migrations from other less efficient pool investment vehicles.

There is still significant growth potential for a third and fourth wave of entrants

With 66 ETP providers in the market and over 1,600 some people may ask

themselves whether the ETF market isn’t already saturated. We believe that if

investors were rational the answer would probably be yes, we do have more

than enough products to cover most of investors’ needs. However, history has

shown us that investors are not rational. In addition, consumer behavior has

shown us that people like to have alternatives, like to feel unique, and that

value attribution is relative rather than absolute; otherwise we would all be

wearing the same outfit. Well the investment space is not that different from

the clothing industry in that sense. Do you know any investor that wants to be

unique, be different from the rest, be above average (i.e. beat the benchmark)?

Most likely yes; there are plenty, particularly invested in Active Management

vehicles. So if we just focus on the potential ETF growth due to migration from

inefficient active management vehicles to more efficient passive vehicles

which provide similar strategies (e.g. Smart Beta ETFs) there is still significant

growth opportunity for new entrants. Let’s do a few quick number exercises.

Active Domestic Equity Mutual Funds had about $4.7 trillion in AUM at the end

of Nov 2015, and they have been losing assets at an average rate of about 3%

per year over the last decade; that is over $700bn outflows in the next 5 years

if the rate stays constant.

According to the latest SPIVA Scorecard published by S&P Dow Jones less

than 25% of funds outperformed their benchmark in the last 5 or 10 years; this

means that investors in about 75% of the active domestic equity mutual funds

may not be very satisfied with their investment performance in the long term.

Thus if we assume that assets are evenly distributed across funds2 we could

say that there is a potential $3.5 trillion of discontent assets waiting to wake

up to better investment alternatives, so if just a third of that actually migrates

2 In reality very large funds are more likely to underperform their benchmark than small funds due to the

fact that because of their size they need to practically own the market, their transactions are more likely to

generate higher market impact, and they have fees of course.

Migration from less efficient

vehicles to ETFs is likely to be

one of the major sources of

growth for ETFs going

forward contributing

anywhere from $500bn to $1

trillion in the next 5 to 10

years.

21 January 2016



over the next decade we are talking about over $1 trillion which potentially

could find a new home in ETFs.

The retirement market gridlock in the Defined Contribution space has

practically kept ETFs out of this market until now, however this is slowly

changing and once left behind it should provide a significant source of growth

for ETFs over the next decade. According to the Investment Company Institute

Americans held $6.5 trillion in Defined Contribution (DC) retirement plans as of

the end of September 2015, out of which mutual funds managed $3.5 trillion.

If we apply the overall ratio of ETF to Mutual Fund assets, ETFs should manage

over $500bn.

Therefore in the next 5 to 10 years we should easily see anywhere from

$500bn to $1 trillion of organic growth driven just by simple migration,

independent of market trends or allocation of new savings and investments.

We believe this is enough incentive for a third and even fourth wave of new

ETF providers, although the fourth wave is more likely to happen when ETFs

finally become the default fund technology of the industry.

We expect a quiet flight for ETFs going forward, but not absent of some

turbulences

With an ever growing popularity and participation in the financial markets, we

believe that the main risk to the growth of ETFs is headline risk. In fact,

pointing fingers to ETFs has become a normal exercise whenever there is an

abnormal market situation (e.g. flash crashes, higher market correlations, etc).

For example, during 2015 we saw some big industry personalities questioning

the real impact of ETFs and suggesting that they posed a systemic risk,

particularly in the Corporate High Yield market; another episode targeted ETFs

and their role in the August 24th sell-off. In the first case, this thesis was tested

during the High Yield sell-off last December when ETFs provided massive

liquidity to the markets (over $4bn on one day) without any signs of major

dislocation, actually providing relief to the asset class during a moment of

stress. In the second case, most of the reasons behind the events that took

place on August 24th were related to market volatility, market structure issues,

or an inadequate usage of market orders; none of which was specifically an

ETF-induced problem.

Another risk we see, particularly for new entrants, is to assume that ETFs are

the holy grail of investment and that anything that is offered in ETF form is

going to be successful. This would most likely prove as absurd as the

companies that thought that by adding “.com” at the end of their names they

would make their business more valuable during the years of the dot com

bubble in the early 2000s. Going forward, more than ever before, new entrants

will need a sound business strategy which involves more than just a great

smart innovative product; actually, owning or having access to a distribution

network will be the key for the success of new entrants. Therefore we believe

that new entrants with access to distribution network and potential migration

of assets to ETFs have the most positive prospects; while those new entrants

with “just” a great product will struggle to attract enough assets to remain in

the industry – remember this is not the first nor the second wave and you will

be competing against more than 1,600 other products. Foreign companies

without a US footprint, should strongly consider the acquisition route if they

desire to enter the industry.

21 January 2016



European Outlook

Exchange traded products (ETPs) in Europe recorded another year of strong

inflows where we observed $81.1bn net inflows in the 2015, primarily driven

by inflows in equity ($51bn) and fixed income ($30bn) ETFs. Meanwhile, total

assets under management (AUM) in ETPs crossed the $500bn milestone and

stood around $507bn at the end of 2015, 11% up from 2014 (23.2% up in

terms of EUR). We expect European ETFs to continue to grow, driven by

inflows and the following trends to continue.

Smart Beta products expected to be in demand as market uncertainty remains and investment landscape evolves

DB European Equity Strategist expects further downside risk in Equity Markets

in the near term driven by Chinese FX devaluations, Emerging Markets capital

outflows, rising US high-yield spreads and weakening US growth momentum3.

These sources of market stress could ultimately result in elevated market

volatility in 2016. In view of this, ETFs within the Smart Beta category could

benefit from further inflows. The flow trends in 2015 indicated the popularity of

Smart Beta ETFs in Europe where we observed 39% YoY ($2.6bn) growth,

reaching $9.6bn ($6.9bn in 2014) in total AuM.

The smart beta range covers a variety of strategies. Specifically, we highlight

the low-volatility strategies which command the majority of assets under

management among European listed smart beta ETFs as shown in Figure 19.

Figure 19: Top 5 Smart Beta ETFs in Europe by Assets

ETP Name BloombergAssets

2015 $mn

CashFlows

2015 $mn

iShares MSCI World Minimum Volatility UCITS ETF MVOL LN 864.4 183.4

HSBC ESI Worldwide Equity UCITS ETF HEWD LN 801.5 -98.3

Ossiam ETF iSTOXX Europe Minimum Variance NR OSX4 GY 701.9 22.1

iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN 683.9 161.3

iShares MSCI Europe Minimum Volatility UCITS ETF MVEU LN 667.5 479.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

We have analyzed performance and volatility of four of the above products and

compared them to its respective broad benchmark. It is interesting to note that

in all instances, for 2015, the minimum volatility products outperformed with

lower realized volatility as shown in Figure 20. Thus, amid the China driven fall

in markets in 2015, these products provided improved risk-adjusted returns.

Other strategies such as equal weight, factor (Momentum, Low Beta etc.) and

fundamental indices are also offered via the ETF format which could witness

more inflows as asset managers continue to consider alternatives to the

traditional market cap weighted indices. Further, the smart beta area could

attract new money from investors who would otherwise invest in actively

managed funds.

3 European Equity Strategy – Strategy Snapshot: Reducing our 2016 targets – Sebastian Raedler – 11th Jan

2016

21 January 2016



Figure 20: Performance comparison of Min Vol Products versus the respective

benchmark

0.00%

4.00%

8.00%

12.00%

16.00%

20.00%

-4.00%

0.00%

4.00%

8.00%

12.00%

16.00%

20.00%

MSCI World / MVOL

STOXX 600 / OSX4

S&P 500 / SPMV MSCI Europe / MVEU

12

M R

ealised

V

ola

tlit

y (%

)

20

15 P

erf

orm

an

ce (%

)

Benchmark Min Vol / Min Var Volatitlity of Benchmark - (rhs) Volatility of Min Vol - (rhs)


Invest with reduced currency risks through currency hedged ETFs

The demand for Currency hedged ETFs in 2015 was relatively high, globally, as

investors sought to protect investment returns from currency fluctuations. At

the end of December 2014, there were 98 Currency Hedged ETFs globally

while 2015 saw tremendous growth with 87 new launches. Asset under

management has reached $82.5bn at the end of 2015 with 121% YoY growth

($37.4bn in 2014) with yearly flows of $50bn.

Figure 21: Currency Hedged ETFs Asset Growth and Flows |

Global ETFs |

2013 2014 2015

AUM ($mn) 24,657 37,384 82,519

Cash Flows ($mn) 17,421 13,886 50,314

Nu. of ETFs - (rhs) 68 98 185

0

20

40

60

80

100

120

140

160

180

200

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

AU

M $

mn

Source: Deutsche Bank, Reuters, Bloomberg Finance L.P

The EUR/USD was the main concern in 2015 as policy divergence between the

US Federal Reserve and the ECB was anticipated. This could continue in 2016

as the expectation is for the EUR to continue to weaken towards parity4. Non-

4 Euroglut a year on: alive and kicking, EUR/USD to break parity – George Saravelos – 1st Dec 2015

21 January 2016



EUR investors who share this view, will be looking to protect their EUR

exposed investments. Apart from USD hedged products, we could see further

inflows and launches in GBP and CHF hedged ETFs. Further, as interest rates

remain low in developed markets, the cost of currency hedging will be

favorable.

In addition to the EUR, EM currencies had also weakened following the China

Yuan devaluation in H2 of 2015. Thus we could see demand for currency

hedged products to EM countries too. However, given the high interest rate

differential between Europe and EM countries, currency hedging can be costly.

ETFs tracking European equities anticipated to have a reasonable year despite poor start to equity markets

In 2015, ETF flows suggested that European equities were preferred over US

equities both by US and European investors. With respect to European listed

ETFs, we observed inflows of $26bn into European equities. Figure 22

highlights the quarterly net flows for both segments within European listings.

Figure 22: Quarterly flows into European and US exposed equities for

European listed ETFs

(4,000)

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

Q1-2015 Q2-2015 Q3-2015 Q4-2015

Qu

art

erl

y F

low

s $

mn

European Equities US Equities

Source: Deutsche Bank, Reuters, Bloomberg Finance L.P

However, markets have started poorly in 2016 with our European DB

Strategist lowering our forecast for European equity markets. As a result we

may not see as strong inflows as we witnessed in 2015. Based on consensus

forecast as published by Bloomberg, the expectation is for the European

markets to end positively by the end of 2016. This coupled with the growth

of European ETF market (new launches and increased market share), we still

expect a relatively strong year ahead for ETFs tracking European equities

(Figure 7).

Absolute ETF trading volumes expected to increase despite concerns on overall

equity volumes

Figure 23 below highlights the turnover trend observed since 2010. The

turnover as a proportion of ETF AuM has declined since 2010 but absolute

trading volumes peaked last year. It is worth noting that the volumes indicated

below are based on volumes reported on exchange. As widely known, a

21 January 2016



significant proportion of trades in Europe occur over the counter (OTC) and

may not be reported. Therefore, we may not have the full picture where Europe

is concerned based on data available.

Figure 23: Annual ETP turnover from 2010 to 2015

0%

50%

100%

150%

200%

250%

300%

350%

-

100

200

300

400

500

600

700

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900

2010 2011 2012 2013 2014 2015

TO

% o

f P

revio

us Y

r A

UM

An

nu

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TP

s T

O €

bn

TO TO % of AUM - (rhs)


We expect the absolute trading volumes of ETFs listed in Europe to increase in

2016 despite reported concerns over declining volumes in the overall equity

market. There are two reasons why we expect increased turnover. Firstly,

when equity markets are volatile with sharp daily moves, benchmark

instruments such as ETFs and Futures are used for rapid access or derisking.

With expectation of elevated market volatility as mentioned previously, ETF

trading volume are likely to benefit.

Secondly, in preparation of increased regulations in the market place,

specifically MIFID II, we think market makers of ETF products are likely to work

towards improving infrastructure and increasing reporting standards. This may

lead to greater visibility on ETF market liquidity which could subsequently

make investors feel more comfortable trading the product both on primary and

secondary markets.

Fixed Income ETFs: High Yield preferred over Investment Grade

The Fixed Income ETF market still lags Equity ETF market in Europe in absolute

AuM terms. As it only forms a small portion of the fixed income market it has

plenty of room to grow. ETF issuers have been pushing to expand into this area

over the last few years and we think that this will likely continue in 2016.

Macro events such as the recent Federal Reserve rate hike and ECB easing

policy are likely to filter through to the fixed income markets and subsequently

help increase Fixed Income ETF activity. Further, we may see new launches

coming into the market.

In fact, in 2015, the European Fixed Income ETF market witnessed the

strongest growth (17% YoY) amongst all asset classes. Globally we saw

$100bn flowing into Fixed Income ETFs while in Europe, we saw inflows of

$30bn in 2015 with assets reaching $123bn. Figure 24 highlights the flow

trend observed between investment grade and high yield ETFs over the last

21 January 2016



three years. It is hard to gauge which segment within the fixed income space

will benefit in 2016 given the current market conditions but we do expect

another strong growth year for Fixed Income ETFs in 2016.

Figure 24: Investment Grade and High Yield ETF Flows as a Percentage of

AUM

0%

10%

20%

30%

40%

50%

2013 2014 2015

Ca

sh

flo

ws

as

a %

of

AU

M

Investment Grade High Yield


21 January 2016



Asia Pac: Japan, China and South Korea to be major growth drivers in 2016

Among Asia-Pac region listed ETPs, Japan, China and South Korea saw major

activity in 2015. Most of the AUM growth and inflows of the region were

contributed by Japan listed ETFs, while China listed equity ETFs saw heavy

redemptions amid volatile equity markets. However, these outflows were

offset by China listed money market ETFs receiving notable inflows. Trading

activity also went high in the region with China, HK and Japan recording 200%,

86% and 72% increase respectively in 2015 over 2014 turnover. South Korea

saw most number of ETF launches along with many new development plans

announced by its Financial Services Commission to boost ETF market in South

Korea. Following is the snapshot of Asia-Pac ETF industry providing details of

how it has progressed in last five years by each country in the region.

Figure 25: AUM growth by listing country Figure 26: Number of products by listing country

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2011 2012 2013 2014 2015

AU

M (

$m

n)

Japan China Hong Kong South Korea

Australia Taiwan Others

-

50

100

150

200

250

2011 2012 2013 2014 2015

Nu

. o

f E

TF

s

Japan China Hong KongSouth Korea Australia TaiwanOthers


Figure 27: Flows by listing country Figure 28: Turnover by listing country

(5,000)

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2011 2012 2013 2014 2015

Flo

ws (

$m

n)

Japan China Hong Kong South Korea Australia Taiwan Others

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2011 2012 2013 2014 2015

Tu

rno

ver

($m

n)

Japan China Hong Kong South Korea Australia Taiwan Others


21 January 2016



Japan will benefit from increased equity allocation from GPIF and the ETF

purchase from Bank of Japan

In 2015, Japan contributed 89% of the inflows and 96% of the AUM growth

out of the overall Asia listed ETPs. We expect the AUM growth and inflows to

Asia-Pac listed ETFs will continue to be driven by Japan supported by

increased equity allocation from GPIF and the ETF purchase from Bank of

Japan.

GPIF made a historic move in its policy asset mix starting from 2014. It has

significantly increased its allocation to equities to boost returns. This equity

allocation acts as a positive catalyst and provides support to the Japanese

equity market. As a result, institutional and retail investors will continue to buy

into ETFs tracking the benchmarks GPIF uses including JPX-Nikkei 400.

Bank of Japan said in December 2015 that it would allocate $2.5bn a year to

funds tracking companies “proactively making investment in physical and

human capital.” The new scheme adds to a current program under which the

central bank buys about ¥3 trillion ($25.7bn) worth of ETFs annually. There is

no such ETF yet, but ETF providers are looking into this space. Before this type

of products become available, BOJ will continue to buy traditional ETFs

including the ones tracking Nikkei 400.

China is likely to see stronger asset growth as market stabilizes and increased

product adoption

China listed ETFs saw outflows of $500mn on overall basis. However, the

spread was entirely different among equity and fixed income. While equity

ETFs experienced heavy redemptions totaling $9.9bn (mostly from A-shares),

money market ETFs attracted strong inflows of $9.2bn over the same period.

During Q3 2015 when the equity markets were in free fall, investors allocated

their investments into money market ETFs for safer returns.

Figure 29: Equity and money market ETF flow divergence – China listed

(20,000)

(15,000)

(10,000)

(5,000)

-

5,000

10,000

15,000

Da

ily

Cu

m. F

low

s ($

mn

)

Equity Money Market

Major inflows period inmoney market ETFs

Period of govermentETF purchases


21 January 2016



Korea ETF market is undergoing new developments to further stimulate the

growth

South Korean ETF market accounts for $18.5bn in assets under management

with more than 200 ETFs. It is now 13 years old which saw its first product

launch back in 2002 and presently offering ETFs from all the asset classes. In

the last 5 years, Korean ETF market has become more than 3 fold both in

terms of AUM ($5.3bn to $18.5bn) and product count (64 to 204).

Among other major ETF markets in Asia-Pac region like Japan, China, Hong

Kong and Taiwan, Korean ETF market is on the top in terms of product

offerings (#204) at the end of 2015, although it ranks 4th in terms of AUM.

While looking at yearly turnover, Korea was one of the most traded ETF market

in the region for the period 2011 to 2013, but activity slowed down a bit in

2014 and 2015.

Figure 30: Evolution of Korea listed ETFs

-

50

100

150

200

250

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2010 2011 2012 2013 2014 2015

AUM Flows Nu. of ETPs


New announcements in Q4 2015

In Q4 2015, Korea Exchange and South Korea’s Financial Services Commission

have announced several measures to boost ETF market in South Korea. This

primarily includes:

Allow public and private pension funds to invest in ETFs.

Raise mutual funds’ investment limit in ETFs to 50% from 20%.

Cross listings of foreign ETFs on Korea Exchange in order to meet rising

demand for overseas direct investment by locals.

Reducing ETF registration time by shortening the screening period to 20

days from 45 days.

Allowing more ETFs to be listed on the exchange to meet the needs of

pension funds and individual investors.

21 January 2016



Ease rules on index usage among ETFs. A newly launched ETF in South

Korea enjoys exclusivity to the index that it tracks for three months before

another ETF is allowed to track the same index. This rule has to be

scrapped.

Providing more relevant information to investors by introducing unified ETF

classification system and an online platform to make it easier for investors

to compare different ETFs.

Offer tax incentives to ETFs that track foreign stock market indices.

Many of these changes were expected to be introduced by early 2016. These

measures are likely to stimulate Korean ETF market with more product

adoption among investors, increased product variety, larger asset base, higher

trading activity and new inflows.

JPX-Nikkei 400 ETFs: Boost from GPIF and Bank of Japan

ETFs tracking JPX-Nikkei 400 Index have been on spotlight since its inception

in January 2014. ETF providers across the regions have joined the race by

offering JPX-Nikkei 400 based ETFs. Presently there are 26 ETFs available

globally offering long only, leveraged/short and currency hedged exposures. In

2015 these ETFs have attracted inflows of over $3bn bringing AUM to $7bn.

JPX-Nikkei 400 is a new index only launched in January 2014, mainly designed

for Government Pension Investment Fund (GPIF) of Japan. GPIF made a

historic move in its policy asset mix starting from 2014. It has significantly

increased its allocation to equities, including new benchmarks such as Nikkei

400, to boost returns. JPX-Nikkei 400 is designed to encourage investment in

stocks with high return on equity, which is a measure of how well companies

use shareholders’ money to generate income. This new index aims to promote

the quality, corporate governance and capital efficiency of Japanese

companies using the power of the market. JPX-Nikkei 400 Index has attracted

lots of attention since the launch, and accumulated significant assets tracking

it. GPIF’s equity allocation acts as a positive catalyst and provides support to

the Japanese equity market. We expect institutional and retail investors to

further buy into ETFs tracking the benchmarks GPIF uses including JPX-Nikkei

400. Also, as per the recent announcement from Bank of Japan, it will buy JPX

Nikkei 400 index based ETFs under its current ETF buying program.

Figure 31: JPX-Nikkei 400 ETF Snapshot Figure 32: 2015 Daily Cum. Flows for JPX-Nikkei 400

ETFs

2015 2014 2015 2014 2015 2014Asia-Pac 1,857.3 2,821.9 4,882.9 2,762.3 15 5 Europe 1,249.7 670.9 1,947.9 658.2 7 3 US 36.7 - 150.7 - 4 - Global 3,144 3,493 6,981 3,421 26 8

AUM Nu. Of ProductsFlows

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Cu

m. F

low

s ($

mn

)

Asia-Pac Europe US


21 January 2016



Figure 33: Top 5 ETFs tracking JPX-Nikkei 400 Index

ETP Name BBG Ticker TERDate of

ListingAUM ($mn)

Net Flows

($mn) - 2015

Next Funds JPX-Nikkei Index 400 ETF 1591 JP 0.25% 28-Jan-14 2,123.3 603.2

Maxis JPX- Nikkei index 400 ETF 1593 JP 0.13% 6-Feb-14 793.8 197.7

Daiwa ETF - JPX Nikkei 400 1599 JP 0.22% 27-Mar-14 580.1 240.2

Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP 0.25% 16-Sep-14 566.9 135.1

Listed Index Fund JPX-Nikkei Index 400 1592 JP 0.12% 28-Jan-14 503.7 216.3


Leveraged/Short ETFs will continue to grow and gain popularity in 2016

Leveraged/Short (L/S) ETFs have seen significant growth in 2015, both in terms

of new flows and number of product offerings in the market, globally and

especially in Asia-Pac. L/S ETFs in Asia-Pac received $5.8bn in annual inflows

taking total AUM to $13.4bn by the end of 2015 which is nearly two times of

last year’s closing ($7bn). Also, number of products available in the market

was 34 at the end of 2014 which saw more than 100% increase and reached to

72 by the close of last year. In 2015 we experienced high volatility in the global

markets and 2016 started with a similar note. As sophisticated investors make

use of L/S ETFs to maximize their returns during volatile period, we expect L/S

ETFs will continue to grow in 2016 as well.

In the recent times, L/S ETFs’ contribution has become noteworthy not only in

terms of AUM and product offerings, but their turnovers in the Asia-Pac region

represent a significant portion of turnovers among all ETFs. In Japan, L/S ETFs

contribute 86% of the total ETF turnover this year with only 7% of the total

AUM. South Korea and Taiwan are similar, with 14% and 30% of the AUM

respectively; representing more than 50% of the turnover. Most of L/S ETFs in

Asia are listed in Japan and South Korea and rest are in Taiwan and Australia.

It is worthwhile to highlight that these ETFs are complicated and different from

many other ETFs, so more suitable for sophisticated institutional investors. One

key feature of this type of ETFs is the daily compounding: a 2-times leveraged

ETF targets to return 2-times of the benchmark index on a daily basis.

Investors with holding period longer than a day may see the return drifting

away from the 2 times the return of the benchmark, which might lead to

volatile, unpredictable and unexpected return.

In addition, the daily rebalance of the ETFs could have an impact on the spot of

the futures, in particular towards the close. On the other hand, money tends to

move out of leveraged funds on the days the funds move up significantly due

to profit taking. Such movement could reduce the fund’s need to rebalance its

leveraged exposure in the direction of the market.

21 January 2016



Figure 34: Leveraged/short ETPs by listing country/region

2015 2014 2015 2014 2015 2014

Japan 29 8,865 3,407 4,949 1,043 420,010 212,729

S. Korea 30 2,553 3,230 (878) 963 76,579 90,760

Taiwan 10 1,861 334 1,616 284 29,801 1,188

Australia 3 150 57 121 40 504 278

Asia-Pac 72 13,429 7,027 5,807 2,330 526,894 304,955

US 195 31,596 31,853 4,051 2,750 1,418,344 1,409,246

Europe 338 7,673 7,071 1,890 627 97,420 81,681

Global 605 52,697 45,952 11,748 5,707 2,042,658 1,795,882

Leverage Long/Short ETPs

Listing

Country/Region

# of

ETPs

AUM ($mn) Net Flows ($mn) Turnover ($mn)


Figure 35: Evolution of leveraged/short ETFs in Asia-Pac

Figure 36: L/S ETF AUM and Turnover by listing country

in Asia-Pac

0

10

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30

40

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4%

18%

7%1%

7%14%

30%

2%

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8% 2%

86%

50%

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3%

0%

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100%

Japan S. Korea Taiwan Australia

Le

v/sh

ort

vs

All

ET

Fs

(%)

2014 AUM 2015 AUM 2014 Turnover 2015 Turnover


Money market ETFs continue to gain traction in 2016

Asia-Pac ETP market has been traditionally dominated by equity ETFs. This has

been changing in 2015, especially during Q3, with the growing traction for

money market ETFs. Particularly in China, bearish sentiments drove more and

more investors switching their money from equities to money market funds, as

they became more risk averse. In Q3’15, CSI 300 index dropped close to 30%

(+5.6% in 2015), while Yinhua Traded Money Market Fund (511880 CH), which

is the largest money market ETF in the region, grew +0.72% (+3.15% in 2015).

The growth of this sector is evident from new flows, asset growth and new

launches in 2015. Globally, Asia-Pac focused money market ETFs have grown

from $3.2bn assets at the end of 2014 to $12.7bn by the end of 2015, driven by

$10.3bn yearly inflows. Of these inflows, $11.3bn came during Q3’15 when

equity markets turned bearish while outflows of $2.3bn during Q4’15 (when the

markets started stabilizing) reduced the overall annual flows. Yinhua Traded

Money Market Fund (511880 CH) drives the inflow in this sector (AUM: $7.7bn,

2015 inflows: $7.4bn) but there are other ETFs as well which attracted

remarkable inflows this year. With the launch of 5 new ETFs in 2015, money

market ETF tally has now reached to 16 globally: dominated by China (7 ETFs,

$10.3bn AUM) and Korea (5 ETFs, $1.7bn AUM) focused ETFs. Tally includes 3

Asia-Pac focused money market ETFs listed in Europe of which one is RQFII ETF.

With potential high volatility in equity markets in 2016, which we are already

experiencing at the beginning of the year, investors may prefer money market

ETFs to park their investments to reduce risk and safer returns.

21 January 2016



Figure 37: Money market ETF AUM growth in 2015 Figure 38: China money market ETF flows vs CSI 300

performance

-

2

4

6

8

10

12

14

16

18

-

2,000

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8,000

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2012 2013 2014 2015

Nu

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s

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M (

$m

n)

AUM Nu. of ETFs

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90

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-2.0

0.0

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8.0

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Ind

ex le

vels

-R

eb

ased

Da

ily C

um

. F

low

s ($

bn

)

China Money Market ETF flows CSI 300 Performance


Figure 39: Top 5 Money Market ETFs with Asia-Pac focus

ETP Name BBG Ticker TERDate of

Listing

AUM

($mn)

Net Flows

($mn) - 2015

Yinhua Traded Money Market Fund 511880 CH 0.30% 18-Apr-13 7,695.1 7,410.8

China Southern Cash Management Money Market Fund ETF 511810 CH 0.30% 5-Jan-15 1,894.4 1,937.3

Mirae Asset Tiger Money Market ETF 157450 KS 0.09% 16-May-12 662.8 341.2

BetaShares Australian High Interest Cash ETF AAA AU 0.18% 7-Mar-12 576.6 76.0

Samsung KODEX KRW Cash Plus ETF - Bond 214980 KS 0.15% 3-Mar-15 563.8 585.5


RQFII ETF product offerings increase in spite of volatility and heavy

redemptions

Despite volatile equity markets in China in 2015, 12 new RQFII ETFs were

launched taking the tally to 40 globally. This includes 23 in Asia-Pac, 11 in US

and 6 in Europe comprising 34 equity and 6 fixed income ETFs. Although,

assets under management for these ETFs eroded to $6.2bn by the end of last

year from 2014 level of $11.2bn amid volatile China equity markets, A to H

share switch and heavy redemptions ($5.5bn YTD). China’s domestic market is

simply too big to ignore, therefore we expect the continued interests from

investors and product issuers.

Figure 40: Evolution of RQFII ETFs

2012 2013 2014 2015

AUM 7,061 6,324 11,195 6,211

Net Flows 6,340 (128) 335 (5,531)

# of ETFs 5 13 28 40

-

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45

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21 January 2016



Currency hedged ETP tally will continue to rise in 2016, as US dollar continue

to strengthen against Euro, JPY, CNY and other EM currencies

In 2015, US dollar strengthened against all the major currencies, especially

EUR and EM currencies, which increased popularity of ETPs providing

currency hedged exposure to mitigate FX rate volatility. This is evident from

inflows of over $50bn last year into currency hedged ETPs listed in US and

Europe with product count crossing 200 mark. Among these, total number of

ETPs providing currency hedged exposure to Asian countries stood at 61 with

the launch of 24 new ETFs this year. These ETPs have also received notable

inflows of $6.4bn in 2015 taking total assets under management to $28bn

globally.

If US dollar continue to strengthen in 2016 then we can see another year of

fast pace growth in the currency hedged space.

Figure 41: Major currency performance vs USD

60

70

80

90

100

110

120

Re

ba

sed

Le

vels

JPY INR CNY GBP EUR RUB ZAR BRL

JPY

BRL


Figure 42: Evolution of currency hedged ETPs – Global

Figure 43: Evolution of currency hedged ETPs with Asia-

Pac focus

2011 2012 2013 2014 2015

AUM 1,440 3,556 24,657 37,384 82,726

Net Flows 1,413 1,788 17,421 13,886 50,526

# of ETFs 29 37 76 108 201

0

50

100

150

200

250

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Nu

. o

f E

TFs

$m

n

2011 2012 2013 2014 2015

AUM 633 2,415 20,263 21,773 28,077

Net Flows 597 1,572 14,828 2,294 6,338

# of ETFs 7 10 22 35 61

0

10

20

30

40

50

60

70

0

5,000

10,000

15,000

20,000

25,000

30,000

Nu

. o

f E

TFs

$m

n


21 January 2016



Figure 44: All Currency Hedged ETP flows by listing

region - YTD

Figure 45: Currency Hedged ETPs with Asia-Pac focus

flows by listing region - YTD

0

10

20

30

40

50

60

Cu

mu

lati

ve F

low

s ($

bn

)

US Europe Asia-Pac

0.0

1.5

3.0

4.5

6.0

7.5

9.0

Cu

mu

lati

ve F

low

s ($

bn

)

US Europe Asia-Pac Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Developments around Mutual Recognition and Fund Passport

Asian ETF industry has been lagged behind Europe in the past 10 years,

despite of the fact that assets in Asian ETFs were larger than those in Europe

until 2004. One of the main reasons is that Asia ETF markets are still

segmented and Asia ETF listings mostly focus on domestic markets. This is

contrary to the Europe, which has the Undertakings for Collective Investment

in Transferable Securities (UCITS). UCITS has helped boosting the growth of

European ETF industry by allowing collective investment schemes to operate

freely throughout the EU on the basis of a single authorization from one

member state.

Fortunately, regulators from various countries in the Asia-Pacific region have

continued to make progress in various initiatives aimed at broadening access

for locally domiciled funds within the region. Two of such programs are Mutual

Recognition of Funds and Asia Region Funds Passport.

Hong Kong-China Mutual Recognition of Funds, which was first announced in

January 2013 to allow Hong Kong-domiciled funds to be sold in China and vice

versa. Under this program, qualified Securities and Futures Commission (SFC)

authorized funds domiciled in and operating from Hong Kong and mainland

respectively enjoy the status of recognized and funds could be sold directly in

each other’s market after obtaining authorization from the host market. After

being overshadowed by the Shanghai Hong Kong Stock Connect in 2014,

finally the first batch of three Hong Kong and four mainland funds was

approved at the end of 2015 under the cross-border Mutual Recognition of

Funds scheme. The three Hong Kong funds approved for mainland distribution

include Hang Seng China H-Share Index ETF (2828 HK). This scheme should

boost growth in Asia ETF industry although some of the industry participants

consider that unfortunate timing, lack of variety and the growth of alternative

investment options have taken the sheen off the initiative at the beginning.

However, we expect this channel, along with the potential inclusion of ETFs in

stock connect program, to be one of the major factors driving the ETF growth

in Hong Kong and China in the next few years.

21 January 2016



The Asia Region Funds Passport (ARFP) is an initiative aiming to create a

mutual and international regulatory framework to enable the cross-border

marketing and regulation of collective investment schemes in each

participating country namely Australia, Japan, South Korea, New Zealand,

Philippines and Thailand. It is hoped that ARFP will encourage regional

financial integration through investors being able to access an internationally

diversified range of investment products with a consistent level of investor

protection. The aim of implementing this initiative was early 2016 but it seems

the scheme might be delayed to mid-2017. South Korea’s Financial Services

Commission (FSC) reveals that ARFP participating countries will sign a final

agreement in the first half of 2016, after which each will be given 18 months to

prepare domestic rules and systems. Japan joined most recently in September

2015 so it may not have its regulatory systems in place for the ARFP before the

middle of 2017.

Once the above mentioned programs are fully implemented with wide scope,

they should stimulate growth in Asia ETF industry quickly with significantly

increased participation across Asian countries

21 January 2016



3. Investment Trends5

Market review and outlook

2015 not only saw the first Fed interest rate increase since 2006, but also

China’s greatest currency devaluation since 1994. Furthermore, divergent

Central Bank policy paths among developed nations were definitely one of the

topics at the forefront of the economic discussion. In the meantime, global

economies struggled to maintain a strong growth pace, which in many

occasions had to be supported by additional easing and stimulus measures

provided by monetary and fiscal authorities, respectively. Under such scenario,

last year was not absent of significant volatility spikes such as the one on Aug

24th when the VIX index closed above 40. At last, 2015 was a year that

favored conservative views over risk taking. The big winner was the US dollar

with almost double digit positive returns. While Global Equities, and Fixed

Income were slightly positive. The plunge in Oil prices was a significant drag

on Commodities which recorded another weak year.

All major developed equity markets were up last year. In the US, the S&P 500

edged positive by 1.4%6; while outside the US, developed markets were also

positive in their local currency. The Nikkei (JPY), the Stoxx 600 (EUR), and

MSCI EAFE (local) were all up, by 11%, 10% and 5% (-1% in USD) for the year,

respectively. Emerging market equities were down in local currency with the

MSCI EM losing 6% (-15% in USD). Rates edged lower as suggested by the

10bps advance in the 10Y UST yield in 2015. Commodities (DB Optimum Yield

Index) plunged again over 26%, led by WTI-Crude Oil losses of over 30% last

year. The USD strengthened against most currencies, particularly the EUR and

those currencies related to commodity producing countries. Equity volatility

(VIX) ended the year at 18.2 or 5% below the previous year level

For 2016 we7 continue to see better prospects for the US dollar and global

equities, relative to fixed income and commodities. The pace of the Fed’s

hikes, USD strength, Oil prices, the evolution of the Chinese economy, and

Central Bank policy divergence will most likely continue to shape the economic

landscape in the current year. Within equities, we continue to prefer developed

markets over emerging markets, but with a different approach. Within the US

we prefer sectors like Health Care, Technology, Utilities and Banks over

Energy, Materials, and Industrials; while outside the US we prefer Europe. In

Emerging Markets we continue to see pressure until Fed repricing. Within

bonds, we prefer short duration on downside from hiking cycle and IG over HY

in credit on better fundamentals for IG. Commodities should remain weak, but

with less drag from Oil prices as they seem to be more aligned with their fair

value.

5 This section contemplates long-only ETPs listed in the US, Europe, Asia Pacific and the Rest of the

World. 6 Returns quoted on this paragraph represent total returns.

7 The outlook 2016 views expressed in this paragraph are taken from the views compiled and presented in

Deutsche Bank’s “The House View” report published on January 13, 2016.

21 January 2016



Investment trend highlights

According to ETP flow trends among long-only ETPs around the globe, 2015

was another strong year for Global Equity flows with over $250bn. Similarly,

Fixed Income ETP flows also attracted healthy amounts of new cash reaching

just above $100bn at the end of last year. However, other asset classes such

as Commodities with under $5bn of inflows didn’t enjoy the same degree of

interest from investors (Figure 46).

Figure 46: Cash flows by asset class – 2015

| Long ETPs | Global |

Figure 47: Investment trend highlights – 2015


-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

(50)

0

50

100

150

200

250

300

$ B

illio

n

$ B

illio

n

Equity (lhs) Fixed Income (lhs) Commodity (rhs) Others (rhs)

(20,000)

30,000

80,000

130,000

180,000

230,000

$ M

illion


Source: Deutsche Bank, Bloomberg Finance LP. Eq: Equity, FI: Fixed Income, Cmdty: Commodity

Most of the major trends happened within Equities. Among Equity products,

ETPs with exposure to Developed Markets excluding the US received the

largest new allocations with inflows of $195bn last year. Meanwhile,

European-focused and Japan-focused equity products also received significant

attention from investors with positive flows of $80bn and $50bn, respectively.

ETPs tracking US equities didn’t fall short either, and attracted $66bn in

inflows during the same period. On the other hand, ETFs with focus on

Chinese equities also received significant attention, but mostly due to the

exodus of investors whom pulled about $15bn away from these funds. Outside

Equities, the most remarkable trend was registered in Fixed Income where the

Investment Grade space received over $70bn inflows during 2015 (Figure 47).

Similar to 2015, Global markets are likely to see bumpy roads in 2016. We also

expect the investment trends in ETFs to be similar to those in 2015. We expect

to see most of the ETP inflows from Equity, followed by Fixed Income. Within

Equity, investors are likely to favor DM/Europe/US exposures, as well as Japan.

China exposure may see inflows as the market stabilizes and the potential

MSCI announcement regarding China A-share inclusion. Within Fixed Income,

investors may prefer ETFs offering exposure to investment grades and short

durations.

21 January 2016



Equity ETFs

By Geographic Allocation

ETPs tracking European equities dominated during 2015, gathering $82.5bn in

fresh cash; in the meantime, ETPs with global focus received the second-

largest inflows with $68.4bn. North America focused-ETPs experienced

weakness during the first half of year; however a steady flow recovery during

the second half allowed them to record the third largest trend with net

creations of $67.7bn. In addition, flows into the Asian Pacific benchmarked

products were consistent across the year; capturing inflows of $41.0bn. On the

contrary, Latin America-focused ETPs experienced another weak year,

concluding the year with outflows of $2.5bn (Figure 48).

In terms of economic regions, inflows were strong across developed nations

outside the US. Broad exposures received the largest inflows ($124.4bn); while

ETPs invested in DM countries outside the US experienced inflows of $70.2bn;

similarly US-focused ETPs ended the year with inflows of $66.1bn. On the

other hand, EM ETPs saw outflows at a country and broad level of $16.3bn

and $2.3bn, respectively, mostly influenced by a weak and volatile Chinese

equity market (Figure 49).

Figure 48: Equity flows by region – 2015


Figure 49: Equity flows by geographic allocation – 2015


(40,000)

(20,000)

0

20,000

40,000

60,000

80,000

100,000

$ M

illio

n

Europe Global North America Asia Pacific Latin America

(60,000)

(40,000)

(20,000)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

$ M

illio

n

US DM ex US Broad DM ex US Country EM Broad EM Country Source: Deutsche Bank, Bloomberg Finance LP, Reuters


Among the country products with significant flows activity (>$1.0bn) during

the year, we had the following: DM-US (+$66.1bn), DM-Japan (+$50.1bn), EM-

China (-$15.1bn), DM-Germany (+$8.6bn), DM-Hong Kong (+$2.6bn), EM-

Mexico (-$2.0bn), EM-India (+$2.0bn), DM-Australia (+$1.9bn), DM-Canada

(+$1.5bn), DM-Switzerland (+$1.3bn), DM-France (+$1.3bn), and DM-UK

(+$1.2bn) (Figure 50 and Figure 51).

21 January 2016



Figure 50: Top 5 DM ex US countries – 2015


Figure 51: Top 5 EM countries – 2015


(10,000)

-

10,000

20,000

30,000

40,000

50,000

60,000

(2,000)

0

2,000

4,000

6,000

8,000

10,000

Jap

an C

F $

Mill

ion

$ M

illio

n

Germany Hong Kong Australia Canada Japan (rhs)

(25,000)

(20,000)

(15,000)

(10,000)

(5,000)

0

5,000

10,000

$ M

illio

n

China Mexico India South Korea Taiwan Source: Deutsche Bank, Bloomberg Finance LP, Reuters


Among offshore China ETFs, we have seen divergent flow trend for ETFs focus

on A-share vs H-share since the launch of Shanghai-Hong Kong Stock Connect

in November 2014 through 2015. Flows moved completely in opposite

direction throughout the year; however the magnitude of outflows from A-

shares was higher than the inflows into H-shares. A-shares ETFs experienced

outflows of $11.8bn while H-shares received inflows of $6.9bn in 2015. We

expect the A-share ETF flows to start pick up in 2016 when the market

stabilizes.

Figure 52: A share vs H share ETF flow divergence – China focused listed globally

(15,000)

(10,000)

(5,000)

-

5,000

10,000

Da

ily

Cu

m. F

low

s ($

mn

)

A shares H shares


By Sector

All sectors received inflows during 2015. Global Cyclicals led the inflows with

net creations of $12.0bn; meanwhile, Domestic Cyclicals and Defensives

experienced inflows of $7.0bn and $3.7bn, respectively (Figure 53).

