us etf market weekly review : $14bn drained from etp aum on market downturn
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8/6/2019 US ETF Market Weekly Review : $14bn drained from ETP AUM on market downturn
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ETF ResearchNorth America United States
8 June 2011
US ETF Market Weekly Review
$14bn drained from ETPAUM on market downturn
Data in this report is as of Fri, June 3rd***DB cares about the Greenwich Surveyon Equity Derivatives, running from April25 to June 17; if my team is an important
sell-side resource to your investmentprocess, please consider recognizing usin the vote for "ETF & Index Research".Thank you.***
Deutsche Bank Securities Inc.
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be awarethat 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. MICA(P) 146/04/2011
G
l o b a l M a r k e t s R e s e a r c h
& E T F R e s e a r c h
ContributorsShan LanHead of Global Equity Index and ETF Research
(+1) 212 250-2776
Christos CostandinidesETF Strategist
(+44) 20 754-71975
Sebastian MercadoResearch Analyst
(+1) 212 250-8690
Bo HuangResearch Analyst
(+1) 212 250-0569
ContactsAram Flores
Head of Index Research, Americas(+1) 212 250-0630
Daniel J ArnoldHead of Index Research, Europe
(+44) 20 754-74849
Low appetite for risky assets remains in placeThe market couldn’t take it anymore. As more and more disappointing and softer-than-expected US economic data flooded the markets, investors factored in thenew environment and pushed the equity markets down the hill. Equity markets inthe US (S&P 500) plummeted by 2.32%.
Last week, total US ETP flows from all products registered $720m of outflows vs
$2.2bn of inflows the previous week, setting the YTD weekly flows average at+$2.1bn. US ETP AUM lost about $14bn, closing at $1.073 trillion or 7.9% up YTD.
A closer look at our flows makes more evident that the risk-off trade remains inplace. Long-only Equity ETP flows have clearly broken our bullish trend supportlevel of $12bn QTD, while Fixed Income ETP flows keep their momentum andGold ETP flows remain positive, albeit much smaller.
Long only equity ETPs recorded $2.4bn of outflows last week vs $890m of inflowsthe previous week. From a geographic allocation perspective, US-focused ETPsconcentrated the bulk of the outflows (-$2.3bn), followed by Global and EM ETPswith -$254m, and -$196m, respectively; while DM ex US ETPs recorded inflows of$344m.
Long-only fixed Income ETPs recorded inflows of $1.4bn last week. SovereignETPs had $569m inflows, followed by Corporates funds with $406m. Commodity
ETPs recorded outflows of $299m. At a sector level, Energy ETPs recorded thelargest outflows with $312m. Crude Oil ETPs recorded the largest outflows with$169m, followed by Natural Gas ETPs with $138m.
New Launch Calendar: short and quiet week for ETF launchesThere were 2 new ETPs listed in the NYSE Arca during the previous week. Thenew ETFs will offer exposure to Japanese Mid Cap companies and Farmingstocks. (See Figure 20 for more details).
Turnover Review: Floor activity picks up on higher volatilityIn spite of the shorter week, total weekly turnover increased by 4.8% to $316bnvs. $301bn in the previous week. The market plunge and increased volatilitypushed Equity ETP turnover $14.5bn or 5.6% higher to $276bn. Commodity ETPsturnover was again trimmed as Silver ETP related turnover kept returning to pre-bubble levels, total weekly turnover was $23.6bn last week. Finally, Fixed Income
products turnover flourished totaling $13bn at the end of last Friday, about a 30%higher from the previous week.
Assets Under Management (AUM) Review: $14bn drained from ETP assetsOutflows and the market free-fall drained almost $14bn or 1.3% from ETP assetsduring last week. ETP AUM settled at $1.073 trillion as of the end of last Friday,recording a $78.0bn or a 7.9% increase on YTD basis.
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08 June 2011 US ETF Market Weekly Review
Page 2 Deutsche Bank Securities Inc.
Table of Contents
Weekly Commentary......................................................................... 3 Market Review..........................................................................................................................3 Flows Trends: don’t be deceived by this week’s inflows ..................................................... ....3 New Products .................................................... ....................................................... ................ 4 Flows in Focus..........................................................................................................................6 ETP – Market Overview..................................................................... 8 Current Week............................................................................................................................8 ETN Data Snapshot ................................................... ...................................................... ........ 10 Issuer Rankings....... ...................................................... .......................................................... 11 ETP – Net Cash Flows...................................................................... 14 Investment Focus .............................................. ................................................... .................. 14 Sub Segment ........................................... ................................................... ............................ 15 Issuer ..................................................... ...................................................... ........................... 17 Index Provider .................................................. ...................................................... ................. 18 Underlying Index/Security ................................................ ...................................................... .19 Top ETPs..... ...................................................... ....................................................... ............... 20 ETP – Weekly Turnover ...................................................................21 Investment Focus .............................................. ................................................... .................. 21 Sub Segment ........................................... ................................................... ............................ 22 Issuer ..................................................... ...................................................... ........................... 24 Index Provider .................................................. ...................................................... ................. 25 Underlying Index/Security ................................................ ...................................................... .25 Top ETPs..... ...................................................... ....................................................... ............... 26 ETP – Assets Under Management..................................................27 Investment Focus .............................................. ................................................... .................. 27 Sub Segment ........................................... ................................................... ............................ 28 Issuer ..................................................... ...................................................... ........................... 30 Index Provider .................................................. ...................................................... ................. 31 Underlying Index/Security ................................................ ...................................................... .31 Top ETPs..... ...................................................... ....................................................... ............... 32 Appendix A: How we define ETPs.................................................. 34
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 3
Weekly Commentary1
Market Review
The market couldn’t take it anymore. As more and more disappointing and softer-than-expected US economic data flooded the markets, investors factored in the new environment
and pushed the equity markets down the hill. Equity markets in the US (S&P 500) plummeted
by 2.32%. Other developed and emerging markets outside the US did relatively better
however. The MSCI EAFE (in USD) was down just by 0.11% and the MSCI EM (in USD)
gained 0.76% during the week. Outside equities, Commodities edged modestly to the
positive side. The DB Liquid Commodity Index rose by 0.32% last week; similarly Gold and
the DB Diversified Agriculture Index appreciated by 0.36%, and 0.35%, respectively; while
Silver and WTI Crude Oil prices dropped by 4.62% and 0.37%, respectively. Moving into
other asset classes, the 10-Year Treasury yield fell to 2.96% in the middle of the week and
closed the week 8bps lower than the previous week at 2.99%, after a small correction. Fixed
Income benchmarks tracking the IG range edged higher, while HY benchmarks leaned to the
negative side. Meanwhile on the FX side the USD experienced another week of depreciationagainst most of the Majors; the greenback recorded a weakening of 2.21% against the EUR.
Finally, Volatility picked up with the VIX index up by 12.33% at the end of this period.
Last week, total US ETP flows from all products registered $720m of outflows vs $2.2bn of
inflows the previous week, setting the YTD weekly flows average at +$2.1bn. US ETP AUM
lost almost $14bn, closing at $1.073 trillion or 7.9% up YTD.
Flows Trends: trends still supportive of risk-off mode
In our last weekly report we highlighted that about $4.0bn of inflows into a few MSCI-
benchmarked ETPs were most probably temporary and possibly related to the MSCI Semi
Annual Index Review, and last week’s flows provides more evidence that most of these
inflows were likely related to the MSCI rebalance as most of them were withdrawn on the
day after the effective date of the rebalance. Figure 1 presents the reversal of these flows
and also the unusual size of them as compared to any other week this quarter.
After adjusting our cumulative flows series to exclude the aforementioned irregularities, it is
more evident that the risk-off trade remains in place. Long-only Equity ETP flows have clearly
broken our bullish trend support level of $12bn QTD, while Fixed Income ETP flows keep
their momentum and Gold ETP flows remain positive, albeit much smaller. (Figure 2)
Equity ETP Flows: $2.3bn drained from US-focused ETFs
Long only equity ETPs recorded $2.4bn of outflows (-$3.4bn MSCI related & +$948m non-
MSCI related) last week vs $890m of inflows (+$4.1bn MSCI related & -$3.2bn non-MSCI
related) the previous week. From a geographic allocation perspective, US-focused ETPs
concentrated the bulk of the outflows (-$2.3bn), followed by Global and EM ETPs with -$254m, and -$196m, respectively; while DM ex US ETPs recorded inflows of $344m.
Emerging Markets/Developed Markets ex US: both EM broad (-$95m) and EM country
(-$101m) ETPs experienced outflows during last week; while on the DM world, broad and
country ETPs received inflows of $302m and $42m, respectively. At a country level, China
ETPs continued to experienced significant outflows (-$114m) on the EM side; while Hong
Kong (+$103m) and Canada ETPs (+$79m) captured most of the DM country attention.
1The Weekly Commentary section focuses on long- only ETP Flows. Short and Long-Short ETP Flows are excluded.
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08 June 2011 US ETF Market Weekly Review
Page 4 Deutsche Bank Securities Inc.
Figure 1: Long-only Equity ETP weekly flows – QTD Figure 2: Long-only ETP flows by Equity, Fixed Income,
and Gold products - QTD
(3 ,248)
94 8
4,138
(3,361)
(6,000)
(4,000)
(2,000)
0
2,000
4,000
6,000
8,000
10,000
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9
$Mio
Equity ex MSCI MSCI
(5,000)
0
5,000
10,000
15,000
20,000
31-Mar-11 14-Apr-11 28-Apr-11 12-May-11 26-May-11
$Mio
Equity ex MSCI spikes Fixed Income Gold
Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
US Sectors (long-only ETPs): US sector investing tilted to the negative side (-$366m)during last week. Most of the activity by flows was concentrated around Energy (-$455m),
Materials (-$167m), Healthcare (+$158m), and Consumer Discretionary ETPs (+$146m).
