european monthly etf market review · european monthly etf market review page 4 deutsche bank...

Deutsche Bank Markets Research

Europe

Synthetic Equity & Index Strategy

European Monthly ETF Market Review

Date

11 February 2016

Inflows into European ETPs Despite Weak Markets

Data in this report is as of 29th January 2016

________________________________________________________________________________________________________________

Deutsche Bank AG/London

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

Author

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Team Contacts

Shan Lan

Strategist

(+852) 22036716

[email protected]

Sebastian Mercado

Strategist

(+1) 212 250-8690

[email protected]

European ETP Highlights

Global ETPs assets stood at $2.7 trillion at the end of January’16, -4.7% down

from last year end levels ($2.9 trillion). European ETP assets reached $486bn

(€449bn) at the end of Jan’16. During January, European ETPs continued its

positive flow trend despite volatile markets and ended the month with net

inflows of +€2.1bn (+€8.5bn in the prev. month). Equity ETFs led the charge

with inflows of +€1.6bn while Fixed Income ETFs witness outflows of -€0.2bn.

Commodity ETPs in Europe started the year with inflows of +€0.7bn. Global

ETPs flows totalled +$11.8bn for January led by Asia-Pacific listed ETPs

recording +$10.5bn in monthly inflows while US listed ETPs started the year

on a negative note (-$0.1bn).

Broad European, UK, and Germany focused ETFs benefitted from inflows, Japan experienced net outflows

Despite bearish equity markets in Jan’16, ETFs tracking broad and blue chip

European indices attracted inflows. We observed a net demand of +€1.8bn

into developed European equities focused ETFs. Within Europe, UK and

Germany focused ETFs remained favorites among investors with inflows of

+€0.8bn and +€0.4bn respectively.

Japan focused ETFs which had a strong 2015 (+€3.8bn) started 2016 with

redemptions where we observed outflows of -€0.8bn from Japanese equities

during January.

Sovereign Bonds recorded inflows while Corporate Bonds saw selling pressure

European Fixed Income ETFs witnessed outflows of -€0.2bn during the first

month of 2016. Segment wise, we found that European investors showed

interest in Sovereign ETFs with inflows of +€0.7bn while corporate bonds saw

redemptions, witnessing outflows of -€0.8bn.

Commodity ETPs gained momentum through Gold and Crude oil based ETPs

In January, European Commodity ETPs market saw inflows of +€0.7bn which

was more than 50% of last year total net flows (+€1.2bn). Within commodity,

physical gold based ETPs (+€0.5bn) were favoured. Further, crude oil based

ETPs also gained traction among investors with inflows of +€0.4bn as oil

prices have rebound at the end of January.

11 February 2016



Table of Contents

European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 4 Product Launch Activity ........................................................................................... 4 Other regions’ cash flow summary.......................................................................... 5

1. Investment Trends .......................................................... 6 Cross-Asset Class ETPs ........................................................................................... 6 Equity ETFs .............................................................................................................. 6 Fixed Income ETFs .................................................................................................. 9 Commodity ETPs ..................................................................................................... 9

2. Market Metrics .......................................................... 10 ETF Industry Asset Evolution ..................................................................................10 ETFs vs. Cash Equities ............................................................................................13 ETFs vs. Unlisted Mutual Funds .............................................................................15 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)

................................................................................................................................17 Industry Growth Analysis ........................................................................................19

3. Cash Flow Analysis ................................................... 21 Regional Cash Flow Analysis ..................................................................................21 Asset Class Cash Flow Analysis .............................................................................21 Product Rankings ....................................................................................................26

4. Product Review ......................................................... 28 New Products Launched in the Month ...................................................................28 Average TERs .........................................................................................................31

5. Provider Rankings ..................................................... 34 Global Provider Rankings ........................................................................................34 European Provider Rankings – General ...................................................................36 European Provider Rankings – by Asset Class ........................................................40 European Provider Analysis by Replication Method ...............................................43

6. Trading Perspective .................................................. 44 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................44 Asset Class Analysis ...............................................................................................44 Product Rankings ....................................................................................................49

7. European ETF Exchanges ................................................ 54

8. Assets ......................................................................... 56 ETP Monthly AUM Analysis by Asset Class ...........................................................56 Asset Class Analysis ...............................................................................................56 Product Rankings ....................................................................................................61

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

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

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

11 February 2016



European Investment Trends

European ETPs recorded inflows despite weak markets

Amid volatile equity markets in January’16, European domiciled ETPs started

the year with inflows of +€2.1bn (+€8.5bn of inflows in Dec’15). Equity ETFs

took the lead with inflows of +€1.6bn while Fixed Income ETFs witnessed

outflows of -€0.2bn. Commodity ETPs which had been under pressure during

2015 amid falling crude oil prices recorded +€0.7bn inflows in January’16.

US domiciled ETPs recorded outflows of -$0.1bn (+$39bn in Dec’15) in

January’2016. Although Fixed Income ETFs registered inflows of +$13.3bn

(+$2.1bn in Dec’15), Equity ETFs suffered outflows of -$15.8bn. Commodity

ETPs was in positive territory with inflows of +$2.5bn during Jan’16.

Broad European, UK, and Germany focused ETFs benefitted from inflows, Japan experienced net outflows

Despite bearish equity markets in Jan’16, ETFs tracking broad and blue chip

European indices attracted inflows. We observed a net demand of +€1.8bn for

developed European equities focused ETFs. US listed ETPs with exposure to

Europe recorded outflows of -$0.1bn during January. During 2015, ETFs with

European equity exposure had gained significant momentum both among

European (+€23bn total flows) and US (+$34bn total flows) investors and this

trend has continued at the start of 2016. Figure 1 illustrates the top 3

developed European equity ETFs (Europe & US listed) by net flows for January

2016.

Figure 1: Top three Developed European equity ETFs by net flows for Jan’16

ETP Name Bloomberg Issuer TER BenchmarkJan'16 Net Flows $mn

2015 Net Flows $mn

Europe Listed

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor 0.2% Euro STOXX 50 675 1,627 iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock 0.2% Euro STOXX 50 378 2,839 iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 0.4% Euro STOXX 50 306 1,011 US Listed

iShares MSCI Eurozone ETF EZU US BlackRock 0.5% MSCI EMU 332 7,520 iShares Currency Hedged MSCI Eurozone ETF HEZU US BlackRock 0.5% MSCI EMU 100% USD Hedged 285 2,687 Vanguard FTSE Europe ETF VGK US Vanguard 0.1% FTSE Developed Europe 123 4,711

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Within Europe, UK and Germany focused ETFs remained favorites among

investors with inflows of +€0.8bn and +€0.4bn respectively. Japan focused

ETFs which have been in positive momentum throughout 2015 (+€3.8bn)

started 2016 on a negative note with outflows of -€0.8bn from Japanese

equities during January.

Sovereign Bonds recorded inflows while Corporate Bonds saw selling pressure

European Fixed Income ETFs witnessed outflows of -€0.2bn during the first

month of 2016. Segment wise, during January, we found that European

investors showed interest in Sovereign ETFs with inflows of +€0.7bn while

corporate bonds saw redemptions, witnessing outflows of -€0.8bn. Two

sovereign ETFs that benefitted from most of the flows were; Think iBoxx

Government Bond Tracker (TGBT NA, +€234mn) and iShares Emerging

Markets Local Government Bond UCITS ETF (SEML LN, +€163mn).

Commodity ETPs gained momentum through Gold and Crude oil based ETPs

In January, European Commodity ETPs market saw inflows of +€0.7bn which

is more than 50% of last year total flows (+€1.2bn). Within commodity,

physical gold based ETPs (+€0.5bn) were favoured. This may have been

contributed by investors turning towards a safe heaven during weak equity

11 February 2016



markets. Further, crude oil based ETPs also gained traction among investors

with inflows of +€0.4bn as oil prices have rebound at the end of January.

ETF Comparatives: Mutual Funds, cash equity turnover

European ETF turnover1 as a percentage of the region’s cash equities

turnover2, increased to 11.3% (from 10.8% in Dec’15) as of the end of

January 2016. The equivalent number for the US market also increased to

30% over the same period (from 28.8% in Dec’15).

European ETFs comprised 3.6% of the continent’s mutual fund industry as

of November 2015. European domiciled ETFs registered inflows of

+€3.4bn through November 2015, while UCITS mutual funds registered

inflows totalling +€65bn in the same period, according to mutual fund

industry data published by the European Fund and Asset Management

Association (EFAMA).

US ETFs comprised 16% of the mutual fund industry as of the end of

Dec’15. US domiciled ETFs registered inflows of +$40bn in Dec’15, while

US mutual funds experienced outflows of -$76bn over the same period,

according to mutual fund industry data published by the Investment

Company Institute (ICI).

Product Launch Activity

ETP launch calendar in January: Quiet month with 6 new launches

The European ETP industry registered 6 new products launches during January

including 4 Equity and 2 Fixed Income ETFs.

ETF launches:

Equity

Lyxor listed one equity ETF (DSP5 FP) on Euronext Paris provides 2x

inverse exposure to S&P 500 Index.

Powershares listed one equity ETF (HDEU LN) providing exposure to

iSTOXX High Dividend Low Volatility 50 Net TR Index. This ETF was listed

on the London Stock Exchange.

Ossiam launched an equity ETF (OSXJ GY) providing exposure to Japan

Minimum Variance Index. This ETF was listed on Deutsche Borse.

BlackRock listed an equity (QDVM GY) on Deutsche Borse providing

exposure to TA-25 Index. This is the first ETF in Europe providing exposure

to Israel’s stock market. Fixed Income

BlackRock listed two Fixed income ETF during January tracking

performance of Barclays MSCI Euro Corporate 0-3 yr Sustainability ex

Controversial Weapons Index (SUSE LN) and Markit iBoxx EUR Liquid High

1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently

reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as

reported by Bloomberg

11 February 2016



Yield BB-B (5% Issuer Cap) Index (BBEB LN) respectively. These ETFs were

listed on the London Stock Exchange.

For additional information on new product launches and listings please refer to

figures 61 & 62.

Other regions’ cash flow summary

US: US ETPs started the year with negative note

US domiciled ETPs recorded outflows of -$0.1bn (+$39bn in Dec’15) in

January’2016. Fixed Income ETFs took the lead with +$13.3bn (+$2.1bn in

Dec’15) of positive flows while Equity ETFs took the negative turn with

outflows of -$15.8bn. Commodity ETPs comes in the positive territory with

inflows of +$2.5bn during Jan’16.

Within equities, the following segments and sub-segments saw significant

activity:

Segments: Developed Markets (+$0.1bn), Thematic (+$0.1bn), Size (-$2.2bn),

Emerging Markets (-$3.5bn), Sector (-$3.7bn) and Style (-$5.3bn)

Sub-segments: DM broad (+$1.6bn), Financials (-$1.6bn), EM Broad (-$2.3bn),

Information Technology (-$2.5bn) and Growth (-$2.9bn).

Within fixed income, major inflows were recorded by ETFs benchmarked to

sovereign (+$9.1bn) and broad bonds indices (+$2.5bn). Among commodity

ETPs, Gold and crude oil based ETPs registered inflows of +$1.4bn and

+$1.2bn during January’16.

Asia: Strong Inflows into Asia Pacific ETPs despite weak markets

Asia-Pacific ETPs started the year with strong monthly inflows of +$10.5bn in

January (+$41.4bn total flows in 2015). Equity ETFs had a lion share in overall

flows with +$10.6mn inflows while fixed income ETFs witness -$0.4bn

outflows over the last month.

Within equity, leveraged long strategy, Japan and China ETFs saw significant

inflows last month recording +$4.4bn, +$4.2bn and +$1.6bn worth of new

money.

During January, fixed income ETFs had mild outflows. Sovereign and Money

Market ETFs recorded outflows of -$0.3bn and -$0.2bn over the last month.

This is contrast to money market ETFs which had strong inflows in 2015

(+$9bn).

Commodity ETPs have gathered +$0.4bn in new money so far this year.

Among these, crude oil received inflows of +$0.3bn over the last month.

11 February 2016



1. Investment Trends3

Cross-Asset Class ETPs

Figure 2: Cash flows by asset class – 2015

| ETPs | Europe |

Figure 3: Cash flows by asset class – Month

| ETPs | Europe |

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

€m

illio

ns

Equity Commodity Fixed Income Others

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

€m

illio

ns

Equity Commodity Fixed Income Others

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.


Equity ETFs

Figure 4: Top 3 aggregate equity segments – 2015

| ETFs | Europe |

Figure 5: Top 3 aggregate equity segments – Month

| ETFs | Europe |

(5,000)

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

€m

illio

ns

Developed Markets Sector Strategy

(2,000)

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

€m

illio

ns

Developed Markets Emerging Markets Strategy



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

11 February 2016



Figure 6: Top 3 DM countries – 2015 | ETFs | Europe | Figure 7: Top 3 DM countries – Month | ETFs | Europe |

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

10,000

€m

illio

ns

Japan Germany US

-1,000

-500

0

500

1,000

1,500

€m

illio

ns

Japan UK Germany



Figure 8: Top 3 DM regions – 2015

| ETFs | Europe |

Figure 9: Top 3 DM regions – Month

| ETFs | Europe |

(5,000)

-

5,000

10,000

15,000

20,000

25,000

30,000

€m

illio

ns

Europe Global North America

(500)

-

500

1,000

1,500

2,000

2,500

€m

illio

ns

Europe Global North America



Figure 10: Top 3 EM countries – 2015

| ETFs | Europe |

Figure 11: Top 3 EM countries – Month

| ETFs | Europe |

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

500

1,000

€m

illio

ns

China Taiwan India

-400

-350

-300

-250

-200

-150

-100

-50

0

50

€m

illio

ns

China South Korea Taiwan



11 February 2016



Figure 12: Top 3 EM regions – 2015

| ETFs | Europe |

Figure 13: Top 3 EM regions – Month

| ETFs | Europe |

(2,000)

(1,500)

(1,000)

(500)

-

500

1,000

€m

illio

ns

Global Asia Pacific Europe

(800)

(600)

(400)

(200)

-

200

400

600

€m

illio

ns

Global Asia Pacific Europe



Figure 14: Top 3 sectors – 2015

| ETFs | Europe |

Figure 15: Top 3 sectors – Month

| ETFs | Europe |

(500)

-

500

1,000

1,500

2,000

2,500

3,000

€m

illio

ns

Financials Energy Telecommunication Services

(700)

(600)

(500)

(400)

(300)

(200)

(100)

-

100

200

€m

illio

ns

Financials Consumer Staples Materials



Figure 16: Top 3 strategy segments – 2015

| ETFs | Europe |

Figure 17: Top 3 strategy segments – Month

| ETFs | Europe |

(1,000)

(500)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

€m

illio

ns

Quantitative Leveraged Long Short

(200)

(100)

-

100

200

300

400

500

600

700

800

€m

illio

ns

Quantitative Leveraged Long Short



11 February 2016



Fixed Income ETFs

Figure 18: Top 3 aggregate fixed income segments –

2015 | ETFs | Europe |

Figure 19: Top 3 aggregate fixed income segments –

Month | ETFs | Europe |

0

5,000

10,000

15,000

20,000

25,000

30,000

€m

illio

ns

Corporates Sovereign Overall

-1,200

-1,000

-800

-600

-400

-200

0

200

400

600

800

€m

illio

ns

Corporates Sovereign Money Market



Commodity ETPs

Figure 20: Top 3 aggregate commodity segments –

2015 | ETPs | Europe |

Figure 21: Top 3 aggregate commodity segments –

Month | ETPs | Europe |

-2,000

-1,000

0

1,000

2,000

3,000

4,000

€m

illio

ns

Energy Precious Metals Overall

-100

0

100

200

300

400

500

600

700

800

900

€m

illio

ns

Precious Metals Energy Overall



Figure 22: Top 5 commodity sub-segments – 2015

| ETPs | Europe |

Figure 23: Top 5 commodity sub-segments – Month

| ETPs | Europe |

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

€m

illio

ns

Crude Oil Gold Commodity Overall Palladium Natural Gas

-200

0

200

400

600

800

1,000

€m

illio

ns

Gold Crude Oil Commodity Overall Palladium Overall ex Energy



11 February 2016



2. Market Metrics

ETF Industry Asset Evolution

Figure 24: Global ETP regional asset growth | ETPs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 250.2 235.7

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 507.2 486.1

US ($) 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,014.7

US, Europe & Asia Pacific ($) 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,870.9 2,736.5

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 467.0 449.2

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,581 3,125 3,493 3,712 4,020 4,421 4,440

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illion

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

Figure 25: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |

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

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 17.7 18.7

ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 51.0

ETFs 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,805.1 2,666.7

Total 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,870.9 2,736.5

Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,581 3,125 3,493 3,712 4,020 4,421 4,440

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Num

ber

of

ETP

s

$ b

illion


11 February 2016



Figure 26: Global ETF regional asset growth | ETFs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 168.3 201.8 249.9 235.4

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 489.9 467.7

US ($) 143.2 203.1 291.5 411.2 581.9 499.1 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 1,963.7

US, Europe & Asia Pacific ($) 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,805.1 2,666.7

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 451.0 432.3

Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,232 2,697 3,004 3,271 3,484 3,882 3,901

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

500

1,000

1,500

2,000

2,500

3,000

Num

ber

of

ETFs

$ b

illion


Figure 27: European ETF asset growth by asset class | ETFs | Europe |

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

Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,296

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 12,558

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 113,08 113,16

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,54 147,27 139,31 170,82 209,80 261,39 324,18 305,23

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 450,96 432,25

Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,351 1,440 1,518 1,524

0

300

600

900

1,200

1,500

1,800

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Num

ber

of

ETFs

€m

illion


11 February 2016



Figure 28: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |

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

Livestock - - 1 21 63 49 67 59 40 17 19 14 12

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 464 435

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 786 748

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,152 2,315

Overall - - 1,103 1,444 981 3,531 5,582 4,439 4,846 3,779 3,580 3,668 3,524

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,851 22,157

Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 27,936 29,192

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

-

90

180

270

360

450

0

10,000

20,000

30,000

40,000

50,000

60,000

Num

ber

of

ETP

s

€m

illion


Figure 29: European ETPs (ETF & ETC) asset growth | ETPs | Europe |

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

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 15,985 16,993

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 450,96 432,25

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,16 279,32 301,69 379,18 466,95 449,24

Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,795 1,891 1,973 1,979

-

400

800

1,200

1,600

2,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Num

ber

of

ETP

s

€m

illion


11 February 2016



ETFs vs. Cash Equities

Figure 30: ETFs vs. cash equities turnover – US market | ETFs | US |

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

ETFs v

s c

ash e

quitie

s

$ b

illion

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

Figure 31: ETFs vs. cash equities turnover – European market | ETFs | Europe |

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

100

200

300

400

500

600

700

800

900

ETFs v

s c

ash e

quitie

s

€billion

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

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

11 February 2016



Figure 32: Turnover Comparatives – ETF vs. Cash equities | ETFs | Global |

Region:

Statistic: ETFs Cash Equities1

ETFs vs CEs3 ETFs Cash Equities

2ETFs vs CEs

3 ETFs vs

CEsCEs ETFs

Date (A) (B) A/B (C) (D) C/D

Jan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x

Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x

Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x

Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x

May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x

Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x

Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x

Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x

Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x

Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x

Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x

Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x

Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x

Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x

Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x

Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x

May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x

Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x

Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x

Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x

Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x

Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x

Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x

Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x

Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x

Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x

Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x

Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x

May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x

Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x

Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x

Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x

Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x

Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x

Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x

Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x

Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x

Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x

Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x

Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x

May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x

Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x

Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x

Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x

Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x

Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x

Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x

Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x

Jan-15 69,583 734,963 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.7x

Feb-15 58,143 665,512 8.7% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x

Mar-15 75,698 796,097 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x

Apr-15 65,644 718,989 9.1% 1,297,812 5,518,235 23.5% 2.6x 7.7x 19.8x

May-15 57,277 668,610 8.6% 1,197,595 5,111,824 23.4% 2.7x 7.6x 20.9x

Jun-15 67,201 766,139 8.8% 1,420,153 5,762,644 24.6% 2.8x 7.5x 21.1x

Jul-15 63,279 702,931 9.0% 1,465,731 6,025,688 24.3% 2.7x 8.6x 23.2x

Aug-15 71,128 708,169 10.0% 1,971,994 6,731,171 29.3% 2.9x 9.5x 27.7x

Sep-15 58,466 674,930 8.7% 1,692,334 6,003,237 28.2% 3.3x 8.9x 28.9x

Oct-15 56,825 656,663 8.7% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.5x

Nov-15 56,105 606,329 9.3% 1,236,632 5,240,597 23.6% 2.6x 8.6x 22.0x

Dec-15 66,047 609,111 10.8% 1,722,065 5,982,914 28.8% 2.7x 9.8x 26.1x

Jan-16 73,739 651,717 11.3% 1,991,783 6,637,936 30.0% 2.7x 10.2x 27.0x

Period 2,830,961 36,255,202 7.8% 81,518,190 314,704,057 25.9% 3.4x 8.7x 29.4x

Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x

Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x

Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x

Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.7% 3.3x 9.4x 30.6x

Total 2015 839,134 8,960,159 9.4% 20,037,135 76,659,716 26.1% 2.8x 8.6x 23.9x

Total 2016 73,739 651,717 11.3% 1,991,783 6,637,936 30.0% 2.7x 10.2x 27.0x1As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe.

2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange.

