etf monthly asia 14 november 2017 synthetic equity & index ... · accumulated +$116mn inﬂow...

14 November 2017

ETF Monthly Asia

Asia Synthetic Equity & Index Strategy

ETF Monthly AsiaDate14 November 2017

Deutsche BankMarkets Research

ETF Investors take profits as equitymarkets rallyData in this report is as of 31st October 2017

Asia listed ETP Monthly Highlights (Assets, Flows & Launches):■ Assets & Flows: ETP AUM up by 3.2% ($12.8bn) on MoM basis and ended

the month at record high level of $416.9bn. Net outflows of -$4.5bn inOctober (YTD +$41.8bn).

■ 9 new launches: 8 equity and 1 fixed income. Non traditional productlaunches continue in October with dominance of smart beta ETFs.

Investment Themes for the MonthEquities (-$5.9bn outflow):

■ Japan (-$3.6bn) - Nikkei 225, TOPIX and leveraged long ETFs saw sizeableredemptions and inflows into inverse ETFs which added to the bearishsentiment. In other segments, we saw notable outflows from dividendETFs but inflows into REITs.

■ China (-$1.7bn) - Outflows primarily from China A Share indices.Leveraged long and multi-factor strategies also saw materialredemptions. However, a selection of sector ETFs (IT, Consumer Staplesand Financials) had interest.

■ Korea (-$351mn) - A single ETF tracking leveraged long KOSPI 200 hadsignificant outflows which more than offset inflows into other segments.

■ Taiwan (-$312mn) - Although we observed net negative flows, sentimentwas mixed where there were outflows not only from an ETF tracking TSECTaiwan Top 50 but also from an inverse ETF tracking the same index.Further, there were inflows into low vol and dividend ETFs.

■ Hong Kong(-$247mn), Singapore (+$116mn) - Hong Kong outflow wereinto HSI while for Singapore investors were interested in Real Estate.

Fixed Income (+$1.5bn inflow): China money market ETF segment saw inflowsof +$1.4bn.

Commodity (-$68mn outflow): Outflow of -$108mn from crude oil based ETFs.

Ari Rajendra

Strategist

+44-20-754-52282

Deutsche Bank AG/London

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

Distributed on: 14/11/2017 14:51:10 GMT

0bed7b6cf11c

mailto:[email protected]

14 November 2017

ETF Monthly Asia

Table Of Contents

1. Market Overview .......................................................... 3Market review: Strong market rally globally in October ................................. 3

2. Asia-Pac Listed ETF Insights ........................................ 4$5.9bn outflow from equity while $1.5bn inflow into fixed income ................ 4

3. New Product Launches ................................................ 7New launches – 9 new ETFs with smart beta strategy dominance ................ 7

4. Global ETP Overview and Investment Trends ............... 8Global ETP AUM surpassed $4.5tr with over $1tr YTD growth ...................... 8Regional positioning: Inflows all through broad DM, EM and Europe ............ 9Global Investor positioning in Asia: Japan inflows, China outflow ................. 9ETFs vs. Mutual Funds in Asia Pac .............................................................. 11

5. Performance and Growth ........................................... 12Performance and growth for Asia-Pac focused ETFs listed globally ............. 12Top ETPs – Asia-Pac listed ........................................................................... 14Top ETPs – Other regions with Asia-Pac focus ............................................. 17

6. Asia-Pac Listed ETPs - Statistics ................................ 21Country Breakdown ...................................................................................... 23Issuer Rankings ............................................................................................ 24

7. ETP - Net Flows ......................................................... 31Investment Focus ......................................................................................... 31Sub Segment ................................................................................................ 32Issuer ............................................................................................................ 35Index Provider ............................................................................................... 36Underlying Index/Security ............................................................................. 37

8. ETP - Turnover ............................................................ 38Investment Focus ......................................................................................... 38Sub Segment ................................................................................................ 40Exchange ...................................................................................................... 42Issuer ............................................................................................................ 43Index Provider ............................................................................................... 44Underlying Index/Security ............................................................................. 45

9. ETP - Assets Under Management .............................. 47Investment Focus ......................................................................................... 47Sub Segment ................................................................................................ 48Issuer ............................................................................................................ 50Index Provider ............................................................................................... 51Underlying Index/Security ............................................................................. 52

Appendix A: Glossary ..................................................... 55

Appendix B: How we define ETPs ................................. 56


14 November 2017

ETF Monthly Asia

1. Market OverviewMarket review: Strong market rally globally in October

Equity markets rallied across the globe in October and major benchmarks withinAsia-Pac region posted strong monthly gains. Japan posted biggest monthly gainin last two years, followed by India bringing in highest monthly returns this yearafter seeing losses for two consecutive months. Korea, Singapore and Chinamarket performance were notable recording second highest monthly gains in2017. Taiwan and Australia monthly market performance were also strongest thisyear.

Broad Asia-Pac market growth was positive throughout this year and picked up inOctober after slowing down in September. Broad global emerging markets madea strong come back in October after posting first monthly loss in September.Outside Asia-Pac region, US and European markets continued to record positivereturn.

Following is the snapshot of major benchmarks’ recent performance:

Figure 1: Major Benchmark Performance

Japan (Nikkei 225) 8.13% 3.61% 15.16% 26.32%

South Korea (KOSPI2) 5.47% 2.59% 28.29% 30.34%

China (CSI 300) 4.44% 0.38% 21.05% 20.10%

Taiwan (TWSE) 4.49% -2.42% 16.65% 16.19%

Hong Kong (HSI) 2.51% -1.49% 28.39% 23.16%

India (Sensex) 6.17% -1.41% 24.74% 18.91%

Singapore (FSSTI) 4.79% -1.75% 17.12% 19.91%

Australia (S&P/ASX 200) 4.00% -0.58% 4.29% 11.12%

US (S&P 500) 2.22% 1.93% 15.03% 21.12%

Europe (STOXX Europe 600) 1.82% 3.82% 9.35% 16.59%

Asia-Pac (MSCI AC Asia Pacific - MXAP) 4.25% 0.16% 24.42% 20.84%

EM (MSCI Emerging Markets - MXEF) 3.45% -0.55% 29.78% 23.64%

BenchmarksOct - 17

(MoM)

Sep - 17

(MoM)YTD TTM

Source: Deutsche Bank, Bloomberg Finance LP

Figure 2: Oct-17 (MoM) benchmark performance Figure 3: YTD benchmark performance

99

100

101

102

103

104

105

106

107

108

109

Ind

ex L

evels

Reb

ased

(1

00

)

Nikkei 225

Sensex

KOSPI2

FSSTI

TWSE

CSI 300

S&P/ASX 200

HSI

S&P 500

STOXX Europe

600

Nikkei 225

STOXX Europe 600 95

100

105

110

115

120

125

130

135

Ind

ex L

evels

Reb

ased

(1

00

)

HSI

KOSPI2

Sensex

CSI 300

FSSTI

TWSE

Nikkei 225

S&P 500

STOXX Europe

600

S&P/ASX 200

HSI

S&P/ASX 200

Source: Deutsche Bank, Bloomberg Finance LP Source: Deutsche Bank, Bloomberg Finance LP


14 November 2017

ETF Monthly Asia

2. Asia-Pac Listed ETFInsights$5.9bn outflow from equity while $1.5bn inflow into fixedincome

Asia-Pac listed ETPs recorded net outflows of -$4.5bn last month where year-to-date flows have reached +$41.8n. Equity ETFs experienced -$5.9bn worthof redemptions, partially offset by inflow of +$1.5bn into fixed income ETFs.Commodity ETPs flows were slightly negative (-$68mn). For more details pleaserefer to Net Flows section.

Japan and China dominate equity outflows, followed by Korea and TaiwanThe Equity ETF segment saw strong outflows in October totaling -$5.9bn, bringingYTD flows to +$42.1bn.

Figure 4: Equity ETF flow drivers by investment focus -Japan & China - Oct'17

Figure 5: Equity ETF flow drivers by investment focus (exJapan & China) - Oct'17

-4.0%

-3.5%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

(6,000)

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

-

1,000

2,000

Japan China

Flo

ws

as

% o

f A

UM

Flo

ws

($m

n)

Country Leveraged long Inverse Sector Smart Beta Flows as % of AUM (rhs)

-10%

-5%

0%

5%

10%

15%

20%

25%

(800)

(600)

(400)

(200)

-

200

400

600

Korea Taiwan Hong Kong Singapore

Flo

ws

as

% o

f A

UM

Flo

ws

($m

n)

Country Leveraged long Inverse Sector Smart Beta Flows as % of AUM (rhs)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters

■ Heavy redemptions from Japan focused ETFs. Each month, Asia-Pacregion's flow activity is heavily tilted towards Japan focused ETFs whichhave been receiving strong inflows this year. However, in October Japanfocused ETF flows went into negative territory recording outflows of -$3.6bn. These were primarily driven by ETFs tracking Topix and Nikkei225 indices (-$3.8bn). We observed similar sentiment amongst leveragedlong (-$741mn) and inverse (+$889mn) categories, mainly with ETFsproviding exposure to Nikkei 225. Smart beta category also experiencedoutflows (-$230mn), primarily from dividend strategy based ETFs (-$163mn). On the contrary, sector focused ETFs received inflows (+$228mn) which were dominated by REITs (+$208mn).

■ Significant outflows from China focused ETFs. October net outflowstotaled -$1.7bn primarily from China A Share indices such as SSE50 (-$566mn), FTSE China A50 (-249mn), CSI 300 (-$115mn). HSCEI(-$346mn) also had notable outflows. Further leveraged long ETFsrecorded monthly outflows of -$357mn (SSE180 and CSI 300). Smartbeta category also saw outflows and multi-factor lost -$178mn (CSI


14 November 2017

ETF Monthly Asia

Shanghai SOE Index). However, China sector (IT, consumer staples andfinancials) attracted +$79mn.

■ Outflows from Korea focused ETFs (-$351mn). A single ETF trackingleveraged long KOSPI 200 (-$741mn) had significant outflows whichmore than offset inflows into other segments. Inflows were observed intoSamsung Group Index (+$150mn) and Korean sector ETFs (+$187mn)where +$136mn was into IT sector.

■ Taiwan focused ETFs recorded net outflows of -$312mn. Although thenet flows were negative for Taiwan, the picture was rather mixed. Weobserved outflows from both ETFs providing long (-$162mn) and inverse(-$240mn) exposures to Taiwan Top50 index. Additionally, there wereinflows into smart beta ETFs (+$103mn), primarily into low vol anddividend strategies.

■ Hong Kong ETFs saw net redemptions of -$247mn over the last monthwhich was almost entirely from ETFs tracking Hang Seng Index (-$238mn) and concentrated into one ETF.

■ Singapore focused ETFs also benefitted in October. These ETFsaccumulated +$116mn inflow driven by one ETF with exposure to highdividend yielding REITs (+$78mn).

Fixed income inflow concentrated into China money market ETFsAsian fixed income ETF market October flows turned positive totaling +$1.5bn.Almost entire inflows were into China money market ETFs collecting +$1.4bn.These ETFs continued to see big swings with over a billion dollars flowing in andout each month this year.

Commodity ETPs experience net outflowsCommodity ETPs outflows totaled -$68mn in October. ETFs tracking crude oilprices saw major outflows totaling -$108mn, from both long only and leveragedlong categories.

Turnover: MoM turnover activity increased by 4.4%Total turnover activity into Asia-Pac ETPs increased by 4.4% where total turnoverobserved ($167.7bn) was compared to the last month's total ($160.6bn). Ona country level, stock exchanges in China topped the turnover ranking withaggregate turnover of $104.9bn, followed by Japan ($30.8bn), Korea ($16bn) andHong Kong ($10.1bn). For more details please refer to Turnover section.

In Asia, Chinese money market ETFs are traded heavily (3.6 time of its totalAUM in Oct'17) and account for over 50% ($87.3bn) of the regions total turnover.Leveraged/inverse equity ETF (primarily Japan and Korea) is also another categorytraded heavily (2.6 time of its total AUM in Oct'17) and account for about over20% ($36.2bn) of the region's total turnover.


14 November 2017

ETF Monthly Asia

Figure 6: Turnover activity concentration in Asia

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

China MoneyMarket

Lev/Inv equity Others

Tu

rno

ver/

AU

M

Tu

rno

ver

($m

n)

Oct'17 Turnover/AUM (rhs)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

AUM: Assets continue to rise beyond $400bnAsia-Pac-listed ETP AUM continued to grow and closed the month at $416.9bnamid bullish equity markets in October. ETP AUM rose by 3.2% or $12.8bn onMoM basis and 32.6% or $102.5bn on a year-to-date basis. Asian ETP assetsare dominated by Japan listed ETFs which constitute over 60% of the Asian ETPmarket and 3/4th of Japanese ETF assets are concentrated among top 6 products.Other major markets are China, Hong Kong and Korea. Japan ETF market haswitnessed robust growth this year (+45%) while China ETF assets haven't grownmuch and have seen negligible addition to assets.

Figure 7: Listing country level AUM growth - MTD Figure 8: Listing country level AUM growth - YTD

-4%

-2%

0%

2%

4%

6%

8%

10%

-

50

100

150

200

250

300

Mo

M G

row

th

AU

M (

$b

n)

Oct-17 Sep-17 MoM change (rhs)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

-

50

100

150

200

250

300

YTD

Gro

wth

AU

M (

$b

n)

Oct-17 Dec-16 YTD Change (rhs)



14 November 2017

ETF Monthly Asia

3. New Product LaunchesNew launches – 9 new ETFs with smart beta strategydominance

Asian ETP market witnessed 9 new launches in October including 8 equity and 1fixed income ETFs. Asian ETP market continues to witness non traditional productlaunches this month which are dominated by smart beta ETFs.

Among 8 equity launches, 6 were based on smart beta strategies. These ETFsare based on high dividend paying Korean stocks, Korean low vol stocks, Chinamulti-factor, high yielding Japanese real estate sector, high yielding Singaporeanreal estate sector and sharia theme.

Remaining 2 equity ETFs track Korean large caps and US IT sector respectively.

One fixed income ETF was launched tracking global broad investment gradebonds.

Figure 9: New Launches in October

ETP Name IssuerAsset Class

& StructureExchange

Asia-Pac

Samsung KODEX High Dividend ETF 279530 KS Samsung Asset Management Equity - ETF Korea - KSE 0.30%

Samsung KODEX Min Vol ETF 279540 KS Samsung Asset Management Equity - ETF Korea - KSE 0.30%

ARIRANG Leading Industry ETF 280920 KS Hanwha Investment Trust Management Equity - ETF Korea - KSE 0.23%

KIM KINDEX US INTERNET ETF - Synth H 280320 KS Korea Investment Trust Mg Equity - ETF Korea - KSE 0.50%

MAXIS High Yield J-REIT ETF 1660 JP Mitsubishi UFJ Asset Mg Equity - ETF Japan - TSE 0.25%

Premia CSI Caixin China New Economy ETF 3173 HK Premia Partners Co Ltd Equity - ETF Hong Kong - HKE 0.50%

Lion-Phillip S-REIT ETF SREITS SP Lion Fund Management Co Ltd Equity - ETF Singapore - SGX 0.50%

Pinnacle Enhanced Sharia ETF XPES IJ Pinnacle Investments Equity - ETF Indonesia - Jakarta na

Vanguard Global Aggregate Bond Index Fund Hedged ETF VBND AU Vanguard Fixed Income - ETF Australia - ASX 0.20%



14 November 2017

ETF Monthly Asia

4. Global ETP Overviewand Investment TrendsGlobal ETP AUM surpassed $4.5tr with over $1tr YTDgrowth

Global ETP AUM risen significantly this year and closed the month at $4.55 trillion,with a month-on-month increase of 2.8% ($129bn) and YTD increase of 29.5%($1 trillion). Global ETP AUM has received record growth this year driven equallyby market growth and inflows (~15%).