Fixed Income ETP flows: IG continues to be the favorite
Long-only Fixed Income ETP flows recorded inflows of $1.4bn last week vs. $752m in
inflows in the previous week. All sectors within the asset class received positive flows.
Sovereign ETPs received the largest inflows with $569m, followed by Corporates funds
with $406m, and Sub-Sovereign products with $273m at the end of last week. From a
credit quality perspective, Investment Grade ETPs received $833m of inflows, while High
Yield ETPs recorded inflows of $128m.
Commodity ETP flows: Energy outflows dominate
Last week long-only commodity ETPs experienced $299m of outflows vs. $270m of
inflows on the previous week. Energy ETPs experienced the largest outflows at a sector
level with $312m, while broad benchmarked products experienced nominal inflows for
$16m.
At a sub-sector level Crude Oil ETPs recorded the largest outflows with $169m, followed
by Natural Gas ETPs with $138m. Within the Precious Metals ETPs, Gold ETPs continued
to gather inflows, albeit considerably smaller this week ($69m); however most of the
inflows were again offset by Silver ETP outflows (-$64m) as it has been the pattern for the
past month or so.
New Products
New Launch Calendar: short and quiet week for ETF launches There were 2 new ETPs listed in the NYSE Arca during the previous week. The new ETFs
will offer exposure to Japanese Mid Cap companies and Farming stocks. (See Figure 20
for more details).
IndexIQ Advisors LLC launched the first ETF focusing on Mid Cap Japanese stocks. The
IQ Japan Mid Cap ETF (RSUN) comes to market at a TER of 0.69%. RSUN complements a
vast offering of Japan-focused equity ETFs which provides access to different investment
approaches such as broad market, market cap size, dividend, levered long and short, and
fundamental strategy. The new fund tracks an index which holds 100 stocks with a major
concentration in the following 4 sectors: Industrials (23%), Financials (18%), Consumer
Discretionary (16%), and Materials (15%).
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 5
Global X Funds listed the Global X Farming ETF (BARN). BARN carries a TER of 0.68%
and, together with other recently launched ETFs, offers another vehicle to benefit from
rising food prices. The ETF holds about 50 global companies which focus in agricultural
products, livestock operations, and manufacturing of farming equipment. The issuer
mentions that world population growth and increased food consumption from Emerging
Markets are expected to boost the growth of the farming industry in the years to come.
The main country exposures of the underlying index are the United States (32%),Singapore (15%), and Malaysia (12%). Other equity vehicles to benefit from rising food
prices are Global X’s EATX (TER: 0.65%), Van Eck’s MOO (TER: 0.56%), and IndexIQ’s
CROP (TER: 0.75%); while Deutsche Bank’s DBA (TER: 0.75%) offer access through
commodity futures contracts.
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08 June 2011 US ETF Market Weekly Review
Page 6 Deutsche Bank Securities Inc.
Flows in Focus2
Equity ETPs by Geographic Focus
Figure 3: Daily Flows – 2 Weeks Figure 4: Weekly Aggregated Flows – 2 Weeks
(4,000)
(3,000)
(2,000)
(1,000)
-
1,000
2,000
3,000
4,0005,000
6,000
$Mio
US EM DM ex US Global
(4,000) (3,000) (2,000) (1,000) - 1,000 2,000
$ Million
US EM DM ex US Global
Equity ETPs by Market Capitalization Focus
Figure 5: Daily Flows – 2 Weeks Figure 6: Weekly Aggregated Flows – 2 Weeks
(6,000)
(4,000)
(2,000)
-
2,000
4,000
6,000
$Mio
Large Cap Mid Cap Small Cap Broad
(6,000) (4,000) (2,000) - 2,000 4,000 6,000
$ Million
Large Cap Mid Cap Small Cap Broad
Equity ETPs by Style Focus (excluding Blend Products)
Figure 7: Daily Flows – 2 Weeks Figure 8: Weekly Aggregated Flows – 2 Weeks
(2,500)
(2,000)
(1,500)
(1,000)
(500)
-
500
1,000
1,500
2,000
$Mio
Growth Value Dividend
(3,000) (2,000) (1,000) - 1,000 2,000 3,000
$ M il l ion
Growth Value Dividend
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
2The Flows in Focus sub section considers only Long and Short ETP Flows. Long-Short ETP Flows are excluded.
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 7
Equity ETPs by US Sector Focus
Figure 9: Weekly Aggregated Flows – 2 Weeks
(600) (400) (200) - 200 400
Energy
Materials
Industrials
Financials
Information Technology
Utilities
Telecommunication Services
Consumer Staples
Consumer Discretionary
Healthcare
N et C ash F lows ($ M i l lion)Current Week Previous WeekSource: Deutsche Bank, Bloomberg Finance LP, Reuters
Fixed Income ETPs by Maturity Focus (excluding Broad Products)
Figure 10: Daily Flows – 2 Weeks Figure 11: Weekly Aggregated Flows – 2 Weeks
(500)
(400)
(300)
(200)
(100)
-
100
200
300
400
500
600
$Mio
Money Market Short Durat ion Medium Durat ion Long Durat ion
(200) - 200 400 600 800
$ M il l ion
Money Market Short Durat ion Medium Durat ion Long Durat ion
Equity ETPs by Credit Quality Focus (excluding Mixed Products)
Figure 12: Daily Flows – 2 Weeks Figure 13: Weekly Aggregated Flows – 2 Weeks
(400)
(300)
(200)
(100)
-
100
200
300
400
500
600
700
$Mio
Investment Grade High Yield
- 200 400 600 800 1,000
$ Mil l ion
Investment Grade High Yield
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 9
Figure 18: ETP Turnover ($ Million) by Asset Class
Prev. Week Year 2010
Asset Class TurnoverMkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Equity 276,275 87.4% 261,729 14,545 5.6% 307,205 (30,930) -10.1%
Fixed income 13,344 4.2% 10,263 3,081 30.0% 11,379 1,965 17.3%
Commodity 23,590 7.5% 27,189 (3,599) -13.2% 15,376 8,213 53.4%
Currency 2,672 0.8% 2,290 382 16.7% 2,243 429 19.1%
Alternative 129 0.0% 143 (14) -9.8% 28 101 367.9%
Multi Asset 50 0.0% 46 5 10.0% 40 10 25.0%
Total 316,059 100% 301,660 14,399 4.8% 336,271 (20,212) -6.0%
Current Week WoW Change Change from 2010
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 19: ETP AUM ($ Million) by Asset Class
Prev. Week End of 2010
Asset Class AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Equity 794,477 74.0% 808,891 (14,413) -1.8% 745,592 48,885 6.6%
Fixed income 165,057 15.4% 163,909 1,148 0.7% 145,610 19,447 13.4%
Commodity 103,422 9.6% 104,172 (750) -0.7% 96,378 7,045 7.3%
Currency 7,725 0.7% 7,500 225 3.0% 5,837 1,887 32.3%
Multi Asset 1,528 0.1% 1,547 (19) -1.2% 1,132 397 35.0%
Alternative 1,196 0.1% 1,188 7 0.6% 699 497 71.1%
Total 1,073,405 100% 1,087,207 (13,802) -1.3% 995,247 78,158 7.9%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 20: New Listings ETPs+ETNs
ETP Name IssuerAsset Class
& StructureExchange TER
Bloom-
berg
Reuters
Code
IQ Japan Mid Cap ETF IndexIQ Advisors LLC Equity ETF NYSE Arca 0.69% RSUN US RSUN.K
Global X Farming ETF Global X Management Co LLC Equity ETF NYSE Arca 0.68% BARN US BARN.K
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 11
Issuer Rankings
Net Cash Flows
Figure 23: ETP Net Cash flows ($ Million) ranking by Issuer
Issuer EquityFixed
Income
Commo-
dityOther Total
State Street GA 1,124 102 (15) - 1,211
BlackRock (473) 1,082 14 (11) 612
Van Eck Funds 344 14 - - 359
WisdomTree AM 24 97 - 221 342
PowerShares 162 30 - 10 201
ProShares (11) 98 7 15 110
Direxionshares 63 9 - - 73
Bank of New York 61 - - - 61
Rydex Invest. 26 - - 19 46
Merrill Lynch 42 - - - 42
Charles Schwab Investment Mgmt 26 10 - - 36
Guggenheim Funds Distributors, Inc. 0 23 - 2 25
Global X Management Co LLC 14 - - - 14
ALPS Fund Services Inc 11 - - - 11 Russell Investments 10 - - - 10
IndexIQ Advisors LLC 1 - - 6 6
Emerging Global Shares 5 - - - 5
PIMCO - 4 - - 4
GreenHaven Commodity Sers. - - 3 - 3
AdvisorShares Trust - 3 - - 3
Teucrium Trading LLC - - - - -
Javelin Invesment Management LLC - - - - -
FaithShares Advisors LLC - - - - -
PAX World Management LLC - - - - -
Sprott Asset Management LP/Canada - - - - -
FocusShares - - - - -
FactorShares - - - - -
Grail Advisors LLC - - - - - Revenue Shares - - - - -
Fidelity Invest. - - - - -
ETF Securities Ltd - - (9) - (9)
Deutsche Bank AG - - 5 (18) (13)
First Trust Ad. (84) - - - (84)
United States Commodity Funds LLC - - (289) - (289)
Vanguard (3,552) 52 - - (3,500)
Total (2,205) 1,524 (284) 245 (720)
Current Week Net Cashflows ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 12 Deutsche Bank Securities Inc.