21 January 2016



At an individual sector level, Energy (+$10.4bn), Healthcare (+$6.9bn), Financials

(+$6.5bn), Information Technology (+$2.7bn), and Consumer Discretionary

(+$2.2bn) products experienced the highest flow activity (Figure 54).

Figure 53: Equity sector flows by business cycle

sensitivity – 2015 | Long ETPs | Global |

Figure 54: Top 5 equity sector flows – 2015


(10,000)

(5,000)

0

5,000

10,000

15,000

$ M

illio

n

Defensives Global Cyclicals Domestic Cyclicals

(6,000)

(3,000)

0

3,000

6,000

9,000

12,000

15,000

$ M

illio

n

Energy Healthcare Financials

Information Technology Consumer Discretionary



By Style and Size

Growth ETPs (+$15.7bn) captured most of the attention during 2015;

meanwhile, investors kept pouring fresh new cash into Value ETPs (+$11.3bn).

However, the Dividend ETP flow trend displayed clear signs of weakness;

quickly into the year the inflow burst experienced in the first couple of months

of the year began to reverse, just to rebound towards the end of the year in

time to finish with mild inflows of $1.7bn. Overall, with the Fed moving back to

tightening mode, and the end of a multi-year trend of inflows into Dividend

products, it seems that income-seeking investors may be reevaluating their

preferences by searching for yield outside Dividend products (Figure 55).

In terms of size allocations, we saw steady allocations into Mid and Small cap

products both of which received over $15bn of inflows; however Large Cap

ETPs experienced the most relevant activity with a very weak start and a

strong flow recovery beginning around the midyear mark, all the way into year-

end for a total of about $30bn in 2015 (Figure 56).

Figure 55: Equity flows by style (excludes blend) – 2015


Figure 56: Equity flows by size (excludes broad) – 2015


(2,000)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

$ M

illio

n

Dividend Growth Value

(60,000)

(50,000)

(40,000)

(30,000)

(20,000)

(10,000)

0

10,000

20,000

30,000

40,000

$ M

illio

n

Large Cap Small Cap Mid Cap



21 January 2016



Fixed Income ETFs

Global Fixed Income ETPs experienced a solid uptrend during 2015. Similar to

2014, positive market performance during last year facilitated a constant

stream of inflows into multiple pockets of the fixed income spectrum, with

overall net creations of $105.3bn. Corporates ETPs captured most of the

inflows, gathering $36.4bn in fresh cash; meanwhile, Sovereign, broad-

benchmarked funds, Money Market, and Sovereign and Corporates focused

products experienced inflows of $23.3bn, $19.4bn, $12.1bn and $7.5bn,

respectively (Figure 58).

Regarding Credit Quality, there was a clear preference for

Investment Grade (+$70.5bn) products during the year,

while High Yield ETPs, were unable to capture much

interest, remaining mostly flat during 2015 and gathering

only $7.4bn inflows (Figure 59). Focusing on tenure, short

duration focused products concluded the year with

$20.1bn inflows. Medium duration ETPs came in second

place with net creations of $15.2bn; meanwhile, money

market and long duration products attracted $13.6bn and

$3.4bn inflows, respectively (Figure 57). The flows into

fixed income products reflected on one hand the concern

of investors regarding risk taking within the Credit

markets due to the weakness suggested by the widening

of credit spreads particularly within the Energy space, and

on the other hand the duration risk given the Fed entering

a new tightening cycle as implied by its December

interest rate hike. In addition, the concerns about risk

assets in general are also suggested by the allocations to

money market and short duration products.

Figure 58: Top 5 aggregate fixed income segments –

2015 | Long ETPs | Global |

Figure 59: Fixed income flows by credit quality (excludes

mixed) – 2015 | Long ETPs | Global |

(5,000)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

$ M

illio

n

Corporates Sovereign Broad Money Market Sovereign & Corporates

(10,000)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

$ M

illio

n

High Yield Investment Grade Source: Deutsche Bank, Bloomberg Finance LP, Reuters. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 57: Fixed income flows by tenure 2015


(5,000)

0

5,000

10,000

15,000

20,000

25,000

$ M

illio

n

Medium Duration Money Market Long Duration Short Duration


21 January 2016



Commodity ETPs

Commodity-focused ETPs failed to gain significant assets mainly due to the

weak performance which has affected the asset class in recent years. Energy

was the only sector which showed some noteworthy level of inflows during

2015 with a total of $9.0bn inflows for the year. However we believe this was

mostly driven by speculation on Crude Oil prices rather than by strategic

allocations to the sector. In the meantime, Precious Metals were the worst

performing sector, with $4.4bn outflows. While among sub-sectors, Crude Oil

ETPs (+$8.4bn) experienced the largest inflows, and Gold-focused ETPs saw

the largest outflows (-$3.5bn) (Figure 60 and Figure 61).

Figure 60: Top 5 aggregate commodity sectors – 2015


Figure 61: Top 5 commodity sub-sectors – 2015


(6,000)

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

$ M

illio

n

Energy Overall Agriculture Industrial Metals Precious Metals

(6,000)

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

$ M

illio

n

Silver Crude Oil Platinum Gold Natural Gas

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

21 January 2016



4. Market Metrics

ETP industry asset evolution

Figure 62: Global ETP regional asset growth | ETPs | Global |

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

RoW ($) 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 250.2

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 507.4

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

US, Europe, Asia Pacific & RoW($) 205.6 286.6 404.0 583.7 829.3 755.7 1,136.8 1,444.3 1,491.5 1,913.6 2,338.9 2,721.3 2,945.8

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 467.1

Number of ETPs* 288 345 460 775 1,279 1,777 2,193 2,799 3,424 3,843 4,082 4,475 4,935

0

900

1,800

2,700

3,600

4,500

5,400

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illion

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

Figure 63: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |

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

ETCs 0.0 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 17.7

ETVs 1.2 2.7 6.3 15.8 29.9 37.6 76.7 105.8 109.1 121.7 65.1 58.0 49.2

ETFs 204.3 283.2 396.5 565.9 794.2 710.7 1,042.5 1,311.6 1,353.7 1,756.1 2,252.1 2,642.5 2,878.9

Total 205.6 286.6 404.0 583.7 829.3 755.7 1,136.8 1,444.3 1,491.5 1,913.6 2,338.9 2,721.3 2,945.8

Number of ETPs* 288 345 460 775 1,279 1,777 2,193 2,799 3,424 3,843 4,082 4,475 4,935

-

900

1,800

2,700

3,600

4,500

5,400

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illion


21 January 2016



Figure 64: Global ETF regional asset growth | ETFs | Global |

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

RoW ($) 5.8 7.9 12.1 16.1 24.0 21.3 42.6 51.6 54.2 73.2 75.0 79.7 73.6

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 168.3 201.8 249.9

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 490.1

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

US, Europe, Asia Pacific & RoW($) 204.3 283.2 396.5 565.9 794.2 710.7 1,042.5 1,311.6 1,353.7 1,756.1 2,252.1 2,642.5 2,878.9

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 451.2

Number of ETFs* 276 330 442 714 1,181 1,591 1,953 2,449 2,995 3,313 3,551 3,938 4,396

0

900

1,800

2,700

3,600

4,500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETFs

$ b

illion


Figure 65: US ETF asset growth by asset class | ETFs | US |

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

Other - - - 0.1 0.3 0.5 1.8 2.9 3.5 4.1 6.8 9.0 10.0

Fixed Income 4.5 7.0 15.0 20.5 34.8 59.1 111.3 145.6 193.3 257.7 257.1 312.3 361.0

Equity 138.7 196.1 276.5 390.6 546.8 439.4 593.6 744.8 742.5 952.4 1,350.4 1,601.1 1,694.3

Total 143.2 203.1 291.5 411.2 581.9 499.1 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3

Number of ETFs* 123 157 206 349 608 704 778 902 1,093 1,163 1,261 1,381 1,577

0

200

400

600

800

1,000

1,200

1,400

1,600

0

500

1,000

1,500

2,000

2,500

Num

ber

of

ETFs

$ b

illion


21 January 2016



Figure 66: US Commodity ETP asset growth by segment | ETPs | US |

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

Industrial Metals - - - 48 33 640 512 369 315 239 226 116

Agriculture - - - 1,116 1,064 2,516 2,756 2,112 1,717 1,284 1,187 777

Energy - - 860 1,244 5,124 10,071 5,979 3,603 4,234 2,631 3,190 5,328

Overall - - 855 2,000 1,689 6,399 7,563 7,732 8,763 7,724 6,024 4,022

Precious Metals 1,335 4,709 11,730 20,979 26,193 49,694 81,432 86,440 99,874 47,490 42,183 34,074

Total 1,335 4,709 13,445 25,386 34,104 69,320 98,240 100,256 114,903 59,369 52,809 44,317

Number of ETPs* 1 2 8 17 29 30 37 46 50 51 57 53

0

12

24

36

48

60

0

25,000

50,000

75,000

100,000

125,000

Num

ber

of

ETP

s

$ m

illion


Figure 67: European ETF asset growth by asset class | ETFs | Europe |

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

Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,399

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

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 113,076

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,542 147,270 139,312 170,829 209,804 261,398 324,387

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,105 211,059 207,579 252,743 286,276 362,371 451,160

Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,351 1,440 1,527

0

300

600

900

1,200

1,500

1,800

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Num

ber

of

ETFs

€m

illion


21 January 2016



Figure 68: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |

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

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

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 464

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 786

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,144

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

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,850

Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 27,926

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

-

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Figure 69: Asia Pacific ETPs (ETF & ETC) asset growth | ETPs | Asia Pacific |

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

ETC - - - - 572 325 566 660 672 736 452 403 321

ETF 34,840 39,921 42,818 49,159 61,253 52,604 66,386 83,527 90,667 135,526 168,321 201,785 249,926

Total 34,840 39,921 42,818 49,159 61,825 52,929 66,953 84,187 91,339 136,262 168,773 202,188 250,247

Number of ETPs* 35 40 47 62 90 169 211 284 398 506 586 651 810

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21 January 2016



Figure 70: RoW ETF asset growth by asset class | ETFs | RoW |

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

Other - - - - 173 167 307 365 358 471 629 722 774

Commodity - - - - - 424 2,386 2,181 1,666 3,294 2,308 3,211 2,069

Fixed Income 204 310 673 1,223 1,712 2,117 6,045 9,028 12,240 18,916 18,766 21,110 21,137

Equity 5,586 7,631 11,441 14,876 22,074 18,572 33,830 40,068 39,970 50,483 53,259 54,689 49,670

Total 5,790 7,941 12,114 16,099 23,959 21,280 42,568 51,642 54,234 73,164 74,962 79,732 73,650

Number of ETFs* 19 20 27 37 65 109 150 215 294 348 368 454 498

0

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21 January 2016



ETFs vs. cash equities

Figure 71: ETFs vs. cash equities* turnover – US market | ETFs | US |

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

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illion

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

* Include ETFs’ turnover Source: Deutsche Bank , Bloomberg Finance LP, Reuters

Figure 72: ETFs vs. cash equities* turnover – European market | ETFs | Europe |

0.0%

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

* Include ETFs’ turnover Source: Deutsche Bank , Bloomberg Finance LP, Reuters

21 January 2016



Figure 73: Turnover comparatives – ETF vs. cash equities | ETFs | Global |

Region: US vs Europe comparatives

Statistic: ETFs Cash Equities1

ETFs vs CEs3 ETFs Cash Equities

2ETFs vs CEs

3 ETFs vs

CEsCEs ETFs

Date (A) (B) A/B (C) (D) C/DJan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x

Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x

Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x

Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x

May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x

Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x

Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x

Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x

Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x

Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x

Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x

Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x

Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x

Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x

Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x

Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x

May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x

Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x

Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x

Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x

Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x

Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x

Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x

Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x

Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x

Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x

Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x

Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x

May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x

Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x

Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x

Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x

Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x

Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x

Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x

Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x

Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x

Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x

Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x

Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x

May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x

Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x

Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x

Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x

Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x

Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x

Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x

Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x

Jan-15 69,723 735,103 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.6x

Feb-15 58,285 665,654 8.8% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x

Mar-15 75,902 796,300 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x

Apr-15 65,852 719,197 9.2% 1,297,812 5,518,235 23.5% 2.6x 7.7x 19.7x

May-15 57,438 668,771 8.6% 1,197,595 5,111,824 23.4% 2.7x 7.6x 20.9x

Jun-15 67,457 766,395 8.8% 1,420,153 5,762,644 24.6% 2.8x 7.5x 21.1x

Jul-15 63,627 703,279 9.0% 1,465,731 6,025,688 24.3% 2.7x 8.6x 23.0x

Aug-15 70,657 707,698 10.0% 1,971,994 6,731,171 29.3% 2.9x 9.5x 27.9x

Sep-15 58,819 675,284 8.7% 1,692,334 6,003,237 28.2% 3.2x 8.9x 28.8x

Oct-15 56,825 656,663 8.7% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.5x

Nov-15 56,098 606,321 9.3% 1,236,632 5,240,597 23.6% 2.6x 8.6x 22.0x

Dec-15 66,047 609,111 10.8% 1,722,065 5,982,914 28.8% 2.7x 9.8x 26.1x

Period 3,585,145 50,510,913 7.1% 113,265,805 422,533,492 26.8% 4.0x 8.4x 33.0x

Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x

Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x

Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x

Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.7% 3.3x 9.4x 30.6x

Total 2015 766,728 8,309,775 9.2% 18,045,351 70,021,780 25.8% 2.8x 8.5x 23.6x1As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe.

Turnover

3 On-exchange turnover comparision between ETFs and Cash Equities.

USA ($ million)

2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange.

Europe (€ million)

Source: Deutsche Bank, NYSE Euronext, London SE, Deutsche Borse, SIX Swiss Exchange, Reuters, Bloomberg Finance LP

21 January 2016



ETFs vs. unlisted mutual funds

Figure 74: European ETP vs. mutual fund assets | ETPs | Europe |

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

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

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 448

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

ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.7% 3.6% 3.6% 3.7%

1.7%

2.2%

2.7%

3.2%

3.7%

4.2%

0

50

100

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vs m

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* As of 30/10/2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

Figure 75: European ETP vs. mutual fund cash flows | ETPs | Europe |

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

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

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

Mutual funds 34.60 0.50 9.40 25.90 20.60 26.80 41.90 50.40 46.70 63.20 48.00 36.90 40.90 32.10 28.10 22.70 30.80 16.10 54.70 71.40 71.40 66.50 51.10 18.10 38.80 -3.20 11.80 28.40

-10

0

10

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40

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70

80

90

Cash F

low

s (

€billion)

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

21 January 2016



Figure 76: US ETP vs. mutual fund assets | ETPs | US |

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

ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 50

ETFs 954 976 848 939 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,080

ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 16.1%

ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 15.7%

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

0

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ETP

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illion)

*As of 30/11/2015 Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 77: US ETP vs. mutual fund cash flows | ETPs | US |

-60

-40

-20

0

20

40

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80

Cash flo

ws (

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illion)

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

ETVs -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56 -0.76 0.67 -0.42 0.78 0.45

ETFs 41.32 -18.25 32.85 28.33 14.22 23.19 -14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51 -7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36 27.22 25.58

Mutual funds 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 -22.76 -3.03 13.55 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.26 -7.85 -30.08

Source: Deutsche Bank, Bloomberg Finance LP, ICI

21 January 2016



Exchange Traded Notes

Currently, ETNs are not part of our ETP universe; however, we

recognize that these products are very comparable to ETPs in many

respects and market participants use them interchangeably. Therefore,

we have included some market statistics for US ETNs (where the ETN

market is more significant and data more available) for those

interested parties.

Figure 78: US ETN summary by asset class

Asset Class 2015 2014 %Chg 2015 2014 $ MM Chg 2015 2014 %Chg 2015 2014 %Chg AUM Turnover Products

Equity 12,607 16,990 -25.8% 405 3,006 (2,601) 38,466 25,990 48.0% 55 53 3.8% 59% 5% 27%

Fixed income 288 448 -35.8% (140) 70 (210) 788 1,962 -59.8% 19 23 -17.4% 1% 0% 9%

Commodity 5,262 5,409 -2.7% 3,355 1,066 2,289 151,039 53,229 183.8% 90 96 -6.3% 25% 20% 45%

Currency 73 119 -38.7% (34) 8 (42) 455 411 10.9% 11 13 -15.4% 0% 0% 5%

Multi Asset 533 1,040 -48.8% (360) 282 (642) 1,871 2,142 -12.7% 7 7 0.0% 2% 0% 3%

Alternative 2,617 2,803 -6.6% 375 964 (589) 546,753 482,382 13.3% 19 19 0.0% 12% 74% 9%

Total 21,379 26,809 -20.3% 3,601 5,396 (1,795) 739,373 566,117 30.6% 201 211 -4.7% 100% 100% 100%

AUM ($ MM) Cash Flow ($ MM) Turnover ($ MM) Products Market Share %


Figure 79: US ETN summary by provider

Issuer 2015 2014 %Chg 2015 2014$ MM

Chg2015 2014 %Chg 2015 2014 %Chg AUM Turnover Products

Barclays Bank 6,507 8,971 -27.5% (454) 1,456 (1,909.9) 348,520 360,881 -3.4% 81 81 0.0% 30% 47% 40%

JPMorgan 3,446 5,694 -39.5% (130) (114) (16.6) 21,449 12,266 74.9% 1 1 0.0% 16% 3% 0%

UBS 4,932 5,188 -4.9% 1,510 1,227 283.6 13,638 11,373 19.9% 45 34 32.4% 23% 2% 22%

Credit Suisse 4,682 3,961 18.2% 3,487 2,566 920.9 347,853 173,668 100.3% 26 27 -3.7% 22% 47% 13%

Deutsche Bank 941 881 6.7% 40 29 10.6 4,687 4,167 12.5% 29 35 -17.1% 4% 1% 14%

Swedish Export CC 391 765 -48.9% (191) (158) (32.7) 1,328 1,853 -28.3% 7 7 0.0% 2% 0% 3%

RBS - 747 -100.0% (753) 192 (945.8) 852 1,033 -17.5% - 13 -100.0% 0% 0% 0%

Citigroup 206 186 11.2% 103 163 (59.2) 229 209 9.1% 3 3 0.0% 1% 0% 1%

Goldman Sachs 105 158 -33.7% - - - 417 319 30.9% 1 1 0.0% 0% 0% 0%

Morgan Stanley 51 111 -53.8% (8) - (7.8) 59 109 -46.3% 1 2 -50.0% 0% 0% 0%

Van Eck Funds 61 79 -23.1% (4) 3 (6.2) 292 199 46.7% 4 4 0.0% 0% 0% 2%

HSBC USA Inc 29 30 -3.0% - - 0 3 6 -40.4% 1 1 0.0% 0% 0% 0%

RBC GAM 20 28 -29.8% 0 33 (32) 44 15 199.6% 1 1 0.0% 0% 0% 0%

Guggenheim 8 9 -16.1% - - - 3 21 -85.5% 1 1 0.0% 0% 0% 0%

Total 21,379 26,809 -20.3% 3,601 5,396 (1,795.3) 739,373 566,117 30.6% 201 211 -4.7% 100% 100% 100%

AUM ($ MM) Cash Flow ($ MM) Turnover ($ MM) Products Market Share %


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5. Provider Rankings Global provider rankings

Figure 80: Global top 20 ETF providers | ETFs | Global | All figures in $ million

Provider 2015Market

share

YoY mkt.

share

change

2014Market

share

YoY mkt.

share

change

2013Market

share2015

YoY

change2014

YoY

change2013 2015

YoY %

change2014

YoY %

change2013

BlackRock 1,099,319 38.2% -0.5% 1,020,993 38.6% -1.6% 906,592 40.3% 138,989 36,434 102,555 39,084 63,472 5,643,017 5% 5,397,246 14% 4,726,822

Vanguard 509,554 17.7% 0.8% 446,578 16.9% 1.8% 340,640 15.1% 84,631 -3,744 88,376 27,831 60,545 982,648 28% 770,442 15% 671,581

State Street 421,288 14.6% -2.5% 453,738 17.2% 0.2% 382,769 17.0% -17,310 -61,891 44,581 1,432 43,149 8,909,207 19% 7,503,687 9% 6,864,146

PowerShares 96,736 3.4% -0.2% 93,199 3.5% -0.5% 91,111 4.0% 3,113 9,552 -6,439 -21,765 15,326 993,574 1% 984,237 44% 682,653

Deutsche AWM 82,092 2.9% 0.6% 59,002 2.2% 0.0% 51,057 2.3% 27,821 18,818 9,003 12,762 -3,760 161,521 110% 77,062 22% 63,070

Nomura Asset Management 63,786 2.2% 0.6% 43,106 1.6% 0.0% 36,206 1.6% 16,625 8,415 8,210 3,693 4,517 413,688 85% 223,313 73% 128,927

WisdomTree 52,162 1.8% 0.3% 39,297 1.5% -0.1% 34,884 1.5% 17,399 12,260 5,139 -9,223 14,362 221,876 64% 135,478 13% 119,854

Lyxor 51,867 1.8% 0.1% 45,876 1.7% -0.2% 43,324 1.9% 10,027 4,055 5,972 6,468 -496 162,274 18% 137,019 10% 124,071

First Trust 43,067 1.5% 0.2% 33,421 1.3% 0.4% 19,786 0.9% 11,229 -620 11,848 3,652 8,196 99,847 18% 84,415 137% 35,683

Charles Schwab 39,712 1.4% 0.4% 26,922 1.0% 0.3% 16,896 0.8% 14,195 5,469 8,726 2,609 6,118 63,928 83% 35,012 31% 26,659

UBS 27,282 0.9% 0.1% 21,080 0.8% 0.1% 16,033 0.7% 7,781 2,195 5,586 2,879 2,707 29,990 42% 21,131 34% 15,719

Guggenheim Investments 27,087 0.9% -0.1% 27,468 1.0% 0.1% 20,165 0.9% 861 -5,332 6,193 -915 7,108 59,034 5% 56,183 53% 36,743

Nikko Asset Management 26,561 0.9% 0.2% 18,050 0.7% -0.1% 18,153 0.8% 7,222 6,530 692 -2,472 3,164 9,230 -35% 14,097 -35% 21,637

Daiwa Asset Management 25,671 0.9% 0.2% 18,581 0.7% 0.0% 16,032 0.7% 5,385 2,288 3,098 -1,126 4,223 12,447 46% 8,536 -2% 8,728

Amundi 22,194 0.8% 0.1% 18,682 0.7% 0.0% 15,642 0.7% 4,511 979 3,532 2,067 1,465 57,813 158% 22,408 46% 15,309

ProShares 21,667 0.8% -0.1% 21,777 0.8% -0.3% 24,216 1.1% 444 -185 629 -4,293 4,922 641,640 -13% 740,771 15% 645,604

Van Eck Funds 19,026 0.7% -0.1% 20,523 0.8% -0.2% 22,114 1.0% 1,947 608 1,339 -224 1,563 474,234 2% 464,028 35% 342,519

Source 17,695 0.6% 0.0% 15,316 0.6% 0.0% 13,408 0.6% 3,325 991 2,334 177 2,157 22,216 49% 14,942 67% 8,922

BMO Financial Group 17,578 0.6% 0.0% 16,179 0.6% 0.1% 11,852 0.5% 4,683 76 4,607 1,480 3,127 25,142 42% 17,646 30% 13,543

Hang Seng Investment Management 11,624 0.4% 0.1% 8,138 0.3% 0.0% 7,563 0.3% 5,994 5,791 203 -377 580 41,511 404% 8,228 -9% 9,036

Total 2,675,968 93.0% 0.3% 2,447,924 92.6% -0.1% 2,088,442 92.7% 348,873 42,690 306,183 63,738 242,445 19,024,838 14% 16,715,881 15% 14,561,225

Other 202,962 7.0% -0.3% 194,541 7.4% 0.1% 163,683 7.3% 22,216 -1,859 24,075 3,249 20,826 2,028,507 47% 1,381,797 23% 1,126,713

Grand total 2,878,930 100% 2,642,466 100% 2,252,124 100% 371,089 40,830 330,259 66,987 263,272 21,053,346 16% 18,097,679 15% 15,687,939

Assets TurnoverCash flow

Source: Deutsche Bank, Reuters, Bloomberg Finance LP

Figure 81: Global ETF providers tier market share | ETFs | Global |

Tier Tier 1 Tier 2 Tier 3

Providers 3 7 206

2013 72.4% 13.0% 14.6%

2014 72.7% 12.9% 14.4%

2015 70.5% 14.9% 14.6% 0% 20% 40% 60% 80% 100%

2013

2014

2015

Tier 1 Tier 2 Tier 3 Source: Deutsche Bank, Reuters, Bloomberg Finance LP

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Figure 82: Global top 20 ETP providers | ETPs | Global | All figures in $ million

Provider 2015Market

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BlackRock 1,110,022 37.7% -0.3% 1,033,486 38.0% -1.4% 920,463 39.4% 139,017 36,183 102,834 41,796 61,039 5,680,803 4% 5,442,388 13% 4,814,769

Vanguard 509,554 17.3% 0.9% 446,578 16.4% 1.8% 340,640 14.6% 84,631 -3,744 88,376 27,831 60,545 982,648 28% 770,442 15% 671,581

State Street 443,218 15.0% -2.6% 481,063 17.7% 0.0% 413,591 17.7% -19,345 -60,627 41,282 23,183 18,099 9,083,737 18% 7,715,169 7% 7,237,163

PowerShares 101,528 3.4% -0.2% 100,357 3.7% -0.6% 100,124 4.3% 2,113 8,625 -6,512 -20,306 13,793 1,022,878 1% 1,011,812 42% 714,127

Deutsche AWM 83,887 2.8% 0.6% 61,194 2.2% 0.0% 53,588 2.3% 27,979 19,069 8,910 12,964 -4,055 163,585 106% 79,497 17% 68,089

Nomura Asset Management 63,786 2.2% 0.6% 43,106 1.6% 0.0% 36,206 1.5% 16,625 8,415 8,210 3,693 4,517 413,688 85% 223,313 73% 128,927

WisdomTree 52,162 1.8% 0.3% 39,297 1.4% 0.0% 34,884 1.5% 17,399 12,260 5,139 -9,223 14,362 221,876 64% 135,478 13% 119,854

Lyxor 51,867 1.8% 0.1% 45,876 1.7% -0.2% 43,324 1.9% 10,027 4,055 5,972 6,468 -496 162,274 18% 137,019 10% 124,071

First Trust 43,067 1.5% 0.2% 33,421 1.2% 0.4% 19,786 0.8% 11,229 -620 11,848 3,652 8,196 99,847 18% 84,415 137% 35,683

Charles Schwab 39,712 1.3% 0.4% 26,922 1.0% 0.3% 16,896 0.7% 14,195 5,469 8,726 2,609 6,118 63,928 83% 35,012 31% 26,659

Guggenheim Investments 28,279 1.0% -0.1% 28,403 1.0% 0.1% 21,666 0.9% 1,205 -4,539 5,745 -1,070 6,815 89,038 14% 77,890 3% 75,897

UBS 27,282 0.9% 0.2% 21,080 0.8% 0.1% 16,033 0.7% 7,781 2,195 5,586 2,879 2,707 29,990 42% 21,131 34% 15,719


Daiwa Asset Management 25,671 0.9% 0.2% 18,581 0.7% 0.0% 16,032 0.7% 5,385 2,288 3,098 -1,126 4,223 12,447 46% 8,536 -2% 8,728

ProShares 25,165 0.9% -0.1% 25,059 0.9% -0.2% 27,275 1.2% 1,970 987 983 -4,712 5,695 945,378 7% 882,933 11% 792,427

Amundi 22,194 0.8% 0.1% 18,682 0.7% 0.0% 15,642 0.7% 4,511 979 3,532 2,067 1,465 57,813 158% 22,408 46% 15,309

Source 19,493 0.7% 0.0% 17,235 0.6% 0.0% 15,208 0.7% 3,513 1,010 2,503 1,878 625 26,064 47% 17,766 30% 13,689

Van Eck Funds 19,026 0.6% -0.1% 20,523 0.8% -0.2% 22,114 0.9% 1,947 608 1,339 -224 1,563 474,234 2% 464,028 35% 342,519


ETF Securities 14,025 0.5% -0.2% 17,173 0.6% -0.1% 17,880 0.8% 204 -410 615 5,627 -5,012 47,068 25% 37,775 -28% 52,745

Total 2,724,077 92.5% 0.2% 2,512,266 92.3% -0.1% 2,161,357 92.4% 342,293 38,808 303,485 96,994 206,491 19,611,670 14% 17,198,755 12% 15,293,135

Other 221,734 7.5% -0.2% 208,991 7.7% 0.1% 177,578 7.6% 31,543 6,294 25,250 4,979 20,270 2,217,970 48% 1,497,473 23% 1,217,878

Grand total 2,945,811 100% 2,721,257 100.0% 2,338,935 100% 373,836 45,102 328,734 101,973 226,761 21,829,639 17% 18,696,228 13% 16,511,013

Assets Cash flow Turnover


Figure 83: Global ETP providers tier market share | ETPs | Global |


Providers 3 8 208

2013 71.6% 14.0% 14.4%

2014 72.1% 13.9% 14.0%

2015 70.0% 15.8% 14.2% 0% 20% 40% 60% 80% 100%

2013

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2015


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US provider rankings

Figure 84: US top 20 ETF providers | ETFs | US | All figures in $ million

Provider 2015Market

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BlackRock 817,739 39.6% 0.7% 748,079 38.9% -1.2% 647,891 40.1% 106,244 23,727 82,517 39,764 42,753 5,040,615 4% 4,846,564 16% 4,179,134

Vanguard 483,106 23.4% 1.2% 426,665 22.2% 1.5% 333,777 20.7% 76,727 1,244 75,483 20,122 55,360 945,788 27% 743,562 15% 646,838

State Street 392,202 19.0% -3.3% 427,931 22.3% -0.1% 360,749 22.3% -22,557 -63,181 40,624 804 39,820 8,835,572 19% 7,450,312 9% 6,820,069

PowerShares 93,066 4.5% -0.2% 89,606 4.7% -0.8% 87,866 5.4% 2,694 9,344 -6,650 -21,266 14,616 984,146 1% 976,179 45% 675,534

WisdomTree 51,642 2.5% 0.5% 39,280 2.0% -0.1% 34,884 2.2% 16,869 11,746 5,123 -9,239 14,362 220,189 63% 135,159 14% 118,833

First Trust 42,748 2.1% 0.3% 33,202 1.7% 0.5% 19,715 1.2% 11,079 -613 11,691 3,550 8,141 99,308 19% 83,616 137% 35,246

Charles Schwab 39,712 1.9% 0.5% 26,922 1.4% 0.4% 16,896 1.0% 14,195 5,469 8,726 2,609 6,118 63,928 83% 35,012 31% 26,659

Guggenheim Investments 27,087 1.3% -0.1% 27,468 1.4% 0.2% 20,165 1.2% 861 -5,332 6,193 -915 7,108 59,018 5% 56,026 53% 36,565

ProShares 21,667 1.0% -0.1% 21,777 1.1% -0.4% 24,216 1.5% 444 -185 629 -4,293 4,922 640,888 -13% 739,369 15% 644,990

Deutsche AWM 19,884 1.0% 0.7% 4,402 0.2% 0.2% 1,037 0.1% 16,795 13,640 3,155 2,322 833 75,146 736% 8,988 388% 1,840

Van Eck Funds 18,777 0.9% -0.2% 20,461 1.1% -0.3% 22,104 1.4% 1,722 437 1,285 -269 1,554 473,771 2% 463,382 35% 342,076

PIMCO 10,902 0.5% -0.1% 11,682 0.6% -0.2% 13,277 0.8% -370 1,162 -1,533 -5,986 4,453 30,963 -11% 34,701 -8% 37,605

ALPS 10,078 0.5% -0.1% 11,693 0.6% 0.1% 8,837 0.5% 1,697 -1,194 2,891 -561 3,452 31,960 55% 20,645 32% 15,634

DirexionShares 8,737 0.4% 0.0% 8,087 0.4% 0.0% 6,778 0.4% 2,849 363 2,486 1,123 1,363 485,802 -10% 537,935 6% 506,907

FlexShares 7,588 0.4% -0.1% 8,389 0.4% 0.0% 6,740 0.4% 125 -1,855 1,981 -2,434 4,414 8,410 13% 7,416 -6% 7,851

Fidelity Investments 3,767 0.2% 0.0% 2,757 0.1% 0.1% 641 0.0% 1,138 -837 1,976 1,599 377 12,262 65% 7,433 658% 981

Global X Funds 3,103 0.2% 0.0% 3,706 0.2% 0.0% 2,840 0.2% 546 -773 1,319 -217 1,536 10,304 -14% 11,968 59% 7,510

Exchange Traded Concepts 1,960 0.1% 0.0% 2,205 0.1% 0.1% 972 0.1% 160 -1,198 1,358 507 851 2,889 -5% 3,041 143% 1,252

IndexIQ Advisors 1,545 0.1% 0.0% 1,338 0.1% 0.0% 916 0.1% 278 -139 417 89 327 2,404 32% 1,816 23% 1,481

Millington Securities 1,487 0.1% 0.0% 1,154 0.1% 0.1% - 0.0% 453 -721 1,174 1,174 0 1,847 46% 1,265 NA -

Total 2,056,797 99.6% -0.1% 1,916,805 99.7% 0.0% 1,610,300 99.7% 231,948 -8,895 240,843 28,484 212,359 18,025,212 12% 16,164,388 15% 14,107,005

Other 8,461 0.4% 0.1% 5,657 0.3% 0.0% 4,067 0.3% 3,621 1,815 1,807 384 1,423 22,188 29% 17,181 45% 11,814

Grand total 2,065,258 100% 1,922,462 100% 1,614,367 100% 235,569 -7,081 242,650 28,868 213,782 18,047,400 12% 16,181,569 15% 14,118,819

Cash flow TurnoverAssets


Figure 85: US ETF providers tier market share | ETFs | US|


Providers 3 7 39

2013 83.2% 12.7% 4.2%

2014 83.4% 12.6% 4.0%

2015 82.0% 14.3% 3.7% 0% 20% 40% 60% 80% 100%

2013

2014

2015

Tier 1 Tier 2 Tier 3


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Figure 86: US top 20 ETP providers | ETPs | US | All figures in $ million

Provider 2015Market

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BlackRock 828,011 39.2% 0.8% 760,357 38.4% -1.0% 661,589 39.4% 105,999 23,255 82,745 42,322 40,423 5,077,706 4% 4,891,355 15% 4,266,446

Vanguard 483,106 22.9% 1.3% 426,665 21.6% 1.7% 333,777 19.9% 76,727 1,244 75,483 20,122 55,360 945,788 27% 743,562 15% 646,838

State Street 414,133 19.6% -3.4% 455,256 23.0% -0.3% 391,571 23.3% -24,592 -61,917 37,325 22,555 14,770 9,009,602 18% 7,661,082 7% 7,191,638

PowerShares 97,858 4.6% -0.3% 96,764 4.9% -0.9% 96,879 5.8% 1,694 8,417 -6,723 -19,807 13,083 1,013,450 1% 1,003,754 42% 707,007

WisdomTree 51,642 2.4% 0.5% 39,280 2.0% -0.1% 34,884 2.1% 16,869 11,746 5,123 -9,239 14,362 220,189 63% 135,159 14% 118,833

First Trust 42,748 2.0% 0.3% 33,202 1.7% 0.5% 19,715 1.2% 11,079 -613 11,691 3,550 8,141 99,308 19% 83,616 137% 35,246

Charles Schwab 39,712 1.9% 0.5% 26,922 1.4% 0.4% 16,896 1.0% 14,195 5,469 8,726 2,609 6,118 63,928 83% 35,012 31% 26,659

Guggenheim Investments 28,279 1.3% -0.1% 28,403 1.4% 0.1% 21,666 1.3% 1,205 -4,539 5,745 -1,070 6,815 89,022 15% 77,733 3% 75,719

ProShares 25,165 1.2% -0.1% 25,059 1.3% -0.4% 27,275 1.6% 1,970 987 983 -4,712 5,695 944,626 7% 881,531 11% 791,812

Deutsche AWM 19,884 0.9% 0.7% 4,402 0.2% 0.2% 1,037 0.1% 16,795 13,640 3,155 2,322 833 75,146 736% 8,988 388% 1,840

Van Eck Funds 18,777 0.9% -0.1% 20,461 1.0% -0.3% 22,104 1.3% 1,722 437 1,285 -269 1,554 473,771 2% 463,382 35% 342,076

PIMCO 10,902 0.5% -0.1% 11,682 0.6% -0.2% 13,277 0.8% -370 1,162 -1,533 -5,986 4,453 30,963 -11% 34,701 -8% 37,605

ALPS 10,078 0.5% -0.1% 11,693 0.6% 0.1% 8,837 0.5% 1,697 -1,194 2,891 -561 3,452 31,960 55% 20,645 32% 15,634

DirexionShares 8,737 0.4% 0.0% 8,090 0.4% 0.0% 6,778 0.4% 2,846 357 2,489 1,126 1,363 485,812 -10% 537,968 6% 506,907

FlexShares 7,588 0.4% -0.1% 8,389 0.4% 0.0% 6,740 0.4% 125 -1,855 1,981 -2,434 4,414 8,410 13% 7,416 -6% 7,851

United States Commodity Funds 4,422 0.2% 0.1% 2,794 0.1% 0.0% 2,084 0.1% 3,311 1,747 1,565 2,834 -1,269 144,100 36% 105,886 34% 78,815

Fidelity Investments 3,767 0.2% 0.0% 2,757 0.1% 0.1% 641 0.0% 1,138 -837 1,976 1,599 377 12,262 65% 7,433 658% 981

Global X Funds 3,103 0.1% 0.0% 3,706 0.2% 0.0% 2,840 0.2% 546 -773 1,319 -217 1,536 10,304 -14% 11,968 59% 7,510

Exchange Traded Concepts 1,960 0.1% 0.0% 2,205 0.1% 0.1% 972 0.1% 160 -1,198 1,358 507 851 2,889 -5% 3,041 143% 1,252

ETF Securities 1,780 0.1% 0.0% 2,532 0.1% 0.0% 2,947 0.2% -303 0 -304 -73 -230 3,097 -31% 4,510 -40% 7,505

Total 2,101,651 99.4% -0.1% 1,970,620 99.6% -0.1% 1,672,508 99.7% 232,813 -4,465 237,278 55,178 182,100 18,742,335 12% 16,718,740 12% 14,868,175

Other 11,803 0.6% 0.1% 8,558 0.4% 0.1% 5,370 0.3% 4,330 859 3,471 1,822 1,649 27,471 23% 22,363 52% 14,755

Grand total 2,113,454 100% 1,979,179 100% 1,677,878 100% 237,143 -3,606 240,749 57,000 183,748 18,769,806 12% 16,741,103 12% 14,882,930



Figure 87: US ETP providers tier market share | ETPs | US|


Providers 3 6 57

2013 82.7% 13.0% 4.4%

2014 83.0% 12.6% 4.4%

2015 81.6% 13.5% 4.9%

0% 20% 40% 60% 80% 100%

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Figure 88: Europe top 20 ETF providers | ETFs | Europe | All figures in € million

Provider 2015Market

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BlackRock 214,099 47.5% -0.9% 175,377 48.4% -2.3% 145,010 50.7% 30,341 15,179 15,162 -50 15,212 331,502 37% 242,784 11% 217,872

Deutsche AWM 56,519 12.5% 0.2% 44,558 12.3% -0.3% 35,940 12.6% 9,813 5,555 4,258 7,757 -3,499 75,533 51% 49,928 12% 44,415

Lyxor 47,747 10.6% 0.1% 37,913 10.5% -0.5% 31,441 11.0% 9,003 4,569 4,434 4,863 -429 146,077 42% 103,194 10% 93,407

UBS 24,982 5.5% 0.8% 17,073 4.7% 0.7% 11,416 4.0% 7,225 3,038 4,187 2,395 1,792 26,696 68% 15,853 34% 11,802

Amundi 20,431 4.5% 0.3% 15,439 4.3% 0.3% 11,352 4.0% 4,042 1,368 2,674 1,585 1,089 52,257 206% 17,095 48% 11,543

Vanguard 17,691 3.9% 0.5% 12,538 3.5% 2.4% 3,083 1.1% 4,174 -3,886 8,060 5,356 2,704 23,165 70% 13,640 248% 3,920

Source 16,289 3.6% 0.1% 12,625 3.5% 0.1% 9,730 3.4% 3,042 1,447 1,595 -52 1,646 20,011 77% 11,309 68% 6,722

State Street 11,863 2.6% 0.1% 9,274 2.6% 0.4% 6,089 2.1% 2,233 13 2,220 -421 2,642 16,921 61% 10,537 48% 7,125

Deka Investment GmbH 7,027 1.6% -0.2% 6,433 1.8% -0.1% 5,456 1.9% 402 -340 742 -37 779 22,218 24% 17,940 85% 9,694

ComStage 6,925 1.5% 0.0% 5,391 1.5% -0.3% 5,038 1.8% 1,280 1,413 -134 361 -495 8,377 37% 6,118 40% 4,382