ETPs listed globally (ex-RoW) attracted inflow of +$54.3bn in October (+$47.4bnin Sep'17) taking YTD total to +$514.3bn. This is the first time when globalETPs have accumulated more than $500bn inflow in any year. US ETPs receivedinflow of +$50bn, followed by Europe ETPs collecting +$9bn while Asian ETPslost -$4.5bn in outflows during last month. On asset class level, equity and fixedincome collected inflow of +$41.4bn, and +$13bn respectively while commoditiessaw marginal outflows in October.

Figure 10: Global ETP regional asset growth historically

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

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 94.9 125.0

Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 416.9

Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.2 758.7

US 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 3,247.7

Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.7 1,444.3 1,491.5 1,913.6 2,339.9 2,725.9 2,978.2 3,512.1 4,548.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

AU

M ($

bn)

*As of last month except for RoW which is as of 8 Nov 2017



14 November 2017

ETF Monthly Asia

Figure 11: Global flows summary by region Figure 12: Regional flows as a % of AUM

Oct-17 Sep-17YTD (Monthly

Avg)

Asia-Pac (4,500) 3,577 4,175

Europe 8,971 7,946 9,205

US 49,851 35,927 37,977

(10,000)

-

10,000

20,000

30,000

40,000

50,000

60,000

Net

Flo

ws

($m

n)

Oct-17 Sep-17YTD (Monthly

Avg)

Asia-Pac -1.1% 0.9% 1.3%

Europe 1.2% 1.1% 1.6%

US 1.6% 1.2% 1.5%

-1.6%

-1.2%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

Net

Flo

ws a

s a

% o

f A

UM


Regional positioning: Inflows all through broad DM, EMand Europe

Among ETFs listed globally with regional focus, all the three major categoriesreceived strong inflow in September. Broad (global) DM attracted +$8.1bn, broad(global) EM +$4.5bn and DM Europe recorded +$1.4bn inflows.

Figure 13: Broad market flows movement – Oct 2017* Figure 14: Broad market flows movement – YTD*

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Cu

mu

lati

ve F

low

s ($

bn

)

DM - Europe DM - Broad DM - Asia PacEM - Asia Pac Broad - Asia Pac EM - BroadEM - EMEA EM - LATAM

(10)

-

10

20

30

40

50

60

70

80

Cu

mu

lati

ve F

low

s ($

bn

)

DM - Europe DM - Broad DM - Asia PacEM - Asia Pac Broad - Asia Pac EM - BroadEM - EMEA EM - LATAM

*These figures includes globally listed broad market focused ETFs from all the segments within equityasset class (i.e. country, regional, sector, size, strategy, style and thematic).


*These figures includes globally listed broad market focused ETFs from all the segments within equityasset class (i.e. country, regional, sector, size, strategy, style and thematic).


Global Investor positioning in Asia: Japan inflows, Chinaoutflows

Total assets of equity ETFs listed globally (offshore only) with investment focusin the Asia-Pacific region rose sharply in October amid equity market rally andclosed the month at $153.3bn with an increase of 6.3% on MoM basis and 30.6%above on YTD basis.

Monthly net flows for these ETFs totaled +$2bn in October (-$164mn in Sep'17).Japan and China focused ETFs were the major flow drivers during last month.Offshore investors allocated heavily into Japan focused ETFs totaling +$2.5bnpartially offset by outflows from China focused ETFs (-$627mn) over the lastmonth. Among Japan focused ETFs, both currency hedged (+$1.3bn) and non


14 November 2017

ETF Monthly Asia

hedged (+$1.2bn) ETFs were major beneficiaries amid sharp rise in equity marketsand weakening Yen.

Figure 15: Offshore equity ETFs listed globally with investment focus in Asia*

Investment Focus Oct-17% of

AUMSep-17 Aug-17 YTD

% of

AUMOct-17 Sep-17 Dec-16

Emerging Markets

Bangladesh 0 0.0% 0 0 -4 -16.2% 24 24 25

China -627 -1.9% 157 376 -2,483 -8.7% 34,961 33,735 28,476

India -47 -0.4% -105 -90 710 8.2% 12,310 11,512 8,667

Indonesia -13 -1.6% -10 -12 -17 -2.3% 801 812 739

Malaysia 7 1.4% 2 -2 165 55.4% 511 505 297

Pakistan 8 9.4% 17 5 54 111.7% 84 81 48

Philippines 0 0.0% 11 -18 18 8.8% 252 251 203

South Korea -42 -0.8% -123 -80 135 3.5% 5,475 5,106 3,897

Taiwan 15 0.3% 34 154 481 14.8% 4,660 4,394 3,243

Thailand 12 2.5% 21 -42 -39 -9.1% 478 452 427

Vietnam 5 0.9% -6 -3 -17 -3.2% 613 574 518

EM Asia Broad 90 2.2% 145 105 1,256 57.9% 4,415 4,124 2,170

Total -592 -1.0% 142 394 259 0.5% 64,582 61,570 48,710

Developed Markets

Australia -12 -0.4% 9 -1 -375 -11.1% 3,388 3,353 3,379

Hong Kong 24 0.9% 8 -42 -352 -14.6% 2,644 2,594 2,410

Japan 2,495 4.7% -440 -1,195 2,706 5.8% 57,875 52,851 46,353

New Zealand -2 -1.3% -7 0 33 28.5% 164 172 114

Singapore 2 0.2% -22 -1 -39 -7.0% 670 637 564

DM Asia Broad -136 -1.0% 217 141 2,233 23.0% 13,957 13,687 9,712

Total 2,370 3.2% -235 -1,097 4,205 6.7% 78,698 73,295 62,531

Asia Broad Indices 235 2.5% -71 74 1,611 26.2% 10,038 9,379 6,160

Grand Total 2,012 1.4% -164 -630 6,075 5.2% 153,319 144,244 117,402

Net Flows ($ million) AUM ($ million)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style andthematic).


Figure 16: Flows by DM country – Oct 2017* Figure 17: Flows by DM country – YTD*

-500 0 500 1,000 1,500 2,000 2,500 3,000

Australia

New Zealand

Singapore

Hong Kong

Japan

Monthly Flows ($mn)

-500 0 500 1,000 1,500 2,000 2,500 3,000

Australia

Hong Kong

Singapore

New Zealand

Japan

YTD Flows ($mn)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country,regional, sector, size, strategy, style and thematic).





14 November 2017

ETF Monthly Asia

Figure 18: Flows by EM country – Oct 2017* Figure 19: Flows by EM country – YTD

-700 -600 -500 -400 -300 -200 -100 0 100

China

India

South Korea

Indonesia

Philippines

Vietnam

Malaysia

Thailand

Taiwan

Monthly Flows ($mn)

-2,500 -2,000 -1,500 -1,000 -500 0 500 1,000

China

Thailand

Vietnam

Indonesia

Philippines

South Korea

Malaysia

Taiwan

India

YTD Flows ($mn)





ETFs vs. Mutual Funds in Asia Pac

Asia-Pac ETPs comprised 7.1% of the continent’s mutual fund industry as ofQ2 2017 according to mutual fund industry data published by the InvestmentCompany Institute (ICI). This has steadily grown from 4.6% at the end of Q1 2014.US ETPs comprised 20.3% while Europe ETPs comprised 4% of the respectiveregion’s mutual fund industry as of Q2 2017. Within Asia-Pac, Taiwan is on topwith ETP assets accounting for 19% of mutual fund assets, followed by JapanETP assets accounting for 16.8% of mutual fund assets.

Figure 20: Asia-Pac ETP vs. mutual fund assets

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17 Q2'17

ETP AUM 171,174 189,629 190,061 206,844 228,083 243,236 267,534 283,865 294,131 298,101 327,288 314,426 352,004 374,151

ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.7% 6.4% 6.5% 6.5% 6.6% 6.7% 7.0% 7.1%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ETP

vs M

utu

al Fu

nd

s

ETP

AU

M (

$m

n)

Source: Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

Figure 21: Asia-Pac ETP vs. mutual fund flows

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17 Q2'17

Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.4% 5.8% -0.3% 1.7% 3.4% 1.9% 2.2% 2.9%

ETPs 5.8% -0.2% 1.1% 1.9% 2.0% 26.9% -0.4% 7.6% 0.6% 4.4% -1.8% 6.7% 1.7%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Qu

art

erl

y F

low

s a

s a

% o

f A

UM

($m

n)

Source: Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI


14 November 2017

ETF Monthly Asia

5. Performance andGrowthPerformance and growth for Asia-Pac focused ETFs listedglobally

ETF Performance - Outperformers and underperformersAlongside one ETF based on TOPIX ex-financials index, various Korean equitiesbenchmarked ETFs dominated the top performing ETF list for the month whilecouple of ETFs tracking S&P 500 VIX Short-Term Futures Index saw the mostnegative performance.

Figure 22: Top 10 best performance

ETF Name Bloomberg Underlying Index 31-Oct-17 29-Sep-17 31-Aug-17 YTD

NZAM ETF TOPIX Ex-Financials 1596 JP TOPIX Ex-Financials Index 11.8% 4.4% -0.7% 16.1%

Samsung Kodex KOSDAQ 150 ETF 229200 KS KOSDAQ150 Index 11.4% 4.5% 2.2% 27.9%

Mirae Asset MAPS Tiger Health Care ETF 143860 KS KRX Health Care Index 10.8% 4.5% 3.5% 29.3%

VanEck Vectors India Small-Cap Index ETF SCIF US Market Vectors India Small-Cap 10.7% -1.6% -3.3% 54.1%

Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index 10.2% -3.4% -0.8% 13.9%

Lyxor UCITS ETF MSCI Korea -C-EUR KRW FP MSCI Korea 10.0% 2.5% -2.6% 28.1%

iShares MSCI Korea UCITS ETF (Inc) IKOR LN MSCI Korea 9.7% -1.8% 0.1% 30.3%

Samsung KODEX Samsung Group ETF 102780 KS Samsung Group Index 9.1% 4.3% -2.8% 36.7%

China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index 9.1% 8.1% 4.6% 50.8%

Lyxor ETF MSCI India INR FP MSCI India 9.0% -3.2% -1.5% 19.7%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month


Figure 23: Top 3 ETFs by performance in Oct - Daily performance YTD

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

Daily P

erf

orm

an

ce

1596 JP 229200 KS 143860 KS

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previousmonth



14 November 2017

ETF Monthly Asia

Figure 24: Bottom 10 performance

ETF Name Bloomberg Underlying Index 31-Oct-17 29-Sep-17 31-Aug-17 YTD

Fubon S&P 500 VIX Short-Term Futures ETF 00677U TT S&P 500 VIX Short-Term Futures Index -14.6% -16.0% -0.1% -66.6%

Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -12.5% -16.0% 6.3% -65.7%

iShares MSCI New Zealand Capped ETF ENZL US MSCI New Zealand IMI 25/50 -3.3% 1.1% -2.2% 14.7%

Vanguard International Fixed Interest Index Hedged ETF VIF AU Barclays Global Treasury Index Hedged into AUD -1.7% -0.6% 0.8% -7.0%

Cathay US Treasury 20+ YR ETF 00687B TT Bloomberg Barclays US Treasury 20+ Year Bond Index -1.6% -1.2% 2.7% na

China AMC CSI 500 ETF 512500 CH CSI 500 Index -1.5% 3.1% 2.9% 4.8%

Maxis J-REIT ETF 1597 JP Tokyo Stock Exchange REIT Index -1.4% -2.6% -0.5% -11.2%

NZAM ETF J-REIT Index 1595 JP Tokyo Stock Exchange REIT Index -1.3% -1.3% 0.1% -7.5%

E Fund Gold Tradable Open-end Securities Investment Fund 159934 CH Commodity Gold -1.2% -0.3% 1.0% 3.4%

PowerShares Golden Dragon China Portfolio PGJ US NASDAQ Golden Dragon China -1.2% 1.2% 0.7% 49.4%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month


Figure 25: Bottom 3 ETFs by performance in Oct - Daily performance YTD

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

Daily P

erf

orm

an

ce

00677U TT 1552 JP ENZL US

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previousmonth


ETP flow growth - Winners and loserKorean equities benchmarked ETFs led the table as largest fund flow receivers asa percentage of AUM during last month, whereas one China money market ETFsaw the largest outflows as a percentage of AUM over the same period.

Figure 26: Top 10 Inflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

Mirae Asset MAPS Tiger IT ETF 139260 KS KOSPI 200 IT Sector Index 73.6% 135.6 337.6 -23.2% -51.7 -8.8% -21.0 545.3% 231.7

Samsung Kodex KOSDAQ150 Leverage ETF 233740 KS KOSDAQ150 Index 58.4% 67.7 212.6 -34.8% -56.7 10.4% 14.7 -43.6% (93.8)

DIAM ETF Topix 1473 JP TOPIX 52.4% 343.5 1,042.6 -23.2% -193.0 0.0% 0.0 88.2% 421.4

Next Funds Nikkei 225 Double Inverse Index ETF 1357 JP Nikkei 225 Double Inverse Index 44.0% 602.5 1,727.8 27.1% 319.4 -18.6% -259.5 97.7% 1,048.0

China AMC Express Traded Money Market Fund 511650 CH Other 35.5% 90.9 347.0 -34.7% -136.6 -16.2% -74.8 0.0% 331.8

Next Funds Nikkei 225 Inverse Index ETF 1571 JP Nikkei 225 Inverse Index 30.7% 80.3 318.4 5.2% 13.6 -9.7% -27.9 -51.7% (324.9)

Simplex Nikkei225 Bear -1x ETF 1580 JP Nikkei 225 Inverse Index 30.1% 39.2 157.4 20.6% 23.7 -13.9% (18.2) 2.7% 4.6

WisdomTree Japan Hedged SmallCap Equity Fund DXJS US WisdomTree Japan Hedged SmallCap Equity 27.9% 39.1 186.3 -3.0% -4.2 0.0% 0.0 57.1% 58.0

E Fund CSI Overseas China Internet 50 ETF Index Fund 513050 CH CSI Overseas China Internet 50 ETF Index 27.8% 36.4 167.2 3.2% 4.0 23.0% 23.0 0.0% 147.4

Capital SZSE SME Price Index Exchange Traded Fund 00643 TT SZSE SME Price Index 27.3% 36.1 173.7 -9.1% -12.9 -9.5% (14.1) -10.1% -15.7

Oct-17 Sep-17 Aug-17 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month



14 November 2017

ETF Monthly Asia

Figure 27: Top 10 outflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

GF Tianli Traded Money Market Fund 511950 CH Other -99.1% (249.6) 2.2 0.0% 0.0 0.0% - -110.2% (15.9)

Hanwha Arirang Short-term Credit Bond Securities 263190 KS KAP Money Market Credit Index -52.6% (59.0) 54.9 -50.8% (119.1) -2.6% (6.3) 0.0% 54.7

Samsung KODEX Leverage ETF 122630 KS KOSPI 200 Index -49.4% (748.5) 935.7 -13.5% (226.0) 64.5% 683.8 -65.1% (662.3)

Premier ETF Indonesia State-Owned Companies XISC IJ Other -43.5% (47.6) 64.8 22.6% 21.1 -33.7% (47.8) -60.6% (92.8)

Next Funds Nikkei 225 Leveraged Index ETF 1570 JP Nikkei 225 Leveraged Index -34.4% (633.7) 1,426.0 -44.5% (1,358.2) 40.8% 895.8 -78.7% (2,249.0)

Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -32.1% (46.0) 114.7 -38.7% (83.8) 37.6% 60.1 -75.5% (163.9)

Fullgoal Shouyibao Exchange Traded Money Market Fund 511900 CH Other -28.1% (181.6) 467.8 22.4% 118.9 -18.8% (120.2) -82.1% (1,948.3)

Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF 00672L TT S&P GSCI Crude Oil 2X Leveraged Index ER -26.2% (52.9) 164.9 -44.8% (127.8) -4.7% (15.6) -10.7% (11.3)

Mirae Asset MAPS Tiger Health Care ETF 143860 KS KRX Health Care Index -24.8% (36.9) 130.9 -18.8% -33.2 1.6% 2.7 -36.3% (47.5)

iShares MSCI Japan Minimum Volatility ex-REITs ETF 1477 JP MSCI Japan Minimum Volatility Index -22.6% (28.5) 101.3 0.0% - 29.1% 28.39195 -6.7% (6.2)

Oct-17 Sep-17 Aug-17 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month


Top ETPs – Asia-Pac listed

Figure 28: Top 20 ETPs by AUM

ETP Name Issuer BBG TickerAsset Class

& StructureTER

AUM

US$ MM

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 54,916.5

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 47,223.5

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 26,070.6

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 25,698.9

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 21,972.9

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 21,867.8

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 11,598.0

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 10,456.6

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 10,192.0

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 7,518.4

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,968.4

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 5,916.6

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 5,213.6

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 5,209.3

Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 4,829.9

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 4,789.0

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,932.3

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,925.7

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 3,550.0

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 3,338.3



14 November 2017

ETF Monthly Asia

Figure 29: Top 20 ETPs by AUM change


& StructureTER

AUM

Change

US$ MM


Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 1,949.6

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% (1,402.8)

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 1,089.7

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 842.2

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 812.7

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 740.4

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 689.9

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 624.0

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (580.4)

DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% 459.5

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 415.4

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 414.2

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (413.7)

DIAM ETF Topix DIAM Asset Management 1473 JP Equity ETF 0.08% 387.1

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 385.5

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 359.1

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (337.7)

GF Tianli Traded Money Market Fund GF Fund Management Co Ltd 511950 CH Fixed Income ETF 0.00% (249.8)

Samsung KODEX Samsung Group ETF Samsung Asset Management 102780 KS Equity ETF 0.40% 247.8


Figure 30: Top 20 ETPs by inflow


& StructureTER

Net Flow

US$ MM

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 670.4

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 619.3


MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 533.0

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 508.3

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 363.4

DIAM ETF Topix DIAM Asset Management 1473 JP Equity ETF 0.08% 343.5

DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% 341.4

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 173.6

Samsung KODEX Samsung Group ETF Samsung Asset Management 102780 KS Equity ETF 0.40% 149.6

Mirae Asset MAPS Tiger IT ETF Mirae Asset MAPS Global Investments 139260 KS Equity ETF 0.40% 135.6

Hanwha Arirang KOSPI200 ETF Hanwha Investment Trust Management 152100 KS Equity ETF 0.14% 109.0

Mirae Asset Tiger Money Market ETF Mirae Asset MAPS Global Investments 157450 KS Fixed Income ETF 0.09% 101.8

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 91.1

China AMC Express Traded Money Market Fund China Asset Management 511650 CH Fixed Income ETF 0.00% 90.9

Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% 80.3

Lion-Phillip S-REIT ETF Lion Fund Management Co Ltd SREITS SP Equity ETF 0.50% 78.5

Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% 72.5

Samsung Kodex KOSDAQ150 Leverage ETF Samsung Asset Management 233740 KS Equity ETF 0.64% 67.7

Premier ETF IDX30 Indo Premier Securities XIIT IJ Equity ETF 1.00% 65.8



14 November 2017

ETF Monthly Asia

Figure 31: Top 20 ETPs by outflow


& StructureTER

Net Flow

US$ MM

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% (2,997.5)

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% (1,305.5)


Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (633.7)

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% (502.6)

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% (393.0)

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (304.5)

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% (304.3)

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (272.1)

GF Tianli Traded Money Market Fund GF Fund Management Co Ltd 511950 CH Fixed Income ETF 0.00% (249.6)

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (245.5)

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (239.8)

CSI Shanghai SOE ETF China Universal Asset Management Co 510810 CH Equity ETF 0.00% (228.6)

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% (190.5)

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (181.6)

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (162.2)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (160.8)

Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% (160.4)

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% (139.4)

Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% (135.2)


Figure 32: Top 20 ETPs by Monthly Turnover


& StructureTER

Turnover

US$ MM

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 29,348.5

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 21,852.0

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 19,160.6

China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 12,089.8

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 8,445.3

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 6,344.0

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 4,971.2

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,571.6

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 4,415.3

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 3,499.0

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 3,330.4

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 3,267.3

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 2,686.2

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 2,636.2

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 2,506.5

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 2,055.2

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 1,977.5

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 1,527.7


Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 1,209.7



14 November 2017

ETF Monthly Asia

Figure 33: Top 20 ETPs by Monthly Turnover change


& StructureTER

Turnover

Change

US$ MM

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 6,706.7

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (5,959.4)

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 5,612.4

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 2,822.3

China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 1,503.1

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% (1,309.0)

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (1,024.5)

China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% (951.0)

Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% (828.4)

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 654.6


Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 617.3

Samsung KODEX 200 Futures Inverse 2X ETF Samsung Asset Management 252670 KS Equity ETF 0.64% (539.0)

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 527.3


Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (458.1)

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (436.0)

Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 424.4

China AMC Hang Seng Index ETF China Asset Management 159920 CH Equity ETF 0.60% 386.9

KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% 359.3


Top ETPs – Other regions with Asia-Pac focus

Figure 34: Top 20 ETPs by AUM

ETP Name Issuer BBG TickerAsset Class &

StructureTER

AUM

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 17,349.3

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 9,033.4

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 5,311.4

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 5,015.5

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 4,473.6

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 4,040.5

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,883.6

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 3,598.3

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 3,407.8

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 3,356.8

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 3,162.9

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,914.2

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,631.3

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 2,372.6

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 2,055.5

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,854.7

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,798.4

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,794.9

Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% 1,772.9

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 1,753.5



14 November 2017

ETF Monthly Asia

Figure 35: Top 20 ETPs by AUM change


StructureTER

AUM

Change

US$ MM


WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 811.0

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 685.5

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 341.5

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 300.8

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 285.2

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 269.0

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 248.5

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 230.6

iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% (210.3)

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 193.4

Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% 182.6

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 164.3

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 158.3

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 132.6

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 126.3

Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 124.9

Xtrackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 117.1

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 106.6

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 99.4


Figure 36: Top 20 ETPs by inflow


StructureTER

Net Flow

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 608.9

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 556.4


Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 224.8

Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% 110.2

BNP Paribas Easy MSCI Japan ex Controversial Weapons UCITS ETF BNP Paribas EJAH GY Equity ETF 0.25% 75.1

Lyxor SG Japan Quality Income UCITS ETF Lyxor SGQJ LN Equity ETF 0.45% 74.9


iShares MSCI Pacific ex Japan UCITS ETF Acc BlackRock CSPXJ SW Equity ETF 0.20% 63.3

iShares MSCI Japan USD Hedged UCITS ETF BlackRock IJPD LN Equity ETF 0.64% 62.6

Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 58.2

iShares MSCI Japan SmallCap UCITS ETF (Inc) BlackRock ISJP LN Equity ETF 0.59% 57.5

db x-trackers MSCI China TRN Index UCITS ETF Deutsche AM XCS6 LN Equity ETF 0.65% 55.1

db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D Deutsche AM RQFI GY Equity ETF 0.65% 53.1

WisdomTree Japan SmallCap Dividend Fund WisdomTree DFJ US Equity ETF 0.58% 50.0

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 49.2

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 45.0

iShares MSCI Japan - B UCITS ETF BlackRock CSJP SW Equity ETF 0.48% 43.4

Lyxor UCITS ETF MSCI AC Asia Pacific ex-Japan -C-EUR Lyxor AEJ FP Equity ETF 0.60% 41.1

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 40.2



14 November 2017

ETF Monthly Asia

Figure 37: Top 20 ETPs by outflow


StructureTER

Net Flow

US$ MM

iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% (250.7)

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% (106.4)

UBS ETF - MSCI Japan UCITS ETF (JPY) A-dis UBS JPNCHA SW Equity ETF 0.35% (55.8)

iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% (47.1)

iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% (38.1)

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% (38.0)

Direxion Daily India Bull 3X Shares DirexionShares INDL US Equity ETF 0.95% (19.4)

ComStage ETF MSCI Pacific TRN ComStage CBNDDUP GR Equity ETF 0.45% (18.0)

iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% (16.0)

db x-trackers CNX Nifty UCITS ETF Deutsche AM XNIF GR Equity ETF 0.85% (10.3)

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (9.9)

iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% (9.0)

SPDR MSCI Japan StrategicFactorsSM ETF State Street QJPN US Equity ETF 0.30% (7.5)

VanEck Vectors ChinaAMC A-Share ETF VanEck Vectors PEK US Equity ETF 0.72% (7.1)

iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% (6.9)

db x-trackers S&P/ASX 200 UCITS ETF (DR) Deutsche AM XAUS GR Equity ETF 0.50% (6.0)

SPDR MSCI EM Asia ETF State Street SPYA GY Equity ETF 0.55% (5.1)

db x-trackers MSCI Taiwan TRN Index UCITS ETF Deutsche AM XMTW GR Equity ETF 0.65% (4.9)

Amundi ETF MSCI Pacific ex-Japan UCITS ETF Amundi CP9 FP Equity ETF 0.45% (4.2)

db x-trackers MSCI Korea TRN Index UCITS ETF Deutsche AM XMKO GR Equity ETF 0.65% (4.0)


Figure 38: Top 20 ETPs by Monthly Turnover


StructureTER

Turnover

US$ MM



iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,715.7

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 3,277.8

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 2,311.3

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,136.2

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 1,913.3

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 1,877.7

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,864.4

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,064.4

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 935.0

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 779.0

KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 650.7


Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 533.7

Xtrackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 531.2

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 461.9

Xtrackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 431.0

UBS-ETF MSCI Pacific Socially Responsible A UBS UIMT GY Equity ETF 0.40% 427.0

iShares MSCI Australia - B UCITS ETF BlackRock CSAU SW Equity ETF 0.50% 375.9



14 November 2017

ETF Monthly Asia

Figure 39: Top 20 ETPs by Monthly Turnover change


StructureTER

Turnover

Change

US$ MM





iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% (434.0)

Xtrackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% (419.2)

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 366.5

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 316.0

iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% 312.0

UBS-ETF MSCI Pacific Socially Responsible A UBS UIMT GY Equity ETF 0.40% 267.5

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% (266.0)

Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 226.1

db x-trackers II Markit iBoxx ABF Indonesia Gov.UCITS ETF Deutsche AM XIDR GY Fixed Income ETF 0.40% (190.8)

db x-trackers CSI300 Consumer Discretionary Index UCITS ETF Deutsche AM XCHD GY Equity ETF 0.50% (167.7)

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 167.2

iShares MSCI Australia - B UCITS ETF BlackRock CSAU SW Equity ETF 0.50% 166.0

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 158.7

iShares MSCI Singapore Capped ETF BlackRock EWS US Equity ETF 0.48% 127.4

LYXOR UCITS ETF Australia (S&P/ASX 200) - D-EUR Lyxor LYPU GR Equity ETF 0.40% 123.8




14 November 2017

ETF Monthly Asia

6. Asia-Pac Listed ETPs -Statistics

Figure 40: Number of ETPs by Asset ClassPrev. Month End of 2016

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 895 79.6% 887 8 0.9% 790 105 13.3%

Fixed income 132 11.7% 131 1 0.8% 93 39 41.9%

Commodity 64 5.7% 64 - 0.0% 60 4 6.7%

Currency 21 1.9% 21 - 0.0% 14 7 50.0%

Multi Asset 9 0.8% 9 - 0.0% 9 - 0.0%

Alternative 3 0.3% 3 - 0.0% 3 - 0.0%

Total 1,124 100% 1,115 9 0.8% 969 155 16.0%

Current Month MoM Change YTD Change

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 41: ETP Net Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity (5,923) -1.7% 6,356 1.8% 42,144 15.6%

Fixed income 1,463 3.7% (2,619) -6.2% (265) -0.7%

Commodity (68) -1.4% (229) -4.6% (451) -9.2%

Currency 6 0.8% 12 1.7% 63 9.6%

Multi Asset 6 5.9% 0 0.1% (5) -4.7%

Alternative 17 5.9% 56 19.3% 265 105.5%

Total (4,500) -1.1% 3,577 0.9% 41,751 13.3%

Prev. Month YTDCurrent Month


Figure 42: ETP Turnover (US$ Million) by Asset ClassPrev. Month Year 2016

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 70,471 42.0% 62,258 8,213 13.2% 82,815 (12,345) -14.9%

Fixed income 89,301 53.3% 92,750 (3,449) -3.7% 111,150 (21,849) -19.7%

Commodity 7,492 4.5% 5,116 2,375 46.4% 2,802 4,690 167.4%

Currency 170 0.1% 210 (40) -19.0% 198 (28) -14.0%

Multi Asset 9 0.0% 9 0 1.5% 10 (1) -7.2%

Alternative 244 0.1% 287 (43) -14.9% 321 (77) -23.9%

Total 167,687 100% 160,630 7,057 4.4% 197,295 (29,609) -15.0%

Current Month MoM Change Change from 2016



14 November 2017

ETF Monthly Asia

Figure 43: ETP AUM (US$ Million) by Asset ClassPrev. Month End of 2016

Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 370,015 88.8% 358,725 11,290 3.1% 269,341 100,674 37.4%

Fixed income 40,968 9.8% 39,449 1,519 3.8% 39,158 1,811 4.6%

Commodity 4,804 1.2% 4,857 (53) -1.1% 4,920 (116) -2.3%

Currency 727 0.2% 721 6 0.8% 655 72 10.9%

Multi Asset 111 0.0% 101 10 9.4% 101 9 9.3%

Alternative 269 0.1% 290 (20) -7.0% 251 19 7.4%

Total 416,895 100% 404,144 12,751 3.2% 314,426 102,469 32.6%




14 November 2017

ETF Monthly Asia

Country Breakdown

Figure 44: ETF Summary by Country

Country AUM (US$m)Mkt Share

(AUM)#ETFs #Listings

CF (US$m) - Oct- % of

AUM

YTD CF

(US$m)

% of

AUM

TO (US$m) - Oct- Mkt Share

(TO)

Australia 16,750 4.0% 124 149 149 0.9% 3,569 29.4% 1,948 1.2%

China 56,144 13.5% 160 160 594 1.1% (6,075) -11.1% 104,876 62.5%

Hong Kong 41,570 10.0% 120 208 (775) -1.9% (4,213) -11.5% 10,080 6.0%

India 5,436 1.3% 64 64 82 1.6% 1,493 50.6% 563 0.3%

Indonesia 246 0.1% 12 12 35 16.9% (12) -4.8% 0 0.0%

Japan 254,005 60.9% 176 223 (3,625) -1.5% 43,769 25.0% 30,764 18.3%

Korea 27,455 6.6% 307 307 (384) -1.5% 2,016 9.7% 15,953 9.5%

Malaysia 464 0.1% 8 8 - 0.0% 0 0.1% 1 0.0%

New Zealand 1,398 0.3% 23 23 10 0.7% 102 8.7% 18 0.0%

Philippines 26 0.0% 1 1 - 0.0% 7 38.4% 1 0.0%

Singapore 1,998 0.5% 13 85 115 6.3% 115 7.1% 119 0.1%

Taiwan 11,192 2.7% 100 108 (714) -6.2% 964 11.4% 3,351 2.0%

Thailand 148 0.0% 15 15 - 0.0% (25) -19.3% 10 0.0%

Vietnam 65 0.0% 1 1 14 30.1% 39 221.0% 5 0.0%

Total 416,895 100.0% 1,124 1,364 (4,500) -1.1% 41,751 13.3% 167,687


Figure 45: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy Thematic Equity TotalFixed