Weekly Turnover
Figure 24: ETP Turnover ($ Million) by Issuer
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
State Street GA 148,544 1,101 8,245 - 157,890 50.0%
BlackRock 67,118 8,851 7,471 18 83,457 26.4%ProShares 14,093 1,736 3,948 324 20,101 6.4%
Direxionshares 13,679 222 - - 13,901 4.4%
PowerShares 12,187 192 - 24 12,403 3.9%
Vanguard 7,219 658 - - 7,877 2.5%
Merrill Lynch 5,038 - - - 5,038 1.6%
Van Eck Funds 4,418 31 - - 4,449 1.4%
United States Commodity Funds LLC - - 2,941 - 2,941 0.9%
Bank of New York 2,103 - - - 2,103 0.7%
Rydex Invest. 219 - - 1,564 1,783 0.6%
Deutsche Bank AG - - 767 538 1,305 0.4%
WisdomTree AM 551 397 - 347 1,295 0.4%
First Trust Ad. 494 - - - 494 0.2%
Charles Schwab Investment Mgmt 188 34 - - 223 0.1%
ETF Securities Ltd - - 168 - 168 0.1%
Global X Management Co LLC 143 2 - - 146 0.0%
Guggenheim Funds Distributors, Inc. 115 15 - 13 143 0.0%
PIMCO - 100 - - 100 0.0%
ALPS Fund Services Inc 83 - - - 83 0.0%
GreenHaven Commodity Sers. - - 26 - 26 0.0%
IndexIQ Advisors LLC 13 - - 12 25 0.0%
Revenue Shares 25 - - - 25 0.0%
Teucrium Trading LLC - - 24 - 24 0.0%
Emerging Global Shares 23 - - - 23 0.0%
AdvisorShares Trust 1 4 - 10 15 0.0%
FocusShares 7 - - - 7 0.0%
Fidelity Invest. 5 - - - 5 0.0%
Russell Investments 4 - - - 4 0.0%
FactorShares - - - 2 2 0.0%
PAX World Management LLC 1 - - - 1 0.0%
Grail Advisors LLC 0 0 - - 0 0.0%
Javelin Invesment Management LLC 0 - - - 0 0.0%
FaithShares Advisors LLC 0 - - - 0 0.0%
Total 276,274 13,344 23,590 2,851 316,059 100%
Current Week T urnover ($ Mil l ion)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 13
AUM
Figure 25: ETP AUM ($ Million) ranking by Issuer
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
BlackRock 347,859 106,079 19,789 554 474,282 44.2%
State Street GA 168,392 16,439 60,028 - 244,859 22.8% Vanguard 148,231 21,354 - - 169,585 15.8%
PowerShares 37,534 7,058 - 772 45,364 4.2%
ProShares 15,220 7,410 2,502 1,074 26,205 2.4%
Van Eck Funds 21,777 1,035 - - 22,812 2.1%
Deutsche Bank AG - - 12,004 1,786 13,789 1.3%
WisdomTree AM 9,165 1,359 - 2,004 12,528 1.2%
Bank of New York 10,821 - - - 10,821 1.0%
Rydex Invest. 5,572 - - 3,325 8,898 0.8%
First Trust Ad. 7,811 - - - 7,811 0.7%
Direxionshares 5,666 613 - - 6,279 0.6%
Merrill Lynch 4,789 - - - 4,789 0.4%
Charles Schwab Investment Mgmt 3,941 340 - - 4,280 0.4%
United States Commodity Funds LLC - - 4,279 - 4,279 0.4%
ETF Securities Ltd - - 3,910 - 3,910 0.4%
Guggenheim Funds Distributors, Inc. 2,800 444 - 489 3,733 0.3%
PIMCO - 2,873 - - 2,873 0.3%
Global X Management Co LLC 1,638 2 - - 1,640 0.2%
ALPS Fund Services Inc 1,413 - - - 1,413 0.1%
GreenHaven Commodity Sers. - - 769 - 769 0.1%
Revenue Shares 598 - - - 598 0.1%
Emerging Global Shares 535 - - - 535 0.0%
IndexIQ Advisors LLC 284 - - 196 480 0.0%
AdvisorShares Trust 26 39 - 226 291 0.0%
Fidelity Invest. 162 - - - 162 0.0%
Teucrium Trading LLC - - 142 - 142 0.0%
Russell Investments 107 - - - 107 0.0%
FocusShares 76 - - - 76 0.0%
Grail Advisors LLC 16 10 - - 26 0.0%
FactorShares - - - 23 23 0.0%
Javelin Invesment Management LLC 15 - - - 15 0.0%
FaithShares Advisors LLC 11 - - - 11 0.0%
PAX World Management LLC 5 - - - 5 0.0%
Total 794,464 165,057 103,422 10,448 1,073,392 100%
Current Week AUM ($ Mil l ion)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 14 Deutsche Bank Securities Inc.
ETP – Net Cash Flows
Investment Focus
Figure 26: ETP Net Cash flows ($ Million) by Investment Focus – Equity
Investment Focus - EquityNet
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Country (168) -0.2% (152) -0.2% 8,632 9.8%
Regional 1 0.0% 291 0.2% (1,212) -0.7%
Sector (365) -0.3% (98) -0.1% 8,544 8.5%
Size (228) -0.1% (2,245) -0.9% (3,528) -1.6%
Style (1,892) -1.6% 2,169 1.8% 7,891 7.5%
Strategy 121 0.4% 365 1.1% 2,038 6.5%
Thematic 326 1.3% 687 2.7% 5,209 24.5%
Total (2,205) -0.3% 1,016 0.1% 27,575 3.7%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 27: Net Cash flows ($ Million) by Investment Focus – Fixed Income
Investment Focus - Fixed IncomeNet
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Overall 118 0.5% 144 0.6% 989 4.6%
Corporates 410 0.7% 370 0.6% 8,202 16.5%
Sovereign 666 1.2% 107 0.2% 4,434 8.8%
Sovereign & Corporates 25 0.3% 19 0.2% 826 9.6%
Sub-Sovereign 273 1.7% 79 0.5% 2,328 17.7%
Structured Products 32 1.1% 75 2.5% 657 28.7%
Total 1,524 0.9% 794 0.5% 17,435 12.0%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 28: ETP Net Cash flows ($ Million) by Investment Focus – Commodity
Investment Focus - CommodityNet
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Overall 13 0.1% (0) 0.0% 1,171 15.5%
Agriculture (13) -0.4% 6 0.2% 629 22.8%
Energy (312) -6.2% (126) -2.4% (1,250) -20.9%
Industrial Metals - 0.0% - 0.0% 102 20.0%
Precious Metals 28 0.0% 416 0.5% (2,052) -2.6%
Total (284) -0.3% 296 0.3% (1,400) -1.5%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 15
Sub Segment
Figure 29: ETP Net Cashflows ($ Million) by Investment Focus Sub Segment – Equity
Investment Focus
Sub Segment - Equity
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
CountryUS Broad (112) -0.4% 125 0.5% 840 3.4%
Developed non-US 44 0.2% (134) -0.5% 6,311 28.9%
Emerging Country (100) -0.2% (143) -0.3% 1,481 3.6%
Regional
Asia Pacific - 0.0% 46 0.5% (788) -8.2%
Emerging Markets (60) -0.1% 267 0.3% (6,339) -6.2%
Europe 24 0.4% (39) -0.6% 832 16.9%
Global 39 0.7% (0) 0.0% 988 21.8%
Global ex-US (1) 0.0% 18 0.0% 4,095 7.7%
Sector
Global (8) -0.2% (87) -1.6% 145 2.8%
Global ex-US 40 1.1% 86 2.5% 880 35.8%
Other Sector 8 0.8% (9) -1.0% 153 18.6%US (404) -0.4% (88) -0.1% 7,367 8.0%
Size
Large Cap 1,843 1.1% (4,436) -2.6% (846) -0.5%
Mid Cap (1,019) -3.1% 898 2.6% (247) -0.8%
Small Cap (1,053) -3.5% 1,293 4.0% (2,435) -7.7%
Style
Growth (1,259) -2.6% 1,097 2.2% 2,424 5.6%
alue (833) -2.1% 841 2.0% 1,583 4.2%
Dividend 200 0.7% 231 0.8% 3,883 15.8%
Strategy
Short 40 1.3% 168 5.7% 472 17.1%
Leveraged (156) -1.5% 170 1.5% (1,351) -12.2%Leveraged Short 168 2.2% (48) -0.7% 1,134 15.5%
Quantitative 57 0.8% 71 0.9% 1,575 28.2%
Fundamental 12 0.3% 4 0.1% 221 5.1%
Active - 0.0% - 0.0% (13) -12.3%
Thematic
Sustainability (4) -0.1% (23) -0.6% 122 3.3%
Commodities 343 1.9% 686 3.8% 4,081 27.3%
Other Theme (13) -0.4% 23 0.6% 1,007 38.7%
Total (2,205) -0.3% 1,016 0.1% 27,575 3.7%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 16 Deutsche Bank Securities Inc.