Zuercher Kantonalbank 5,400 1.2% -0.5% 6,032 1.7% -0.6% 6,566 2.3% -383 638 -1,021 1,109 -2,131 2,886 -16% 3,418 -56% 7,694

HSBC 4,985 1.1% -0.4% 5,363 1.5% 0.6% 2,550 0.9% -701 -2,857 2,156 1,975 181 7,107 -10% 7,875 66% 4,741

BNP Paribas 4,485 1.0% -0.1% 3,857 1.1% 0.2% 2,592 0.9% 305 -681 986 1,995 -1,008 2,294 28% 1,792 -20% 2,248

Xact Fonder AB 2,522 0.6% -0.1% 2,379 0.7% -0.4% 3,020 1.1% 28 784 -756 -901 145 15,851 1% 15,656 15% 13,643

PowerShares 1,766 0.4% 0.0% 1,465 0.4% 0.0% 1,277 0.4% 81 196 -115 -333 219 2,294 22% 1,875 25% 1,505

Ossiam 1,707 0.4% 0.0% 1,430 0.4% 0.1% 747 0.3% -134 -643 508 213 295 1,217 143% 501 16% 432

Julius Baer Inv 1,640 0.4% -0.2% 2,060 0.6% -0.3% 2,380 0.8% -279 139 -418 1,078 -1,496 906 -38% 1,464 -67% 4,430

ThinkCapital ETFs N.V. 1,623 0.4% 0.1% 1,089 0.3% 0.0% 721 0.3% 502 214 288 -286 574 1,531 87% 820 123% 368

ETF Securities 818 0.2% 0.1% 475 0.1% 0.0% 329 0.1% 408 254 154 145 10 7,325 68% 4,366 -7% 4,670

BBVA Gestion SA SGIIC 483 0.1% 0.0% 434 0.1% 0.0% 379 0.1% 75 32 43 -15 58 643 74% 369 58% 233

Total 449,003 99.5% -0.2% 361,205 99.7% 0.1% 285,115 99.6% 71,456 26,433 45,023 26,737 18,286 764,809 45% 526,535 17% 450,847

Other 2,157 0.5% 0.2% 1,166 0.3% -0.1% 1,161 0.4% 1,038 1,054 -16 236 -252 1,917 3% 1,866 -23% 2,416

Grand total 451,160 100% 362,371 100% 286,276 100% 72,494 27,487 45,007 26,973 18,034 766,726 45% 528,401 17% 453,262



Figure 89: Europe ETF providers tier market share | ETFs | Europe |


Providers 4 9 25

2013 78.2% 18.3% 3.5%

2014 75.9% 21.2% 2.9%

2015 76.1% 21.1% 2.8%

0% 20% 40% 60% 80% 100%

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Figure 90: Europe top 20 ETP providers | ETPs | Europe | All figures in € million

Provider 2015Market

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BlackRock 214,496 45.9% -0.4% 175,556 46.3% -1.8% 145,135 48.1% 30,586 15,386 15,200 67 15,133 332,121 37% 243,049 11% 218,353

Deutsche AWM 58,172 12.5% 0.2% 46,369 12.2% -0.3% 37,777 12.5% 9,951 5,784 4,167 7,901 -3,733 77,386 50% 51,763 7% 48,207

Lyxor 47,747 10.2% 0.2% 37,913 10.0% -0.4% 31,441 10.4% 9,003 4,569 4,434 4,863 -429 146,077 42% 103,194 10% 93,407

UBS 24,982 5.3% 0.8% 17,073 4.5% 0.7% 11,416 3.8% 7,225 3,038 4,187 2,395 1,792 26,696 68% 15,853 34% 11,802

Amundi 20,431 4.4% 0.3% 15,439 4.1% 0.3% 11,352 3.8% 4,042 1,368 2,674 1,585 1,089 52,257 206% 17,095 48% 11,543

Source 17,944 3.8% 0.1% 14,212 3.7% 0.1% 11,037 3.7% 3,201 1,490 1,711 1,224 486 23,464 75% 13,443 30% 10,334

Vanguard 17,691 3.8% 0.5% 12,538 3.3% 2.3% 3,083 1.0% 4,174 -3,886 8,060 5,356 2,704 23,165 70% 13,640 248% 3,920

State Street 11,863 2.5% 0.1% 9,274 2.4% 0.4% 6,089 2.0% 2,233 13 2,220 -421 2,642 16,921 61% 10,537 48% 7,125

ETF Securities 10,966 2.3% -0.8% 11,757 3.1% -0.4% 10,501 3.5% 407 -307 715 4,285 -3,570 39,351 58% 24,896 -26% 33,801

Deka Investment GmbH 7,027 1.5% -0.2% 6,433 1.7% -0.1% 5,456 1.8% 402 -340 742 -37 779 22,218 24% 17,940 85% 9,694

ComStage 6,925 1.5% 0.1% 5,391 1.4% -0.2% 5,038 1.7% 1,280 1,413 -134 361 -495 8,377 37% 6,118 40% 4,382

Zuercher Kantonalbank 5,400 1.2% -0.4% 6,032 1.6% -0.6% 6,566 2.2% -383 638 -1,021 1,109 -2,131 2,886 -16% 3,418 -56% 7,694

HSBC 4,985 1.1% -0.3% 5,363 1.4% 0.6% 2,550 0.8% -701 -2,857 2,156 1,975 181 7,107 -10% 7,875 66% 4,741

BNP Paribas 4,485 1.0% -0.1% 3,857 1.0% 0.2% 2,592 0.9% 305 -681 986 1,995 -1,008 2,294 28% 1,792 -20% 2,248

Xact Fonder AB 2,522 0.5% -0.1% 2,379 0.6% -0.4% 3,020 1.0% 28 784 -756 -901 145 15,851 1% 15,656 15% 13,643

PowerShares 1,766 0.4% 0.0% 1,465 0.4% 0.0% 1,277 0.4% 81 196 -115 -333 219 2,294 22% 1,875 25% 1,505

Ossiam 1,707 0.4% 0.0% 1,430 0.4% 0.1% 747 0.2% -134 -643 508 213 295 1,217 143% 501 16% 432

Julius Baer Inv 1,640 0.4% -0.2% 2,060 0.5% -0.2% 2,380 0.8% -279 139 -418 1,078 -1,496 906 -38% 1,464 -67% 4,430

ThinkCapital ETFs N.V. 1,623 0.3% 0.1% 1,089 0.3% 0.0% 721 0.2% 502 214 288 -286 574 1,531 87% 820 123% 368

Deutsche Borse Commodities GmbH 1,579 0.3% -0.1% 1,572 0.4% -0.1% 1,409 0.5% 0 0 0 0 0 1,391 13% 1,235 -28% 1,708

Total 463,950 99.3% -0.2% 377,201 99.5% 0.2% 299,587 99.3% 71,922 26,318 45,604 32,429 13,175 803,508 46% 552,166 13% 489,337

Other 3,185 0.7% 0.2% 1,982 0.5% -0.2% 2,103 0.7% 1,563 1,664 -101 -184 83 9,825 199% 3,283 15% 2,846

Grand total 467,136 100% 379,183 100% 301,690 100% 73,485 27,981 45,503 32,245 13,258 813,334 46% 555,449 13% 492,183



Figure 91: Europe ETP providers tier market share | ETPs | Europe |


Providers 4 10 26

2013 74.8% 21.3% 3.9%

2014 73.0% 23.8% 3.2%

2015 73.9% 23.1% 3.0%

0% 20% 40% 60% 80% 100%

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2015


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Asia Pacific provider rankings

Figure 92: Asia Pacific top 20 ETF providers | ETFs | Asia Pacific | All figures in $ million

Provider 2015Market

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Nomura Asset Management 63,510 25.4% 4.0% 43,106 21.4% -0.1% 36,206 21.5% 16,337 8,127 8,210 3,693 4,517 413,410 85% 223,313 73% 128,927


Daiwa Asset Management 25,671 10.3% 1.1% 18,581 9.2% -0.3% 16,032 9.5% 5,385 2,288 3,098 -1,126 4,223 12,447 46% 8,536 -2% 8,728

State Street 16,199 6.5% -0.7% 14,585 7.2% -0.9% 13,629 8.1% 2,766 1,755 1,011 1,160 -149 49,373 66% 29,705 31% 22,729

Hang Seng Investment Management 11,624 4.7% 0.6% 8,138 4.0% -0.5% 7,563 4.5% 5,994 5,791 203 -377 580 41,511 404% 8,228 -9% 9,036

Mitsubishi UFJ Asset Mg 11,588 4.6% 1.4% 6,574 3.3% -0.2% 5,824 3.5% 4,586 3,485 1,101 -340 1,441 2,980 -8% 3,244 19% 2,733

BlackRock 10,655 4.3% -3.1% 14,910 7.4% 1.8% 9,339 5.5% -3,577 -4,344 767 -74 841 94,376 49% 63,266 17% 53,845

China Asset Management 9,897 4.0% -1.6% 11,120 5.5% 0.4% 8,650 5.1% -1,360 -65 -1,295 -4,598 3,303 205,140 249% 58,863 20% 49,129

Samsung Asset Management 9,274 3.7% -1.0% 9,601 4.8% -0.7% 9,182 5.5% 177 -1,139 1,316 0 1,316 111,211 -18% 135,979 -11% 153,221

Yinhua Fund Management 7,712 3.1% 2.6% 929 0.5% 0.5% 10 0.0% 7,414 6,466 948 966 -17 193,613 115% 89,862 4099% 2,140

China Southern Fund Management Co Ltd 5,577 2.2% 1.3% 1,792 0.9% 0.0% 1,477 0.9% 2,619 2,795 -176 -923 747 81,410 2179% 3,572 77% 2,014

Yuanta Securities Inv trust Co Ltd. 4,492 1.8% -0.1% 3,889 1.9% -0.6% 4,199 2.5% 1,370 2,345 -975 -526 -449 22,712 117% 10,473 32% 7,930

Mirae Asset MAPS Global Investments 4,324 1.7% 0.1% 3,226 1.6% -0.9% 4,287 2.5% 1,331 2,112 -781 -2,527 1,746 21,664 88% 11,548 -4% 12,057

Huatai-PineBridge Fund Management Co 3,547 1.4% -1.3% 5,430 2.7% 1.2% 2,585 1.5% -3,412 -5,176 1,764 3,243 -1,479 143,575 129% 62,619 68% 37,374

Harvest Fund Management Co 3,470 1.4% -2.6% 7,985 4.0% 0.9% 5,209 3.1% -5,553 -5,922 369 2,159 -1,791 29,422 63% 18,079 132% 7,783

E Fund Management 3,440 1.4% -0.4% 3,623 1.8% -0.3% 3,501 2.1% -668 160 -828 984 -1,812 110,782 370% 23,557 2% 23,062

CSOP Asset Management 3,193 1.3% -1.5% 5,557 2.8% 0.7% 3,498 2.1% -2,407 -1,974 -433 -1,606 1,173 81,978 80% 45,422 91% 23,724

Huaan Fund Management 3,138 1.3% 0.0% 2,473 1.2% -0.1% 2,177 1.3% 371 887 -515 -1,156 640 49,554 277% 13,141 40% 9,407

Vanguard 2,486 1.0% 0.2% 1,568 0.8% 0.2% 950 0.6% 1,087 260 827 394 433 2,824 38% 2,053 68% 1,221

DIAM Asset Management 1,750 0.7% 0.7% - 0.0% 0.0% - 0.0% 1,606 1,606 0 0 0 125 NA - NA -

Total 228,108 91.3% 1.5% 181,136 89.8% -0.8% 152,471 90.6% 41,287 25,985 15,302 -3,125 18,428 1,677,338 103% 825,556 43% 576,698

Other 21,818 8.7% -1.5% 20,649 10.2% 0.8% 15,850 9.4% 1,778 -1,510 3,287 455 2,832 217,378 116% 100,824 31% 76,846

Grand total 249,926 100% 201,785 100% 168,321 100% 43,065 24,475 18,590 -2,670 21,260 1,894,715 105% 926,380 42% 653,544



Figure 93: Asia Pacific ETF providers tier market share | ETFs | Asia Pacific |


Providers 4 15 96

2013 49.9% 40.7% 9.4%

2014 46.7% 43.0% 10.2%

2015 52.8% 37.8% 9.4%

0% 20% 40% 60% 80% 100%

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Figure 94: Asia Pacific top 20 ETP providers | ETPs | Asia Pacific | All figures in $ million

Provider 2015Market

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Nomura Asset Management 63,510 25.4% 4.1% 43,106 21.3% -0.1% 36,206 21.5% 16,337 8,127 8,210 3,693 4,517 413,410 85% 223,313 73% 128,927


Daiwa Asset Management 25,671 10.3% 1.1% 18,581 9.2% -0.3% 16,032 9.5% 5,385 2,288 3,098 -1,126 4,223 12,447 46% 8,536 -2% 8,728

State Street 16,199 6.5% -0.7% 14,585 7.2% -0.9% 13,629 8.1% 2,766 1,755 1,011 1,160 -149 49,873 64% 30,416 26% 24,178

Hang Seng Investment Management 11,624 4.6% 0.6% 8,138 4.0% -0.5% 7,563 4.5% 5,994 5,791 203 -377 580 41,511 404% 8,228 -9% 9,036

Mitsubishi UFJ Asset Mg 11,588 4.6% 1.4% 6,574 3.3% -0.2% 5,824 3.5% 4,586 3,485 1,101 -340 1,441 2,980 -8% 3,244 19% 2,733

BlackRock 10,655 4.3% -3.1% 14,910 7.4% 1.8% 9,339 5.5% -3,577 -4,344 767 -74 841 94,376 49% 63,266 17% 53,845

China Asset Management 9,897 4.0% -1.5% 11,120 5.5% 0.4% 8,650 5.1% -1,360 -65 -1,295 -4,598 3,303 205,140 249% 58,863 20% 49,129

Samsung Asset Management 9,274 3.7% -1.0% 9,601 4.7% -0.7% 9,182 5.4% 177 -1,139 1,316 0 1,316 111,211 -18% 135,979 -11% 153,221

Yinhua Fund Management 7,712 3.1% 2.6% 929 0.5% 0.5% 10 0.0% 7,414 6,466 948 966 -17 193,613 115% 89,862 4099% 2,140

China Southern Fund Management Co Ltd 5,577 2.2% 1.3% 1,792 0.9% 0.0% 1,477 0.9% 2,619 2,795 -176 -923 747 81,410 2179% 3,572 77% 2,014

Yuanta Securities Inv trust Co Ltd. 4,492 1.8% -0.1% 3,889 1.9% -0.6% 4,199 2.5% 1,370 2,345 -975 -526 -449 22,712 117% 10,473 32% 7,930

Mirae Asset MAPS Global Investments 4,324 1.7% 0.1% 3,226 1.6% -0.9% 4,287 2.5% 1,331 2,112 -781 -2,527 1,746 21,664 88% 11,548 -4% 12,057

Huatai-PineBridge Fund Management Co 3,547 1.4% -1.3% 5,430 2.7% 1.2% 2,585 1.5% -3,412 -5,176 1,764 3,243 -1,479 143,575 129% 62,619 68% 37,374

Harvest Fund Management Co 3,470 1.4% -2.6% 7,985 3.9% 0.9% 5,209 3.1% -5,553 -5,922 369 2,159 -1,791 29,422 63% 18,079 132% 7,783

E Fund Management 3,440 1.4% -0.4% 3,623 1.8% -0.3% 3,501 2.1% -668 160 -828 984 -1,812 110,782 370% 23,557 2% 23,062

CSOP Asset Management 3,193 1.3% -1.5% 5,557 2.7% 0.7% 3,498 2.1% -2,407 -1,974 -433 -1,606 1,173 81,978 80% 45,422 91% 23,724

Huaan Fund Management 3,138 1.3% 0.0% 2,473 1.2% -0.1% 2,177 1.3% 371 887 -515 -1,156 640 49,554 277% 13,141 40% 9,407

Vanguard 2,486 1.0% 0.2% 1,568 0.8% 0.2% 950 0.6% 1,087 260 827 394 433 2,824 38% 2,053 68% 1,221

DIAM Asset Management 1,750 0.7% 0.7% - 0.0% 0.0% - 0.0% 1,606 1,606 0 0 0 125 NA - NA -

Total 228,108 91.2% 1.6% 181,136 89.6% -0.8% 152,471 90.3% 41,287 25,985 15,302 -3,125 18,428 1,677,837 103% 826,267 43% 578,146

Other 22,139 8.8% -1.6% 21,051 10.4% 0.8% 16,302 9.7% 1,747 -1,501 3,248 496 2,752 217,601 115% 101,092 31% 77,297

Grand total 250,247 100.0% 202,188 100% 168,773 100% 43,034 24,484 18,550 -2,629 21,179 1,895,439 104% 927,360 41% 655,443



Figure 95: Asia Pacific ETP providers tier market share | ETPs | Asia Pacific |


Providers 4 15 96

2013 49.8% 40.6% 9.7%

2014 46.7% 42.9% 10.4%

2015 52.7% 37.7% 9.5%

0% 20% 40% 60% 80% 100%

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RoW provider rankings

Figure 96: RoW top 20 ETF providers | ETFs | RoW | All figures in $ million

Provider 2015Market

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YoY %

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BlackRock 38,350 52.1% -5.4% 45,788 57.4% -8.7% 49,546 66.1% 2,581 3,711 -1,131 -719 -412 139,999 -16% 166,146 -19% 204,768


Vanguard 4,745 6.4% 2.5% 3,174 4.0% 1.8% 1,665 2.2% 2,172 655 1,517 383 1,133 8,272 18% 7,013 -62% 18,304

Horizons Management 4,302 5.8% 0.2% 4,525 5.7% -0.8% 4,873 6.5% 903 790 113 -298 411 57,972 2% 56,840 19% 47,599

PowerShares 1,751 2.4% 0.1% 1,821 2.3% 0.3% 1,486 2.0% 325 -44 369 -52 421 6,886 24% 5,572 9% 5,120

First Asset Funds 1,263 1.7% 0.5% 1,000 1.3% 0.6% 454 0.6% 430 -112 542 219 323 1,688 22% 1,382 155% 542

Absa Capital 1,122 1.5% -0.7% 1,803 2.3% 0.5% 1,293 1.7% 51 -660 711 -602 1,314 2,244 -59% 5,488 210% 1,771

RBC Global Asset Management 1,089 1.5% 0.7% 633 0.8% 0.6% 173 0.2% 622 124 498 471 27 1,188 53% 774 321% 184

Deutsche AWM 811 1.1% 0.2% 683 0.9% 0.2% 495 0.7% 159 -22 181 25 155 1,226 21% 1,017 40% 724

Purpose Investments 606 0.8% 0.3% 408 0.5% 0.4% 121 0.2% 311 11 300 185 115 1,594 77% 899 349% 200

Satrix Managers 505 0.7% -0.8% 1,182 1.5% -0.4% 1,379 1.8% -256 -217 -39 -15 -24 764 -33% 1,133 1% 1,123

Standard Bank 449 0.6% -0.3% 697 0.9% 0.9% - 0.0% -35 -747 712 712 0 564 -28% 779 NA -

Banco Itau SA 310 0.4% -0.2% 515 0.6% -0.1% 582 0.8% -3 -11 9 48 -39 738 31% 565 -5% 594

First Trust 190 0.3% 0.1% 155 0.2% 0.1% 55 0.1% 82 -30 111 71 40 374 -47% 704 65% 427

Stanlib Asset Management 169 0.2% -0.1% 281 0.4% -0.1% 308 0.4% -5 25 -30 39 -70 91 252% 26 99% 13

BBVA Gestion SA SGIIC 167 0.2% -0.1% 290 0.4% -0.2% 408 0.5% -115 -45 -70 575 -645 497 -55% 1,104 -36% 1,727

Smartshares 85 0.1% -0.2% 253 0.3% 0.3% 45 0.1% -141 -409 268 261 8 689 -54% 1,504 437% 280

Rand Merchang Bank 46 0.1% -0.1% 117 0.1% 0.0% 73 0.1% -2 -1 -1 -1 0 151 61% 94 55% 61

Royal Canadian Mint 38 0.1% 0.0% 44 0.1% 0.0% 61 0.1% 0 5 -5 1,678 -1,683 10 -49% 19 -49% 37

Questrade Wealth Management 19 0.0% 0.0% - 0.0% 0.0% - 0.0% 23 23 0 0 0 17 NA - NA -

Total 73,596 99.93% 0.2% 79,547 99.77% -0.1% 74,870 99.9% 11,782 3,121 8,662 4,461 4,201 250,105 -7% 268,707 -10% 297,016

Other 54 0.07% -0.2% 184 0.23% 0.1% 92 0.1% 45 -3 48 89 -41 9,792 -56% 22,226 28% 17,350

Grand total 73,650 100% 79,732 100% 74,962 100% 11,827 3,118 8,709 4,549 4,160 259,897 -11% 290,932 -7% 314,366



Figure 97: RoW ETF providers tier market share | ETFs | RoW |


Providers 4 5 16

2013 90.6% 5.2% 4.2%

2014 87.4% 7.4% 5.2%

2015 88.2% 8.2% 3.6%

0% 20% 40% 60% 80% 100%

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Figure 98: RoW top 20 ETP providers | ETPs | RoW | All figures in $ million

Provider 2015Market

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YoY %

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YoY %

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BlackRock 38,350 51.4% -5.1% 45,788 56.5% -8.2% 49,546 64.7% 2,581 3,711 -1,131 -719 -412 140,000 -16% 166,146 -19% 204,768


Vanguard 4,745 6.4% 2.4% 3,174 3.9% 1.7% 1,665 2.2% 2,172 655 1,517 383 1,133 8,272 18% 7,013 -62% 18,304

Horizons Management 4,302 5.8% 0.2% 4,525 5.6% -0.8% 4,873 6.4% 903 790 113 -298 411 57,972 2% 56,840 19% 47,599

Absa Capital 2,134 2.9% -1.0% 3,131 3.9% 0.1% 2,901 3.8% 49 -388 437 -758 1,195 3,608 -53% 7,621 5% 7,275

PowerShares 1,751 2.3% 0.1% 1,821 2.2% 0.3% 1,486 1.9% 325 -44 369 -52 421 6,886 24% 5,572 9% 5,120

First Asset Funds 1,263 1.7% 0.5% 1,000 1.2% 0.6% 454 0.6% 430 -112 542 219 323 1,688 22% 1,382 155% 542

RBC Global Asset Management 1,089 1.5% 0.7% 633 0.8% 0.6% 173 0.2% 622 124 498 471 27 1,188 53% 774 321% 184

Deutsche AWM 811 1.1% 0.2% 683 0.8% 0.2% 495 0.6% 159 -22 181 25 155 1,226 21% 1,017 40% 724

Purpose Investments 606 0.8% 0.3% 408 0.5% 0.3% 121 0.2% 311 11 300 185 115 1,594 77% 899 349% 200

Satrix Managers 505 0.7% -0.8% 1,182 1.5% -0.3% 1,379 1.8% -256 -217 -39 -15 -24 764 -33% 1,133 1% 1,123

Standard Bank 449 0.6% -0.3% 697 0.9% 0.9% - 0.0% -35 -747 712 712 0 564 -28% 779 NA -

Banco Itau SA 310 0.4% -0.2% 515 0.6% -0.1% 582 0.8% -3 -11 9 48 -39 738 31% 565 -5% 594

First Trust 190 0.3% 0.1% 155 0.2% 0.1% 55 0.1% 82 -30 111 71 40 374 -47% 704 65% 427

Stanlib Asset Management 169 0.2% -0.1% 281 0.3% -0.1% 308 0.4% -5 25 -30 39 -70 91 252% 26 99% 13

BBVA Gestion SA SGIIC 167 0.2% -0.1% 290 0.4% -0.2% 408 0.5% -115 -45 -70 575 -645 497 -55% 1,104 -36% 1,727

Smartshares 85 0.1% -0.2% 253 0.3% 0.3% 45 0.1% -141 -409 268 261 8 689 -54% 1,504 437% 280

Rand Merchang Bank 46 0.1% -0.1% 117 0.1% 0.0% 73 0.1% -2 -1 -1 -1 0 151 61% 94 55% 61

Royal Canadian Mint 38 0.1% 0.0% 44 0.1% 0.0% 61 0.1% 0 5 -5 1,678 -1,683 10 -49% 19 -49% 37

Questrade Wealth Management 19 0.0% 0.0% - 0.0% 0.0% - 0.0% 23 23 0 0 0 17 NA - NA -

Total 74,607 99.93% 0.2% 80,875 99.77% -0.1% 76,478 99.9% 11,780 3,393 8,387 4,305 4,082 251,471 -7% 270,840 -10% 302,519

Other 54 0.07% -0.2% 184 0.23% 0.1% 92 0.1% 45 -3 48 89 -41 9,799 -56% 22,282 28% 17,392

Grand total 74,661 100% 81,059 100% 76,570 100% 11,825 3,390 8,435 4,394 4,041 261,270 -11% 293,122 -8% 319,912



Figure 99: RoW ETP providers tier market share | ETPs | RoW |


Providers 4 5 16

2013 88.7% 7.2% 4.1%

2014 85.9% 9.0% 5.1%

2015 87.0% 9.4% 3.5%

0% 20% 40% 60% 80% 100%

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New entrants and leavers

Figure 100: New entrants* in 2015 - Providers | ETPs | Global |

All figures are in $million

Region Provider Assets Cash flow Turnover Products

ETF

US John Hancock Investments 107.9 105.7 117.7 6

Pacer Advisors 521.6 548.0 884.9 5

O'Shares Investments 47.1 47.0 109.9 5

Lattice Strategies 73.6 82.0 144.1 4

Legg Mason GAM 16.2 16.4 0.8 4

ETF Securities 10.9 11.4 19.7 4

Goldman Sachs 865.1 861.2 775.0 3

CSOP Asset Management 27.0 (28.8) 378.7 3

AccuShares Management LLC 6.3 29.9 81.8 2

Elkhorn Investments LLC 2.5 2.6 7.0 2

Innovator Management 61.0 70.6 346.6 1

U.S. Global Investors 52.2 50.5 243.3 1

AlphaMark Advisors 31.7 35.3 47.5 1

Principal Financial Group 30.0 32.7 15.0 1

Tortoise Capital 18.8 26.2 31.1 1

ETF Managers Capital 18.2 18.3 19.7 1

Diamond Hill Invesment 15.2 15.6 30.3 1

TrimTabs 14.0 16.1 16.5 1

GreenHaven Funds 0.8 1.3 9.8 1

Europe BMO Global Asset Management 78.5 81.3 6.1 9

Nomura Asset Management 275.6 287.6 277.8 3

Van Eck Funds 82.5 114.9 145.3 3

UniCredit Bank 66.1 68.4 9.2 1

Sun Global Investments 5.1 5.1 0.7 1

Asia Pacific ANZ Asset Management 8.8 5.7 9.6 4

DIAM Asset Management 1,750.4 1,606.5 124.9 3

Rakuten Investment Management 81.1 80.3 1,697.0 2

Edelweiss Asset Management 1.7 0 2.8 2

Cathay Securities Investment Trust 106.3 125.2 1,666.3 1

China Life AMP Asset Management Co 82.2 77.7 30.8 1

Yuanda Chinese Holdings Ltd 19.0 28.7 78.8 1

Heungkuk Asset Management 2.2 2.0 1.6 1

RoW Questrade Wealth Management 19.3 22.6 16.8 8

Vetiva Capital Management - - 0.1 3

Quanta Shares 7.6 7.9 59.0 2

Auspice Capital Advisors 12.1 32.3 2.9 1

ETC/V

Asia Pacific ANZ Asset Management 0.5 0.6 0.3 1

2015

Source: Deutsche Bank, Reuters, Bloomberg Finance LP. *GreenHaven Funds and ETF Securities were already present in the US with ETVs, but they launched their first ETFs during 2015.

21 January 2016



6. Product Review

Products count

Figure 101: Number of ETPs by asset class | ETPs | Global |

2013

Asset Class Products*Mkt

Share

YoY

change

YoY %

changeProducts*

YoY

change

YoY %

changeProducts*

ETFs

Equity 3,309 67.1% 397 13.6% 2,912 315 12.1% 2,597

Fixed income 813 16.5% 48 6.3% 765 68 9.8% 697

Commodity 136 2.8% 4 3.0% 132 3 2.3% 129

Currency 20 0.4% 1 5.3% 19 (1) -5.0% 20

Multi Asset 62 1.3% 2 3.3% 60 (2) -3.2% 62

Alternative 56 1.1% 6 12.0% 50 4 8.7% 46

Total 4,396 89.1% 458 11.6% 3,938 387 10.9% 3,551

ETC/Vs

Commodity 411 8.3% 4 1.0% 407 (17) -4.0% 424

Currency 124 2.5% (2) -1.6% 126 23 22.3% 103

Alternative 4 0.1% - 0.0% 4 - 0.0% 4

Total 539 10.9% 2 0.4% 537 6 1.1% 531

Total ETPs 4,935 100.0% 460 10.3% 4,475 393 9.6% 4,082

2015 2014

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

Figure 102: Number of ETPs by asset class | ETPs | US |

2013


Share

YoY

change

YoY %

changeProducts*

YoY

change

YoY %

changeProducts*

ETFs

Equity 1,208 73.5% 174 16.8% 1,034 82 8.6% 952

Fixed income 286 17.4% 16 5.9% 270 31 13.0% 239

Commodity 7 0.4% (1) -12.5% 8 7 700.0% 1

Currency 8 0.5% (3) -27.3% 11 - 0.0% 11

Multi Asset 32 1.9% (1) -3.0% 33 (4) -10.8% 37

Alternative 36 2.2% 11 44.0% 25 4 19.0% 21

Total 1,577 95.9% 196 14.2% 1,381 120 9.5% 1,261

ETVs

Commodity 46 2.8% (3) -6.1% 49 (1) -2.0% 50

Currency 17 1.0% - 0.0% 17 - 0.0% 17

Alternative 4 0.2% - 0.0% 4 - 0.0% 4

Total 67 4.1% (3) -4.3% 70 (1) -1.4% 71

Total ETPs 1,644 100.0% 193 13.3% 1,451 119 8.9% 1,332

2015 2014


21 January 2016



Figure 103: Number of ETPs by asset class | ETPs | Europe |

2013


Share

YoY

change

YoY %

changeProducts*

YoY

change

YoY %

changeProducts*

ETFs

Equity 1,097 55.3% 76 7.4% 1,021 83 8.8% 938

Fixed income 358 18.1% 17 5.0% 341 15 4.6% 326

Commodity 50 2.5% 1 2.0% 49 (9) -15.5% 58

Currency - 0.0% (1) -100.0% 1 - 0.0% 1

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

Alternative 14 0.7% (6) -30.0% 20 - 0.0% 20

Total 1,527 77.0% 87 6.0% 1,440 89 6.6% 1,351

ETCs

Commodity 348 17.6% 6 1.8% 342 (16) -4.5% 358

Currency 107 5.4% (2) -1.8% 109 23 26.7% 86

Total 455 23.0% 4 0.9% 451 7 1.6% 444

Total ETPs 1,982 100.0% 91 4.8% 1,891 96 5.3% 1,795

2015 2014


Figure 104: Number of ETPs by asset class | ETPs | Asia Pacific |

2013


Share

YoY

change

YoY %

changeProducts*

YoY

change

YoY %

changeProducts*

ETFs

Equity 660 81.5% 113 20.7% 547 82 17.6% 465

Fixed income 67 8.3% 12 21.8% 55 9 19.6% 46

Commodity 54 6.7% 4 8.0% 50 1 2.0% 49

Currency 8 1.0% 3 60.0% 5 - 0.0% 5

Multi Asset 3 0.4% (1) -25.0% 4 - 0.0% 4

Alternative 2 0.2% - 0.0% 2 - 0.0% 2

Total 794 98.0% 131 19.8% 663 92 16.1% 571

ETCs

Commodity 16 2.0% 1 6.7% 15 - 0.0% 15

Total 16 2.0% 1 6.7% 15 - 0.0% 15

Total ETPs 810 100.0% 132 19.5% 678 92 15.7% 586

2015 2014


Figure 105: Number of ETPs by asset class | ETPs | RoW |

2013


Share

YoY

change

YoY %

changeProducts*

YoY

change

YoY %

changeProducts*

ETFs

Equity 344 68.9% 34 11.0% 310 68 28.1% 242

Fixed income 102 20.4% 3 3.0% 99 13 15.1% 86

Commodity 25 5.0% - 0.0% 25 4 19.0% 21

Currency 4 0.8% 2 100.0% 2 (1) -33.3% 3

Multi Asset 19 3.8% 4 26.7% 15 2 15.4% 13

Alternative 4 0.8% 1 33.3% 3 - 0.0% 3

Total 498 99.8% 44 9.7% 454 86 23.4% 368

ETVs

Commodity 1 0.2% - 0.0% 1 - 0.0% 1

Total 1 0.2% - 0.0% 1 - 0.0% 1

Total ETPs 499 100.0% 44 9.7% 455 86 23.3% 369

2015 2014


21 January 2016



Average TERs

Figure 106: ETF TERs using simple average | ETFs | Global |

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

Equity Alpha 0.88% 53 0.76% 9 1.33% 7 0.61% 65

Beta 0.46% 721 0.40% 977 0.54% 600 0.48% 179

Beta+ 0.92% 155 0.55% 77 0.73% 50 1.01% 16

Semi Active 0.50% 279 0.54% 34 0.58% 3 0.65% 84

0.55% 1,208 0.41% 1,097 0.57% 660 0.57% 344

Fixed Income Alpha 0.56% 51 0.54% 10 0.47% 3 0.55% 27

Beta 0.27% 203 0.22% 329 0.30% 61 0.31% 69

Beta+ 0.90% 20 0.23% 19 0.41% 3 1.15% 1

Semi Active 0.49% 12 NA NA NA NA 0.33% 5

0.37% 286 0.23% 358 0.31% 67 0.38% 102

Alternative Alpha 1.05% 6 0.67% 4 0.36% 2 0.65% 1

Beta 1.85% 11 0.73% 4 NA NA 0.85% 1

Beta+ 0.95% 1 NA NA NA NA 1.15% 2

Semi Active 0.77% 18 0.57% 6 NA NA NA NA

1.15% 36 0.65% 14 0.36% 2 0.95% 4

Commodity Alpha 0.71% 6 NA NA NA NA NA NA

Beta 0.40% 1 0.49% 49 0.87% 52 0.55% 17

Beta+ NA NA NA NA 0.49% 2 1.25% 8

Semi Active NA NA 0.45% 1 NA NA NA NA

0.67% 7 0.49% 50 0.86% 54 0.78% 25

Currency Alpha 0.49% 7 NA NA NA NA NA NA

Beta NA NA NA NA 0.46% 6 0.45% 4

Beta+ 0.95% 1 NA NA 0.64% 2 NA NA

0.54% 8 NA NA 0.51% 8 0.45% 4

Multi Asset Alpha 0.88% 16 0.57% 7 NA NA 0.66% 10

Beta 0.52% 14 0.40% 1 0.23% 3 0.75% 9

Semi Active 0.57% 2 NA NA NA NA NA NA

0.70% 32 0.55% 8 0.23% 3 0.70% 19

Total 0.53% 1,577 0.38% 1,527 0.56% 794 0.55% 498

US Europe Asia Pacific RoW


Figure 107: ETC/V TERs using simple average | ETC/Vs | Global |


Alternative Semi Active 0.88% 3 NA NA NA NA NA NA

0.90% 4 NA NA NA NA NA NA

Commodity Beta 0.81% 35 0.48% 180 0.48% 16 0.40% 1

Beta+ 0.95% 11 0.84% 168 NA NA NA NA

0.84% 46 0.65% 348 0.48% 16 0.40% 1

Currency Beta 0.47% 12 0.41% 40 NA NA NA NA

Beta+ 0.95% 5 0.82% 67 NA NA NA NA

0.61% 17 0.67% 107 NA NA NA NA

Total 0.79% 67 0.66% 455 0.48% 16 0.40% 1

US Europe Asia Pacific RoW


21 January 2016



Figure 108: ETF TERs using AUM weighted average | ETFs | Global |


Equity Alpha 0.94% 53 0.61% 9 1.09% 7 NA 65

Beta 0.23% 721 0.31% 977 0.33% 600 NA 179

Beta+ 0.94% 155 0.48% 77 0.85% 50 NA 16

Semi Active 0.38% 279 0.55% 34 0.44% 3 NA 84

0.25% 1,208 0.32% 1,097 0.35% 660 NA 344

Fixed Income Alpha 0.50% 51 0.36% 10 0.48% 3 NA 27

Beta 0.22% 203 0.24% 329 0.26% 61 NA 69

Beta+ 0.94% 20 0.22% 19 0.61% 3 NA 1

Semi Active 0.39% 12 NA NA NA NA NA 5

0.24% 286 0.24% 358 0.27% 67 NA 102

Alternative Alpha 0.97% 6 0.86% 4 0.36% 2 NA 1

Beta 2.99% 11 0.73% 4 NA NA NA 1

Beta+ 0.95% 1 NA NA NA NA NA 2

Semi Active 0.71% 18 0.51% 6 NA NA NA NA

1.19% 36 0.78% 14 0.36% 2 NA 4

Commodity Alpha 0.66% 6 NA NA NA NA NA NA

Beta 0.40% 1 0.42% 49 0.84% 52 NA 17

Beta+ NA NA NA NA 0.49% 2 NA 8

Semi Active NA NA 0.45% 1 NA NA NA NA

0.63% 7 0.42% 50 0.84% 54 NA 25

Currency Alpha 0.48% 7 NA NA NA NA NA NA

Beta NA NA NA NA 0.45% 6 NA 4

Beta+ 0.95% 1 NA NA 0.64% 2 NA NA

0.50% 8 NA NA 0.46% 8 NA 4

Multi Asset Alpha 0.83% 16 0.69% 7 NA NA NA 10

Beta 0.45% 14 0.40% 1 0.22% 3 NA 9

Semi Active 0.63% 2 NA NA NA NA NA NA

0.52% 32 0.66% 8 0.22% 3 NA 19

Total 0.25% 1,577 0.30% 1,527 0.35% 794 NA 498

RoWEurope Asia PacificUS


Figure 109: ETC/V TERs using AUM weighted average | ETC/Vs | Global |


Alternative Semi Active 0.93% 3 NA NA NA NA NA NA

0.94% 4 NA NA NA NA NA NA

Commodity Beta 0.46% 35 0.41% 180 0.41% 16 NA 1

Beta+ 0.95% 11 0.98% 168 NA NA NA NA

0.48% 46 0.43% 348 0.41% 16 NA 1

Currency Beta 0.60% 12 0.39% 40 NA NA NA NA

Beta+ 0.95% 5 0.92% 67 NA NA NA NA

0.69% 17 0.76% 107 NA NA NA NA

Total 0.50% 67 0.44% 455 0.41% 16 NA 1

RoWEurope Asia PacificUS


21 January 2016



ETF assets by strategy type

Figure 110: Global ETF assets by strategy type

| ETFs | Global |

Figure 111: US ETF assets by strategy type

| ETFs | US |

Beta, $2,702.5 bil.

Beta+, $47.5 bil.

Semi-active, $91.8 bil.

Active, $37.2 bil.

Leverage

Full discretion Fundamental weighting

α

βTracker

94%

Beta, $1,934.5 bil.

Beta+, $28.2 bil.


Active, $22.6 bil.

Leverage


α

βTracker

94%



Figure 112: European ETF assets by strategy type

| ETFs | Europe |

Figure 113: Asia Pacific ETF assets by strategy type

| ETFs | Asia Pacific |

Beta, $473.3 bil.

Beta+, $6.5 bil.


Active, $6.1 bil.

Leverage


α

βTracker

97%

Beta, $237.3 bil.

Beta+, $12.0 bil.


Active, $0.5 bil.

Leverage


α

βTracker Leverage


α

βTracker

95%



21 January 2016



Figure 114: RoW ETF assets by strategy type

| ETFs | RoW |

Beta, $57.3 bil.

Beta+, $0.7 bil.


Active, $8.0 bil.