Europe (€ million) USA ($ million)

Turnover

US vs Europe comparatives

3 On-exchange turnover comparision between ETFs and Cash Equities.

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

11 February 2016



ETFs vs. Unlisted Mutual Funds

Figure 33: European ETP vs mutual fund assets | ETPs | Europe |

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

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

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 462

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

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

1.7%

2.2%

2.7%

3.2%

3.7%

4.2%

0

100

200

300

400

500

600

ETP

vs m

utu

al fu

nds

ETP

AU

M (

€billion)

*Data as of 30-Nov-2015. Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

Figure 34: European ETP vs mutual fund cash flows | ETPs | Europe |

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

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

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

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

-20

0

20

40

60

80

100

120

140

Cash F

low

s (

€billion)

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

11 February 2016



Figure 35: US ETP vs mutual fund assets | ETPs | US |

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

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

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

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

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

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

0

500

1,000

1,500

2,000

2,500

ETP

vs m

utu

al fu

nds

ETP

AU

M (

$ b

illion)

Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 36: US ETP vs mutual fund cash flows | ETPs | US |

-100

-80

-60

-40

-20

0

20

40

60

80

Cash flo

ws (

$ b

illion)

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

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

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

Mutual funds 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76 -3.00 13.76 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.26 -7.85 -30.08 -76.25

Source: Deutsche Bank, Bloomberg Finance LP, ICI

11 February 2016



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

Figure 37: Historical Composition by ETF Structure | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

-

50

100

150

200

250

300

350

400

450

500

Num

ber

of

ETFs

AU

M (

€billion)

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


Figure 38: European AUM ETF market historical asset class analysis by replication

technique | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 189,116 72,282 239,101 85,286 224,645 80,589

Fixed Income 67,089 19,062 87,026 26,050 87,999 25,165

Commodity 10,027 3,385 8,718 3,580 9,089 3,469

Others 344 1,065 396 1,003 372 924

Total 266,576 95,795 335,241 115,920 322,105 110,147

Equity 477 544 557 531 559 533

Fixed Income 178 163 203 155 205 155

Commodity 22 27 22 28 22 28

Others 9 20 9 13 9 13

Total 686 754 791 727 795 729

Equity 22,933 3,503 36,258 9,398 964 618

Fixed Income 16,856 3,266 19,936 6,800 867 -1,029

Commodity -1,577 160 -815 958 46 -18

Others -34 -101 47 -89 0 -25

Total 38,178 6,829 55,426 17,068 1,878 -454

ETFs (number of products)

Cash Flows (€ million)

Jan-162014 2015


11 February 2016



Figure 39: European ETF AUM by replication method

| ETFs | Europe |

Figure 40: European ETF flows by replication method

| ETFs | Europe |

€266,576

€335,241

€322,105

€95,795

€115,920

€110,147

0% 20% 40% 60% 80% 100%

2014

2015

Jan-16

Physical Synthetic

€38,178

€55,426

€1,878

€1,878

€6,829

€17,068

-€454

-€454

-20% 0% 20% 40% 60% 80% 100%

2014

2015

2016

Jan-16

Physical Synthetic



Figure 41: European ETFs product count by replication

method | ETFs | Europe |

Figure 42: European Equity ETFs AUM by replication

method | ETFs | Europe |

686

791

795

754

727

729

0% 20% 40% 60% 80% 100%

2014

2015

Jan-16

Physical Synthetic

€189,116

€239,101

€224,645

€72,282

€85,286

€80,589

0% 20% 40% 60% 80% 100%

2014

2015

Jan-16

Physical Synthetic



Figure 43: European Fixed Income ETFs AUM by

replication method | ETFs | Europe |

Figure 44: European Commodity ETFs AUM by

replication method | ETFs | Europe |

€67,089

€87,026

€87,999

€19,062

€26,050

€25,165

0% 20% 40% 60% 80% 100%

2014

2015

Jan-16

Physical Synthetic

€10,027

€8,718

€9,089

€3,385

€3,580

€3,469

0% 20% 40% 60% 80% 100%

2014

2015

Jan-16

Physical Synthetic



11 February 2016



Industry Growth Analysis

Figure 45: Global ETF Industry growth attribution | ETFs | Global |

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

ETF a

sset pri

ce g

row

th c

ontr

ibution (l

ine)

ETF c

ash flo

w g

row

th c

ontr

ibuti

on (B

ars

)

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

Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Fixed Income flows 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.5% 0.7% 0.1% 0.4% -0.1% -0.1% 0.4% 0.4% 0.6% 0.6% 0.0% 0.1% 0.5%

Equity flows -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.0% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7% 0.9% 1.8% -0.1%

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

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


Figure 46: US ETF Industry growth attribution | ETFs | US |

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

ETF a

sset pri

ce g

row

th c

ontr

ibution (L

ine)

ETF c

ash flo

ws g

row

th c

ontr

ibution (B

ars

)


Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Fixed Income flows 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% 0.3% 0.3% 0.5% 0.6% 0.0% 0.1% 0.6%

Equity flows -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% 0.8% -0.2% 0.6% 0.8% 1.2% 1.8% -0.8%

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

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


Figure 47: European ETF Industry growth attribution | ETFs | Europe |

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

ETF a

sset pri

ce g

row

th c

ontr

ibution (L

ine)

ETF c

ash flo

ws g

row

th c

ontr

ibution (B

ars

)


Other flows -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Fixed Income flows 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.2% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.1% 0.9% 0.2% 0.4% 0.0%

Equity flows 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.3% 0.2% 0.6% 1.4% 1.7% 0.3% 0.6% 0.6% 1.5% 0.4%

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

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


11 February 2016



Figure 48: European ETC Industry growth attribution | ETCs | Europe |

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

ETC

asset pri

ce g

row

th c

ontr

ibution (l

ine)

ETC

cash flo

ws g

row

th c

ontr

ibution (B

ars

)


Currency Flows 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.2% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% 0.0%

Commodity Flows -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% -2.7% 2.5% -0.7% 1.6% 0.1% -0.2% 4.2%

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

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


11 February 2016



3. Cash Flow Analysis

Regional Cash Flow Analysis

Figure 49: Global ETP cash flows by region and asset class | ETPs | Global |

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

ETFs

Equity -15,797 1,731 1,582 10,587 -3,480 36,947 7,667 7,055 5,128 49,742 -15,797 1,731 1,582 10,587 -3,480

Fixed income 13,309 -175 -161 -409 12,726 2,130 1,770 1,631 164 4,065 13,309 -175 -161 -409 12,726

Commodity -4 30 28 353 378 197 -118 -109 248 327 -4 30 28 353 378

Currency 19 0 0 -16 3 -31 0 0 10 -21 19 0 0 -16 3

Multi Asset -627 0 0 0 -627 642 8 8 2 652 -627 0 0 0 -627

Alternative 3 -27 -24 -41 -65 36 -21 -19 -6 9 3 -27 -24 -41 -65

Total -3,097 1,559 1,424 10,474 8,936 39,922 9,307 8,566 5,545 54,774 -3,097 1,559 1,424 10,474 8,936

ETCs/ETVs

Commodity 2,483 729 671 0 3,211 -520 -30 -27 0 -550 2,483 729 671 0 3,211

Currency -214 8 7 0 -207 -528 -5 -4 0 -533 -214 8 7 0 -207

Alternative -154 0 0 0 -154 71 0 0 0 71 -154 0 0 0 -154

Total 2,114 736 678 0 2,850 -977 -36 -32 0 -1,012 2,114 736 678 0 2,850

ETPs

Equity -15,797 1,731 1,582 10,587 -3,480 36,947 7,667 7,055 5,128 49,742 -15,797 1,731 1,582 10,587 -3,480

Fixed income 13,309 -175 -161 -409 12,726 2,130 1,770 1,631 164 4,065 13,309 -175 -161 -409 12,726

Commodity 2,478 759 699 353 3,590 -323 -149 -136 248 -224 2,478 759 699 353 3,590

Currency -195 8 7 -16 -203 -558 -5 -4 10 -554 -195 8 7 -16 -203

Multi Asset -627 0 0 0 -627 642 8 8 2 652 -627 0 0 0 -627

Alternative -151 -27 -24 -41 -219 108 -21 -19 -6 80 -151 -27 -24 -41 -219

Total -983 2,295 2,102 10,474 11,786 38,945 9,271 8,534 5,545 53,762 -983 2,295 2,102 10,474 11,786

All figures in $ million except where otherwise stated

Jan-16 Dec-15 YTD


Asset Class Cash Flow Analysis

Figure 50: European Equity ETF cash flow summary (€ million) | ETFs | Europe |

Equity Cash Flows

All figures in € million Beta Beta+Semi-

activeAlpha Total Beta Beta+

Semi-


Semi-

activeAlpha Total

Developed Markets 2,550 0 0 1 2,551 6,314 0 0 -2 6,311 2,550 0 0 1 2,551

Emerging Markets -951 0 0 0 -951 281 0 0 0 281 -951 0 0 0 -951

Global Markets -82 0 0 0 -82 101 0 0 0 101 -82 0 0 0 -82

Sector -500 0 0 0 -500 182 0 0 0 182 -500 0 0 0 -500

Capitalization 25 0 0 0 25 158 0 0 0 158 25 0 0 0 25

Strategy 243 364 -22 0 584 62 -309 9 50 -189 243 364 -22 0 584

Style -43 0 0 0 -43 141 0 0 0 141 -43 0 0 0 -43

Thematic -2 0 0 0 -2 69 0 0 0 69 -2 0 0 0 -2

Total equities 1,240 364 -22 1 1,582 7,308 -309 9 47 7,055 1,240 364 -22 1 1,582

Jan-16 Dec-15 YTD


11 February 2016



Figure 50A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Sector -500 0 0 0 -500 182 0 0 0 182 -500 0 0 0 -500

Consumer discretionary -35 0 0 0 -35 22 0 0 0 22 -35 0 0 0 -35

Consumer staples -84 0 0 0 -84 -7 0 0 0 -7 -84 0 0 0 -84

Energy 44 0 0 0 44 138 0 0 0 138 44 0 0 0 44

Financials -507 0 0 0 -507 -113 0 0 0 -113 -507 0 0 0 -507

Healthcare 29 0 0 0 29 -21 0 0 0 -21 29 0 0 0 29

Industrials -37 0 0 0 -37 17 0 0 0 17 -37 0 0 0 -37

Information Technology -15 0 0 0 -15 44 0 0 0 44 -15 0 0 0 -15

Materials 60 0 0 0 60 25 0 0 0 25 60 0 0 0 60

Telecommunications 28 0 0 0 28 77 0 0 0 77 28 0 0 0 28

Utilities 18 0 0 0 18 -1 0 0 0 -1 18 0 0 0 18

Capitalization 25 0 0 - 25 158 0 0 0 158 25 0 0 0 25

Large Cap 0 0 0 0 0 -15 0 0 0 -15 0 0 0 0 0

Mid Cap -39 0 0 0 -39 48 0 0 0 48 -39 0 0 0 -39

Small Cap 65 0 0 0 65 125 0 0 0 125 65 0 0 0 65

Strategy 243 364 -22 0 584 62 -309 9 50 -189 243 364 -22 0 584

Fundamental -78 0 1 0 -76 -26 0 -5 0 -31 -78 0 1 0 -76

Leveraged Long 0 201 0 0 201 0 268 0 0 268 0 201 0 0 201

Leveraged Short 0 -33 0 0 -33 0 -226 0 0 -226 0 -33 0 0 -33

Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Quantitative 320 0 -24 0 296 88 0 14 50 151 320 0 -24 0 296

Short 0 196 0 0 196 0 -351 0 0 -351 0 196 0 0 196

Style -43 0 0 0 -43 141 0 0 0 141 -43 0 0 0 -43

Dividend -19 0 0 0 19- 15 0 0 0 15 -19 0 0 0 19-

Growth -14 0 0 0 14- 13 0 0 0 13 -14 0 0 0 14-

Value -11 0 0 0 11- 113 0 0 0 113 -11 0 0 0 11-

Thematic -2 0 0 0 -2 69 0 0 0 69 -2 0 0 0 -2

Commodities 11 0 0 0 11 8 0 0 0 8 11 0 0 0 11

Faith 5 0 0 0 5 5 0 0 0 5 5 0 0 0 5

Other Theme 39 0 0 0 39 0 0 0 0 0- 39 0 0 0 39

Sustainability -58 0 0 0 58- 57 0 0 0 57 -58 0 0 0 58-

Total -278 364 -22 0 64 612 -309 9 50 362 -278 364 -22 0 64

YTDJan-16 Dec-15


11 February 2016



Figure 50B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 2,783 0 0 1 2,784 4,666 0 0 -2 4,664 2,783 0 0 1 2,784

Austria -37 0 0 0 -37 -23 0 0 0 -23 -37 0 0 0 -37

Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Finland 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0

France 129 0 0 0 129 287 0 0 0 287 129 0 0 0 129

Germany 375 0 0 0 375 866 0 0 0 866 375 0 0 0 375

Greece -6 0 0 0 -6 0 0 0 0 0 -6 0 0 0 -6

Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Italy -141 0 0 0 -141 17 0 0 0 17 -141 0 0 0 -141

Netherlands 16 0 0 0 16 62 0 0 0 62 16 0 0 0 16

Norway 1 0 0 0 1 3 0 0 0 3 1 0 0 0 1

Portugal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Spain -34 0 0 0 -34 24 0 0 0 24 -34 0 0 0 -34

Sweden -143 0 0 0 -143 7 0 0 0 7 -143 0 0 0 -143

Switzerland 75 0 0 0 75 317 0 0 0 317 75 0 0 0 75

UK 765 0 0 0 765 -40 0 0 0 -40 765 0 0 0 765

Europe broad 1,781 0 0 1 1,782 3,143 0 0 -2 3,141 1,781 0 0 1 1,782

Americas -75 0 0 0 -75 426 0 0 0 426 -75 0 0 0 -75

US -30 0 0 0 -30 705 0 0 0 705 -30 0 0 0 -30

Canada 13 0 0 0 13 20 0 0 0 20 13 0 0 0 13

North America -58 0 0 0 -58 -298 0 0 0 -298 -58 0 0 0 -58

Asia -738 0 0 0 -738 545 0 0 0 545 -738 0 0 0 -738

Australia 34 0 0 0 34 409 0 0 0 409 34 0 0 0 34

Hong Kong -1 0 0 0 -1 -16 0 0 0 -16 -1 0 0 0 -1

Japan -790 0 0 0 -790 141 0 0 0 141 -790 0 0 0 -790

Singapore -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1

Asia Pacific broad 20 0 0 0 20 11 0 0 0 11 20 0 0 0 20

Global 575 0 0 0 575 676 0 0 0 676 575 0 0 0 575

Broad indices 575 0 0 0 575 676 0 0 0 676 575 0 0 0 575

DM Total 2,545 0 0 1 2,546 6,314 0 0 -2 6,311 2,545 0 0 1 2,546

Jan-16 Dec-15 YTD


11 February 2016



Figure 50C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |

Equity Cash Flows



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC -134 0 0 0 -134 29 0 0 0 29 -134 0 0 0 -134

Brazil 14 0 0 0 14 55 0 0 0 55 14 0 0 0 14

Russia 2 0 0 0 2 -65 0 0 0 -65 2 0 0 0 2

India -13 0 0 0 -13 -11 0 0 0 -11 -13 0 0 0 -13

China -138 0 0 0 -138 50 0 0 0 50 -138 0 0 0 -138

Latin America 4 0 0 0 4 0 0 0 0 0 4 0 0 0 4

Chile 0 0 0 0 0 -11 0 0 0 -11 0 0 0 0 0

Mexico 6 0 0 0 6 15 0 0 0 15 6 0 0 0 6

LATAM broad -2 0 0 0 -2 -3 0 0 0 -3 -2 0 0 0 -2

Asia -285 0 0 0 -285 -16 0 0 0 -16 -285 0 0 0 -285

Bangladesh -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1

Indonesia -4 0 0 0 -4 5 0 0 0 5 -4 0 0 0 -4

Malaysia -3 0 0 0 -3 3 0 0 0 3 -3 0 0 0 -3

Pakistan -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1

Philippines 4 0 0 0 4 0 0 0 0 0 4 0 0 0 4

South Korea -105 0 0 0 -105 -4 0 0 0 -4 -105 0 0 0 -105

Taiwan -89 0 0 0 -89 -34 0 0 0 -34 -89 0 0 0 -89

Thailand 0 0 0 0 0 -5 0 0 0 -5 0 0 0 0 0

Vietnam -10 0 0 0 -10 -6 0 0 0 -6 -10 0 0 0 -10

Asia Pacific broad -76 0 0 0 -76 26 0 0 0 26 -76 0 0 0 -76

EMEA -10 0 0 0 -10 -24 0 0 0 -24 -10 0 0 0 -10

Kuwait -2 0 0 0 -2 -2 0 0 0 -2 -2 0 0 0 -2

Poland 5 0 0 0 5 1 0 0 0 1 5 0 0 0 5

South Africa -9 0 0 0 -9 3 0 0 0 3 -9 0 0 0 -9

Turkey 0 0 0 0 0 -32 0 0 0 -32 0 0 0 0 0

Europe broad -4 0 0 0 -4 7 0 0 0 7 -4 0 0 0 -4

Middle East & Africa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Global Markets -525 0 0 0 -525 291 0 0 0 291 -525 0 0 0 -525

Global -525 0 0 0 -525 291 0 0 0 291 -525 0 0 0 -525

EM Total -951 0 0 0 -951 281 0 0 0 281 -951 0 0 0 -951

Total (EM + DM) 1,594 0 0 1 1,595 6,595 0 0 -2 6,592 1,594 0 0 1 1,595

Jan-16 Dec-15 YTD


Figure 51: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |

Fixed Income Cash Flows



Semi-


Semi-

activeAlpha Total

Overall 128 0 0 -139 -11 116 0 0 -297 -182 128 0 0 -139 -11

Corporates -807 0 0 1 -806 1,267 0 0 24 1,291 -807 0 0 1 -806

Covered Bonds 85 0 0 -7 78 -19 0 0 -4 -22 85 0 0 -7 78

Credit Exposure 45 -1 0 0 44 -21 -5 0 0 -26 45 -1 0 0 44

Sovereign 670 16 0 0 686 507 -56 0 -2 450 670 16 0 0 686

Money Market -152 0 0 0 -152 120 0 0 0 120 -152 0 0 0 -152

Total Fixed Income -31 15 0 -145 -161 1,970 -61 0 -278 1,631 -31 15 0 -145 -161

YTDJan-16 Dec-15


11 February 2016



Figure 52: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |

Commodity Cash Flows



Semi-


Semi-

activeAlpha Total

Overall -76 4 21 0 -51 38 -1 -15 0 22 -76 4 21 0 -51

Overall -64 4 21 0 -40 47 -1 -15 0 30 -64 4 21 0 -40

Overall ex Energy -11 0 0 0 -11 -9 0 0 0 -9 -11 0 0 0 -11

Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Agriculture -16 -3 0 0 -19 -16 0 0 0 -16 -16 -3 0 0 -19

Overall -6 0 0 0 -5 -5 0 0 0 -5 -6 0 0 0 -5

Cocoa 0 0 0 0 0 -1 0 0 0 -1 0 0 0 0 0

Coffee 2 0 0 0 2 0 -1 0 0 0 2 0 0 0 2

Corn 1 0 0 0 0 -1 0 0 0 -1 1 0 0 0 0

Cotton -10 0 0 0 -11 -1 0 0 0 -1 -10 0 0 0 -11

Grains -1 0 0 0 -1 -6 0 0 0 -6 -1 0 0 0 -1

Softs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Soybean Oil 0 0 0 0 0 0 -1 0 0 -1 0 0 0 0 0

Soybeans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Sugar -3 -1 0 0 -4 -3 -1 0 0 -5 -3 -1 0 0 -4

Wheat 1 -2 0 0 -1 1 3 0 0 4 1 -2 0 0 -1

Energy 274 81 0 0 355 142 65 0 0 207 274 81 0 0 355

Overall -5 -1 0 0 -6 26 0 0 0 26 -5 -1 0 0 -6

Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Crude Oil 277 88 0 0 365 114 57 0 0 172 277 88 0 0 365

Gasoline 1 1 0 0 1 0 0 0 0 0 1 1 0 0 1

Heating Oil 1 0 0 0 1 0 -1 0 0 -1 1 0 0 0 1

Natural Gas 0 -6 0 0 -7 1 9 0 0 10 0 -6 0 0 -7

Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Industrial Metals -10 -11 0 0 -21 0 8 0 0 8 -10 -11 0 0 -21

Overall -11 0 0 0 -11 1 1 0 0 2 -11 0 0 0 -11

Aluminium 0 0 0 0 -1 -3 -1 0 0 -4 0 0 0 0 -1

Copper 0 -10 0 0 -11 0 7 0 0 7 0 -10 0 0 -11

Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Nickel 1 0 0 0 1 1 1 0 0 2 1 0 0 0 1

Tin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Zinc 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0

Precious Metals 441 -4 0 0 438 -356 0 0 0 -356 441 -4 0 0 438

Overall -6 0 0 0 -6 -47 0 0 0 -47 -6 0 0 0 -6

Gold 484 -2 0 0 482 -283 -1 0 0 -284 484 -2 0 0 482

Palladium -24 0 0 0 -24 -10 0 0 0 -10 -24 0 0 0 -24

Platinum -2 -1 0 0 -4 -1 2 0 0 1 -2 -1 0 0 -4

Rhodium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Silver -10 -1 0 0 -11 -16 -1 0 0 -17 -10 -1 0 0 -11

