ETP-Markt Oktober 2015 Deutsche Bank

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Deutsche Bank Markets Research Europe

Synthetic Equity & Index Strategy

European Monthly ETF Market Review

Date

9 November 2015

Authors

Fixed Income Dominates ETF Flows Data in this report is as of 30th October 2015

Anil Gademsetty, CFA Strategist (+44) 20 754-52198 anil-kumar.gademsetty@db.com

Team Contacts European ETP Highlights As of the end of October 2015, global ETP assets stood at $2.9 trillion with European ETP assets at $514bn (€465bn). European ETPs had another good month with net inflows of +€6.4bn in October (+€1.8bn in the prev. month). Fixed Income ETFs led the charge with notable inflows of +€3.5bn followed by Equity ETFs (+€2.5bn) over the last month. Commodity ETPs listed in Europe reversed previous month’s trend and recorded inflows of +€0.4bn during the same period. Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows Investors trading European-listed ETPs were net buyers of broad emerging market focused ETFs. We observed net demand of +€0.9bn into emerging market equities during October.

Shan Lan Strategist (+852) 22036716 shan.lan@db.com Sebastian Mercado Strategist (+1) 212 250-8690 sebastian.mercado@db.com

European equity exposure ETFs continued the positive run in October and attracted investors from Europe and the US. Where European-listed ETFs were concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows) into European equities in Oct’15. US-listed ETFs providing exposure to European equities registered monthly inflows of +$2.3bn bringing YTD total to over +$32.4bn. Investors remained bullish on the Energy sector and put +€0.1bn of new money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15). Short and Leverage Long focused ETFs lost momentum and experienced outflows of -€0.4bn and -€0.2bn, respectively, over the same period. European ETF flows dominated by Fixed Income ETFs Fixed income ETF flows dominated overall European ETF flows in October recording +€3.5bn inflows vs. the region’s overall inflows of +€6.4bn. Within fixed income, investment grade led the flows, attracting +€2.9bn over the last month (+€20.4bn YTD). High yield bonds reversed previous month’s trend and recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn YTD). European ETFs Turnover (%) increased into overall Cash Equity Turnover into European ETFs has significantly increased since the start of 2015. ETFs turnover (%) vs. the overall Cash Equity market has increased to 9.1% from 7.6% in 2014.

________________________________________________________________________________________________________________ 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.


9 November 2015 European Monthly ETF Market Review

Table of Contents European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 5 Product Launch Activity ........................................................................................... 5 Other regions’ cash flow summary.......................................................................... 6

1.

Investment Trends ...................................................... 7

Cross-Asset Class ETPs ........................................................................................... 7 Equity ETFs .............................................................................................................. 7 Fixed Income ETFs .................................................................................................10 Commodity ETPs ....................................................................................................10

2.

Market Metrics .......................................................... 11

ETF Industry Asset Evolution ..................................................................................11 ETFs vs. Cash Equities ............................................................................................14 ETFs vs. Unlisted Mutual Funds .............................................................................16 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) ................................................................................................................................18 Industry Growth Analysis ........................................................................................20

3.

Cash Flow Analysis ................................................... 22

Regional Cash Flow Analysis ..................................................................................22 Asset Class Cash Flow Analysis .............................................................................22 Product Rankings ....................................................................................................27

4.

Product Review ......................................................... 29

New Products Launched in the Month ...................................................................29 Average TERs .........................................................................................................32

5.

Provider Rankings ..................................................... 35

Global Provider Rankings ........................................................................................35 European Provider Rankings – General ...................................................................37 European Provider Rankings – by Asset Class ........................................................41 European Provider Analysis by Replication Method ...............................................44

6.

Trading Perspective .................................................. 45

ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................45 Asset Class Analysis ...............................................................................................45 Product Rankings ....................................................................................................50

7.

European ETF Exchanges ............................................ 55

8.

Assets ......................................................................... 58

ETP Monthly AUM Analysis by Asset Class ...........................................................58 Asset Class Analysis ...............................................................................................58 Product Rankings ....................................................................................................63

9.

ETF Broker rankings .................................................. 65

US ETP Broker Rankings .........................................................................................65 European ETP Broker Rankings ..............................................................................67

Appendix A: How we define ETPs ..................................... 69 Appendix B: The road from beta to alpha ......................... 70

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Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

European Investment Trends Fixed Income and Equity ETFs collected healthy inflows, Commodity comes into positive territory European-listed ETPs brought in +€6.4bn inflows in October dominated by fixed income ETFs receiving +€3.5bn inflows followed by Equity ETFs (+€2.5bn). Commodity ETPs listed in Europe reversed the previous month’s trend and recorded inflows of +€0.4bn over the last month. Year-to-date flows for European-listed ETPs was at +€61.4bn as of the end of October. US-domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October taking YTD flows total to +$172bn. Most of the inflows were contributed by equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of +$11.5bn into fixed income ETFs. Commodity ETPs recovered from negative flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15. Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows Investors trading European-listed ETPs were net buyers of broad emerging market focused ETFs. We observed net demand of +€0.9bn into emerging market equities during October. US-listed ETFs providing exposure to emerging market equities also registered monthly inflows of +$2.1bn. European equity exposure ETFs continued the positive run in October and attracted investors in Europe and US. Where European-listed ETFs were concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows) into European equities in Oct’15. US-listed ETFs providing exposure to European equities registered monthly inflows of +$2.3bn, bringing YTD total to over +$32.4bn. European equities remained preferred over US equities in October by investors. Investors remained bullish on the Energy sector and put +€0.1bn of new money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15). Short and Leverage Long focused ETFs lost momentum and experienced outflows of -€0.4bn and -€0.2bn, respectively, over the same period. European ETF flows dominated by Fixed Income ETFs Fixed income ETF flows dominated overall European ETF flows in October recording +€3.5bn inflows vs. the region’s overall inflow of +€6.4bn. Within fixed income, investment grades led the flows attracting +€2.9bn over the last month (+€20.4bn YTD). High yield bonds reversed the previous month’s trend and recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn YTD). Figure 1 illustrates the monthly trend of flows into fixed income ETFs (breakdown into Investment Grade and High Yield bond ETFs during 2015).