Figure 30: ETP Net Cashflows ($ Million) by Investment Focus Sub Segment – Fixed Income
Investment Focus
Sub Segment - Fixed Income
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Overall
Overall 118 0.5% 144 0.6% 989 4.6%
Corporates
Overall 403 0.7% 371 0.7% 8,162 17.0%
Financials 7 0.4% (1) 0.0% 40 2.3%
Sovereign
Overall 666 1.2% 107 0.2% 4,434 8.8%
Sovereign & Corporates
Overall 25 0.3% 19 0.2% 826 9.6%
Sub-Sovereign
Agency - 0.0% - 0.0% 11 3.1%
Foreign Sovereigns 210 2.7% 72 1.0% 2,231 43.1%
Local Governments 63 0.8% 7 0.1% 86 1.1%
Structured Products
MBS 32 1.1% 75 2.5% 657 28.7%
Total 1,524 0.9% 794 0.5% 17,435 12.0%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 31: ETP Net Cash flows ($ Million) by Investment Focus Sub Segment – Commodity
Investment Focus
Sub Segment - Commodity
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Overall
Overall 13 0.1% (0) 0.0% 1,171 15.5%
Agriculture
Overall (13) -0.4% 6 0.2% 549 20.3%
Corn - 0.0% - 0.0% 80 185.1%
Energy
Overall - 0.0% - 0.0% 48 29.8%
Crude Oil (169) -6.2% (95) -3.3% (554) -18.6%
Gasoline (5) -3.6% (5) -3.4% 55 81.2%
Heating Oil - 0.0% (3) -48.7% (7) -55.4%
Natural Gas (138) -6.9% (23) -1.1% (793) -28.7%
Industrial Metals
Overall - 0.0% - 0.0% 102 20.0%
Precious MetalsOverall 5 0.6% 11 1.3% 181 29.7%
Gold 69 0.1% 650 0.9% (1,766) -2.7%
Palladium (8) -1.0% - 0.0% (78) -8.9%
Platinum 9 1.1% - 0.0% (4) -0.5%
Silver (48) -0.4% (244) -1.7% (385) -3.2%
Total (284) -0.3% 296 0.3% (1,400) -1.5%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 17
Issuer
Figure 32: ETP Net Cash flows ($ Million) by Issuer
IssuerNet
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
State Street GA 1,211 0.5% (3,175) -1.3% (1,020) -0.4%BlackRock 612 0.1% 530 0.1% 11,583 2.6%
an Eck Funds 359 1.6% 590 2.6% 3,848 19.4%
WisdomTree AM 342 2.7% 132 1.1% 2,473 25.0%
PowerShares 201 0.4% (512) -1.1% 2,770 6.7%
ProShares 110 0.4% 410 1.6% 3,655 15.5%
Direxionshares 73 1.2% 38 0.6% (86) -1.4%
Bank of New York 61 0.6% (203) -1.8% (2,087) -17.1%
Rydex Invest. 46 0.5% 77 0.9% 1,017 13.6%
Merrill Lynch 42 0.9% (97) -2.0% (33) -0.7%
Charles Schwab Investment Mgmt 36 0.8% 25 0.6% 1,445 53.1%
Guggenheim Funds Distributors, Inc. 25 0.7% (2) -0.1% 177 5.0%
Global X Management Co LLC 14 0.9% 4 0.2% 562 43.5%
ALPS Fund Services Inc 11 0.8% 31 2.2% 593 70.5%
Russell Investments 10 9.5% 44 44.3% 110 0.0%
IndexIQ Advisors LLC 6 1.3% - 0.0% 185 61.2%Emerging Global Shares 5 0.9% (1) -0.2% 109 25.6%
PIMCO 4 0.1% 43 1.5% 666 30.7%
GreenHaven Commodity Sers. 3 0.4% (9) -1.1% 203 38.0%
AdvisorShares Trust 3 0.9% 3 1.1% 142 92.1%
FocusShares - 0.0% - 0.0% 76 101.0%
Teucrium Trading LLC - 0.0% - 0.0% 87 61.7%
Javelin Invesment Management LLC - 0.0% - 0.0% 2 14.6%
PAX World Management LLC - 0.0% - 0.0% - 0.0%
FaithShares Advisors LLC - 0.0% - 0.0% (2) -13.0%
Grail Advisors LLC - 0.0% - 0.0% 5 24.9%
US One Inc - 0.0% - 0.0% 2 25.0%
Revenue Shares - 0.0% (1) -0.2% 36 6.5%
Fidelity Invest. - 0.0% (11) -6.6% (0) -0.1%
ETF Securities Ltd (9) -0.2% - 0.0% 175 5.0%
Deutsche Bank AG (13) -0.1% 2 0.0% 1,531 13.1%First Trust Ad. (84) -1.1% 10 0.1% 2,173 40.1%
United States Commodity Funds LLC (289) -6.8% (163) -3.6% (852) -17.2%
anguard (3,500) -2.1% 4,462 2.6% 16,722 11.3%
Total (720) -0.08% 2,226 0.2% 46,289 5.5%
Current Week Prev. Week YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 18 Deutsche Bank Securities Inc.
Index Provider
Figure 33: ETP Net Cash flows ($ Million) by Index Provider – Equity
(4,000)(3,500)(3,000)(2,500)(2,000)(1,500)(1,000) (500) - 500 1,000 1,500
MSCIFTSE
RussellOther
MorningstarS-Network
IndexIQ
BNY MellonMarket Vector
Wilshire
HOLDRDow JonesNasdaq OMX
Deutsche BorseS&P
Net Cashflow ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 34: ETP Net Cash flows ($ Million) by Index Provider – Fixed Income
(200) - 200 400 600 800 1,000 1,200
BofA Merri ll LynchActive
NYSE
Deutsche Bank
Markit iBoxx
S&P
Other
Barclays
Net Cashflow ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 35: ETP Net Cash flows ($ Million) by Index Provider – Commodity
(300) (250) (200) (150) (100) (50) - 50
Commodity
Dow Jones
Other
Deutsche Bank
Net Cashflow ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 19
Underlying Index/Security
Figure 36: ETP inflows ($ Million) by Underlying Index –
Equity (Top 10)
Figure 37: ETP outflows ($ Million) by Underlying Index
– Equity (Top 10)
0 500 1,000 1,500 2,000
MSCI Canada
Consumer Staples Select …
MSCI Hong Kong
Russell Top 200 Index…
MSCI REIT
Nasdaq 100
MSCI EAFE
S&P Retail Select Industry
DAXglobal Agribusiness
S&P 500
Inflow ($ Million)
(1,200) (1,000) (800) (600) (400) (200) -
FTSE All-World EX-US
Energy Select Sector
S&P Oil & Gas Exploration
MSCI US Mid Cap Growth
Russell 2000 Growth
Financial Select Sector
MSCI US Small Cap Value
MSCI US Small Cap Gr owth
MSCI US Small Cap 1750
MSCI US Mid Cap 450
Outflow ($ Million)
Figure 38: ETP inflows ($ Million) by Underlying Index –
Fixed Income (Top 10)
Figure 39: ETP outflows ($ Million) by Underlying Index
– Fixed Income
0 50 100 150 200 250
S&P Municiap Bond
Barclays Capital US Aggregate
iBoxx $ Liquid High Yield
Barclays Capital 3-7 Year US Treasury
iBoxx $ Liquid Investment Grade
Treasury Bill
Barclays Capital 1-3 Year Treasury Bond
S&P Preferred Stock
Barclays Capital 7-10 Year Treasury Bond
Barclays Capital 20+ Year Treasury Bond
Inflow ($ Million)
-60 -50 -40 -30 -20 -10 0
Adelante Shares Growth
Barclays Capital US Treasury 2Y/10Y Yield Curve
Index
BofA Merrill Lynch Build America Bond Index
Merrill Lynch California Insured Long-Term
Municipal Securities
Active
BofA Merrill Lynch 15+ Year US Inflation-Linked
Treasury Index
Outflow ($ Million)
Figure 40: ETP inflows ($ Million) by Underlying
Index/Security – Commodity
Figure 41: ETP outflows ($ Million) by Underlying
Index/Security – Commodity
0 20 40 60
Active
Deutsche Bank Liquid Commodity Index-…
Deutsche Bank Liquid Commodity Index -…
Continuous Commodity Total Return
Rogers International Commodity Aggriculture TR
Rogers Intern ational Commodity TR
Deutsche Bank Liquid Comm Index - Opt Yield
Commodity - Platinum
Deutsche Bank Liquid Commodity
Commodity - Gold
Inflow ($ Million)
(160) (140) (120) (100) (80) (60) (40) (20) -
Deutsche Bank Liquid Commodity Index —…
Deutsche Bank Liquid Commodity Index -…
Unleaded Gas
Commodity - Palladium
UBS Bloomberg CMCI
Deutsche Bank Liquid Commodity Index Div…
London Silver Market
Silver Price
Natural Gas futures contract
West Texas Intermediate Light
Outflow ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 20 Deutsche Bank Securities Inc.