Livestock -2 0 0 0 -2 0 0 0 0 0 -2 0 0 0 -2

Overall -2 0 0 0 -2 0 0 0 0 0 -2 0 0 0 -2

Cattle 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Lean Hogs -1 0 0 0 0 0 0 0 0 0 -1 0 0 0 0

Total 611 67 21 0 699 -193 72 -15 0 -136 611 67 21 0 699

Jan-16 Dec-15 YTD


11 February 2016



Product Rankings

Figure 53: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 622.1 82.6 622.1

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 548.4 369.0 548.4

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 348.4 450.3 348.4

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 305.1 388.4 305.1

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 282.1 130.1 282.1

db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AWM Beta 239.6 175.6 239.6

UBS ETF - MSCI United Kingdom UCITS ETF A-acc UKCHFB SW UBS Beta 228.2 -4.0 228.2

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 225.8 289.0 225.8

iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta 211.8 56.2 211.8

Lyxor ETF S&P 500 LYPS GR Lyxor Beta 159.1 6.4 159.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 54: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Think iBoxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. Beta 233.8 133.4 233.8

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 162.8 3.7 162.8

iShares Global Government Bond UCITS ETF SGLO LN BlackRock Beta 156.2 36.4 156.2

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 135.9 -26.7 135.9

Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta 125.8 33.5 125.8

db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 118.5 29.0 118.5

iShares eb.rexx Government Germany 1.5-2.5 (DE) RXP1EX GR BlackRock Beta 100.4 5.5 100.4

Think iBoxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. Beta 97.1 41.5 97.1

Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka Investment GmbH Beta 86.7 0.0 86.7

ComStage ETF iBoxx Euro Liquid Sovereigns Diversified 1-3 TR CBOXES1 GR ComStage Beta 84.1 0.0 84.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 55: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 275.5 -23.9 275.5

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 128.7 21.7 128.7

Gold Bullion Securities GBS LN ETF Securities Beta 72.5 -29.7 72.5

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 53.8 33.0 53.8

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 42.6 -2.4 42.6

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 40.1 44.3 40.1

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 36.4 0.5 36.4

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 32.1 27.2 32.1

UBS Index Solutions - CMCI Oil ETF (CHF) SF-A OILCHA SW UBS Beta 28.3 3.6 28.3

db ETC Brent Crude Oil Euro Hedged ETC XETC GR Deutsche AWM Beta 26.0 5.3 26.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Figure 56: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta -285.2 43.4 -285.2

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -245.6 -115.1 -245.6

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta -218.1 11.1 -218.1

UBS ETF - MSCI Japan 100% hedged to USD UCITS ETF A-acc JPUSBH SW UBS Beta -184.3 -10.0 -184.3

UBS ETF - MSCI Japan 100% hedged to CHF UCITS ETF A-acc JPCHBH SW UBS Beta -169.8 20.4 -169.8

UBS ETF - MSCI EMU 100% hedged to GBP UCITS ETF A-acc EUGBBH SW UBS Beta -152.2 3.2 -152.2

Vanguard S&P 500 ETF VUSA LN Vanguard Beta -151.8 158.0 -151.8

Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor Beta -142.6 -62.0 -142.6

UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta -134.0 -57.9 -134.0

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta -122.3 -186.3 -122.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 57: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta -487.7 180.9 -487.7

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta -279.4 -32.5 -279.4

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta -209.3 -223.4 -209.3

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta -185.1 78.1 -185.1

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta -184.3 14.4 -184.3

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta -163.3 205.4 -163.3

Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta -145.2 175.9 -145.2

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta -140.1 51.9 -140.1

Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -126.6 -10.7 -126.6

Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta -105.1 -48.4 -105.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 58: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta -92.9 -7.6 -92.9

db Physical Palladium ETC XPAL LN Deutsche AWM Beta -17.9 0.0 -17.9

ETFS All Commodities AIGC LN ETF Securities Beta -17.2 -0.9 -17.2

EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta -13.8 6.9 -13.8

ETFS Longer Dated Agriculture FAGR LN ETF Securities Beta -11.4 0.1 -11.4

Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor Beta -11.1 -8.6 -11.1

ETFS Physical Silver PHAG LN ETF Securities Beta -10.5 -6.5 -10.5

ETFS Cotton COTN LN ETF Securities Beta -10.3 -0.4 -10.3

Boost Copper 3X Leverage Daily ETP 3HCL LN Boost Beta+ -8.2 10.1 -8.2

ETFS Longer Dated Industrial Metals FIND LN ETF Securities Beta -6.4 0.2 -6.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



4. Product Review

New Products Launched in the Month

Figure 59: Number of ETPs by Asset Class | ETPs | Global |

Jan-16 Dec-15 End of 2015

Asset Class Nu.Mkt

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

ETFs

Equity 2,968 66.8% 2,951 17 66.7% 2,951 17 66.7%

Fixed income 713 16.1% 711 2 16.1% 711 2 16.1%

Commodity 110 2.5% 110 - 2.5% 110 - 2.5%

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

Multi Asset 42 0.9% 42 - 1.0% 42 - 1.0%

Alternative 52 1.2% 52 - 1.2% 52 - 1.2%

Total 3,901 87.9% 3,882 19 87.8% 3,882 19 87.8%

ETC/Vs

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

Commodity 411 9.3% 411 - 9.3% 411 - 9.3%

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

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

Total 539 12.1% 539 - 12.2% 539 - 12.2%

Total ETPs 4,440 100.0% 4,421 19 100.0% 4,421 19 100.0%

MoM Change YTD Change


Figure 60: Number of ETPs by Asset Class | ETPs | Europe |


Asset Class Nu.Mkt

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

ETFs

Equity 1,092 55.2% 1,088 4 0.2% 1,088 4 0.2%

Fixed income 360 18.2% 358 2 0.1% 358 2 0.1%

Commodity 50 2.5% 50 - 0.0% 50 - 0.0%

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

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

Alternative 14 0.7% 14 - 0.0% 14 - 0.0%

Total 1,524 77.0% 1,518 6 0.3% 1,518 6 0.3%

ETCs

Commodity 348 17.6% 348 - 0.0% 348 - 0.0%

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

Total 455 23.0% 455 - 0.0% 455 - 0.0%

Total ETPs 1,979 100.0% 1,973 6 0.3% 1,973 6 0.3%

MoM Change YTD Change


Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

11

Feb

ruary

20

16

Deu

tsch

e B

an

k A

G/L

on

do

n

Pag

e 2

9

Figure 61: New ETF launches & cross listings | ETFs | Europe |

Launch/ cross

listing dateBBG Ticker

Reuters

CodeIssuer ETF Name Asset class

Invest.

StrategyFocus

Market

flagBenchmark

Long

/Short/

Leverage

TER Exchange Listed

New Launches

8-Jan-16 HDEU LN HDEU.L PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM iSTOXX High Dividend Low Volatility 50 Net TR Index 1L 0.30% London SE

11-Jan-16 SUSE LN SUSEL BlackRock iShares Euro Corporate Bond Sustainability Screened 0-3yr UCITS ETF Fixed Income Beta Overall DM Barclays MSCI Euro Corporate 0-3 yr Sustainability ex Controversial Weapons Index 1L 0.25% London SE

11-Jan-16 BBEB LN BBEB.L BlackRock iShares Euro Corporate Bond BB-B UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Liquid High Yield BB-B (5% Issuer Cap) Index 1L 0.50% London SE

19-Jan-16 DSP5 FP DSP5.PA Lyxor Lyxor Daily Double Short S&P 500 UCITS ETF Equity Beta+ Leveraged Short DM S&P 500 2x Inverse Daily Index 2S 0.60% Euronext Paris

21-Jan-16 QDVM GY QDVM.DE BlackRock iShares TA-25 Israel UCITS ETF Equity Beta Developed non-Europe DM TA-25 Index 1L 0.60% Deutsche Borse

28-Jan-16 OSXJ GY OSXJ.DE Ossiam Ossiam Japan Minimum Variance NR - UCITS ETF 1C Equity Beta Quantitative DM Japan Minimum Variance Index 1L 0.65% Deutsche Borse

Cross-Listings & share classes

8-Jan-16 EUHD LN EUHD.L PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM iSTOXX High Dividend Low Volatility 50 Net TR Index 1L 0.30% London SE

11-Jan-16 ETSYS SW ETSYS.S UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% Swiss SE

11-Jan-16 ULOVE SW ULOVE.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Swiss SE

11-Jan-16 UPVLE SW UPVLE.S UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Swiss SE

11-Jan-16 EQLTS SW EQLTS.S UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% Swiss SE

11-Jan-16 UTSYE SW UTSYE.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Swiss SE

11-Jan-16 UQLTS SW UQLTS.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Swiss SE

11-Jan-16 ACWIE IM ACWIE.MI UBS UBS ETFs PLC - MSCI ACWI SF UCITS ETF - EUR Equity Beta Global Overall MSCI ACWI 1L 0.31% Borsa Italiana

11-Jan-16 BBSB LN BBSB.L BlackRock iShares Euro Corporate Bond BB-B UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Liquid High Yield BB-B (5% Issuer Cap) Index 1L 0.50% London SE

11-Jan-16 UPVLS SW UPVLS.S UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Swiss SE

11-Jan-16 EPVLS SW EPVLS.S UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% Swiss SE

11-Jan-16 UQLTE SW UQLTE.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Swiss SE

11-Jan-16 EPVLU SW EPVLU.S UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% Swiss SE

11-Jan-16 SUSS LN SUSS.L BlackRock iShares Euro Corporate Bond Sustainability Screened 0-3yr UCITS ETF Fixed Income Beta Overall DM Barclays MSCI Euro Corporate 0-3 yr Sustainability ex Controversial Weapons Index 1L 0.25% London SE

11-Jan-16 ETSYU SW ETSYU.S UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% Swiss SE

11-Jan-16 EQLTU SW EQLTU.S UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% Swiss SE

11-Jan-16 ULOVS SW ULOVS.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Swiss SE

11-Jan-16 UTSYS SW UTSYS.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Swiss SE

11-Jan-16 ELOVS SW ELOVS.S UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% Swiss SE

11-Jan-16 ELOVU SW ELOVU.S UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% Swiss SE

12-Jan-16 BBEU IM BBEU.MI Amundi Amundi ETF MSCI Europe Buyback UCITS ETF Equity Beta Other Theme DM MSCI Europe Equal Weighted Buyback Yield Index 1L 0.30% Borsa Italiana

12-Jan-16 36B1 GY 36B1.DE BlackRock iShares Euro Corporate Bond BB-B UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Liquid High Yield BB-B (5% Issuer Cap) Index 1L 0.50% Deutsche Borse

12-Jan-16 UBUW GY UBUW.DE UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Deutsche Borse

12-Jan-16 QDVL GY QDVL.DE BlackRock iShares Euro Corporate Bond Sustainability Screened 0-3yr UCITS ETF Fixed Income Beta Overall DM Barclays MSCI Euro Corporate 0-3 yr Sustainability ex Controversial Weapons Index 1L 0.25% Deutsche Borse

12-Jan-16 UBUV GY UBUV.DE UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Deutsche Borse

12-Jan-16 UBUX GY UBUX.DE UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Deutsche Borse

14-Jan-16 VMOM NA VMOM.AS Vanguard Vanguard Global Momentum Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Euronext Amsterdam

14-Jan-16 VMVL NA VMVL.AS Vanguard Vanguard Global Minimum Volatility UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Euronext Amsterdam

14-Jan-16 VVAL NA VVAL.AS Vanguard Vanguard Global Value Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Euronext Amsterdam

15-Jan-16 STHS SW STHS.S Source PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - GBP Hgd Inc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.60% Swiss SE

19-Jan-16 UQLTE IM UQLTE.MI UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Borsa Italiana

19-Jan-16 UTSYE IM UTSYE.MI UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Borsa Italiana

19-Jan-16 CAB3 GY CAB3.DE Amundi Amundi ETF BBB Euro Corporate IG UCITS ETF - A Fixed Income Beta Overall DM Markit iBoxx EUR Liquid Corporates BBB Top 60 1L 0.20% Deutsche Borse

19-Jan-16 CSWC FP CSWC.PA Amundi Amundi ETF MSCI Switzerland UCITS ETF Equity Beta European Developed DM MSCI Switzerland 1L 0.25% Euronext Paris Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

11

Feb

ruary

20

16

Pag

e 3

0

Deu

tsch

e B

an

k A

G/L

on

do

n

Figure 62: New ETF launches & cross listings | ETFs | Europe |

Launch/ cross

listing dateBBG Ticker

Reuters

CodeIssuer ETF Name Asset class

Invest.

StrategyFocus

Market

flagBenchmark

Long

/Short/

Leverage

TER Exchange Listed

Cross-Listings & share classes

20-Jan-16 CNAA IM CNAA.MI Lyxor Lyxor Fortune SG UCITS ETF MSCI China A DR C-USD Equity Beta Emerging Country EM MSCI China A TR Net Index 1L 0.65% Borsa Italiana

20-Jan-16 ISRL LN ISRL.L BlackRock iShares TA-25 Israel UCITS ETF Equity Beta Developed non-Europe DM TA-25 Index 1L 0.60% London SE

20-Jan-16 TASE LN TASE.L BlackRock iShares TA-25 Israel UCITS ETF Equity Beta Developed non-Europe DM TA-25 Index 1L 0.60% London SE

21-Jan-16 XDCH SW XDCH.S Deutsche AWM db x-trackers DAX UCITS ETF (DR) - Income 4C (CHF- Hedged) Equity Beta European Developed DM DAX Monthly CHF Hedged Index 1L 0.19% Swiss SE

21-Jan-16 XDUD SW XDUD.S Deutsche AWM db x-trackers DAX UCITS ETF (DR) - Income 2C (USD- Hedged) Equity Beta European Developed DM DAX Monthly USD Hedged Index 1L 0.19% Swiss SE

25-Jan-16 CJ1Y FP CJ1Y.PA Amundi Amundi ETF MSCI Japan UCITS ETF - JPY Equity Beta Developed non-Europe DM MSCI Japan 1L 0.45% Euronext Paris

26-Jan-16 TPXG LN TPXG.L Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE

26-Jan-16 TPXU LN TPXU.L Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE

26-Jan-16 TPHU LN TPHU.L Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE

26-Jan-16 TPHG LN TPHG.L Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE

27-Jan-16 UE25 NA UE25.AS UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable TR Index 1L 0.20% Euronext Amsterdam

27-Jan-16 UE32 NA UE32.AS UBS UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF Equity Beta Developed non-Europe DM MSCI Japan 100% hedged to EUR 1L 0.45% Euronext Amsterdam

27-Jan-16 UE26 NA UE26.AS UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Euronext Amsterdam

27-Jan-16 UIM2 NA UIM2.AS UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Euronext Amsterdam

27-Jan-16 XUTD GY XUTD.DE Deutsche AWM db x-trackers II iBoxx $ Treasuries UCITS ETF Fixed Income Beta Overall DM iBoxx USD Treasuries TR INDEX 1L 0.15% Deutsche Borse Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Average TERs

Figure 63: ETF TERs using simple average | ETFs | Europe |

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

Equity Alpha 0.40% 6 1.48% 3 0.76% 9

Beta 0.38% 535 0.41% 436 0.40% 971

Beta+ 0.50% 2 0.55% 76 0.55% 78

Semi Active 0.54% 16 0.56% 18 0.55% 34

0.39% 559 0.44% 533 0.41% 1,092

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

Beta 0.25% 197 0.19% 134 0.22% 331

Beta+ NA NA 0.23% 19 0.23% 19

0.26% 205 0.20% 155 0.23% 360

Alternative Alpha NA NA 0.67% 4 0.67% 4

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active 0.30% 1 0.62% 5 0.57% 6

0.006 3 0.65% 11 0.65% 14

Commodity Beta 0.49% 22 0.49% 27 0.49% 49


Semi Active NA NA 0.45% 1 0.45% 1

0.49% 22 0.49% 28 0.49% 50

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 1 NA NA NA 1

Alpha 0.52% 5 0.64% 2 0.57% 7

0.52% 6 0.64% 2 0.57% 8

Total 0.37% 795 0.40% 729 0.38% 1,524

Physical Synthetic Total


11 February 2016



Figure 64: ETC TERs using simple average | ETCs | Europe |

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

Commodity Agriculture Beta NA NA 0.50% 38 0.49% 38

Beta+ NA NA 0.92% 35 0.92% 35

Energy Beta NA NA 0.49% 51 0.47% 51

Beta+ NA NA 0.80% 53 0.80% 53

Industrial Metals Beta NA NA 0.50% 24 0.48% 24

Beta+ NA NA 0.90% 27 0.90% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.52% 10 0.47% 10

Beta+ NA NA 0.98% 4 0.98% 4

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

Beta+ NA NA 0.76% 43 0.76% 43

Commodity 0.45% 31 0.67% 317 0.64% 348

Currency Currency Beta NA NA 0.41% 40 0.41% 40

Beta+ NA NA 0.82% 67 0.82% 67

Currency NA NA 0.67% 107 0.67% 107

Physical Synthetic Total


11 February 2016



Figure 65: ETF TERs using AUM weighted average | ETFs | Europe |

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

Equity Alpha 0.60% 6 0.95% 3 0.61% 9

Beta 0.30% 535 0.33% 436 0.31% 971

Beta+ 0.56% 2 0.48% 76 0.48% 78

Semi Active 0.56% 16 0.53% 18 0.55% 34

0.31% 559 0.35% 533 0.32% 1,092

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

Beta 0.26% 197 0.18% 134 0.24% 331

Beta+ NA NA 0.22% 19 0.22% 19

0.26% 205 0.18% 155 0.24% 360

Alternative Alpha NA NA 0.86% 4 0.86% 4

Beta 0.75% 2 0.70% 2 0.73% 4


Semi Active 0.30% 1 0.65% 5 0.52% 6

0.73% 3 0.81% 11 0.78% 14

Commodity Beta 0.41% 22 0.43% 27 0.42% 49


Semi Active NA NA 0.45% 1 0.45% 1

0.41% 22 0.43% 28 0.42% 50

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.40% 1 NA NA 0.40% 1

Alpha 0.59% 5 0.70% 2 0.69% 7

0.59% 6 0.70% 2 0.69% 7

Total 0.30% 795 0.31% 729 0.30% 1,524

Synthetic TotalPhysical


Figure 66: ETC TERs using AUM weighted average | ETCs | Europe |

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

Commodity Agriculture Beta NA NA 0.53% 38 0.53% 38

Beta+ NA NA 0.98% 35 0.98% 35

Energy Beta NA NA 0.51% 51 0.51% 51

Beta+ NA NA 0.98% 53 0.98% 53

Industrial Metals Beta NA NA 0.49% 24 0.49% 24

Beta+ NA NA 0.98% 27 0.98% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.50% 10 0.50% 10

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.38% 31 0.37% 20 0.38% 51

Beta+ NA NA 0.97% 43 0.97% 43

Commodity 0.38% 31 0.52% 317 0.43% 348

Currency Currency Beta NA NA 0.39% 40 0.39% 40

Beta+ NA NA 0.94% 67 0.94% 67

Currency NA NA 0.78% 107 0.78% 107

TotalPhysical Synthetic


11 February 2016



5. Provider Rankings

Global Provider Rankings

Figure 67: Global Top 10 ETF Providers ($ million) | ETFs | Global |

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

Current

Month CF

Current Month

TO YTD CF

1 BlackRock 1,010,716 37.9% 1,060,878 37.8% 632 435 573,738 435

2 Vanguard 487,230 18.3% 504,808 18.0% 104 4,282 115,914 4,282

3 State Street 401,115 15.0% 421,286 15.0% 254 122 1,002,680 122

4 PowerShares 87,778 3.3% 94,984 3.4% 154 -2,055 124,948 -2,055

5 Deutsche AWM 77,694 2.9% 81,274 2.9% 251 935 13,547 935

6 Nomura Asset Management 62,255 2.3% 63,783 2.3% 49 4,024 54,064 4,024

7 Lyxor 49,308 1.8% 51,862 1.8% 245 362 15,322 362

8 WisdomTree 47,409 1.8% 52,162 1.9% 109 -1,759 19,065 -1,759

9 Charles Schwab 38,597 1.4% 39,712 1.4% 21 856 9,473 856

10 First Trust 36,297 1.4% 42,877 1.5% 104 -2,968 11,069 -2,968

Total Top 10 2,298,400 86.2% 2,413,626 86.0% 1,923 4,234 1,939,819 4,234

Others 368,333 13.8% 391,438 14.0% 1,978 4,702 267,807 4,702

Global Total 2,666,732 100.0% 2,805,064 100.0% 3,901 8,936 2,207,627 8,936 Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.