Deutsche Bank AG/London

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9 November 2015 European Monthly ETF Market Review

Figure 1: Monthly Flows into Fixed Income ETFs (Breakdown into IG and HY Bonds during 2015)

6,000

FI M o nthly Flows €mn

5,000 4,000 3,000 2,000

1,000 (1,000) (2,000)

Investment Grade

High Yield

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

European ETFs Turnover (%) increased into overall Cash Equity Turnover into European ETFs has significantly increased since the start of 2015 (YTD). ETFs turnover (%) vs. the overall Cash Equity market has been increased to 9.1% from 7.6% in 2014. Figure 2: ETF vs Cash Equity Turnover (%)

ETF vs Cash Equity (%)

9.5% 9.0%

8.5% 8.0% 7.5% 7.0%

6.5% 6.0% 2011

2012

2013

2014

2015

ETF (%) in total Cash Equity Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Inflows into Crude Oil and Gold based ETPs Commodity ETPs reversed the previous month’s trend and registered inflows of +€393mn during October (-€256mn in September). This was majorly driven by inflows into Crude oil ETPs (+€189mn) followed by inflows of +€139mn into Gold-based ETPs. Crude oil ETPs are the most popular commodity ETPs in 2015 attracting +€1.6bn in YTD flows, primarily driven by low oil prices.

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Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

ETF Comparatives: Mutual Funds, cash equity turnover 

European ETF turnover 1 as a percentage of the region’s cash equities turnover2, decreased to 8.6% (from 8.7% in Sep’15) as of the end of October 2015. The equivalent number for the US market also decreased to 25.1% over the same period (from 28.2% in Sep’15).

European ETFs comprised 3.4% of the continent’s mutual fund industry as of August 2015. European domiciled ETFs registered inflows of +€9.7bn through August 2015, while UCITS mutual funds registered outflows totalling -€3bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA).

US ETFs comprised 15.2% of the mutual fund industry as of the end of Sep’15. US domiciled ETFs registered inflows of +$20.4bn in Sep’15, while US mutual funds experienced outflows of -$34bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI).

Product Launch Activity ETP launch calendar in October: 12 new launches led by Fixed Income ETFs The European ETP industry registered 12 new products launches during October including 5 Fixed Income, 4 Equity and 3 Commodity ETPs. Equity 

During October, Wisdom Tree listed 2 new Equity ETFs on London Stock Exchange tracking the performance of WisdomTree Emerging Asia Equity Income Index (DEMA LN) and WisdomTree UK Equity Income Index (WUKD LN)

Lyxor listed one new Equity ETF (LYX5 GY) on Deutsche Borse tracking the performance of JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index.

Van Eck Funds listed one Equity ETF (MOAT LN) on London Stock Exchange tracking Morningstar Wide Moat Focus Index.

Fixed Income 

Comstage listed 4 new Fixed income ETFs on Deutsche Borse tracking the performance of Commerzbank 10Y US-Treasury Future TR (E570 GY), Commerzbank 10Y US-Treasury Future Short TR (E571 GY), Commerzbank US-Treasury Bond Future Short TR (E572 GY) and Commerzbank USTreasury Bond Future Double Short TR (E573 GY).

Deutsche AWM Listed One new Fixed Income ETF (XDGU GY) on Deutsche Borse tracking the performance of Barclays USD Liquid Investment Grade Corporate Index.

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

Deutsche Bank AG/London

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9 November 2015 European Monthly ETF Market Review

Commodity 

Boost listed 2 Commodity ETCs during October providing 3x (3BRL IM) and -3x (3BRS IM) exposure to NASDAQ Commodity Brent Crude Oil Index. These ETCs were listed on the Borsa Italiana.

Comstage listed one new Commodity ETF (C099 GY) on Deutsche Borse tracking the performance of Commerzbank ex-Agriculture Monthly EUR Hedged Index.

For additional information on new product launches and listings please refer to figures 62 to 64.

Other regions’ cash flow summary US: Equity continued the positive run, fixed income follows US domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October taking YTD flows total to +$172bn. Most of the inflows were contributed by equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of +$11.5bn into Fixed income ETFs. Commodity ETPs recovered from negative flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$4.8bn), Sector (+$4.4bn), Emerging Markets (+$2.8bn), Style (+$1.9bn) Size (+$1.8bn) and Thematic (-$0.7bn) Sub-segments: Europe DM broad (+$2.3bn), EM Broad (+$2.1bn), Value (+$1.8bn), DM Broad (+$1.6bn) and Leveraged (-$1.8bn). Within fixed income, major inflows were recorded by ETFs benchmarked to Corporates (+$9.3bn) and Sovereign & Corporates (+$1.3bn) bond indices over the last month. Among commodity ETPs, crude oil and gold based ETPs registered inflows of +$0.3bn and +$0.2bn respectively during the month of October. Asia: Outflows from Asian ETPs driven by Japan and money market ETFs, partially offset by inflows into South Korea and China ETFs Asia-Pacific ETPs experienced monthly outflows of -$1bn in October (+$12.2bn in Sep’15) taking YTD total to +$41.1bn. With this, monthly flows average for 2015 stands at +$4.1bn. Equity and fixed income both recorded negative flows over the last month. Within equity, South Korea, China and Japan saw significant flow movement last month. ETFs focusing on South Korea and China saw inflows of +$867mn and +$831mn respectively while Japan focused ETFs saw outflows of -$1.2bn. Beside these, leveraged long (-$1.1bn), short (+$399mn) and leveraged short (+$211mn) saw major flow activity. During Q3, fixed income ETFs gathered healthy inflows (+11.3bn), primarily into China money market ETFs. However in October these ETFs experienced redemptions worth of -$950mn. Flow activity with commodity ETPs remained negligible over the last month.

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Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

1. Investment Trends

3

Cross-Asset Class ETPs Figure 3: Cash flows by asset class – YTD

Figure 4: Cash flows by asset class – Month | ETPs | Europe |

70,000

7,000

60,000

6,000

50,000

5,000

40,000

4,000

€ millions

€ millions

| ETPs | Europe |

30,000

20,000

3,000

2,000

10,000

1,000

0

0

-10,000

-1,000

Equity

Commodity

Fixed Income

Others

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Equity

Commodity

Fixed Income

Others

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Equity ETFs Figure 5: Top 3 aggregate equity segments – YTD

Figure 6: Top 3 aggregate equity segments – Month

| ETFs | Europe |

| ETFs | Europe |

40,000

2,500

35,000

2,000

30,000 1,500 € millions

€ millions

25,000 20,000 15,000

10,000

1,000 500 -

5,000 (500)

(5,000)

(1,000)

Developed Markets

Strategy

Sector

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

3

Developed Markets

Emerging Markets

Strategy

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Investment trends as expressed by cumulative monthly and YTD cash flows

Deutsche Bank AG/London

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9 November 2015 European Monthly ETF Market Review