Leverage


α

βTracker

78%


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7. Cash Flow Analysis

Regional cash flow analysis

Figure 115: Global ETP cash flows by region and asset class | ETPs | Global |

All figures in $ million

US Europe Asia Pacific RoW TotalYoY

changeUS Europe

Asia

PacificRoW Total

YoY

changeUS Europe

Asia

PacificRoW Total

ETFs

Equity 173,820 50,894 29,784 6,917 261,415 22,776 185,378 35,501 14,233 3,528 238,639 -5,578 201,464 20,202 19,086 3,465 244,217

Fixed income 59,944 29,637 11,351 4,424 105,356 15,995 54,858 26,821 4,056 3,626 89,361 64,969 9,817 10,754 1,957 1,864 24,392

Commodity 612 146 1,735 244 2,736 2,757 264 -1,839 113 1,440 -22 7,963 3 -6,692 73 -1,368 -7,985

Currency -87 -14 163 37 99 354 -389 -24 140 18 -255 -671 446 -101 49 22 416

Multi Asset 1,100 141 -3 140 1,379 -459 1,617 154 -7 74 1,838 306 1,350 38 14 131 1,532

Alternative 180 -176 35 66 104 -592 922 -303 54 23 697 -2 702 -131 81 47 699

Total 235,569 80,628 43,065 11,827 371,089 40,830 242,650 60,310 18,590 8,709 330,259 66,987 213,782 24,070 21,260 4,160 263,272

Regional YoY change -7,081 20,318 24,475 3,118 40,830 28,868 36,240 -2,670 4,549 66,987

ETC/Vs

Commodity 725 1,328 -30 -2 2,020 3,248 -1,617 702 -40 -274 -1,228 35,760 -30,420 -6,368 -81 -119 -36,988

Currency 102 -121 0 0 -19 493 -501 -12 0 0 -512 -124 -479 91 0 0 -389

Alternative 747 0 0 0 747 531 216 0 0 0 216 -650 866 0 0 0 866

Total 1,574 1,206 -30 -2 2,747 4,272 -1,901 690 -40 -274 -1,525 34,986 -30,034 -6,278 -81 -119 -36,511

Regional YoY change 3,475 516 9 272 4,272 28,133 6,968 41 -156 34,986

ETPs

Equity 173,820 50,894 29,784 6,917 261,415 22,776 185,378 35,501 14,233 3,528 238,639 -5,578 201,464 20,202 19,086 3,465 244,217

Fixed income 59,944 29,637 11,351 4,424 105,356 15,995 54,858 26,821 4,056 3,626 89,361 64,969 9,817 10,754 1,957 1,864 24,392

Commodity 1,336 1,473 1,704 241 4,756 6,005 -1,353 -1,137 74 1,166 -1,250 43,723 -30,417 -13,061 -8 -1,487 -44,973

Currency 15 -135 163 37 80 847 -889 -36 140 18 -767 -795 -33 -10 49 22 28

Multi Asset 1,100 141 -3 140 1,379 -459 1,617 154 -7 74 1,838 306 1,350 38 14 131 1,532

Alternative 927 -176 35 66 851 -62 1,139 -303 54 23 913 -652 1,568 -131 81 47 1,565

Total 237,142.6 81,834.6 43,034.5 11,824.8 373,836.5 45,102 240,749 61,000 18,550 8,435 328,734 101,973 183,748 17,792 21,179 4,041 226,761

Regional YoY change -3,606 20,834 24,484 3,390 45,102 57,000 43,208 -2,629 4,394 101,973

2015 2014 2013


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Asset class cash flow analysis - Equity

Figure 116: Cash flow summary | ETFs | Global |



changeUS Europe

Asia

PacificRoW Total

YoY

changeUS Europe

Asia

PacificRoW Total

Developed Markets 102,169 39,962 35,100 2,540 179,771 107,043 34,498 23,393 14,920 -83 72,728 -15,720 59,614 16,497 12,211 126 88,448

Emerging Markets -1,718 -1,795 -13,077 -1,163 -17,753 -15,878 3,674 1,108 -4,958 -1,698 -1,875 12,717 -13,823 -5,090 3,493 828 -14,592

Global Markets 5,780 -507 87 445 5,804 -1,954 6,671 1,004 -26 108 7,758 854 5,501 916 -90 576 6,904

Sectors 8,162 3,536 1,577 1,282 14,558 -27,662 35,940 3,144 1,087 2,049 42,220 8,059 30,478 1,257 1,641 785 34,161

Capitalization 4,377 2,294 -130 821 7,362 -40,371 48,153 -968 99 449 47,733 -9,945 55,891 1,992 -63 -142 57,677

Strategy 28,429 3,388 5,577 2,445 39,838 12,176 19,167 4,374 2,373 1,748 27,662 3,853 20,876 978 1,533 422 23,809

Style 21,977 2,784 632 647 26,040 -13,064 35,407 2,530 289 879 39,104 2,695 31,650 3,387 398 974 36,409

Thematic 4,643 1,233 19 -99 5,795 2,486 1,868 916 449 76 3,309 -8,091 11,278 264 -38 -103 11,400

Total 173,820 50,894 29,784 6,917 261,415 22,776 185,378 35,501 14,233 3,528 238,639 -5,578 201,464 20,202 19,086 3,465 244,217

Regional YoY change -11,558 15,393 15,551 3,390 22,776 -16,087 15,299 -4,853 63 -5,578

2015 2014 2013


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Figure 117: Cash flows – Developed markets | ETFs | Global |



changeUS Europe

Asia

PacificRoW Total

YoY

changeUS Europe

Asia

PacificRoW Total

Europe

Austria -2.0 22.5 0.0 0.0 20.5 -260.4 -14.0 294.9 0.0 0.0 280.9 261.5 -41.6 61.0 0.0 0.0 19.4

Belgium 88.4 3.4 0.0 0.0 91.8 23.2 71.1 -2.5 0.0 0.0 68.6 77.9 -1.2 -8.1 0.0 0.0 -9.2

Denmark 23.3 0.0 0.0 0.0 23.3 -17.2 40.5 0.0 0.0 0.0 40.5 28.7 11.9 0.0 0.0 0.0 11.9

Finland 5.3 11.7 0.0 0.0 17.0 23.6 6.8 -13.4 0.0 0.0 -6.7 15.1 11.5 -33.3 0.0 0.0 -21.8

France 87.9 1,100.4 0.0 0.0 1,188.3 1,041.2 -77.3 224.5 0.0 0.0 147.1 359.1 -127.4 -84.5 0.0 0.0 -212.0

Germany 3,710.9 4,217.9 -105.6 0.0 7,823.2 18,476.8 -869.8 -9,937.5 153.6 0.0 -10,653.6 -4,298.2 1,060.4 -7,415.9 0.0 0.0 -6,355.5

Greece 282.6 70.6 0.0 0.0 353.2 129.6 76.6 147.1 0.0 0.0 223.6 -45.8 94.8 174.6 0.0 0.0 269.4

Ireland 74.6 0.2 0.0 0.0 74.8 117.8 -34.2 -8.7 0.0 0.0 -43.0 -107.9 62.9 2.0 0.0 0.0 64.9

Italy 313.0 474.9 0.0 0.0 787.9 79.8 220.5 487.6 0.0 0.0 708.1 -556.4 361.6 903.0 0.0 0.0 1,264.6

Netherlands 26.9 225.6 0.0 0.0 252.5 428.4 -147.3 -28.5 0.0 0.0 -175.9 -300.0 104.6 19.6 0.0 0.0 124.2

Norway 5.7 -12.6 0.0 0.0 -6.9 -144.3 61.4 76.0 0.0 0.0 137.4 172.4 23.6 -58.5 0.0 0.0 -34.9

Portugal 3.5 12.7 0.0 0.0 16.1 -63.3 39.1 40.4 0.0 0.0 79.5 50.6 1.5 27.4 0.0 0.0 28.9

Spain 161.2 45.5 0.0 0.0 206.8 -1,253.0 958.8 501.0 0.0 0.0 1,459.8 -252.9 510.1 1,202.5 0.0 0.0 1,712.7

Sweden 57.2 -10.5 0.0 0.0 46.7 678.7 -108.7 -523.4 0.0 0.0 -632.0 -868.0 52.8 183.2 0.0 0.0 236.0

Switzerland 223.5 751.8 0.0 0.0 975.3 -609.2 27.3 1,557.2 0.0 0.0 1,584.5 1,273.9 152.1 158.5 0.0 0.0 310.6

UK -177.9 905.6 0.0 10.7 738.5 -135.6 -157.1 1,020.4 0.0 10.8 874.1 -2,205.3 1,821.8 1,257.6 0.0 0.0 3,079.4

Europe broad 34,248.4 26,068.5 25.6 244.8 60,587.3 49,509.2 5,691.0 5,312.5 22.2 52.5 11,078.1 -10,488.2 16,778.2 4,788.1 0.0 0.0 21,566.3

Total 39,132.5 33,888.2 -80.0 255.5 73,196.2 68,025.1 5,784.6 -852.5 175.8 63.2 5,171.1 -16,883.7 20,877.6 1,177.3 0.0 0.0 22,054.8

Regional YoY change 33,347.9 34,740.7 -255.8 192.3 68,025.1 -15,092.9 -2,029.7 175.8 63.2 -16,883.7

Americas

US 11,133.5 1,463.1 -78.2 535.6 13,054.0 -15,235.6 9,439.9 18,347.1 85.7 416.9 28,289.6 12,777.7 9,455.5 5,493.2 10.8 552.3 15,511.8

Canada -329.3 6.3 0.0 484.6 161.6 1,571.6 -553.1 175.1 0.0 -1,032.0 -1,409.9 725.9 -1,475.4 199.4 0.0 -859.8 -2,135.8

North America 0.0 -879.6 0.0 60.8 -818.7 -642.0 0.0 -226.3 0.0 49.6 -176.8 -238.7 0.0 42.9 0.0 19.0 62.0

Total 10,804.1 589.9 -78.2 1,081.1 12,396.9 -14,306.0 8,886.9 18,295.9 85.7 -565.5 26,702.9 13,264.9 7,980.1 5,735.5 10.8 -288.5 13,438.0

Regional YoY change 1,917.3 -17,706.0 -163.9 1,646.6 -14,306.0 906.7 12,560.4 74.9 -277.1 13,264.9

Asia

Australia -79.6 95.9 1,264.4 0.0 1,280.6 -60.9 -130.1 546.9 924.7 0.0 1,341.6 1,523.4 -448.0 3.3 262.9 0.0 -181.8

Hong Kong -113.9 136.7 2,368.7 0.0 2,391.4 851.9 540.9 8.8 989.8 0.0 1,539.5 2,639.1 -884.0 -71.0 -144.7 0.0 -1,099.7

Japan 9,171.8 4,172.8 31,348.2 68.4 44,761.2 27,780.8 1,567.5 2,830.0 12,605.6 -22.7 16,980.4 -18,450.0 17,313.5 6,045.6 12,020.7 50.6 35,430.4

New Zealand -44.4 0.0 26.0 0.0 -18.4 -12.8 -9.4 0.0 3.8 0.0 -5.6 17.2 -34.3 0.0 11.4 0.0 -22.8

Singapore -121.4 57.1 7.6 0.0 -56.7 236.5 -297.7 9.3 -4.9 0.0 -293.3 26.3 -336.4 6.0 10.9 0.0 -319.5

Asia Pacific broad 583.4 -131.5 0.0 16.4 468.3 206.2 -52.6 308.9 0.0 5.7 262.1 -132.7 157.6 237.2 0.0 0.0 394.8

Total 9,395.9 4,330.9 35,014.8 84.8 48,826.4 29,001.7 1,618.6 3,704.0 14,518.9 -17.0 19,824.6 -14,376.6 15,768.3 6,221.0 12,161.3 50.6 34,201.3

Regional YoY change 7,777.2 626.9 20,495.8 101.8 29,001.7 -14,149.7 -2,517.0 2,357.7 -67.6 -14,376.6

EMEA

Israel -8.5 0.0 0.0 0.0 -8.5 -51.8 43.3 0.0 0.0 0.0 43.3 13.7 29.6 0.0 0.0 0.0 29.6

Total -8.5 0.0 0.0 0.0 -8.5 -51.8 43.3 0.0 0.0 0.0 43.3 13.7 29.6 0.0 0.0 0.0 29.6

Regional YoY change -51.8 0.0 0.0 0.0 -51.8 13.7 0.0 0.0 0.0 13.7

Global

Broad indices 42,845.0 1,153.3 243.4 1,118.3 45,360.1 24,373.9 18,165.0 2,245.2 140.0 436.0 20,986.1 2,261.6 14,958.4 3,363.2 39.2 363.8 18,724.6

Total 42,845.0 1,153.3 243.4 1,118.3 45,360.1 24,373.9 18,165.0 2,245.2 140.0 436.0 20,986.1 2,261.6 14,958.4 3,363.2 39.2 363.8 18,724.6

Regional YoY change 24,680.0 -1,091.8 103.5 682.3 24,373.9 3,206.6 -1,118.0 100.7 72.2 2,261.6

Grand total 102,169.0 39,962.3 35,100.0 2,539.7 179,771.0 107,042.9 34,498.4 23,392.6 14,920.3 -83.3 72,728.1 -15,720.2 59,614.0 16,497.0 12,211.3 126.0 88,448.2

Regional YoY change 67,670.6 16,569.7 20,179.6 2,623.0 107,042.9 -25,115.6 6,895.7 2,709.1 -209.3 -15,720.2

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Figure 118: Cash flows – Emerging markets | ETFs | Global |



changeUS Europe

Asia

PacificRoW Total

YoY

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BRIC

Brazil -636.6 30.1 7.5 72.8 -526.3 -1,201.2 635.2 -155.9 -14.3 210.0 674.9 4,892.4 -3,656.1 -281.1 -12.6 -267.6 -4,217.4

Russia 323.2 -133.4 -1.8 0.0 188.1 -1,173.7 1,338.8 14.4 8.6 0.0 1,361.8 2,243.3 -147.5 -734.0 0.0 0.0 -881.5

India 2,026.6 277.1 -95.0 109.8 2,318.6 754.9 1,729.0 -48.6 -163.2 46.5 1,563.6 1,243.9 527.5 -189.5 -14.8 -3.5 319.7

China 922.4 -2,265.4 -14,030.6 -32.4 -15,406.0 -12,835.8 432.9 411.3 -3,474.8 60.5 -2,570.1 -2,645.6 -1,534.4 -312.8 2,017.1 -94.5 75.5

Total 2,635.5 -2,091.5 -14,119.9 150.2 -13,425.7 -14,455.9 4,135.9 221.1 -3,643.8 316.9 1,030.2 5,734.0 -4,810.5 -1,517.4 1,989.7 -365.6 -4,703.8

Regional YoY change -1,500.4 -2,312.7 -10,476.1 -166.7 -14,455.9 8,946.4 1,738.5 -5,633.4 682.5 5,734.0

Latin America

Argentina 5.9 0.0 0.0 0.0 5.9 -9.1 15.0 0.0 0.0 0.0 15.0 11.2 3.8 0.0 0.0 0.0 3.8

Chile -22.7 -18.2 0.0 29.6 -11.3 3.1 -27.4 2.3 0.0 10.6 -14.4 41.7 -48.1 -17.5 0.0 9.5 -56.1

Colombia 30.0 0.0 0.0 -154.9 -124.9 -21.3 -4.5 0.0 0.0 -99.1 -103.6 -724.0 -15.5 0.0 0.0 635.9 620.4

Mexico -735.3 -56.9 0.0 -914.4 -1,706.6 173.7 -14.4 15.4 0.0 -1,881.3 -1,880.3 -3,505.8 900.0 107.7 0.0 617.8 1,625.5

Peru -54.3 0.0 0.0 0.0 -54.3 10.4 -64.7 0.0 0.0 0.0 -64.7 22.1 -86.8 0.0 0.0 0.0 -86.8

LATAM broad 33.2 48.9 0.0 -2.5 79.6 187.5 -59.8 -47.2 0.0 -0.9 -107.9 664.5 -461.7 -308.5 -5.0 2.9 -772.4

Total -743.3 -26.2 0.0 -1,042.1 -1,811.7 344.3 -155.7 -29.5 0.0 -1,970.7 -2,156.0 -3,490.3 291.7 -218.3 -5.0 1,266.0 1,334.4

Regional YoY change -587.6 3.3 0.0 928.6 344.3 -447.4 188.8 5.0 -3,236.7 -3,490.3

Asia

Bangladesh 0.0 2.2 0.0 0.0 2.2 4.6 0.0 -2.4 0.0 0.0 -2.4 -15.4 0.0 13.1 0.0 0.0 13.1

Indonesia -258.3 -5.8 48.7 0.0 -215.4 -394.1 172.1 3.9 2.8 0.0 178.7 242.5 -67.0 3.1 0.0 0.0 -63.8

Malaysia -144.4 -18.2 0.6 0.0 -161.9 57.3 -192.9 -21.6 -4.7 0.0 -219.2 -62.5 -161.7 5.0 0.1 0.0 -156.6

Pakistan 6.0 -3.2 0.0 0.0 2.9 -2.2 0.0 5.1 0.0 0.0 5.1 2.4 0.0 2.7 0.0 0.0 2.7

Philippines -74.5 -27.0 11.5 0.0 -90.0 -143.2 44.3 10.2 -1.2 0.0 53.3 -91.3 101.1 25.5 17.9 0.0 144.5

South Korea -380.4 59.4 237.0 0.0 -84.0 70.3 437.3 -102.2 -489.5 0.0 -154.3 -3,519.8 981.9 168.5 2,215.0 0.0 3,365.5

Taiwan 90.7 -277.7 725.2 0.0 538.1 775.7 248.8 354.5 -840.8 0.0 -237.6 399.9 -25.6 16.1 -627.9 0.0 -637.5

Thailand -176.4 -34.4 13.0 0.0 -197.9 -108.5 -102.8 17.3 -3.8 0.0 -89.3 125.1 -142.1 10.4 -82.7 0.0 -214.5

Vietnam 29.6 39.4 7.2 0.0 76.2 -91.7 102.4 55.7 9.8 0.0 167.9 89.4 66.9 11.6 0.0 0.0 78.5

Asia Pacific broad 150.4 257.0 -2.0 0.0 405.4 59.7 102.2 248.8 -5.4 0.0 345.7 808.8 33.8 -507.7 10.8 0.0 -463.1

Total -757.3 -8.2 1,041.1 0.0 275.6 227.8 811.4 569.3 -1,332.9 0.0 47.8 -2,020.9 787.2 -251.7 1,533.2 0.0 2,068.7

Regional YoY change -1,568.7 -577.5 2,374.0 0.0 227.8 24.2 821.1 -2,866.1 0.0 -2,020.9

EMEA

Egypt -1.3 0.0 0.0 0.0 -1.3 -0.3 -1.0 0.0 0.0 0.0 -1.0 -7.6 6.5 0.0 0.0 0.0 6.5

Kuwait 0.0 -3.8 0.0 0.0 -3.8 -5.2 0.0 1.4 0.0 0.0 1.4 2.3 0.0 -0.8 0.0 0.0 -0.8

Nigeria 11.4 0.0 0.0 0.0 11.4 -5.2 16.6 0.0 0.0 0.0 16.6 9.7 6.9 0.0 0.0 0.0 6.9

Poland 22.4 43.0 0.0 0.0 65.3 124.3 -31.2 -27.8 0.0 0.0 -59.0 -164.2 75.1 30.1 0.0 0.0 105.2

Qatar 9.3 0.0 0.0 0.0 9.3 -37.7 47.0 0.0 0.0 0.0 47.0 47.0 0.0 0.0 0.0 0.0 0.0

South Africa 15.1 -14.5 -10.3 -274.1 -283.8 -152.6 -106.9 -0.8 0.0 -23.5 -131.2 45.3 28.1 -116.5 0.0 -88.1 -176.5

Saudi Arabia 4.9 0.0 0.0 0.8 5.7 6.3 0.0 0.0 0.0 -0.6 -0.6 -0.6 0.0 0.0 0.0 0.0 0.0

Turkey -8.6 -26.2 0.0 0.0 -34.9 175.5 -46.1 -164.2 0.0 0.0 -210.3 -223.3 -97.6 110.6 0.0 0.0 12.9

UAE -16.5 0.0 0.0 -3.0 -19.5 -91.9 60.9 0.0 0.0 11.4 72.4 71.8 0.0 0.0 0.0 0.6 0.6

Europe broad -181.8 -165.6 0.0 0.0 -347.3 -343.2 75.1 -79.3 0.0 0.0 -4.2 -6.8 131.7 -129.1 0.0 0.0 2.6

Middle East & Africa -25.6 55.4 0.0 -0.6 29.2 121.8 -22.3 -20.5 0.0 -49.8 -92.6 -40.5 3.4 -14.0 0.0 -41.6 -52.2

Total -170.8 -111.8 -10.3 -276.8 -569.7 -208.1 -7.9 -291.2 0.0 -62.4 -361.5 -266.8 154.1 -119.7 0.0 -129.0 -94.7

Regional YoY change -162.9 179.4 -10.4 -214.4 -208.1 -162.0 -171.5 0.0 66.6 -266.8

Global Markets

Global -2,682.0 442.5 12.0 6.0 -2,221.5 -1,786.2 -1,110.0 638.2 18.7 17.8 -435.2 12,761.3 -10,245.7 -2,982.4 -24.9 56.5 -13,196.5

Total -2,682.0 442.5 12.0 6.0 -2,221.5 -1,786.2 -1,110.0 638.2 18.7 17.8 -435.2 12,761.3 -10,245.7 -2,982.4 -24.9 56.5 -13,196.5

Regional YoY change -1,572.0 -195.7 -6.8 -11.8 -1,786.2 9,135.8 3,620.6 43.6 -38.7 12,761.3

Grand Total -1,717.8 -1,795.2 -13,077.1 -1,162.7 -17,752.9 -15,878.2 3,673.7 1,107.9 -4,957.9 -1,698.5 -1,874.7 12,717.2 -13,823.2 -5,089.5 3,492.9 827.9 -14,591.9

Regional YoY change -5,391.6 -2,903.2 -8,119.2 535.7 -15,878.2 17,496.9 6,197.5 -8,450.8 -2,526.3 12,717.2

2015 2014 2013


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Figure 119: Cash flows – Other segments | ETFs | Global |



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Asia

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YoY

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Asia

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Sector

Consumer discretionary 896.5 194.7 33.5 20.2 1,144.9 -1,088.8 2,277.2 -2.7 -43.1 2.3 2,233.7 -1,449.0 3,629.9 -8.8 49.4 12.2 3,682.7

Consumer staples -1,672.6 53.1 437.3 35.1 -1,147.1 -4,402.6 3,212.4 -27.2 50.7 19.7 3,255.6 2,994.5 425.0 -187.1 68.1 -44.9 261.1

Energy 6,581.2 634.9 17.6 218.1 7,451.8 -513.1 6,802.7 650.9 -33.2 544.5 7,964.9 7,883.2 334.9 -7.0 66.8 -313.0 81.7

Financials 2,291.5 2,128.5 1,389.7 458.3 6,268.0 -11,563.8 14,115.7 2,242.5 1,179.1 294.5 17,831.8 4,885.0 10,951.5 706.9 1,218.0 70.4 12,946.8

Healthcare 5,391.7 -156.7 -168.4 131.0 5,197.6 -1,105.8 5,258.1 786.0 146.9 112.3 6,303.3 1,284.9 4,651.3 79.6 206.6 81.0 5,018.4

Industrials -4,108.0 55.9 -66.0 8.6 -4,109.5 -3,793.4 144.8 -467.2 -21.7 28.0 -316.2 -6,332.9 5,557.5 379.3 26.0 54.0 6,016.8

Information Technology 1,602.9 220.6 37.0 16.1 1,876.7 -871.4 2,399.4 401.0 -65.4 13.0 2,748.1 -3,790.2 6,364.8 85.9 67.6 20.0 6,538.2

Materials -115.8 138.4 -148.4 18.5 -107.3 2,797.2 -2,488.1 -380.1 -11.5 -24.8 -2,904.5 -3,290.7 306.4 126.1 48.4 -94.6 386.2

Telecommunications 21.0 282.3 7.8 0.0 311.0 11.3 392.9 -94.5 1.4 0.0 299.8 296.6 -39.0 46.6 -4.5 0.0 3.1

Utilities -2,726.1 -15.7 -0.7 29.8 -2,712.7 -6,519.2 3,824.7 35.4 -0.6 -53.0 3,806.5 5,394.3 -1,704.0 36.0 -0.7 81.0 -1,587.8

Transportation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Overall 0.0 0.0 37.8 346.8 384.6 -612.1 0.0 0.0 -115.4 1,112.1 996.7 182.9 0.0 0.0 -104.9 918.7 813.8

Total 8,162.3 3,536.1 1,577.3 1,282.4 14,558.0 -27,661.7 35,939.9 3,144.1 1,087.1 2,048.7 42,219.8 8,058.7 30,478.0 1,257.4 1,640.7 784.9 34,161.1

Regional YoY change -27,777.6 392.0 490.1 -766.2 -27,661.7 5,461.8 1,886.7 -553.6 1,263.7 8,058.7

Capitalization

Large Cap -12,887.2 -69.9 -36.1 789.9 -12,203.3 -53,330.8 40,801.4 -240.8 114.2 452.7 41,127.6 6,048.1 35,352.2 -139.2 -3.7 -129.8 35,079.5

Mid Cap 9,566.3 771.7 -106.5 19.1 10,250.6 6,790.4 3,298.8 200.6 -46.3 7.1 3,460.2 -5,296.9 8,360.5 504.0 -107.2 -0.3 8,757.1

Small Cap 7,698.2 1,592.1 12.8 11.6 9,314.7 6,169.6 4,052.4 -927.6 30.8 -10.5 3,145.1 -10,695.8 12,177.9 1,626.9 48.4 -12.2 13,840.9

Total 4,377.4 2,293.8 -129.8 820.6 7,362.0 -40,370.9 48,152.7 -967.8 98.7 449.3 47,732.8 -9,944.6 55,890.6 1,991.7 -62.5 -142.3 57,677.4

Regional YoY change -43,775.2 3,261.6 -228.5 371.3 -40,370.9 -7,737.9 -2,959.4 161.2 591.6 -9,944.6

Strategy

Active 766.0 0.0 0.0 1,160.8 1,926.8 -644.8 1,616.0 0.0 0.0 955.6 2,571.7 1,877.0 603.7 0.0 0.0 91.0 694.7

Fundamental 5,216.1 551.4 -10.4 26.4 5,783.5 -5,482.3 9,784.2 1,498.3 -39.6 22.9 11,265.8 4,069.8 6,761.3 419.6 -17.3 32.4 7,196.0

Leveraged Long 903.8 423.6 3,758.6 -23.3 5,062.6 4,084.5 -691.2 -245.7 1,895.0 20.0 978.1 -151.4 602.4 -821.9 1,365.0 -16.0 1,129.4

Leveraged Short 1,168.6 209.8 340.7 -17.7 1,701.4 -341.1 1,442.2 136.2 359.1 105.0 2,042.5 -1,984.1 3,670.5 345.1 0.0 11.0 4,026.6

Options Strategy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53.4 0.0 -53.4 0.0 0.0 -53.4

Quantitative 19,650.7 1,908.8 -67.1 1,301.3 22,793.7 12,807.6 6,537.3 2,709.6 98.8 640.5 9,986.1 -182.0 8,917.2 946.2 -8.3 313.1 10,168.2

Short 723.4 294.2 1,554.9 -2.8 2,569.8 1,751.9 478.5 276.0 59.5 3.8 817.9 170.5 320.7 142.7 193.8 -9.7 647.4

Total 28,428.6 3,387.7 5,576.8 2,444.7 39,837.9 12,175.7 19,167.2 4,374.4 2,372.8 1,747.9 27,662.1 3,853.1 20,875.7 978.3 1,533.2 421.7 23,809.0

Regional YoY change 9,261.5 -986.6 3,204.0 696.9 12,175.7 -1,708.6 3,396.0 839.6 1,326.1 3,853.1

Style

Dividend -3,792.1 2,205.2 547.7 196.1 -843.2 -17,312.9 12,564.2 2,857.1 435.0 613.4 16,469.8 -2,653.7 14,890.6 2,931.0 579.6 722.3 19,123.4

Growth 15,307.5 146.1 200.6 93.9 15,748.1 5,760.7 10,240.2 -204.7 -85.6 37.6 9,987.4 3,189.1 6,980.8 -151.1 -38.5 7.1 6,798.3

Value 10,462.0 432.8 -116.4 356.6 11,135.1 -1,511.7 12,602.5 -122.8 -60.7 227.8 12,646.8 2,159.9 9,778.3 607.1 -143.1 244.6 10,486.9

Total 21,977.4 2,784.1 631.9 646.6 26,040.0 -13,063.9 35,406.9 2,529.6 288.7 878.7 39,103.9 2,695.3 31,649.7 3,387.0 398.0 974.1 36,408.7

Regional YoY change -13,429.5 254.5 343.2 -232.1 -13,063.9 3,757.2 -857.4 -109.2 -95.3 2,695.3

Thematic

Commodities 2,209.7 184.0 -23.4 -61.8 2,308.5 1,598.1 395.2 328.3 -23.5 10.4 710.4 -3,893.7 4,572.4 178.5 -87.0 -59.8 4,604.0

Faith 0.0 -27.1 0.0 0.0 -27.1 -57.2 0.0 30.1 0.0 0.0 30.1 27.5 0.0 2.6 0.0 0.0 2.6

Other Theme 2,462.8 295.3 96.8 -44.3 2,810.6 711.6 1,480.2 46.9 489.4 82.6 2,099.0 -4,184.6 6,209.1 -42.5 74.9 42.1 6,283.6

Sustainability -29.9 780.3 -54.9 7.1 702.6 233.1 -7.4 510.6 -17.1 -16.6 469.5 -40.7 496.4 125.1 -25.8 -85.5 510.2

Total 4,642.6 1,232.5 18.5 -99.0 5,794.6 2,485.7 1,868.0 915.8 448.8 76.4 3,309.0 -8,091.5 11,277.9 263.7 -37.9 -103.3 11,400.5

Regional YoY change 2,774.6 316.7 -430.3 -175.4 2,485.7 -9,409.9 652.1 486.7 179.6 -8,091.5

Grand total 67,588.4 13,234.2 7,674.6 5,095.4 93,592.6 -66,435.1 140,534.6 9,996.1 4,296.1 5,200.9 160,027.7 -3,429.0 150,171.9 7,878.1 3,471.4 1,935.2 163,456.7

Regional YoY change -72,946.3 3,238.2 3,378.5 -105.6 -66,435.1 -9,637.3 2,117.9 824.7 3,265.7 -3,429.0

2015 2014 2013


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Asset class cash flow analysis – Fixed income

Figure 120: Cash flow summary | ETFs | Global |



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Overall 16,028.8 2,052.0 316.1 868.2 19,265.1 -2,157.4 18,234.0 2,700.0 156.4 332.1 21,422.5 14,602.7 4,440.5 1,887.5 220.8 270.9 6,819.7

Corporates 19,296.0 15,991.8 190.7 1,337.0 36,815.5 6,019.9 15,736.4 11,888.9 814.1 2,356.2 30,795.7 14,540.2 11,499.4 3,024.4 316.2 1,415.5 16,255.5

Covered Bonds 0.0 -429.6 0.0 0.0 -429.6 -1,356.6 0.0 927.1 0.0 0.0 927.1 472.8 0.0 454.3 0.0 0.0 454.3

Credit Exposure 0.0 9.9 0.0 0.0 9.9 316.4 0.0 -306.6 0.0 0.0 -306.6 -272.6 0.0 -33.9 0.0 0.0 -33.9

Sovereign 11,626.9 10,712.5 529.7 653.6 23,522.8 -218.3 11,001.8 11,674.1 813.0 252.1 23,741.0 20,604.5 -5,286.6 7,429.9 918.5 74.6 3,136.5

Sovereign & Corporates 5,967.1 0.0 0.0 1,509.5 7,476.6 2,831.7 3,961.5 0.0 0.0 683.4 4,645.0 122.8 4,424.0 0.0 0.0 98.2 4,522.2

Collateralized Debt 1,886.6 0.0 0.0 0.0 1,886.6 -94.1 1,980.7 0.0 0.0 0.0 1,980.7 2,913.5 -932.8 0.0 0.0 0.0 -932.8

Sub-Sovereign 5,138.5 0.0 0.0 55.5 5,194.0 1,248.7 3,943.2 0.0 0.0 2.1 3,945.3 8,268.6 -4,327.7 0.0 0.0 4.4 -4,323.3

Money Market 0.0 1,300.4 10,314.8 0.0 11,615.2 9,404.6 0.0 -62.1 2,272.7 0.0 2,210.7 3,716.9 0.0 -2,007.9 501.6 0.0 -1,506.2

Total 59,944.0 29,637.0 11,351.3 4,423.9 105,356.2 15,994.8 54,857.7 26,821.5 4,056.2 3,626.0 89,361.3 64,969.4 9,816.8 10,754.4 1,957.1 1,863.6 24,391.9

Regional YoY change 5,086.3 2,815.5 7,295.0 798.0 15,994.8 45,040.9 16,067.1 2,099.1 1,762.3 64,969.4

2015 2014 2013


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Asset class cash flow analysis – Commodity

Figure 121: Cash flow summary | ETPs | Global | All figures in $ million


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YoY

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Asia

PacificRoW Total

Overall

Overall -507.0 983.2 3.1 -9.2 470.1 -314.7 521.3 279.1 1.9 -17.5 784.7 1,797.4 -398.2 -597.6 4.7 -21.5 -1,012.6

Overall ex Energy 0.0 -20.6 0.0 0.0 -20.6 -60.2 0.0 39.7 0.0 0.0 39.7 25.6 0.0 14.0 0.0 0.0 14.0

Overall Light Energy 0.0 1.2 0.0 0.0 1.2 3.2 0.0 -2.0 0.0 0.0 -2.0 95.5 0.0 -97.5 0.0 0.0 -97.5

Overall Ultra Light Energy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total -507.0 963.9 3.1 -9.2 450.8 -371.7 521.3 316.8 1.9 -17.5 822.5 1,918.6 -398.2 -681.1 4.7 -21.5 -1,096.1

Regional YoY change -1,028.3 647.1 1.2 8.2 -371.7 919.5 997.9 -2.9 4.0 1,918.6

Agriculture

Overall -196.2 -1.9 22.1 0.0 -176.0 229.0 -209.7 -199.6 4.2 0.0 -405.0 -180.9 -219.2 -0.7 0.6 -4.8 -224.1

Cocoa 0.0 -2.9 0.0 0.0 -2.9 -7.2 0.0 4.2 0.0 0.0 4.2 9.8 0.0 -5.6 0.0 0.0 -5.6

Coffee 0.0 74.0 0.0 0.0 74.0 237.9 0.0 -163.8 0.0 0.0 -163.8 -273.2 0.0 109.4 0.0 0.0 109.4

Corn -30.2 -6.4 0.0 0.0 -36.6 -140.9 68.8 35.5 0.0 0.0 104.3 82.5 26.1 -4.3 0.0 0.0 21.7

Cotton 0.0 -12.3 0.0 0.0 -12.3 -39.0 0.0 26.7 0.0 0.0 26.7 36.8 0.0 -10.0 0.0 0.0 -10.0

Grains 0.0 -2.6 0.0 0.0 -2.6 -13.3 0.0 10.2 0.4 0.0 10.6 18.0 0.0 -7.4 0.1 0.0 -7.3

Softs 0.0 -0.4 0.0 0.0 -0.4 0.1 0.0 -0.5 0.0 0.0 -0.5 4.0 0.0 -4.5 0.0 0.0 -4.5

Soybean Oil 0.0 -3.8 0.0 0.0 -3.8 -8.8 0.0 5.0 0.0 0.0 5.0 6.5 0.0 -1.5 0.0 0.0 -1.5

Soybeans -3.9 -9.4 0.0 0.0 -13.4 -25.9 8.5 2.7 1.4 0.0 12.6 68.4 -2.2 -52.5 -1.1 0.0 -55.8

Sugar 3.3 13.4 0.0 0.0 16.7 -12.2 0.7 28.2 0.0 0.0 28.9 38.4 0.8 -10.3 0.0 0.0 -9.5

Wheat 12.4 -4.2 0.0 0.0 8.2 -49.9 17.0 41.1 0.1 0.0 58.1 22.6 5.8 29.8 0.0 0.0 35.5

Total -214.6 43.4 22.1 0.0 -149.1 169.8 -114.7 -210.3 6.1 0.0 -318.9 -167.1 -188.8 42.3 -0.5 -4.8 -151.8

Regional YoY change -99.9 253.7 16.0 0.0 169.8 74.1 -252.5 6.5 4.8 -167.1

Energy

Overall 4.4 119.0 0.1 0.0 123.5 146.6 -7.2 -15.8 0.0 0.0 -23.0 -127.0 121.7 -14.7 -0.1 -2.9 104.0

Carbon 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 0.2 0.0 0.0 0.2 -0.1 0.0 0.3 0.0 0.0 0.3

Coal 1.3 0.0 0.0 0.0 1.3 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Crude Oil 4,667.3 2,181.3 1,213.8 259.7 8,322.1 6,138.0 1,796.2 271.2 121.5 -4.9 2,184.1 4,465.4 -1,525.7 -138.3 -37.8 -579.6 -2,281.4

Electricity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 -0.9 0.0 0.0 -0.9

Gasoline 43.9 6.7 0.0 0.0 50.6 42.3 11.1 -2.8 0.0 0.0 8.3 21.5 -10.2 -3.0 0.0 0.0 -13.2

Heating Oil 1.9 3.7 0.0 0.0 5.6 7.3 -0.3 -1.4 0.0 0.0 -1.7 2.2 -1.6 -2.3 0.0 0.0 -3.9

Natural Gas 163.8 121.2 0.1 41.8 327.0 221.8 -16.4 -11.9 -0.1 133.6 105.2 1,066.5 -553.6 -151.5 0.0 -256.1 -961.3

Uranium 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.2 0.0 -6.2 0.0 0.0 -6.2

Total 4,882.7 2,431.8 1,214.0 301.5 8,830.1 6,557.0 1,783.5 239.5 121.4 128.7 2,273.1 5,435.6 -1,969.4 -316.7 -37.8 -838.6 -3,162.5

Regional YoY change 3,099.3 2,192.3 1,092.6 172.8 6,557.0 3,752.9 556.2 159.2 967.3 5,435.6

Industrial Metals

Overall -50.9 -92.0 0.0 0.0 -143.0 -85.7 -1.9 -55.4 0.0 0.0 -57.3 75.2 -28.2 -102.6 0.0 -1.7 -132.6

Aluminium 0.0 13.9 0.0 0.0 13.9 -48.7 0.0 62.7 0.0 0.0 62.7 50.0 0.0 12.7 0.0 0.0 12.7

Copper -0.1 -122.6 1.0 0.0 -121.7 -100.0 1.0 -22.1 -0.5 0.0 -21.7 144.7 0.0 -165.8 0.7 -1.3 -166.4

Lead 0.0 0.1 0.0 0.0 0.1 0.5 0.0 -0.4 0.0 0.0 -0.4 -0.8 0.0 0.5 0.0 0.0 0.5

Nickel 0.0 -5.0 0.0 0.0 -5.0 -137.6 0.0 132.6 0.0 0.0 132.6 126.6 0.0 6.0 0.0 0.0 6.0

Tin 0.0 0.3 0.0 0.0 0.3 -0.1 0.0 0.3 0.0 0.0 0.3 21.0 0.0 -20.7 0.0 0.0 -20.7

Zinc 0.0 0.7 0.0 0.0 0.7 20.9 0.0 -20.3 0.0 0.0 -20.3 -35.0 0.0 14.7 0.0 0.0 14.7

Total -51.0 -204.7 1.0 0.0 -254.7 -350.6 -1.0 97.4 -0.5 0.0 95.9 381.7 -28.2 -255.3 0.7 -3.0 -285.8

Regional YoY change -50.0 -302.1 1.5 0.0 -350.6 27.2 352.7 -1.2 3.0 381.7

Precious Metals

Overall -102.1 -54.7 0.0 0.0 -156.7 -144.7 -32.3 21.3 -1.1 0.0 -12.1 35.7 51.0 -95.3 0.0 -3.5 -47.8

Gold -2,332.7 -1,445.3 387.4 -11.0 -3,401.6 1,951.8 -3,490.0 -1,430.5 -71.4 -361.4 -5,353.4 35,086.3 -28,203.6 -12,017.6 12.6 -231.2 -40,439.7

Palladium -111.0 -129.9 2.2 -50.2 -289.0 -1,039.7 -166.5 -65.2 -1.9 984.4 750.8 741.6 6.6 5.4 -2.8 0.0 9.1

Platinum -41.8 -93.9 67.1 13.0 -55.6 -400.6 -22.3 -78.0 4.5 440.8 345.0 -964.2 47.8 -43.2 -4.2 1,308.8 1,309.1

Rhodium 0.0 -4.2 0.0 0.3 -3.9 -9.0 0.0 5.2 0.0 0.0 5.2 -48.2 0.0 53.3 0.0 0.0 53.3

Silver -186.1 -29.8 7.6 -3.0 -211.3 -357.8 169.3 -28.6 14.7 -8.9 146.5 1,280.4 265.6 274.1 19.7 -1,693.3 -1,134.0

Total -2,773.7 -1,757.8 464.3 -50.9 -4,118.1 0.0 -3,541.9 -1,575.9 -55.2 1,054.9 -4,118.1 36,131.8 -27,832.5 -11,823.3 25.2 -619.2 -40,249.9

Regional YoY change 768.2 -181.9 519.5 -1,105.8 0.0 24,290.6 10,247.4 -80.4 1,674.1 36,131.8

Livestock

Overall 0.0 -3.2 0.0 0.0 -3.2 -4.4 0.0 1.2 0.0 0.0 1.2 18.5 0.0 -17.3 0.0 0.0 -17.3

Cattle 0.0 -2.4 0.0 0.0 -2.4 -1.1 0.0 -1.3 0.0 0.0 -1.3 0.8 0.0 -2.1 0.0 0.0 -2.1

Lean Hogs 0.0 2.2 0.0 0.0 2.2 6.5 0.0 -4.2 0.0 0.0 -4.2 3.0 0.0 -7.2 0.0 0.0 -7.2