Figure 68: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |

Rank Issuer Current AUM Mkt. Share 2015 AUM

2015 Mkt.

Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 State Street 23,914 34.3% 21,931 33.3% 1 959 14,745 959

2 ETF Securities 13,609 19.5% 13,113 19.9% 343 344 2,734 344

3 BlackRock 11,463 16.4% 10,702 16.2% 8 451 3,412 451

4 United States Commodity Funds 4,958 7.1% 4,416 6.7% 11 913 12,963 913

5 PowerShares 4,470 6.4% 4,792 7.3% 11 -183 2,019 -183

6 ProShares 3,350 4.8% 3,498 5.3% 19 -34 45,269 -34

7 Source 2,165 3.1% 1,798 2.7% 4 296 660 296

8 Deutsche AWM 1,879 2.7% 1,799 2.7% 18 30 116 30

9 Deutsche Borse Commodities GmbH 1,804 2.6% 1,715 2.6% 1 0 127 0

10 Guggenheim Investments 1,222 1.8% 1,192 1.8% 9 49 2,575 49

Total Top 10 68,833 98.7% 64,958 98.6% 425 2,825 84,619 2,825

Others 890 1.3% 925 1.4% 114 25 881 25

Global Total 69,723 100.0% 65,882 100.0% 539 2,850 85,500 2,850


11 February 2016



Figure 69: Global Top 10 ETP Providers ($ million) | ETPs | Global |

Rank Issuer Current AUM Mkt. Share 2015 AUM

2015 Mkt.

Share Nu.

Current

Month CF

Current Month

TO YTD CF

1 BlackRock 1,022,179 37.4% 1,071,580 37.3% 640 886 577,150 886

2 Vanguard 487,230 17.8% 504,808 17.6% 104 4,282 115,914 4,282

3 State Street 425,029 15.5% 443,216 15.4% 255 1,081 1,017,424 1,081

4 PowerShares 92,248 3.4% 99,777 3.5% 165 -2,238 126,967 -2,238

5 Deutsche AWM 79,573 2.9% 83,073 2.9% 269 965 13,664 965

6 Nomura Asset Management 62,255 2.3% 63,783 2.2% 49 4,024 54,064 4,024

7 Lyxor 49,308 1.8% 51,862 1.8% 245 362 15,322 362

8 WisdomTree 47,623 1.7% 52,387 1.8% 111 -1,764 19,086 -1,764

9 Charles Schwab 38,597 1.4% 39,712 1.4% 21 856 9,473 856

10 First Trust 36,297 1.3% 42,877 1.5% 104 -2,968 11,069 -2,968

Total Top 10 2,340,339 85.5% 2,453,076 85.4% 1,963 5,485 1,960,132 5,485

Others 396,117 14.5% 417,870 14.6% 2,477 6,302 332,995 6,302

Global Total 2,736,456 100.0% 2,870,946 100.0% 4,440 11,786 2,293,127 11,786

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


11 February 2016



European Provider Rankings – General

Figure 70: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe | All figures in € million except

products

Issuer Current

Month

End of

2015 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2015 Diff.

BlackRock 205,641 214,014 -4% 659 4,804 659 31,254 27,277 15% 274 271 1%

Deutsche AWM 54,518 56,512 -4% 836 978 836 6,928 6,081 14% 216 216 0%

Lyxor 45,569 47,742 -5% 338 1,151 338 14,110 13,157 7% 245 244 0%

UBS 23,447 24,949 -6% -25 600 -25 2,283 1,932 18% 130 130 0%

Amundi 18,738 20,408 -8% -851 791 -851 6,189 6,327 -2% 100 100 0%

Vanguard 16,835 17,691 -5% 49 439 49 2,444 2,067 18% 17 17 0%

Source 15,306 16,286 -6% -285 -277 -285 1,751 1,702 3% 78 78 0%

State Street 11,573 11,863 -2% 99 92 99 1,780 1,198 49% 78 78 0%

ComStage 6,733 6,925 -3% 124 -244 124 708 655 8% 111 111 0%

Deka Investment GmbH 6,680 7,027 -5% 0 -24 0 1,860 1,885 -1% 46 46 0%

Zuercher Kantonalbank 5,613 5,400 4% 0 -12 0 188 187 1% 4 4 0%

HSBC 4,652 4,978 -7% -20 14 -20 457 426 7% 28 28 0%

BNP Paribas 4,291 4,466 -4% 86 -52 86 299 287 4% 29 29 0%

Xact Fonder AB 2,263 2,522 -10% -104 -44 -104 1,909 1,529 25% 10 10 0%

ThinkCapital ETFs N.V. 2,015 1,623 24% 424 316 424 147 213 -31% 13 13 0%

Julius Baer Inv 1,699 1,640 4% 8 -35 8 54 50 8% 4 4 0%

PowerShares 1,653 1,766 -6% -6 -7 -6 349 191 83% 22 21 5%

Ossiam 1,628 1,707 -5% -25 -18 -25 118 77 54% 10 9 11%

ETF Securities 823 818 1% 46 3 46 662 558 19% 30 30 0%

WisdomTree 494 478 3% 46 95 46 37 62 -40% 19 19 0%

BBVA Gestion SA SGIIC 456 483 -6% 7 14 7 34 60 -42% 2 2 0%

Royal Bank of Scotland plc 335 331 1% 6 -7 6 23 16 47% 10 10 0%

Nomura Asset Management 235 251 -7% 0 11 0 21 18 18% 3 3 0%

Seligson & Co Fund Man 172 178 -4% 0 1 0 8 13 -39% 1 1 0%

Fundlogic Global Solutions plc 162 169 -4% 2 -8 2 5 2 144% 2 2 0%

Raiffeisen Schweiz Genossenschaft 158 152 4% 0 5 0 6 4 70% 3 3 0%

First Trust 112 119 -6% 0 12 0 9 21 -59% 7 7 0%

DnB Kapitalforvaltning 97 103 -6% 0 0 0 31 10 205% 1 1 0%

Van Eck Funds 78 76 3% 0 0 0 37 20 83% 3 3 0%

BMO Global Asset Management 68 72 -5% 0 4 0 4 2 48% 9 9 0%

UniCredit Bank 66 61 8% 7 0 7 7 1 932% 1 1 0%

Commerzbank AG 46 47 -3% 0 0 0 0 1 -65% 3 3 0%

SEB Investment Management AB 42 45 -7% 0 -36 0 9 6 41% 3 3 0%

FinEx Fund Plc 34 33 1% 0 0 0 0 0 -12% 2 2 0%

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

Sun Global Investments 5 5 -2% 0 0 0 1 0 194% 1 1 0%

Boost 5 5 -1% 1 0 1 7 4 76% 3 3 0%

NBG Asset Management MFMC 4 4 -7% 0 0 0 0 0 157% 2 2 0%

Alpcot Capital Management 0 0 NA 0 0 0 0 0 NA 0 0 NA

Swedbank Robur 0 0 NA 0 0 0 0 0 NA 0 0 NA

Landsbankinn 0 0 NA 0 0 0 9 1 1127% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 1 -55% 0 0 NA

Nordea Investment Funds 0 0 NA 0 0 0 0 0 -65% 2 2 0%

NCB Stockbrokers 0 0 NA 0 0 0 0 0 NA 0 0 NA

Total 432,252 450,965 -4% 1,424 8,566 1,424 73,739 66,040 12% 1524 1,518 0%

AUM Cash Flow Turnover Products

*Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Figure 71: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |

All figures in € million except products

Issuer Current

Month

End of

2015 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2015 Diff.

ETF Securities 10,617 10,148 5% 325 -31 325 2,323 1,884 23% 322 322 0%

Source 2,001 1,655 21% 272 -28 272 609 201 203% 4 4 0%

Deutsche AWM 1,736 1,656 5% 28 -22 28 107 99 8% 18 18 0%

Deutsche Borse Commodities GmbH 1,668 1,579 6% 0 0 0 117 72 64% 1 1 0%

BlackRock 441 397 11% 25 6 25 45 20 128% 4 4 0%

Boost 216 235 -8% 27 49 27 753 601 25% 30 30 0%

Royal Bank of Scotland plc 196 205 -5% 0 -6 0 2 1 265% 5 5 0%

Borse Stuttgart Securities GmbH 117 109 7% 2 0 2 5 3 40% 1 1 0%

Commerzbank AG 1 1 -5% 0 0 0 13 11 19% 68 68 0%

BNP Paribas 0 0 NA 0 0 0 0 0 NA 2 2 0%

Total 16,993 15,985 6% 678 -32 678 3,975 2,890 38% 455 455 0%

AUM Cash Flow Turnover Products


11 February 2016



Figure 72: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |


Issuer Current

Month

End of

2015 Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

2015 Diff.

BlackRock 206,081 214,411 -4% 684 4,810 684 31,299 27,297 15% 278 275 1%

Deutsche AWM 56,254 58,168 -3% 863 956 863 7,035 6,180 14% 234 234 0%

Lyxor 45,569 47,742 -5% 338 1,151 338 14,110 13,157 7% 245 244 0%

UBS 23,447 24,949 -6% -25 600 -25 2,283 1,932 18% 130 130 0%

Amundi 18,738 20,408 -8% -851 791 -851 6,189 6,327 -2% 100 100 0%

Source 17,307 17,941 -4% -12 -306 -12 2,360 1,902 24% 82 82 0%

Vanguard 16,835 17,691 -5% 49 439 49 2,444 2,067 18% 17 17 0%

State Street 11,573 11,863 -2% 99 92 99 1,780 1,198 49% 78 78 0%

ETF Securities 11,439 10,966 4% 371 -27 371 2,985 2,442 22% 352 352 0%

ComStage 6,733 6,925 -3% 124 -244 124 708 655 8% 111 111 0%

Deka Investment GmbH 6,680 7,027 -5% 0 -24 0 1,860 1,885 -1% 46 46 0%

Zuercher Kantonalbank 5,613 5,400 4% 0 -12 0 188 187 1% 4 4 0%

HSBC 4,652 4,978 -7% -20 14 -20 457 426 7% 28 28 0%

BNP Paribas 4,291 4,466 -4% 86 -52 86 299 287 4% 31 31 0%

Xact Fonder AB 2,263 2,522 -10% -104 -44 -104 1,909 1,529 25% 10 10 0%

ThinkCapital ETFs N.V. 2,015 1,623 24% 424 316 424 147 213 -31% 13 13 0%

Julius Baer Inv 1,699 1,640 4% 8 -35 8 54 50 8% 4 4 0%

Deutsche Borse Commodities GmbH 1,668 1,579 6% 0 0 0 117 72 64% 1 1 0%

PowerShares 1,653 1,766 -6% -6 -7 -6 349 191 83% 22 21 5%

Ossiam 1,628 1,707 -5% -25 -18 -25 118 77 54% 10 9 11%

Royal Bank of Scotland plc 531 536 -1% 6 -13 6 25 16 54% 15 15 0%

WisdomTree 494 478 3% 46 95 46 37 62 -40% 19 19 0%

BBVA Gestion SA SGIIC 456 483 -6% 7 14 7 34 60 -42% 2 2 0%

Nomura Asset Management 235 251 -7% 0 11 0 21 18 18% 3 3 0%

Boost 221 240 -8% 28 49 28 760 605 26% 33 33 0%

Seligson & Co Fund Man 172 178 -4% 0 1 0 8 13 -39% 1 1 0%

Fundlogic Global Solutions plc 162 169 -4% 2 -8 2 5 2 144% 2 2 0%

Raiffeisen Schweiz Genossenschaft 158 152 4% 0 5 0 6 4 70% 3 3 0%

Borse Stuttgart Securities GmbH 117 109 7% 2 0 2 5 3 40% 1 1 0%

First Trust 112 119 -6% 0 12 0 9 21 -59% 7 7 0%

DnB Kapitalforvaltning 97 103 -6% 0 0 0 31 10 205% 1 1 0%

Van Eck Funds 78 76 3% 0 0 0 37 20 83% 3 3 0%

BMO Global Asset Management 68 72 -5% 0 4 0 4 2 48% 9 9 0%

UniCredit Bank 66 61 8% 7 0 7 7 1 932% 1 1 0%

Commerzbank AG 47 48 -3% 0 0 0 13 12 11% 71 71 0%

SEB Investment Management AB 42 45 -7% 0 -36 0 9 6 41% 3 3 0%

FinEx Fund Plc 34 33 1% 0 0 0 0 0 -12% 2 2 0%

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

Sun Global Investments 5 5 -2% 0 0 0 1 0 194% 1 1 0%

NBG Asset Management MFMC 4 4 -7% 0 0 0 0 0 157% 2 2 0%

Alpcot Capital Management 0 0 NA 0 0 0 0 0 NA 0 0 NA

Swedbank Robur 0 0 NA 0 0 0 0 0 NA 0 0 NA

NCB Stockbrokers 0 0 NA 0 0 0 0 0 NA 0 0 NA

PDR Services LLC 0 0 NA 0 0 0 0 1 -55% 0 0 NA

Nordea Investment Funds 0 0 NA 0 0 0 0 0 -65% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 9 1 1127% 1 1 0%

Total 449,245 466,950 -4% 2,102 8,534 2,102 77,713 68,931 13% 1,979 1,973 0%

ProductsAUM Cash Flow Turnover


11 February 2016



Figure 73: European ETP Providers tier market share | ETPs | Europe |

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

Q1 15

Q2 15

Q3 15

Q4 15

Jan-16

Q1 15 Q2 15 Q3 15 Q4 15 Jan-16

Tier 1 68.7% 68.3% 68.1% 73.9% 73.8%

Tier 2 27.2% 27.6% 27.7% 23.1% 23.1%

Tier 3 4.0% 4.1% 4.2% 3.2% 3.1%


11 February 2016



European Provider Rankings – by Asset Class

Figure 74: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current

TO

Current

CF YTD CF

BlackRock 135,721 68,500 1,149 271 205,641 47.6% 274 31,254 659 659

Deutsche AWM 40,292 13,077 319 830 54,518 12.6% 216 6,928 836 836

Lyxor 35,142 9,497 895 35 45,569 10.5% 245 14,110 338 338

UBS 19,949 1,831 1,584 83 23,447 5.4% 130 2,283 -25 -25

Amundi 13,945 4,775 19 0 18,738 4.3% 100 6,189 -851 -851

Vanguard 16,668 167 0 0 16,835 3.9% 17 2,444 49 49

Source 9,670 5,381 235 20 15,306 3.5% 78 1,751 -285 -285

State Street 7,757 3,774 0 42 11,573 2.7% 78 1,780 99 99

ComStage 4,450 2,049 234 0 6,733 1.6% 111 708 124 124

Deka Investment GmbH 4,261 2,419 0 0 6,680 1.5% 46 1,860 0 0

Zuercher Kantonalbank 0 0 5,613 0 5,613 1.3% 4 188 0 0

HSBC 4,652 0 0 0 4,652 1.1% 28 457 -20 -20

BNP Paribas 3,961 151 180 0 4,291 1.0% 29 299 86 86

Xact Fonder AB 2,263 0 0 0 2,263 0.5% 10 1,909 -104 -104

ThinkCapital ETFs N.V. 770 1,233 0 12 2,015 0.5% 13 147 424 424

Julius Baer Inv 0 0 1,699 0 1,699 0.4% 4 54 8 8

PowerShares 1,609 40 0 3 1,653 0.4% 22 349 -6 -6

Ossiam 1,577 0 51 0 1,628 0.4% 10 118 -25 -25

ETF Securities 482 101 240 0 823 0.2% 30 662 46 46

WisdomTree 494 0 0 0 494 0.1% 19 37 46 46

BBVA Gestion SA SGIIC 456 0 0 0 456 0.1% 2 34 7 7

Royal Bank of Scotland plc 155 0 180 0 335 0.1% 10 23 6 6

Nomura Asset Management 235 0 0 0 235 0.1% 3 21 0 0

Seligson & Co Fund Man 172 0 0 0 172 0.0% 1 8 0 0

Fundlogic Global Solutions plc 162 0 0 0 162 0.0% 2 5 2 2

Raiffeisen Schweiz Genossenschaft 0 0 158 0 158 0.0% 3 6 0 0

First Trust 112 0 0 0 112 0.0% 7 9 0 0

DnB Kapitalforvaltning 97 0 0 0 97 0.0% 1 31 0 0

Van Eck Funds 78 0 0 0 78 0.0% 3 37 0 0

BMO Global Asset Management 35 33 0 0 68 0.0% 9 4 0 0

UniCredit Bank 0 66 0 0 66 0.0% 1 7 7 7

Commerzbank AG 11 35 0 0 46 0.0% 3 0 0 0

SEB Investment Management AB 42 0 0 0 42 0.0% 3 9 0 0

FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0

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

Sun Global Investments 0 5 0 0 5 0.0% 1 1 0 0

Boost 4 0 0 0 5 0.0% 3 7 1 1

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

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

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

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

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

Landsbankinn 0 0 0 0 0 0.0% 1 9 0 0

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

Total 305,234 113,164 12,558 1,296 432,252 100.0% 1,524 73,739 1,424 1,424



11 February 2016



Figure 75: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |

Issuer Commodity Currency Total AUM

Mkt

Share % Nu. Current TO Current CF YTD CF

ETF Securities 10,262 355 10,617 62.5% 322 2,323 325 325

Source 2,001 0 2,001 11.8% 4 609 272 272

Deutsche AWM 1,736 0 1,736 10.2% 18 107 28 28

Deutsche Borse Commodities GmbH 1,668 0 1,668 9.8% 1 117 0 0

BlackRock 441 0 441 2.6% 4 45 25 25

Boost 212 4 216 1.3% 30 753 27 27

Royal Bank of Scotland plc 196 0 196 1.2% 5 2 0 0

Borse Stuttgart Securities GmbH 117 0 117 0.7% 1 5 2 2

Commerzbank AG 1 0 1 0.0% 68 13 0 0

BNP Paribas 0 0 0 0.0% 2 0 0 0

Total 16,633 359 16,993 100.0% 455 3,975 678 678



11 February 2016



Figure 76: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |

Issuer Equity

Fixed

Income Commodity Others

Total

AUM

Mkt Share

% Nu.