Figure 7: Top 3 DM countries – YTD

| ETFs | Europe |

Figure 8: Top 3 DM countries – Month | ETFs | Europe |

8,000

600

7,000

500

6,000

400 300 200

4,000

€ millions

€ millions

5,000

3,000 2,000 1,000

100 0 -100 -200

0

-300

-1,000

-400

-2,000

-500

Japan

Germany

UK

Germany

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

US

Italy

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 9: Top 3 DM regions – YTD

Figure 10: Top 3 DM regions – Month | ETFs | Europe |

| ETFs | Europe |

25,000

1,200

20,000

1,000

800 € millions

€ millions

15,000 10,000 5,000

600 400 200

-

-

(5,000)

(200)

Europe

North America

Asia Pacific

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Europe

Global

North America

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 11: Top 3 EM countries – YTD

Figure 12: Top 3 EM countries – Month | ETFs | Europe |

| ETFs | Europe |

500

100

0

50

-500

0 € millions

150

€ millions

1,000

-1,000

-1,500

-50

-100

-2,000

-150

-2,500

-200

-3,000

-250

China

India

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 8

Taiwan

Taiwan

China

Russia

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 13: Top 3 EM regions – YTD

Figure 14: Top 3 EM regions – Month | ETFs | Europe |

1,000

| ETFs | Europe | 1,000 800

500

€ millions

€ millions

600 -

(500)

400 200

(1,000)

-

(1,500)

(200)

Asia Pacific

Europe

Global

Global

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Asia Pacific

Latin America

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 15: Top 3 sectors – YTD

Figure 16: Top 3 sectors – Month | ETFs | Europe |

| ETFs | Europe |

2,500

300 250

2,000

200 150

€ millions

€ millions

1,500 1,000

100 50 -

500

(50) (100)

-

(150) (500)

(200)

Financials

Energy

Telecommunication Services

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Energy

Consumer Staples

Consumer Discretionary

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 17: Top 3 strategy segments – YTD

Figure 18: Top 3 strategy segments – Month

| ETFs | Europe |

| ETFs | Europe |

3,000

300 200

2,500

100

2,000

(100) € millions

€ millions

1,500 1,000

(200) (300)

(400)

500

(500)

-

(600)

(500)

(700)

Quantitative

Fundamental

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Short

Short

Leveraged Long

Quantitative

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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9 November 2015 European Monthly ETF Market Review

Fixed Income ETFs Figure 19: Top 3 aggregate fixed income segments –

Figure 20: Top 3 aggregate fixed income segments –

YTD

Month

| ETFs | Europe |

| ETFs | Europe |

4,000

25,000

3,500 20,000

3,000 2,500

€ millions

€ millions

15,000

10,000

2,000 1,500 1,000

500 5,000

0 -500

0

-1,000

Corporates

Sovereign

Overall

Sovereign

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Corporates

Overall

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Commodity ETPs Figure 21: Top 3 aggregate commodity segments –

Figure 22: Top 3 aggregate commodity segments –

YTD

Month

| ETPs | Europe |

3,000 2,500

400

2,000

300

€ millions

€ millions

1,500 1,000 500 0

0

-1,000 -1,500

-100

Energy

Precious Metals

Overall

Energy

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Overall

Precious Metals

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 23: Top 5 commodity sub-segments – YTD | ETPs | Europe |

Figure 24: Top 5 commodity sub-segments – Month | ETPs | Europe |

3,000

600

2,500

500

2,000

400

1,500

300

€ millions

€ millions

200 100

-500

1,000 500 0

200 100 0

-500 -1,000

-100

-1,500

-200

Crude Oil

Gold

Commodity Overall

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 10

| ETPs | Europe |

500

Copper

Energy Overall

Crude Oil

Commodity Overall

Gold

Copper

Palladium

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

2. Market Metrics ETF Industry Asset Evolution Figure 25: Global ETP regional asset growth

| ETPs | Global |

3,500

5,000

4,500

3,000

$ billion

3,500 3,000

2,000

2,500

1,500

2,000

Number of ETPs

4,000 2,500

1,500

1,000

1,000

500 0

500 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015**

Asia Pacific ($)

34.8

39.9

42.8

48.4

60.8

53.4

65.7

Europe ($)

20.5

33.0

51.3

91.4

131.7

144.9

243.9

85.6

91.3

136.0

169.0

202.2

249.8

309.8

298.1

369.2

416.5

458.4

US ($)

149.9

225.9

306.0

429.3

583.2

558.0

781.5

513.6

994.9

1,046.4

1,333.5

1,677.9

1,979.1

2,111.3

US, Europe & Asia Pacific ($)

205.3

298.8

400.1

569.1

775.7

756.3

Europe (â‚Ź)

16.3

24.3

43.3

69.3

90.1

104.2

1,091.1

1,390.3

1,435.9

1,838.7

2,263.4

2,639.7

2,874.6

170.0

230.9

229.6

280.1

302.2

378.9

Number of ETPs*

269

324

432

737

1,213

1,666

464.9

2,042

2,582

3,127

3,494

3,713

3,996

4,297

0

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 26: Global ETPs (ETF,ETV & ETC) asset growth

| ETPs | Global |

3,500

5,000 4,500 4,000

2,500

3,500 3,000

2,000

2,500 1,500

2,000 1,500

1,000

1,000

500 0

500

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015**

ETCs

-

0.7

1.3

2.0

5.2

7.4

17.6

26.8

28.7

35.8

21.7

20.7

19.8

ETVs

5.8

8.5

14.0

24.9

34.3

41.7

75.2

101.6

107.1

119.3

63.5

56.7

53.8

ETFs

199.5

289.7

384.8

542.3

736.2

707.2

998.4

1,261.8

1,300.1

1,683.6

2,178.2

2,562.2

2,800.9

Total

205.3

298.8

400.1

569.1

775.7

756.3

1,091.1

1,390.3

1,435.9

1,838.7

2,263.4

2,639.7

2,874.6

269

324

432

737

1,213

1,666

2,042

2,582

3,127

3,494

3,713

3,996

4,297

Number of ETPs*

Number of ETPs

$ billion

3,000

-

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

Deutsche Bank AG/London

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9 November 2015 European Monthly ETF Market Review

Figure 27: Global ETF regional asset growth

| ETFs | Global |

3,000

4,000

3,000

$ billion

2,000

2,500

1,500

2,000 1,500

1,000

Number of ETFs

3,500

2,500

1,000 500 0 Asia Pacific ($)

500 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015**

34.8

39.9

42.8

48.4

60.3

53.1

65.1

84.9

90.7

135.2

168.6

201.8

249.4

Europe ($)

20.5

32.3

50.0

89.4

127.1

137.7

226.9

283.6

270.1

334.2

395.2

438.1

494.1

US ($)

144.1

217.4

292.0

404.5

548.8

516.3

706.3

893.3

939.3

1,214.2

1,614.4

1,922.4

2,057.4

US, Europe & Asia Pacific ($)