Total 0.0 -3.4 0.0 0.0 -3.4 1.0 0.0 -4.4 0.0 0.0 -4.4 22.2 0.0 -26.6 0.0 0.0 -26.6

Regional YoY % change 0.0 1.0 0.0 0.0 1.0 0.0 22.2 0.0 0.0 22.2

Grand Total 1,336.5 1,473.2 1,704.5 241.4 4,755.5 6,005.4 -1,352.8 -1,136.8 73.6 1,166.1 -1,249.9 43,722.8 -30,417.2 -13,060.8 -7.7 -1,487.1 -44,972.7

Regional YoY change 2,689.3 2,610.0 1,630.9 -924.8 6,005.4 29,064.4 11,923.9 81.3 2,653.2 43,722.8

2015 2014 2013


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8. Trading Analysis Regional turnover analysis

Figure 122: Global ETP turnover by region and asset class | ETPs | Global |


US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

ETFs

Equity 16,667,744 654,228 1,537,097 188,764 19,047,832 14.3% 15,077,877 566,914 788,943 224,921 16,658,654 15.9% 13,035,595 479,721 613,706 244,849 14,373,871

Fixed income 1,359,709 185,484 343,553 31,280 1,920,026 40.8% 1,087,468 116,789 132,300 26,696 1,363,253 10.1% 1,070,759 93,836 34,753 38,931 1,238,278

Commodity 1,820 9,811 10,153 32,989 54,773 14.1% 783 12,747 2,910 31,573 48,012 -13.3% 2 25,041 3,937 26,384 55,364

Currency 1,972 8 1,040 1,035 4,054 36.3% 1,741 22 479 733 2,976 -9.2% 2,131 101 389 657 3,278

Multi Asset 10,624 360 24 647 11,655 17.3% 9,010 239 9 677 9,934 27.6% 7,116 115 8 547 7,786

Alternative 5,532 1,442 2,849 5,183 15,006 1.1% 4,690 2,086 1,739 6,334 14,849 58.6% 3,216 2,397 751 2,998 9,362

Total 18,047,400 851,333 1,894,715 259,897 21,053,346 16.3% 16,181,569 698,797 926,380 290,932 18,097,679 15.4% 14,118,819 601,211 653,544 314,366 15,687,939

Regional YoY % change 11.5% 21.8% 104.5% -10.7% 16.3% 14.6% 16.2% 41.7% -7.5% 15.4%

ETC/Vs

Commodity 455,153 48,624 724 1,373 505,873 10.6% 420,359 33,997 979 2,189 457,525 -32.7% 622,982 49,748 1,899 5,546 680,175

Currency 55,496 3,168 0 0 58,663 54.6% 36,091 1,850 0 0 37,941 -37.3% 58,791 1,769 0 0 60,559

Alternative 211,757 0 0 0 211,757 105.4% 103,084 0 0 0 103,084 25.2% 82,339 0 0 0 82,339

Total 722,406 51,792 724 1,373 776,293 29.7% 559,534 35,847 979 2,189 598,549 -27.3% 764,112 51,517 1,899 5,546 823,074

Regional YoY % change 29.1% 44.5% -26.1% -37.3% 29.7% -26.8% -30.4% -48.4% -60.5% -27.3%

ETPs

Equity 16,667,744 654,228 1,537,097 188,764 19,047,832 14.3% 15,077,877 566,914 788,943 224,921 16,658,654 15.9% 13,035,595 479,721 613,706 244,849 14,373,871

Fixed income 1,359,709 185,484 343,553 31,280 1,920,026 40.8% 1,087,468 116,789 132,300 26,696 1,363,253 10.1% 1,070,759 93,836 34,753 38,931 1,238,278

Commodity 456,973 58,435 10,877 34,361 560,646 10.9% 421,142 46,743 3,890 33,762 505,537 -31.3% 622,984 74,789 5,836 31,930 735,539

Currency 57,467 3,175 1,040 1,035 62,718 53.3% 37,832 1,873 479 733 40,916 -35.9% 60,922 1,870 389 657 63,838

Multi Asset 10,624 360 24 647 11,655 17.3% 9,010 239 9 677 9,934 27.6% 7,116 115 8 547 7,786

Alternative 217,289 1,442 2,849 5,183 226,763 92.3% 107,774 2,086 1,739 6,334 117,933 28.6% 85,555 2,397 751 2,998 91,701

Total 18,769,806 903,125 1,895,439 261,270 21,829,639 16.8% 16,741,103 734,644 927,360 293,122 18,696,228 13.2% 14,882,930 652,727 655,443 319,912 16,511,013


2015 2014 2013


Asset class turnover analysis - Equity

Figure 123: Turnover summary | ETFs | Global | All figures in $ million

US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

Developed Markets 1,225,598 427,717 115,313 59,593 1,828,221 31.2% 887,185 346,457 96,581 62,958 1,393,181 15.9% 759,282 279,884 100,196 62,699 1,202,061

Emerging Markets 1,365,283 61,423 770,753 43,892 2,241,351 15.2% 1,463,672 65,442 350,686 66,555 1,946,355 5.6% 1,422,527 67,125 273,837 79,040 1,842,529

Global Markets 97,566 10,218 830 3,288 111,902 61.2% 56,604 10,396 607 1,818 69,426 23.8% 45,293 7,888 461 2,434 56,075

Sectors 2,698,138 39,507 43,073 27,804 2,808,522 19.7% 2,266,191 34,472 17,285 27,774 2,345,722 25.9% 1,790,433 24,694 9,801 38,665 1,863,594

Capitalization 9,186,233 9,434 7,260 18,608 9,221,535 10.6% 8,301,986 9,851 1,990 24,557 8,338,384 14.1% 7,269,681 7,618 2,252 28,116 7,307,667

Strategy 1,266,282 79,870 530,942 26,134 1,903,228 9.4% 1,331,814 77,334 305,662 25,244 1,740,054 20.4% 1,137,900 70,719 217,535 18,789 1,444,943

Style 483,473 20,208 53,278 6,763 563,722 22.3% 417,165 18,762 12,703 12,336 460,966 22.8% 339,546 18,246 7,499 10,015 375,305

Thematic 345,172 5,851 15,648 2,680 369,351 1.3% 353,260 4,197 3,430 3,678 364,566 29.4% 270,933 3,547 2,125 5,091 281,697

Total 16,667,744 654,228 1,537,097 188,764 19,047,832 14.3% 15,077,877 566,914 788,943 224,921 16,658,654 15.9% 13,035,595 479,721 613,706 244,849 14,373,871


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Figure 124: Turnover – Developed markets | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

Europe

Austria 255.1 168.5 0.0 1.6 425.2 -57.5% 623.8 260.4 0.0 117.0 1,001.1 29.5% 525.7 240.2 0.0 7.1 773.0

Belgium 1,195.3 50.3 0.0 2.7 1,248.3 106.8% 562.7 39.1 0.0 1.8 603.6 91.2% 276.0 38.6 0.0 1.1 315.7

Denmark 404.5 0.0 0.0 0.0 404.5 86.9% 216.4 0.0 0.0 0.0 216.4 166.2% 81.3 0.0 0.0 0.0 81.3

Finland 106.1 146.4 0.0 0.0 252.6 -11.1% 134.1 150.1 0.0 0.0 284.1 36.4% 56.5 151.7 0.0 0.0 208.2

France 5,136.6 8,011.2 0.0 69.8 13,217.7 37.4% 4,119.1 5,442.9 0.0 54.9 9,616.9 -19.1% 4,921.6 6,553.6 0.0 409.5 11,884.8

Germany 50,926.8 63,008.4 889.6 1,090.0 115,914.8 40.4% 28,461.7 53,378.0 65.3 663.7 82,568.7 32.4% 21,673.3 40,099.0 0.0 571.8 62,344.1

Greece 2,530.7 811.6 0.0 0.0 3,342.3 7.4% 1,995.7 1,115.9 0.0 0.0 3,111.6 210.5% 440.9 561.1 0.0 0.0 1,002.0

Ireland 477.6 35.6 0.0 2.4 515.6 -5.8% 527.7 13.4 0.0 6.4 547.6 129.4% 217.9 19.4 0.0 1.4 238.7

Iceland 0.0 5.0 0.0 0.0 5.0 -49.2% 0.0 9.8 0.0 0.0 9.8 620.9% 0.0 1.4 0.0 0.0 1.4

Italy 8,991.7 12,435.2 0.0 213.2 21,640.2 -19.3% 12,236.8 14,491.4 0.0 94.1 26,822.3 55.6% 5,425.1 10,993.5 0.0 817.8 17,236.4

Netherlands 1,768.8 3,166.7 0.0 28.9 4,964.4 82.9% 1,126.4 1,565.0 0.0 23.5 2,714.9 44.2% 998.6 877.7 0.0 7.0 1,883.4

Norway 363.7 356.2 0.0 0.0 719.8 -47.6% 590.2 783.7 0.0 0.0 1,373.9 35.4% 239.7 775.1 0.0 0.0 1,014.8

Portugal 154.0 262.8 0.0 0.0 416.7 -31.7% 183.1 427.0 0.0 0.0 610.1 394.4% 1.2 122.2 0.0 0.0 123.4

Spain 12,405.5 4,359.3 0.0 84.3 16,849.1 1.1% 12,064.2 4,494.3 0.0 101.0 16,659.5 146.6% 4,827.3 1,833.7 0.0 94.4 6,755.4

Sweden 2,049.8 4,583.8 0.0 45.7 6,679.3 -3.2% 1,760.4 4,891.6 0.0 245.3 6,897.4 -7.9% 1,481.8 5,990.1 0.0 17.9 7,489.8

Switzerland 5,901.1 16,635.4 1.3 53.6 22,591.4 29.6% 4,351.3 13,065.4 0.0 9.5 17,426.2 10.6% 3,455.2 12,248.9 0.0 54.6 15,758.7

UK 13,918.5 33,284.9 0.7 314.2 47,518.3 -4.5% 14,938.5 33,805.7 0.0 1,011.2 49,755.4 36.5% 9,470.7 26,023.2 0.0 948.9 36,442.8

Europe broad 274,140.3 124,510.2 644.4 7,261.8 406,556.6 63.7% 157,588.8 85,804.5 334.3 4,692.3 248,419.9 60.7% 82,632.0 70,101.2 209.9 1,645.7 154,588.8

Total 380,726.1 271,831.5 1,536.1 9,168.1 663,261.8 41.5% 241,481.1 219,738.1 399.6 7,020.8 468,639.6 47.3% 136,724.8 176,630.6 209.9 4,577.2 318,142.5

Regional YoY % change 57.7% 23.7% 284.4% 30.6% 41.5% 76.6% 24.4% 90.4% 53.4% 47.3%

Americas

US 110,368.1 76,739.7 3,298.5 3,921.6 194,328.0 27.3% 87,353.6 60,996.1 655.1 3,702.3 152,707.1 35.7% 67,734.8 41,975.7 467.9 2,377.7 112,556.1

Canada 12,718.9 1,095.1 0.0 39,917.8 53,731.9 -9.3% 9,997.3 1,726.2 0.0 47,519.9 59,243.4 -1.3% 12,453.1 1,486.4 0.0 46,088.3 60,027.9

North America 0.0 2,609.6 0.0 384.5 2,994.1 -2.9% 0.0 2,847.8 0.0 235.2 3,083.0 -2.3% 0.0 2,715.3 0.0 438.9 3,154.3

Total 123,087.1 80,444.4 3,298.5 44,223.9 251,053.9 16.8% 97,350.9 65,570.1 655.1 51,457.4 215,033.5 22.4% 80,188.0 46,177.5 467.9 48,904.9 175,738.3

Regional YoY % change 26.4% 22.7% 403.5% -14.1% 16.8% 21.4% 42.0% 40.0% 5.2% 22.4%

Asia

Australia 12,020.2 1,381.9 4,426.1 19.3 17,847.4 11.3% 10,748.5 1,383.7 3,841.0 59.2 16,032.4 -1.6% 12,021.2 601.4 3,350.8 326.1 16,299.5

Hong Kong 17,846.5 721.4 49,329.3 238.2 68,135.4 53.1% 16,315.8 637.2 26,897.6 657.1 44,507.7 15.1% 17,156.3 536.3 19,981.7 984.4 38,658.7

Japan 202,787.2 38,469.2 55,294.0 3,387.0 299,937.3 15.1% 164,065.1 31,300.9 63,742.8 1,526.3 260,635.1 -10.9% 181,267.1 30,462.1 75,194.5 5,690.1 292,613.8

New Zealand 249.7 0.0 50.0 0.3 299.9 -21.5% 344.4 0.0 36.5 1.2 382.0 -31.0% 515.9 0.0 37.1 1.0 554.0

Singapore 3,002.0 38.1 344.8 18.8 3,403.8 -18.5% 3,942.3 15.9 207.4 8.4 4,174.0 -25.5% 5,360.6 8.9 211.0 21.7 5,602.1

Asia Pacific broad 14,330.9 2,053.1 1.3 42.4 16,427.7 -4.1% 15,200.8 1,911.7 1.6 11.7 17,125.8 -12.5% 17,412.2 2,158.6 1.0 0.0 19,571.9

Total 250,236.5 42,663.6 109,445.4 3,705.9 406,051.5 18.4% 210,616.8 35,249.4 94,727.0 2,263.9 342,857.1 -8.2% 233,733.2 33,767.3 98,776.2 7,023.3 373,300.0

Regional YoY % change 18.8% 21.0% 15.5% 63.7% 18.4% -9.9% 4.4% -4.1% -67.8% -8.2%

EMEA

Israel 1,073.6 0.0 0.0 2.4 1,076.0 58.0% 679.9 0.0 0.0 1.1 681.0 143.7% 273.9 0.0 0.0 5.5 279.4

Total 1,073.6 0.0 0.0 2.4 1,076.0 58.0% 679.9 0.0 0.0 1.1 681.0 143.7% 273.9 0.0 0.0 5.5 279.4

Regional YoY % change 57.9% NA NA 123.8% 58.0% 148.3% NA NA -80.7% 143.7%

Global

Broad indices 470,474.6 32,777.8 1,032.9 2,492.4 506,777.8 38.5% 337,056.3 25,899.6 798.9 2,214.9 365,969.6 9.4% 308,362.3 23,308.6 742.1 2,188.2 334,601.1

Total 470,474.6 32,777.8 1,032.9 2,492.4 506,777.8 38.5% 337,056.3 25,899.6 798.9 2,214.9 365,969.6 9.4% 308,362.3 23,308.6 742.1 2,188.2 334,601.1


Grand total 1,225,597.9 427,717.4 115,312.9 59,592.8 1,828,221.0 31.2% 887,185.0 346,457.2 96,580.6 62,958.0 1,393,180.7 15.9% 759,282.2 279,883.8 100,196.1 62,699.2 1,202,061.3

Regional YoY % change 38.1% 23.5% 19.4% -5.3% 31.2% 16.8% 23.8% -3.6% 0.4% 15.9%

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Figure 125: Turnover – Emerging markets | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

BRIC

Brazil 126,506.1 2,200.8 72.5 10,894.8 139,674.1 -45.4% 239,373.9 4,349.2 65.8 12,019.8 255,808.7 28.9% 180,998.2 4,740.5 73.7 12,575.8 198,388.2

Russia 57,863.5 3,167.3 142.5 36.4 61,209.8 7.5% 51,597.0 5,123.2 65.9 152.3 56,938.4 72.4% 29,590.4 3,300.0 19.8 118.0 33,028.2

India 24,516.5 4,761.9 1,004.9 381.9 30,665.2 99.3% 10,574.6 3,499.5 1,086.3 223.9 15,384.2 42.6% 6,162.6 3,483.5 1,088.7 51.9 10,786.6

China 282,435.6 12,039.8 705,840.5 357.3 1,000,673.2 100.2% 207,658.5 8,022.4 283,736.2 478.3 499,895.4 24.0% 184,782.5 7,689.7 210,352.7 411.3 403,236.2

Total 491,321.7 22,169.8 707,060.4 11,670.4 1,232,222.3 48.8% 509,204.0 20,994.3 284,954.2 12,874.3 828,026.7 28.3% 401,533.8 19,213.7 211,534.9 13,157.0 645,439.3

Regional YoY % change -3.5% 5.6% 148.1% -9.4% 48.8% 26.8% 9.3% 34.7% -2.1% 28.3%

Latin America

Argentina 72.4 0.0 0.0 0.0 72.4 -37.1% 115.1 0.0 0.0 0.0 115.1 437.8% 21.4 0.0 0.0 0.0 21.4

Chile 2,607.4 80.6 0.0 136.4 2,824.3 -5.1% 2,719.4 75.4 0.0 181.4 2,976.1 -52.0% 3,277.5 143.0 0.0 2,774.4 6,195.0

Colombia 423.7 0.0 0.0 757.2 1,180.9 -30.1% 509.7 0.0 0.0 1,179.4 1,689.1 -17.7% 775.2 0.0 0.0 1,277.3 2,052.6

Mexico 33,150.6 440.2 0.0 28,390.5 61,981.3 -24.1% 40,275.7 856.6 0.0 40,571.6 81,703.9 -27.7% 54,170.4 842.5 0.0 57,939.4 112,952.3

Peru 535.6 0.0 0.0 6.4 542.0 -42.0% 868.6 0.0 0.0 65.9 934.5 -52.9% 1,950.0 0.0 0.0 35.5 1,985.5

LATAM broad 4,086.4 1,005.5 3.4 8.9 5,104.2 -36.1% 6,106.8 1,778.3 4.7 98.3 7,988.0 0.9% 5,988.6 1,866.5 9.5 52.9 7,917.6

Total 40,876.1 1,526.2 3.4 29,299.3 71,705.1 -24.8% 50,595.2 2,710.3 4.7 42,096.5 95,406.6 -27.2% 66,183.1 2,852.0 9.5 62,079.7 131,124.3

Regional YoY % change -19.2% -43.7% -26.6% -30.4% -24.8% -23.6% -5.0% -51.0% -32.2% -27.2%

Asia

Bangladesh 0.0 13.6 6.5 0.0 20.1 -19.4% 0.0 19.7 5.3 0.0 25.0 6.7% 0.0 17.4 6.0 0.0 23.4

Indonesia 4,381.1 458.5 71.6 15.1 4,926.3 -19.1% 5,401.8 559.6 81.1 45.2 6,087.7 -8.3% 5,816.5 724.1 62.2 36.2 6,639.0

Malaysia 4,972.6 284.6 9.8 8.6 5,275.6 -18.7% 6,041.3 375.4 12.6 63.0 6,492.2 -10.8% 6,632.8 575.3 35.2 32.7 7,276.0

Pakistan 14.3 33.1 6.3 0.0 53.7 98.3% 0.0 25.5 1.6 0.0 27.1 53.3% 0.0 15.0 2.7 0.0 17.7

Philippines 2,987.6 154.1 25.9 11.7 3,179.3 27.2% 2,326.8 115.7 21.8 34.9 2,499.3 -27.2% 3,201.1 202.3 15.0 13.5 3,431.9

South Korea 39,696.1 2,290.1 56,785.8 0.1 98,772.2 -1.2% 38,750.8 2,376.0 58,892.4 0.0 100,019.2 6.7% 34,793.0 2,999.1 55,975.2 4.7 93,772.0

Taiwan 31,654.8 1,394.9 5,698.8 106.7 38,855.2 21.8% 24,849.2 986.0 6,007.9 66.6 31,909.7 21.3% 19,623.8 1,205.2 5,395.1 72.0 26,296.1

Thailand 3,704.6 193.1 71.4 24.5 3,993.6 -22.4% 4,675.0 341.1 87.7 45.3 5,149.1 -16.1% 5,462.1 440.9 175.5 60.1 6,138.5

Vietnam 1,878.4 442.5 107.7 4.4 2,432.9 -7.8% 1,987.4 507.5 122.8 22.0 2,639.7 -0.3% 2,010.1 504.8 124.3 7.3 2,646.5

Asia Pacific broad 1,022.6 3,597.5 15.8 0.0 4,635.8 89.3% 559.4 1,879.2 10.4 0.0 2,449.0 -31.2% 1,080.5 2,442.1 36.1 0.0 3,558.8

Total 90,312.0 8,862.0 62,799.5 171.2 162,144.7 3.1% 84,591.8 7,185.5 65,243.5 277.1 157,298.0 5.0% 78,619.9 9,126.3 61,827.2 226.6 149,799.9

Regional YoY % change 6.8% 23.3% -3.7% -38.2% 3.1% 7.6% -21.3% 5.5% 22.3% 5.0%

EMEA

Egypt 108.7 0.0 0.0 2.0 110.7 -70.6% 332.7 0.0 0.0 44.0 376.8 18.6% 278.5 0.0 0.0 39.1 317.6

Kuwait 0.0 20.6 0.0 0.0 20.6 -46.9% 0.0 38.9 0.0 0.0 38.9 99.5% 0.0 19.5 0.0 0.0 19.5

Nigeria 140.9 0.0 0.0 0.2 141.2 78.8% 78.9 0.0 0.0 0.1 79.0 198.5% 26.5 0.0 0.0 0.0 26.5

Poland 1,314.3 156.7 0.0 11.6 1,482.6 -34.3% 1,990.3 204.8 0.0 62.6 2,257.7 5.9% 1,842.6 222.3 0.0 66.6 2,131.5

Qatar 71.8 0.0 0.0 0.0 71.8 -45.3% 131.1 0.0 0.0 0.0 131.1 NA 0.0 0.0 0.0 0.0 0.0

South Africa 8,247.3 321.8 2.1 801.6 9,372.9 -46.7% 7,403.3 465.6 1.8 9,721.4 17,592.2 124.8% 6,227.2 605.8 3.9 989.9 7,826.8

Saudi Arabia 2.2 0.0 0.0 457.2 459.4 875.5% 0.0 0.0 0.0 47.1 47.1 104.9% 0.0 0.0 0.0 23.0 23.0

Turkey 4,074.5 1,443.1 0.0 63.8 5,581.4 -28.6% 5,099.7 2,613.3 0.0 105.3 7,818.3 -13.1% 6,207.9 2,700.2 0.0 83.9 8,992.0

UAE 66.0 0.0 0.0 0.2 66.2 -69.4% 213.6 0.0 0.0 2.4 216.1 2833.6% 0.0 0.0 0.0 7.4 7.4

Europe broad 291.7 1,101.9 1.7 2.5 1,397.8 -39.2% 446.0 1,833.1 1.5 16.8 2,297.4 -3.3% 308.7 2,052.8 0.8 13.9 2,376.2

Middle East & Africa 286.5 161.0 0.0 74.9 522.4 -40.3% 601.3 215.2 0.0 58.7 875.2 19.8% 498.0 207.0 0.0 25.5 730.5

Total 14,604.0 3,205.0 3.8 1,414.1 19,227.0 -39.4% 16,297.0 5,370.9 3.4 10,058.4 31,729.6 41.3% 15,389.4 5,807.7 4.6 1,249.2 22,451.0

Regional YoY % change -10.4% -40.3% 13.0% -85.9% -39.4% 5.9% -7.5% -26.9% 705.2% 41.3%

Global Markets

Global 728,168.9 25,659.9 885.8 1,337.0 756,051.5 -9.3% 802,983.8 29,181.4 480.6 1,248.8 833,894.5 -6.7% 860,800.8 30,125.6 461.0 2,327.0 893,714.4

Total 728,168.9 25,659.9 885.8 1,337.0 756,051.5 -9.3% 802,983.8 29,181.4 480.6 1,248.8 833,894.5 -6.7% 860,800.8 30,125.6 461.0 2,327.0 893,714.4

Regional YoY % change -9.3% -12.1% 84.3% 7.1% -9.3% -6.7% -3.1% 4.2% -46.3% -6.7%

Grand Total 1,365,282.7 61,422.9 770,752.9 43,892.0 2,241,350.6 15.2% 1,463,671.7 65,442.4 350,686.3 66,555.0 1,946,355.4 5.6% 1,422,526.9 67,125.2 273,837.2 79,039.5 1,842,528.9

Regional YoY % change -6.7% -6.1% 119.8% -34.1% 15.2% 2.9% -2.5% 28.1% -15.8% 5.6%

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Figure 126: Turnover – Other segments | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

Sector

Consumer discretionary 190,878.4 2,211.5 267.6 569.6 193,927.1 12.5% 169,559.3 1,735.2 388.7 675.8 172,359.0 5.6% 160,997.9 1,208.6 266.3 674.9 163,147.6

Consumer staples 116,831.7 1,996.4 2,092.6 480.0 121,400.7 28.7% 92,108.7 1,134.4 696.6 373.9 94,313.6 -1.1% 91,279.9 1,418.6 635.9 2,057.5 95,391.9

Energy 569,138.7 4,840.3 1,375.4 9,781.8 585,136.2 4.8% 544,996.3 3,739.1 436.7 8,911.5 558,083.6 58.0% 347,615.3 1,382.2 403.9 3,771.7 353,173.2

Financials 629,776.3 18,082.6 31,215.7 9,955.4 689,030.0 18.7% 541,295.4 15,666.0 13,265.3 10,430.9 580,657.5 3.2% 534,347.2 11,990.5 5,929.0 10,487.6 562,754.4

Healthcare 507,869.6 3,237.4 3,252.0 1,838.0 516,197.1 71.8% 295,719.4 2,105.3 1,612.4 1,065.8 300,502.9 100.5% 143,259.5 1,746.0 1,657.9 3,199.8 149,863.2

Industrials 173,762.1 1,939.3 231.1 353.1 176,285.5 0.9% 171,612.3 2,313.9 73.5 745.9 174,745.6 27.3% 129,006.5 1,184.2 87.5 6,977.5 137,255.7

Information Technology 202,998.6 2,204.3 1,189.7 701.6 207,094.3 38.4% 146,738.5 2,041.0 242.9 664.8 149,687.2 51.4% 96,874.8 806.3 280.4 889.4 98,850.9

Materials 144,069.8 2,541.9 2,603.9 384.0 149,599.5 -7.4% 156,744.9 3,447.9 351.9 937.9 161,482.6 -10.0% 174,962.0 2,998.6 304.1 1,069.6 179,334.5

Telecommunications 5,721.4 1,259.8 22.7 60.2 7,064.0 24.5% 4,545.7 1,039.4 13.8 73.4 5,672.2 -24.6% 5,014.1 1,200.5 20.1 1,292.3 7,527.1

Utilities 157,091.1 1,193.3 5.9 546.7 158,837.0 9.0% 142,870.5 1,250.0 6.6 1,585.0 145,712.2 27.4% 107,076.1 758.4 21.7 6,544.9 114,401.0

Transportation 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Overall 0.0 0.0 816.7 3,134.0 3,950.6 57.7% 0.0 0.0 196.5 2,308.9 2,505.3 32.2% 0.0 0.0 194.3 1,700.1 1,894.4

Total 2,698,137.6 39,506.8 43,073.3 27,804.4 2,808,522.1 19.7% 2,266,190.9 34,472.1 17,285.0 27,773.6 2,345,721.7 25.9% 1,790,433.4 24,694.0 9,801.1 38,665.4 1,863,593.8

Regional YoY % change 19.1% 14.6% 149.2% 0.1% 19.7% 26.6% 39.6% 76.4% -28.2% 25.9%

Capitalization

Large Cap 7,949,186.2 508.5 4,666.8 17,507.7 7,971,869.2 16.9% 6,795,068.1 834.2 1,734.7 20,089.5 6,817,726.5 11.2% 6,104,904.3 1,118.4 1,868.3 21,555.9 6,129,446.9

Mid Cap 189,337.9 3,743.5 2,447.7 504.4 196,033.5 -5.8% 204,290.8 2,758.3 121.5 1,015.0 208,185.6 12.4% 181,743.2 1,943.3 230.9 1,228.0 185,145.4

Small Cap 1,047,708.4 5,182.1 145.9 596.3 1,053,632.6 -19.7% 1,302,627.7 6,258.9 133.3 3,452.1 1,312,472.0 32.2% 983,033.5 4,556.2 153.1 5,332.2 993,075.0

Total 9,186,232.5 9,434.1 7,260.3 18,608.4 9,221,535.4 10.6% 8,301,986.5 9,851.5 1,989.5 24,556.7 8,338,384.2 14.1% 7,269,680.9 7,618.0 2,252.3 28,116.1 7,307,667.4

Regional YoY % change 10.7% -4.2% 264.9% -24.2% 10.6% 14.2% 29.3% -11.7% -12.7% 14.1%

Strategy

Active 6,115.4 0.0 0.0 3,058.2 9,173.6 18.8% 5,986.8 0.0 0.0 1,737.6 7,724.5 92.3% 3,204.7 0.0 0.0 811.6 4,016.2

Fundamental 88,430.3 1,798.9 517.0 1,027.9 91,774.1 4.5% 83,911.5 3,185.4 186.6 570.3 87,853.8 110.2% 40,866.0 441.3 191.9 286.8 41,785.9

Leveraged Long 641,641.7 37,342.1 454,262.4 10,246.8 1,143,493.0 10.8% 717,617.6 36,022.4 266,375.3 12,050.6 1,032,066.0 22.2% 627,430.2 33,482.5 174,328.3 9,037.7 844,278.7

Leveraged Short 381,965.7 24,262.3 38,084.2 7,809.2 452,121.3 -3.6% 428,151.3 27,765.5 5,557.5 7,751.9 469,226.2 14.0% 376,465.9 27,808.8 0.0 7,402.7 411,677.4

Options Strategy 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 -100.0% 0.0 18.3 0.0 0.0 18.3

Quantitative 100,405.9 7,905.7 4,111.6 3,502.8 115,926.0 97.3% 52,601.1 3,408.6 552.1 2,205.4 58,767.2 11.6% 49,269.3 1,927.2 565.4 905.2 52,667.0

Short 47,722.6 8,560.9 33,967.0 489.0 90,739.5 7.5% 43,545.5 6,952.4 32,990.4 927.9 84,416.3 -6.7% 40,663.7 7,040.8 42,449.4 345.4 90,499.2

Total 1,266,281.6 79,869.9 530,942.2 26,133.9 1,903,227.6 9.4% 1,331,813.8 77,334.4 305,661.8 25,243.9 1,740,054.0 20.4% 1,137,899.7 70,718.8 217,535.0 18,789.3 1,444,942.7

Regional YoY % change -4.9% 3.3% 73.7% 3.5% 9.4% 17.0% 9.4% 40.5% 34.4% 20.4%

Style

Dividend 122,297.7 18,216.3 7,520.4 4,330.1 152,364.4 9.4% 114,255.2 17,160.0 2,150.6 5,694.3 139,260.0 3.5% 110,217.8 16,300.3 1,700.6 6,385.7 134,604.3

Growth 188,813.0 876.4 43,082.9 364.4 233,136.6 36.1% 160,849.5 370.9 8,948.5 1,127.1 171,295.9 36.5% 118,884.7 453.6 5,019.2 1,095.2 125,452.6

Value 172,361.9 1,115.1 2,674.5 2,068.9 178,220.5 18.5% 142,059.9 1,231.3 1,604.0 5,515.1 150,410.2 30.5% 110,443.3 1,492.2 779.2 2,533.8 115,248.5

Total 483,472.6 20,207.8 53,277.7 6,763.4 563,721.5 22.3% 417,164.6 18,762.2 12,703.0 12,336.5 460,966.2 22.8% 339,545.7 18,246.0 7,499.0 10,014.7 375,305.5


Thematic

Commodities 314,098.5 1,625.6 3,471.7 2,237.7 321,433.5 -2.6% 324,817.9 1,523.5 453.1 3,132.2 329,926.7 29.2% 248,998.9 1,359.1 513.7 4,513.3 255,384.9

Faith 0.0 240.1 0.0 0.0 240.1 -22.8% 0.0 310.9 0.0 0.0 310.9 12.2% 0.0 277.2 0.0 0.0 277.2

Other Theme 25,983.2 1,557.2 12,147.8 336.7 40,025.0 63.7% 20,039.7 1,017.0 2,964.4 427.2 24,448.3 28.0% 16,286.8 868.0 1,596.3 342.3 19,093.4

Sustainability 5,090.6 2,427.7 28.3 105.9 7,652.6 -22.5% 8,402.5 1,346.1 12.3 119.1 9,880.0 42.3% 5,647.3 1,042.9 15.3 235.7 6,941.3

Total 345,172.4 5,850.7 15,647.8 2,680.3 369,351.2 1.3% 353,260.1 4,197.5 3,429.8 3,678.5 364,565.9 29.4% 270,933.0 3,547.2 2,125.3 5,091.3 281,696.8

Regional YoY % change -2.3% 39.4% 356.2% -27.1% 1.3% 30.4% 18.3% 61.4% -27.8% 29.4%

Grand total 13,979,296.6 154,869.3 650,201.4 81,990.5 14,866,357.7 12.2% 12,670,415.9 144,617.7 341,069.2 93,589.1 13,249,691.9 17.5% 10,808,492.8 124,824.1 239,212.7 100,676.7 11,273,206.2


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Asset class turnover analysis – Fixed income

Figure 127: Turnover summary | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

Overall 160,955.9 5,552.3 750.9 4,259.4 171,518.5 37.0% 117,328.0 4,309.7 308.5 3,247.4 125,193.6 35.6% 86,929.4 2,148.7 231.7 3,035.8 92,345.6

Corporates 539,801.5 65,912.0 283.8 11,943.7 617,940.9 46.7% 369,671.2 39,759.6 378.6 11,361.1 421,170.5 2.1% 368,997.9 29,541.9 397.7 13,377.9 412,315.5

Covered Bonds 0.0 2,656.7 0.0 0.0 2,656.7 42.3% 0.0 1,866.4 0.0 0.0 1,866.4 -15.2% 0.0 2,201.1 0.0 0.0 2,201.1

Credit Exposure 0.0 459.4 0.0 0.0 459.4 23.6% 0.0 371.6 0.0 0.0 371.6 -2.5% 0.0 381.3 0.0 0.0 381.3

Sovereign 526,038.0 102,434.6 28,728.4 7,479.3 664,680.3 12.7% 489,777.9 66,519.6 27,680.0 5,719.0 589,696.6 1.3% 488,545.6 54,628.9 23,275.3 15,792.9 582,242.6

Sovereign & Corporates 44,167.7 0.0 0.0 7,500.3 51,668.1 26.6% 34,609.0 0.0 0.0 6,211.1 40,820.1 4.5% 33,277.1 0.0 0.0 5,776.1 39,053.3

Collateralized Debt 17,373.8 0.0 0.0 4.2 17,378.0 36.0% 12,777.2 0.0 0.0 4.6 12,781.8 -18.5% 15,342.8 0.0 0.0 344.2 15,687.0

Sub-Sovereign 71,371.8 0.0 0.0 93.0 71,464.7 12.6% 63,305.1 0.0 0.0 152.5 63,457.6 -18.9% 77,665.8 0.0 0.0 604.3 78,270.1

Money Market 0.0 8,469.0 313,790.0 0.0 322,258.9 198.7% 0.0 3,962.1 103,933.2 0.0 107,895.2 583.7% 0.0 4,933.8 10,847.8 0.0 15,781.6

Total 1,359,708.6 185,484.0 343,553.0 31,279.9 1,920,025.5 40.8% 1,087,468.4 116,789.1 132,300.2 26,695.7 1,363,253.5 10.1% 1,070,758.7 93,835.6 34,752.5 38,931.2 1,238,278.0

Regional YoY % change 25.0% 58.8% 159.7% 17.2% 40.8% 1.6% 24.5% 280.7% -31.4% 10.1%

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Asset class turnover analysis – Commodity

Figure 128: Turnover summary | ETPs | Global | All figures in $ million

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PacificRoW Total

Overall

Overall 12,741.4 4,201.5 14.3 50.8 17,008.0 -21.9% 17,556.3 4,108.3 9.3 98.4 21,772.3 -7.4% 18,354.8 5,022.9 16.6 111.4 23,505.7

Overall ex Energy 0.0 295.9 1.0 0.0 296.9 0.6% 0.0 291.8 3.4 0.0 295.1 24.0% 0.0 237.7 0.3 0.0 238.1

Overall Light Energy 0.0 1.9 0.0 0.0 1.9 -40.8% 0.0 2.9 0.3 0.0 3.2 -87.5% 0.0 25.9 0.0 0.0 25.9

Overall Ultra Light Energy 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Total 12,741.4 4,499.3 15.3 50.8 17,306.8 -21.6% 17,556.3 4,403.0 13.0 98.4 22,070.6 -7.1% 18,354.8 5,286.6 17.0 111.4 23,769.7

Regional YoY % change -27.4% 2.2% 18.1% -48.3% -21.6% -4.4% -16.7% -23.5% -11.7% -7.1%

Agriculture

Overall 2,295.8 563.3 91.9 0.6 2,951.6 -46.4% 4,584.2 742.9 37.7 139.8 5,504.5 -2.0% 4,451.4 1,068.6 14.8 81.7 5,616.4

Cocoa 0.0 63.2 0.0 0.0 63.2 9.6% 0.0 57.7 0.0 0.0 57.7 -20.6% 0.0 72.6 0.0 0.0 72.6

Coffee 0.0 673.4 0.0 0.0 673.4 -26.6% 0.0 917.2 0.0 0.0 917.2 135.5% 0.0 389.4 0.0 0.0 389.4

Corn 394.3 160.0 1.1 0.0 555.4 -64.8% 1,318.1 259.2 1.6 0.0 1,578.9 80.9% 613.0 259.3 0.5 0.0 872.8

Cotton 0.0 81.2 0.0 0.0 81.2 -42.3% 0.0 140.6 0.0 0.0 140.6 23.0% 0.0 114.3 0.0 0.0 114.3

Grains 0.0 63.5 0.2 0.0 63.7 -25.9% 0.0 84.9 1.2 0.0 86.0 -70.0% 0.0 285.4 1.5 0.0 287.0

Softs 0.0 10.3 0.0 0.0 10.3 -39.5% 0.0 17.0 0.0 0.0 17.0 29.5% 0.0 13.1 0.0 0.0 13.1

Soybean Oil 0.0 65.5 0.0 0.0 65.5 28.9% 0.0 50.8 0.0 0.0 50.8 59.0% 0.0 32.0 0.0 0.0 32.0

Soybeans 56.9 69.6 7.4 0.0 133.9 -24.8% 56.1 110.2 11.7 0.0 178.1 -23.7% 46.5 172.9 14.0 0.0 233.4

Sugar 16.7 345.4 0.0 0.0 362.1 19.8% 17.9 284.4 0.0 0.0 302.3 34.2% 11.9 213.3 0.0 0.0 225.2

Wheat 173.4 753.2 2.8 0.0 929.3 -5.7% 211.1 770.4 3.6 0.0 985.1 101.8% 61.1 425.4 1.7 0.0 488.2

Total 2,937.1 2,848.6 103.4 0.6 5,889.6 -40.0% 6,187.4 3,435.2 55.8 139.8 9,818.2 17.7% 5,183.9 3,046.3 32.5 81.7 8,344.4

Regional YoY % change -52.5% -17.1% 85.4% -99.6% -40.0% 19.4% 12.8% 71.7% 71.1% 17.7%

Energy

Overall 341.5 704.4 0.1 1.8 1,047.7 -2.1% 808.8 258.5 0.0 3.1 1,070.4 1.9% 642.8 350.5 1.1 56.1 1,050.6

Carbon 0.0 1.6 0.0 0.0 1.6 -61.4% 0.0 4.2 0.0 0.0 4.2 3.6% 0.0 4.0 0.0 0.0 4.0

Coal 9.8 0.0 0.0 0.0 9.8 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Crude Oil 196,433.3 17,665.2 5,922.8 19,866.6 239,887.9 215.3% 67,446.8 3,201.7 260.2 5,170.0 76,078.8 -12.0% 75,800.1 3,225.3 127.1 7,262.0 86,414.6

Electricity 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 -100.0% 0.0 0.1 0.0 0.0 0.1

Gasoline 613.6 118.5 0.1 0.0 732.2 121.5% 296.8 33.8 0.0 0.0 330.6 -30.0% 417.5 54.3 0.2 0.0 472.0

Heating Oil 12.9 46.0 0.0 0.0 58.9 40.3% 19.7 22.3 0.0 0.0 42.0 -30.3% 34.6 25.6 0.0 0.0 60.2

Natural Gas 25,668.9 3,353.0 3.4 9,190.8 38,216.0 -53.0% 60,277.9 2,655.0 5.0 18,415.1 81,352.9 83.1% 29,173.8 1,938.3 6.6 13,315.4 44,434.1

Oil & Gas 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Uranium 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 -100.0% 0.0 0.5 0.0 0.0 0.5

Total 223,080.0 21,888.7 5,926.2 29,059.1 279,954.1 76.2% 128,850.0 6,175.4 265.2 23,588.1 158,878.8 20.0% 106,068.8 5,598.7 135.0 20,633.5 132,436.1


Industrial Metals

Overall 685.6 530.2 1.5 0.0 1,217.4 -28.0% 1,151.4 532.2 1.7 5.6 1,690.9 1.3% 896.4 762.5 0.5 9.1 1,668.5

Aluminium 0.0 322.8 0.0 0.0 322.8 -38.5% 0.0 524.6 0.0 0.0 524.6 86.1% 0.0 281.9 0.0 0.0 281.9