Top ETPs
Figure 42: Top 20 ETPs by inflow ($ Million) (Includes ETNs also)
ETP Name IssuerAsset Class
& StructureBBG Ticker TER
Net Flow
$ MM
S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% 1,633
Market Vectors Agribusiness ETF Van Eck Funds Equity ETF MOO US 0.56% 416
WisdomTree Dreyfus Brazilian Real Fund WisdomTree AM Currency ETF BZF US 0.45% 229
iShares Barclays 20+ Year Treasury Bond Fund BlackRock Fixed Income ETF TLT US 0.15% 212
SPDR Retail ETF State Street GA Equity ETF XRT US 0.35% 199
Vanguard Europe Pacific ETF Vanguard Equity ETF VEA US 0.12% 189
WisdomTree Asia Local Debt Fund WisdomTree AM Fixed Income ETF ALD US 0.55% 166
iShares Barclays 7-10 Year Treasury bond Fund BlackRock Fixed Income ETF IEF US 0.15% 155
PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 152
Vanguard REIT ETF Vanguard Equity ETF VNQ US 0.13% 109
iShares Russell Top 200 Index Fund BlackRock Equity ETF IWL US 0.15% 104
iShares MSCI Hong Kong BlackRock Equity ETF EWH US 0.53% 103
iShares S&P Preferred Stock Index Fund BlackRock Fixed Income ETF PFF US 0.48% 98
SPDR Consumer Staples State Street GA Equity ETF XLP US 0.20% 93 Direxionshares Small Cap Bear 3X Shares Direxionshares Equity ETF TZA US 0.95% 86
iShares Barclays 1-3 Year Treasury Bond Fund BlackRock Fixed Income ETF SHY US 0.15% 84
iShares MSCI Canada BlackRock Equity ETF EWC US 0.53% 79
iShares iBoxx $ Investment Grade Corporate Bond Fund BlackRock Fixed Income ETF LQD US 0.15% 78
iShares COMEX Gold Trust BlackRock Commodity ETV IAU US 0.25% 72
iShares Barclays 3-7 Year Treasury Bond Fund BlackRock Fixed Income ETF IEI US 0.15% 71
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 43: Top 20 ETPs by outflow ($ Million) (Includes ETNs also)
ETP Name IssuerAsset Class
& StructureBBG Ticker TER
Net Flow
$ MM
Vanguard Mid-Cap ETF Vanguard Equity ETF VO US 0.14% (1,013)
Vanguard Small-Cap ETF Vanguard Equity ETF VB US 0.14% (936)
Vanguard Small-Cap Growth ETF Vanguard Equity ETF VBK US 0.14% (782)
Vanguard Small-Cap Value ETF Vanguard Equity ETF VBR US 0.14% (570)
SPDR Financial State Street GA Equity ETF XLF US 0.20% (363)
iShares Russell 2000 Growth BlackRock Equity ETF IWO US 0.25% (272)
Vanguard Mid-Cap Growth ETF Vanguard Equity ETF VOT US 0.14% (250)
SPDR Oil & Gas Exploration & Production ETF State Street GA Equity ETF XOP US 0.35% (232)
SPDR Energy State Street GA Equity ETF XLE US 0.20% (189)
Vanguard FTSE All-World ex-US ETF Vanguard Equity ETF VEU US 0.22% (178)
United States Oil Fund LP United States Commodity Funds LLC Commodity ETV USO US 0.45% (146)
United States Natural Gas Fund LP United States Commodity Funds LLC Commodity ETV UNG US 1.11% (138) First Trust Bick Index Fund First Trust Ad. Equity ETF BICK US 0.70% (117)
Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.07% (116)
iShares FTSE/Xinhua China 25 BlackRock Equity ETF FXI US 0.74% (108)
SPDR Industrial State Street GA Equity ETF XLI US 0.20% (105)
Vanguard Mid-Cap Value ETF Vanguard Equity ETF VOE US 0.14% (97)
iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% (88)
SPDR Materials State Street GA Equity ETF XLB US 0.20% (84)
iShares MSCI Japan BlackRock Equity ETF EWJ US 0.54% (80)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 22 Deutsche Bank Securities Inc.
Sub Segment
Figure 47: ETP Weekly Turnover ($ Million) by Investment Focus Sub Segment – Equity
Prev. Week Year 2010
Investment Focus
Sub Segment - EquityTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
CountryUS Broad 694 0.3% 566 128 22.7% 891 (197) -22.1%
Developed non-US 3,978 1.4% 3,967 11 0.3% 3,368 610 18.1%
Emerging Country 11,161 4.0% 10,297 864 8.4% 14,778 (3,617) -24.5%
Regional
Asia Pacific 302 0.1% 325 (23) -7.1% 517 (215) -41.6%
Emerging Markets 13,546 4.9% 15,928 (2,382) -15.0% 18,083 (4,536) -25.1%
Europe 403 0.1% 420 (17) -4.0% 427 (24) -5.6%
Global 218 0.1% 137 81 59.3% 162 57 35.0%
Global ex-US 7,329 2.7% 5,877 1,451 24.7% 6,146 1,182 19.2%
Sector
Global 134 0.0% 229 (95) -41.4% 186 (52) -27.9%
Global ex-US 121 0.0% 114 6 5.6% 68 52 76.8%
Other Sector 38 0.0% 34 4 10.6% 50 (12) -24.6%
US 44,983 16.3% 43,882 1,101 2.5% 41,981 3,002 7.1%
Size
Large Cap 128,148 46.4% 116,645 11,503 9.9% 142,934 (14,786) -10.3%
Mid Cap 2,822 1.0% 2,352 470 20.0% 3,248 (425) -13.1%
Small Cap 25,344 9.2% 22,877 2,467 10.8% 21,280 4,064 19.1%
Style
Growth 2,084 0.8% 2,411 (327) -13.6% 2,346 (262) -11.2%
alue 1,671 0.6% 1,776 (105) -5.9% 2,017 (345) -17.1%
Dividend 952 0.3% 1,045 (94) -9.0% 686 266 38.7%
Strategy
Short 851 0.3% 814 38 4.6% 1,210 (359) -29.7%
Leveraged 15,723 5.7% 15,817 (95) -0.6% 22,737 (7,014) -30.9%
Leveraged Short 11,211 4.1% 11,020 191 1.7% 19,925 (8,714) -43.7%Quantitative 292 0.1% 383 (91) -23.7% 214 79 36.8%
Fundamental 347 0.1% 325 22 6.7% 297 51 17.1%
Active 5 0.0% 7 (2) -29.8% 5 0 7.6%
Thematic
Sustainability 78 0.0% 106 (28) -26.2% 116 (38) -32.6%
Commodities 3,650 1.3% 4,228 (577) -13.7% 3,439 211 6.1%
Other Theme 187 0.1% 144 43 29.5% 94 93 99.2%
Total 276,275 100% 261,729 14,545 5.6% 307,205 (30,930) -10.1%
Current Week WoW Change Change from 2010
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 23
Figure 48: ETP Weekly Turnover ($ Million) by Investment Focus Sub Segment – Fixed Income
Prev. Week Year 2010
Investment Focus
Sub Segment - Fixed IncomeTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Overall
Overall 743 5.6% 799 (56) -7.0% 744 (1) -0.1%
Corporates
Overall 2,599 19.5% 2,355 244 10.3% 2,145 454 21.2%
Financials 44 0.3% 35 9 25.3% 58 (14) -24.3%
Sovereign
Overall 8,721 65.4% 5,924 2,797 47.2% 7,517 1,204 16.0%
Sovereign & Corporates
Overall 247 1.8% 274 (27) -9.9% 306 (59) -19.4%
Sub-Sovereign
Agency 9 0.1% 5 4 86.2% 11 (3) -22.6%
Foreign Sovereigns 682 5.1% 324 358 110.5% 231 450 194.7%
Local Governments 214 1.6% 296 (82) -27.7% 288 (74) -25.8%
Structured ProductsMBS 86 0.6% 251 (165) -65.8% 78 8 10.6%
Total 13,344 100% 10,263 3,081 30.0% 11,379 1,965 17.3%
Current Week WoW Change Change from 2010
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 49: ETP Weekly Turnover ($ Million) by Investment Focus Sub Segment – Commodity
Prev. Week Year 2010
Investment Focus
Sub Segment - CommodityTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Overall
Overall 514 2.2% 362 152 42.0% 310 204 66.0%
Agriculture
Overall 249 1.1% 241 8 3.4% 217 32 14.7%
Corn 23 0.1% 32 (8) -26.6% 4 20 507.0%
Energy
Overall 14 0.1% 8 6 76.1% 10 4 43.9%
Crude Oil 2,827 12.0% 3,922 (1,095) -27.9% 2,361 466 19.7%
Gasoline 34 0.1% 26 8 31.8% 10 24 252.3%
Heating Oil 1 0.0% 0 1 778.1% 1 1 56.9%
Natural Gas 843 3.6% 810 33 4.1% 926 (84) -9.0%
Industrial Metals
Overall 13 0.1% 18 (5) -25.6% 38 (25) -64.9%
Precious Metals
Overall 36 0.2% 34 2 5.7% 22 14 64.8%Gold 8,742 37.1% 9,727 (985) -10.1% 9,501 (760) -8.0%
Palladium 20 0.1% 10 10 102.6% 16 4 21.3%
Platinum 18 0.1% 8 11 133.2% 21 (3) -13.8%
Silver 10,254 43.5% 11,991 (1,737) -14.5% 1,938 8,316 429.0%
Total 23,590 100% 27,189 (3,599) -13.2% 15,376 8,213 53.4%
Current Week WoW Change Change from 2010
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 24 Deutsche Bank Securities Inc.