199.5

289.7

384.8

542.3

736.2

707.2

998.4

1,261.8

1,300.1

1,683.6

2,178.2

2,562.2

2,800.9

Europe (€)

16.3

23.8

42.2

67.8

86.9

99.1

158.2

211.4

208.1

253.5

286.8

362.0

447.3

Number of ETFs*

257

310

415

677

1,116

1,481

1,803

2,233

2,699

3,004

3,183

3,460

3,773

0

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 28: European ETF asset growth by asset class

| ET Fs | Europe |

500,000

1,500

450,000 400,000

1,200

€ million

300,000

900

250,000 200,000

600

150,000

100,000

300

Number of ETFs

350,000

50,000 0

2003

2004

Other

-

-

-

-

96

168

1,078

1,995

1,549

1,620

861

1,410

1,496

Commodity

-

-

340

1,402

2,314

3,591

10,570

19,310

23,057

26,152

14,512

13,412

13,296

Fixed Income

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015**

801

2,034

4,002

9,370

13,743

29,857

35,915

42,538

43,725

54,193

60,444

86,151

111,66

Equity

15,532

21,815

37,907

57,029

70,776

65,473

110,59

147,53

139,72

171,52

210,35

261,07

320,81

Total

16,332

23,849

42,249

67,801

86,930

99,089

158,16

211,37

208,05

253,48

286,17

362,04

447,27

100

114

163

267

419

614

819

1,053

1,215

1,311

1,350

1,417

1,473

Number of ETFs*

0

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

Page 12

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment

| ETPs | Europe |

60,000

450 360

40,000

Number of ETPs

€ million

50,000

270

30,000 180

20,000

90

10,000 0

2004

2005

2006

2007

2008

Livestock

-

-

1

21

63

49

67

59

40

17

19

14

Industrial Metals

-

-

4

44

99

413

828

734

1,063

713

777

496

Agriculture

-

-

58

799

507

1,553

1,825

1,356

1,093

895

826

844

Energy

-

50

153

174

349

1,918

2,056

1,494

1,547

1,397

1,078

2,419

Overall

2009

2010

2011

2012

2013

2014

2015**

-

-

1,103

1,444

981

3,531

5,580

4,439

4,846

3,779

3,580

3,877

Precious Metals

520

886

1,595

2,993

6,713

14,930

28,256

36,334

43,887

22,813

23,555

22,934

Total

520

936

2,914

5,475

8,712

22,395

38,612

44,417

52,475

29,614

29,835

30,584

1

3

40

76

144

185

249

326

423

416

391

389

Number of ETPs*

-

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 30: European ETPs (ETF & ETC) asset growth

| ETPs | Europe |

500,000

2,000

450,000 400,000

1,600

300,000

1,200

250,000 200,000

800

150,000 100,000

Number of ETPs

€ million

350,000

400

50,000 0

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015**

ETCs

-

491

1,077

1,512

3,161

5,121

11,847

19,514

21,587

26,581

15,415

16,813

17,635

ETFs

16,332

23,849

42,249

67,801

86,930

99,089

158,16

211,37

208,05

253,48

286,83

362,04

447,27

Total

16,332

24,340

43,326

69,313

90,091

104,21

170,00

230,89

229,64

280,06

302,24

378,86

464,91

100

115

165

299

476

738

995

1,332

1,565

1,749

1,794

1,868

1,913

Number of ETPs

-

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

Deutsche Bank AG/London

Page 13


9 November 2015 European Monthly ETF Market Review

ETFs vs. Cash Equities Figure 31: ETFs vs. cash equities turnover – US market

| ETFs | US |

9,000

35.0%

8,000

30.0%

7,000

ETFs vs cash equities

25.0%

$ billion

6,000 5,000

20.0%

4,000

15.0%

3,000

10.0%

2,000 5.0%

1,000 0

0.0%

Cash Equities

ETF Turnover

ETFs vs Cash Equities (right axis)

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

Figure 32: ETFs vs. cash equities turnover – European market

| ETFs | Europe |

900

12.0%

800 10.0%

€billion

600

8.0%

500 6.0% 400 300

4.0%

ETFs vs cash equities

700

200 2.0% 100 0

0.0%

Cash Equities

ETF Turnover

ETFs vs Cash Equities (right axis)

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

Page 14

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 33: Turnover Comparatives – ETF vs. Cash equities

| ETFs | Global |

Turnover Region: Statistic: Date Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 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 Period Total 2011 Total 2012 Total 2013 Total 2014 Total 2015

Europe (€ million) ETFs

Cash Equities

1

USA ($ million)

ETFs vs CEs

3

ETFs

Cash Equities

2

ETFs vs CEs

(A)

(B)

A/B

(C)

(D)

C/D

44,775 39,727 56,650 37,241 43,260 40,248 49,408 78,618 60,255 47,315 48,824 37,754 38,802 38,274 40,586 35,556 40,192 34,637 34,709 33,065 35,699 33,246 31,865 29,990 41,368 38,177 37,049 43,335 41,900 45,363 36,399 32,071 33,269 35,928 32,917 35,290 47,555 40,439 41,224 37,627 35,846 36,412 39,749 41,212 40,885 65,854 46,065 55,198 69,583 58,143 75,698 65,644 57,277 67,201 63,279 71,128 58,466 56,493 2,634,739 584,074 426,623 453,065 528,065 642,912

678,671 677,042 800,579 579,786 689,545 629,445 637,911 849,520 664,144 586,541 585,429 470,322 532,019 562,071 603,623 547,570 567,481 544,748 516,002 438,534 515,771 516,668 457,274 388,295 520,486 522,341 537,460 533,294 545,873 553,979 504,648 463,703 520,579 569,482 522,320 470,474 615,780 574,557 629,592 553,711 542,175 525,127 534,478 486,201 569,717 764,882 606,888 588,307 734,963 665,512 796,097 718,989 668,610 766,139 702,931 708,169 674,930 656,331 34,387,713 7,848,935 6,190,055 6,264,638 6,991,414 7,092,671

6.6% 5.9% 7.1% 6.4% 6.3% 6.4% 7.7% 9.3% 9.1% 8.1% 8.3% 8.0% 7.3% 6.8% 6.7% 6.5% 7.1% 6.4% 6.7% 7.5% 6.9% 6.4% 7.0% 7.7% 7.9% 7.3% 6.9% 8.1% 7.7% 8.2% 7.2% 6.9% 6.4% 6.3% 6.3% 7.5% 7.7% 7.0% 6.5% 6.8% 6.6% 6.9% 7.4% 8.5% 7.2% 8.6% 7.6% 9.4% 9.5% 8.7% 9.5% 9.1% 8.6% 8.8% 9.0% 10.0% 8.7% 8.6% 7.7% 7.4% 6.9% 7.2% 7.6% 9.1%