Copper 4.1 1,035.6 14.8 0.0 1,054.5 5.6% 14.0 974.7 9.5 0.0 998.1 -55.3% 9.3 2,120.8 19.2 85.0 2,234.3

Lead 0.0 8.1 0.0 0.0 8.1 31.6% 0.0 6.1 0.0 0.0 6.1 -28.1% 0.0 8.5 0.0 0.0 8.5

Nickel 0.0 310.8 0.0 0.0 310.8 -27.9% 0.0 430.9 0.0 0.0 430.9 230.0% 0.0 130.6 0.0 0.0 130.6

Tin 0.0 29.3 0.0 0.0 29.3 -19.7% 0.0 36.5 0.0 0.0 36.5 13.0% 0.0 32.3 0.0 0.0 32.3

Zinc 0.0 63.5 0.0 0.0 63.5 -35.7% 0.0 98.8 0.0 0.0 98.8 -4.4% 0.0 103.3 0.0 0.0 103.3

Total 689.8 2,300.3 16.3 0.0 3,006.4 -20.6% 1,165.3 2,603.7 11.3 5.6 3,786.0 -15.1% 905.7 3,439.9 19.7 94.1 4,459.5

Regional YoY % change -40.8% -11.7% 44.1% -99.8% -20.6% 28.7% -24.3% -42.6% -94.0% -15.1%

Precious Metals

Overall 735.1 487.2 5.1 0.0 1,227.4 10.3% 929.8 179.2 3.2 0.8 1,113.0 -36.9% 1,360.4 361.9 9.0 31.2 1,762.6

Gold 188,164.3 22,246.6 4,435.4 2,019.3 216,865.6 -14.4% 223,449.2 23,086.6 3,284.8 3,456.5 253,277.0 -45.7% 406,083.5 48,117.6 5,280.5 6,984.7 466,466.2

Palladium 586.6 676.5 12.6 1,138.2 2,413.8 -42.0% 1,229.4 1,449.4 17.1 1,469.2 4,165.0 39.0% 1,419.6 1,552.5 20.6 4.4 2,997.1

Platinum 838.7 942.2 163.9 1,589.4 3,534.2 -47.6% 1,179.6 1,334.0 45.7 4,180.7 6,740.0 17.8% 1,845.4 2,078.1 73.8 1,725.5 5,722.9

Rhodium 0.0 32.5 0.0 0.0 32.5 -28.0% 0.0 45.1 0.0 0.0 45.1 59.1% 0.0 28.3 0.0 0.0 28.3

Silver 27,199.8 2,434.2 198.3 503.9 30,336.2 -33.4% 40,595.3 3,919.2 193.6 822.7 45,530.7 -49.1% 81,762.0 5,211.5 247.8 2,263.2 89,484.5

Total 217,524.5 26,819.1 4,815.3 5,250.8 254,409.7 -18.2% 267,383.2 30,013.4 3,544.4 9,929.9 310,870.8 -45.1% 492,470.9 57,350.0 5,631.7 11,009.0 566,461.6

Regional YoY % change -18.6% -10.6% 35.9% -47.1% -18.2% -45.7% -47.7% -37.1% -9.8% -45.1%

Livestock

Overall 0.0 8.2 0.0 0.0 8.2 -54.3% 0.0 17.9 0.0 0.0 17.9 48.4% 0.0 12.1 0.0 0.0 12.1

Cattle 0.0 16.6 0.0 0.0 16.6 -40.5% 0.0 27.9 0.0 0.0 27.9 -7.3% 0.0 30.1 0.0 0.0 30.1

Lean Hogs 0.0 54.3 0.0 0.0 54.3 -18.8% 0.0 66.8 0.0 0.0 66.8 165.5% 0.0 25.2 0.0 0.0 25.2

Total 0.0 79.0 0.0 0.0 79.0 -29.8% 0.0 112.7 0.0 0.0 112.7 67.2% 0.0 67.4 0.0 0.0 67.4

Regional YoY % change NA -29.8% NA NA -29.8% NA 67.2% NA NA 67.2%

Grand Total 456,972.7 58,435.1 10,876.5 34,361.4 560,645.7 10.9% 421,142.3 46,743.4 3,889.7 33,761.8 505,537.2 -31.3% 622,984.2 74,788.8 5,835.9 31,929.7 735,538.6

Regional YoY % change 8.5% 25.0% 179.6% 1.8% 10.9% -32.4% -37.5% -33.3% 5.7% -31.3%

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9. Assets Regional AUM analysis

Figure 129: Global ETP AUM by region and asset class | ETPs | Global |


US EuropeAsia

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YoY %

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Asia

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YoY %

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ETFs

Equity 1,694,315 352,381 224,256 49,670 2,320,621 7.5% 1,601,132 316,305 187,314 54,689 2,159,440 16.7% 1,350,396 289,099 157,790 53,259 1,850,544

Fixed income 360,972 122,835 21,850 21,137 526,794 17.2% 312,283 104,247 11,810 21,110 449,450 22.4% 257,123 83,289 8,044 18,766 367,223

Commodity 708 13,359 3,222 2,069 19,358 -11.5% 212 16,229 2,219 3,211 21,871 -10.8% 3 19,996 2,200 2,308 24,508

Currency 576 0 441 92 1,108 6.8% 675 15 286 62 1,038 -20.8% 1,073 42 148 46 1,310

Multi Asset 5,929 460 28 611 7,027 9.0% 5,425 363 32 624 6,444 34.9% 3,961 216 42 557 4,776

Alternative 2,759 1,060 130 72 4,022 -4.8% 2,735 1,327 124 36 4,222 12.2% 1,810 1,832 96 26 3,764

Total 2,065,258 490,095 249,926 73,650 2,878,930 8.9% 1,922,462 438,487 201,785 79,732 2,642,466 17.3% 1,614,367 394,474 168,321 74,962 2,252,124


ETC/Vs

Commodity 43,609 16,977 321 1,011 61,917 -16.6% 52,597 19,873 403 1,328 74,200 -9.8% 59,366 20,809 452 1,608 82,235

Currency 3,260 377 0 0 3,638 1.1% 3,127 472 0 0 3,598 -7.4% 3,453 431 0 0 3,884

Alternative 1,326 0 0 0 1,326 33.5% 993 0 0 0 993 43.7% 691 0 0 0 691

Total 48,195 17,354 321 1,011 66,881 -15.1% 56,717 20,344 403 1,328 78,791 -9.2% 63,511 21,239 452 1,608 86,811


ETPs

Equity 1,694,315 352,381 224,256 49,670 2,320,621 7.5% 1,601,132 316,305 187,314 54,689 2,159,440 16.7% 1,350,396 289,099 157,790 53,259 1,850,544

Fixed income 360,972 122,835 21,850 21,137 526,794 17.2% 312,283 104,247 11,810 21,110 449,450 22.4% 257,123 83,289 8,044 18,766 367,223

Commodity 44,317 30,336 3,542 3,080 81,276 -15.4% 52,809 36,102 2,621 4,538 96,071 -10.0% 59,369 40,805 2,653 3,916 106,743

Currency 3,836 377 441 92 4,746 2.4% 3,802 487 286 62 4,636 -10.7% 4,527 473 148 46 5,194

Multi Asset 5,929 460 28 611 7,027 9.0% 5,425 363 32 624 6,444 34.9% 3,961 216 42 557 4,776

Alternative 4,085 1,060 130 72 5,348 2.5% 3,728 1,327 124 36 5,215 17.1% 2,501 1,832 96 26 4,455

Total 2,113,454 507,450 250,247 74,661 2,945,811 8.3% 1,979,179 458,831 202,188 81,059 2,721,257 16.3% 1,677,878 415,714 168,773 76,570 2,338,935


2015 2014 2013


Asset class AUM analysis - Equity

Figure 130: AUM summary | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

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Asia

PacificRoW Total

YoY %

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Asia

PacificRoW Total

Developed Markets 334,823 257,160 140,393 17,760 750,135 27.1% 247,419 223,950 99,146 19,604 590,119 9.8% 222,220 206,996 88,037 19,999 537,252

Emerging Markets 98,750 24,264 55,948 6,011 184,973 -19.6% 122,088 30,588 68,432 8,979 230,087 3.5% 125,213 29,717 55,237 12,118 222,285

Global Markets 33,450 5,337 207 1,420 40,415 5.7% 30,640 6,346 142 1,116 38,244 20.5% 25,274 5,287 147 1,034 31,742

Sectors 249,290 21,266 7,708 8,792 287,056 1.0% 249,893 18,688 6,135 9,588 284,305 29.1% 191,612 16,350 4,640 7,593 220,195

Capitalization 538,047 7,763 578 4,085 550,472 0.0% 540,676 5,427 698 3,861 550,661 19.3% 451,012 6,690 538 3,375 461,614

Strategy 107,697 14,418 13,923 5,374 141,413 30.9% 85,270 11,433 7,709 3,599 108,011 37.8% 63,903 7,672 5,081 1,714 78,370

Style 300,974 17,918 3,419 5,607 327,918 3.8% 289,880 16,396 2,742 6,998 316,015 22.5% 235,359 13,701 2,365 6,505 257,930

Thematic 31,285 4,256 2,079 620 38,240 -8.9% 35,266 3,477 2,311 945 41,999 2.0% 35,802 2,687 1,744 922 41,155

Total 1,694,315 352,381 224,256 49,670 2,320,621 7.5% 1,601,132 316,305 187,314 54,689 2,159,440 16.7% 1,350,396 289,099 157,790 53,259 1,850,544


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Figure 131: AUM – Developed markets | ETFs | Global |


US EuropeAsia

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Asia

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Europe

Austria 56.9 431.7 0.0 0.0 488.6 5.7% 58.1 404.0 0.0 0.0 462.0 45.6% 88.8 228.6 0.0 0.0 317.4

Belgium 237.9 47.2 0.0 0.0 285.0 62.7% 133.2 42.0 0.0 0.0 175.1 57.7% 67.2 43.8 0.0 0.0 111.1

Denmark 87.4 0.0 0.0 0.0 87.4 54.0% 56.8 0.0 0.0 0.0 56.8 217.5% 17.9 0.0 0.0 0.0 17.9

Finland 24.8 193.9 0.0 0.0 218.6 12.7% 19.3 174.6 0.0 0.0 193.9 -11.2% 15.5 202.9 0.0 0.0 218.4

France 383.5 5,472.1 0.0 0.0 5,855.6 20.7% 307.6 4,545.0 0.0 0.0 4,852.7 -9.4% 425.6 4,929.2 0.0 0.0 5,354.7

Germany 7,703.5 23,495.7 40.7 0.0 31,240.0 27.9% 4,756.9 19,517.4 145.4 0.0 24,419.7 -37.2% 6,277.2 32,614.4 0.0 0.0 38,891.6

Greece 257.1 214.2 0.0 0.0 471.3 30.8% 105.2 255.1 0.0 0.0 360.2 -16.1% 129.6 299.8 0.0 0.0 429.4

Ireland 172.4 34.1 0.0 0.0 206.5 86.9% 81.8 28.7 0.0 0.0 110.5 -30.7% 123.2 36.3 0.0 0.0 159.5

Italy 1,132.6 3,227.6 0.0 0.0 4,360.2 21.6% 838.0 2,748.4 0.0 0.0 3,586.5 -2.3% 856.3 2,815.2 0.0 0.0 3,671.5

Netherlands 162.9 705.1 0.0 0.0 867.9 30.9% 142.0 521.0 0.0 0.0 663.0 -25.1% 304.6 581.0 0.0 0.0 885.5

Norway 77.0 256.0 0.0 0.0 333.0 -15.5% 94.0 300.2 0.0 0.0 394.2 3.1% 97.8 284.6 0.0 0.0 382.5

Portugal 26.9 81.8 0.0 0.0 108.7 12.8% 26.2 70.1 0.0 0.0 96.4 38.9% 1.6 67.8 0.0 0.0 69.4

Spain 1,391.1 1,845.1 0.0 0.0 3,236.2 -13.7% 1,579.8 2,168.3 0.0 0.0 3,748.1 35.6% 882.5 1,881.2 0.0 0.0 2,763.8

Sweden 368.3 1,526.4 0.0 0.0 1,894.7 -3.6% 341.4 1,623.4 0.0 0.0 1,964.8 -29.1% 497.2 2,273.5 0.0 0.0 2,770.7

Switzerland 1,199.8 11,185.5 0.0 0.0 12,385.3 6.9% 1,010.3 10,579.4 0.0 0.0 11,589.7 13.8% 1,029.7 9,151.5 0.0 0.0 10,181.3

UK 2,415.9 14,261.8 0.0 64.9 16,742.5 -5.0% 3,006.6 14,548.2 0.0 62.0 17,616.8 -3.9% 3,647.8 14,636.9 0.0 56.2 18,340.9

Europe broad 61,423.9 81,366.3 42.2 272.4 143,104.8 56.4% 32,276.6 59,179.8 20.1 49.1 91,525.6 1.6% 30,490.8 59,611.7 0.0 0.0 90,102.5

Total 77,121.7 144,344.6 82.9 337.3 221,886.5 37.1% 44,833.7 116,705.8 165.4 111.1 161,816.1 -7.4% 44,953.3 129,658.5 0.0 56.2 174,668.0

Regional YoY % change 72.0% 23.7% -49.9% 203.5% 37.1% -0.3% -10.0% NA 97.6% -7.4%

Americas

US 78,667.7 63,719.1 164.7 2,289.8 144,841.3 8.5% 68,912.0 62,337.4 194.7 2,089.3 133,533.4 42.3% 53,509.4 38,436.0 84.7 1,786.7 93,816.7

Canada 1,729.6 839.0 0.0 12,158.4 14,727.0 -23.2% 2,719.5 1,097.3 0.0 15,347.3 19,164.1 -7.8% 3,319.7 1,026.2 0.0 16,438.6 20,784.4

North America 0.0 2,189.5 0.0 295.2 2,484.7 -27.7% 0.0 3,123.8 0.0 312.2 3,435.9 4.6% 0.0 3,014.2 0.0 270.6 3,284.7

Total 80,397.3 66,747.6 164.7 14,743.5 162,053.0 3.8% 71,631.5 66,558.5 194.7 17,748.8 156,133.5 32.4% 56,829.1 42,476.4 84.7 18,495.8 117,885.9

Regional YoY % change 12.2% 0.3% -15.4% -16.9% 3.8% 26.0% 56.7% 130.0% -4.0% 32.4%

Asia

Australia 1,297.3 898.9 4,587.6 0.0 6,783.8 7.4% 1,618.0 819.3 3,878.0 0.0 6,315.3 13.0% 1,924.3 311.3 3,354.4 0.0 5,590.1

Hong Kong 2,440.2 284.5 14,887.4 0.0 17,612.2 7.9% 2,745.5 179.8 13,398.4 0.0 16,323.7 11.4% 2,270.6 172.3 12,204.7 0.0 14,647.6

Japan 37,610.0 22,226.1 119,582.6 136.7 179,555.4 42.8% 27,644.7 17,429.5 80,606.6 77.7 125,758.5 9.8% 27,371.5 15,368.7 71,679.2 107.0 114,526.4

New Zealand 73.8 0.0 179.0 0.0 252.8 -14.0% 134.4 0.0 159.5 0.0 293.9 5.0% 134.4 0.0 145.7 0.0 280.0

Singapore 539.2 68.3 357.9 0.0 965.4 -24.2% 831.9 22.1 419.3 0.0 1,273.3 -18.7% 1,137.9 13.0 415.1 0.0 1,566.0

Asia Pacific broad 5,675.8 1,585.9 0.0 20.5 7,282.1 -0.6% 5,429.5 1,892.2 0.0 5.4 7,327.1 -2.7% 5,891.0 1,640.6 0.0 0.0 7,531.5

Total 47,636.4 25,063.7 139,594.4 157.2 212,451.8 35.1% 38,404.0 20,342.9 98,461.8 83.1 157,291.8 9.1% 38,729.7 17,505.9 87,799.0 107.0 144,141.6

Regional YoY % change 24.0% 23.2% 41.8% 89.2% 35.1% -0.8% 16.2% 12.1% -22.3% 9.1%

EMEA

Israel 152.0 0.0 0.0 0.0 152.0 -6.3% 162.3 0.0 0.0 0.0 162.3 30.6% 124.3 0.0 0.0 0.0 124.3

Total 152.0 0.0 0.0 0.0 152.0 -6.3% 162.3 0.0 0.0 0.0 162.3 30.6% 124.3 0.0 0.0 0.0 124.3

Regional YoY % change -6.3% NA NA NA -6.3% 30.6% NA NA NA 30.6%

Global

Broad indices 129,515.1 21,004.1 550.8 2,521.8 153,591.8 33.9% 92,387.4 20,343.1 323.7 1,661.2 114,715.4 14.2% 81,583.4 17,354.9 153.6 1,340.3 100,432.2

Total 129,515.1 21,004.1 550.8 2,521.8 153,591.8 33.9% 92,387.4 20,343.1 323.7 1,661.2 114,715.4 14.2% 81,583.4 17,354.9 153.6 1,340.3 100,432.2


Grand total 334,822.6 257,160.0 140,392.9 17,759.6 750,135.1 27.1% 247,418.9 223,950.4 99,145.7 19,604.1 590,119.1 9.8% 222,219.7 206,995.6 88,037.3 19,999.3 537,251.9


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Figure 132: AUM – Emerging markets | ETFs | Global |


US EuropeAsia

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YoY %

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PacificRoW Total

BRIC

Brazil 1,950.6 577.2 29.9 641.9 3,199.6 -47.4% 4,003.5 963.5 39.6 1,081.9 6,088.5 -9.5% 4,381.9 1,310.2 61.3 975.2 6,728.6

Russia 1,967.4 741.8 18.7 0.0 2,727.9 0.1% 1,776.4 931.2 18.3 0.0 2,726.0 -14.8% 1,611.9 1,569.4 18.4 0.0 3,199.7

India 4,845.0 1,966.9 921.3 184.5 7,917.7 21.5% 3,390.8 1,928.0 1,101.0 95.6 6,515.3 63.4% 1,330.7 1,606.0 1,011.9 38.8 3,987.4

China 9,202.0 3,200.8 43,552.7 85.4 56,040.9 -20.9% 9,800.8 5,678.3 55,236.5 117.2 70,832.8 34.3% 8,697.5 3,958.8 40,042.8 58.9 52,758.1

Total 17,965.0 6,486.6 44,522.7 911.8 69,886.1 -18.9% 18,971.6 9,501.0 56,395.3 1,294.8 86,162.6 29.2% 16,022.1 8,444.4 41,134.4 1,073.0 66,673.8

Regional YoY % change -5.3% -31.7% -21.1% -29.6% -18.9% 18.4% 12.5% 37.1% 20.7% 29.2%

Latin America

Argentina 23.8 0.0 0.0 0.0 23.8 23.5% 19.3 0.0 0.0 0.0 19.3 164.2% 7.3 0.0 0.0 0.0 7.3

Chile 196.0 0.0 0.0 43.2 239.2 -29.0% 279.8 22.6 0.0 34.6 337.1 -19.1% 365.4 24.0 0.0 27.1 416.4

Colombia 74.2 0.0 0.0 505.6 579.8 -51.0% 89.2 0.0 0.0 1,093.7 1,182.9 -29.2% 133.7 0.0 0.0 1,536.3 1,670.0

Mexico 1,282.6 164.3 0.0 3,302.9 4,749.7 -34.8% 2,302.7 249.7 0.0 4,736.6 7,289.0 -29.7% 2,642.1 274.7 0.0 7,445.9 10,362.7

Peru 106.0 0.0 0.0 0.0 106.0 -54.9% 234.9 0.0 0.0 0.0 234.9 -25.1% 313.5 0.0 0.0 0.0 313.5

LATAM broad 589.7 413.1 2.4 0.0 1,005.1 -27.6% 822.1 556.5 3.6 6.8 1,389.0 -22.0% 1,037.7 730.3 4.3 8.6 1,780.9

Total 2,272.3 577.4 2.4 3,851.7 6,703.7 -35.9% 3,748.0 828.9 3.6 5,871.7 10,452.2 -28.2% 4,499.6 1,029.0 4.3 9,017.9 14,550.9


Asia

Bangladesh 0.0 22.0 0.0 0.0 22.0 3.7% 0.0 21.3 0.0 0.0 21.3 10.4% 0.0 19.3 0.0 0.0 19.3

Indonesia 360.5 129.7 64.6 0.0 554.8 -43.6% 785.4 170.8 27.3 0.0 983.4 46.7% 518.0 132.9 19.5 0.0 670.4

Malaysia 211.8 53.9 6.7 0.0 272.4 -56.5% 529.5 88.8 8.1 0.0 626.4 -35.4% 835.5 120.5 13.8 0.0 969.8

Pakistan 5.2 22.7 0.0 0.0 27.9 -4.7% 0.0 29.3 0.0 0.0 29.3 47.9% 0.0 19.8 0.0 0.0 19.8

Philippines 256.7 43.0 30.5 0.0 330.1 -29.8% 372.2 75.8 22.3 0.0 470.3 40.9% 259.9 54.9 19.2 0.0 333.9

South Korea 3,413.0 888.4 8,586.9 0.0 12,888.3 -10.7% 4,209.7 983.6 9,244.9 0.0 14,438.2 -12.5% 4,429.0 1,248.6 10,815.5 0.0 16,493.0

Taiwan 2,771.3 611.8 2,518.3 0.0 5,901.5 -12.9% 3,269.3 1,019.2 2,487.3 0.0 6,775.8 5.0% 2,833.2 611.3 3,008.3 0.0 6,452.8

Thailand 218.8 31.4 84.4 0.0 334.6 -48.3% 471.2 79.4 97.1 0.0 647.8 -0.2% 505.9 52.9 90.0 0.0 648.9

Vietnam 379.2 353.5 16.1 0.0 748.8 -12.1% 468.2 375.1 8.8 0.0 852.2 28.3% 372.6 291.8 0.0 0.0 664.4

Asia Pacific broad 354.5 1,512.0 15.8 0.0 1,882.2 7.3% 261.4 1,472.0 20.4 0.0 1,753.7 24.8% 161.6 1,218.1 25.2 0.0 1,404.9

Total 7,971.0 3,668.4 11,323.2 0.0 22,962.7 -13.7% 10,366.8 4,315.2 11,916.3 0.0 26,598.3 -3.9% 9,915.6 3,770.0 13,991.5 0.0 27,677.2

Regional YoY % change -23.1% -15.0% -5.0% NA -13.7% 4.5% 14.5% -14.8% NA -3.9%

EMEA

Egypt 26.3 0.0 0.0 0.0 26.3 -46.8% 49.5 0.0 0.0 0.0 49.5 1.8% 48.6 0.0 0.0 0.0 48.6

Kuwait 0.0 8.0 0.0 0.0 8.0 -47.2% 0.0 15.2 0.0 0.0 15.2 -3.2% 0.0 15.7 0.0 0.0 15.7

Nigeria 20.2 0.0 0.0 0.0 20.2 18.1% 17.1 0.0 0.0 0.0 17.1 142.7% 7.1 0.0 0.0 0.0 7.1

Poland 174.3 69.8 0.0 0.0 244.1 -7.6% 217.5 46.8 0.0 0.0 264.3 -33.2% 310.8 84.6 0.0 0.0 395.4

Qatar 43.3 0.0 0.0 0.0 43.3 -0.9% 43.7 0.0 0.0 0.0 43.7 NA 0.0 0.0 0.0 0.0 0.0

South Africa 291.5 74.5 6.2 594.8 967.0 -34.8% 410.4 111.6 18.6 941.7 1,482.3 -14.5% 516.1 114.9 19.4 1,083.7 1,734.1

Saudi Arabia 4.7 0.0 0.0 7.3 12.1 44.1% 0.0 0.0 0.0 8.4 8.4 -34.2% 0.0 0.0 0.0 12.7 12.7

Turkey 305.9 308.5 0.0 0.0 614.5 -39.2% 500.6 509.5 0.0 0.0 1,010.1 -0.1% 457.0 553.8 0.0 0.0 1,010.8

UAE 25.2 0.0 0.0 18.3 43.5 -40.1% 47.0 0.0 0.0 25.7 72.6 367.6% 0.0 0.0 0.0 15.5 15.5

Europe broad 36.2 346.6 0.0 0.0 382.8 -51.4% 203.3 584.5 0.0 0.0 787.9 -29.8% 234.7 887.3 0.0 0.0 1,122.0

Middle East & Africa 98.7 144.0 0.0 117.4 360.1 -30.1% 168.9 137.5 0.0 208.9 515.3 -16.8% 208.0 158.1 0.0 253.3 619.4

Total 1,026.5 951.5 6.2 737.9 2,722.1 -36.2% 1,658.0 1,405.1 18.6 1,184.6 4,266.4 -14.4% 1,782.2 1,814.4 19.4 1,365.2 4,981.2


Global Markets

Global 69,515.1 12,579.8 93.5 509.8 82,698.2 -19.4% 87,343.5 14,537.7 98.1 628.2 102,607.4 -5.3% 92,993.7 14,659.3 87.8 661.4 108,402.2

Total 69,515.1 12,579.8 93.5 509.8 82,698.2 -19.4% 87,343.5 14,537.7 98.1 628.2 102,607.4 -5.3% 92,993.7 14,659.3 87.8 661.4 108,402.2

Regional YoY % change -20.4% -13.5% -4.6% -18.8% -19.4% -6.1% -0.8% 11.7% -5.0% -5.3%

Grand Total 98,749.9 24,263.7 55,948.0 6,011.2 184,972.7 -19.6% 122,087.9 30,587.9 68,431.9 8,979.3 230,086.9 3.5% 125,213.3 29,717.1 55,237.5 12,117.5 222,285.4

Regional YoY % change -19.1% -20.7% -18.2% -33.1% -19.6% -2.5% 2.9% 23.9% -25.9% 3.5%

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Figure 133: AUM – Other segments | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

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Asia

PacificRoW Total

YoY %

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Asia

PacificRoW Total

Sector

Consumer discretionary 16,999.6 967.1 303.9 34.3 18,304.9 10.3% 15,575.2 754.6 245.5 20.4 16,595.7 19.6% 12,780.8 779.8 293.2 18.1 13,871.9

Consumer staples 12,903.3 1,070.7 717.4 106.3 14,797.7 -3.5% 14,108.5 955.6 198.2 78.3 15,340.5 41.2% 9,692.2 998.3 135.6 41.9 10,867.9

Energy 22,537.7 1,653.8 58.1 856.7 25,106.3 -2.1% 23,153.5 1,333.0 51.7 1,098.5 25,636.7 19.0% 19,729.2 984.7 82.0 752.6 21,548.6

Financials 88,250.8 11,201.0 5,638.3 3,855.3 108,945.4 1.3% 88,835.1 9,677.0 4,553.9 4,489.6 107,555.6 35.2% 64,437.5 7,862.1 3,019.2 4,261.6 79,580.4

Healthcare 42,733.6 2,193.9 312.7 343.8 45,583.9 18.8% 35,435.0 2,244.2 410.7 266.3 38,356.1 52.3% 23,429.8 1,393.5 232.2 125.5 25,181.0

Industrials 10,818.0 579.9 75.7 62.9 11,536.4 -31.3% 15,971.8 527.2 64.6 220.4 16,784.0 5.1% 14,684.7 1,018.6 97.5 176.3 15,977.1

Information Technology 36,955.1 1,532.2 264.3 85.6 38,837.2 9.4% 33,939.5 1,242.6 224.4 87.1 35,493.6 24.4% 27,451.0 741.1 282.1 67.4 28,541.6

Materials 7,667.2 726.2 130.3 215.5 8,739.2 -11.8% 8,596.9 811.1 214.1 282.2 9,904.2 -22.8% 10,885.4 1,374.3 230.3 331.8 12,821.9

Telecommunications 1,990.2 854.8 11.8 0.0 2,856.9 9.5% 2,025.3 578.8 4.2 0.0 2,608.3 8.8% 1,703.5 691.0 2.8 0.0 2,397.2

Utilities 8,434.3 486.5 5.5 429.9 9,356.3 -30.1% 12,252.3 564.2 5.6 568.2 13,390.3 68.3% 6,818.4 506.3 6.7 623.2 7,954.6

Transportation 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Overall 0.0 0.0 189.5 2,802.1 2,991.6 13.3% 0.0 0.0 162.6 2,476.7 2,639.4 81.7% 0.0 0.0 258.6 1,194.2 1,452.8

Total 249,289.7 21,266.2 7,707.5 8,792.4 287,055.8 1.0% 249,893.2 18,688.3 6,135.5 9,587.7 284,304.7 29.1% 191,612.4 16,349.6 4,640.2 7,592.7 220,194.9

Regional YoY % change -0.2% 13.8% 25.6% -8.3% 1.0% 30.4% 14.3% 32.2% 26.3% 29.1%

Capitalization

Large Cap 393,816.7 413.8 335.6 3,700.6 398,266.7 -3.3% 407,487.7 494.3 354.3 3,385.5 411,721.8 23.0% 330,879.5 757.0 223.2 2,854.7 334,714.4

Mid Cap 70,504.5 2,583.2 106.1 278.7 73,472.5 11.3% 63,682.5 1,811.8 194.7 336.7 66,025.7 13.9% 55,787.1 1,662.1 179.5 348.8 57,977.5

Small Cap 73,725.6 4,765.8 136.3 105.7 78,733.3 8.0% 69,505.4 3,120.6 148.7 138.6 72,913.2 5.8% 64,345.5 4,270.5 135.3 171.0 68,922.3

Total 538,046.8 7,762.8 578.0 4,085.0 550,472.5 0.0% 540,675.6 5,426.7 697.7 3,860.8 550,660.8 19.3% 451,012.1 6,689.6 537.9 3,374.5 461,614.1

Regional YoY % change -0.5% 43.0% -17.2% 5.8% 0.0% 19.9% -18.9% 29.7% 14.4% 19.3%

Strategy

Active 3,093.0 0.0 0.0 2,390.1 5,483.1 25.5% 2,841.5 0.0 0.0 1,527.9 4,369.4 159.1% 1,083.2 0.0 0.0 603.2 1,686.4

Fundamental 32,817.4 2,680.6 248.2 413.6 36,159.9 10.4% 29,776.3 2,290.3 250.6 427.7 32,744.9 66.1% 18,440.9 814.4 239.5 224.6 19,719.3

Leveraged Long 14,686.5 2,371.1 10,541.6 181.1 27,780.3 17.9% 15,485.4 1,930.5 5,869.3 267.9 23,553.0 10.7% 15,104.6 2,205.3 3,707.1 258.9 21,275.8

Leveraged Short 5,463.8 868.1 544.8 144.2 7,020.9 13.8% 4,701.9 964.0 306.8 198.2 6,170.9 -2.3% 4,957.9 1,212.7 0.0 146.6 6,317.2

Options Strategy 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Quantitative 48,425.2 6,963.8 433.6 2,226.2 58,048.8 60.3% 29,825.4 4,745.2 483.4 1,151.4 36,205.4 48.2% 21,697.1 1,908.3 364.6 454.0 24,424.0

Short 3,211.3 1,534.2 2,155.1 19.0 6,919.7 39.3% 2,639.9 1,503.1 798.5 25.5 4,967.0 0.4% 2,619.2 1,531.1 770.1 26.9 4,947.4

Total 107,697.1 14,417.8 13,923.3 5,374.3 141,412.6 30.9% 85,270.4 11,433.1 7,708.6 3,598.5 108,010.6 37.8% 63,903.0 7,671.8 5,081.2 1,714.1 78,370.2


Style

Dividend 91,103.2 16,119.1 2,442.7 3,996.0 113,661.0 -8.1% 101,298.0 15,073.4 2,060.5 5,278.3 123,710.2 20.3% 84,373.2 11,918.8 1,654.2 4,893.1 102,839.4

Growth 113,662.2 328.6 804.6 155.1 114,950.4 17.8% 96,870.3 191.2 391.9 95.0 97,548.4 22.4% 78,784.7 402.9 433.7 63.0 79,684.3

Value 96,208.1 1,470.1 172.0 1,456.3 99,306.5 4.8% 91,711.7 1,130.9 289.7 1,624.2 94,756.5 25.7% 72,201.4 1,379.4 277.1 1,548.4 75,406.3

Total 300,973.5 17,917.8 3,419.3 5,607.4 327,918.0 3.8% 289,880.0 16,395.5 2,742.0 6,997.5 316,015.0 22.5% 235,359.3 13,701.1 2,365.0 6,504.6 257,930.0


Thematic

Commodities 15,585.9 733.6 29.9 356.6 16,706.0 -21.3% 19,856.8 782.4 50.2 549.3 21,238.7 -8.2% 21,866.1 582.6 65.5 626.8 23,140.9

Faith 0.0 204.9 0.0 0.0 204.9 -15.7% 0.0 243.1 0.0 0.0 243.1 18.1% 0.0 206.0 0.0 0.0 206.0

Other Theme 12,557.6 972.0 2,013.1 157.2 15,700.0 3.3% 11,954.6 825.1 2,168.5 256.5 15,204.7 17.8% 10,422.9 749.9 1,586.5 148.1 12,907.4

Sustainability 3,141.7 2,345.3 36.2 106.0 5,629.2 6.0% 3,454.6 1,626.1 92.0 139.2 5,312.0 8.4% 3,512.8 1,148.8 92.2 147.3 4,901.0

Total 31,285.2 4,255.8 2,079.2 619.8 38,240.1 -8.9% 35,266.0 3,476.8 2,310.7 945.0 41,998.5 2.0% 35,801.7 2,687.2 1,744.2 922.2 41,155.3

Regional YoY % change -11.3% 22.4% -10.0% -34.4% -8.9% -1.5% 29.4% 32.5% 2.5% 2.0%

Grand total 1,227,292.4 65,620.4 27,707.3 24,478.8 1,345,098.9 3.4% 1,200,985.2 55,420.4 19,594.5 24,989.6 1,300,989.7 22.8% 977,688.5 47,099.3 14,368.5 20,108.1 1,059,264.5


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Asset class AUM analysis – Fixed income

Figure 134: AUM summary | ETFs | Global |


US EuropeAsia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

YoY %

changeUS Europe

Asia

PacificRoW Total

Overall 77,585.2 8,676.9 800.6 2,987.2 90,049.9 22.8% 62,969.0 7,239.3 475.4 2,661.7 73,345.3 43.4% 43,364.2 4,850.1 373.1 2,549.6 51,137.0

Corporates 142,066.0 47,215.9 1,387.8 9,876.6 200,546.3 13.0% 129,688.2 35,905.2 1,159.0 10,661.4 177,413.9 18.7% 114,016.2 26,262.7 381.1 8,807.8 149,467.7

Covered Bonds 0.0 3,315.3 0.0 0.0 3,315.3 -21.5% 0.0 4,220.8 0.0 0.0 4,220.8 15.3% 0.0 3,660.7 0.0 0.0 3,660.7

Credit Exposure 0.0 305.8 0.0 0.0 305.8 3.2% 0.0 296.4 0.0 0.0 296.4 -52.9% 0.0 630.0 0.0 0.0 630.0

Sovereign 71,064.6 60,125.8 7,018.5 2,799.5 141,008.3 12.8% 60,905.7 54,511.3 6,982.5 2,651.2 125,050.7 17.9% 51,753.5 45,559.1 6,244.0 2,527.6 106,084.2

Sovereign & Corporates 29,378.7 0.0 0.0 5,412.3 34,791.0 20.3% 23,803.3 0.0 0.0 5,121.9 28,925.2 18.1% 19,616.1 0.0 0.0 4,869.5 24,485.7

Collateralized Debt 9,776.4 0.0 0.0 0.0 9,776.4 22.1% 8,009.1 0.0 0.0 0.0 8,009.1 38.9% 5,768.1 0.0 0.0 0.0 5,768.1

Sub-Sovereign 31,101.2 0.0 0.0 61.2 31,162.4 15.8% 26,907.9 0.0 0.0 13.6 26,921.5 19.0% 22,605.0 0.0 0.0 11.7 22,616.7

Money Market 0.0 3,195.0 12,643.1 0.0 15,838.1 200.7% 0.0 2,074.0 3,193.4 0.0 5,267.4 56.2% 0.0 2,326.9 1,046.0 0.0 3,373.0

Total 360,972.2 122,834.7 21,849.9 21,136.8 526,793.6 17.2% 312,283.2 104,246.9 11,810.3 21,109.8 449,450.3 22.4% 257,123.1 83,289.5 8,044.3 18,766.3 367,223.1


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Asset class AUM analysis – Commodity

Figure 135: AUM summary | ETPs | Global | All figures in $ million

US EuropeAsia

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YoY %

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Asia

PacificRoW Total

YoY %

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Asia

PacificRoW Total

Overall

Overall 4,022.4 3,743.8 5.7 0.0 7,771.9 -22.9% 6,023.7 4,025.7 5.3 27.6 10,082.3 -20.6% 7,724.3 4,920.2 5.3 51.7 12,701.5

Overall ex Energy 0.0 233.7 0.0 0.0 233.7 -21.4% 0.0 297.3 0.0 0.0 297.3 9.5% 0.0 271.5 0.0 0.0 271.5

Overall Light Energy 0.0 7.1 0.0 0.0 7.1 -23.0% 0.0 9.2 0.0 0.0 9.2 -39.8% 0.0 15.2 0.0 0.0 15.2

Overall Ultra Light Energy 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Total 4,022.4 3,984.6 5.7 0.0 8,012.7 -22.9% 6,023.7 4,332.2 5.3 27.6 10,388.8 -20.0% 7,724.3 5,207.0 5.3 51.7 12,988.3

Regional YoY % change -33.2% -8.0% 9.2% -100.0% -22.9% -22.0% -16.8% -1.3% -46.6% -20.0%

Agriculture

Overall 677.1 474.9 38.4 0.0 1,190.5 -27.8% 1,041.8 585.8 20.6 0.0 1,648.3 -20.5% 1,223.0 831.6 17.8 0.0 2,072.5

Cocoa 0.0 13.5 0.0 0.0 13.5 -11.0% 0.0 15.2 0.0 0.0 15.2 40.2% 0.0 10.8 0.0 0.0 10.8

Coffee 0.0 90.1 0.0 0.0 90.1 124.9% 0.0 40.1 0.0 0.0 40.1 -67.4% 0.0 123.1 0.0 0.0 123.1

Corn 61.0 38.6 0.0 0.0 99.6 -38.9% 108.5 54.5 0.0 0.0 163.0 114.5% 47.5 28.5 0.1 0.0 76.0

Cotton 0.0 33.9 0.0 0.0 33.9 -24.9% 0.0 45.1 0.0 0.0 45.1 66.0% 0.0 27.2 0.0 0.0 27.2

Grains 0.0 34.4 0.5 0.0 34.9 -24.9% 0.0 45.8 0.6 0.0 46.5 16.8% 0.0 39.4 0.3 0.0 39.8

Softs 0.0 5.6 0.0 0.0 5.6 -20.9% 0.0 7.0 0.0 0.0 7.0 -19.5% 0.0 8.7 0.0 0.0 8.7

Soybean Oil 0.0 3.4 0.0 0.0 3.4 -55.6% 0.0 7.6 0.0 0.0 7.6 93.8% 0.0 3.9 0.0 0.0 3.9

Soybeans 6.5 10.5 4.3 0.0 21.2 -46.4% 12.0 22.2 5.5 0.0 39.6 30.9% 4.0 21.5 4.8 0.0 30.2

Sugar 5.5 50.8 0.0 0.0 56.3 14.5% 2.7 46.5 0.0 0.0 49.2 6.8% 2.5 43.6 0.0 0.0 46.0

Wheat 26.5 98.3 0.1 0.0 125.0 -17.8% 22.3 129.6 0.2 0.0 152.0 49.4% 7.0 94.6 0.1 0.0 101.8

Total 776.6 854.0 43.3 0.0 1,674.0 -24.4% 1,187.2 999.2 27.0 0.0 2,213.4 -12.9% 1,284.1 1,232.9 23.1 0.0 2,540.0

Regional YoY % change -34.6% -14.5% 60.6% NA -24.4% -7.5% -19.0% 16.9% NA -12.9%

Energy

Overall 93.7 180.6 0.1 0.0 274.4 -8.7% 140.5 159.9 0.0 0.0 300.4 -46.3% 268.3 291.4 0.1 0.0 559.8

Carbon 0.0 1.4 0.0 0.0 1.4 -2.4% 0.0 1.5 0.0 0.0 1.5 55.6% 0.0 1.0 0.0 0.0 1.0

Coal 0.8 0.0 0.0 0.0 0.8 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Crude Oil 4,553.3 1,980.2 1,034.0 206.5 7,774.0 122.3% 2,257.5 959.3 128.3 152.2 3,497.2 17.9% 1,342.5 1,320.6 35.5 267.7 2,966.3

Electricity 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Gasoline 76.2 12.0 0.0 0.0 88.2 83.8% 40.7 7.3 0.0 0.0 48.0 -33.2% 56.9 14.9 0.0 0.0 71.8

Heating Oil 3.1 5.3 0.0 0.0 8.5 6.2% 3.2 4.7 0.0 0.0 8.0 -38.7% 5.0 8.0 0.0 0.0 13.0