Issuer
Figure 50: ETP Weekly Turnover ($ Million) by Issuer
Prev. W eek Year 2010
Issuer TurnoverMkt
Share %T urno ve r Tu rn over
%
TurnoverTurnover Turnover
%
Turnover
State Street GA 157,890 50.0% 146,926 10,965 7.5% 159,203 (1,313) -0.8%BlackRock 83,457 26.4% 80,099 3,359 4.2% 82,410 1,047 1.3%
ProShares 20,101 6.4% 19,840 260 1.3% 27,250 (7,149) -26.2%
Direxionshares 13,901 4.4% 14,259 (358) -2.5% 19,842 (5,941) -29.9%
PowerShares 12,403 3.9% 11,741 662 5.6% 20,271 (7,868) -38.8%
anguard 7,877 2.5% 7,892 (15) -0.2% 6,912 965 14.0%
Merrill Lynch 5,038 1.6% 5,565 (527) -9.5% 6,544 (1,505) -23.0%
an Eck Funds 4,449 1.4% 4,917 (468) -9.5% 4,116 333 8.1%
United States Commodity Funds LLC 2,941 0.9% 3,637 (696) -19.1% 2,831 111 3.9%
Bank of New York 2,103 0.7% 1,716 387 22.6% 2,456 (353) -14.4%
Rydex Invest. 1,783 0.6% 1,652 131 8.0% 1,771 12 0.7%
Deutsche Bank AG 1,305 0.4% 1,229 76 6.2% 1,154 151 13.1%
WisdomTree AM 1,295 0.4% 800 495 61.8% 534 761 142.5%
First Trust Ad. 494 0.2% 366 128 35.0% 254 240 94.4%
Charles Schwab Investment Mgmt 223 0.1% 217 6 2.7% 144 79 55.3%
ETF Securities Ltd 168 0.1% 181 (13) -7.0% 91 77 85.2%
Global X Management Co LLC 146 0.0% 126 20 15.9% 79 66 83.8%
Guggenheim Funds Distributors, Inc. 143 0.0% 131 12 9.0% 217 (74) -34.0%
PIMCO 100 0.0% 140 (39) -28.1% 81 19 23.9%
ALPS Fund Services Inc 83 0.0% 66 16 24.4% 24 58 239.3%
GreenHaven Commodity Sers. 26 0.0% 25 1 4.3% 15 11 74.2%
IndexIQ Advisors LLC 25 0.0% 19 6 29.7% 14 12 85.6%
Revenue Shares 25 0.0% 10 15 153.9% 20 5 27.0%
Teucrium Trading LLC 24 0.0% 33 (9) -28.0% 4 20 516.8%
Emerging Global Shares 23 0.0% 15 8 54.6% 18 5 27.4%
AdvisorShares Trust 15 0.0% 13 2 16.2% 6 9 162.5%
Fidelity Invest. 5 0.0% 3 3 100.3% 9 (4) -43.7%
PAX World Management LLC 1 0.0% 0 0 26.1% 0 0 480.2%
Grail Advisors LLC 0 0.0% 1 (1) -69.2% 1 (0) -45.1%
Javelin Invesment Management LLC 0 0.0% 0 0 104.3% 0 (0) -41.6%
US One Inc 0 0.0% 0 (0) -38.8% 1 (0) -73.9%
FaithShares Advisors LLC 0 0.0% 0 (0) -57.1% 0 (0) -71.6%
Total 316,059 100% 301,660 14,399 4.8% 336,271 (20,212) -6.0%
Current W eek W oW Change Change from 2010
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 25
Index Provider Underlying Index/Security
Figure 51: ETP Weekly Turnover ($ Million) by Index
Provider – Equity (Top 10)
Figure 52: ETP Weekly Turnover ($ Million) by
Underlying Index – Equity (Top 10)
0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000
Market Vector
Deutsche Borse
FTSE
Other
HOLDR
Dow Jones
Nasdaq OMX
MSCI
Russell
S&P
Turnover ($ Million)
‐ 20,000 40,000 60,000 80,000 100,000 120,000 140,000
DJIA
MSCI Brazil
Russell 1000 Financial Services Index
Financial Select Sector
MSCI EAFE
Energy Select Sector
MSCI Emerging Markets
Nasdaq 100
Russell 2000
S&P 500
Turnover ($ Million)
Figure 53: ETP Weekly Turnover ($ Million) by Index
Provider – Fixed Income
Figure 54: ETP Weekly Turnover ($ Million) by
Underlying Index – Fixed Income (Top 10)
0 2,000 4,000 6,000 8,000 10,000 12,000
Market Vector
BofA Merrill Lynch
Deutsche Bank
NYSE
Active
S&P
Other
Markit iBoxx
Barclays
Turnover ($ Million)
‐ 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
Barclays Capital Aggregate Bond
Barclays Capital US Aggregate
Barclays Capital 1‐3 Year Treasury Bond
Barclays Capital US Treasury Inflation Notes
iBoxx $ Liquid Investment Grade
iBoxx $ Liquid High Yield
Barclays Capital High Yield Very Liquid Bond
Barclays Capital 7‐10 Year Treasury Bond
Treasury Bill
Barclays Capital 20+ Year Treasury Bond
Turnover ($ Million)
Figure 55: ETP Weekly Turnover ($ Million) by Index
Provider – Commodity
Figure 56: ETP Weekly Turnover ($ Million) by
Underlying Index/Security – Commodity (Top 10)
0 5,000 10,000 15,000 20,000 25,000
S&P
Other
Deutsche Bank
Dow Jones
Commodity
Turnover ($ Million)
‐ 2,000 4,000 6,000 8,000 10,000
Deutsche Bank Liquid Comm Index ‐Opt Yield …
London Silver Market
Deutsche Bank Liquid Commodity Index ‐Crude …
Deutsche Bank Liquid Commodity Index‐…
Deutsche Bank Liquid Commodity Index Div …
Deutsche Bank Liquid Commodity
Natural Gas futures contract
West Texas Intermediate Light
Silver Price
Commodity ‐Gold
Turnover ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 26 Deutsche Bank Securities Inc.
Top ETPs
Figure 57: Top 20 ETPs by Weekly Turnover ($ Million) (Includes ETNs also)
ETP Name IssuerAsset Class
& StructureBBG Ticker TER
Turnover
$ MM
S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% 109,976
iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% 24,713
PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 11,861
iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% 9,423
SPDR Gold Trust State Street GA Commodity ETV GLD US 0.40% 8,245
iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% 7,089
SPDR Energy State Street GA Equity ETF XLE US 0.20% 7,066
SPDR Financial State Street GA Equity ETF XLF US 0.20% 6,427
iShares MSCI EAFE BlackRock Equity ETF EFA US 0.34% 6,096
iShares Barclays 20+ Year Treasury Bond Fund BlackRock Fixed Income ETF TLT US 0.15% 4,455
iShares MSCI Brazil BlackRock Equity ETF EWZ US 0.61% 4,371
SPDR Industrial State Street GA Equity ETF XLI US 0.20% 4,061
DJIA Diamonds ("Diamond") State Street GA Equity ETF DIA US 0.17% 3,510
Vanguard Emerging Markets ETF Vanguard Equity ETF VWO US 0.22% 3,475
SPDR Retail ETF State Street GA Equity ETF XRT US 0.35% 3,391
Oil Services HOLDR Merrill Lynch Equity ETV OIH US n.a. 3,292
Direxionshares Small Cap Bull 3X Shares Direxionshares Equity ETF TNA US 0.95% 3,290
Ultra S&P500 ProShares ProShares Equity ETF SSO US 0.95% 3,079
iShares FTSE/Xinhua China 25 BlackRock Equity ETF FXI US 0.74% 2,741
SPDR Materials State Street GA Equity ETF XLB US 0.20% 2,723
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 58: Top 20 ETPs by Weekly Turnover Change ($ Million) (Includes ETNs also)
ETP Name IssuerAsset Class
& StructureBBG Ticker TER
TurnoverChange
$ MM
S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% 10,170
iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% 2,582
iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% (1,611)
iShares Barclays 20+ Year Treasury Bond Fund BlackRock Fixed Income ETF TLT US 0.15% 1,449
SPDR Financial State Street GA Equity ETF XLF US 0.20% 1,309
iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% (1,234)
SPDR Gold Trust State Street GA Commodity ETV GLD US 0.40% (940)
SPDR Retail ETF State Street GA Equity ETF XRT US 0.35% 933
Vanguard Emerging Markets ETF Vanguard Equity ETF VWO US 0.22% (920)
SPDR Energy State Street GA Equity ETF XLE US 0.20% (866)
PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 754 United States Oil Fund LP United States Commodity Funds LLC Commodity ETV USO US 0.45% (748)
iShares MSCI EAFE BlackRock Equity ETF EFA US 0.34% 746
SPDR Health Care State Street GA Equity ETF XLV US 0.20% (612)
Direxionshares Energy Bull 3X Shares Direxionshares Equity ETF ERX US 0.94% (520)
ProShares Ultra Silver ProShares Commodity ETV AGQ US 0.95% (485)
Vanguard Europe Pacific ETF Vanguard Equity ETF VEA US 0.12% 472
UltraShort Lehman 20+ Year Treasury ProShares ProShares Fixed Income ETF TBT US 0.95% 446
iShares Barclays 7-10 Year Treasury bond Fund BlackRock Fixed Income ETF IEF US 0.15% 442
DJIA Diamonds ("Diamond") State Street GA Equity ETF DIA US 0.17% 433
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
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ETP – Assets Under Management
Investment Focus
Figure 59: ETP AUM ($ Million) by Investment Focus – Equity
Prev. Week End of 2010
Investment Focus - Equity AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Size 231,602 29.2% 237,654 (6,052) -2.5% 226,050 5,552 2.5%
Regional 175,838 22.1% 175,455 384 0.2% 173,806 2,033 1.2%
Style 117,756 14.8% 122,508 (4,751) -3.9% 105,281 12,476 11.8%
Sector 113,144 14.2% 115,854 (2,710) -2.3% 100,067 13,077 13.1%
Country 97,762 12.3% 98,542 (780) -0.8% 87,951 9,811 11.2%
Strategy 33,012 4.2% 33,318 (306) -0.9% 31,177 1,835 5.9%
Thematic 25,363 3.2% 25,560 (197) -0.8% 21,261 4,101 19.3%
Total 794,477 100% 808,891 (14,413) -1.78% 745,592 48,885 6.56%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 60: AUM ($ Million) by Investment Focus – Fixed Income
Prev. Week End of 2010
Investment Focus - Fixed Income AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Sovereign 54,989 33.3% 54,440 549 1.0% 50,480 4,509 8.9%
Corporates 59,011 35.8% 58,930 81 0.1% 49,831 9,180 18.4%
Overall 22,635 13.7% 22,512 123 0.5% 21,303 1,332 6.3%
Sub-Sovereign 15,901 9.6% 15,574 327 2.1% 13,125 2,776 21.2%
Sovereign & Corporates 9,529 5.8% 9,497 32 0.3% 8,580 949 11.1%
Structured Products 2,992 1.8% 2,955 36 1.2% 2,292 700 30.5%
Total 165,057 100% 163,909 1,148 0.7% 145,610 19,447 13.4%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 61: ETP AUM ($ Million) by Investment Focus – Commodity
Prev. Week End of 2010
Investment Focus - Commodity AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Precious Metals 84,979 82.2% 85,555 (576) -0.7% 79,568 5,411 6.8%
Overall 9,353 9.0% 9,289 64 0.7% 7,563 1,790 23.7%
Energy 5,076 4.9% 5,315 (238) -4.5% 5,979 (902) -15.1%
Agriculture 3,416 3.3% 3,412 4 0.1% 2,756 660 24.0%
Industrial Metals 597 0.6% 600 (3) -0.5% 512 86 16.8%
Total 103,422 100% 104,172 (750) -0.7% 96,378 7,045 7.3%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 28 Deutsche Bank Securities Inc.