1,139,729 1,111,786 1,651,335 1,077,243 1,306,334 1,521,226 1,319,878 2,607,718 1,829,995 1,766,121 1,518,554 1,222,458 1,058,682 1,098,599 1,208,186 1,127,926 1,371,490 1,227,990 1,008,950 905,592 938,537 1,015,281 1,102,650 1,043,483 1,050,769 1,014,370 1,005,941 1,282,375 1,273,888 1,548,668 1,130,701 1,110,628 1,126,546 1,389,248 1,034,383 1,152,234 1,363,583 1,318,969 1,448,238 1,387,681 1,095,590 1,027,002 1,171,060 1,112,387 1,283,754 2,181,253 1,058,826 1,733,218 1,718,582 1,221,851 1,539,062 1,297,812 1,197,595 1,420,153 1,465,731 1,971,994 1,692,334 1,561,540 76,567,710 18,072,376 13,107,366 14,119,751 16,181,562 15,086,655

4,891,202 4,644,687 5,817,073 4,638,417 5,163,662 5,323,852 4,868,052 7,953,225 5,775,005 5,688,208 4,881,775 4,126,527 4,325,076 4,534,757 4,916,705 4,511,294 5,127,965 4,568,078 4,115,109 3,908,430 4,047,495 4,273,995 4,300,950 4,035,958 4,571,220 4,333,513 4,211,982 4,988,895 5,101,501 5,079,507 4,533,650 4,343,795 4,420,293 5,458,653 4,422,205 4,694,747 5,725,248 5,440,230 5,675,181 5,746,223 4,784,563 4,772,810 5,149,704 4,529,181 5,295,777 7,491,505 4,755,269 6,081,196 6,112,460 5,242,460 6,060,125 5,518,235 5,111,824 5,762,644 6,025,688 6,731,171 6,003,237 6,230,426 296,842,611 63,771,684 52,665,812 56,159,960 65,446,885 58,798,270

23.3% 23.9% 28.4% 23.2% 25.3% 28.6% 27.1% 32.8% 31.7% 31.0% 31.1% 29.6% 24.5% 24.2% 24.6% 25.0% 26.7% 26.9% 24.5% 23.2% 23.2% 23.8% 25.6% 25.9% 23.0% 23.4% 23.9% 25.7% 25.0% 30.5% 24.9% 25.6% 25.5% 25.5% 23.4% 24.5% 23.8% 24.2% 25.5% 24.1% 22.9% 21.5% 22.7% 24.6% 24.2% 29.1% 22.3% 28.5% 28.1% 23.3% 25.4% 23.5% 23.4% 24.6% 24.3% 29.3% 28.2% 25.1% 25.8% 28.3% 24.9% 25.1% 24.7% 25.7%

3

US vs Europe comparatives ETFs vs CEs ETFs CEs 3.5x 4.1x 4.0x 3.6x 4.0x 4.5x 3.5x 3.5x 3.5x 3.8x 3.7x 3.7x 3.4x 3.6x 3.7x 3.9x 3.8x 4.2x 3.6x 3.1x 3.4x 3.7x 3.7x 3.3x 2.9x 3.2x 3.5x 3.2x 3.3x 3.7x 3.5x 3.7x 4.0x 4.0x 3.7x 3.3x 3.1x 3.4x 3.9x 3.6x 3.5x 3.1x 3.1x 2.9x 3.4x 3.4x 2.9x 3.0x 3.0x 2.7x 2.7x 2.6x 2.7x 2.8x 2.7x 2.9x 3.3x 2.9x 3.4x 3.8x 3.6x 3.5x 3.3x 2.8x

7.2x 6.9x 7.3x 8.0x 7.5x 8.5x 7.6x 9.4x 8.7x 9.7x 8.3x 8.8x 8.1x 8.1x 8.1x 8.2x 9.0x 8.4x 8.0x 8.9x 7.8x 8.3x 9.4x 10.4x 8.8x 8.3x 7.8x 9.4x 9.3x 9.2x 9.0x 9.4x 8.5x 9.6x 8.5x 10.0x 9.3x 9.5x 9.0x 10.4x 8.8x 9.1x 9.6x 9.3x 9.3x 9.8x 7.8x 10.3x 8.3x 7.9x 7.6x 7.7x 7.6x 7.5x 8.6x 9.5x 8.9x 9.5x 8.7x 8.1x 8.6x 9.0x 9.4x 8.3x

25.5x 28.0x 29.2x 28.9x 30.2x 37.8x 26.7x 33.2x 30.4x 37.3x 31.1x 32.4x 27.3x 28.7x 29.8x 31.7x 34.1x 35.5x 29.1x 27.4x 26.3x 30.5x 34.6x 34.8x 25.4x 26.6x 27.2x 29.6x 30.4x 34.1x 31.1x 34.6x 33.9x 38.7x 31.4x 32.7x 28.7x 32.6x 35.1x 36.9x 30.6x 28.2x 29.5x 27.0x 31.4x 33.1x 23.0x 31.4x 24.7x 21.0x 20.3x 19.8x 20.9x 21.1x 23.2x 27.7x 28.9x 27.6x 29.6x 30.9x 30.8x 31.3x 30.6x 23.5x

1

As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. 2

Source: Deutsche Bank , Bloomberg Finance LP, Reuters

Deutsche Bank AG/London

Page 15


9 November 2015 European Monthly ETF Market Review

ETFs vs. Unlisted Mutual Funds Figure 34: European ETP vs mutual fund assets

| ETPs | Europe |

500

4.2%

450

3.7%

350 300

3.2%

250 200

2.7%

150 100

ETP vs mutual funds

ETP AUM (€ billion)

400

2.2%

50 0 ETCs ETFs

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*

19

19

21

22

23

23

28

27

26

18

18

15

17

17

17

17

20

19

17

217

222

201

208

228

222

242

254

268

256

271

287

299

326

344

363

439

429

424

ETPs vs mutual funds

2.9%

3.0%

2.9%

2.9%

3.0%

2.9%

3.1%

3.1%

3.1%

3.0%

3.1%

3.1%

3.1%

3.3%

3.3%

3.4%

3.7%

3.6%

3.6%

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%

1.7%

*Data as of 31-Aug-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP

Figure 35: European ETP vs mutual fund cash flows

| ETPs | Europe |

90

80 70

Cash Flows (€ billion)

60

50 40 30 20

10 0 -10

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

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-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