Natural Gas 600.9 149.3 0.2 105.4 855.7 -24.4% 748.0 172.2 0.1 211.1 1,131.4 -22.9% 958.6 288.3 0.2 221.1 1,468.2

Uranium 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0

Total 5,327.9 2,328.8 1,034.2 312.0 9,002.9 80.5% 3,189.9 1,304.9 128.4 363.2 4,986.5 -1.8% 2,631.2 1,924.2 35.8 488.8 5,080.0

Regional YoY % change 67.0% 78.5% 705.4% -14.1% 80.5% 21.2% -32.2% 259.1% -25.7% -1.8%

Industrial Metals

Overall 114.0 169.0 2.3 0.0 285.3 -50.1% 222.6 345.4 3.4 0.0 571.4 -15.7% 237.1 437.4 3.8 0.0 678.2

Aluminium 0.0 90.6 0.0 0.0 90.6 -17.5% 0.0 109.7 0.0 0.0 109.7 96.2% 0.0 55.9 0.0 0.0 55.9

Copper 2.1 124.9 9.6 0.0 136.6 -53.9% 2.9 281.5 11.9 0.0 296.3 -24.5% 2.3 375.4 14.9 0.0 392.6

Lead 0.0 2.3 0.0 0.0 2.3 -8.7% 0.0 2.5 0.0 0.0 2.5 -39.4% 0.0 4.2 0.0 0.0 4.2

Nickel 0.0 97.5 0.0 0.0 97.5 -44.0% 0.0 174.2 0.0 0.0 174.2 214.1% 0.0 55.5 0.0 0.0 55.5

Tin 0.0 3.6 0.0 0.0 3.6 -18.6% 0.0 4.5 0.0 0.0 4.5 -22.2% 0.0 5.8 0.0 0.0 5.8

Zinc 0.0 16.3 0.0 0.0 16.3 -26.5% 0.0 22.2 0.0 0.0 22.2 -53.5% 0.0 47.7 0.0 0.0 47.7

Total 116.1 504.3 11.9 0.0 632.3 -46.5% 225.5 940.2 15.3 0.0 1,181.0 -4.8% 239.4 981.8 18.7 0.0 1,239.9

Regional YoY % change -48.5% -46.4% -22.1% NA -46.5% -5.8% -4.2% -18.3% NA -4.8%

Precious Metals

Overall 274.3 123.8 6.4 0.0 404.5 -36.5% 412.7 216.6 7.7 0.0 637.1 -7.5% 467.2 212.3 9.3 0.0 688.7

Gold 28,287.1 19,114.3 2,254.8 1,222.1 50,878.2 -18.4% 34,841.0 23,599.3 2,296.9 1,618.3 62,355.5 -9.2% 38,598.9 25,643.4 2,413.8 2,015.4 68,671.5

Palladium 182.0 531.2 6.6 525.1 1,245.0 -45.9% 398.8 922.9 6.9 972.9 2,301.5 64.3% 510.2 882.7 7.8 0.0 1,400.7

Platinum 399.6 765.7 85.6 960.1 2,211.0 -32.9% 610.6 1,182.9 32.1 1,471.2 3,296.9 -3.3% 716.0 1,428.5 31.6 1,234.9 3,411.0

Rhodium 0.0 62.3 0.0 0.3 62.6 -51.7% 0.0 129.8 0.0 0.0 129.8 31.7% 0.0 98.6 0.0 0.0 98.6

Silver 4,930.8 2,052.1 93.8 60.4 7,137.2 -16.6% 5,919.8 2,451.4 101.9 85.0 8,558.1 -19.3% 7,198.0 3,169.8 107.3 125.5 10,600.6

Total 34,073.8 22,649.4 2,447.3 2,768.0 61,938.5 -19.9% 42,182.9 28,503.0 2,445.6 4,147.4 77,278.8 -8.9% 47,490.2 31,435.3 2,569.7 3,375.8 84,871.0

Regional YoY % change -19.2% -20.5% 0.1% -33.3% -19.9% -11.2% -9.3% -4.8% 22.9% -8.9%

Livestock

Overall 0.0 6.4 0.0 0.0 6.4 -45.5% 0.0 11.8 0.0 0.0 11.8 21.6% 0.0 9.7 0.0 0.0 9.7

Cattle 0.0 2.2 0.0 0.0 2.2 -56.0% 0.0 4.9 0.0 0.0 4.9 -9.2% 0.0 5.4 0.0 0.0 5.4

Lean Hogs 0.0 6.6 0.0 0.0 6.6 14.1% 0.0 5.8 0.0 0.0 5.8 -33.9% 0.0 8.8 0.0 0.0 8.8

Total 0.0 15.2 0.0 0.0 15.2 -32.5% 0.0 22.5 0.0 0.0 22.5 -5.8% 0.0 23.9 0.0 0.0 23.9

Regional YoY % change NA -32.5% NA NA -32.5% NA -5.8% NA NA -5.8%

Grand Total 44,316.8 30,336.3 3,542.5 3,080.0 81,275.6 -15.4% 52,809.3 36,102.0 2,621.5 4,538.2 96,071.0 -10.0% 59,369.2 40,805.0 2,652.5 3,916.3 106,743.1

Regional YoY % change -16.1% -16.0% 35.1% -32.1% -15.4% -11.0% -11.5% -1.2% 15.9% -10.0%

2015 2014 2013


21 January 2016



10. ETP Rankings

Top ETPs - US

Figure 136: Top 20 ETPs (including ETNs) by AUM | ETPs | US |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER AUM ($million)

SPDR S&P 500 ETF State Street Equity ETF SPY US 0.09% 182,039

iShares Core S&P 500 ETF BlackRock Equity ETF IVV US 0.07% 70,260

iShares MSCI EAFE ETF BlackRock Equity ETF EFA US 0.33% 60,151

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.05% 57,412

PowerShares QQQ PowerShares Equity ETF QQQ US 0.20% 42,734

Vanguard S&P 500 ETF Vanguard Equity ETF VOO US 0.05% 40,436

Vanguard FTSE Emerging Markets ETF Vanguard Equity ETF VWO US 0.15% 34,452

iShares Russell 1000 Growth ETF BlackRock Equity ETF IWF US 0.20% 31,588

iShares Core U.S. Aggregate Bond ETF BlackRock Fixed Income ETF AGG US 0.08% 30,567

Vanguard FTSE Developed Markets ETF Vanguard Equity ETF VEA US 0.10% 29,288

Vanguard REIT ETF Vanguard Equity ETF VNQ US 0.12% 27,514

iShares Russell 1000 Value ETF BlackRock Equity ETF IWD US 0.21% 27,360

Vanguard Total Bond Market ETF Vanguard Fixed Income ETF BND US 0.08% 27,262

iShares Russell 2000 ETF BlackRock Equity ETF IWM US 0.24% 26,910

iShares Core S&P Mid-Cap ETF BlackRock Equity ETF IJH US 0.15% 26,556

iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock Fixed Income ETF LQD US 0.15% 24,022

SPDR Gold Shares State Street Commodity ETV GLD US 0.40% 21,931

iShares MSCI Emerging Markets ETF BlackRock Equity ETF EEM US 0.67% 21,531

Vanguard Growth ETF Vanguard Equity ETF VUG US 0.10% 20,690

iShares MSCI Japan ETF BlackRock Equity ETF EWJ US 0.47% 19,901 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 137: Top 20 ETPs (including ETNs) by turnover | ETPs | US |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER

Turnover

($million)

SPDR S&P 500 ETF State Street Equity ETF SPY US 0.09% 6,378,428

iShares Russell 2000 ETF BlackRock Equity ETF IWM US 0.24% 974,240

PowerShares QQQ PowerShares Equity ETF QQQ US 0.20% 878,316

iShares MSCI Emerging Markets ETF BlackRock Equity ETF EEM US 0.67% 533,089

Energy Select Sector SPDR Fund State Street Equity ETF XLE US 0.14% 343,583

iPath S&P 500 VIX Short-Term Futures ETN Barclays Bank Alternative ETN VXX US 0.89% 325,900


iShares 20+ Year Treasury Bond ETF BlackRock Fixed Income ETF TLT US 0.15% 280,969

SPDR Dow Jones Industrial Average ETF State Street Equity ETF DIA US 0.17% 270,242

iShares China Large-Cap ETF BlackRock Equity ETF FXI US 0.74% 238,158

iShares Core S&P 500 ETF BlackRock Equity ETF IVV US 0.07% 229,166

Financial Select Sector SPDR Fund State Street Equity ETF XLF US 0.14% 218,562

Market Vectors Gold Miners ETF Van Eck Funds Equity ETF GDX US 0.52% 213,570

Health Care Select Sector SPDR Fund State Street Equity ETF XLV US 0.14% 210,655

iShares U.S. Real Estate ETF BlackRock Equity ETF IYR US 0.43% 190,818

VelocityShares Daily Inverse VIX Short-Term ETN Credit Suisse Alternative ETN XIV US 1.35% 187,122

iShares iBoxx $ High Yield Corporate Bond ETF BlackRock Fixed Income ETF HYG US 0.50% 179,500

iShares Nasdaq Biotechnology ETF BlackRock Equity ETF IBB US 0.48% 174,375

SPDR Gold Shares State Street Commodity ETV GLD US 0.40% 174,030

ProShares Ultra VIX Short-Term Futures ETF ProShares Alternative ETV UVXY US 0.95% 156,362 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 138: Top 20 ETPs by (including ETNs) inflows | ETPs | US |

ETP Name Issuer

Asset Class &


Net Inflows

($million)

WisdomTree Europe Hedged Equity Fund WisdomTree Equity ETF HEDJ US 0.58% 13,880

Vanguard S&P 500 ETF Vanguard Equity ETF VOO US 0.05% 13,084

Deutsche X-trackers MSCI EAFE Currency-Hedged Equity ETF Deutsche AWM Equity ETF DBEF US 0.35% 12,563


iShares Core U.S. Aggregate Bond ETF BlackRock Fixed Income ETF AGG US 0.08% 7,831

iShares MSCI Eurozone ETF BlackRock Equity ETF EZU US 0.48% 7,520

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.05% 7,511

iShares Core MSCI EAFE ETF BlackRock Equity ETF IEFA US 0.14% 6,702

Vanguard FTSE Developed Markets ETF Vanguard Equity ETF VEA US 0.10% 6,220

iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock Fixed Income ETF LQD US 0.15% 5,782

iShares Core MSCI Emerging Markets ETF BlackRock Equity ETF IEMG US 0.18% 5,043

Vanguard FTSE Europe ETF Vanguard Equity ETF VGK US 0.12% 4,711

iShares Russell 1000 ETF BlackRock Equity ETF IWB US 0.15% 4,439

iShares MSCI Japan ETF BlackRock Equity ETF EWJ US 0.47% 4,421

iShares Currency Hedged MSCI EAFE ETF BlackRock Equity ETF HEFA US 0.39% 3,778

First Trust Dorsey Wright Focus 5 ETF First Trust Equity ETF FV US 0.30% 3,505

Vanguard Mid-Cap ETF Vanguard Equity ETF VO US 0.10% 3,491

iShares MSCI USA Minimum Volatility ETF BlackRock Equity ETF USMV US 0.15% 3,434

iShares Core S&P Mid-Cap ETF BlackRock Equity ETF IJH US 0.15% 3,378

Deutsche X-trackers MSCI Europe Hedged Equity ETF Deutsche AWM Equity ETF DBEU US 0.45% 3,293 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 139: Top 20 ETPs (including ETNs) by outflows | ETPs | US |

ETP Name Issuer

Asset Class &


Net Outflows

($million)

SPDR S&P 500 ETF State Street Equity ETF SPY US 0.09% -32,174

iShares MSCI Emerging Markets ETF BlackRock Equity ETF EEM US 0.67% -5,914

Vanguard FTSE Emerging Markets ETF Vanguard Equity ETF VWO US 0.15% -3,128

Industrial Select Sector SPDR Fund State Street Equity ETF XLI US 0.14% -2,774

Consumer Staples Select Sector SPDR Fund State Street Equity ETF XLP US 0.14% -2,140

SPDR Gold Shares State Street Commodity ETV GLD US 0.40% -2,035

iShares U.S. Technology ETF BlackRock Equity ETF IYW US 0.43% -2,017

iShares Select Dividend ETF BlackRock Equity ETF DVY US 0.39% -1,509

iShares U.S. Real Estate ETF BlackRock Equity ETF IYR US 0.43% -1,445

iShares Russell 2000 ETF BlackRock Equity ETF IWM US 0.24% -1,410

PowerShares Senior Loan Portfolio PowerShares Fixed Income ETF BKLN US 0.65% -1,395

iShares Transportation Average ETF BlackRock Equity ETF IYT US 0.43% -1,324

iShares U.S. Utilities ETF BlackRock Equity ETF IDU US 0.43% -1,190

PowerShares DB Commodity Index Tracking Fund PowerShares Commodity ETV DBC US 0.85% -1,176

Vanguard Dividend Appreciation ETF Vanguard Equity ETF VIG US 0.10% -1,146

Utilities Select Sector SPDR Fund State Street Equity ETF XLU US 0.14% -1,059

Guggenheim BulletShares 2015 High Yield Corporate Bond ETF Guggenheim Investments Fixed Income ETF BSJF US 0.42% -994

iShares MSCI ACWI ETF BlackRock Equity ETF ACWI US 0.33% -949

iShares International Select Dividend ETF BlackRock Equity ETF IDV US 0.50% -899

Financial Select Sector SPDR Fund State Street Equity ETF XLF US 0.14% -849 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 140: Top 20 ETPs (including ETNs) by performance* - non-leveraged | ETPs | US |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER 2015 Perf. %

Market Vectors ChinaAMC SME-ChiNext ETF Van Eck Funds Equity ETF CNXT US 0.68% 43.3%

WisdomTree Japan Hedged Health Care Fund WisdomTree Equity ETF DXJH US 0.43% 38.9%

ALPS Medical Breakthroughs ETF ALPS Equity ETF SBIO US 0.50% 27.9%

Deutsche X-trackers Harvest CSI 500 China-A Shares Small Cap ETF Deutsche AWM Equity ETF ASHS US 0.82% 27.8%

iShares MSCI Ireland Capped ETF BlackRock Equity ETF EIRL US 0.47% 22.8%

First Trust Dow Jones Internet Index Fund First Trust Equity ETF FDN US 0.60% 21.7%

iShares MSCI Denmark Capped ETF BlackRock Equity ETF EDEN US 0.53% 20.6%

PowerShares S&P SmallCap Health Care Portfolio PowerShares Equity ETF PSCH US 0.29% 20.3%

PowerShares NASDAQ Internet Portfolio PowerShares Equity ETF PNQI US 0.60% 19.6%

BioShares Biotechnology Products Fund Etfis Capital Equity ETF BBP US 0.85% 19.5%

PowerShares Golden Dragon China Portfolio PowerShares Equity ETF PGJ US 0.70% 18.6%

KraneShares CSI China Internet ETF KraneShares Equity ETF KWEB US 0.68% 18.0%

WisdomTree Japan SmallCap Dividend Fund WisdomTree Equity ETF DFJ US 0.58% 18.0%

WisdomTree Japan Hedged SmallCap Equity Fund WisdomTree Equity ETF DXJS US 0.58% 15.8%

iShares MSCI Japan Minimum Volatility ETF BlackRock Equity ETF JPMV US 0.30% 15.6%

ARK Web x.0 ETF ARK Investment Management Equity ETF ARKW US 0.95% 15.4%

QuantShares U.S. Market Neutral Momentum Fund QuantShares Alternative ETF MOM US 0.81% 15.1%

iShares MSCI Japan Small-Cap ETF BlackRock Equity ETF SCJ US 0.47% 14.9%

SPDR Russell/Nomura Small Cap Japan ETF State Street Equity ETF JSC US 0.40% 14.8%

PowerShares KBW Property & Casualty Insurance Portfolio PowerShares Equity ETF KBWP US 0.35% 14.6%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

Figure 141: Top 20 ETPs (including ETNs) by performance* - inverse & leveraged | ETPs | US |

ETP Name Issuer

Asset Class &


ProShares UltraShort MSCI Brazil Capped ProShares Equity ETF BZQ US 0.95% 97.9%

DB Crude Oil Double Short ETN Deutsche Bank Commodity ETN DTO US 0.75% 96.4%

ProShares UltraShort Bloomberg Crude Oil ProShares Commodity ETV SCO US 0.95% 74.6%

DB Commodity Index Double Short ETN Deutsche Bank Commodity ETN DEE US 0.75% 71.5%

VelocityShares 3x Inverse Crude ETN Credit Suisse Commodity ETN DWTI US 1.35% 70.5%

ProShares UltraShort Bloomberg Natural Gas ProShares Commodity ETV KOLD US 0.95% 70.3%

DB Base Metals Double Short ETN Deutsche Bank Commodity ETN BOM US 0.75% 67.6%

ProShares UltraShort Bloomberg Commodity ProShares Commodity ETV CMD US 0.95% 62.2%

VelocityShares 3x Inverse Natural Gas ETN Credit Suisse Commodity ETN DGAZ US 1.65% 55.7%

DB Crude Oil Short ETN Deutsche Bank Commodity ETN SZO US 0.75% 47.6%

United States Short Oil Fund United States Commodity Funds Commodity ETV DNO US 0.90% 47.6%

Direxion Daily Retail Bull 3x Shares DirexionShares Equity ETF RETL US 0.95% 44.3%

Direxion Daily Energy Bear 3x Shares DirexionShares Equity ETF ERY US 0.95% 39.6%

ETRACS 1xMonthly Short Alerian MLP Infrastructure Total Return Index UBS Equity ETN MLPS US 0.59% 34.8%

ProShares UltraShort Oil & Gas ProShares Equity ETF DUG US 0.95% 34.7%

DB Commodity Index Short ETN Deutsche Bank Commodity ETN DDP US 0.75% 33.6%

iPath Short Enhanced MSCI Emerging Markets Index ETN Barclays Bank Equity ETN EMSA US 0.80% 30.2%

Direxion Daily Emerging Markets Bear 3x Shares DirexionShares Equity ETF EDZ US 0.95% 25.2%

DB Agriculture Double Short ETN Deutsche Bank Commodity ETN AGA US 0.75% 24.4%

DB Base Metals Short ETN Deutsche Bank Commodity ETN BOS US 0.75% 24.2% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

21 January 2016



Top ETPs - Europe

Figure 142: Top 20 ETPs by AUM | ETPs | Europe |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER AUM (€ million)

iShares Core S&P 500 UCITS ETF BlackRock Equity ETF CSSPX SW 0.07% 11,936

Vanguard S&P 500 ETF Vanguard Equity ETF VUSA LN 0.07% 11,503

iShares Core DAX UCITS ETF DE BlackRock Equity ETF DAXEX GR 0.16% 9,433

iShares S&P 500 UCITS ETF (Inc) BlackRock Equity ETF IUSA LN 0.40% 8,688

iShares Euro STOXX 50 (DE) BlackRock Equity ETF SX5EEX GR 0.16% 7,872

Lyxor UCITS ETF Euro STOXX 50 Lyxor Equity ETF MSE FP 0.20% 7,522

iShares Euro Corporate Bond UCITS ETF BlackRock Fixed Income ETF IEBC LN 0.20% 6,387

iShares EURO STOXX 50 UCITS ETF (Inc) BlackRock Equity ETF EUNE SW 0.35% 6,258

iShares STOXX 600 (DE) BlackRock Equity ETF SXXPIEX GR 0.20% 6,193

iShares MSCI Europe UCITS ETF (Inc) BlackRock Equity ETF IMEU LN 0.35% 5,958

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D Deutsche AWM Equity ETF XESX GR 0.09% 5,536

iShares MSCI World UCITS ETF (Inc) BlackRock Equity ETF IWRD LN 0.50% 5,518

db x-trackers DAX® UCITS ETF (DR) 1C Deutsche AWM Equity ETF XDAX GR 0.09% 5,275

iShares FTSE 100 UCITS ETF (Inc) BlackRock Equity ETF ISF LN 0.07% 4,986

iShares Core MSCI World UCITS ETF (Acc) BlackRock Equity ETF SWDA LN 0.40% 4,832

ZKB Gold ETF Zuercher Kantonalbank Commodity ETF ZGLD SW 0.40% 4,148

iShares Euro High Yield Corporate Bond UCITS ETF BlackRock Fixed Income ETF IHYG LN 0.50% 4,016

Lyxor UCITS ETF CAC 40 (DR) -D-EUR Lyxor Equity ETF CAC FP 0.25% 4,009

iShares Euro Corporate Bond Large Cap UCITS ETF BlackRock Fixed Income ETF IBCS GR 0.20% 4,003

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF BlackRock Fixed Income ETF SEMB LN 0.45% 3,758 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 143: Top 20 ETPs by turnover | ETPs | Europe |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER Turnover (€ million)

iShares Core DAX UCITS ETF DE BlackRock Equity ETF DAXEX GR 0.16% 21,005


iShares FTSE 100 UCITS ETF (Inc) BlackRock Equity ETF ISF LN 0.07% 14,354


iShares EURO STOXX 50 UCITS ETF (Inc) BlackRock Equity ETF EUNE SW 0.35% 12,603

Deka DAX UCITS ETF Deka Investment GmbH Equity ETF ETFDAX GR 0.15% 12,009

iShares S&P 500 UCITS ETF (Inc) BlackRock Equity ETF IUSA LN 0.40% 11,868




iShares MSCI World UCITS ETF (Inc) BlackRock Equity ETF IWRD LN 0.50% 10,095

iShares MSCI Emerging Markets UCITS ETF (Inc) BlackRock Equity ETF IEEM LN 0.75% 9,158



iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF BlackRock Fixed Income ETF SEMB LN 0.45% 8,376

Lyxor ETF Leveraged FTSE/MIB Lyxor Equity ETF LEVMIB IM 0.60% 7,959


iShares $ High Yield Corporate Bond UCITS ETF BlackRock Fixed Income ETF SHYU LN 0.50% 7,463


iShares Core MSCI World UCITS ETF (Acc) BlackRock Equity ETF SWDA LN 0.40% 7,167 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 144: Top 20 ETPs by inflows | ETPs | Europe |

ETP Name Issuer

Asset Class &


Net Inflows (€

million)

iShares Core MSCI World UCITS ETF (Acc) BlackRock Equity ETF SWDA LN 0.40% 2,575







iShares MSCI Europe UCITS ETF (Inc) BlackRock Equity ETF IMEU LN 0.35% 1,901

iShares $ High Yield Corporate Bond UCITS ETF BlackRock Fixed Income ETF SHYU LN 0.50% 1,863


iShares $ Corporate Bond UCITS ETF BlackRock Fixed Income ETF LQDE LN 0.20% 1,597



Lyxor UCITS ETF CAC 40 (DR) -D-EUR Lyxor Equity ETF CAC FP 0.25% 1,334

iShares Euro Corporate Bond 1-5yr UCITS ETF BlackRock Fixed Income ETF SE15 LN 0.20% 1,212

iShares EURO Core STOXX 50 - B UCITS ETF Acc BlackRock Equity ETF CSSX5E SW 0.10% 1,137

UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc UBS Equity ETF EUUSBH SW 0.33% 1,037

db x-trackers MSCI Europe Index UCITS ETF (DR) Deutsche AWM Equity ETF XMEU GR 0.30% 963

UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A UBS Equity ETF EGUSAS SW 0.45% 956

Lyxor UCITS ETF MSCI Europe Lyxor Equity ETF MEU FP 0.30% 913 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 145: Top 20 ETPs by outflows | ETPs | Europe |

ETP Name Issuer

Asset Class &


Net Outflows (€

million)

iShares S&P 500 UCITS ETF (Inc) BlackRock Equity ETF IUSA LN 0.40% -3,900

iShares MSCI World UCITS ETF (Inc) BlackRock Equity ETF IWRD LN 0.50% -1,566

iShares $ Treasury Bond 1-3yr UCITS ETF BlackRock Fixed Income ETF IBTS LN 0.20% -855

UBS-ETF MSCI USA UBS Equity ETF USACHA SW 0.20% -709

db x-trackers MSCI Emerging Markets TRN Index UCITS ETF Deutsche AWM Equity ETF XMEM GR 0.65% -661

ETFS Physical Gold ETF Securities Commodity ETC PHAU LN 0.39% -651

iShares Euro Corporate Bond Large Cap UCITS ETF BlackRock Fixed Income ETF IBCS GR 0.20% -633

iShares MSCI North America UCITS ETF BlackRock Equity ETF INAA LN 0.40% -614

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock Equity ETF IFFF LN 0.74% -588

iShares MSCI Emerging Markets UCITS ETF (Inc) BlackRock Equity ETF IEEM LN 0.75% -571

db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D Deutsche AWM Equity ETF RQFI GY 0.65% -546

db x-trackers CSI300 Index UCITS ETF 1C Deutsche AWM Equity ETF XCHA LN 0.50% -512

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock Equity ETF IJPE LN 0.64% -508

Gold Bullion Securities ETF Securities Commodity ETC GBS LN 0.40% -500

CSOP Source FTSE China A50 UCITS ETF Source Equity ETF CHNP LN 0.99% -473

EasyETF Euro STOXX 50 BNP Paribas Equity ETF ETB FP 0.25% -422

iShares Gold CH BlackRock Commodity ETF CSGOLD SW 0.33% -415

ComStage ETF MSCI USA TRN ComStage Equity ETF CBNDDUUS GR 0.25% -390

iShares SMI CH BlackRock Equity ETF CSSMI SW 0.39% -374

Amundi ETF S&P 500 UCITS ETF Amundi Equity ETF 500 FP 0.15% -347 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 146: Top 20 ETPs by performance* (non-leveraged) | ETPs | Europe |

ETP Name Issuer

Asset Class &


db x-trackers CSI300 Real Estate Index UCITS ETF Deutsche AWM Equity ETF XCHR GY 0.50% 53.9%

db x-trackers CSI300 Health Care Index UCITS ETF Deutsche AWM Equity ETF XCHC GY 0.50% 45.5%

Landsbref LEQ Landsbankinn Equity ETF LEQ IR 0.50% 45.1%

db x-trackers CSI300 Consumer Discretionary Index UCITS ETF Deutsche AWM Equity ETF XCHD GY 0.50% 41.1%

Lyxor UCITS ETF FTSE Mid Cap Italy D-EUR Lyxor Equity ETF ITAMID IM 0.50% 36.6%

iShares TecDAX (DE) BlackRock Equity ETF TDXPEX GR 0.51% 32.7%

iShares MSCI EMU Small Cap UCITS ETF BlackRock Equity ETF CSEMUS SW 0.58% 25.8%

ComStage ETF SDAX TR I ComStage Equity ETF C005 GY 0.70% 25.7%

db x-trackers MSCI Europe Small Cap Index UCITS ETF (DR) - 1C Deutsche AWM Equity ETF XXSC GR 0.40% 25.1%

ComStage ETF MSCI Europe Small Cap TRN ComStage Equity ETF CBNCUDE1 GR 0.35% 24.4%

SPDR MSCI Europe Small Cap UCITS ETF State Street Equity ETF SMC FP 0.40% 24.2%

Amundi JPX-Nikkei 400 UCITS ETF - EUR Amundi Equity ETF JPNK FP 0.18% 23.4%

ComStage ETF TOPIX ComStage Equity ETF CBTPX GR 0.45% 23.4%

Lyxor UCITS ETF STOXX 600 Travel & Leisure Lyxor Equity ETF TRV FP 0.30% 23.3%

Lyxor UCITS ETF JPX-Nikkei 400 Lyxor Equity ETF JPX4 FP 0.25% 23.3%

UBS-ETF MSCI EMU Small Cap A UBS Equity ETF UEFD GY 0.33% 23.2%

Lyxor UCITS ETF PEA Japan TOPIX C-EUR Lyxor Equity ETF PJPN FP 0.45% 23.2%

Lyxor ETF STOXX 600 Pers & Household Goods Lyxor Equity ETF PHG FP 0.30% 23.2%

STOXX 600 Optimised Financial Services Source ETF Source Equity ETF XFPS GR 0.30% 23.1%

Lyxor ETF STOXX 600 Financial Services Lyxor Equity ETF FIN FP 0.30% 23.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

Figure 147: Top 20 ETPs by performance* (inverse & leveraged) | ETPs | Europe |

ETP Name Issuer

Asset Class &


Coba ETC -3x Brent Oil Daily Short Commerzbank AG Commodity ETC X0D3 GY 0.75% 171.9%

Coba ETC -4x Brent Oil Daily Short Commerzbank AG Commodity ETC X0D4 GY 0.75% 171.2%

Coba ETC -3x Natural Gas Daily Short Commerzbank AG Commodity ETC X0D7 GY 0.75% 133.9%

Coba ETC -2x Brent Oil Daily Short Commerzbank AG Commodity ETC X0C4 GY 0.60% 133.7%

Coba ETC -2x Natural Gas Daily Short Commerzbank AG Commodity ETC X0C8 GY 0.60% 119.4%

Coba ETC -2x Gasoil Daily Short Commerzbank AG Commodity ETC X0E6 GY 0.60% 110.8%

Coba ETC -4x Natural Gas Daily Short Commerzbank AG Commodity ETC X0D8 GY 0.75% 102.6%

Coba ETC -2x WTI Oil Daily Short Commerzbank AG Commodity ETC X0B6 GY 0.60% 92.2%

Coba ETC -4x Copper Daily Short Commerzbank AG Commodity ETC X0DG GY 0.75% 86.3%

Coba ETC -3x WTI Oil Daily Short Commerzbank AG Commodity ETC X0B7 GY 0.75% 79.4%

Coba ETC -2x Palladium Daily Short Commerzbank AG Commodity ETC X0BV GY 0.60% 79.4%

Coba ETC -3x Copper Daily Short Commerzbank AG Commodity ETC X0DF GY 0.75% 78.1%

Coba ETC -2x Platinum Daily Short Commerzbank AG Commodity ETC X0BM GY 0.60% 75.9%

Boost Natural Gas 3X Short Daily ETP Boost Commodity ETC 3NGS LN 0.99% 74.5%

Boost Natural Gas 2x Short Daily ETP Boost Commodity ETC 2NGS LN 0.70% 74.0%

Boost Copper 3X Short Daily ETP Boost Commodity ETC 3HCS LN 0.99% 69.6%

Coba ETC -2x Copper Daily Short Commerzbank AG Commodity ETC X0DE GY 0.60% 60.9%

Boost Wti Oil 3X Short Daily ETP Boost Commodity ETC 3OIS LN 0.99% 58.4%

Coba ETC -4x Gold Daily Short Commerzbank AG Commodity ETC X0CL GY 0.75% 34.1%

Coba ETC -3x Gold Daily Short Commerzbank AG Commodity ETC X0CK GY 0.75% 31.7% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

21 January 2016



Top ETPs - Asia Pacific

Figure 148: Top 20 ETPs by AUM | ETPs | Asia Pacific |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER AUM ($ million)

Nomura Nikkei 225 ETF Nomura Asset Management Equity ETF 1321 JP 0.24% 26,930

TOPIX ETF Nomura Asset Management Equity ETF 1306 JP 0.28% 24,487

Nikko Exchange Traded Index 225 Nikko Asset Management Equity ETF 1330 JP 0.28% 13,106

Daiwa ETF - Nikkei 225 Daiwa Asset Management Equity ETF 1320 JP 0.22% 12,395

Daiwa ETF - Topix Daiwa Asset Management Equity ETF 1305 JP 0.17% 11,449

Nikko ETF Topix Nikko Asset Management Equity ETF 1308 JP 0.14% 11,022

Tracker Fund of Hong Kong State Street Equity ETF 2800 HK 0.15% 9,340

Yinhua Traded Money Market Fund Yinhua Fund Management Fixed Income ETF 511880 CH 0.30% 7,695

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg Equity ETF 1346 JP 0.21% 6,844

Hang Seng H-Share Index ETF Hang Seng Investment Management Equity ETF 2828 HK 0.60% 6,275

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management Equity ETF 1570 JP 0.87% 6,106

iShares FTSE A50 China Index ETF BlackRock Equity ETF 2823 HK 0.99% 5,543

Hang Seng Index ETF Hang Seng Investment Management Equity ETF 2833 HK 0.13% 5,282

China 50 ETF China Asset Management Equity ETF 510050 CH 0.60% 4,643

Samsung KODEX 200 Samsung Asset Management Equity ETF 069500 KS 0.26% 4,129

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg Equity ETF 1348 JP 0.12% 3,509

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co Equity ETF 510300 CH 0.50% 3,364

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co Equity ETF 159919 CH 0.50% 3,167

China CSI 500 ETF China Southern Fund Management Co Ltd Equity ETF 510500 CH 0.50% 3,145

ABF Pan-Asia Bond Index Fund State Street Fixed Income ETF 2821 HK 0.19% 2,974 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 149: Top 20 ETPs by turnover | ETPs | Asia Pacific |

ETP Name Issuer

Asset Class &


Turnover ($

million)




Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co Equity ETF 510300 CH 0.50% 134,347

iShares FTSE A50 China Index ETF BlackRock Equity ETF 2823 HK 0.99% 86,281

CSOP FTSE China A50 ETF CSOP Asset Management Equity ETF 82822 HK 1.08% 81,409

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd Fixed Income ETF 511810 CH 0.30% 63,493

Shanghai SSE180 Index Fund Huaan Fund Management Equity ETF 510180 CH 0.50% 46,096


Samsung KODEX Leverage ETF Samsung Asset Management Equity ETF 122630 KS 0.64% 42,527

E Fund ChiNext Price Index ETF E Fund Management Equity ETF 159915 CH 0.50% 42,308


Samsung KODEX 200 Samsung Asset Management Equity ETF 069500 KS 0.26% 38,327

E Fund SI100 Index Fund E Fund Management Equity ETF 159901 CH 0.50% 35,931

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management Equity ETF 1357 JP 0.87% 30,369

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co Equity ETF 159919 CH 0.50% 27,893

Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd Fixed Income ETF 511010 CH 0.40% 26,581

Samsung KODEX Inverse ETF Samsung Asset Management Equity ETF 114800 KS 0.64% 25,549


China SME ETF China Asset Management Equity ETF 159902 CH 0.60% 21,993 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 150: Top 20 ETPs by inflows | ETPs | Asia Pacific |

ETP Name Issuer

Asset Class &


Net Inflows ($

million)


TOPIX ETF Nomura Asset Management Equity ETF 1306 JP 0.28% 6,344



Nikko Exchange Traded Index 225 Nikko Asset Management Equity ETF 1330 JP 0.28% 3,711


Nikko ETF Topix Nikko Asset Management Equity ETF 1308 JP 0.14% 2,922

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg Equity ETF 1346 JP 0.21% 2,585

Daiwa ETF - Topix Daiwa Asset Management Equity ETF 1305 JP 0.17% 2,542

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd Fixed Income ETF 511810 CH 0.30% 1,937


MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg Equity ETF 1348 JP 0.12% 1,694

Daiwa ETF - Nikkei 225 Daiwa Asset Management Equity ETF 1320 JP 0.22% 1,621

China CSI 500 ETF China Southern Fund Management Co Ltd Equity ETF 510500 CH 0.50% 1,473


iShares Nikkei 225 BlackRock Equity ETF 1329 JP 0.17% 1,021

DIAM Nikkei 225 ETF DIAM Asset Management Equity ETF 1369 JP 0.16% 953

E Fund Hang Seng China Enterprises Index ETF E Fund Management Equity ETF 510900 CH 0.00% 919

Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management Equity ETF 1591 JP 0.25% 603

Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. Equity ETF 00637L TT 1.26% 601 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 151: Top 20 ETPs by outflows | ETPs | Asia Pacific |

ETP Name Issuer

Asset Class &


Net Outflows ($

million)

iShares FTSE A50 China Index ETF BlackRock Equity ETF 2823 HK 0.99% -5,538

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co Equity ETF 159919 CH 0.50% -5,216

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co Equity ETF 510300 CH 0.50% -3,395

China AMC CSI 300 Index ETF China Asset Management Equity ETF 510330 CH 0.00% -2,390

CSOP FTSE China A50 ETF CSOP Asset Management Equity ETF 82822 HK 1.08% -2,186

Samsung KODEX Leverage ETF Samsung Asset Management Equity ETF 122630 KS 0.64% -1,482

E Fund SI100 Index Fund E Fund Management Equity ETF 159901 CH 0.50% -1,009

WISE - CSI 300 China Tracker BOCI - Prudential Asset Man Ltd Equity ETF 2827 HK 1.03% -757

Yuanta/P-Shares CSI 300 Fund Yuanta Securities Inv trust Co Ltd. Equity ETF 0061 TT 0.40% -572

China AMC CSI 300 Index ETF China Asset Management Equity ETF 83188 HK 0.83% -547

E Fund CSI 300 ETF E Fund Management Equity ETF 510310 CH 0.99% -520

Guangfa CSI 500 ETF GF Fund Management Co Ltd Equity ETF 510510 CH 0.50% -329

Fubon SSE180 ETF Fubon Securities Investment Trust Co Equity ETF 006205 TT 1.09% -317

Shenzhen Stock Exchange Component Stock Index ETF China Southern Fund Management Co Ltd Equity ETF 159903 CH 0.60% -311

Harvest MSCI China A Index ETF Harvest Fund Management Co Equity ETF 3118 HK 0.88% -302

UBS SDIC CSI 300 Financials Index ETF UBS Equity ETF 159933 CH 0.60% -294

China Southern Kaiyuan CSI 300 Index ETF China Southern Fund Management Co Ltd Equity ETF 159925 CH 0.60% -280

CSOP China 5-year Treasury Bond ETF CSOP Asset Management Fixed Income ETF 3199 HK 0.56% -280

E FUND CSI 100 A-SHARE ETF E Fund Management Equity ETF 83100 HK 1.03% -254

Bank Of Communications Schroder SSE180 Fund BOCOM Schroders Equity ETF 510010 CH 0.50% -236 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 152: Top 20 ETPs by performance* (non-leveraged) | ETPs | Asia Pacific |

ETP Name Issuer

Asset Class &


Mirae Asset MAPS Tiger Health Care ETF Mirae Asset MAPS Global Investments Equity ETF 143860 KS 0.40% 102.2%

E Fund ChiNext Price Index ETF E Fund Management Equity ETF 159915 CH 0.50% 77.6%

Dacheng Shenzhen CSI 500 ETF Dacheng Fund Management Co Ltd Equity ETF 159932 CH 0.60% 66.8%

Harvest SME-ChiNext 400 Index ETF Harvest Fund Management Co Equity ETF 159918 CH 0.50% 66.2%

Invesco Great Wall CSI TMT 150 ETF Invesco Great Wall Fund Management Co. Ltd Equity ETF 512220 CH 0.50% 62.7%

Guangfa SZSE Small and Mid Cap Enterprises 300 Price Index ETF GF Fund Management Co Ltd Equity ETF 159907 CH na 60.6%

China Merchants SZSE TMT50 TR Index ETF China Merchants Fund Management Co Equity ETF 159909 CH 0.60% 55.2%

China SME ETF China Asset Management Equity ETF 159902 CH 0.60% 54.2%

Mirae Asset MAPS Tiger Consumer ETF Mirae Asset MAPS Global Investments Equity ETF 152180 KS 0.40% 53.1%

Dacheng SZSE Growth 40 index ETF Dacheng Fund Management Co Ltd Equity ETF 159906 CH 0.60% 49.2%

Lion CSI 500 Index ETF Lion Fund Management Co Ltd Equity ETF 510520 CH 0.50% 48.3%

ChinaAMC SSE Health Care ETF Index Sponsor Fund China Asset Management Equity ETF 510660 CH 0.50% 48.3%

China CSI 500 ETF China Southern Fund Management Co Ltd Equity ETF 510500 CH 0.50% 47.6%

Lion SZSE SME Equal Weight Index ETF Lion Fund Management Co Ltd Equity ETF 159921 CH na 47.2%

Mirae Asset MAPS Tiger Energy & Chemicals ETF Mirae Asset MAPS Global Investments Equity ETF 139250 KS 0.40% 45.5%

GF CSI All Share Consumer Discretionary Index ETF Index Fund GF Fund Management Co Ltd Equity ETF 159936 CH 0.50% 43.6%

Harvest CSI 500 ETF Harvest Fund Management Co Equity ETF 159922 CH 0.60% 43.1%

China Universal CSI Health Care Index ETF China Universal Asset Management Co Equity ETF 159929 CH 0.60% 42.0%

Samsung KODEX Energy & Chemicals ETF Samsung Asset Management Equity ETF 117460 KS 0.45% 41.6%

Invesco Great Wall CSI 500 Index ETF Invesco Great Wall Fund Management Co. Ltd Equity ETF 159935 CH na 41.3% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

Figure 153: Top ETPs by performance* (inverse & leveraged) | ETPs | Asia Pacific |

ETP Name Issuer

Asset Class &


KB KStar Japan Leverage ETF H Equity-Fund of Funds Derivatives KB Asset Management Equity ETF 196220 KS 0.50% 17.5%

Korea Investment KINDEX Japan Leverage ETF H - Equity FOF-Derivatives Korea Investment Trust Mg Equity ETF 196030 KS 0.50% 17.3%

Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd Equity ETF 1579 JP 0.76% 14.7%