IncomeComdty Equity Total

Fixed

IncomeComdty

Australia 6,276 1,322 1,748 348 1,760 916 322 12,693 3,039 567 451 77.9% 18.6% 3.5%

China 24,526 - 2,042 143 1,373 111 2,011 30,207 24,916 1,021 - 53.8% 44.4% 1.8%

Hong Kong 33,816 2,067 86 40 265 585 5 36,865 4,559 146 - 88.7% 11.0% 0.4%

India 2,391 - 56 15 12 7 1,878 4,359 101 977 - 80.2% 1.9% 18.0%

Indonesia 150 - 9 2 1 - 80 242 - - 3 100.0% 0.0% 0.0%

Japan 236,211 278 7,107 133 1,311 5,401 1,650 252,091 476 1,301 137 99.3% 0.2% 0.5%

Korea 13,320 190 1,806 147 699 3,941 1,397 21,499 5,284 328 343 79.3% 19.5% 1.2%

Malaysia 5 1 - - - - 104 110 354 - - 23.7% 76.3% 0.0%

New Zealand 379 254 110 197 133 - - 1,073 325 - - 76.8% 23.2% 0.0%

Philippines 26 - - - - - - 26 - - - 100.0% 0.0% 0.0%

Singapore 1,021 25 65 - 128 - - 1,240 757 - - 62.1% 37.9% 0.0%

Taiwan 3,790 37 74 114 420 4,967 10 9,413 1,157 449 173 85.4% 10.5% 4.1%

Thailand 119 - 12 - 2 - - 133 - 15 - 89.9% 0.0% 10.1%

Vietnam 65 - - - - - - 65 - - - 100.0% 0.0% 0.0%

Total 322,093 4,175 13,114 1,140 6,104 15,929 7,460 370,015 40,968 4,804 1,107 89.0% 9.9% 1.2%

Equity Product Type Asset Class Mkt Share by country



14 November 2017

ETF Monthly Asia

Figure 46: ETF Turnover (US$ Million) by Country Figure 47: ETF AUM (US$ Million) by Country

- 20,000 40,000 60,000 80,000 100,000 120,000

Indonesia

Philippines

Malaysia

Vietnam

Thailand

New Zealand

Singapore

India

Australia

Taiwan

Hong Kong

Korea

Japan

China

TO (US$ Million)

- 50,000 100,000 150,000 200,000 250,000 300,000

Philippines

Vietnam

Thailand

Indonesia

Malaysia

New Zealand

Singapore

India

Taiwan

Australia

Korea

Hong Kong

China

Japan

AUM (US$ Million)

TO (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.

Issuer Rankings

Net Flows

Figure 48: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Total YTD Total

DIAM Asset Management 714 - - - 714 409

Yinhua Fund Management (0) 670 - - 670 1,431

CCB Principal Asset Management Co Ltd. 3 619 - - 623 2,045

Fortune SGAM Fund Management 3 363 - - 367 1,029

Mitsubishi UFJ Asset Mg 322 - - - 322 3,858

Daiwa Asset Management 134 - - - 134 9,674

Mirae Asset MAPS Global Investments 22 98 (5) - 115 472

China Southern Fund Management Co Ltd 5 91 - - 96 (1,989)

UTI Asset Management 73 - 12 - 85 669

Lion Fund Management Co Ltd 77 - - - 77 71

Total Top 10 (Inflows) 1,354 1,842 6 - 3,203 17,668

Current Month inflows (US$ Million)


Figure 49: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Total YTD Total

Nikko Asset Management (3,363) 19 - - (3,343) 9,248

Nomura Asset Management (1,178) - (21) - (1,199) 19,367

Yuanta Securities Inv trust Co Ltd. (594) 12 (55) 5 (632) 506

Samsung Asset Management (480) (84) 1 4 (559) 986

China Asset Management (488) 91 - - (397) (244)

Hang Seng Investment Management (298) - - - (298) (2,365)

BlackRock (319) 34 - - (285) 363

GF Fund Management Co Ltd (17) (250) - - (267) 60

State Street (257) (6) - - (263) (1,235)

China Universal Asset Management Co (204) (37) - - (241) (1,438)

Total Top 10 (Outflows) (7,197) (221) (75) 9 (7,484) 25,250

Current Month outflows (US$ Million)



14 November 2017

ETF Monthly Asia

Turnover

Figure 50: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Fortune SGAM Fund Management 22.8 29,348.5 - - 29,371.3 17.5%

Nomura Asset Management 26,034.4 - 44.6 - 26,079.0 15.6%

Yinhua Fund Management 0.0 21,852.0 - - 21,852.0 13.0%

E Fund Management 3,981.9 8,592.9 72.8 - 12,647.6 7.5%

China Universal Asset Management Co 231.1 12,235.2 - - 12,466.3 7.4%

Samsung Asset Management 11,090.3 69.4 15.4 33.0 11,208.2 6.7%

Huaan Fund Management 91.3 78.2 6,344.0 - 6,513.4 3.9%

China Asset Management 5,036.3 347.8 - - 5,384.1 3.2%

CCB Principal Asset Management Co Ltd. 0.2 4,971.2 - - 4,971.4 3.0%

China Southern Fund Management Co Ltd 550.1 3,267.3 - - 3,817.4 2.3%

State Street 2,972.9 4.8 32.9 - 3,010.6 1.8%

Mirae Asset MAPS Global Investments 2,895.3 44.3 18.6 4.2 2,962.3 1.8%

Hang Seng Investment Management 2,529.2 - 0.0 - 2,529.2 1.5%

Simplex Asset Management Co Ltd 2,330.0 - 54.1 - 2,384.1 1.4%

CSOP Asset Management 2,281.7 3.3 0.5 - 2,285.6 1.4%

Fullgoal Fund Management Co 0.1 2,055.2 - - 2,055.3 1.2%

Yuanta Securities Inv trust Co Ltd. 1,548.0 96.6 241.8 33.2 1,919.6 1.1%

BlackRock 1,675.0 68.8 - - 1,743.8 1.0%

Dacheng Fund Management Co Ltd 4.0 1,527.7 - - 1,531.7 0.9%

China Merchants Fund Management Co 0.5 1,414.3 - - 1,414.8 0.8%

KB Asset Management 921.9 371.3 - 3.0 1,296.3 0.8%

Huatai-PineBridge Fund Management Co 1,050.8 211.2 - - 1,261.9 0.8%

Penghua Fund Management Co Ltd 2.2 1,004.8 - - 1,007.0 0.6%

Fubon Securities Investment Trust Co 866.0 64.5 - 61.5 992.0 0.6%

Guotai Asset Management Co Ltd 117.1 334.7 409.7 - 861.5 0.5%

Daiwa Asset Management 851.3 - - - 851.3 0.5%

Nikko Asset Management 551.0 11.8 - - 562.8 0.3%

Vanguard 436.3 74.2 - - 510.5 0.3%

Goldman Sachs 25.9 469.7 14.9 - 510.5 0.3%

BetaShares Capital Ltd 205.9 222.1 22.1 39.5 489.5 0.3%

Rakuten Investment Management 359.5 - - - 359.5 0.2%

Cathay Securities Investment Trust 299.3 57.0 - - 356.3 0.2%

Korea Investment Trust Mg 332.8 1.3 8.6 - 342.8 0.2%

Bosera Fund Management Co Ltd 8.3 153.7 123.3 - 285.3 0.2%

Hanwha Investment Trust Management 195.2 29.2 - 3.0 227.4 0.1%

Mitsubishi UFJ Asset Mg 209.9 - - - 209.9 0.1%

Kokusai Asset Management Co Ltd - - - 183.0 183.0 0.1%

Woori Asset Management 77.8 24.6 - 8.1 110.6 0.1%

China Life AMP Asset Management Co 0.0 106.5 - - 106.5 0.1%

Harvest Fund Management Co 94.1 5.4 - - 99.5 0.1%

Total (Top 40) 69,880 89,120 7,403 369 166,772 99.5%

Current Month Turnover (US$ Million)



14 November 2017

ETF Monthly Asia

Figure 51: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Van Eck Funds 69.72 22.11 - - 91.83 0.05%

GF Fund Management Co Ltd 83.53 0.61 - - 84.15 0.05%

Ping An Asset Management - 76.22 - - 76.22 0.05%

Kiwoom Asset Management Co Ltd 18.50 - - 54.78 73.28 0.04%

ETF Securities 13.45 - 32.40 - 45.85 0.03%

HFT Investment Management Co Ltd 0.26 41.94 - - 42.20 0.03%

Deutsche AM 41.67 0.45 - - 42.12 0.03%

BOCI - Prudential Asset Man Ltd 37.07 - - - 37.07 0.02%

Platinum Investment Management Ltd 37.05 - - - 37.05 0.02%

Fuh-Hwa Securities Investment Trust 34.50 0.64 - - 35.14 0.02%

Mitsubishi UFJ Trust and Banking Corporation - - 34.32 - 34.32 0.02%

UBS 30.87 - - - 30.87 0.02%

Reliance Capital Asset Management 24.13 0.00 - - 24.13 0.01%

CSC Investment Trust 23.13 - - - 23.13 0.01%

ANZ Asset Management 22.07 - 0.34 0.01 22.42 0.01%

Russell Investments 10.59 10.47 - - 21.06 0.01%

ICBC Credit Suisse Asset Management 17.08 - - - 17.08 0.01%

Smartshares Ltd 14.85 1.53 - - 16.38 0.01%

Taishin Securities Investment Trust Co Ltd 10.56 - - - 10.56 0.01%

Kotak Mahindra Asset Man 7.54 - 2.99 - 10.52 0.01%

Kyobo AXA Investment Mg Co Ltd 8.86 0.27 - - 9.13 0.01%

Mega International Investment Trust Co Ltd/Taiwan 8.56 - - - 8.56 0.01%

Zhongrong Fund Management Co Ltd - 8.20 - - 8.20 0.00%

Premia Partners Co Ltd 7.51 - - - 7.51 0.00%

Bangkok Capital Asset Management 7.26 - - - 7.26 0.00%

Value Partners 3.69 - 3.41 - 7.10 0.00%

SBI Funds Management 2.08 0.00 4.00 - 6.08 0.00%

Rongtong Fund Management - 5.49 - - 5.49 0.00%

DIAM Asset Management 5.47 - - - 5.47 0.00%

Enhanced Investment Products Limited 5.32 - - - 5.32 0.00%

Essence Asset Management - 5.19 - - 5.19 0.00%

Tebon Fund Management - 5.17 - - 5.17 0.00%

BMO Global Asset Management 3.16 1.69 - - 4.85 0.00%

Paradigm Asset Management Co Ltd - - 4.79 - 4.79 0.00%

Prudential ICICI Asset Management 2.86 - 1.90 - 4.76 0.00%

Viet Fund Management 4.51 - - - 4.51 0.00%

Lyxor 3.84 - 0.05 - 3.89 0.00%

Amundi 3.81 - - - 3.81 0.00%

Lion Fund Management Co Ltd 3.15 - - - 3.15 0.00%

Horizons ETFs 2.43 - - - 2.43 0.00%

UTI Asset Management 0.74 - 1.41 - 2.15 0.00%

Invesco Great Wall Fund Management Co. Ltd 1.29 0.85 - - 2.14 0.00%

HDFC Asset Management Co Ltd 1.30 - 0.83 - 2.13 0.00%

Enhanced Investment Products Ltd 2.12 - - - 2.12 0.00%

One Asset Management Ltd 1.99 - - - 1.99 0.00%

CIMB-GK Securities Pte Ltd 1.97 - - - 1.97 0.00%

Sumitomo Mitsui Asset Management 1.48 - - - 1.48 0.00%

Phillip Capital Management 1.13 - - - 1.13 0.00%

Passive Funds Management Ltd 1.13 - - - 1.13 0.00%

Haitong International 0.98 - - - 0.98 0.00%

Heungkuk Asset Management 0.90 - - - 0.90 0.00%

Motilal Oswal Mutual Fund 0.70 - - - 0.70 0.00%

BOCOM Schroders 0.69 - - - 0.69 0.00%

First Metro Asset Management 0.68 - - - 0.68 0.00%

Total 70,467 89,300 7,490 423 167,680 100.00%




14 November 2017

ETF Monthly Asia

Figure 52: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

HSBC Inv Funds Ltd/Hong Kong - 0.68 - - 0.68 0.0%

Krung Thai Asset Management 0.41 - 0.18 - 0.59 0.0%

UOB Asset Management Ltd 0.55 - - - 0.55 0.0%

Yuanda Chinese Holdings Ltd 0.51 - - - 0.51 0.0%

Yurie Asset Management 0.42 - - - 0.42 0.0%

NZAM 0.41 - - - 0.41 0.0%

BNP Paribas 0.27 - 0.09 - 0.36 0.0%

IDBI Asset Management - - 0.36 - 0.36 0.0%

Quantum Asset Management 0.00 - 0.33 - 0.33 0.0%

Axis Asset Management 0.07 - 0.25 - 0.33 0.0%

Canara Robeco - - 0.28 - 0.28 0.0%

i-VCAP Management 0.26 - - - 0.26 0.0%

Bank of China Investment Management 0.23 - - - 0.23 0.0%

SinoPac Securities Investment Trust Co 0.21 - - - 0.21 0.0%

Religare Mutual Fund 0.00 - 0.20 - 0.20 0.0%

Lippo Investments Management 0.18 - - - 0.18 0.0%

Ping An of China Asset Management 0.13 - - - 0.13 0.0%

GTJA Allianze Fund Management Co 0.13 - - - 0.13 0.0%

AmInvestment Services Berhad/Malaysia 0.08 0.01 - - 0.09 0.0%

Birla Sun Life Asset Management Co 0.00 - 0.08 - 0.08 0.0%

Midas Asset Management Co 0.08 - - - 0.08 0.0%

TMB Asset Management 0.07 - - - 0.07 0.0%

Thanachart Fund Management - - 0.07 - 0.07 0.0%

Pinnacle Investments 0.05 - - 0.00 0.05 0.0%

UBS Hana Asset Management Co Ltd 0.05 - - - 0.05 0.0%

ComStage 0.04 - - - 0.04 0.0%

Wanjia Asset Management 0.04 - - - 0.04 0.0%

LIC Nomura MF Asset Management Co 0.01 0.02 - - 0.03 0.0%

Indo Premier Securities 0.03 - - - 0.03 0.0%

Edelweiss Asset Management 0.02 - - - 0.02 0.0%

Mizuho Asset Management Co Ltd - - 0.01 - 0.01 0.0%

Dongbu Asset Management 0.01 - - - 0.01 0.0%

Total ( All Local Issuers) 70,471 89,301 7,492 423 167,687 100.0%




14 November 2017

ETF Monthly Asia

AUM

Figure 53: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Nomura Asset Management 114,937 - 339 - 115,276 27.7%