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

Jan-15 11.26

10.26

7.18

4.18

0.28

1.68

7.94

9.73

Mutual funds

34.60

0.50

9.40

25.90

20.60

26.80

41.90

50.40

46.70

63.20

48.00

36.90

40.90

32.10

28.10

22.70

30.80

16.10

54.70

71.40

71.40

66.50

51.10

18.10

38.80

-3.00

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

Page 16

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 36: US ETP vs mutual fund assets

| ETPs | US |

2,500

17.7%

15.7% 2,000

11.7%

1,500

9.7% 1,000

7.7%

5.7%

ETP vs mutual funds

ETP AUM ($ billion)

13.7%

500 3.7% 0 ETVs

ETFs

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

108

108

111

107

116

108

125

119

109

72

76

64

67

67

61

57

59

57

52

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

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%

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%

1.7%

Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 37: US ETP vs mutual fund cash flows

| ETPs | US |

80

60

Cash flows ($ billion)

40

20

0

-20

-40

-60 ETVs

Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56

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

Jul-15 Aug-15 Sep-15 -0.76 0.67 -0.42 23.73

0.85

20.36

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

-34.27

Source: Deutsche Bank, Bloomberg Finance LP, ICI

Deutsche Bank AG/London

Page 17


9 November 2015 European Monthly ETF Market Review

European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 38: Historical Composition by ETF Structure

| ETFs | Europe |

900

500

800

450 400

700

Number of ETFs

300

500 250 400 200

300

AUM (€ billion)

350

600

150

200

100

100

50

0

-

Physical-AUM

Synthetic-AUM

Physical-funds

Synthetic -funds

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 39: European AUM ETF market historical asset class analysis by replication technique

| ETFs | Europe | Physical

AUM (€ million) Equity Fixed Income Commodity Others Total ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows (€ million) Equity Fixed Income Commodity Others Total

Synthetic

2013

Physical

Synthetic

2014

Physical

Synthetic

Oct-15

135,822 45,672 10,892 352 192,737

74,558 14,773 3,620 1,175 94,126

188,495 67,114 10,027 344 265,980

73,101 19,062 3,385 1,065 96,614

234,723 85,694 9,542 453 330,412

86,092 25,975 3,754 1,043 116,864

421 165 23 9 618

516 161 35 20 732

474 179 22 9 684

523 164 27 20 734

532 195 22 9 758

519 154 28 14 715

18,302 7,760 -4,360 62 21,764

-3,209 326 -697 -231 -3,810

22,993 16,880 -1,577 -34 38,263

3,072 3,265 160 -101 6,398

2,293 2,722 -81 9 4,943

185 802 161 -17 1,130

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 18

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 40: European ETF AUM by replication method

Figure 41: European ETF flows by replication method

| ETFs | Europe | Oct-15

€330,412

€116,864

| ETFs | Europe | Oct-15

€4,943

2015

2014

€265,980

€96,614

€192,737 0%

20%

40% Physical

€15,598

€44,781

2014

2013

€1130

€94,126 60%

80%

2013

€38,263

€21,764

-€3,810

-20%

100%

0%

20%

40%

Physical

Synthetic

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

€6,398

60%

80%

100%

Synthetic

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 42: European ETFs product count by replication

Figure 43: European Equity ETFs AUM by replication

method

method

Oct-15

| ETFs | Europe | 758

2014

715

684

2013

734

618 0%

40%

60%

Physical

Oct-15

€234,723

€86,092

2014

€188,495

€73,101

2013

732

20%

| ETFs | Europe |

80%

€135,822 0%

100%

20%

40%

€74,558 60%

Physical

Synthetic

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

80% Synthetic

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 44: European Fixed Income ETFs AUM by

Figure 45: European Commodity ETFs AUM by

replication method

replication method

| ETFs | Europe |

| ETFs | Europe |

Oct-15

€85,694

€25,975

Oct-15

2014

€67,114

€19,062

2014

€10,027

€3,385

2013

€45,672

€14,773

2013

€10,892

€3,620

0%

20%

40% Physical

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

100%

60%

80%

Synthetic

100%

€9,542

0%

20%

40%

Physical

€3,754

60%

80%

100%

Synthetic

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 19


9 November 2015 European Monthly ETF Market Review

Industry Growth Analysis | ETFs | Global |

3.0%

10.0%

2.5%

8.0%

2.0%

6.0%

1.5%

4.0%

1.0%

2.0%

0.5%

0.0%

0.0%

-2.0%

-0.5%

-4.0%

-1.0%

-6.0%

-1.5%

ETF asset price growth contribution (line)

ETF cash flow growth contribution (Bars)

Figure 46: Global ETF Industry growth attribution

-8.0% 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 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% 0.0% 0.0% 0.0%

Other flows

Fixed Income flows 0.3% -0.3%

0.4% -0.1%

0.0%

0.0%

0.9% -0.1%

0.3%

0.6%

0.0%

0.1%

0.5% -0.1%

0.9%

0.2%

0.3%

0.6%

0.7%

0.1%

0.4% -0.1% -0.1%

0.4%

0.4%

0.6%

0.6%

Equity flows

2.2% -0.5%

1.5%

1.7%

0.8%

1.3% -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%

0.2%

1.4%

0.3%

0.8%

0.7%

Price growth

3.6% -2.0%

4.0%

3.2%

1.1%

0.7% -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%

2.0% -0.2% -2.4%

0.0% -5.6% -3.4%

6.3%

Total growth

6.1% -2.8%

5.8%

4.8%

2.0%

2.0% -3.3%

5.2%

1.9%

2.6%

3.1% -0.2%

3.1% -2.7%

2.5%

3.1%

5.4%

2.6%

1.8% -4.9% -2.1%

7.6%

0.1%

0.3%

0.9% -0.3%

0.4%

0.7%

1.0%

0.5% -1.5%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

| ETFs | US |

3.5%

10.0%

3.0%

8.0%

ETF cash flows growth contribution (Bars)

2.5%

6.0%

2.0%

4.0%

1.5%

2.0%

1.0% 0.0%

0.5%

-2.0%

0.0%

-4.0%

-0.5%

-6.0%

-1.0%

-1.5%

Other flows

ETF asset price growth contribution (Line)

Figure 47: US ETF Industry growth attribution

-8.0% 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 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% 0.0% 0.0% 0.0%

Fixed Income flows 0.4% -0.5%

0.4% -0.2%

0.0%

0.0%

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%

Equity flows

2.7% -0.7%

2.0%

2.1%

0.9%

1.5% -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%

0.8% -0.2%

0.6%

0.8%

Price growth

3.7% -2.3%

3.5%

3.3%

1.2%

0.8% -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%

Total growth

6.7% -3.6%

5.8%

5.3%

2.2%

2.3% -3.6%

5.0%

0.6%

1.6%

2.6%

3.1% -0.7%

3.7% -2.4%

3.3%

3.7%

5.7%

1.8%

1.0% -1.6%

1.7% -5.5% -2.2%

7.7%

0.1%

1.0% -1.4%

0.3%

1.0%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

| ETFs | Europe |

3.5%

14.0%

3.0%

12.0% 10.0%

2.5%

8.0% 2.0%

6.0%

1.5%

4.0%

1.0%

2.0% 0.0%

0.5%

-2.0% 0.0%

-4.0%

-0.5%

-6.0%

-1.0%

Other flows

ETF asset price growth contribution (Line)