Sub Segment
Figure 62: ETP AUM ($ Million) by Investment Focus Sub Segment – Equity
Prev. Week End of 2010
Investment Focus
Sub Segment - EquityAUM
Mkt
Share %AUM AUM % AUM AUM AUM % AUM
CountryUS Broad 26,359 3.3% 27,134 (775) -2.9% 24,537 1,823 7.4%
Developed non-US 28,342 3.6% 28,470 (128) -0.4% 21,822 6,521 29.9%
Emerging Country 43,060 5.4% 42,938 122 0.3% 41,592 1,468 3.5%
Regional
Asia Pacific 8,761 1.1% 8,802 (41) -0.5% 9,556 (795) -8.3%
Emerging Markets 95,606 12.0% 95,196 409 0.4% 101,857 (6,252) -6.1%
Europe 6,255 0.8% 6,205 51 0.8% 4,931 1,325 26.9%
Global 5,704 0.7% 5,713 (9) -0.2% 4,525 1,178 26.0%
Global ex-US 59,513 7.5% 59,539 (26) 0.0% 52,936 6,577 12.4%
Sector
Global 5,500 0.7% 5,577 (77) -1.4% 5,097 402 7.9%
Global ex-US 3,466 0.4% 3,421 44 1.3% 2,456 1,010 41.1%
Other Sector 982 0.1% 974 8 0.8% 820 162 19.7%
US 103,197 13.0% 105,882 (2,685) -2.5% 91,694 11,503 12.5%
Size
Large Cap 168,780 21.2% 170,747 (1,967) -1.2% 163,338 5,442 3.3%
Mid Cap 32,915 4.1% 34,912 (1,997) -5.7% 31,280 1,635 5.2%
Small Cap 29,907 3.8% 31,996 (2,089) -6.5% 31,432 (1,525) -4.9%
Style
Growth 48,014 6.0% 50,539 (2,525) -5.0% 43,363 4,652 10.7%
alue 40,241 5.1% 42,133 (1,891) -4.5% 37,339 2,902 7.8%
Dividend 29,501 3.7% 29,836 (335) -1.1% 24,579 4,922 20.0%
Strategy
Short 3,068 0.4% 2,966 103 3.5% 2,751 317 11.5%
Leveraged 10,301 1.3% 11,083 (783) -7.1% 11,049 (749) -6.8%
Leveraged Short 7,620 1.0% 7,072 548 7.8% 7,303 317 4.3%Quantitative 7,431 0.9% 7,579 (148) -1.9% 5,592 1,839 32.9%
Fundamental 4,492 0.6% 4,517 (24) -0.5% 4,375 117 2.7%
Active 100 0.0% 102 (2) -1.6% 107 (7) -6.2%
Thematic
Sustainability 3,783 0.5% 3,862 (80) -2.1% 3,738 45 1.2%
Commodities 17,951 2.3% 18,004 (53) -0.3% 14,923 3,028 20.3%
Other Theme 3,629 0.5% 3,693 (64) -1.7% 2,600 1,029 39.6%
Total 794,477 100% 808,891 (14,413) -1.8% 745,592 48,885 6.6%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 29
Figure 63: ETP AUM ($ Million) by Investment Focus Sub Segment – Fixed Income
Prev. Week End of 2010
Investment Focus
Sub Segment - Fixed IncomeAUM
Mkt
Share %AUM AUM % AUM AUM AUM % AUM
Overall
Overall 22,635 13.7% 22,512 123 0.5% 21,303 1,332 6.3%
Corporates
Overall 57,184 34.6% 57,091 93 0.2% 48,095 9,089 18.9%
Financials 1,827 1.1% 1,839 (12) -0.6% 1,736 92 5.3%
Sovereign
Overall 54,989 33.3% 54,440 549 1.0% 50,480 4,509 8.9%
Sovereign & Corporates
Overall 9,529 5.8% 9,497 32 0.3% 8,580 949 11.1%
Sub-Sovereign
Agency 376 0.2% 376 0 0.0% 361 15 4.1%
Foreign Sovereigns 7,636 4.6% 7,381 254 3.4% 5,174 2,462 47.6%
Local Governments 7,889 4.8% 7,817 73 0.9% 7,590 300 3.9%
Structured ProductsMBS 2,992 1.8% 2,955 36 1.2% 2,292 700 30.5%
Total 165,057 100% 163,909 1,148 0.7% 145,610 19,447 13.4%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 64: ETP AUM ($ Million) by Investment Focus Sub Segment – Commodity
Prev. Week End of 2010
Investment Focus
Sub Segment - CommodityAUM
Mkt
Share %AUM AUM % AUM AUM AUM % AUM
Overall
Overall 9,353 9.0% 9,289 64 0.7% 7,563 1,790 23.7%
Agriculture
Overall 3,282 3.2% 3,279 3 0.1% 2,713 569 21.0%
Corn 134 0.1% 133 1 0.6% 43 91 212.1%
Energy
Overall 233 0.2% 231 2 0.8% 161 72 44.5%
Crude Oil 2,711 2.6% 2,890 (179) -6.2% 2,979 (268) -9.0%
Gasoline 139 0.1% 146 (7) -4.7% 67 72 106.5%
Heating Oil 7 0.0% 7 0 1.8% 12 (5) -40.9%
Natural Gas 1,986 1.9% 2,040 (54) -2.7% 2,759 (773) -28.0%
Industrial Metals
Overall 597 0.6% 600 (3) -0.5% 512 86 16.8%
Precious Metals
Overall 826 0.8% 833 (7) -0.9% 609 217 35.7%Gold 69,007 66.7% 68,629 378 0.6% 65,195 3,812 5.8%
Palladium 771 0.7% 766 5 0.7% 885 (113) -12.8%
Platinum 788 0.8% 770 18 2.3% 766 23 3.0%
Silver 13,586 13.1% 14,557 (970) -6.7% 12,114 1,473 12.2%
Total 103,422 100% 104,172 (750) -0.7% 96,378 7,045 7.3%
Current Week WoW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 30 Deutsche Bank Securities Inc.
Issuer
Figure 65: ETP AUM ($ Million) by Issuer
Prev. W eek End of 2010
Issuer AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
BlackRock 474,282 44.2% 479,350 (5,068) -1.1% 448,389 25,893 5.8%State Street GA 244,859 22.8% 247,169 (2,310) -0.9% 234,738 10,121 4.3%
anguard 169,585 15.8% 174,843 (5,258) -3.0% 147,926 21,660 14.6%
PowerShares 45,364 4.2% 45,886 (522) -1.1% 41,510 3,854 9.3%
ProShares 26,205 2.4% 26,269 (64) -0.2% 23,571 2,634 11.2%
an Eck Funds 22,812 2.1% 22,746 66 0.3% 19,878 2,935 14.8%
Deutsche Bank AG 13,789 1.3% 13,792 (2) 0.0% 11,674 2,115 18.1%
WisdomTree AM 12,528 1.2% 12,155 373 3.1% 9,891 2,637 26.7%
Bank of New York 10,821 1.0% 11,082 (260) -2.3% 12,196 (1,375) -11.3%
Rydex Invest. 8,898 0.8% 8,986 (88) -1.0% 7,468 1,430 19.1%
First Trust Ad. 7,811 0.7% 8,082 (271) -3.4% 5,425 2,386 44.0%
Direxionshares 6,279 0.6% 6,373 (93) -1.5% 6,571 (291) -4.4%
Merrill Lynch 4,789 0.4% 4,796 (7) -0.2% 4,733 56 1.2%
Charles Schwab Investment Mgmt 4,280 0.4% 4,308 (28) -0.6% 2,722 1,559 57.3%
United States Commodity Funds LLC 4,279 0.4% 4,491 (212) -4.7% 4,962 (683) -13.8%
ETF Securities Ltd 3,910 0.4% 3,942 (32) -0.8% 3,522 389 11.0%
Guggenheim Funds Distributors, Inc. 3,733 0.3% 3,745 (12) -0.3% 3,549 184 5.2%
PIMCO 2,873 0.3% 2,877 (4) -0.2% 2,168 705 32.5%
Global X Management Co LLC 1,640 0.2% 1,654 (14) -0.8% 1,294 346 26.8%
ALPS Fund Services Inc 1,413 0.1% 1,417 (4) -0.3% 841 572 68.0%
GreenHaven Commodity Sers. 769 0.1% 763 7 0.9% 534 235 43.9%
Revenue Shares 598 0.1% 615 (17) -2.7% 545 53 9.8%
Emerging Global Shares 535 0.0% 524 11 2.1% 427 109 25.4%
IndexIQ Advisors LLC 480 0.0% 479 2 0.4% 302 178 58.8%
AdvisorShares Trust 291 0.0% 288 2 0.8% 154 137 89.0%
Fidelity Invest. 162 0.0% 165 (4) -2.3% 157 5 3.1%
Teucrium Trading LLC 142 0.0% 141 1 0.6% 43 99 229.4%
Grail Advisors LLC 26 0.0% 27 (0) -1.3% 21 6 28.6%
Javelin Invesment Management LLC 15 0.0% 15 (0) -2.6% 12 3 23.0%
US One Inc 13 0.0% 13 (0) -1.2% 10 3 33.0%
FaithShares Advisors LLC 11 0.0% 11 (0) -2.8% 12 (1) -9.6%
PAX World Management LLC 5 0.0% 5 (0) -1.2% 3 3 94.4%
Total 1,073,405 100% 1,087,207 (13,802) -1.3% 995,247 78,158 7.9%
Current W eek W oW Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 31
Index Provider Underlying Index/Security
Figure 66: ETP AUM ($ Million) by Index Provider –
Equity (Top 10)
Figure 67: ETP AUM ($ Million) by Underlying Index –
Equity (Top 10)
0 50,000 100,000 150,000 200,000 250,000 300,000
BLDRS
Morningstar
Market Vector
HOLDR
Wilshire
Deutsche Borse
FTSE
Nasdaq OMX
Dow Jones
Other
Russell
S&P
MSCI
AUM ($ Million)
‐ 20,000 40,000 60,000 80,000 100,000 120,000 140,000
Russell 1000 Value
S&P 400 MidCap
MSCI Brazil
Russell 1000 Growth
Russell 2000
MSCI US Broad Market
Nasdaq 100
MSCI EAFE
MSCI Emerging Markets
S&P 500
AUM ($ Million)
Figure 68: ETP AUM ($ Million) by Index Provider – Fixed
Income
Figure 69: ETP AUM ($ Million) by Underlying Index –
Fixed Income
0 20,000 40,000 60,000 80,000 100,000 120,000
Market Vector
NYSE
Active
BofA Merrill Lynch
Deutsche Bank
Other
S&P
Markit iBoxx
Barclays
AUM ($ Million)
‐
5,000
10,000
15,000
20,000
25,000
Barclays Capital 1‐5 Year Government/Credit
Barclays Capital High Yield Very Liquid Bond
S&P Preferred Stock
Barclays Capital 1‐3 Year Treasury Bond
Barclays Capital 1‐3 Year US Credit
iBoxx $ Liquid High Yield
Barclays Capital Aggregate Bond
Barclays Capital US Aggregate
iBoxx $ Liquid Investment Grade
Barclays Capital US Treasury Inflation Notes
AUM ($ Million)
Figure 70: ETP AUM ($ Million) by Index Provider –
Commodity
Figure 71: ETP AUM ($ Million) by Underlying
Index/Security – Commodity
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000
Other
Dow Jones
S&P
Deutsche Bank
Commodity
AUM ($ Million)
‐ 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
Commodity ‐Platinum
Rogers International Commodity TR
London Gold Market Fixing Price/USD
West Texas Intermediate Light
GSCI Total Return
Natural Gas futures contract
Deutsche Bank Liquid Commodity Index Div …
Deutsche Bank Liquid Commodity
Silver Price
Commodity ‐Gold
AUM ($ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 32 Deutsche Bank Securities Inc.