Nikko Asset Management 51,028 1,047 - - 52,075 12.5%

Daiwa Asset Management 51,245 - - - 51,245 12.3%

Mitsubishi UFJ Asset Mg 20,814 - - - 20,814 5.0%

State Street 16,228 3,960 - - 20,188 4.8%

BlackRock 14,278 871 - - 15,149 3.6%

Samsung Asset Management 11,021 2,605 120 68 13,814 3.3%

Hang Seng Investment Management 11,820 - 8 - 11,828 2.8%

China Asset Management 10,921 347 - - 11,268 2.7%

Fortune SGAM Fund Management 93 10,457 - - 10,549 2.5%

Yuanta Securities Inv trust Co Ltd. 5,857 871 438 40 7,206 1.7%

Mirae Asset MAPS Global Investments 5,170 935 212 42 6,359 1.5%

Vanguard 4,679 881 - - 5,560 1.3%

Yinhua Fund Management 14 5,209 - - 5,223 1.3%

China Southern Fund Management Co Ltd 3,488 1,433 - - 4,921 1.2%

DIAM Asset Management 4,920 - - - 4,920 1.2%

E Fund Management 3,544 280 173 - 3,997 1.0%

Huaan Fund Management 3,163 30 744 - 3,936 0.9%

Huatai-PineBridge Fund Management Co 3,093 754 - - 3,848 0.9%

CSOP Asset Management 3,578 163 11 - 3,752 0.9%

BetaShares Capital Ltd 1,503 1,134 77 450 3,165 0.8%

Harvest Fund Management Co 3,096 18 - - 3,115 0.7%

CCB Principal Asset Management Co Ltd. 43 2,912 - - 2,955 0.7%

Fubon Securities Investment Trust Co 2,278 128 - 132 2,538 0.6%

China Universal Asset Management Co 1,958 363 - - 2,321 0.6%

KB Asset Management 1,249 879 - 45 2,174 0.5%

Reliance Capital Asset Management 1,893 3 - - 1,897 0.5%

Hanwha Investment Trust Management 1,478 306 - 26 1,811 0.4%

Korea Investment Trust Mg 1,197 235 25 - 1,457 0.3%

Smartshares Ltd 1,005 325 - - 1,330 0.3%

Simplex Asset Management Co Ltd 925 - 343 - 1,268 0.3%

GF Fund Management Co Ltd 1,059 6 - - 1,065 0.3%

UTI Asset Management 977 - 80 - 1,057 0.3%

NZAM 1,017 - - - 1,017 0.2%

Woori Asset Management 702 222 - 65 989 0.2%

Cathay Securities Investment Trust 826 157 - - 983 0.2%

Sumitomo Mitsui Asset Management 976 - - - 976 0.2%

SBI Funds Management 743 4 154 - 900 0.2%

Guotai Asset Management Co Ltd 770 65 37 - 871 0.2%

Van Eck Funds 719 98 - - 817 0.2%

Total (Top 40) 364,304 36,698 2,761 869 404,632 97.1%

Current Month AUM (US$ Million)



14 November 2017

ETF Monthly Asia

Figure 54: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

HFT Investment Management Co Ltd 10 799 - - 809 0.19%

Goldman Sachs 230 83 429 - 742 0.18%

Kyobo AXA Investment Mg Co Ltd 616 102 - - 719 0.17%

Dacheng Fund Management Co Ltd 96 558 - - 655 0.16%

Mitsubishi UFJ Trust and Banking Corporation - - 618 - 618 0.15%

China Merchants Fund Management Co 31 560 - - 591 0.14%

BOCI - Prudential Asset Man Ltd 502 - - - 502 0.12%

ETF Securities 11 - 480 - 491 0.12%

Russell Investments 283 207 - - 490 0.12%

Fullgoal Fund Management Co 17 468 - - 485 0.12%

Bosera Fund Management Co Ltd 151 137 68 - 356 0.09%

AmInvestment Services Berhad/Malaysia 1 354 - - 355 0.09%

HSBC Inv Funds Ltd/Hong Kong - 346 - - 346 0.08%

BMO Global Asset Management 160 119 - - 279 0.07%

UBS 268 - - - 268 0.06%

Indo Premier Securities 239 - - - 239 0.06%

Penghua Fund Management Co Ltd 27 196 - - 223 0.05%

Prudential ICICI Asset Management 201 - 16 - 217 0.05%

Kotak Mahindra Asset Man 47 - 157 - 204 0.05%

Fuh-Hwa Securities Investment Trust 199 2 - - 202 0.05%

CSC Investment Trust 198 - - - 198 0.05%

One Asset Management Ltd 190 - - - 190 0.05%

China Life AMP Asset Management Co 37 151 - - 188 0.05%

LIC Nomura MF Asset Management Co 165 11 - - 176 0.04%

Kiwoom Asset Management Co Ltd 74 - - 97 171 0.04%

Horizons ETFs 164 - - - 164 0.04%

Value Partners 59 - 98 - 157 0.04%

Rakuten Investment Management 142 - - - 142 0.03%

Invesco Great Wall Fund Management Co. Ltd 137 4 - - 142 0.03%

Kokusai Asset Management Co Ltd - - - 137 137 0.03%

Ping An Asset Management - 136 - - 136 0.03%

ANZ Asset Management 117 - 10 0 127 0.03%

Lion Fund Management Co Ltd 113 - - - 113 0.03%

HDFC Asset Management Co Ltd 32 - 73 - 105 0.03%

i-VCAP Management 104 - - - 104 0.02%

ICBC Credit Suisse Asset Management 94 - - - 94 0.02%

Amundi 88 - - - 88 0.02%

BOCOM Schroders 85 - - - 85 0.02%

Passive Funds Management Ltd 68 - - - 68 0.02%

Viet Fund Management 65 - - - 65 0.02%

Premia Partners Co Ltd 51 - - - 51 0.01%

CIMB-GK Securities Pte Ltd 50 - - - 50 0.01%

Birla Sun Life Asset Management Co 33 - 11 - 44 0.01%

Midas Asset Management Co 43 - - - 43 0.01%

Enhanced Investment Products Limited 41 - - - 41 0.01%

Yurie Asset Management 39 - - - 39 0.01%

Motilal Oswal Mutual Fund 33 - - - 33 0.01%

Taishin Securities Investment Trust Co Ltd 31 - - - 31 0.01%

Haitong International 31 - - - 31 0.01%

Bangkok Capital Asset Management 31 - - - 31 0.01%

Axis Asset Management 1 - 27 - 28 0.01%

UOB Asset Management Ltd 27 - - - 27 0.01%

Krung Thai Asset Management 17 - 10 - 26 0.01%

First Metro Asset Management 26 - - - 26 0.01%

Total 369,781 40,932 4,756 1,104 416,573 100%




14 November 2017

ETF Monthly Asia

Figure 55: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Heungkuk Asset Management 25 - - - 25 0.01%

Dongbu Asset Management 23 - - - 23 0.01%

Wanjia Asset Management 23 - - - 23 0.01%

GTJA Allianze Fund Management Co 23 - - - 23 0.01%

UBS Hana Asset Management Co Ltd 19 - - - 19 0.00%

Mega International Investment Trust Co Ltd/Taiwan 18 - - - 18 0.00%

Phillip Capital Management 18 - - - 18 0.00%

BNP Paribas 17 - - - 17 0.00%

Ping An of China Asset Management 16 - - - 16 0.00%

IDBI Asset Management - - 16 - 16 0.00%

Lippo Investments Management 16 - - - 16 0.00%

Zhongrong Fund Management Co Ltd - 15 - - 15 0.00%

Essence Asset Management - 15 - - 15 0.00%

Yuanda Chinese Holdings Ltd 11 - - - 11 0.00%

Paradigm Asset Management Co Ltd - - 11 - 11 0.00%

Quantum Asset Management 1 - 8 - 9 0.00%

Enhanced Investment Products Ltd 9 - - - 9 0.00%

Pinnacle Investments 4 - - 3 7 0.00%

Religare Mutual Fund 0 - 6 - 6 0.00%

Rongtong Fund Management - 6 - - 6 0.00%

SinoPac Securities Investment Trust Co 5 - - - 5 0.00%

Thanachart Fund Management - - 5 - 5 0.00%

Bank of China Investment Management 3 - - - 3 0.00%

TMB Asset Management 3 - - - 3 0.00%

Canara Robeco - - 2 - 2 0.00%

Edelweiss Asset Management 1 - - - 1 0.00%

Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

Tebon Fund Management - 0 - - 0 0.00%

Total ( All Local Issuers) 370,015 40,968 4,804 1,107 416,895 100%




14 November 2017

ETF Monthly Asia

7. ETP - Net FlowsInvestment Focus

Figure 56: ETP Net Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets (4,025) -1.6% 6,278 2.6% 42,562 23.4%

Emerging Markets (1,295) -2.2% 757 1.3% (3,627) -7.3%

Global Markets 2 0.1% 88 4.5% 321 24.6%

Sectors 580 4.6% 82 0.6% 2,836 28.4%

Capitalization 40 3.7% (6) -0.6% 256 34.8%

Strategy (1,021) -6.1% (1,077) -6.0% (1,548) -9.8%

Style (87) -1.4% 216 3.6% 1,115 25.0%

Thematic (118) -1.7% 18 0.3% 229 3.9%

Total (5,923) -1.7% 6,356 1.8% 42,144 15.6%

Current Month Prev. Month YTD


Figure 57: ETP Net Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 23 0.3% 90 1.0% 1,729 25.6%

Corporates (5) -0.4% (103) -6.6% (104) -7.1%

Money Market 1,395 5.2% (2,789) -9.3% (3,137) -10.5%

Overall 50 2.1% 183 8.3% 1,247 116.5%

Total 1,463 3.7% (2,619) -6.2% (265) -0.7%



Figure 58: ETP Net Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals 43.3 1.2% (44.8) -1.3% (450.4) -12.5%

Overall (1.1) n.a - 0.0% (1.9) -24.6%

Energy (108.0) -8.4% (184.4) -13.7% (21.9) -1.8%

Agriculture (1.6) -2.2% (0.1) -0.1% 24.0 48.2%

Industrial Metals (0.6) -3.9% 0.2 1.0% (0.7) -5.8%

Total (68) -1.4% (229) -4.6% (451) -9.2%

YTDPrev. MonthCurrent Month



14 November 2017

ETF Monthly Asia

Sub Segment

Figure 59: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets

Investment Focus

Developed Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Australia (22) -0.4% 280 4.6% 756 15.2%

Hong Kong (238) -1.2% (425) -2.1% (2,069) -12.3%

Japan (3,789) -1.7% 6,379 2.9% 43,203 27.4%

New Zealand 1 0.5% 2 0.7% 17 9.2%

Singapore 37 6.5% 2 0.3% 57 12.2%

Asia Pacific (4,010) -1.6% 6,237 2.6% 41,965 23.3%

US (20) -4.6% (4) -0.9% 67 22.8%

UK - 0.0% - 0.0% - 0.0%

Germany (0) -1.0% (2) -4.6% (10) -26.1%

Global broad indices 6 0.3% 47 2.8% 540 53.5%

DM Total (4,025) -1.6% 6,278 2.6% 42,562 23.4%



Figure 60: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets

Investment Focus

Emerging Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

China (1,234) -3.0% (165) -0.4% (4,760) -12.9%

India 69 2.6% 101 3.8% 562 32.1%

Indonesia 81 92.0% 5 6.2% 111 220.8%

Malaysia 0 0.0% 0 0.0% 0 0.0%

Philippines - 0.0% 0 0.4% 2 8.5%

South Korea (65) -0.6% 819 7.6% 678 7.5%

Taiwan (166) -10.0% (37) -2.1% (335) -23.8%

Thailand 0 0.0% (1) -1.1% (6) -5.5%

Vietnam 21 24.7% 25 42.6% 66 216.4%

Asia Pacific broad - 0.0% - 0.0% 1 8.6%

Asia Pacific (1,294) -2.3% 747 1.3% (3,679) -7.5%

Brazil 0 0.1% (3) -7.7% (11) -29.4%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America 0 0.1% (3) -6.9% (11) -27.1%

Russia (0) 0.0% 0 0.0% 2 9.8%

South Africa (0) 0.0% 0 0.1% (0) 0.0%

Global broad indices (1) -0.2% 12 5.5% 61 43.1%

EM Total (1,295) -2.2% 757 1.3% (3,627) -7.3%

YTDCurrent Month Prev. Month



14 November 2017

ETF Monthly Asia

Figure 61: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Others

Investment Focus

Sub segments - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Consumer Discretionary (11) -3.7% 1 0.4% (29) -10.8%

Consumer Staples 20 4.0% (16) -3.1% (62) -12.2%

Energy 1 0.8% (1) -0.6% 21 24.3%

Financials 108 5.4% 106 5.5% 342 22.7%

Healthcare (43) -8.0% (31) -5.5% 46 12.3%

Industrials (1) -0.3% 0 0.1% 30 15.5%

Information Technology 236 37.7% (17) -2.8% 520 218.5%

Materials (3) -1.4% (19) -7.9% (13) -6.8%

Real Estate 210 2.7% 27 0.3% 1,885 29.3%

Telecommunication Services (3) -23.7% - 0.0% (3) -28.4%

Utilities 0 0.0% 0 0.0% (1) -13.1%

Overall 43 21.3% 28 16.3% 62 40.6%

Sector 559 4.5% 78 0.6% 2,797 28.1%

Large Cap 40 5.5% (7) -1.0% 225 48.0%

Mid Cap 1 0.5% 1 0.6% 4 3.2%

Small Cap (1) -0.7% 0 0.1% 27 17.8%

Capitalization 40 3.7% (6) -0.6% 256 34.8%

Short (77) -1.5% 174 3.5% 273 5.2%

Leveraged (1,821) -25.7% (1,664) -19.4% (4,176) -57.8%

Leveraged Short 786 30.1% 367 14.8% 1,715 79.3%

Quantitative 94 9.0% 41 4.1% 476 80.3%

Fundamental (3) -0.3% 5 0.6% 164 30.1%

Strategy (1,021) -6.1% (1,077) -6.0% (1,548) -9.8%

Growth (25) -2.2% (83) -6.7% 143 14.9%

Value (37) -12.9% 26 9.9% (15) -6.8%

Dividend (25) -0.5% 273 6.2% 987 30.0%

Style (87) -1.4% 216 3.6% 1,115 25.0%

Sustainability 10 4.7% 52 31.5% 154 250.6%

Commodities 1 2.4% (3) -5.9% 0 0.3%

Other Theme (129) -1.9% (32) -0.5% 76 1.3%

Thematic (118) -1.7% 18 0.3% 229 3.9%

Total (627) -1.4% (771) -1.7% 2,850 7.7%




14 November 2017

ETF Monthly Asia

Figure 62: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Commodity

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall (1) -14.7% - 0.0% (2) -24.6%

Agriculture

Overall - 0.0% - 0.0% 8 17.4%

Soybeans (2) -10.1% (0) -0.5% 10 201.3%

Grains - 0.0% - 0.0% 7 n.a

Energy

Crude Oil (108) -8.4% (184) -13.7% (22) -1.8%

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper (1) -4.8% 0 1.2% (1) -7.2%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold 43 1.3% (39) -1.2% (445) -13.1%

Palladium - 0.0% (1) -12.8% (3) -44.5%

Platinum 0 0.0% (3) -3.1% (7) -6.9%

Silver 0 0.3% (1) -1.3% 4 4.4%

Total (68) -1.4% (229) -4.6% (451) -9.2%

Prev. MonthCurrent Month YTD



14 November 2017

ETF Monthly Asia

Issuer

Figure 63: ETP inflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

DIAM Asset Management 714 17.9% (6) -0.1% 409 10.7%

Yinhua Fund Management 670 14.8% (279) -5.8% 1,431 42.1%

CCB Principal Asset Management Co Ltd. 623 26.8% (390) -14.2% 2,045 253.8%

Fortune SGAM Fund Management 367 3.6% (1,141) -10.0% 1,029 11.5%

Mitsubishi UFJ Asset Mg 322 1.7% 86 0.5% 3,858 27.5%

Daiwa Asset Management 134 0.3% 1,327 2.9% 9,674 28.3%

Mirae Asset MAPS Global Investments 115 2.0% 170 3.0% 472 9.9%

China Southern Fund Management Co Ltd 96 2.0% (415) -8.0% (1,989) -31.0%

UTI Asset Management 85 9.3% 74 8.5% 669 274.4%

Lion Fund Management Co Ltd 77 215.3% (1) -3.8% 71 186.4%

Total Top 10 (Inflows) 3,203 3.2% (575) -0.7% 17,668 23.0%



Figure 64: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Nikko Asset Management (3,343) -6.3% 1,241 2.5% 9,248 26.2%

Nomura Asset Management (1,199) -1.1% 2,733 2.6% 19,367 24.3%

Yuanta Securities Inv trust Co Ltd. (632) -8.3% 187 2.5% 506 8.6%

Samsung Asset Management (559) -4.1% 428 3.3% 986 9.4%

China Asset Management (397) -3.6% 197 1.8% (244) -2.7%

Hang Seng Investment Management (298) -2.6% (131) -1.1% (2,365) -20.6%

BlackRock (285) -1.9% 130 0.9% 363 3.0%

GF Fund Management Co Ltd (267) -20.4% (16) -1.2% 60 7.2%

State Street (263) -1.3% (373) -1.8% (1,235) -6.8%

China Universal Asset Management Co (241) -9.8% (108) -4.2% (1,438) -42.4%

Total Top 10 (Outflows) (7,484) -3.0% 4,287 2.3% 25,250 13.6%




14 November 2017

ETF Monthly Asia

Index Provider

Figure 65: ETP Net Flows (US$ Million) by Index Provider – Equity

(3,000) (2,500) (2,000) (1,500) (1,000) (500) - 500

Nikkei

SSE

FTSE

CSI

S&P Dow Jones

UBS

STOXX

Maekyung FnGuide

Morningstar

Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP..