ETF cash flows growth contribution (Bars)

Figure 48: European ETF Industry growth attribution

-8.0% 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 -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -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%

Fixed Income flows 0.1%

0.3%

0.5%

0.4%

0.2%

0.2%

0.5%

0.7%

0.6%

0.8%

0.4%

0.3%

0.6%

0.7%

0.0%

0.6%

0.6%

0.4%

1.3%

1.0%

0.9%

1.2%

-0.2% -0.2%

0.5%

0.5%

0.2%

0.9%

Equity flows

1.3%

0.0%

0.1%

0.8%

0.8%

0.6%

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%

-0.2%

0.2%

0.5%

1.4%

1.6%

0.4%

0.6%

Price growth

2.3%

-0.8%

2.4%

3.3%

0.2%

-0.1% -1.2%

2.4%

-0.3%

0.5%

2.5%

0.7%

-0.4%

2.1%

0.3%

0.1%

2.1%

0.2%

8.1%

2.2%

2.2%

-1.2%

1.0%

-3.5%

1.3%

-6.4% -2.9%

6.8%

Total growth

3.5%

-0.6%

2.9%

4.4%

1.1%

0.5%

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%

0.1%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 20

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

| ETCs | Europe |

8.0%

20.0%

6.0%

15.0%

4.0%

10.0%

2.0%

5.0%

0.0%

0.0%

-2.0%

-5.0%

-4.0%

-10.0%

-6.0%

Currency Flows

ETC asset price growth contribution (line)

ETC cash flows growth contribution (Bars)

Figure 49: European ETC Industry growth attribution

-15.0%

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 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1%

Commodity Flows -4.4%

0.1% -0.9% -0.5% -0.7% -4.1% -0.9%

1.0%

2.2%

0.8% -2.4% -0.6%

1.4%

0.4%

Price growth

5.5%

6.5% -6.6% -0.7% -4.6% -3.6%

4.6%

3.6% -1.8% -0.6% -0.7%

3.5%

0.1%

1.0% -2.6% -3.0%

0.1%

1.6% 10.5% -1.6%

Total growth

1.2%

6.7% -7.3% -1.4% -5.3% -7.6%

3.7%

4.7%

3.0%

2.3%

1.6% -5.2% -3.7%

1.6%

2.0% 15.9% 2.7% -1.8% -1.5%

2.5% 0.8%

0.5% -0.9% -0.5% 0.2% -1.5%

5.5%

4.4% -2.4%

0.2%

0.0% -1.4% -2.7%

2.5% -0.7%

1.9%

0.5% -1.9%

1.9% -3.4% -7.7%

0.6% -2.3%

3.3%

1.8% -4.9% -10.4% 3.2% -3.1%

5.1%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 21


9 November 2015 European Monthly ETF Market Review

3. Cash Flow Analysis Regional Cash Flow Analysis Figure 50: Global ETP cash flows by region and asset class

| ETPs | Global |

All figures in $ million except where otherwise stated

Oct-15 Asset Class

Sep-15

US

EU ($)

EU (€)

Asia

Equity

15,782

2,757

Fixed income

11,533

3,948

Commodity

12

90

80

48

Currency

-92

0

0

Multi Asset

-28

6

Alternative

14

-16

27,221

6,785

6,074

Commodity

500

349

313

0

Currency

-10

-15

-14

0

Alternative

292

0

0

Total

782

335

300

Equity

15,782

2,757

Fixed income

11,533

3,948

Commodity

513

439

393

48

Currency

-103

-15

-14

Multi Asset

-28

6

Alternative

306 28,003

YTD

Total

US

EU ($)

EU (€)

Asia

2,478

-154 18,384

10,817

1,622

1,445

3,524

-950 14,531

9,594

706

632

150

7

-157

10

-82

-17

6

-5

-27

-14

22

21

-1,028 32,977

Total

US

EU ($)

EU (€)

Asia

Total

7,483

19,923 111,797

40,400

35,978

27,612 179,809

4,934

15,234

57,474

27,004

24,283

12,042

96,520

-140

-41

-191

404

95

98

1,312

1,811

0

0

16

-1

-129

-14

-13

127

-16

-20

-8

-7

0

-28

298

133

121

-6

425

-18

-10

-9

-159

-187

198

-99

-88

28

127

20,363

2,153

1,921

12,234

34,750 170,042

67,519

60,379

850

-454

-131

-117

0

-585

1,411

1,405

1,167

-22

-25

-50

-22

-20

0

-73

20

-111

-99

0

-91

0

292

83

0

0

0

83

671

0

0

0

671

0

1,116

-421

-153

-137

0

-574

2,103

1,294

1,068

-22

3,375

2,478

-154 18,384

10,817

1,622

1,445

7,483

19,923 111,797

40,400

35,978

27,612 179,809

3,524

-950 14,531

9,594

706

632

4,934

15,234

57,474

27,004

24,283

12,042

96,520

1,000

-447

-288

-256

-41

-775

1,815

1,501

1,265

1,290

4,606

10

-107

-67

-22

-20

16

-74

-108

-125

-112

127

-107

6

-5

-27

-20

-8

-7

0

-28

298

133

121

-6

425

-16

-14

22

313

65

-10

-9

-159

-104

870

-99

-88

28

799

7,120

6,373

-1,028 34,094

19,942

2,000

1,784

12,234

34,175 172,145

68,813

61,448

ETFs

Total

41,115 278,676

ETCs/ETVs 2,795

ETPs

Total

41,093 282,051

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Asset Class Cash Flow Analysis Figure 51: European Equity ETF cash flow summary (€ million)

All figures in € million Developed Markets

| ETFs | Europe |

Oct-15

Equity Cash Flows Beta

Beta+

Semiactive

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

YTD Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

1,283

0

0

-2

1,281

1,303

0

0

-31

1,272

28,197

0

0

-246

27,950

Emerging Markets

823

0

0

-1

823

-229

0

0

0

-229

-1,810

0

0

-1

-1,811

Global Markets

300

0

0

0

300

-151

0

0

0

-151

-637

0

0

0

-637

81

0

0

0

81

-61

0

0

0

-61

2,658

0

0

0

2,658

Sector Capitalization

-16

0

0

0

-16

-175

0

0

0

-175

1,734

0

0

0

1,734

Strategy

199

-667

43

0

-425

400

178

-46

-51

480

1,843

906

376

-108

3,017

Style

220

0

0

0

220

165

0

0

0

165

2,029

0

0

0

2,029

Thematic Total equities

214

0

0

0

214

144

0

0

0

144

1,038

0

0

0

1,038

3,106

-667

43

-3

2,478

1,396

178

-46

-83

1,445

35,052

906

376

-355

35,978

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 22

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 51A: European Equity ETF cash flow summary - A (â‚Ź Million) Oct-15