Top ETPs
Figure 72: Top 20 ETPs by AUM ($ Million) (Includes ETNs also)
ETP Name IssuerAsset Class
& StructureBBG Ticker TER
AUM
$ MM
S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% 88,544
SPDR Gold Trust State Street GA Commodity ETV GLD US 0.40% 60,028
Vanguard Emerging Markets ETF Vanguard Equity ETF VWO US 0.22% 48,008
iShares MSCI EAFE BlackRock Equity ETF EFA US 0.34% 39,984
iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% 39,700
iShares S&P 500 BlackRock Equity ETF IVV US 0.09% 27,294
PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% 23,785
iShares Barclays TIPS Bond Fund BlackRock Fixed Income ETF TIP US 0.20% 20,402
Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.07% 19,510
iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% 15,192
iShares iBoxx $ Investment Grade Corporate Bond Fund BlackRock Fixed Income ETF LQD US 0.15% 13,808
iShares Russell 1000 Growth BlackRock Equity ETF IWF US 0.20% 13,529
iShares MSCI Brazil BlackRock Equity ETF EWZ US 0.61% 12,745
iShares Russell 1000 Value BlackRock Equity ETF IWD US 0.20% 11,668
iShares Barclays Aggregate Bond Fund BlackRock Fixed Income ETF AGG US 0.24% 11,373
iShares S&P MidCap 400 BlackRock Equity ETF IJH US 0.20% 11,367
iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% 11,185
S&P 400 MidCap Bank of New York Equity ETF MDY US 0.25% 10,821
Vanguard Total Bond Market Vanguard Fixed Income ETF BND US 0.12% 9,955
DJIA Diamonds ("Diamond") State Street GA Equity ETF DIA US 0.17% 9,638
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 73: Top 20 ETPs by AUM Change ($ Million) (Includes ETNs also)
ETP Name IssuerAsset Class
& Structure
BBG Ticker TER
AUM
Change
$ MM
Vanguard Mid-Cap ETF Vanguard Equity ETF VO US 0.14% (1,136)
Vanguard Small-Cap ETF Vanguard Equity ETF VB US 0.14% (1,108)
Vanguard Small-Cap Growth ETF Vanguard Equity ETF VBK US 0.14% (879)
iShares Silver Trust BlackRock Commodity ETV SLV US 0.50% (858)
iShares S&P 500 BlackRock Equity ETF IVV US 0.09% (682)
Vanguard Small-Cap Value ETF Vanguard Equity ETF VBR US 0.14% (644)
iShares Russell 2000 BlackRock Equity ETF IWM US 0.20% (640)
Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.07% (603)
SPDR Financial State Street GA Equity ETF XLF US 0.20% (580)
iShares Russell 2000 Growth BlackRock Equity ETF IWO US 0.25% (429)
iShares S&P MidCap 400 BlackRock Equity ETF IJH US 0.20% (419)
S&P 500 SPDR ("Spider") State Street GA Equity ETF SPY US 0.10% (397)
Market Vectors Agribusiness ETF Van Eck Funds Equity ETF MOO US 0.56% 350
SPDR Energy State Street GA Equity ETF XLE US 0.20% (325)
iShares Russell 1000 Value BlackRock Equity ETF IWD US 0.20% (311)
iShares MSCI Emerging Markets BlackRock Equity ETF EEM US 0.69% 295
PowerShares QQQ Nasdaq 100 PowerShares Equity ETF QQQ US 0.20% (290)
Vanguard Mid-Cap Growth ETF Vanguard Equity ETF VOT US 0.14% (289)
iShares Russell 1000 Growth BlackRock Equity ETF IWF US 0.20% (273)
iShares S&P SmallCap600 BlackRock Equity ETF IJR US 0.20% (267)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
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08 June 2011 US ETF Market Weekly Review
Page 34 Deutsche Bank Securities Inc.
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-tradedequity 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 1 gives a summary of our current coverage universe by region and structure type.
The vast majority of instruments are ETFs (90.7%, 2,649 products, $1,400.8 billion) with the remainder being ETCs (1.8%, 280
products, $27.3 billion) in Europe and ETVs (7.5%, 83 products, $115.2 billion) in the US.
Figure 74: ETP Coverage Universe Summary – End of Q1 2011
Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,031 1,064,047 68.9% 948 948,851 61.5% 83 115,196 7.5%
Europe 1,414 335,722 21.7% 1,134 308,388 20.0% 280 27,334 1.8%
Asia 311 85,603 5.5% 306 84,937 5.5% 5 666 0.0%
ROW 261 58,632 3.8% 261 58,632 3.8% ‐ ‐ 0.0%
Global 3,017 1,544,004 100.0% 2,649 1,400,808 90.7% 368 143,196 9.3%
ETPs ETFs ETCs (Europe), ETVs (US)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Exchange-Traded Funds (ETFs, 91%)
US (61%): 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 (20%): 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 (6%): Both European and US ETFs are cross sold into the Asian market.
Exchange-Traded Collateralized Instruments (9%)
Exchange-Traded Commodities (ETCs, 2%)
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 future 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, 7%)
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.
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08 June 2011 US ETF Market Weekly Review
Deutsche Bank Securities Inc. Page 35
Appendix 1
Important Disclosures
Additional information available upon requestFor disclosures pertaining to recommendations or estimates made on a security mentioned in this report, please see
the most recently published company report or visit our global disclosure look-up page on our website at
http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr.
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the
undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in
this report. Shan Lan
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
3%
51%46%
31%
31%37%
0
100
200
300
400
500
Buy Hold Sell
North American Universe
Companies Covered Cos. w/ Banking Relationship
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08 June 2011 US ETF Market Weekly Review
Page 36 Deutsche Bank Securities Inc.
Regulatory Disclosures
1. Important Additional Conflict Disclosures
Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the
“Disclosures Lookup” and “Legal” tabs. Investors are strongly encouraged to review this information before investing.
2. Short-Term Trade Ideas
Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent
or inconsistent with Deutsche Bank’s existing longer term ratings. These trade ideas can be found at the SOLAR link at
http://gm.db.com.
3. Country-Specific Disclosures
Australia: This research, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian
Corporations Act.
EU countries: Disclosures relating to our obligations under MiFiD can be found at
http://globalmarkets.db.com/riskdisclosures.
Japan: Disclosures under the Financial Instruments and Exchange Law: Company name – Deutsche Securities Inc.
Registration number – Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho)
No. 117. Member of associations: JSDA, 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. “Moody’s”, “Standard & Poor’s”, and “Fitch” mentioned in this report are not registered credit rating agencies in
Japan unless “Japan” is specifically designated in the name of the entity.
New Zealand: This research is not intended for, and should not be given to, “members of the public” within the meaning of
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appraisal or evaluation activity requiring a license in the Russian Federation.
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Deutsche Bank Securities Inc.
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Deutsche Bank Securities Inc.
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