Current

TO

Current

CF YTD CF

BlackRock 135,721 68,500 1,589 271 206,081 45.9% 278 31,299 684 684

Deutsche AWM 40,292 13,077 2,055 830 56,254 12.5% 234 7,035 863 863

Lyxor 35,142 9,497 895 35 45,569 10.1% 245 14,110 338 338

UBS 19,949 1,831 1,584 83 23,447 5.2% 130 2,283 -25 -25

Amundi 13,945 4,775 19 0 18,738 4.2% 100 6,189 -851 -851

Source 9,670 5,381 2,236 20 17,307 3.9% 82 2,360 -12 -12

Vanguard 16,668 167 0 0 16,835 3.7% 17 2,444 49 49

State Street 7,757 3,774 0 42 11,573 2.6% 78 1,780 99 99

ETF Securities 482 101 10,502 355 11,439 2.5% 352 2,985 371 371

ComStage 4,450 2,049 234 0 6,733 1.5% 111 708 124 124

Deka Investment GmbH 4,261 2,419 0 0 6,680 1.5% 46 1,860 0 0

Zuercher Kantonalbank 0 0 5,613 0 5,613 1.2% 4 188 0 0

HSBC 4,652 0 0 0 4,652 1.0% 28 457 -20 -20

BNP Paribas 3,961 151 180 0 4,291 1.0% 31 299 86 86

Xact Fonder AB 2,263 0 0 0 2,263 0.5% 10 1,909 -104 -104

ThinkCapital ETFs N.V. 770 1,233 0 12 2,015 0.4% 13 147 424 424

Julius Baer Inv 0 0 1,699 0 1,699 0.4% 4 54 8 8

Deutsche Borse Commodities GmbH 0 0 1,668 0 1,668 0.4% 1 117 0 0

PowerShares 1,609 40 0 3 1,653 0.4% 22 349 -6 -6

Ossiam 1,577 0 51 0 1,628 0.4% 10 118 -25 -25

Royal Bank of Scotland plc 155 0 376 0 531 0.1% 15 25 6 6

WisdomTree 494 0 0 0 494 0.1% 19 37 46 46

BBVA Gestion SA SGIIC 456 0 0 0 456 0.1% 2 34 7 7

Nomura Asset Management 235 0 0 0 235 0.1% 3 21 0 0

Boost 4 0 212 4 221 0.0% 33 760 28 28

Seligson & Co Fund Man 172 0 0 0 172 0.0% 1 8 0 0

Fundlogic Global Solutions plc 162 0 0 0 162 0.0% 2 5 2 2

Raiffeisen Schweiz Genossenschaft 0 0 158 0 158 0.0% 3 6 0 0

Borse Stuttgart Securities GmbH 0 0 117 0 117 0.0% 1 5 2 2

First Trust 112 0 0 0 112 0.0% 7 9 0 0

DnB Kapitalforvaltning 97 0 0 0 97 0.0% 1 31 0 0

Van Eck Funds 78 0 0 0 78 0.0% 3 37 0 0

BMO Global Asset Management 35 33 0 0 68 0.0% 9 4 0 0

UniCredit Bank 0 66 0 0 66 0.0% 1 7 7 7

Commerzbank AG 11 35 1 0 47 0.0% 71 13 0 0

SEB Investment Management AB 42 0 0 0 42 0.0% 3 9 0 0

FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0

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

Sun Global Investments 0 5 0 0 5 0.0% 1 1 0 0

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

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

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

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

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

Landsbankinn 0 0 0 0 0 0.0% 1 9 0 0

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

Total 305,234 113,164 29,192 1,655 449,245 100.0% 1,979 77,713 2,102 2,102



11 February 2016



European Provider Analysis by Replication Method

Figure 77: European ETF Providers list by replication | ETFs | Europe|

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

European Providers

BlackRock Physical 135,585 181 68,500 87 624 3 271 1 204,980 100% 272

Synthetic 136 1 - - 525 1 - - 660 0% 2

Deutsche AWM Physical 26,909 52 96 4 - - 33 2 27,038 50% 58

Synthetic 13,382 83 12,982 69 319 3 796 3 27,480 50% 158

Lyxor Physical 841 15 4,620 21 - - - - 5,461 12% 36

Synthetic 34,302 171 4,877 25 895 6 35 7 40,108 88% 209

UBS Physical 17,434 71 1,825 22 992 7 - - 20,251 86% 100

Synthetic 2,514 19 6 1 592 8 83 2 3,196 14% 30

Amundi Physical 1,091 6 - - - - - - 1,091 6% 6

Synthetic 12,854 67 4,775 26 19 1 - - 17,647 94% 94

Vanguard Physical 16,668 16 167 1 - - - - 16,835 100% 17

Source Physical 1,414 13 5,152 12 - - 10 1 6,577 43% 26

Synthetic 8,256 48 229 2 235 1 9 1 8,730 57% 52

State Street Physical 7,757 52 3,774 25 - - 42 1 11,573 100% 78

ComStage Physical 205 6 - - - - - - 205 3% 6

Synthetic 4,245 75 2,049 28 234 2 - - 6,528 97% 105

Deka Investment GmbH Physical 4,248 26 2,419 19 - - - - 6,667 100% 45

Synthetic 13 1 - - - - - - 13 0% 1

Zuercher Kantonalbank Physical - - - - 5,613 4 - - 5,613 100% 4

HSBC Physical 4,652 28 - - - - - - 4,652 100% 28

BNP Paribas Physical 1,782 17 - - - - - - 1,782 42% 17

Synthetic 2,179 10 151 1 180 1 - - 2,509 58% 12

Xact Fonder AB Physical 1,900 4 - - - - - - 1,900 84% 4

Synthetic 363 6 - - - - - - 363 16% 6

ThinkCapital ETFs N.V. Physical 770 7 1,233 3 - - 12 3 2,015 100% 13

Julius Baer Inv Physical - - - - 1,699 4 - - 1,699 100% 4

PowerShares Physical 1,566 16 40 1 - - 3 1 1,610 97% 18

Synthetic 43 4 - - - - - - 43 3% 4

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

Synthetic 1,526 8 - - 51 1 - - 1,577 97% 9

ETF Securities Synthetic 402 22 - - 240 1 - - 642 100% 23

Physical 80 3 101 4 - - - - 181 100% 7

WisdomTree Physical 494 19 - - - - - - 494 100% 19

BBVA Gestion SA Physical 456 2 - - - - - - 456 100% 2

RBS plc Synthetic 155 7 - - 180 3 - - 335 100% 10

Nomura Asset Management Physical 235 3 - - - - - - 235 100% 3

Seligson & Co Fund Mgmt. Physical 172 1 - - - - - - 172 100% 1

Fundlogic Global Solutions plc Synthetic 162 2 - - - - - - 162 100% 2

Raiffeisen Schweiz

Genossenschaft

Physical - - - - 158 3 - - 158 100% 3

First Trust Physical 112 7 - - - - - - 112 100% 7

DnB Kapitalforvaltning Physical 97 1 - - - - - - 97 100% 1

Van Eck Funds Physical 78 3 - - - - - - 78 100% 3

BMO Global Asset Management Physical 35 5 33 4 - - - - 68 100% 9

UniCredit Bank Synthetic - - 66 1 - - - - 66 100% 1

Commerzbank AG Synthetic 9 1 - - - - - - 9 20% 1

Physical 2 1 35 1 - - - - 36 80% 2

SEB Investment Management AB Synthetic 42 3 - - - - - - 42 100% 3

FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1

Synthetic - - 30 1 - - - - 30 90% 1

Alpha Asset Mgmt. Physical 9 1 - - - - - - 9 100% 1

Sun Global Investments Physical - - 5 1 - - - - 5 100% 1

Boost Synthetic 4 2 0 1 - - - - 5 100% 3

NBG Asset Mgmt. Physical 2 1 - - - - - - 2 48% 1

Synthetic 2 1 - - - - - - 2 52% 1

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

Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2

Total 305,234 1,092 113,164 360 12,558 50 1,296 22 432,252 1,524

Total


Replication

Method Equity Fixed Income Commodity Other


11 February 2016



6. Trading Perspective

ETP Monthly Turnover Analysis by Asset Class, by Instrument

Figure 78: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total Total

ETFs

Equity 49,502 6,979 188 12 56,681 44,403 5,299 225 13 49,940 43,615 5,258 208 13 49,094 56,681

Fixed income 15,878 375 0 119 16,372 15,001 412 0 81 15,494 13,480 339 0 110 13,929 16,372

Commodity 571 0 0 0 571 506 0 1 0 507 734 0 1 0 735 571

Currency 0 0 0 0 - 0 0 0 0 - 1 0 0 0 1 -

Multi Asset 2 0 0 20 22 4 0 0 15 19 4 0 0 23 27 22

Alternative 59 0 7 25 92 45 0 5 30 81 50 0 13 45 108 92

Total 66,012 7,354 195 177 73,739 59,959 5,711 231 140 66,040 57,884 5,596 223 191 63,894 73,739

ETCs

Commodity 2,432 1,311 0 0 3,742 1,808 899 0 0 2,707 2,520 1,125 0 0 3,646 3,742

Currency 19 213 0 0 232 18 165 0 0 183 26 213 0 0 238 232

Total 2,450 1,524 0 0 3,975 1,826 1,064 0 0 2,890 2,546 1,338 0 0 3,884 3,975

Total ETPs 68,462 8,879 195 177 77,713 61,785 6,775 231 140 68,931 60,430 6,934 223 191 67,777 77,713

Jan-16 Dec-15 2015


Asset Class Analysis

Figure 79: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD

Equity Turnover Beta Beta+Semi-


Semi-


Semi-


Developed Markets 38,162 0 0 6 38,168 34,200 0 0 7 34,207 32,085 0 0 10 32,094 38,168

Emerging Markets 4,484 0 0 0 4,484 3,722 0 0 0 3,722 4,609 0 0 0 4,610 4,484

Global Markets 681 0 0 0 681 768 0 0 0 768 768 0 0 0 768 681

Sector 2,873 0 0 0 2,873 3,026 0 0 0 3,026 2,968 0 0 0 2,968 2,873

Capitalization 793 0 0 0 793 605 0 0 0 605 709 0 0 0 709 793

Strategy 901 6,979 188 6 8,074 589 5,299 225 6 6,119 519 5,258 208 3 5,988 8,074

Style 1,088 0 0 0 1,088 961 0 0 0 961 1,518 0 0 0 1,518 1,088

Thematic 520 0 0 0 520 532 0 0 0 532 440 0 0 0 440 520

Total Equities 49,502 6,979 188 12 56,681 44,403 5,299 225 13 49,940 43,615 5,258 208 13 49,094 56,681

Jan-16 Dec-15 2015


11 February 2016



Figure 79A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Sector 2,873 0 0 0 2,873 3,026 0 0 0 3,026 2,968 0 0 0 2,968 2,873

Consumer discretionary 136 0 0 0 136 116 0 0 0 116 166 0 0 0 166 136

Consumer staples 185 0 0 0 185 162 0 0 0 162 150 0 0 0 150 185

Energy 412 0 0 0 412 417 0 0 0 417 363 0 0 0 363 412

Financials 1404 0 0 0 1,404 1534 0 0 0 1,534 1,360 0 0 0 1,360 1,404

Healthcare 189 0 0 0 189 157 0 0 0 157 243 0 0 0 243 189

Industrials 115 0 0 0 115 116 0 0 0 116 146 0 0 0 146 115

Information Technology 160 0 0 0 160 166 0 0 0 166 165 0 0 0 165 160

Materials 132 0 0 0 132 211 0 0 0 211 191 0 0 0 191 132

Telecommunications 42 0 0 0 42 96 0 0 0 96 95 0 0 0 95 42

Utilities 97 0 0 0 97 51 0 0 0 51 90 0 0 0 90 97

Capitalization 793 0 0 0 793 605 0 0 0 605 709 0 0 0 709 793

Large Cap 43 0 0 0 43 50 0 0 0 50 38 0 0 0 38 43

Mid Cap 235 0 0 0 235 215 0 0 0 215 282 0 0 0 282 235

Small Cap 515 0 0 0 515 339 0 0 0 339 389 0 0 0 389 515

Strategy 901 6,979 188 6 8,074 589 5,299 225 6 6,119 519 5,258 208 3 5,988 8,074

Fundamental 31 0 22 0 53 28 0 96 0 124 51 0 51 0 101 53

Leveraged Long 0 3,195 0 0 3,195 0 2,878 0 0 2,878 0 2,801 0 0 2,801 3,195

Leveraged Short 0 2,699 0 0 2,699 0 1,794 0 0 1,794 0 1,815 0 0 1,815 2,699

Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Quantitative 865 0 166 6 1,037 560 0 128 6 695 468 0 158 3 628 1037

Short 4 1086 0 0 1,090 0 627 0 0 627 1 641 0 0 642 1,090

Style 1,088 0 0 0 1,088 961 0 0 0 961 1,518 0 0 0 1,518 1,088

Dividend 993 0 0 0 993 873 0 0 0 873 1,368 0 0 0 1,368 993

Growth 25 0 0 0 25 22 0 0 0 22 66 0 0 0 66 25

Value 71 0 0 0 71 66 0 0 0 66 84 0 0 0 84 71

Thematic 520 0 0 0 520 532 0 0 0 532 440 0 0 0 440 520

Commodities 153 0 0 0 153 102 0 0 0 102 122 0 0 0 122 153

Cyclical 0 0 0 0 - 0 0 0 0 - - 0 0 0 - 0

Faith 31 0 0 0 31 14 0 0 0 14 18 0 0 0 18 31

Other Theme 126 0 0 0 126 76 0 0 0 76 116 0 0 0 116 126

Sustainability 210 0 0 0 210 340 0 0 0 340 183 0 0 0 183 210

Total 6,174 6,979 188 6 13,348 5,713 5,299 225 6 11,243 6,154 5,258 208 3 11,622 13,348

Jan-16 Dec-15 2015


11 February 2016



Figure 79B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Developed Markets

Europe 22,813 0 0 6 22,819 22,243 0 0 7 22,249 20,375 0 0 10 20,385 22,819

Austria 11 0 0 0 11 8 0 0 0 8 13 0 0 0 13 11

Belgium 3 0 0 0 3 2 0 0 0 2 4 0 0 0 4 3

Finland 8 0 0 0 8 13 0 0 0 13 11 0 0 0 11 8

France 798 0 0 0 798 1,215 0 0 0 1,215 603 0 0 0 603 798

Germany 5,060 0 0 0 5,060 4,574 0 0 0 4,574 4,721 0 0 0 4,721 5,060

Greece 28 0 0 0 28 27 0 0 0 27 61 0 0 0 61 28

Ireland 3 0 0 0 3 1 0 0 0 1 3 0 0 0 3 3

Italy 1,271 0 0 0 1,271 1,070 0 0 0 1,070 934 0 0 0 934 1,271

Netherlands 345 0 0 0 345 349 0 0 0 349 237 0 0 0 237 345

Norway 36 0 0 0 36 14 0 0 0 14 27 0 0 0 27 36

Portugal 12 0 0 0 12 7 0 0 0 7 20 0 0 0 20 12

Iceland 9 0 0 0 9 0 0 0 0 - 0 0 0 0 - 9

Spain 272 0 0 0 272 327 0 0 0 327 327 0 0 0 327 272

Sweden 422 0 0 0 422 605 0 0 0 605 344 0 0 0 344 422

Switzerland 1,073 0 0 0 1,073 1,053 0 0 0 1,053 1,240 0 0 0 1,240 1,073

UK 2,378 0 0 0 2,378 1,927 0 0 0 1,927 2,491 0 0 0 2,491 2,378

Europe broad 11,085 0 0 6 11,091 11,049 0 0 7 11,056 9,339 0 0 10 9,349 11,091

Americas 8,006 0 0 0 8,006 6,436 0 0 0 6,436 6,037 0 0 0 6,037 8,006

US 7,644 0 0 0 7,644 6,105 0 0 0 6,105 5,759 0 0 0 5,759 7,644

Canada 121 0 0 0 121 69 0 0 0 69 82 0 0 0 82 121

North America 242 0 0 0 242 262 0 0 0 262 196 0 0 0 196 242

Asia 3,238 0 0 0 3,238 3,218 0 0 0 3,218 3,211 0 0 0 3,211 3,238

Australia 79 0 0 0 79 568 0 0 0 568 105 0 0 0 105 79

Hong Kong 25 0 0 0 25 22 0 0 0 22 54 0 0 0 54 25

Japan 3,001 0 0 0 3,001 2,516 0 0 0 2,516 2,895 0 0 0 2,895 3,001

Singapore 4 0 0 0 4 2 0 0 0 2 3 0 0 0 3 4

Asia Pacific broad 129 0 0 0 129 110 0 0 0 110 154 0 0 0 154 129

EMEA 5 0 0 0 5 0 0 0 0 0 0 0 0 0 0 5

Israel 5 0 0 0 5 0 0 0 0 - 0 0 0 0 - 5

Global 4,100 0 0 0 4,100 2,303 0 0 0 2,303 2,461 0 0 0 2,461 4,100

Broad indices 4,100 0 0 0 4,100 2,303 0 0 0 2,303 2,461 0 0 0 2,461 4,100

DM Total 38,162 0 0 6 38,168 34,199 0 0 7 34,206 32,084 0 0 10 32,094 38,163

Jan-16 Dec-15 2015


11 February 2016



Figure 79C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD



Semi-


Semi-


Emerging Markets

BRIC 971 0 0 0 971 775 0 0 0 775 1,664 0 0 0 1,664 971

Brazil 120 0 0 0 120 133 0 0 0 133 165 0 0 0 165 120

Russia 145 0 0 0 145 204 0 0 0 204 238 0 0 0 238 145

India 203 0 0 0 203 169 0 0 0 169 358 0 0 0 358 203

China 503 0 0 0 503 270 0 0 0 270 903 0 0 0 903 503

Latin America 74 0 0 0 74 114 0 0 0 114 115 0 0 0 115 74

Chile 0 0 0 0 - 2 0 0 0 2 6 0 0 0 6 0

Mexico 23 0 0 0 23 45 0 0 0 45 33 0 0 0 33 23

LATAM broad 51 0 0 0 51 67 0 0 0 67 76 0 0 0 76 51

Asia 514 0 0 0 514 561 0 0 0 561 665 0 0 0 665 514

Bangladesh 4 0 0 0 4 0 0 0 0 0 1 0 0 0 1 4

Indonesia 32 0 0 0 32 19 0 0 0 19 34 0 0 0 34 32

Malaysia 18 0 0 0 18 23 0 0 0 23 21 0 0 0 21 18

Pakistan 3 0 0 0 3 3 0 0 0 3 2 0 0 0 2 3

Philippines 4 0 0 0 4 3 0 0 0 3 12 0 0 0 12 4

South Korea 115 0 0 0 115 127 0 0 0 127 173 0 0 0 173 115

Taiwan 101 0 0 0 101 85 0 0 0 85 105 0 0 0 105 101

Thailand 17 0 0 0 17 10 0 0 0 10 14 0 0 0 14 17

Vietnam 39 0 0 0 39 11 0 0 0 11 33 0 0 0 33 39

Asia Pacific broad 181 0 0 0 181 278 0 0 0 278 270 0 0 0 270 181

EMEA 208 0 0 0 208 283 0 0 0 283 240 0 0 0 240 208

Kuwait 2 0 0 0 2 4 0 0 0 4 2 0 0 0 2 2

Poland 13 0 0 0 13 16 0 0 0 16 12 0 0 0 12 13

South Africa 26 0 0 0 26 22 0 0 0 22 24 0 0 0 24 26

Turkey 53 0 0 0 53 133 0 0 0 133 108 0 0 0 108 53

Europe broad 92 0 0 0 92 90 0 0 0 90 83 0 0 0 83 92

Middle East & Africa 23 0 0 0 23 17 0 0 0 17 12 0 0 0 12 23

Global Markets 2,717 0 0 0 2,717 1,990 0 0 0 1,990 1,925 0 0 0 1,925 2,717

Global 2,717 0 0 0 2,717 1,990 0 0 0 1,990 1,925 0 0 0 1,925 2,717

EM Total 4,484 0 0 0 4,484 3,722 0 0 0 3,722 4,609 0 0 0 4,610 4,484

Total (EM + DM) 42,646 0 0 6 42,653 37,921 0 0 7 37,928 36,694 0 0 10 36,704 42,648

Jan-16 Dec-15 2015


Figure 80: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD

Fixed Income Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 397 0 0 106 504 250 0 0 47 298 336 0 0 81 417 504

Corporates 6,200 0 0 7 6,206 5,421 0 0 21 5,442 4,948 0 0 9 4,957 6,206

Covered Bonds 70 0 0 3 73 169 0 0 5 174 193 0 0 4 198 73

Credit Exposure 24 6 0 0 30 27 11 0 0 38 21 13 0 0 34 30

Sovereign 8,470 369 0 3 8,841 8,313 401 0 8 8,722 7,348 325 0 15 7,688 8,841

Money Market 717 0 0 0 717 820 0 0 0 820 634 0 0 0 634 717

Total Fixed Income 15,878 375 0 119 16,372 15,001 412 0 81 15,494 13,480 339 0 110 13,929 16,372

Jan-16 Dec-15 2015


11 February 2016



Figure 81: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD

Commodity Turnover Beta Beta+Semi-


Semi-


Semi-


Overall 244 14 0 0 258 232 1 1 0 234 334 2 1 0 337 258

Overall 233 14 0 0 247 215 1 1 0 217 312 2 1 0 315 247

Overall ex Energy 11 0 0 0 11 17 0 0 0 17 22 0 0 0 22 11

Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Agriculture 64 47 0 0 110 74 48 0 0 122 116 98 0 0 214 110

Overall 17 0 0 0 17 41 0 0 0 42 42 1 0 0 42 17

Cocoa 2 2 0 0 4 1 1 0 0 2 3 2 0 0 5 4

Coffee 11 19 0 0 30 6 18 0 0 24 15 36 0 0 51 30

Corn 2 2 0 0 4 3 3 0 0 5 6 6 0 0 12 4

Cotton 6 1 0 0 7 1 0 0 0 1 3 3 0 0 6 7

Grains 2 0 0 0 2 1 0 0 0 1 4 0 0 0 5 2

Softs 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0

Soybean Oil 0 0 0 0 1 1 1 0 0 2 2 3 0 0 5 1

Soybeans 1 1 0 0 3 1 1 0 0 2 3 2 0 0 5 3

Sugar 12 9 0 0 21 10 12 0 0 22 12 14 0 0 26 21

Wheat 11 12 0 0 23 8 12 0 0 21 25 32 0 0 56 23

Energy 862 1,169 0 0 2,032 691 768 0 0 1,459 755 889 0 0 1,644 2,032

Overall 24 1 0 0 25 75 1 0 0 76 52 0 0 0 53 25

Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Crude Oil 815 998 0 0 1,813 578 578 0 0 1,156 653 673 0 0 1,327 1813

Gasoline 6 6 0 0 12 6 8 0 0 14 4 5 0 0 9 12

Heating Oil 1 3 0 0 4 0 1 0 0 2 2 2 0 0 3 4

Natural Gas 17 161 0 0 178 30 180 0 0 211 44 208 0 0 252 178

Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0

Industrial Metals 73 32 0 0 105 88 20 0 0 109 135 37 0 0 172 105

Overall 18 2 0 0 19 23 0 0 0 23 37 2 0 0 40 19

Aluminium 3 2 0 0 4 9 1 0 0 10 22 2 0 0 24 4

Copper 43 23 0 0 66 50 16 0 0 65 55 23 0 0 78 66

Lead 2 1 0 0 3 0 0 0 0 0 0 0 0 0 1 3

Nickel 5 3 0 0 8 6 2 0 0 8 17 6 0 0 23 8

Tin 1 1 0 0 2 0 0 0 0 0 0 2 0 0 2 2

Zinc 2 1 0 0 3 1 1 0 0 1 4 1 0 0 5 3

Precious Metals 1,758 47 0 0 1,805 1,226 58 0 0 1,284 1,912 96 0 0 2,007 1,782

Overall 12 0 0 0 12 31 0 0 0 31 36 0 0 0 37 12

Gold 1594 23 0 0 1,618 1048 27 0 0 1,075 1623 42 0 0 1,665 1594

Palladium 43 1 0 0 44 24 0 0 0 24 50 1 0 0 51 44

Platinum 29 3 0 0 32 36 3 0 0 39 68 3 0 0 71 32

Rhodium 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 1

Silver 79 21 0 0 100 86 28 0 0 113 132 50 0 0 182 100

Livestock 2 2 0 0 4 4 3 0 0 7 2 4 0 0 6 4

Overall 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0

Cattle 0 0 0 0 0 1 2 0 0 3 1 1 0 0 1 0

Lean Hogs 1 2 0 0 3 2 1 0 0 4 1 3 0 0 4 3

Total 3,003 1,311 0 0 4,314 2,315 899 1 0 3,215 3,254 1,125 1 0 4,381 4,291

Jan-16 Dec-15 2015


11 February 2016



Product Rankings

Figure 82: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 2,348.1 808.4 2,348.1

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,751.2 1,563.5 1,751.2

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,635.1 1,400.4 1,635.1

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,473.3 1,297.4 1,473.3

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,410.5 932.5 1,410.5

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,257.9 1,098.2 1,257.9

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 1,201.8 760.5 1,201.8

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,149.8 883.0 1,149.8

Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 972.7 956.1 972.7

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 943.9 1,227.2 943.9

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 928.5 647.3 928.5

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 857.7 769.8 857.7

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 855.3 720.5 855.3

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 801.7 780.1 801.7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 745.9 830.6 745.9

Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 737.5 693.8 737.5

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 657.6 538.8 657.6

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 619.5 523.5 619.5

Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 539.0 484.4 539.0

Lyxor ETF XBear CAC 40 BX4 FP Lyxor Beta+ 490.2 379.1 490.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 83: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe |

ETF Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 921.8 937.9 921.8

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 832.5 780.1 832.5

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 793.6 409.7 793.6

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 677.7 557.2 677.7

Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta 606.5 890.7 606.5

Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta 531.2 322.5 531.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 432.2 217.0 432.2

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 391.4 306.8 391.4

Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta 373.2 126.0 373.2

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 366.6 619.4 366.6

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 340.2 124.0 340.2

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 309.0 149.9 309.0


iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 271.5 140.0 271.5

Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP Amundi Beta 249.2 10.4 249.2

Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 244.7 120.2 244.7

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 243.1 168.1 243.1

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta 198.2 62.7 198.2

Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP Amundi Beta 190.2 80.1 190.2



11 February 2016



Figure 84: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 577.4 181.6 577.4


Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 370.2 252.8 370.2

Gold Bullion Securities GBS LN ETF Securities Beta 230.1 186.3 230.1

ETFS Physical Gold PHAU LN ETF Securities Beta 215.5 260.2 215.5

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 189.5 142.2 189.5

ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta+ 185.9 39.9 185.9

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 183.1 106.0 183.1

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 166.8 139.5 166.8


XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 117.3 71.6 117.3

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 86.2 91.1 86.2

ETFS Physical Silver PHAG LN ETF Securities Beta 47.0 33.9 47.0

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 46.9 52.1 46.9

Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 44.7 54.3 44.7

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 44.6 40.9 44.6

iShares Physical Gold ETC SGLN LN Blackrock Beta 43.6 18.1 43.6

ETFS Copper COPA LN ETF Securities Beta 42.4 49.3 42.4

ETFS Brent Crude BRNT LN ETF Securities Beta 40.5 19.0 40.5

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 39.0 10.2 39.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 85: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core DAX UCITS ETF DE DAXEX GR 1,729.38 1 db x-trackers II EONIA TR Index UCITS ETF XEON GR 107.12

2 iShares STOXX 600 (DE) SXXPIEX GR 1,016.50 2 iShares Markit iBoxx Euro High Yield EUNW GR 74.57

3 Deka DAX UCITS ETF ETFDAX GR 972.65 3 iShares Markit iBoxx $ High Yield Capped Bond IS0R GY 39.90

4 iShares Euro STOXX 50 (DE) SX5EEX GR 942.17 4 iShares Barclays Euro Corporate Bond EUN5 GR 38.02

5 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 837.33 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 37.71

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 498.59 6 Lyxor UCITS ETF Euro Cash LYXCSH GR 36.07

7 iShares MDAX (DE) MDAXEX GR 391.08 7 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 32.41

8 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC GR 364.15 8 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 31.44

9 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 343.78 9 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR 30.28

10 db x-trackers ShortDAX UCITS ETF XSDX GR 334.93 10 SPDR Barclays 1 - 3 Year Euro Government Bond UCITS ETF SYB3 GY 24.35

Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover

1 XETRA-Gold XAUEUR 117.30 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 24.82

2 ETFS Brent Oil OESA GR 44.21 2 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 9.76

3 Source Physical Gold ETC (P-ETC) 8PSG GY 34.74 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 5.19

4 ETFS WTI Crude Oil OD7F GR 34.27 4 iShares S&P Listed Private Equity Fund IQQL GR 3.56

5 db Physical Gold Euro Hedged ETC XAD1 GR 21.47 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.92

6 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 16.98 6 ETFS Short USD Long EUR XBJQ GR 0.80

7 Gold Bullion Securities GG9B GR 15.69 7 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 0.64

8 db ETC Brent Crude Oil Euro Hedged ETC XETC GR 15.10 8 ETFS 5X Short USD Long EUR 5CH6 GY 0.60

9 db Physical Gold ETC (EUR) XAD5 GR 11.10 9 ETFS 5X Long USD Short EUR 5CH5 GY 0.54

10 ETFS Physical Swiss Gold Securities GZUR GR 9.85 10 ETFS Short CNY Long USD XBJF GR 0.52


11 February 2016



Figure 86: Top 10 ETPs by Turnover (€ million) – London SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 1,502.97 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 635.74

2 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,238.23 2 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 589.41

3 Vanguard S&P 500 ETF VUSD LN 1,007.48 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 492.19

4 iShares Core S&P 500 UCITS ETF CSPX LN 778.73 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 463.06

5 Lyxor Euro Stoxx 50 (DR) UCITS ETF MSED LN 433.61 5 iShares $ Corporate Bond UCITS ETF LQDE LN 365.56

6 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 390.15 6 iShares $ TIPS UCITS ETF IDTP LN 294.36

7 Vanguard FTSE 100 ETF VUKE LN 374.17 7 Lyxor UCITS ETF Euro Cash CSHD LN 264.63

8 Amundi JPX-Nikkei 400 UCITS ETF - JPY JPNY LN 276.16 8 iShares $ High Yield Corporate Bond UCITS ETF SHYU LN 259.46

9 iShares S&P 500 UCITS ETF (Inc) IDUS LN 243.92 9 iShares UK Gilts UCITS ETF IGLT LN 254.93

10 Vanguard S&P 500 ETF VUSA LN 234.32 10 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 215.74


1 Source Physical Gold ETC (P-ETC) SGLD LN 496.71 1 ETFS 3x Short JPY Long USD SJP3 LN 111.49

2 ETFS WTI Crude Oil CRUD LN 338.63 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 13.41

3 Gold Bullion Securities GBS LN 171.28 3 iShares Listed Private Equity UCITS ETF IPRV LN 6.19

4 ETFS Daily Short WTI Crude Oil SOIL LN 164.42 4 ETFS 3x Short EUR Long USD SEU3 LN 4.46

5 ETFS Physical Gold PHAU LN 126.98 5 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 3.38

6 ETFS Brent 1mnth Oil OILB LN 56.37 6 ETFS Short GBP Long USDGBP USD2 LN 2.99

7 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN 42.24 7 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 2.95

8 ETFS Copper COPA LN 39.55 8 ETFS Long JPY Short GBP GBJP LN 2.55

9 ETFS Daily Leveraged Crude Oil LOIL LN 37.91 9 ETFS 3x Long GBP Short USD LGB3 LN 2.24

10 ETFS Physical Gold GBP PHGP LN 33.68 10 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 2.18 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 87: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares SMI CH CSSMI SW 424.48 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 69.12

2 iShares Core S&P 500 UCITS ETF CSSPX SW 228.10 2 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 42.40

3 UBS-ETF MSCI EMU EMUEUA SW 179.44 3 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 39.73

4 iShares S&P 500 UCITS ETF (Inc) IUSA SW 179.10 4 iShares CHF Corporate Bond (CH) CHCORP SW 33.36

5 iShares Core MSCI World UCITS ETF (Acc) SWDA SW 173.91 5 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 25.65

6 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 164.48 6 iShares $ Corporate Bond UCITS ETF LQDE SW 23.32

7 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 136.85 7 Lyxor ETF Euro Corporate Bond ex Financials LYCNB SW 22.20

8 iShares MSCI EMU Small Cap UCITS ETF CSEMUS SW 118.84 8 Lyxor ETF Euro Corporate Bond LYCRP SW 19.51

9 iShares SMIM CH CSSMIM SW 117.39 9 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 17.92

10 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 116.03 10 UBS ETF - Barclays US Liquid Corporates UCITS ETF (hedged to GBP) CBUSH SW 15.53


1 ZKB Gold ETF ZGLD SW 61.43 1 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 2.54

2 ZKB Gold ETF-A USD ZGLDUS SW 52.87 2 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 2.13

3 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 38.80 3 iShares Listed Private Equity UCITS ETF IPRV SW 1.30

4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 23.23 4 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.73

5 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 23.13 5 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.72

6 ZKB Gold ETF-H (CHF) ZGLDHC SW 19.97 6 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW 0.53

7 Source Physical Gold ETC (P-ETC) SGLD SW 18.87 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.26

8 ZKB Gold ETF-H (EUR) ZGLDHE SW 17.42 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.24

9 iShares Gold CH CSGOLD SW 14.04 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.21

10 ZKB Gold ETF-A EUR ZGLDEU SW 13.54 10 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Figure 88: Top 10 ETPs by Turnover (€ million) – Euronext Paris | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1,308.56 1 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP 579.85

2 Lyxor ETF Leverage CAC 40 LVC FP 737.50 2 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP 516.69

3 Lyxor ETF XBear CAC 40 BX4 FP 490.21 3 Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP 298.76

4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 439.75 4 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 263.61

5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 282.10 5 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP 218.03

6 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 254.85 6 Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 212.51

7 Lyxor ETF S&P 500 SP5 FP 217.78 7 Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP 190.15

8 Amundi ETF CAC 40 UCITS ETF C40 FP 206.16 8 Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP 179.01

9 Lyxor ETF XBear Euro STOXX 50 BXX FP 202.85 9 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 164.55

10 Lyxor ETF MSCI Emerging Markets - A LEM FP 192.50 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 157.35


1 Lyxor ETF Commodities CRB CRB FP 13.84 1 Lyxor ETF Privex PVX FP 0.96

2 ETFS Brent 1mnth Oil OILBP FP 12.72 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.70

3 ETFS WTI Crude Oil CRUDP FP 11.92 3 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.01

4 Gold Bullion Securities GBS FP 7.98 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.00

5 Lyxor ETF Commodities CRB Non-Energy CRN FP 5.44 5 iShares Listed Private Equity UCITS ETF PRV FP -

6 ETFS Natural Gas NGASP FP 2.89

7 ETFS WTI 2mth Oil OILWP FP 1.28

8 ETFS Gold BULLP FP 0.47

9 ETFS Silver SLVRP FP 0.42

10 ETFS All Commodities AIGCP FP 0.39 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 89: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 734.89 1 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) EM35 IM 107.57

2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 538.97 2 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 102.34

3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 387.83 3 Lyxor UCITS ETF Euro Cash LEONIA IM 76.80

4 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 273.48 4 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 53.58

5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 251.70 5 Lyxor ETF Daily Double Short BTP BTP2S IM 50.86

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 235.15 6 iShares Euro Corporate Bond UCITS ETF IEAC IM 49.06

7 iShares STOXX 600 (DE) SXXPIEX IM 184.93 7 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 35.71

8 iShares Core S&P 500 UCITS ETF CSSPX IM 152.83 8 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 34.81

9 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 146.18 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 33.27

10 iShares Core MSCI World UCITS ETF (Acc) SWDA IM 125.81 10 LYXOR UCITS ETF Smart Cash C-EUR SMART IM 33.00


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 316.16 1 ETFS 3X Long USD Short EUR EUS3 IM 35.26

2 ETFS Daily Leveraged Crude Oil LOIL IM 139.12 2 ETFS 3X Short USD Long EUR USE3 IM 23.94

3 Boost Wti Oil 3X Short Daily ETP 3OIS IM 135.64 3 ETFS 5X Long USD Short EUR EUS5 IM 14.14

4 ETFS WTI Crude Oil CRUD IM 131.09 4 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 4.48

5 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 74.62 5 db x-trackers Portfolio TR Index UCITS ETF XQUI IM 4.06

6 ETFS Physical Gold PHAU IM 39.95 6 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 3.86

7 Boost Natural Gas 3x Short Daily 3NGS IM 37.91 7 db-x trackers Portfolio Income UCITS ETF XS7W IM 3.38

8 Gold Bullion Securities GBS IM 31.61 8 ETFS 5X Short USD Long EUR USE5 IM 2.65

9 ETFS Brent 1mnth Oil OILB IM 30.04 9 Lyxor ETF Dynamic Long VIX Futures Index - EUR DLVO IM 1.38

10 ETFS Daily Short WTI Crude Oil SOIL IM 17.81 10 Boost Long USD Short EUR 5x Daily ETP 5USE IM 1.13 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Figure 90: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen


1 XACT Bear 2 XABEAR2 SS 373.84 No Fixed Income ETFs

2 XACT OMXS30 XACTOMX SS 329.97

3 XACT Bull 2 XABULL2 SS 328.01

4 XACT Bear XACBEAR SS 125.78

5 XACT OMXSB XACTSBX SS 85.00

6 XACT Bull XACBULL SS 70.92

7 XACT Nordic 30 XACTVINX SS 44.08

8 SpotR OMXS30 SPOTROMX SS 6.54

9 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS 2.16

10 db x-trackers STOXX 600 Banks UCITS ETF XS7R SS 2.06

Euronext Amsterdam


1 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 343.56 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 234.00

2 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 288.78 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 60.17

3 iShares AEX UCITS ETF IAEX NA 258.23 3 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 28.77

4 Vanguard S&P 500 ETF VUSA NA 213.10 4 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 16.05

5 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 201.41 5 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 13.27

6 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 182.45 6 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 11.65

7 iShares S&P 500 UCITS ETF (Inc) IUSA NA 118.55 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 10.41

8 iShares MSCI World UCITS ETF (Inc) IWRD NA 113.21 8 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 10.14

9 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 96.25 9 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 8.45

10 iShares MSCI North America UCITS ETF INAA NA 90.21 10 iShares $ Corporate Bond UCITS ETF LQDA NA 7.55 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



7. European ETF Exchanges

Figure 91: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |

Summary Sep-15Market

Share %Oct-15

Market

Share %Nov-15

Market

Share %Dec-15

Market

Share %Jan-16

Market

Share %

Deutche Boerse

Deutsche Borse 13,383 22.8% 12,545 22.1% 12,558 22.4% 16,388 24.8% 17,333 23.5%

LSE

London SE 19,069 32.4% 18,082 31.8% 17,790 31.7% 19,855 30.1% 23,889 32.4%

Borsa Italiana 6,253 10.6% 6,297 11.1% 6,368 11.4% 6,465 9.8% 7,950 10.8%

25,322 43.1% 24,379 42.9% 24,158 43.1% 26,320 39.9% 31,839 43.2%

Euronext

Paris 11,127 18.9% 11,564 20.4% 11,124 19.8% 13,281 20.1% 12,987 17.6%

Amsterdam 2,066 3.5% 2,037 3.6% 2,110 3.8% 2,781 4.2% 3,097 4.2%

Lisbon 7 0.0% 9 0.0% 12 0.0% 8 0.0% 8 0.0%

Brussels 2 0.0% 1 0.0% 2 0.0% 2 0.0% 3 0.0%

13,201 22.4% 13,611 24.0% 13,249 23.6% 16,072 24.3% 16,096 21.8%

Swiss SE 4,407 7.5% 4,452 7.8% 4,416 7.9% 5,112 7.7% 6,018 8.2%

Stockholmborsen 1,454 2.5% 967 1.7% 964 1.7% 1,309 2.0% 1,383 1.9%

Oslo Bors 575 1.0% 425 0.7% 287 0.5% 274 0.4% 582 0.8%

BME 456 0.8% 432 0.8% 455 0.8% 550 0.8% 469 0.6%

Others 20 0.0% 15 0.0% 11 0.0% 15 0.0% 18 0.0%

Total 58,819 100.0% 56,825 100.0% 56,098 100.0% 66,040 100.0% 73,739 100.0%


Figure 92: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |

Summary Sep-15Market

Share %Oct-15

Market

Share %Nov-15

Market

Share %Dec-15

Market

Share %Jan-16

Market

Share %

LSE

London SE 1,410 2.4% 1,785 3.1% 1,376 2.5% 1,339 2.0% 2,168 2.9%

Borsa Italiana 1,264 2.1% 1,325 2.3% 1,174 2.1% 1,180 1.8% 1,338 1.8%

2,673 4.5% 3,110 5.5% 2,550 4.5% 2,519 3.8% 3,507 4.8%

Deutche Boerse

Deutsche Borse 270 0.5% 337 0.6% 277 0.5% 285 0.4% 389 0.5%

Euronext

Amsterdam 11 0.0% 16 0.0% 8 0.0% 16 0.0% 12 0.0%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

39 0.1% 40 0.1% 40 0.1% 63 0.1% 50 0.1%

Others 18 0.0% 32 0.1% 27 0.0% 23 0.0% 28 0.0%

Total 3,001 5.1% 3,519 6.2% 2,894 5.2% 2,890 4.4% 3,975 5.4% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Figure 93: Total ETP on-exchange Turnover by asset class and by exchange | ETPs | Europe |

Deutsche

BorseLondon SE

Euronext

Paris

Borsa

Italiana

Euronext

AmsterdamSwiss SE

Stockholm

Borsen

Turnover* Mkt Share %

Equity

Developed Markets 11,539.7 10,821.0 4,869.6 3,954.3 2,209.6 3,982.2 474.8 37,851.2 49.4%

Emerging Markets 884.6 1,832.9 785.5 424.4 187.8 362.9 5.5 4,483.7 5.9%

Global Markets 89.7 332.5 103.0 24.3 53.7 78.0 0.0 681.1 0.9%

Sector 1,074.6 819.9 627.3 174.9 53.4 120.6 2.1 2,872.6 3.7%

Capitalization 253.7 182.4 111.4 52.0 27.5 164.7 0.0 791.7 1.0%

Style 306.7 460.3 37.0 78.6 89.7 115.6 0.0 1,087.8 1.4%

Strategy 1,326.6 1,140.0 2,122.2 1,705.4 0.2 118.7 900.7 7,313.9 9.5%

Thematic 123.1 234.6 32.1 39.2 20.6 70.1 0.0 519.7 0.7%

Total 15,599 15,824 8,688 6,453 2,642 5,013 1,383 55,601.8 72.6%

Fixed Income

Overall 96.5 305.8 4.9 15.1 60.2 21.0 0.0 503.6 0.7%

Corporates 410.1 3,859.8 972.7 440.3 289.3 234.1 0.0 6,206.2 8.1%

Covered Bonds 59.0 2.3 0.1 7.6 1.1 2.9 0.0 73.0 0.1%

Credit Exposure 28.0 0.0 0.0 2.4 0.0 0.0 0.0 30.4 0.0%

Sovereign 875.6 3,538.0 3,211.5 807.2 96.1 312.1 0.0 8,840.5 11.5%

Money Market 161.6 282.5 89.4 180.3 0.0 3.5 0.0 717.3 0.9%

Total 1,631 7,988 4,278 1,453 447 574 - 16,371.0 21.4%

Commodity 0.0%

Overall 57.0 86.9 19.7 24.9 2.5 66.7 0.0 257.6 0.3%

Agriculture 10.7 42.2 0.3 55.1 0.3 1.9 0.0 110.5 0.1%

Energy 135.0 818.1 28.8 1,031.7 0.0 18.0 0.0 2,031.6 2.7%

Industrial Metals 6.4 76.7 0.3 21.5 0.0 0.3 0.0 105.3 0.1%

Precious Metals 232.9 1,046.1 9.0 142.0 11.4 359.3 0.0 1,800.6 2.3%

Livestock 0.6 1.4 0.0 1.7 0.0 0.0 0.0 3.7 0.0%

Total 443 2,071 58 1,277 14 446 - 4,309.3 5.6%

Other 0.0%

Alternative 35.4 31.1 1.7 11.2 4.3 8.1 0.0 91.9 0.1%

Currency 4.4 141.7 0.0 85.7 0.3 0.0 0.0 232.0 0.3%

Multi Asset 10.5 1.3 0.0 8.4 1.1 0.6 0.0 22.0 0.0%

Total 50 174 2 105 6 9 - 345.8 0.5%

Grand Total 17,723 26,058 13,026 9,288 3,109 6,041 1,383 76,628 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)


11 February 2016



8. Assets

ETP Monthly AUM Analysis by Asset Class

Figure 94: AUM by asset class and instrument (€ million) | ETPs | Europe |

Asset Class Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

ETFs

Equity 296,896 4,588 3,562 189 305,234 315,879 4,364 3,745 199 324,187 315,879 4,364 3,745 199 324,187

Fixed income 107,143 1,601 0 4,419 113,164 106,859 1,661 0 4,563 113,082 106,859 1,661 0 4,563 113,082

Commodity 12,507 0 51 0 12,558 12,268 0 30 0 12,298 12,268 0 30 0 12,298

Currency 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Multi Asset 42 0 0 357 399 42 0 0 381 423 42 0 0 381 423

Alternative 451 0 27 419 897 512 0 28 435 975 512 0 28 435 975

Total 417,039 6,189 3,640 5,384 432,252 435,560 6,025 3,802 5,578 450,965 435,560 6,025 3,802 5,578 450,965

ETCs

Commodity 15,940 693 0 0 16,633 14,941 697 0 0 15,638 14,941 697 0 0 15,638

Currency 105 255 0 0 359 107 240 0 0 347 107 240 0 0 347

Total 16,045 948 0 0 16,993 15,048 937 0 0 15,985 15,048 937 0 0 15,985

Total ETPs 433,084 7,137 3,640 5,384 449,245 450,608 6,962 3,802 5,578 466,950 450,608 6,962 3,802 5,578 466,950



Asset Class Analysis

Figure 95: European Equity ETF AUM summary (€ million) | ETFs | Europe |

Equity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Developed Markets 223,720 0 0 108 223,828 236,476 0 0 113 236,589 236,476 0 0 113 236,589