Figure 66: ETP Net Flows (US$ Million) by Index Provider – Fixed Income

(200) - 200 400 600 800 1,000 1,200 1,400 1,600

KRX

Maekyung FnGuide

Deutsche Bank

FTSE

Barclays

S&P Dow Jones

Markit iBoxx

Citigroup

Other



Figure 67: ETP Net Flows (US$ Million) by Index Provider – Commodity

(80) (60) (40) (20) - 20 40

S&P Dow Jones

Other

UBS

Nikkei

Commodity




14 November 2017

ETF Monthly Asia

Underlying Index/Security

Figure 68: ETP inflows (US$ Million) by Underlying Index– Equity (Top 10)

Figure 69: ETP outflows (US$ Million) by UnderlyingIndex – Equity (Top 10)

- 200 400 600 800

KOSDAQ150 Index

F-KOSPI 200 Index

IDX30 Index

Nikkei Average Double Inverse…

Tokyo Stock Exchange REIT Index

Nikkei 225 Inverse Index

TSE REIT Index

KOSPI 200 IT Sector Index

Samsung Group Index

Nikkei 225 Double Inverse Index

Inflow (US$ Million)

(3,000) (2,500) (2,000) (1,500) (1,000) (500) -

CSI Shanghai SOE Index

Hang Seng Index

Taiwan Top 50 Index

FTSE China A50 Index

Hang Seng China Enterprise Index

SSE 50 Index

Nikkei 225 Leveraged Index

KOSPI 200 Index

TOPIX

Nikkei 225

Outflow (US$ Million)


Figure 70: ETP inflows (US$ Million) by Underlying Index– Fixed Income (Top 10)

Figure 71: ETP outflows (US$ Million) by UnderlyingIndex – Fixed Income

- 200 400 600 800 1,000 1,200 1,400

Citi US Treasury 7-10 Years Index

S&P US Treasury Bond 7-10 Index (TTM JPY…

ICE U.S. Treasury 20+ Year Bond Index

Markit iBoxx AUD Corporates Yield Plus Index

F-LKTB Index

Solactive Australian Bank Senior Floating Rate…

30 day Bank Bill Swap Rate

China PBOC Benchmark Notice Deposit 7 Day

KIS MSB 3M Index

Other


-70 -60 -50 -40 -30 -20 -10 0

MK Korea Monetary Stabilization Index

MaeKyung Money Market TR Index

Bloomberg Barclays US Treasury 20+ Year Bond…

Pledgeable urban Investment Bond Index

KAP Money Market Index

KOBI Half Credit Index

KIS MSB 5M Index

KRW Cash Plus Index

KAP Money Market Credit Index

KRW Cash Index TR



Figure 72: ETP inflows (US$ Million) by UnderlyingIndex/Security – Commodity

Figure 73: ETP outflows (US$ Million) by UnderlyingIndex/Security – Commodity

0 10 20 30 40

S&P/ASX 200

Nikkei-TOCOM Platinum Index

S&P GSCI Sliver TR Index

S&P GSCI Gold Index

S&P GSCI Crude Oil 1X Inverse

Index ER

Commodity Gold


-60 -50 -40 -30 -20 -10 0

S&P GSCI North American Copper Index TR

S&P GSCI Soybeans ER Index

S&P GSCI Soybeans TR

S&P GSCI Light Energy Index ER (A$ Hedged)

BofA merril Lynch Commodity Index eXtra CLA Index

S&P GSCI Crude Oil Enhanced Index

UBS Bloomberg Constant Maturity Commodity Index

S&P GSCI Crude Oil Excess Reurn Index

Nomura Crude Oil Long Index

S&P GSCI Crude Oil 2X Leveraged Index ER




14 November 2017

ETF Monthly Asia

8. ETP - Turnover

Investment Focus

Figure 74: ETP Monthly Turnover (US$ Million) by Investment Focus – EquityPrev. Month Year 2016

Investment Focus - Equity TurnoverMkt


%


%

Turnover

Country 30,407 43.1% 27,423 2,984 10.9% 27,963 2,444 8.7%

Regional 404 0.6% 358 46 12.8% 234 170 72.6%

Sector 1,626 2.3% 1,366 260 19.1% 613 1,013 165.1%

Size 156 0.2% 148 7 5.0% 162 (7) -4.1%

Strategy 36,418 51.7% 31,659 4,760 15.0% 51,348 (14,930) -29.1%

Style 972 1.4% 1,144 (172) -15.0% 2,340 (1,368) -58.5%

Thematic 489 0.7% 160 329 205.2% 156 333 213.9%

Total 70,471 100% 62,258 8,213 13.2% 82,815 (12,345) -14.9%



Figure 75: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed IncomePrev. Month Year 2016

Investment Focus - Fixed Income TurnoverMkt


%


%

Turnover

Sovereign 1,025 1.1% 2,426 (1,401) -57.8% 1,379 (354) -25.7%

Corporates 108 0.1% 180 (73) -40.4% 33 75 226.3%

Money Market 88,043 98.6% 90,024 (1,981) -2.2% 109,661 (21,617) -19.7%

Overall 125 0.1% 120 5 4.5% 77 48 62.9%

Total 89,301 100% 92,750 (3,449) -3.7% 111,150 (21,849) -19.7%

Change from 2016MoM ChangeCurrent Month



14 November 2017

ETF Monthly Asia

Figure 76: ETP Monthly Turnover (US$ Million) by Investment Focus – CommodityPrev. Month Year 2016

Investment Focus - Commodity TurnoverMkt


%


%

Turnover

Precious Metals 7,151 95.4% 4,344 2,806 64.6% 2,186 4,965 227.2%

Overall 2 0.0% 1 1 83.3% 0 1 238.5%

Energy 330 4.4% 757 (427) -56.4% 607 (277) -45.7%

Agriculture 8 0.1% 11 (4) -33.6% 6 1 20.0%

Industrial Metals 2 0.0% 3 (1) -32.7% 2 (0) -13.0%

Total 7,492 100% 5,116 2,375 46.4% 2,802 4,690 167.4%




14 November 2017

ETF Monthly Asia

Sub Segment

Figure 77: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – EquityPrev. Month Year 2016

Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 7,812 11.1% 5,912 1,900 32.1% 9,144 (1,332) -14.6%

Developed non-Asia Pac 98 0.1% 90 8 8.5% 90 8 8.4%

Emerging Country 22,497 31.9% 21,421 1,076 5.0% 18,728 3,768 20.1%

Regional

Asia Pacific 17 0.0% 16 1 3.6% 10 7 65.6%

Asia Pacific ex-Japan 30 0.0% 51 (22) -41.9% 38 (9) -22.3%

Emerging Markets 68 0.1% 48 20 41.9% 22 47 213.3%

Eurozone 0 0.0% 0 (0) -52.2% 0 (0) -30.9%

Europe 59 0.1% 48 10 20.7% 41 17 42.6%

Global 228 0.3% 190 38 20.2% 121 107 88.3%

Greater China 2 0.0% 4 (2) -46.0% 1 1 67.7%

Sector

Global 242 0.3% 278 (36) -12.9% 23 219 969.7%

Other Sector 166 0.2% 101 64 63.4% 60 106 177.3%

Asian Country 1,218 1.7% 986 232 23.5% 531 687 129.4%

Size

Large Cap 129 0.2% 123 7 5.4% 144 (15) -10.4%

Mid Cap 9 0.0% 13 (4) -29.8% 5 4 73.1%

Small Cap 17 0.0% 13 5 35.9% 13 5 36.9%

Style

Growth 541 0.8% 724 (183) -25.3% 2,055 (1,514) -73.7%

Value 18 0.0% 19 (1) -5.7% 15 3 20.9%

Dividend 413 0.6% 401 12 3.1% 270 143 52.9%

Strategy

Short 1,604 2.3% 2,516 (912) -36.3% 3,778 (2,174) -57.5%

Leveraged 28,622 40.6% 22,791 5,831 25.6% 40,246 (11,625) -28.9%

Leveraged Short 5,969 8.5% 6,172 (203) -3.3% 7,244 (1,275) -17.6%

Quantitative 131 0.2% 104 27 25.9% 28 103 364.7%

Fundamental 92 0.1% 75 17 22.7% 52 40 78.1%

Thematic

Sustainability 26 0.0% 16 9 58.0% 2 24 1067.4%

Commodities 13 0.0% 15 (2) -10.9% 9 4 37.5%

Other Theme 450 0.6% 129 321 248.3% 144 306 212.4%

Total 70,471 100% 62,258 8,213 13.2% 82,815 (12,345) -14.9%




14 November 2017

ETF Monthly Asia

Figure 78: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – CommodityPrev. Month Year 2016

Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 1.63 0.0% 0.87 0.76 86.8% 0.46 1.16 251.8%

Overall ex Energy 0.02 0.0% 0.03 (0.01) -33.9% 0.02 (0.01) -26.5%

Overall Light Energy - 0.0% - - n.a. - - n.a

Agriculture

Overall 1.33 0.0% 2.43 (1.10) -45.3% 4.79 (3.46) -72.2%

Corn 0.14 0.0% 0.14 (0.01) -4.1% 0.28 (0.14) -50.7%

Soybeans 5.00 0.1% 6.51 (1.51) -23.2% 0.43 4.57 1056.1%

Wheat 0.74 0.0% 0.83 (0.09) -11.1% 0.76 (0.02) -2.6%

Grains 0.34 0.0% 1.45 (1.11) -76.5% 0.03 0.31 1067.0%

Energy

Overall 0.01 0.0% 0.01 (0.00) -13.0% 0.03 (0.02) -74.7%

Crude Oil 329.23 4.4% 756.68 (427.46) -56.5% 606.52 (277.30) -45.7%

Oil & Gas - 0.0% - - n.a. - - n.a

Gasoline 0.01 0.0% 0.01 (0.00) -32.1% 0.02 (0.01) -73.7%

Natural Gas 0.53 0.0% 0.38 0.14 37.1% 0.34 0.19 56.6%

Industrial Metals

Overall 0.05 0.0% 0.17 (0.12) -72.4% 0.12 (0.07) -60.8%

Copper 1.95 0.0% 2.80 (0.85) -30.4% 2.19 (0.24) -11.1%

Nickel 0.02 0.0% 0.03 (0.01) -34.2% 0.01 0.01 142.8%

Precious Metals

Overall 0.28 0.0% 0.91 (0.63) -68.9% 0.71 (0.42) -59.7%

Gold 7,138.10 95.3% 4,319.95 2,818.15 65.2% 2,148.09 4,990.01 232.3%

Palladium 0.70 0.0% 0.50 0.20 39.1% 0.60 0.10 17.2%

Platinum 6.82 0.1% 12.34 (5.52) -44.7% 18.13 (11.31) -62.4%

Silver 4.67 0.1% 10.42 (5.76) -55.2% 18.07 (13.40) -74.2%

Total 7,492 100% 5,116 2,375 46.4% 2,802 4,690 167.4%

Current Month Change from 2016MoM Change



14 November 2017

ETF Monthly Asia

Exchange

Figure 79: ETP Monthly Turnover (US$ Million) by ExchangePrev. Month Year 2016

Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 81,025.55 48.3% 87,576.36 (6,550.80) -7.5% 110,575.27 (29,549.72) -26.7%

China - Shenzhen 23,850.06 14.2% 16,382.12 7,467.94 45.6% 9,904.10 13,945.95 140.8%

Japan - Osaka 21,257.65 12.7% 15,158.99 6,098.66 40.2% 33,440.47 (12,182.82) -36.4%

Korea - KSE 15,953.32 9.5% 17,653.60 (1,700.28) -9.6% 13,938.86 2,014.46 14.5%

Hong Kong - HKE 10,079.88 6.0% 9,703.52 376.35 3.9% 10,812.17 (732.30) -6.8%

Japan - Tokyo SE 9,506.66 5.7% 7,921.88 1,584.78 20.0% 12,279.19 (2,772.53) -22.6%

Taiwan - TSEC 3,350.89 2.0% 3,763.68 (412.80) -11.0% 4,369.63 (1,018.74) -23.3%

Australia - ASX 1,947.88 1.2% 1,748.81 199.07 11.4% 1,346.94 600.94 44.6%

India - NSE 562.29 0.3% 566.69 (4.40) -0.8% 409.98 152.30 37.1%

Singapore - SGX 119.22 0.1% 124.64 (5.43) -4.4% 194.69 (75.48) -38.8%

New Zealand - NZ 17.50 0.0% 12.25 5.25 42.9% 14.73 2.78 18.9%

Thailand - SET 9.54 0.0% 11.79 (2.24) -19.0% 6.75 2.80 41.5%

Vietnam - HOSE 4.51 0.0% 4.72 (0.20) -4.3% 0.61 3.91 643.0%

Malaysia - Kuala Lumpur 0.77 0.0% 0.34 0.43 127.8% 0.31 0.47 152.2%

Philippines - PSE 0.68 0.0% 0.37 0.32 86.4% 1.22 (0.54) -44.2%

India - Bombay 0.28 0.0% 0.11 0.17 146.3% 0.42 (0.14) -33.0%

Indonesia - Jakarta 0.08 0.0% 0.05 0.03 73.0% 0.07 0.01 19.6%

Japan - Nagoya 0.08 0.0% 0.10 (0.02) -20.9% 0.06 0.02 35.7%

Total 167,687 100% 160,630 7,057 4.4% 197,295 (29,609) -15.0%




14 November 2017

ETF Monthly Asia

Issuer

Figure 80: ETP Monthly Turnover (US$ Million) by Top 40 IssuerPrev. Month Year 2016

Issuer TurnoverMkt


%


%

Turnover

Fortune SGAM Fund Management 29,371 17.5% 35,334 (5,963) -16.9% 37,708 (8,336) -22.1%

Nomura Asset Management 26,079 15.6% 19,226 6,853 35.6% 38,168 (12,089) -31.7%

Yinhua Fund Management 21,852 13.0% 22,288 (436) -2.0% 22,323 (471) -2.1%

E Fund Management 12,648 7.5% 5,406 7,241 133.9% 9,254 3,394 36.7%

China Universal Asset Management Co 12,466 7.4% 10,817 1,650 15.3% 8,700 3,767 43.3%

Samsung Asset Management 11,208 6.7% 11,913 (705) -5.9% 9,463 1,745 18.4%

Huaan Fund Management 6,513 3.9% 3,693 2,820 76.3% 2,387 4,126 172.8%

China Asset Management 5,384 3.2% 5,775 (391) -6.8% 3,169 2,215 69.9%

CCB Principal Asset Management Co Ltd. 4,971 3.0% 5,328 (357) -6.7% 436 4,535 1040.1%