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management Equity ETF 1570 JP 0.87% 14.7%

Nikko Listed Index Fund Nikkei Leveraged Index Nikko Asset Management Equity ETF 1358 JP 1.03% 14.4%

Nikkei 225 Covered Call ETF Simplex Asset Management Co Ltd Equity ETF 1565 JP 0.29% 11.1%

China H-share Bear -1x ETF Simplex Asset Management Co Ltd Equity ETF 1573 JP 0.86% 10.3%

WOORI KOSEF 10Y KTB Leverage ETF Woori Asset Management Fixed Income ETF 167860 KS 0.30% 8.9%

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. Equity ETF 00632R TT 1.08% 4.5%

Mirae Asset Tiger Covered C200 ETF Mirae Asset MAPS Global Investments Equity ETF 166400 KS 0.39% 2.2%

MIDAS KOSPI200 Covered Call ETF Midas Asset Management Co Equity ETF 137930 KS 0.45% 1.4%

Mirae Asset TIGER Synth-China A Lev ETF - Eq Bal Derivatives FOF Mirae Asset MAPS Global Investments Equity ETF 204480 KS 0.59% 1.3%

KINDEX Inverse ETF Korea Investment Trust Mg Equity ETF 145670 KS 0.15% 0.8%

Mirae Asset Maps TIGER 200(-1X) ETF Mirae Asset MAPS Global Investments Equity ETF 123310 KS 0.59% 0.6%

Samsung KODEX Inverse ETF Samsung Asset Management Equity ETF 114800 KS 0.64% 0.2%

Betashares Australian Equities Bear Hedge Fund BetaShares Capital Ltd Equity ETF BEAR AU 1.19% -2.9%

Samsung KODEX 10Y F-LKTB Inverse ETF Samsung Asset Management Fixed Income ETF 176950 KS 0.25% -3.7%

Kindex Leverage ETF Korea Investment Trust Mg Equity ETF 152500 KS 0.30% -3.9%

Samsung KODEX Leverage ETF Samsung Asset Management Equity ETF 122630 KS 0.64% -4.1%

Mirae Asset Maps TIGER 200 (2X) ETF Mirae Asset MAPS Global Investments Equity ETF 123320 KS 0.59% -4.1% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

21 January 2016



Top ETPs - RoW

Figure 154: Top 20 ETPs by AUM | ETPs | RoW |

ETP Name Issuer

Asset Class &

Structure BBG Ticker TER AUM ($ million)

iShares S&P/TSX 60 Index ETF BlackRock Equity ETF XIU CN 0.17% 8,087

iShares NAFTRAC BlackRock Equity ETF NAFTRAC MM 0.25% 2,844

iShares Core S&P 500 Index ETF (CAD- Hedged) BlackRock Equity ETF XSP CN 0.24% 2,253

BMO S&P 500 Index ETF BMO Financial Group Equity ETF ZSP CN 0.15% 1,779

iShares Canadian Short Term Bond Index ETF BlackRock Fixed Income ETF XSB CN 0.25% 1,604

iShares 1-5 Year Laddered Corporate Bond Index ETF BlackRock Fixed Income ETF CBO CN 0.25% 1,600

iShares Core S&P/TSX Capped Composite Index ETF BlackRock Equity ETF XIC CN 0.26% 1,443

iShares Canadian Universe Bond Index ETF BlackRock Fixed Income ETF XBB CN 0.30% 1,403

iShares Canadian Corporate Bond Index ETF BlackRock Fixed Income ETF XCB CN 0.40% 1,093

iShares S&P/TSX Canadian Preferred Share Index ETF BlackRock Equity ETF CPD CN 0.48% 1,066

NewGold ETF Absa Capital Commodity ETV GLD SJ 0.40% 1,011

BMO Mid-Term US IG Corporate Bond Index ETF BMO Financial Group Fixed Income ETF ZIC CN 0.25% 962

iShares Canadian Select Dividend Index ETF BlackRock Equity ETF XDV CN 0.50% 949

Horizons S&P/TSX 60 Index ETF Horizons Management Equity ETF HXT CN 0.07% 921

BMO Laddered Preferred Share Index ETF BMO Financial Group Fixed Income ETF ZPR CN 0.45% 889

iShares MSCI EAFE Index ETF (CAD-Hedged) BlackRock Equity ETF XIN CN 0.49% 884

NewPlat ETF Absa Capital Commodity ETF NGPLT SJ 0.40% 855

iShares S&P/TSX Capped REIT Index ETF BlackRock Equity ETF XRE CN 0.55% 807

BMO Dow Jones CanadaTitans 60 Index ETF BMO Financial Group Equity ETF ZCN CN 0.15% 778

BMO High Yield US Corporate Bond Hedged to CAD Index ETF BMO Financial Group Fixed Income ETF ZHY CN 0.65% 776 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 155: Top 20 ETPs by turnover | ETPs | RoW |

ETP Name Issuer

Asset Class &


Turnover ($

million)

iShares S&P/TSX 60 Index ETF BlackRock Equity ETF XIU CN 0.17% 32,561

iShares NAFTRAC BlackRock Equity ETF NAFTRAC MM 0.25% 27,606

Horizons BetaPro NYMEX Crude Oil Bear Plus ETF Horizons Management Commodity ETF HOD CN 1.27% 10,674

iShares Ibovespa Fundo de Índice BlackRock Equity ETF BOVA11 BZ 0.54% 9,451

Horizons BetaPro NYMEX Crude Oil Bull Plus ETF Horizons Management Commodity ETF HOU CN 1.29% 9,132

iShares S&P/TSX Capped Energy Index ETF BlackRock Equity ETF XEG CN 0.55% 8,518

iShares S&P 500 Index Fund BlackRock Equity ETF IVV* MM 0.09% 6,473

Horizons BetaPro NYMEX Natural Gas Bear Plus ETF Horizons Management Commodity ETF HND CN 1.27% 5,213

iShares MSCI EMU Index Fund BlackRock Equity ETF EZU* MM 0.54% 4,385

Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF Horizons Management Alternative ETF HVU CN 1.15% 4,304

Horizons BetaPro NYMEX Natural Gas Bull Plus ETF Horizons Management Commodity ETF HNU CN 1.27% 3,934

Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF Horizons Management Equity ETF HGD CN 1.27% 3,574

iShares S&P/TSX Capped Financials Index ETF BlackRock Equity ETF XFN CN 0.55% 3,357

iShares Core S&P 500 Index ETF (CAD- Hedged) BlackRock Equity ETF XSP CN 0.24% 3,290

Horizons BetaPro S&P 500 Bull Plus ETF Horizons Management Equity ETF HSU CN 1.15% 3,022

Horizons S&P/TSX 60 Index ETF Horizons Management Equity ETF HXT CN 0.07% 2,908

Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF Horizons Management Equity ETF HGU CN 1.13% 2,747

Horizons BetaPro S&P/TSX 60 Bull Plus ETF Horizons Management Equity ETF HXU CN 0.13% 2,711

iShares Barclays Short Treasury Bond Fund BlackRock Fixed Income ETF SHV* MM 0.15% 2,563

iShares MSCI Japan Index Fund BlackRock Equity ETF EWJ* MM 0.54% 2,457 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 156: Top 20 ETPs by inflows | ETPs | RoW |

ETP Name Issuer

Asset Class &


Net Inflows ($

million)

iShares Barclays 1-3 Year Credit Bond Fund BlackRock Fixed Income ETF CSJ* MM 0.20% 647

BMO MSCI EAFE Index ETF BMO Financial Group Equity ETF ZEA CN 0.23% 542

iShares Core S&P 500 Index ETF (CAD- Hedged) BlackRock Equity ETF XSP CN 0.24% 459

BMO Mid-Term US IG Corporate Bond Index ETF BMO Financial Group Fixed Income ETF ZIC CN 0.25% 386

BMO Mid Federal Bond Index ETF BMO Financial Group Fixed Income ETF ZFM CN 0.20% 372

BMO Low Volatility US Equity ETF BMO Financial Group Equity ETF ZLU CN 0.30% 318

BMO Laddered Preferred Share Index ETF BMO Financial Group Fixed Income ETF ZPR CN 0.45% 279

iShares S&P/TSX Canadian Preferred Share Index ETF BlackRock Equity ETF CPD CN 0.48% 274

iShares Core S&P/TSX Capped Composite Index ETF BlackRock Equity ETF XIC CN 0.26% 266

Vanguard Canadian Aggregate Bond Index ETF Vanguard Fixed Income ETF VAB CN 0.20% 259

BMO Low Volatility Canadian Equity ETF BMO Financial Group Equity ETF ZLB CN 0.35% 238

Vanguard Canadian Short-Term Bond Index ETF Vanguard Fixed Income ETF VSB CN 0.15% 232

Horizons BetaPro NYMEX Crude Oil Bull Plus ETF Horizons Management Commodity ETF HOU CN 1.29% 219

Vanguard FTSE Global All Cap ex Canada Index ETF Vanguard Equity ETF VXC CN 0.25% 214

iShares Core MSCI EAFE IMI Index ETF BlackRock Equity ETF XEF CN 0.30% 213

BMO US Equity Hedged to CAD Index ETF BMO Financial Group Equity ETF ZUE CN 0.22% 212

BMO High Yield US Corporate Bond Hedged to CAD Index ETF BMO Financial Group Fixed Income ETF ZHY CN 0.65% 203

Vanguard U.S. Total Market Index ETF Vanguard Equity ETF VUN CN 0.15% 197

iShares MSCI Mexico Risk TRAC BlackRock Equity ETF MEXRISK MM 0.25% 195

iShares Canadian Universe Bond Index ETF BlackRock Fixed Income ETF XBB CN 0.30% 194 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 157: Top 20 ETPs by outflows | ETPs | RoW |

ETP Name Issuer

Asset Class &


Net Outflows ($

million)

iShares NAFTRAC BlackRock Equity ETF NAFTRAC MM 0.25% -905

BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF BMO Financial Group Fixed Income ETF ZMU CN 0.25% -302

Satrix 40 ETF Satrix Managers Equity ETF STX40 SJ 0.45% -256

iShares IPC Compmx Total Return TRAC BlackRock Equity ETF ICMTRAC MM 0.38% -243

iShares Colcap Index Fund BlackRock Equity ETF ICOLCAP CB 0.65% -182

iShares IPC MidCap Total Return TRAC BlackRock Equity ETF IMCTRAC MM 0.45% -117

Smartshares SMARTRC 14 ETF Smartshares Equity ETF SMARTRC MM 0.65% -101

iShares US High Yield Fixed Income Index ETF CAD-Hedged BlackRock Fixed Income ETF CHB CN 0.50% -91

BBVA Bancomer Mextrack 09 BBVA Gestion SA SGIIC Equity ETF MEXTRAC MM 0.25% -88

BMO Short-Term US IG Corporate Bond Hedged To CAD Index ETF BMO Financial Group Fixed Income ETF ZSU CN 0.28% -77

iShares S&P/TSX Global Gold Index ETF BlackRock Equity ETF XGD CN 0.55% -67

BMO Dow Jones CanadaTitans 60 Index ETF BMO Financial Group Equity ETF ZCN CN 0.15% -64

iShares Advantaged Short Duration High Income ETF (CAD-Hedged) BlackRock Fixed Income ETF CSD CN 0.55% -60

Horizons Active Floating Rate Bond ETF Horizons Management Fixed Income ETF HFR CN 0.40% -56

PowerShares Ultra DLUX LongTerm Government Bond Index ETF PowerShares Fixed Income ETF PGL CN 0.25% -52

iShares US Fundamental Index ETF BlackRock Equity ETF CLU CN 0.69% -50

Standard Bank Africa Palladium ETF Standard Bank Commodity ETF ETFPLD SJ 0.35% -49

iShares IPC LargeCap Total Return TRAC BlackRock Equity ETF ILCTRAC MM 0.38% -47

iShares Canadian Fundamental Index ETF BlackRock Equity ETF CRQ CN 0.65% -45

BMO Global Infrastructure Index ETF BMO Financial Group Equity ETF ZGI CN 0.55% -44 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 158: Top 20 ETPs by performance* (inverse & leveraged) | ETPs | RoW |

ETP Name Issuer

Asset Class &


CHNTRAC BBVA Gestion SA SGIIC Equity ETF CHNTRAC MM 0.50% 62.6%

iShares S&P 500 FIC FI Investimento no Exterior BlackRock Equity ETF IVVB11 BZ 0.27% 51.3%

db x-trackers MSCI Japan Index ETF Deutsche AWM Equity ETF DBXJP SJ 0.86% 44.7%

db x-trackers MSCI USA Index ETF Deutsche AWM Equity ETF DBXUS SJ 0.86% 33.9%

db x-trackers MSCI World Index ETF Deutsche AWM Equity ETF DBXWD SJ 0.68% 32.2%

db x-trackers Eurostoxx 50 Index ETF Deutsche AWM Equity ETF DBXEU SJ 0.86% 29.3%

iShares MSCI EAFE Minimum Volatility Index ETF BlackRock Equity ETF XMI CN 0.72% 27.8%

BMO Low Volatility US Equity ETF BMO Financial Group Equity ETF ZLU CN 0.30% 27.0%

BBVA CONSUMO 10 BBVA Gestion SA SGIIC Equity ETF CONSUMO MM 0.35% 26.9%

BMO MSCI USA High Quality Index ETF BMO Financial Group Equity ETF ZUQ CN 0.34% 26.0%

iShares MSCI USA Minimum Volatility Index ETF BlackRock Equity ETF XMU CN 0.64% 24.9%

db x-trackers FTSE 100 ETF Deutsche AWM Equity ETF DBXUK SJ 0.86% 24.7%

BMO US High Dividend Covered Call ETF BMO Financial Group Equity ETF ZWH CN 0.74% 23.9%

iShares MSCI All Country World Minimum Volatility Index ETF BlackRock Equity ETF XMW CN 0.93% 21.8%

BMO MSCI All Country World High Quality Index ETF BMO Financial Group Equity ETF ZGQ CN 0.51% 21.5%

First Asset Morningstar International Momentum Index ETF (CAD Hedged) First Asset Funds Equity ETF ZXM CN 0.60% 21.3%

Vanguard FTSE Developed Asia Pacific All Cap Index ETF Vanguard Equity ETF VA CN 0.23% 21.2%

iShares Global Real Estate Index ETF BlackRock Equity ETF CGR CN 0.65% 20.7%

PowerShares LadderRite US 0-5 Year Corporate Bond Index ETF PowerShares Fixed Income ETF USB CN 0.25% 20.5%

BMO S&P 500 Index ETF BMO Financial Group Equity ETF ZSP CN 0.15% 20.3% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

Figure 159: Top 20 ETPs by performance* (inverse & leveraged) | ETPs | RoW |

ETP Name Issuer

Asset Class &


Horizons BetaPro NYMEX Crude Oil Bear+ Plus ETF Horizons Management Commodity ETF HOD CN 1.15% 80.3%

Horizons BetaPro NYMEX Natural Gas Bear+ Plus ETF Horizons Management Commodity ETF HND CN 1.15% 54.1%

Horizons BetaPro S&P/TSX Capped Energy Bear+ Plus ETF Horizons Management Equity ETF HED CN 1.15% 28.5%

Horizons BetaPro COMEX Gold Bull+ion Bear+ Plus ETF Horizons Management Commodity ETF HBD CN 1.15% 16.0%

Horizons BetaPro NASDAQ-100 Bull+ Plus ETF Horizons Management Equity ETF HQU CN 1.15% 13.6%

Horizons BetaPro S&P/TSX 60 Bear+ Plus ETF Horizons Management Equity ETF HXD CN 1.15% 10.3%

Horizons BetaPro COMEX Silver Bear+ Plus ETF Horizons Management Commodity ETF HZD CN 1.15% 7.1%

Horizons BetaPro S&P/TSX 60 Inverse ETF Horizons Management Equity ETF HIX CN 1.15% 5.3%

Horizons BetaPro S&P/TSX Capped Financials Bear+ Plus ETF Horizons Management Equity ETF HFD CN 1.15% -0.4%

Horizons BetaPro S&P 500 Bull+ Plus ETF Horizons Management Equity ETF HSU CN 1.15% -2.6%

Horizons BetaPro S&P 500 Inverse ETF Horizons Management Equity ETF HIU CN 1.15% -4.6%

Horizons BetaPro US 30 Year Bond Bear+ Plus ETF Horizons Management Fixed Income ETF HTD CN 1.15% -4.6%

Horizons BetaPro S&P 500 Bear+ Plus ETF Horizons Management Equity ETF HSD CN 1.15% -10.4%

Horizons BetaPro S&P/TSX Capped Financials Bull+ Plus ETF Horizons Management Equity ETF HFU CN 1.15% -10.9%

Smartshares DIABLOI 10 ETF Smartshares Equity ETF DIABLOI MM 1.90% -14.2%

Smartshares ANGELD 10 ETF Smartshares Equity ETF ANGELD MM 1.90% -14.5%

Horizons BetaPro S&P/TSX 60 Bull+ Plus ETF Horizons Management Equity ETF HXU CN 1.15% -19.5%

Horizons BetaPro S&P 500 VIX Short-Term Futures Inverse ETF Horizons Management Alternative ETF HVI CN 1.15% -19.8%

Horizons BetaPro COMEX Gold Bull+ion Bull+ Plus ETF Horizons Management Commodity ETF HBU CN 1.15% -24.8%

Horizons BetaPro NASDAQ-100 Bear+ Plus ETF Horizons Management Equity ETF HQD CN 1.15% -25.8% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Performance is total return and is calculated using the local listing currency

21 January 2016



11. ETP Exchanges

US exchanges

Figure 160: Trading ranking by exchange* ($ million) | ETPs | US |

Exchange TurnoverMarket

share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

ETF

NYSE Arca 16,631,259 92.2% 11.1% 14,966,360 92.5% 12.0% 13,366,374 94.7%

Nasdaq 1,392,726 7.7% 15.4% 1,207,109 7.5% 61.2% 748,906 5.3%

BATS 23,414 0.1% 189.1% 8,100 0.1% 128.9% 3,539 0.0%

Total 18,047,400 100.0% 11.5% 16,181,569 100.0% 14.6% 14,118,819 100.0%

ETV

NYSE Arca 722,406 100.0% 29.1% 559,534 100.0% -26.8% 764,112 100.0%

2015 2014 2013

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Only includes Primary listing exchanges

European exchanges

Figure 161: Trading ranking by exchange (€ million) | ETFs | Europe |


share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

LSE

London SE 248,135 32.4% 56.2% 158,890 30.1% 24.7% 127,440 28.1%

Borsa Italiana 83,148 10.8% 25.5% 66,262 12.5% 9.3% 60,597 13.4%

331,283 43.2% 47.1% 225,152 42.6% 19.7% 188,037 41.5%

Deutsche Borse

Deutsche Borse 187,079 24.4% 39.2% 134,414 25.4% 18.2% 113,675 25.1%

Euronext

Paris 123,812 16.1% 82.8% 67,730 12.8% 19.7% 56,602 12.5%

Amsterdam 31,007 4.0% 46.3% 21,194 4.0% 36.3% 15,556 3.4%

Lisbon 191 0.0% -43.2% 336 0.1% 236.6% 100 0.0%

Brussels 45 0.0% 53.0% 30 0.0% 1.7% 29 0.0%

155,055 20.2% 73.7% 89,289 16.9% 23.5% 72,287 15.9%

Swiss SE 70,138 9.1% 20.5% 58,187 11.0% -6.1% 61,956 13.7%

Stockholmborsen 12,585 1.6% 0.0% 12,589 2.4% 9.5% 11,502 2.5%

BME 6,360 0.8% 45.6% 4,367 0.8% 108.0% 2,100 0.5%

Oslo Bors 4,059 0.5% -4.2% 4,237 0.8% 18.9% 3,562 0.8%

Others 167 0.0% 1.0% 166 0.0% 14.6% 145 0.0%

Total 766,726 100.0% 45.1% 528,401 100.0% 16.6% 453,262 100.0%

2015 2014 2013

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

21 January 2016



Figure 162: Trading ranking by exchange (€ million) | ETCs | Europe |


share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

LSE

London SE 22,433 48.1% 36.3% 16,457 60.8% -36.9% 26,082 67.0%

Borsa Italiana 18,038 38.7% 174.1% 6,581 24.3% 17.1% 5,621 14.4%

40,471 86.8% 75.7% 23,037 85.2% -27.3% 31,703 81.5%

Deutsche Borse

Deutsche Borse 5,176 11.1% 48.2% 3,492 12.9% -42.8% 6,100 15.7%

Euronext

Paris 484 1.0% 142.1% 200 0.7% -70.5% 678 1.7%

Amsterdam 203 0.4% 50.3% 135 0.5% -26.1% 183 0.5%

687 1.5% 105.1% 335 1.2% -61.1% 861 2.2%

Swiss SE 203 0.4% 56.0% 130 0.5% -27.5% 180 0.5%

Borse Stuttgart 70 0.2% 30.8% 54 0.2% -30.5% 77 0.2%

Others 273 0.6% 48.6% 184 0.7% -28.4% 257 0.7%

Total 46,607 100.0% 72.3% 27,048 100.0% -30.5% 38,921 100.0%

2015 2014 2013


Asia Pacific exchanges

Figure 163: Trading ranking by exchange ($ million) | ETFs | Asia Pacific |


share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

Hong Kong - HKE 723,549 38.2% 185.9% 253,064 27.3% 128.6% 110,716 16.9%

China - Shanghai 377,628 19.9% 76.2% 214,324 23.1% 76.7% 121,281 18.6%

Korea SE - KSE 279,604 14.8% 86.0% 150,316 16.2% 29.8% 115,819 17.7%

China - Shenzhen 182,345 9.6% 258.4% 50,879 5.5% 39.8% 36,401 5.6%

Japan - Osaka 152,505 8.0% -4.9% 160,306 17.3% -10.2% 178,568 27.3%

Japan - Tokyo SE 108,225 5.7% 59.7% 67,784 7.3% 0.0% 67,800 10.4%

Australia - ASX 50,281 2.7% 256.5% 14,106 1.5% 48.9% 9,472 1.4%

Taiwan SE - TSEC 15,234 0.8% 30.4% 11,681 1.3% 32.3% 8,830 1.4%

India - NSE 3,419 0.2% 46.4% 2,336 0.3% -11.9% 2,650 0.4%

Singapore SE - SGX 1,717 0.1% 23.0% 1,397 0.2% -19.2% 1,729 0.3%

Thailand SE - SET 85 0.0% -17.7% 103 0.0% -46.4% 193 0.0%

New Zealand - NZ 83 0.0% 43.8% 58 0.0% -3.3% 60 0.0%

Japan - Nagoya 19 0.0% 32.8% 14 0.0% 429.9% 3 0.0%

Philippines - PSE 8 0.0% 36.7% 6 0.0% -54.9% 13 0.0%

Vietnam - HOSE 8 0.0% 87.8% 4 0.0% NA 0 0.0%

Malaysia - Kuala Lumpur 2 0.0% -20.8% 2 0.0% -72.1% 8 0.0%

India - Bombay 1 0.0% 31.1% 1 0.0% -5.7% 1 0.0%

Indonesia - Jakarta 1 0.0% 51.2% 1 0.0% -17.0% 1 0.0%

Total 1,894,715 100.0% 104.5% 926,380 100.0% 41.7% 653,544 100.0%

2015 2014 2013


21 January 2016



Figure 164: Trading ranking by exchange ($ million) | ETC/Vs | Asia Pacific |


share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

Singapore SE - SGX 342 47.3% -24.2% 451 46.1% -47.1% 853 44.9%

Japan - Tokyo SE 210 29.0% -18.2% 257 26.2% -40.6% 432 22.8%

Australia - ASX 158 21.9% -38.0% 255 26.0% -54.9% 565 29.8%

Hong Kong - HKE 13 1.8% -20.0% 16 1.7% -66.2% 49 2.6%

Total 724 100.0% -26.1% 979 100.0% -48.4% 1,899 100.0%

2015 2014 2013


RoW exchanges

Figure 165: Trading ranking by exchange ($ million) | ETFs | RoW |


share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

Toronto SE 174,113 67.0% 4.0% 167,495 57.6% 11.5% 150,191 47.8%

Mexican SE 69,596 26.8% -26.4% 94,570 32.5% -35.6% 146,942 46.7%

San Paulo SE 10,579 4.1% -5.4% 11,180 3.8% -6.6% 11,965 3.8%

Johannesburg SE 4,414 1.7% -7.0% 4,744 1.6% 37.0% 3,463 1.1%

Saudi Arabia SE 461 0.2% 669.2% 60 0.0% 84.5% 32 0.0%

Santiago SE 320 0.1% 220.0% 100 0.0% -82.4% 567 0.2%

Colombia SE 303 0.1% -65.2% 870 0.3% -24.9% 1,158 0.4%

Botswana SE 59 0.0% -99.4% 10,226 3.5% 25922.8% 39 0.0%

Windhoek SE 42 0.0% -97.5% 1,676 0.6% NA 0 0.0%

Lima 11 0.0% NA 0 0.0% NA 0 0.0%

Lagos SE 1 0.0% 90.8% 0 0.0% NA 0 0.0%

Stock Exchange of Mauritius 0 0.0% -97.5% 9 0.0% NA 0 0.0%

Abu Dhabi SE 0 0.0% -93.0% 2 0.0% -66.9% 7 0.0%

Total 259,897 100.0% -10.7% 290,932 100.0% -7.5% 314,366 100.0%

20132015 2014


Figure 166: Trading ranking by exchange ($ million) | ETC/Vs | RoW |


share

YoY %

changeTurnover

Market

share

YoY %

changeTurnover

Market

share

Johannesburg SE 1,364 99.4% -36.1% 2,133 97.4% -61.2% 5,504 99.2%

Botswana SE 0 0.0% NA 0 0.0% NA 0 0.0%

Mexican SE 6 0.5% -88.8% 56 2.6% 32.9% 42 0.8%

Lagos SE 0 0.0% NA 0 0.0% NA 0 0.0%

Santiago SE 2 0.1% 4350.7% 0 0.0% 55.6% 0 0.0%

Total 1,372 100.0% -37.3% 2,189 100.0% -60.5% 5,546 100.0%

2015 2014 2013


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12. ETF Broker rankings

European ETP broker rankings

Figure 167: 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 152,220 14.43% 241,971 97,926 13.86% 162,455 (CBK) COMMERZBANK 3,821 12.80% 244,009 2,830 12.11% 164,618

2 (SIS) SUSQUEHANNA INTERNATION 85,274 8.09% 36,682 68,273 9.66% 34,951 (SIS) SUSQUEHANNA INTERNATION 2,673 8.96% 36,742 2,485 10.63% 35,033

3 (FLOW) FLOW TRADERS 79,074 7.50% 49,362 17,824 2.52% 11,451 (FLOW) FLOW TRADERS 2,328 7.80% 50,678 543 2.32% 11,605

4 (CITI) CITIGROUP GLOBAL MARKE 70,700 6.70% 36,440 41,713 5.90% 24,026 (CITI) CITIGROUP GLOBAL MARKE 1,821 6.10% 36,452 1,358 5.81% 24,046

5 (BNPP) BNP PARIBAS 70,378 6.67% 58,053 40,980 5.80% 45,495 (BNPP) BNP PARIBAS 1,327 4.45% 58,311 1,003 4.29% 45,793

6 (DBK) DEUTSCHE BANK AG 53,830 5.10% 18,004 58,268 8.25% 17,829 (KCG) KCG HOLDINGS, INC. 1,241 4.16% 63,195 485 2.08% 24,610

7 (JPMH) JPMORGAN CHASE BANK, N 47,792 4.53% 31,145 36,673 5.19% 21,372 (DBK) DEUTSCHE BANK AG 1,234 4.13% 18,024 1,663 7.12% 17,855

8 (CSFB) CREDIT SUISSE 46,649 4.42% 35,854 24,992 3.54% 29,672 (CSFB) CREDIT SUISSE 1,231 4.13% 36,672 705 3.02% 30,625

9 (UNIC) UNICREDIT 36,800 3.49% 11,860 30,335 4.29% 12,682 (UBS) UBS INVESTMENT BANK 1,159 3.88% 8,386 531 2.27% 3,592

10 (BCAP) BARCLAYS CAPITAL 36,656 3.48% 30,189 23,898 3.38% 28,509 (WINS) WINTERFLOOD SECURITIES 1,040 3.49% 72,858 777 3.33% 60,654

11 (MSCO) MORGAN STANLEY 36,292 3.44% 21,351 30,170 4.27% 18,120 (BCAP) BARCLAYS CAPITAL 1,018 3.41% 30,203 883 3.78% 28,806

12 (UBS) UBS INVESTMENT BANK 35,126 3.33% 8,384 14,801 2.09% 3,592 (JPMH) JPMORGAN CHASE BANK, N 997 3.34% 31,178 843 3.61% 21,380

13 (SG) SG SECURITIES 31,889 3.02% 81,786 50,693 7.18% 130,223 (MSCO) MORGAN STANLEY 988 3.31% 21,358 875 3.74% 18,122

14 (GSHT) GOLDMAN, SACHS & CO. 30,117 2.86% 58,386 26,582 3.76% 43,674 (SG) SG SECURITIES 911 3.05% 81,812 1,746 7.47% 130,301

15 (KCG) KCG HOLDINGS, INC. 26,727 2.53% 63,188 9,438 1.34% 24,609 (UNIC) UNICREDIT 781 2.62% 11,892 789 3.37% 12,746

16 (WINS) WINTERFLOOD SECURITIES 23,159 2.20% 72,778 16,015 2.27% 60,601 (MLCE) BANK OF AMERICA MERRIL 770 2.58% 31,527 248 1.06% 9,082

17 (CANT) CANTOR FITZGERALD L.P. 21,645 2.05% 23,430 13,586 1.92% 12,437 (CANT) CANTOR FITZGERALD L.P. 737 2.47% 23,448 571 2.44% 12,439

18 (BFIN) BLUEFIN EUROPE LLP 18,635 1.77% 2,833 6,382 0.90% 1,488 (GSHT) GOLDMAN, SACHS & CO. 545 1.83% 58,395 701 3.00% 43,682

19 (MLCO) MERRILL LYNCH 15,191 1.44% 8,535 19,944 2.82% 24,093 (KEPL) KEPLER CAPITAL MARKETS 477 1.60% 30,097 254 1.09% 23,789

20 (KEPL) KEPLER CAPITAL MARKETS 13,982 1.33% 30,095 7,941 1.12% 23,787 (MLCO) MERRILL LYNCH 445 1.49% 8,535 879 3.76% 24,094

Other 122,472 11.61% 327,897 70,087 9.92% 188,940 Other 4,300 14.41% 299,792 3,198 13.69% 182,188

Total 1,054,610 100.00% 1,248,223 706,520 100.00% 920,006 Total 29,845 100.00% 1,253,564 23,368 100.00% 925,060

Value Trade Summary Volume Trade Summary

2015 2014 2015 2014

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.

ETF A

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Figure 168: 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 (MSCO) MORGAN STANLEY 2,601 9.13% 2,882 2,925 13.04% 1,374 (WINS) WINTERFLOOD SECURITIES 1,245 21.87% 20,300 1,026 21.95% 17,613

2 (CBK) COMMERZBANK 2,112 7.41% 8,574 1,115 4.97% 4,538 (MACQ) MACQUARIE SECURITIES 598 10.51% 595 128 2.74% 646

3 (WINS) WINTERFLOOD SECURITIES 2,101 7.37% 20,300 1,427 6.36% 17,587 (DBKE) DEUTSCHE BANK AG, AUTO 534 9.38% 4,527 387 8.29% 3,074

4 (CITI) CITIGROUP GLOBAL MARKE 2,060 7.23% 3,915 1,123 5.00% 2,630 (CANT) CANTOR FITZGERALD L.P. 360 6.32% 4,117 783 16.75% 1,772

5 (MACQ) MACQUARIE SECURITIES 1,938 6.80% 595 1,795 8.00% 646 (CITI) CITIGROUP GLOBAL MARKE 307 5.39% 3,916 162 3.46% 2,630

6 (FLOW) FLOW TRADERS 1,689 5.93% 2,072 666 2.97% 635 (UBS) UBS INVESTMENT BANK 245 4.29% 1,276 73 1.55% 364

7 (CSFB) CREDIT SUISSE 1,587 5.57% 1,706 500 2.23% 1,519 (BFIN) BLUEFIN EUROPE LLP 224 3.93% 576 113 2.42% 507

8 (DBK) DEUTSCHE BANK AG 1,511 5.30% 424 1,289 5.74% 577 (CSFB) CREDIT SUISSE 194 3.40% 1,717 27 0.58% 1,523

9 (UBS) UBS INVESTMENT BANK 1,289 4.52% 1,276 680 3.03% 364 (INCA) INSTINET 187 3.29% 1,097 131 2.79% 989

10 (CANT) CANTOR FITZGERALD L.P. 1,062 3.73% 4,117 457 2.04% 1,771 (MLCE) BANK OF AMERICA MERRIL 184 3.22% 4,706 48 1.04% 1,072

11 (BFIN) BLUEFIN EUROPE LLP 1,023 3.59% 576 592 2.64% 507 (FLOW) FLOW TRADERS 169 2.98% 2,155 263 5.64% 659

12 (KCG) KCG HOLDINGS, INC. 984 3.45% 5,615 307 1.37% 2,017 (KEPL) KEPLER CAPITAL MARKETS 160 2.81% 2,730 96 2.05% 1,546

13 (SG) SG SECURITIES 915 3.21% 713 1,667 7.43% 1,129 (MLCO) MERRILL LYNCH 148 2.60% 357 244 5.21% 2,331

14 (MLCO) MERRILL LYNCH 886 3.11% 357 1,340 5.97% 2,331 (KCG) KCG HOLDINGS, INC. 120 2.11% 5,615 69 1.47% 2,017

15 (HSBC) HSBC GROUP PLC 811 2.84% 1,704 1,677 7.47% 2,604 (CBK) COMMERZBANK 112 1.97% 8,599 31 0.67% 4,548

16 (BNPP) BNP PARIBAS 791 2.78% 374 536 2.39% 220 (EQUI) EQUITA SIM SPA 88 1.54% 1,229 31 0.66% 213

17 (KEPL) KEPLER CAPITAL MARKETS 487 1.71% 2,730 137 0.61% 1,546 (PEEL) PEEL HUNT LLP 87 1.52% 4,230 70 1.51% 3,952

18 (SIS) SUSQUEHANNA INTERNATION 481 1.69% 173 821 3.66% 256 (MSCO) MORGAN STANLEY 83 1.45% 2,882 82 1.75% 1,375

19 (MLCE) BANK OF AMERICA MERRIL 451 1.58% 4,705 100 0.45% 1,072 (SIS) SUSQUEHANNA INTERNATION 83 1.45% 174 155 3.32% 256

20 (PEEL) PEEL HUNT LLP 421 1.48% 4,230 279 1.24% 3,952 (MED) MEDIOBANCA SPA 73 1.28% 10,568 72 1.53% 3,451

Other 3,295 11.56% 28,112 3,001 13.38% 14,290 Other 493 8.67% 13,967 684 14.63% 11,129

Total 28,494 100.00% 95,150 22,435 100.00% 61,565 Total 5,695 100.00% 95,333 4,674 100.00% 61,667

Value Trade Summary Volume Trade Summary

2015 2014 2015 2014

Source: Deutsche Bank, Bloomberg Finance LP

Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

21 January 2016



The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala, Varun Sachdeva and Alfonso

Delgado, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services.

21 January 2016



Appendix A: How we define ETPs Exchange-Traded Products (ETPs)

We define an exchange-traded product (ETP) as a secure (funded or

collateralized) open-ended delta-one exchange-traded equity or debt

instrument with no embedded optionality and market-wide appeal to investors.

This includes exchange traded funds, exchange-traded commodities (Europe)

and exchange-traded vehicles (US).

The figure below provides a summary of our current coverage universe by

region and structure type as on 31 December 2015.

The vast majority of instruments are ETFs (97.7%, 4,396 products, $2,878bn)

with the remainder being ETCs (0.6%, 455 products, $17.4bn) in Europe and

ETVs (1.6%, 67 products, $48.2bn) in the US.

Figure 169: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,644 2,113,454 71.7% 1,577 2,065,258 70.1% 67 48,195 1.6%

Europe 1,982 507,450 17.2% 1,527 490,095 16.6% 455 17,354 0.6%

Asia Pacific 810 250,247 8.5% 794 249,926 8.5% 16 321 0.0%

RoW 499 74,661 2.5% 498 73,650 2.5% 1 1,011 0.0%

Global 4,935 2,945,811 100.0% 4,396 2,878,930 97.7% 539 66,881 2.3%

ETPs ETFs ETC/Vs


Exchange-Traded Funds (ETFs, 97.7%)

US (70.1%): Fund structures that issue shares that are traded on an exchange

much the same way as equities. ETFs indexed to equity and fixed income

benchmarks are registered under the investment company act of 1940. Only

physical index replication techniques are permissible by this legislation while

synthetic replication is not allowed.

Europe (16.6%): Fund structures that issue units or shares that are traded on

an exchange much the same way as equities. The vast majorities of European

ETFs are UCITS III compliant and are primarily domiciled in Dublin and

Luxemburg. The Undertakings for Collective Investment in Transferable

Securities (UCITS) are a set of European Union directives that aim to allow

collective investment schemes to operate freely throughout the EU on the

basis of a single authorization from one member state. Both physical and

synthetic index replication is permissible by UCITS and funds are allowed to

track equity, fixed income as well as diversified commodity indices.

Asia (8.5%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (2.3%)

Exchange-Traded Commodities (ETCs, 0.6%)

In Europe as UCITS III does not permit the creation of funds tracking non

diversified commodity indices (for example wheat or oil), exchange-traded

products that track single commodity profiles are issued under the EU

Prospectus Directive in two structures that have become widely known as

exchange-traded commodities (ETCs). ETCs can either be physically backed or

they can be issued through a bankruptcy remote special purpose vehicle (SPV).

Both forms utilize offshore domiciles, such as Jersey, and are classed as debt

21 January 2016



instruments. Physically-backed ETCs are fully backed with securities that

closely resemble the composition of a product’s benchmark index. SPV

structures are collateralized by assets that could bear no resemblance to those

of their respective benchmark index and replicate their index return through a

total return swap structure or by holding other derivative instruments such as

futures. In the vast majority of cases, both types of ETCs are fully collateralized

with secure assets such as money market instruments, government bonds and

gold. For more information, please refer to our research report issued on

March 11 2010 titled ‘The race for assets in the European Exchange-Traded

Products Market”.

Exchange-traded vehicles (ETVs, 1.6%)

This terminology typically refers to grantor trusts that exist in the US market.

These instruments track primarily commodity benchmarks. They differ from

ETFs in that they are registered under the Securities Act of 1933 and not the

Investment Company Act of 1940, hence they are not classed as funds.

Vehicles that replicate commodity benchmarks, more often known as pools,

and funds targeting alternative index returns are formed under the

Commodities Exchange Act and are listed under the 33 Securities Act, and

report under 34 Corporate Act.

21 January 2016



Appendix B: The road from beta to alpha

The figure below illustrates the road from beta (diversified rule based market

access) to alpha (discretionary market access). Moving counter-clockwise from

beta, the potential for return increases, together with the potential risk.

Figure 170: The Roadmap From Beta (β) to Alpha (α)

Beta Alpha

Beta Multiplied Beta Adjusted

Beta Alpha

BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile

Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions


The performance of beta products is measured against an index; managers are

most successful when they match the return of a product to its stated

benchmark. The performance of alpha products, or rather the performance of

an alpha product’s manager, is measured by the risk adjusted return it

generates. The higher the return and the lower the risk [typically measured by

the standard deviation of a product’s returns], the more successful a product is

deemed to be.

There is however a whole host of products that fall between beta and alpha;

we have sought to create a classification system that distinguishes these

products, taking into consideration a number of variables, ranging from

diversification to what constitutes a market segment.

21 January 2016



Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Shan Lan/Sebastian Mercado/Ari Rajendra

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes:

1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:

Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

47 % 47 %

6 %

37 %30 %

24 %

0

200

400

600

800

1000

1200

1400

1600

Buy Hold Sell

Global Universe

Companies Covered Cos. w/ Banking Relationship

Regulatory Disclosures

1.Important Additional Conflict Disclosures

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2.Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

https://gm.db.com/equities

http://gm.db.com/

21 January 2016



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 sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this

report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche

Bank may act 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 its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

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particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

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investment decisions. Prices and availability of financial instruments are subject to change without notice and

investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to 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. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic 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 issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that 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.

21 January 2016



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

circumstances including 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 the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to 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 contact your 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 by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected 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 the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated

and therefore not subject to FINRA regulations concerning communications with subject companies, public appearances

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in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under

German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European

Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester

House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the

Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial

Conduct Authority. Details about the extent of our authorisation and regulation are available on request.

Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.

India: Prepared by Deutsche Equities Private 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

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Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks

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losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional

losses stemming from foreign 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 principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in

market value. Before deciding 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

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Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are

http://www.optionsclearing.com/about/publications/character-risks.jsp

21 January 2016



not disclosed according to the Financial Instruments and Exchange Law of Japan.

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David Folkerts-Landau Chief Economist and Global Head of Research

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

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