Emerging Markets 19,785 0 0 0 19,785 22,316 0 0 0 22,316 22,316 0 0 0 22,316

Global Markets 4,500 0 0 0 4,500 4,913 0 0 0 4,913 4,913 0 0 0 4,913

Sector 17,572 0 0 0 17,572 19,569 0 0 0 19,569 19,569 0 0 0 19,569

Capitalization 6,649 0 0 0 6,649 7,137 0 0 0 7,137 7,137 0 0 0 7,137

Strategy 5,124 4,588 3,562 81 13,354 5,072 4,364 3,745 86 13,267 5,072 4,364 3,745 86 13,267

Style 15,744 0 0 0 15,744 16,478 0 0 0 16,478 16,478 0 0 0 16,478

Thematic 3,803 0 0 0 3,803 3,918 0 0 0 3,918 3,918 0 0 0 3,918

Total Equities 296,896 4,588 3,562 189 305,234 315,879 4,364 3,745 199 324,187 315,879 4,364 3,745 199 324,187



11 February 2016



Figure 95A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Sector 17,572 0 0 0 17,572 19,569 0 0 0 19,569 19,569 0 0 0 19,569

Consumer discretionary 775 0 0 0 775 890 0 0 0 890 890 0 0 0 890

Consumer staples 886 0 0 0 886 986 0 0 0 986 986 0 0 0 986

Energy 1,505 0 0 0 1,505 1,522 0 0 0 1,522 1,522 0 0 0 1,522

Financials 8,814 0 0 0 8,814 10,303 0 0 0 10,303 10,303 0 0 0 10,303

Healthcare 1,893 0 0 0 1,893 2,020 0 0 0 2,020 2,020 0 0 0 2,020

Industrials 461 0 0 0 461 534 0 0 0 534 534 0 0 0 534

Information Technology 1,321 0 0 0 1,321 1,410 0 0 0 1,410 1,410 0 0 0 1,410

Materials 668 0 0 0 668 669 0 0 0 669 669 0 0 0 669

Telecommunications 790 0 0 0 790 787 0 0 0 787 787 0 0 0 787

Utilities 459 0 0 0 459 448 0 0 0 448 448 0 0 0 448

Capitalization 6,649 0 0 0 6,649 7,137 0 0 0 7,137 7,137 0 0 0 7,137

Large Cap 354 0 0 0 354 379 0 0 0 379 379 0 0 0 379

Mid Cap 2,180 0 0 0 2,180 2,376 0 0 0 2,376 2,376 0 0 0 2,376

Small Cap 4,114 0 0 0 4,114 4,381 0 0 0 4,381 4,381 0 0 0 4,381

Strategy 5,124 4,588 3,562 81 13,354 5,072 4,364 3,745 86 13,267 5,072 4,364 3,745 86 13,267

Fundamental 942 0 426 0 1,369 1,095 0 448 0 1,543 1,095 0 448 0 1,543

Leveraged Long 0 2,042 0 0 2,042 0 2,183 0 0 2,183 0 2,183 0 0 2,183

Leveraged Short 0 883 0 0 883 0 799 0 0 799 0 799 0 0 799

Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Quantitative 4,149 0 3,135 81 7,366 3,947 0 3,297 86 7,330 3,947 0 3,297 86 7,330

Short 32 1,663 0 0 1,695 30 1,382 0 0 1,412 30 1,382 0 0 1,412

Style 15,744 0 0 0 15,744 16,478 0 0 0 16,478 16,478 0 0 0 16,478

Dividend 14,232 0 0 0 14,232 14,825 0 0 0 14,825 14,825 0 0 0 14,825

Growth 273 0 0 0 273 300 0 0 0 300 300 0 0 0 300

Value 1,240 0 0 0 1,240 1,353 0 0 0 1,353 1,353 0 0 0 1,353

Thematic 3,803 0 0 0 3,803 3,918 0 0 0 3,918 3,918 0 0 0 3,918

Commodities 719 0 0 0 719 675 0 0 0 675 675 0 0 0 675

Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Faith 185 0 0 0 185 189 0 0 0 189 189 0 0 0 189

Other Theme 913 0 0 0 913 895 0 0 0 895 895 0 0 0 895

Sustainability 1,985 0 0 0 1,985 2,159 0 0 0 2,159 2,159 0 0 0 2,159

Total 48,891 4,588 3,562 81 57,122 52,173 4,364 3,745 86 60,368 52,173 4,364 3,745 86 60,368



11 February 2016



Figure 95B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Developed Markets

Europe 126,131 0 0 108 126,239 132,716 0 0 113 132,829 132,716 0 0 113 132,829

Austria 323 0 0 0 323 397 0 0 0 397 397 0 0 0 397

Belgium 41 0 0 0 41 43 0 0 0 43 43 0 0 0 43

Finland 172 0 0 0 172 178 0 0 0 178 178 0 0 0 178

France 4,930 0 0 0 4,930 5,037 0 0 0 5,037 5,037 0 0 0 5,037

Germany 20,152 0 0 0 20,152 21,629 0 0 0 21,629 21,629 0 0 0 21,629

Greece 159 0 0 0 159 197 0 0 0 197 197 0 0 0 197

Ireland 29 0 0 0 29 31 0 0 0 31 31 0 0 0 31

Italy 2,451 0 0 0 2,451 2,964 0 0 0 2,964 2,964 0 0 0 2,964

Netherlands 650 0 0 0 650 649 0 0 0 649 649 0 0 0 649

Norway 212 0 0 0 212 222 0 0 0 222 222 0 0 0 222

Portugal 72 0 0 0 72 76 0 0 0 76 76 0 0 0 76

Spain 1,539 0 0 0 1,539 1,696 0 0 0 1,696 1,696 0 0 0 1,696

Sweden 1,152 0 0 0 1,152 1,405 0 0 0 1,405 1,405 0 0 0 1,405

Switzerland 9,644 0 0 0 9,644 10,297 0 0 0 10,297 10,297 0 0 0 10,297

UK 13,108 0 0 0 13,108 13,129 0 0 0 13,129 13,129 0 0 0 13,129

Europe broad 71,497 0 0 108 71,605 74,764 0 0 113 74,877 74,764 0 0 113 74,877

Americas 58,341 0 0 0 58,341 61,445 0 0 0 61,445 61,445 0 0 0 61,445

US 55,718 0 0 0 55,718 58,657 0 0 0 58,657 58,657 0 0 0 58,657

Canada 767 0 0 0 767 772 0 0 0 772 772 0 0 0 772

North America 1,857 0 0 0 1,857 2,016 0 0 0 2,016 2,016 0 0 0 2,016

Asia 20,452 0 0 0 20,452 22,980 0 0 0 22,980 22,980 0 0 0 22,980

Australia 765 0 0 0 765 795 0 0 0 795 795 0 0 0 795

Hong Kong 234 0 0 0 234 262 0 0 0 262 262 0 0 0 262

Japan 18,048 0 0 0 18,048 20,400 0 0 0 20,400 20,400 0 0 0 20,400

Singapore 56 0 0 0 56 63 0 0 0 63 63 0 0 0 63

Asia Pacific broad 1,349 0 0 0 1,349 1,460 0 0 0 1,460 1,460 0 0 0 1,460

EMEA 5 0 0 0 5 0 0 0 0 0 0 0 0 0 0

Israel 5 0 0 0 5 0 0 0 0 - 0 0 0 0 -

Global 18,790 0 0 0 18,790 19,335 0 0 0 19,335 19,335 0 0 0 19,335

Broad indices 18,790 0 0 0 18,790 19,335 0 0 0 19,335 19,335 0 0 0 19,335

DM Total 223,720 0 0 108 223,828 236,476 0 0 113 236,589 236,476 0 0 113 236,589



11 February 2016



Figure 95C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |



Semi-


Semi-

activeAlpha Total

Emerging Markets

BRIC 5,186 0 0 0 5,186 5,953 0 0 0 5,953 5,953 0 0 0 5,953

Brazil 506 0 0 0 506 524 0 0 0 524 524 0 0 0 524

Russia 673 0 0 0 673 680 0 0 0 680 680 0 0 0 680

India 1,669 0 0 0 1,669 1,807 0 0 0 1,807 1,807 0 0 0 1,807

China 2,339 0 0 0 2,339 2,941 0 0 0 2,941 2,941 0 0 0 2,941

Latin America 516 0 0 0 516 532 0 0 0 532 532 0 0 0 532

Chile 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Mexico 153 0 0 0 153 151 0 0 0 151 151 0 0 0 151

LATAM broad 363 0 0 0 363 381 0 0 0 381 381 0 0 0 381

Asia 2,910 0 0 0 2,910 3,373 0 0 0 3,373 3,373 0 0 0 3,373

Bangladesh 19 0 0 0 19 20 0 0 0 20 20 0 0 0 20

Indonesia 118 0 0 0 118 119 0 0 0 119 119 0 0 0 119

Malaysia 48 0 0 0 48 50 0 0 0 50 50 0 0 0 50

Pakistan 19 0 0 0 19 21 0 0 0 21 21 0 0 0 21

Philippines 41 0 0 0 41 39 0 0 0 39 39 0 0 0 39

South Korea 671 0 0 0 671 815 0 0 0 815 815 0 0 0 815

Taiwan 446 0 0 0 446 563 0 0 0 563 563 0 0 0 563

Thailand 31 0 0 0 31 29 0 0 0 29 29 0 0 0 29

Vietnam 303 0 0 0 303 325 0 0 0 325 325 0 0 0 325

Asia Pacific broad 1,215 0 0 0 1,215 1,392 0 0 0 1,392 1,392 0 0 0 1,392

EMEA 836 0 0 0 836 875 0 0 0 875 875 0 0 0 875

Kuwait 5 0 0 0 5 7 0 0 0 7 7 0 0 0 7

Poland 64 0 0 0 64 64 0 0 0 64 64 0 0 0 64

South Africa 56 0 0 0 56 69 0 0 0 69 69 0 0 0 69

Turkey 290 0 0 0 290 284 0 0 0 284 284 0 0 0 284

Europe broad 301 0 0 0 301 319 0 0 0 319 319 0 0 0 319

Middle East & Africa 121 0 0 0 121 133 0 0 0 133 133 0 0 0 133

Global Markets 10,336 0 0 0 10,336 11,583 0 0 0 11,583 11,583 0 0 0 11,583

Global 10,336 0 0 0 10,336 11,583 0 0 0 11,583 11,583 0 0 0 11,583

EM Total 19,785 0 0 0 19,785 22,316 0 0 0 22,316 22,316 0 0 0 22,316

Total (EM + DM) 243,505 0 0 108 243,613 258,793 0 0 113 258,906 258,793 0 0 113 258,906



Figure 96: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |

Fixed Income AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 4,203 0 0 3,801 8,004 4,042 0 0 3,941 7,984 4,042 0 0 3,941 7,984

Corporates 42,205 0 0 229 42,434 43,248 0 0 228 43,476 43,248 0 0 228 43,476

Covered Bonds 2,804 0 0 348 3,152 2,698 0 0 352 3,050 2,698 0 0 352 3,050

Credit Exposure 276 44 0 0 321 237 44 0 0 282 237 44 0 0 282

Sovereign 54,868 1,557 0 41 56,465 53,692 1,616 0 41 55,349 53,692 1,616 0 41 55,349

Money Market 2,787 0 0 0 2,787 2,941 0 0 0 2,941 2,941 0 0 0 2,941

Total Fixed Income 107,143 1,601 0 4,419 113,164 106,859 1,661 0 4,563 113,082 106,859 1,661 0 4,563 113,082



11 February 2016



Figure 97: European Commodity ETP AUM summary (€ million) | ETPs | Europe |

Commodity AUM Beta Beta+Semi-


Semi-


Semi-

activeAlpha Total

Overall 3,458 15 51 0 3,524 3,627 11 30 0 3,668 3,627 11 30 0 3,668

Overall 3253 15 51 0 3,319 3406 11 30 0 3,446 3406 11 30 0 3,446

Overall ex Energy 199 0 0 0 199 215 0 0 0 215 215 0 0 0 215

Overall Light Energy 6 0 0 0 6 6 0 0 0 6 6 0 0 0 6

Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Agriculture 656 93 0 0 748 683 103 0 0 786 683 103 0 0 786

Overall 424 4 0 0 427 434 4 0 0 437 434 4 0 0 437

Cocoa 8 2 0 0 11 10 3 0 0 12 10 3 0 0 12

Coffee 46 30 0 0 76 48 35 0 0 83 48 35 0 0 83

Corn 30 8 0 0 38 28 7 0 0 36 28 7 0 0 36

Cotton 16 3 0 0 20 28 3 0 0 31 28 3 0 0 31

Grains 31 1 0 0 32 31 1 0 0 32 31 1 0 0 32

Softs 4 0 0 0 5 5 0 0 0 5 5 0 0 0 5

Soybean Oil 2 1 0 0 3 2 1 0 0 3 2 1 0 0 3

Soybeans 8 2 0 0 10 8 2 0 0 10 8 2 0 0 10

Sugar 23 13 0 0 36 30 17 0 0 47 30 17 0 0 47

Wheat 63 29 0 0 92 60 30 0 0 91 60 30 0 0 91

Energy 1,911 404 0 0 2,315 1,762 391 0 0 2,152 1,762 391 0 0 2,152

Overall 148 1 0 0 149 165 1 0 0 166 165 1 0 0 166

Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1

Crude Oil 1690 329 0 0 2,019 1522 304 0 0 1,826 1522 304 0 0 1,826

Gasoline 9 2 0 0 11 9 2 0 0 11 9 2 0 0 11

Heating Oil 4 1 0 0 6 4 1 0 0 5 4 1 0 0 5

Natural Gas 59 71 0 0 130 60 83 0 0 143 60 83 0 0 143

Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -

Industrial Metals 382 53 0 0 435 397 67 0 0 464 397 67 0 0 464

Overall 141 2 0 0 143 153 2 0 0 156 153 2 0 0 156

Aluminium 80 3 0 0 83 80 4 0 0 83 80 4 0 0 83

Copper 70 30 0 0 99 72 43 0 0 115 72 43 0 0 115

Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2

Nickel 75 13 0 0 89 76 13 0 0 90 76 13 0 0 90

Tin 2 2 0 0 4 2 2 0 0 3 2 2 0 0 3

Zinc 14 2 0 0 15 13 2 0 0 15 13 2 0 0 15

Precious Metals 22,031 126 0 0 22,157 20,729 122 0 0 20,851 20,729 122 0 0 20,851

Overall 110 1 0 0 111 113 1 0 0 114 113 1 0 0 114

Gold 18893 52 0 0 18,945 17548 50 0 0 17,598 17548 50 0 0 17,598

Palladium 416 1 0 0 417 487 1 0 0 488 487 1 0 0 488

Platinum 690 6 0 0 696 698 7 0 0 705 698 7 0 0 705

Rhodium 59 0 0 0 59 56 0 0 0 56 56 0 0 0 56

Silver 1862 67 0 0 1,929 1825 64 0 0 1,889 1825 64 0 0 1,889

Livestock 9 3 0 0 12 11 3 0 0 14 11 3 0 0 14

Overall 4 0 0 0 4 6 0 0 0 6 6 0 0 0 6

Cattle 1 0 0 0 2 1 1 0 0 2 1 1 0 0 2

Lean Hogs 4 2 0 0 6 4 2 0 0 6 4 2 0 0 6

Total 28,447 693 51 0 29,192 27,209 697 30 0 27,936 27,209 697 30 0 27,936



11 February 2016



Product Rankings

Figure 98: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2015 AUM

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 11,314.9 11,936.4 11,936.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10,819.5 11,503.5 11,503.5

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,909.3 9,433.1 9,433.1

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 8,039.0 8,688.2 8,688.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7,656.5 7,872.2 7,872.2

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,648.2 7,522.2 7,522.2

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,128.0 6,258.4 6,258.4

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,774.5 6,193.4 6,193.4

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,615.0 5,957.6 5,957.6

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5,354.3 5,536.2 5,536.2

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5,166.1 5,517.9 5,517.9

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 5,106.1 4,832.1 4,832.1

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,948.0 5,275.4 5,275.4

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,738.6 4,986.1 4,986.1

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,853.1 4,009.1 4,009.1

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,005.0 3,373.6 3,373.6

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 2,925.9 3,324.6 3,324.6

db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2,804.0 3,017.9 3,017.9

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,711.0 2,837.9 2,837.9

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,464.7 2,463.2 2,463.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 99: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2015 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6,095.5 6,385.3 6,385.3

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,845.1 4,002.7 4,002.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,770.1 4,026.4 4,026.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,585.3 3,758.0 3,758.0

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3,455.8 3,449.8 3,449.8

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,631.8 2,689.8 2,689.8

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 2,369.7 2,329.8 2,329.8

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,365.1 2,456.8 2,456.8

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,262.0 2,308.4 2,308.4

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 2,008.6 1,952.5 1,952.5

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,924.8 1,725.7 1,725.7

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,901.4 1,982.0 1,982.0

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,830.3 1,701.7 1,701.7

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,827.0 1,779.5 1,779.5

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 1,744.1 1,630.5 1,630.5

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,721.8 1,734.9 1,734.9

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,647.7 1,627.2 1,627.2

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,595.8 1,581.9 1,581.9

db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1,554.8 1,407.8 1,407.8

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,421.0 1,371.1 1,371.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

11 February 2016



Figure 100: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2015 AUM

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4,349.9 4,148.5 4,148.5

ETFS Physical Gold PHAU LN ETF Securities Beta 3,408.0 3,232.5 3,232.5

Gold Bullion Securities GBS LN ETF Securities Beta 2,332.1 2,150.5 2,150.5

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,862.8 1,508.2 1,508.2

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,667.6 1,578.8 1,578.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,416.5 1,347.2 1,347.2

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 942.9 913.9 913.9

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 690.2 713.2 713.2


iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 524.7 622.8 622.8

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 511.7 491.0 491.0

ETFS Physical Silver PHAG LN ETF Securities Beta 506.7 505.9 505.9

db Physical Gold ETC XGLD LN Deutsche AWM Beta 452.8 431.0 431.0

iShares Physical Gold ETC SGLN LN Blackrock Beta 418.3 374.4 374.4

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 405.9 388.4 388.4

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 405.6 423.7 423.7

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 387.3 357.1 357.1

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 319.2 262.5 262.5


ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 294.3 245.2 245.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

11

Feb

ruary

20

16

Deu

tsch

e B

an

k A

G/L

on

do

n

Pag

e 6

3

9. ETF Broker rankings

US ETP Broker Rankings

Figure 101: Top 20 US ETF Brokers | ETFs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (KCG) KCG HOLDINGS, INC. 234,224 20.32% 205,289 1,962,400 14.98% 2,889,672 (KCG) KCG HOLDINGS, INC. 3,931 20.58% 205,289 31,465 15.70% 2,889,705

2 (CSFB) CREDIT SUISSE 134,150 11.64% 21,217 1,111,631 8.48% 253,757 (UBS) UBS INVESTMENT BANK 2,345 12.28% 39,503 19,553 9.76% 487,494

3 (UBS) UBS INVESTMENT BANK 131,650 11.42% 39,502 1,189,165 9.08% 487,490 (CSFB) CREDIT SUISSE 2,266 11.87% 21,281 17,361 8.66% 254,814

4 (GS) GOLDMAN SACHS & CO. 85,058 7.38% 170,988 - 0.00% - (GS) GOLDMAN SACHS & CO. 1,384 7.25% 170,988 - 0.00% -

5 (JPM) JP MORGAN 74,099 6.43% 81,981 606,624 4.63% 108,323 (ML) MERRILL LYNCH 1,192 6.24% 35,046 - 0.00% -

6 (ML) MERRILL LYNCH 72,509 6.29% 35,040 - 0.00% - (CITI) CITIGROUP GLOBAL MARKE 1,114 5.83% 16,737 11,321 5.65% 226,351

7 (CITI) CITIGROUP GLOBAL MARKE 63,161 5.48% 16,737 676,601 5.16% 226,349 (JPM) JP MORGAN 1,020 5.34% 81,981 8,277 4.13% 108,324

8 (DBAB) DEUTSCHE BANK SECURITI 52,464 4.55% 22,706 542,623 4.14% 251,586 (DBAB) DEUTSCHE BANK SECURITI 968 5.07% 22,706 9,780 4.88% 251,590

9 (FCM) FIDELITY CAPITAL MARKET 51,798 4.49% 52,757 400,547 3.06% 507,698 (FCM) FIDELITY CAPITAL MARKET 870 4.56% 52,757 7,162 3.57% 507,698

10 (BARC) BARCLAYS CAPITAL 48,435 4.20% 61,018 - 0.00% - (BARC) BARCLAYS CAPITAL 832 4.36% 61,018 - 0.00% -

11 (MS) MORGAN STANLEY 47,950 4.16% 14,827 - 0.00% - (MS) MORGAN STANLEY 620 3.25% 14,827 - 0.00% -

12 (INCA) INSTINET 27,341 2.37% 9,272 224,573 1.71% 139,862 (CVGX) CONVERGEX 396 2.08% 25,752 2,934 1.46% 289,928

13 (CVGX) CONVERGEX 19,512 1.69% 25,752 175,383 1.34% 289,927 (RBC) ROYAL BANK OF CANADA 351 1.84% 45,059 1,349 0.67% 165,483