China Southern Fund Management Co 3,817 2.3% 4,932 (1,115) -22.6% 10,752 (6,935) -64.5%

State Street 3,011 1.8% 2,276 734 32.2% 4,281 (1,271) -29.7%

Mirae Asset MAPS Global Investments 2,962 1.8% 3,400 (437) -12.9% 2,402 560 23.3%

Hang Seng Investment Management 2,529 1.5% 2,372 157 6.6% 2,501 28 1.1%

Simplex Asset Management Co Ltd 2,384 1.4% 1,988 396 19.9% 4,502 (2,118) -47.0%

CSOP Asset Management 2,286 1.4% 2,255 30 1.3% 1,941 344 17.7%

Fullgoal Fund Management Co 2,055 1.2% 1,775 281 15.8% 7,550 (5,495) -72.8%

Yuanta Securities Inv trust Co Ltd. 1,920 1.1% 2,235 (315) -14.1% 2,552 (633) -24.8%

BlackRock 1,744 1.0% 1,589 155 9.7% 2,114 (371) -17.5%

Dacheng Fund Management Co Ltd 1,532 0.9% 2,842 (1,310) -46.1% 702 830 118.3%

China Merchants Fund Management C 1,415 0.8% 2,470 (1,055) -42.7% 1,967 (552) -28.1%

KB Asset Management 1,296 0.8% 1,512 (215) -14.2% 442 854 193.3%

Huatai-PineBridge Fund Management C 1,262 0.8% 1,202 60 5.0% 2,485 (1,223) -49.2%

Penghua Fund Management Co Ltd 1,007 0.6% 1,060 (53) -5.0% 3,560 (2,553) -71.7%

Fubon Securities Investment Trust Co 992 0.6% 1,154 (162) -14.0% 1,534 (542) -35.3%

Guotai Asset Management Co Ltd 862 0.5% 1,700 (839) -49.3% 1,035 (173) -16.8%

Daiwa Asset Management 851 0.5% 647 204 31.6% 1,126 (275) -24.4%

Nikko Asset Management 563 0.3% 419 144 34.4% 612 (50) -8.1%

Vanguard 511 0.3% 607 (96) -15.9% 309 202 65.5%

Goldman Sachs 510 0.3% 519 (9) -1.6% 383 127 33.3%

BetaShares Capital Ltd 490 0.3% 454 36 7.9% 310 180 58.2%

Rakuten Investment Management 360 0.2% 356 4 1.0% 564 (204) -36.2%

Cathay Securities Investment Trust 356 0.2% 282 74 26.1% 195 161 82.8%

Korea Investment Trust Mg 343 0.2% 323 19 6.0% 437 (94) -21.6%

Bosera Fund Management Co Ltd 285 0.2% 257 29 11.1% 5,420 (5,134) -94.7%

Hanwha Investment Trust Management 227 0.1% 308 (80) -26.1% 99 128 129.4%

Mitsubishi UFJ Asset Mg 210 0.1% 165 44 26.8% 240 (30) -12.4%

Kokusai Asset Management Co Ltd 183 0.1% 163 20 12.3% 321 (139) -43.1%

Woori Asset Management 111 0.1% 377 (266) -70.7% 976 (866) -88.7%

China Life AMP Asset Management Co 107 0.1% 27 80 294.5% 257 (151) -58.6%

Harvest Fund Management Co 100 0.1% 100 (0) -0.5% 1,347 (1,248) -92.6%

Total Top 40 166,772 99.5% 159,546 7,226 4.5% 194,525 (27,753) -14.3%




14 November 2017

ETF Monthly Asia

Index Provider

Figure 81: ETP Monthly Turnover (US$ Million) by Index Provider – Equity (Top10)

- 7,000 14,000 21,000 28,000 35,000

MSCI

S&P Dow Jones

Other

Topix

SSE

FTSE

CSI

HSIL

KRX

Nikkei

Turnover (US$ Million)


Figure 82: ETP Monthly Turnover (US$ Million) by Index Provider – FixedIncome

- 20,000 40,000 60,000 80,000 100,000

KRX

Deutsche Bank

S&P Dow Jones

UBS

Maekyung FnGuide

Barclays

Markit iBoxx

Citigroup

SSE

Other




14 November 2017

ETF Monthly Asia

Figure 83: ETP Monthly Turnover (US$ Million) by Index Provider –Commodity

- 500 1,000 1,500 2,000 2,500 3,000

Reuters/Jefferies

Nikkei

Other

UBS

S&P Dow Jones

Commodity




Figure 84: ETP Monthly Turnover (US$ Million) by Underlying Index – Equity(Top 10)

0 5000 10000 15000 20000 25000

F-KOSPI 200 Index

Nikkei 225

CSI 300 Index

SSE 50 Index


Hang Seng Index

Nikkei 225 Double Inverse Index


KOSPI 200 Index

Nikkei 225 Leveraged Index




14 November 2017

ETF Monthly Asia

Figure 85: ETP Monthly Turnover (US$ Million) by Underlying Index – FixedIncome

- 20,000 40,000 60,000 80,000


ICE U.S. Treasury 7-10 Year Bond Index

KRW Cash Index TR


Bloomberg Barclays US Treasury 20+ Year Bond…


SSE 5-Year China Treasury Note Index

Active


Other



Figure 86: ETP Monthly Turnover (US$ Million) by Underlying Index/Security –Commodity (Top 10

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Commodity Platinum

S&P WCI Gold Excess Return Index

S&P GSCI Gold Excess Return Index




S&P GSCI Crude Oil 1X Inverse Index ER

UBS Bloomberg Constant Maturity Commodity…


Commodity Gold




14 November 2017

ETF Monthly Asia

9. ETP - Assets UnderManagement

Investment Focus

Figure 87: ETP AUM (US$ Million) by Investment Focus – EquityPrev. Month End of 2016

Investment Focus - Equity AUMMkt


Country 322,093 87.0% 311,266 10,827 3.5% 230,053 92,040 40.0%

Regional 4,175 1.1% 4,046 129 3.2% 2,474 1,701 68.7%

Sector 13,114 3.5% 12,479 635 5.1% 9,973 3,141 31.5%

Size 1,140 0.3% 1,075 65 6.1% 736 404 55.0%

Strategy 15,929 4.3% 16,652 (723) -4.3% 15,785 144 0.9%

Style 6,104 1.6% 6,109 (5) -0.1% 4,467 1,637 36.7%

Thematic 7,460 2.0% 7,099 361 5.1% 5,853 1,607 27.4%

Total 370,015 100% 358,725 11,290 3.1% 269,341 100,674 37.4%



Figure 88: ETP AUM (US$ Million) by Investment Focus – Fixed IncomePrev. Month End of 2016

Investment Focus - Fixed Income AUMMkt


Sovereign 8,784 21.4% 8,777 7 0.1% 6,741 2,043 30.3%

Corporates 1,416 3.5% 1,427 (11) -0.8% 1,464 (48) -3.3%

Money Market 28,392 69.3% 26,904 1,488 5.5% 29,882 (1,491) -5.0%

Overall 2,377 5.8% 2,342 35 1.5% 1,071 1,306 122.0%

Total 40,968 100% 39,449 1,519 3.8% 39,158 1,811 4.6%

YTD ChangeCurrent Month MoM Change


Figure 89: ETP AUM (US$ Million) by Investment Focus – CommodityPrev. Month End of 2016

Investment Focus - Commodity AUMMkt


Precious Metals 3,479 72.4% 3,472 8 0.2% 3,607 (127) -3.5%

Overall 6 0.1% 7 (1) -14.8% 8 (1) -114.2%

Energy 1,231 25.6% 1,290 (59) -4.6% 1,243 (12) -1.0%

Agriculture 72 1.5% 73 (1) -1.0% 50 23 45.5%

Industrial Metals 16 0.3% 15 0 2.6% 13 3 22.9%

Total 4,804 100% 4,857 (53) -1.1% 4,920 (116) -2.3%




14 November 2017

ETF Monthly Asia

Sub Segment

Figure 90: ETP AUM (US$ Million) by Investment Focus Sub Segment – EquityPrev. Month End of 2016

Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 262,397 70.9% 253,382 9,014 3.6% 180,333 82,064 45.5%

Developed non-Asia Pac 479 0.1% 480 (1) -0.3% 338 141 41.8%

Emerging Country 59,218 16.0% 57,404 1,814 3.2% 49,383 9,835 19.9%

Regional

Asia Pacific 76 0.0% 73 3 4.4% 68 8 12.3%

Asia Pacific ex-Japan 1,963 0.5% 1,876 87 4.6% 1,120 843 75.3%

Emerging Markets 268 0.1% 261 6 2.4% 160 108 67.8%

Global 1,393 0.4% 1,371 22 1.6% 911 481 52.8%

Greater China 78 0.0% 75 3 3.9% 46 31 67.6%

Sector

Other Sector 908 0.2% 850 58 6.8% 483 424 87.8%

Asian Country 11,999 3.2% 11,477 522 4.5% 9,456 2,544 26.9%

Size

Large Cap 793 0.2% 734 58 7.9% 470 323 68.7%

Mid Cap 147 0.0% 144 3 1.9% 116 31 27.1%

Small Cap 201 0.1% 196 4 2.3% 150 50 33.6%

Style

Growth 1,148 0.3% 1,167 (19) -1.6% 958 190 19.8%

Value 262 0.1% 284 (22) -7.6% 219 43 19.5%

Dividend 4,694 1.3% 4,658 36 0.8% 3,289 1,404 42.7%

Strategy

Short 4,800 1.3% 5,099 (299) -5.9% 5,259 (459) -8.7%

Leveraged 6,124 1.7% 7,094 (970) -13.7% 7,228 (1,104) -15.3%

Quantitative 1,164 0.3% 1,041 123 11.8% 593 572 96.4%

Fundamental 834 0.2% 804 30 3.7% 544 290 53.2%

Thematic

Sustainability 236 0.1% 219 17 7.6% 61 175 285.1%

Commodities 41 0.0% 41 (0) -0.1% 33 8 24.3%

Other Theme 7,182 1.9% 6,838 344 5.0% 5,758 1,424 24.7%

Total 370,015 100% 358,725 11,290 3.1% 269,341 100,674 37.4%

YTD ChangeCurrent Month MoM Change



14 November 2017

ETF Monthly Asia

Figure 91: ETP AUM (US$ Million) by Investment Focus Sub Segment – CommodityPrev. Month End of 2016

Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 6 0.1% 7 (1) n.a 8 (1) -18.0%

Agriculture

Overall 52 1.1% 51 1 1.2% 45 7 14.9%

Soybeans 14 0.3% 16 (1) -8.6% 5 10 204.8%

Grains 6 0.1% 6 0 0.2% - 6 n.a

Energy

Crude Oil 1,231 25.6% 1,290 (59) -4.6% 1,243 (12) -1.0%

Industrial Metals

Overall 3 0.1% 3 0 6.4% 2 1 29.7%

Copper 12 0.3% 12 0 1.7% 10 2 21.3%

Precious Metals

Overall 8 0.2% 8 0 0.8% 7 1 14.8%

Gold 3,259 67.9% 3,251 7 0.2% 3,392 (133) -3.9%

Palladium 6 0.1% 6 0 5.3% 6 (0) -2.2%

Platinum 98 2.0% 98 (1) -0.6% 103 (5) -4.6%

Silver 109 2.3% 109 0 0.3% 99 10 9.8%

Total 4,804 100.1% 4,857 (53) -1.1% 4,920 (116) -2.3%




14 November 2017

ETF Monthly Asia

Issuer

Figure 92: ETP AUM (US$ Million) by Top 40 Local IssuerPrev. Month End of 2016

Issuer AUMMkt


Nomura Asset Management 115,276 27.7% 110,814 4,462 4.0% 79,781 35,495 44.5%

Nikko Asset Management 52,075 12.5% 52,660 (585) -1.1% 35,341 16,734 47.4%

Daiwa Asset Management 51,245 12.3% 48,452 2,793 5.8% 34,148 17,097 50.1%

Mitsubishi UFJ Asset Mg 20,814 5.0% 19,410 1,404 7.2% 14,028 6,786 48.4%

State Street 20,188 4.8% 20,384 (196) -1.0% 18,103 2,085 11.5%

BlackRock 15,149 3.6% 14,729 420 2.9% 11,965 3,184 26.6%

Samsung Asset Management 13,814 3.3% 13,570 244 1.8% 10,472 3,342 31.9%

Hang Seng Investment Management 11,828 2.8% 11,670 158 1.4% 11,503 325 2.8%

China Asset Management 11,268 2.7% 11,175 93 0.8% 8,991 2,277 25.3%

Fortune SGAM Fund Management 10,549 2.5% 10,161 389 3.8% 8,984 1,565 17.4%

Yuanta Securities Inv trust Co Ltd. 7,206 1.7% 7,659 (453) -5.9% 5,878 1,327 22.6%

Mirae Asset MAPS Global Investments 6,359 1.5% 5,865 494 8.4% 4,784 1,574 32.9%

Vanguard 5,560 1.3% 5,582 (22) -0.4% 3,695 1,866 50.5%

Yinhua Fund Management 5,223 1.3% 4,533 690 15.2% 3,399 1,824 53.7%

China Southern Fund Management Co Ltd 4,921 1.2% 4,826 96 2.0% 6,423 (1,502) -23.4%

DIAM Asset Management 4,920 1.2% 3,996 924 23.1% 3,823 1,097 28.7%

E Fund Management 3,997 1.0% 3,901 96 2.5% 4,336 (338) -7.8%

Huaan Fund Management 3,936 0.9% 3,849 88 2.3% 4,096 (159) -3.9%

Huatai-PineBridge Fund Management Co 3,848 0.9% 3,675 173 4.7% 3,436 412 12.0%

CSOP Asset Management 3,752 0.9% 3,704 48 1.3% 2,640 1,112 42.1%

BetaShares Capital Ltd 3,165 0.8% 3,123 42 1.3% 2,237 928 41.5%

Harvest Fund Management Co 3,115 0.7% 3,080 34 1.1% 2,844 271 9.5%

CCB Principal Asset Management Co Ltd. 2,955 0.7% 2,325 630 27.1% 806 2,149 266.7%

Fubon Securities Investment Trust Co 2,538 0.6% 2,465 73 3.0% 1,842 696 37.8%

China Universal Asset Management Co 2,321 0.6% 2,450 (129) -5.3% 3,393 (1,072) -31.6%

KB Asset Management 2,174 0.5% 2,175 (1) -0.1% 1,712 462 27.0%

Reliance Capital Asset Management 1,897 0.5% 1,729 168 9.7% 656 1,240 189.0%

Hanwha Investment Trust Management 1,811 0.4% 1,664 146 8.8% 1,059 752 71.1%

Korea Investment Trust Mg 1,457 0.3% 1,301 156 12.0% 1,104 353 32.0%

Smartshares Ltd 1,330 0.3% 1,340 (9) -0.7% 1,110 220 19.9%

Simplex Asset Management Co Ltd 1,268 0.3% 1,271 (3) -0.2% 1,453 (185) -12.7%

GF Fund Management Co Ltd 1,065 0.3% 1,309 (244) -18.6% 839 226 26.9%

UTI Asset Management 1,057 0.3% 914 143 15.7% 244 813 333.6%

NZAM 1,017 0.2% 1,040 (23) -2.2% 916 101 11.0%

Woori Asset Management 989 0.2% 932 57 6.1% 825 163 19.8%

Cathay Securities Investment Trust 983 0.2% 941 42 4.4% 376 607 161.6%

Sumitomo Mitsui Asset Management 976 0.2% 953 23 2.4% 487 489 100.3%

SBI Funds Management 900 0.2% 856 43 5.1% 707 193 27.3%

Guotai Asset Management Co Ltd 871 0.2% 829 42 5.0% 759 112 14.8%

Van Eck Funds 817 0.2% 762 56 7.3% 386 431 111.5%

Total Top 40 404,632 97.1% 392,072 12,560 3.2% 299,580 105,052 35.1%

MoM Change YTD ChangeCurrent Month



14 November 2017

ETF Monthly Asia

Index Provider

Figure 93: ETP AUM (US$ Million) by Index Provider – Equity (Top 10)

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

MSCI

S&P Dow Jones

FTSE

SSE

Other

KRX

CSI

HSIL

Topix

Nikkei

AUM (US$ Million)


Figure 94: ETP AUM (US$ Million) by Index Provider – Fixed Income

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

SSE

Maekyung FnGuide

KRX

UBS

Deutsche Bank

Barclays

Citigroup

S&P Dow Jones

Markit iBoxx

Other

AUM (US$ Million)



14 November 2017

ETF Monthly Asia

Figure 95: ETP AUM (US$ Million) by Index Provider – Commodity

- 500 1,000 1,500 2,000 2,500 3,000 3,500

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)



Figure 96: ETP AUM (US$ Million) by Underlying Index – Equity (Top 10)

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

TSE REIT Index

SSE 50 Index



JPX Nikkei Index 400

CSI 300 Index

KOSPI 200 Index

Hang Seng Index

Nikkei 225

TOPIX

AUM (US$ Million)



14 November 2017

ETF Monthly Asia

Figure 97: ETP AUM (US$ Million) by Underlying Index – Fixed Income (Top10)

- 5,000 10,000 15,000 20,000 25,000

iBoxx ABF Singapore Bond Index

KIS MSB 3M Index

KRW Cash Plus Index




KRW Cash Index TR


iBoxx ABF Pan-Asia Index

Other

AUM (US$ Million)


Figure 98: ETP AUM (US$ Million) by Underlying Index/Security – Commodity(Top 10)

- 1,000 2,000 3,000 4,000

S&P GSCI Agriculture Enhanced Select Index

S&P GSCI Crude Oil 1X Inverse Index ER

Commodity Silver

Commodity Platinum





UBS Bloomberg Constant Maturity Commodity…

Commodity Gold

AUM (US$ Million)



14 November 2017

ETF Monthly Asia

The authors of this report wish to acknowledge the contribution made byVibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third partyprovider to Deutsche Bank of offshore research support services.