14 (RBC) ROYAL BANK OF CANADA 18,460 1.60% 45,059 73,264 0.56% 165,483 (BNP) BNP PARIBAS 280 1.47% 7,520 - 0.00% -

15 (JEFF) JEFFERIES & CO., INC. 16,770 1.45% 11,511 162,380 1.24% 156,580 (INCA) INSTINET 260 1.36% 9,272 2,513 1.25% 139,867

16 (BNP) BNP PARIBAS 13,332 1.16% 7,520 - 0.00% - (JEFF) JEFFERIES & CO., INC. 214 1.12% 11,511 2,143 1.07% 156,580

17 (CANT) CANTOR FITZGERALD L.P. 7,683 0.67% 4,372 148,079 1.13% 89,600 (CANT) CANTOR FITZGERALD L.P. 157 0.82% 4,381 2,712 1.35% 89,635

18 (RAJA) RAYMOND JAMES & ASSOCI 3,836 0.33% 10,222 31,525 0.24% 125,390 (RAJA) RAYMOND JAMES & ASSOCI 73 0.38% 10,222 587 0.29% 125,390

19 (BTIG) BTIG LLC 3,695 0.32% 1,360 40,211 0.31% 15,962 (BTIG) BTIG LLC 48 0.25% 1,360 526 0.26% 15,963

20 (WELS) WELLS FARGO SECURITIES 3,275 0.28% 2,146 33,890 0.26% 68,589 (BMOC) BMO CAPITAL MARKETS 45 0.24% 2,667 349 0.17% 29,804

Other 43,191 3.75% 94,533 5,722,534 43.68% 5,201,500 Other 729 3.82% 94,048 82,383 41.11% 5,240,434

Total 1,152,595 100.00% 933,809 13,101,428 100.00% 10,977,768 Total 19,097 100.00% 933,925 200,415 100.00% 10,979,060

Value Trade Summary Volume Trade Summary

Jan-16 2015 Jan-16 2015

Source: Deutsche Bank, Bloomberg Finance LP

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

11

Feb

ruary

20

16

Pag

e 6

4

Deu

tsch

e B

an

k A

G/L

on

do

n

Figure 102: Top 20 US ETV Brokers | ETVs | US |

Rank Broker

Advertised

value ($

million)

Market

Share

Advertised

Trades

Advertised

value ($

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (KCG) KCG HOLDINGS, INC. 11,784 27.64% 16,721 100,601 22.52% 260,465 (KCG) KCG HOLDINGS, INC. 448 24.15% 16,721 3,423 21.82% 260,465

2 (UBS) UBS INVESTMENT BANK 7,187 16.86% 2,095 59,780 13.38% 27,536 (UBS) UBS INVESTMENT BANK 343 18.49% 2,095 2,250 14.34% 27,536

3 (CSFB) CREDIT SUISSE 3,882 9.11% 1,021 34,288 7.68% 12,824 (CSFB) CREDIT SUISSE 158 8.52% 1,023 1,174 7.48% 12,865

4 (CITI) CITIGROUP GLOBAL MARKE 3,656 8.58% 894 42,718 9.56% 12,642 (CITI) CITIGROUP GLOBAL MARKE 143 7.73% 894 1,467 9.35% 12,642

5 (FCM) FIDELITY CAPITAL MARKET 3,008 7.06% 4,810 24,839 5.56% 53,987 (FCM) FIDELITY CAPITAL MARKET 118 6.34% 4,810 1,028 6.55% 53,987

6 (JPM) JP MORGAN 1,971 4.62% 4,380 11,362 2.54% 5,147 (JPM) JP MORGAN 99 5.35% 4,380 339 2.16% 5,147

7 (ML) MERRILL LYNCH 1,947 4.57% 1,576 - 0.00% - (ML) MERRILL LYNCH 85 4.58% 1,577 - 0.00% -

8 (BARC) BARCLAYS CAPITAL 1,430 3.35% 5,162 - 0.00% - (BARC) BARCLAYS CAPITAL 66 3.58% 5,162 - 0.00% -

9 (GS) GOLDMAN SACHS & CO. 1,269 2.98% 11,459 - 0.00% - (GS) GOLDMAN SACHS & CO. 64 3.45% 11,459 - 0.00% -

10 (CVGX) CONVERGEX 1,228 2.88% 1,610 5,936 1.33% 14,795 (RBC) ROYAL BANK OF CANADA 60 3.26% 2,636 123 0.79% 12,610

11 (DBAB) DEUTSCHE BANK SECURITI 1,219 2.86% 855 9,793 2.19% 9,514 (DBAB) DEUTSCHE BANK SECURITI 57 3.05% 855 332 2.12% 9,514

12 (MS) MORGAN STANLEY 980 2.30% 784 - 0.00% - (MS) MORGAN STANLEY 56 3.04% 784 - 0.00% -

13 (RBC) ROYAL BANK OF CANADA 806 1.89% 2,636 3,652 0.82% 12,610 (CVGX) CONVERGEX 51 2.74% 1,610 200 1.27% 14,795

14 (INCA) INSTINET 400 0.94% 477 7,024 1.57% 8,426 (INCA) INSTINET 22 1.18% 477 214 1.37% 8,426

15 (BNP) BNP PARIBAS 259 0.61% 790 - 0.00% - (BNP) BNP PARIBAS 12 0.63% 790 - 0.00% -

16 (ITGI) INVESTMENT TECHNOLOGY 250 0.59% 601 700 0.16% 6,084 (JEFF) JEFFERIES & CO., INC. 10 0.52% 668 83 0.53% 7,514

17 (BMOC) BMO CAPITAL MARKETS 153 0.36% 174 800 0.18% 1,584 (ITGI) INVESTMENT TECHNOLOGY 7 0.40% 601 18 0.12% 6,084

18 (JEFF) JEFFERIES & CO., INC. 151 0.35% 668 1,874 0.42% 7,514 (JONE) JONESTRADING 7 0.37% 1,150 10 0.06% 3,828

19 (BTIG) BTIG LLC 137 0.32% 52 1,257 0.28% 978 (BMOC) BMO CAPITAL MARKETS 6 0.31% 174 33 0.21% 1,584

20 (IMPC) IMPERIAL CAPITAL LLC 106 0.25% 16 22 0.00% 97 (HSBC) HSBC GROUP PLC 5 0.24% 253 27 0.17% 2,974

Other 803 1.88% 4,649 141,983 31.79% 304,626 Other 38 2.06% 3,314 4,967 31.66% 298,902

Total 42,628 100.00% 61,430 446,628 100.00% 738,829 Total 1,854 100.00% 61,433 15,688 100.00% 738,873


Jan-16 2015 Jan-16 2015


Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

11

Feb

ruary

20

16

Deu

tsch

e B

an

k A

G/L

on

do

n

Pag

e 6

5

European ETP Broker Rankings

Figure 103: Top 20 European ETF brokers | ETFs | Europe |

Rank Broker

Advertised

value (€

million)

Market

Share

Advertised

Trades

Advertised

value (€

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CBK) COMMERZBANK 10,825 12.01% 17,803 152,220 14.43% 241,971 (SIS) SUSQUEHANNA INTERNATION 354 12.17% 4,369 2,673 8.96% 36,742

2 (SIS) SUSQUEHANNA INTERNATION 9,758 10.83% 4,363 85,274 8.09% 36,682 (CBK) COMMERZBANK 281 9.64% 17,809 3,821 12.80% 244,009

3 (BNP) BNP PARIBAS 8,154 9.05% 7,042 - 0.00% - (FLOW) FLOW TRADERS 216 7.40% 4,122 2,328 7.80% 50,678

4 (FLOW) FLOW TRADERS 6,602 7.33% 3,963 79,074 7.50% 49,362 (BNP) BNP PARIBAS 210 7.21% 7,090 - 0.00% -

5 (CITI) CITIGROUP GLOBAL MARKE 5,844 6.48% 2,989 70,700 6.70% 36,440 (KCG) KCG HOLDINGS, INC. 167 5.73% 6,421 1,241 4.16% 63,195

6 (CSFB) CREDIT SUISSE 5,177 5.75% 3,090 46,649 4.42% 35,854 (CITI) CITIGROUP GLOBAL MARKE 160 5.51% 2,989 1,821 6.10% 36,452

7 (DB) DEUTSCHE BANK AG 4,824 5.35% 4,426 - 0.00% - (UBS) UBS INVESTMENT BANK 151 5.20% 417 1,159 3.88% 8,386

8 (SGS) SG SECURITIES 3,535 3.92% 3,014 - 0.00% - (CSFB) CREDIT SUISSE 142 4.86% 3,129 1,231 4.13% 36,672

9 (UBS) UBS INVESTMENT BANK 3,490 3.87% 417 35,126 3.33% 8,384 (DB) DEUTSCHE BANK AG 126 4.32% 4,433 - 0.00% -

10 (BARC) BARCLAYS CAPITAL 3,344 3.71% 3,292 - 0.00% - (SGS) SG SECURITIES 103 3.55% 3,014 - 0.00% -

11 (KCG) KCG HOLDINGS, INC. 3,117 3.46% 6,421 26,727 2.53% 63,188 (BARC) BARCLAYS CAPITAL 101 3.47% 3,292 - 0.00% -

12 (MS) MORGAN STANLEY 2,528 2.81% 1,577 - 0.00% - (MS) MORGAN STANLEY 91 3.14% 1,577 - 0.00% -

13 (KEPL) KEPLER CAPITAL MARKETS 2,446 2.71% 2,566 13,982 1.33% 30,095 (ML) MERRILL LYNCH 91 3.13% 2,851 - 0.00% -

14 (UNIC) UNICREDIT 2,406 2.67% 801 36,800 3.49% 11,860 (WINS) WINTERFLOOD SECURITIES 91 3.13% 6,536 1,040 3.49% 72,858

15 (JPMS) JP MORGAN 2,083 2.31% 2,485 - 0.00% - (UNIC) UNICREDIT 62 2.14% 801 781 2.62% 11,892

16 (WINS) WINTERFLOOD SECURITIES 2,021 2.24% 6,507 23,159 2.20% 72,778 (KEPL) KEPLER CAPITAL MARKETS 56 1.94% 2,567 477 1.60% 30,097

17 (ML) MERRILL LYNCH 1,805 2.00% 2,851 - 0.00% - (NRD) NORDEA BANK AB 48 1.66% 1,920 348 1.17% 16,824

18 (BFIN) BLUEFIN EUROPE LLP 1,570 1.74% 329 18,635 1.77% 2,833 (JPMS) JP MORGAN 45 1.55% 2,485 - 0.00% -

19 (GS) GOLDMAN SACHS & CO. 1,501 1.67% 3,758 - 0.00% - (HSBC) HSBC GROUP PLC 40 1.38% 1,725 353 1.18% 24,400

20 (CANT) CANTOR FITZGERALD L.P. 941 1.04% 766 21,645 2.05% 23,430 (MAKO) MAKO FINANICAL MARKETS 38 1.29% 506 179 0.60% 2,947

Other 8,138 9.03% 19,123 444,618 42.16% 635,346 Other 337 11.59% 20,094 12,392 41.52% 618,412

Total 90,112 100.00% 97,583 1,054,610 100.00% 1,248,223 Total 2,912 100.00% 98,147 29,845 100.00% 1,253,564


Jan-16 2015 Jan-16 2015


Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Eu

rop

ean

Mon

thly

ETF M

ark

et R

evie

w

11

Feb

ruary

20

16

Pag

e 6

6

Deu

tsch

e B

an

k A

G/L

on

do

n

Figure 104: Top 20 European ETC brokers | ETCs | Europe |

Rank Broker

Advertised

value (€

million)

Market

Share

Advertised

Trades

Advertised

value (€

million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (JPMS) JP MORGAN 322 12.58% 148 - 0.00% - (WINS) WINTERFLOOD SECURITIES 112 16.87% 1,847 1,245 21.87% 20,300

2 (CITI) CITIGROUP GLOBAL MARKE 295 11.50% 339 2,060 7.23% 3,915 (INCA) INSTINET 97 14.71% 130 187 3.29% 1,097

3 (MS) MORGAN STANLEY 248 9.69% 250 - 0.00% - (BNP) BNP PARIBAS 78 11.74% 145 - 0.00% -

4 (WINS) WINTERFLOOD SECURITIES 222 8.65% 1,847 2,101 7.37% 20,300 (KCG) KCG HOLDINGS, INC. 55 8.29% 560 120 2.11% 5,615

5 (BNP) BNP PARIBAS 150 5.85% 145 - 0.00% - (CITI) CITIGROUP GLOBAL MARKE 45 6.73% 339 307 5.39% 3,916

6 (CBK) COMMERZBANK 112 4.37% 507 2,112 7.41% 8,574 (FLOW) FLOW TRADERS 38 5.67% 200 169 2.98% 2,155

7 (FLOW) FLOW TRADERS 110 4.30% 183 1,689 5.93% 2,072 (MS) MORGAN STANLEY 29 4.38% 250 - 0.00% -

8 (KCG) KCG HOLDINGS, INC. 110 4.28% 560 984 3.45% 5,615 (PEEL) PEEL HUNT LLP 27 4.13% 374 87 1.52% 4,230

9 (CSFB) CREDIT SUISSE 107 4.17% 126 1,587 5.57% 1,706 (ML) MERRILL LYNCH 26 3.95% 352 - 0.00% -

10 (DB) DEUTSCHE BANK AG 106 4.14% 395 - 0.00% - (NATI) NATIXIS SECURITIES 19 2.80% 157 7 0.12% 499

11 (MACQ) MACQUARIE SECURITIES 102 3.97% 84 1,938 6.80% 595 (DB) DEUTSCHE BANK AG 18 2.73% 395 - 0.00% -

12 (ML) MERRILL LYNCH 100 3.90% 352 - 0.00% - (KEPL) KEPLER CAPITAL MARKETS 15 2.22% 190 160 2.81% 2,730

13 (MINT) MINT PARTNERS 73 2.86% 7 143 0.50% 12 (CANT) CANTOR FITZGERALD L.P. 15 2.21% 61 360 6.32% 4,117

14 (BFIN) BLUEFIN EUROPE LLP 58 2.26% 42 1,023 3.59% 576 (MINT) MINT PARTNERS 11 1.72% 7 8 0.14% 12

15 (SGS) SG SECURITIES 55 2.14% 92 - 0.00% - (CSFB) CREDIT SUISSE 11 1.61% 126 194 3.40% 1,717

16 (NATI) NATIXIS SECURITIES 52 2.03% 140 21 0.07% 464 (BARC) BARCLAYS CAPITAL 10 1.58% 172 - 0.00% -

17 (PEEL) PEEL HUNT LLP 51 1.98% 374 421 1.48% 4,230 (UBS) UBS INVESTMENT BANK 8 1.20% 62 245 4.29% 1,276

18 (SIS) SUSQUEHANNA INTERNATION 50 1.96% 14 481 1.69% 173 (CBK) COMMERZBANK 7 1.04% 507 112 1.97% 8,599

19 (INCA) INSTINET 47 1.85% 130 325 1.14% 1,097 (BFIN) BLUEFIN EUROPE LLP 6 0.88% 42 224 3.93% 576

20 (UBS) UBS INVESTMENT BANK 47 1.84% 62 1,289 4.52% 1,276 (JPMS) JP MORGAN 5 0.71% 148 - 0.00% -

Other 146 5.69% 2,585 12,321 43.24% 44,545 Other 32 4.82% 2,354 2,269 39.84% 38,494

Total 2,562 100.00% 8,382 28,494 100.00% 95,150 Total 663 100.00% 8,418 5,695 100.00% 95,333


Jan-16 2015 Jan-16 2015


Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

11 February 2016



Appendix A: How we define ETPs Exchange-Traded Products (ETPs)

We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-

traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes

exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2015.

The vast majority of instruments are ETFs (97.7%, 4,396 products, $2,879bn) with the remainder being ETCs (0.6%, 455

products, $17.4bn) in Europe and ETVs (1.6%, 67 products, $48.2bn) in the US.

Figure 105: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,644 2,113,454 71.7% 1,577 2,065,258 70.1% 67 48,195 1.6%

Europe 1,982 507,450 17.2% 1,527 490,095 16.6% 455 17,354 0.6%

Asia Pacific 810 250,247 8.5% 794 249,926 8.5% 16 321 0.0%

RoW 499 74,661 2.5% 498 73,650 2.5% 1 1,011 0.0%

Global 4,935 2,945,811 100.0% 4,396 2,878,930 97.7% 539 66,881 2.3%

ETPs ETFs ETC/Vs


Exchange-Traded Funds (ETFs, 97.7%)

US (70.1%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs

indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only physical

index replication techniques are permissible by this legislation while synthetic replication is not allowed.

Europe (16.6%): Fund structures that issue units or shares that are traded on an exchange much the same way as

equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and

Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union

directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single

authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds

are allowed to track equity, fixed income as well as diversified commodity indices.

Asia (8.5%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (2.3%)

Exchange-Traded Commodities (ETCs, 0.6%)

In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example

wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus

Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either

be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms

utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed

with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized

by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their

index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast

majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,

government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled

‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 1.6%)

This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily

commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the

investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,

more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange

Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

11 February 2016



Appendix B: The road from beta to alpha

The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market

access). Moving counter-clockwise from beta, the potential for return increases, together with the potential risk.

Figure 106: The Roadmap From Beta (β) to Alpha (α)

Beta Alpha

Beta Multiplied Beta Adjusted

Beta Alpha

BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile

Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile

AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager is most successful when they manage to

match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of

an alpha product’s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest

the risk [typically measured by the standard deviation of a product’s returns] the more successful a product is deemed

to be.

There is however a whole host of products that fall between beta and alpha, we have sought to create a classification

system that classifies these products, taking into consideration a number of variables, ranging from diversification to

what constitutes a market segment.

11 February 2016



The authors of this report wish to acknowledge the contribution made by Vibhor

Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party

provider to Deutsche Bank of offshore research support services.

11 February 2016



Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes:

1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:

Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

41 %

54 %

5 %

47 % 39 %

34 %

0

50

100

150

200

250

300

350

Buy Hold Sell

European Universe

Companies Covered Cos. w/ Banking Relationship

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

11 February 2016



Regulatory Disclosures

1.Additional Information

Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a

solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's

investment objectives, risk factors, and charges and expenses before investing. This and other information can be found

in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling

1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not

necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand

the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is

important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through

any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very

large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate

tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,

advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it

receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions

expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

http://gm.db.com/

11 February 2016



Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this

report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche

Bank may act as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication

may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or

otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer 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 discussed in 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 lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

(including changes in assets holding limits for different types of investors), changes in tax policies, currency

convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

11 February 2016



Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized

Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the

website please contact your Deutsche Bank representative for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)

exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected by the currency of an underlying security, effectively assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated

and therefore not subject to FINRA regulations concerning communications with subject companies, public appearances

and securities held by analysts.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated

in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under

German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European

Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester

House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the

Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial

Conduct Authority. Details about the extent of our authorisation and regulation are available on request.

Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.

India: Prepared by Deutsche Equities Private Ltd, which is registered by the Securities and Exchange Board of India

(SEBI) as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received

administrative warnings from the SEBI for breaches of Indian regulations.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial

instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,

Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks

involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by

multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to

losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional

losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories

of investment advice, products and services. Recommended investment strategies, products and services carry the risk

of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in

market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the

relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in

this report are not registered 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 with the coverage companies specified by DSI. Some of the foreign securities stated on this report are

http://www.optionsclearing.com/about/publications/character-risks.jsp

11 February 2016



not disclosed according to the Financial Instruments and Exchange Law of Japan.

Korea: Distributed by Deutsche Securities Korea Co.

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register

Number in South Africa: 1998/003298/10).

Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles

Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters

arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who

is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and

regulations), they accept legal responsibility to such person for its contents.

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre

Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall

within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,

West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related

financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre

Regulatory Authority.

Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute,

any appraisal or evaluation activity requiring a license in the Russian Federation.

Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the

Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall

within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya

District, 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 regulated

by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services

activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai

International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been

distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as

defined by the Dubai Financial Services Authority.

Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product

referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please

refer to Australian specific research disclosures and related information at

https://australia.db.com/australia/content/research-information.html

Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the

meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.

Additional information relative to securities, other financial products or issuers discussed in this report is available upon

request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche

Bank's prior written consent. Please cite source when quoting.

Copyright © 2016 Deutsche Bank AG

https://australia.db.com/australia/content/research-information.html

David Folkerts-Landau Chief Economist and Global Head of Research

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

International Locations

Deutsche Bank AG

Deutsche Bank Place

Level 16

Corner of Hunter & Phillip Streets

Sydney, NSW 2000

Australia

Tel: (61) 2 8258 1234

Deutsche Bank AG

Große Gallusstraße 10-14

60272 Frankfurt am Main

Germany

Tel: (49) 69 910 00

Deutsche Bank AG

Filiale Hongkong

International Commerce Centre,

1 Austin Road West,Kowloon,

Hong Kong

Tel: (852) 2203 8888

Deutsche Securities Inc.

2-11-1 Nagatacho

Sanno Park Tower

Chiyoda-ku, Tokyo 100-6171

Japan

Tel: (81) 3 5156 6770

Deutsche Bank AG London

1 Great Winchester Street

London EC2N 2EQ

United Kingdom

Tel: (44) 20 7545 8000

Deutsche Bank Securities Inc.

60 Wall Street

New York, NY 10005

United States of America

Tel: (1) 212 250 2500

european monthly etf market review · european monthly etf market review page 4 deutsche bank...

Documents