14 November 2017

ETF Monthly Asia

Appendix A: Glossary


14 November 2017

ETF Monthly Asia

Appendix B: How wedefine 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 noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

The figure below provides a summary of our current coverage universe by regionand structure type as on 30 December 2016.

The vast majority of instruments are ETFs (97.4%, 4,779 products, $3,422bn) withthe remainder being ETCs (0.8%, 474 products, $26.5bn) in Europe and ETVs(1.8%, 64 products, $61.7bn) in the US.

Figure 99: ETP Coverage Universe Summary


Exchange-Traded Funds (ETFs, 97.4%)US (70.4%): Fund structures that issue shares that are traded on an exchangemuch the same way as equities. ETFs indexed to equity and fixed incomebenchmarks are registered under the investment company act of 1940. Onlyphysical index replication techniques are permissible by this legislation whilesynthetic replication is not allowed.

Europe (15.5%): Fund structures that issue units or shares that are traded on anexchange much the same way as equities. The vast majorities of European ETFsare UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. TheUndertakings for Collective Investment in Transferable Securities (UCITS) are aset of European Union directives that aim to allow collective investment schemesto operate freely throughout the EU on the basis of a single authorization fromone member state. Both physical and synthetic index replication is permissible byUCITS and funds are allowed to track equity, fixed income as well as diversifiedcommodity indices.

Asia (8.9%): Both European and US ETFs are cross sold into the Asian market.


14 November 2017

ETF Monthly Asia

Exchange-Traded Collateralized Instruments (2.6%)

Exchange-Traded Commodities (ETCs, 0.8%)In Europe as UCITS III does not permit the creation of funds tracking nondiversified commodity indices (for example wheat or oil), exchange-tradedproducts that track single commodity profiles are issued under the EU ProspectusDirective in two structures that have become widely known as exchange-tradedcommodities (ETCs). ETCs can either be physically backed or they can beissued through a bankruptcy remote special purpose vehicle (SPV). Both formsutilize offshore domiciles, such as Jersey, and are classed as debt instruments.Physically-backed ETCs are fully backed with securities that closely resemble thecomposition of a product’s benchmark index. SPV structures are collateralized byassets which could bear no resemblance to those of their respective benchmarkindex and ensure replication of their index return through a total return swapstructure or by holding other derivative instruments such as futures. In the vastmajority of cases, both types of ETCs are fully collateralized with secure assetssuch as money market instruments, government bonds and gold. For moreinformation, please refer to our research report issued on March 11 2010 titled‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 1.8%)This terminology typically refers to grantor trusts that exist in the US market.These instruments track primarily commodity benchmarks. They differ fromETFs in that they are registered under the Securities Act of 1933 and not theinvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.


14 November 2017

ETF Monthly Asia

Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. Aside from within this report,important conflict disclosures can also be found at https://gm/db.com/equities under the "Disclosures Lookup" and "Legal"tabs. Investors are strongly encouraged to review this information before investing.

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition,the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendationor view in this report. Ari Rajendra

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

Equity Rating Key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holderreturn (TSR = percentage change in share price from currentprice to projected target price plus pro-jected dividend yield ) ,we recommend that investors buy the stock.Sell: Based on a current 12-month view of total share-holderreturn, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and,based on this time horizon, do not recommend either a Buyor Sell.

Newly issued research recommendations and target pricessupersede previously published research.


http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

https://gm.db.com/equities

14 November 2017

ETF Monthly Asia

Additional Information?The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content noris responsible for the accuracy or security controls of those websites.??If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report,or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank mayact as principal for its own account or as agent for another person.??Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for itsown account or with customers, in a manner inconsistent with the views taken in this research report. Others withinDeutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those takenin this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linkedanalysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differfrom recommendations contained in others, whether as a result of differing time horizons, methodologies, perspectivesor otherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writeson. Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investmentbanking, trading and principal trading revenues.??Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They donot necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank providesliquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimeshave shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideasfor equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high-conviction belief by ananalyst that a stock will outperform or underperform the market and/or a specified sector over a time frame of no less thantwo weeks and no more than six months. In addition to SOLAR ideas, analysts may occasionally discuss with our clients,and with Deutsche Bank salespersons and traders, trading strategies or ideas that reference catalysts or events that mayhave a near-term or medium-term impact on the market price of the securities discussed in this report, which impactmay be directionally counter to the analysts' current 12-month view of total return or investment return as describedherein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereofif an opinion, forecast or estimate changes or becomes inaccurate. Coverage and the frequency of changes in marketconditions and in both general and company-specific economic prospects make it difficult to update research at definedintervals. Updates are at the sole discretion of the coverage analyst or of the Research Department Management, and themajority of reports are published at irregular intervals. This report is provided for informational purposes only and doesnot take into account the particular investment objectives, financial situations, or needs of individual clients. It is not anoffer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy.Target prices are inherently imprecise and a product of the analyst ’ s judgment. The financial instruments discussedin this report may not be suitable for all investors, and investors must make their own informed investment decisions.Prices and availability of financial instruments are subject to change without notice, and investment transactions can leadto losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency otherthan an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is notnecessarily indicative of future results. Performance calculations exclude transaction costs, unless otherwise indicated.Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from localexchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank, subject companies, andother parties.??The Deutsche Bank Research Department is independent of other business divisions of the Bank. Details regardingorganizational arrangements and information barriers we have established to prevent and avoid conflicts of interest withrespect to our research are available on our website under Disclaimer, found on the Legal tab.??


http://gm.db.com/

14 November 2017

ETF Monthly Asia

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto pay fixed or variable interest rates. For an investor who is long fixed-rate instruments (thus receiving these cashflows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thuscause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, thehigher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among themost common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, clientsegmentation, regulation (including changes in assets holding limits for different types of investors), changes in taxpolicies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or liquidation ofpositions), and settlement issues related to local clearing houses are also important risk factors. The sensitivity of fixed-income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, toFX depreciation, or to specified interest rates – these are common in emerging markets. The index fixings may – byconstruction – lag or mis-measure the actual move in the underlying variables they are intended to track. The choice ofthe proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexedto a typically short-dated interest rate reference index) are exchanged for fixed coupons. Funding in a currency that differsfrom the currency in which coupons are denominated carries FX risk. Options on swaps (swaptions) the risks typical tooptions in addition to the risks related to rates movements.??Derivative transactions involve numerous risks including market, counterparty default and illiquidity risk. Theappropriateness of these products for use by investors depends on the investors' own circumstances, including theirtax position, their regulatory environment and the nature of their other assets and liabilities; as such, investors shouldtake expert legal and financial advice before entering into any transaction similar to or inspired by the contents of thispublication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of thehigh degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than theamount of funds initially deposited – up to theoretically unlimited losses. Trading in options involves risk and is notsuitable for all investors. Prior to buying or selling an option, investors must review the "Characteristics and Risks ofStandardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable toaccess 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: (i) exchange rates canbe 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 ininterest rates; and (iii) currencies may be subject to devaluation or government-imposed exchange controls, which couldaffect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of anunderlying security, effectively assume currency risk.??Deutsche Bank is not acting as a financial adviser, consultant or fiduciary to you or any of your agents with respect toany information provided in this report. Deutsche Bank does not provide investment, legal, tax or accounting advice, andis not acting as an impartial adviser. Information contained herein is being provided on the basis that the recipient willmake an independent assessment of the merits of any investment decision, and is not meant for retirement accounts orfor any specific person or account type. The information we provide is directed only to persons we believe to be financiallysophisticated, who are capable of evaluating investment risks independently, both in general and with regard to particulartransactions and investment strategies, and who understand that Deutsche Bank has financial interests in the offering ofits products and services. If this is not the case, or if you or your agent are an IRA or other retail investor receiving thisdirectly from us, we ask that you inform us immediately.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in theinvestor's home jurisdiction. Aside from within this report, important risk and conflict disclosures can also be found athttps://gm.db.com on each company ’ s research page and under the "Disclosures Lookup" and "Legal" tabs. Investorsare strongly encouraged to review this information before investing.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations,including those regarding contacts with issuer companies.??


http://www.optionsclearing.com/about/publications/character-risks.jsp

https://gm.db.com/

14 November 2017

ETF Monthly Asia

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporatedin the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized underGerman Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany ’ s FederalFinancial Supervisory Authority.??United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at WinchesterHouse, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by thePrudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and FinancialConduct Authority. Details about the extent of our authorisation and regulation are available on request.??Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch or Deutsche Securities Asia Limited.??India: Prepared by Deutsche Equities India Private Limited (DEIPL) having CIN: U65990MH2002PTC137431 and registeredoffice at 14th Floor, The Capital, C-70, G Block, Bandra Kurla Complex Mumbai (India) 400051. Tel: + 91 22 71804444. It is registered by the Securities and Exchange Board of India (SEBI) as a Stock broker bearing registrationnos.: NSE (Capital Market Segment) - INB231196834, NSE (F&O Segment) INF231196834, NSE (Currency DerivativesSegment) INE231196834, BSE (Capital Market Segment) INB011196830; Merchant Banker bearing SEBI Registrationno.: INM000010833 and Research Analyst bearing SEBI Registration no.: INH000001741. DEIPL may have receivedadministrative warnings from the SEBI for breaches of Indian regulations. Deutsche Bank and/or its affiliate(s) mayhave debt holdings or positions in the subject company. With regard to information on associates, please refer to the“Shareholdings” section in the Annual Report at: https://www.db.com/ir/en/annual-reports.htm.??Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financialinstruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, TypeII Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involvedin stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying thetransaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a resultof share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming fromforeign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice,products and services. Recommended investment strategies, products and services carry the risk of losses to principaland other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Beforedeciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures,prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are notregistered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity.Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts withthe coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed accordingto the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are basedon a 12-month forecast period..??Korea: Distributed by Deutsche Securities Korea Co.??South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch RegisterNumber in South Africa: 1998/003298/10).??Singapore: This report is issued by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, SingaporeBranch (One Raffles Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respectof any matters arising from, or in connection with, this report. Where this report is issued or promulgated by DeutscheBank in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in theapplicable Singapore laws and regulations), they accept legal responsibility to such person for its contents.??Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers shouldindependently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank researchmay not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without written consent.Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to be


https://www.db.com/ir/en/annual-reports.htm

14 November 2017

ETF Monthly Asia

construed as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branchmay not execute transactions for clients in these securities/instruments.??Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial CentreRegulatory Authority. Deutsche Bank AG - QFC Branch may undertake only the financial services activities that fall withinthe scope of its existing QFCRA license. Its principal place of business in the QFC: Qatar Financial Centre, Tower, WestBay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financialproducts or services are only available only to Business Customers, as defined by the Qatar Financial Centre RegulatoryAuthority.??Russia: The information, interpretation and opinions submitted herein are not in the context of, and do not constitute, anyappraisal or evaluation activity requiring a license in the Russian Federation.

Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company (registered no. 07073-37) is regulated by theCapital Market Authority. Deutsche Securities Saudi Arabia may undertake only the financial services activities that fallwithin the scope of its existing CMA license. Its principal place of business in Saudi Arabia: King Fahad Road, Al OlayaDistrict, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.??United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulatedby the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may undertake only the financial servicesactivities that fall within the scope of its existing DFSA license. Its principal place of business in the DIFC: DubaiInternational Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has beendistributed by Deutsche Bank AG. Related financial products or services are available only to Professional Clients, asdefined by the Dubai Financial Services Authority.??Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial productreferred to in this report and consider the PDS before making any decision about whether to acquire the product.Please refer to Australia-specific research disclosures and related information at https://australia.db.com/australia/content/research-information.html??Australia and New Zealand: This research is intended only for "wholesale clients" within the meaning of the AustralianCorporations Act and New Zealand Financial Advisors Act, respectively.??Additional information relative to securities, other financial products or issuers discussed in this report is available uponrequest. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent.

?Copyright © 2017 Deutsche Bank AG


https://australia.db.com/australia/content/research-information.html

https://australia.db.com/australia/content/research-information.html

David Folkerts-LandauGroup Chief Economist and Global Head of Research

Raj HindochaGlobal Chief Operating Officer

Research

Michael SpencerHead of APAC Research

Global Head of Economics

Steve PollardHead of Americas Research

Global Head of Equity Research

Anthony KlarmanGlobal Head ofDebt Research

Paul ReynoldsHead of EMEA

Equity Research

Dave ClarkHead of APAC

Equity Research

Pam FinelliGlobal Head of

Equity Derivatives Research

Andreas NeubauerHead of Research - Germany

Spyros MesomerisGlobal Head of Quantitative

and QIS Research

International locations

Deutsche Bank AGDeutsche Bank PlaceLevel 16Corner of Hunter & Phillip StreetsSydney, NSW 2000AustraliaTel: (61) 2 8258 1234

Deutsche Bank AGMainzer Landstrasse 11-1760329 Frankfurt am MainGermanyTel: (49) 69 910 00

Deutsche Bank AGFiliale HongkongInternational Commerce Centre,1 Austin Road West,Kowloon,Hong KongTel: (852) 2203 8888

Deutsche Securities Inc.2-11-1 NagatachoSanno Park TowerChiyoda-ku, Tokyo 100-6171JapanTel: (81) 3 5156 6770

Deutsche Bank AG London1 Great Winchester StreetLondon EC2N 2EQUnited KingdomTel: (44) 20 7545 8000

Deutsche Bank Securities Inc.60 Wall StreetNew York, NY 10005United States of AmericaTel: (1) 212 250 2500

etf monthly asia 14 november 2017 synthetic equity & index ... · accumulated +$116mn inﬂow...

Documents