Equity Cash Flows All figures in â‚Ź million

Beta

Sector

Beta+

Semiactive

| ETFs | Europe |

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

YTD Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

81

0

0

0

81

-61

0

0

0

-61

2,658

0

0

0

2,658

Consumer discretionary

93

0

0

0

93

-108

0

0

0

-108

174

0

0

0

174

Consumer staples

-98

0

0

0

-98

-71

0

0

0

-71

54

0

0

0

54

Energy

121

0

0

0

121

210

0

0

0

210

310

0

0

0

310

Financials

60

0

0

0

60

189

0

0

0

189

1,751

0

0

0

1,751

Healthcare

-86

0

0

0

-86

-146

0

0

0

-146

-99

0

0

0

-99

Industrials

-50

0

0

0

-50

-40

0

0

0

-40

-8

0

0

0

-8

Information Technology

35

0

0

0

35

-11

0

0

0

-11

85

0

0

0

85

Materials

-43

0

0

0

-43

-120

0

0

0

-120

145

0

0

0

145

Telecommunications

52

0

0

0

52

46

0

0

0

46

205

0

0

0

205

Utilities

-4

0

0

0

-4

-10

0

0

0

-10

42

0

0

0

42

-16

0

0

-16

-175

0

0

0

-175

1,734

0

0

0

1,734

Capitalization Large Cap

-

0

0

0

0

0

3

0

0

0

3

-42

0

0

0

-42

Mid Cap

-26

0

0

0

-26

-80

0

0

0

-80

634

0

0

0

634

Small Cap

10

0

0

0

10

-98

0

0

0

-98

1,142

0

0

0

1,142

Strategy

199

-667

43

0

-425

400

178

-46

-51

480

1,843

906

376

-108

3,017

Fundamental

-5

0

28

0

23

15

0

10

0

26

199

0

390

0

589

Leveraged Long

0

-241

0

0

-241

0

132

0

0

132

0

79

0

0

79

Leveraged Short

0

-25

0

0

-25

0

-18

0

0

-18

0

343

0

0

343

Options Strategy Quantitative Short

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

204

0

14

0

219

384

0

-56

-51

277

1,610

0

-14

-108

1,487

0

-401

0

0

-401

0

64

0

0

64

34

484

0

0

518

220

0

0

0

220

165

0

0

0

165

2,029

0

0

0

2,029

Dividend

90

0

0

0

90

3

0

0

0

3

1,675

0

0

0

1,675

Growth

6

0

0

0

6

19

0

0

0

19

115

0

0

0

115

Value

124

0

0

0

124

143

0

0

0

143

239

0

0

0

239

Thematic

214

0

0

0

214

144

0

0

0

144

1,038

0

0

0

1,038

19

0

0

0

19

11

0

0

0

11

159

0

0

0

159

1

0

0

0

1

3

0

0

0

3

-28

0

0

0 -

Other Theme

42

0

0

0

42

74

0

0

0

74

312

0

0

0

312

Sustainability

152

0

0

0

152

56

0

0

0

56

594

0

0

0

594

699

-667

43

0

74

473

178

-46

-51

554

9,302

906

376

-108

10,476

Style

Commodities Faith

Total

28

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 23


9 November 2015 European Monthly ETF Market Review

Figure 51B: European Equity ETF cash flow summary – B (€ million) Oct-15

Equity Cash Flows All figures in € million

Beta

Beta+

Semiactive

| ETFs | Europe |

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

YTD Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Developed Markets Europe

1,080

0

0

-2

1,078

2,234

0

0

-31

2,202

25,760

0

0

-246

25,514

Austria

63

0

0

0

63

5

0

0

0

5

35

0

0

0

35

Belgium

1

0

0

0

1

0

0

0

0

0

3

0

0

0

3

Finland

6

0

0

0

6

0

0

0

0

0

10

0

0

0

10

France

21

0

0

0

21

20

0

0

0

20

688

0

0

0

688

Germany

353

0

0

0

353

347

0

0

0

347

2,522

0

0

0

2,522

Greece

2

0

0

0

2

3

0

0

0

3

64

0

0

0

64

Ireland

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

147

0

0

0

147

210

0

0

0

210

401

0

0

0

401

Netherlands

-1

0

0

0

-1

23

0

0

0

23

127

0

0

0

127

Norway

4

0

0

0

4

0

0

0

0

0

-28

0

0

0

-28

Portugal

0

0

0

0

0

0

0

0

0

0

22

0

0

0

22

-102

0

0

0

-102

-65

0

0

0

-65

74

0

0

0

74

12

0

0

0

12

-102

0

0

0

-102

-152

0

0

0

-152

Switzerland

115

0

0

0

115

-30

0

0

0

-30

315

0

0

0

315

UK

-10

0

0

0

-10

205

0

0

0

205

842

0

0

0

842

Europe broad

469

0

0

-2

467

1,619

0

0

-31

1,587

20,835

0

0

-246

20,589

Italy

Spain Sweden

Americas US Canada North America

-82

0

0

0

-82

89

0

0

0

89

-507

0

0

0

-507

-161

0

0

0

-161

200

0

0

0

200

-90

0

0

0

-90

0

0

0

0

0

-4

0

0

0

-4

21

0

0

0

21

79

0

0

0

79

-107

0

0

0

-107

-438

0

0

0

-438

121

0

0

0

121

-753

0

0

0

-753

3,019

0

0

0

3,019

Australia

-6

0

0

0

-6

5

0

0

0

5

-324

0

0

0

-324

Hong Kong

2

0

0

0

2

0

0

0

0

0

139

0

0

0

139

119

0

0

0

119

-775

0

0

0

-775

3,309

0

0

0

3,309

Singapore

0

0

0

0

0

6

0

0

0

6

50

0

0

0

50

Asia Pacific broad

7

0

0

0

7

10

0

0

0

10

-154

0

0

0

-154

164

0

0

0

164

-267

0

0

0

-267

-75

0

0

0

-75

164

0

0

0

164

-267

0

0

0

-267

-75

0

0

0

-75

1,283

0

0

-2

1,281

1,303

0

0

-31

1,272

28,197

0

0

-246

27,950

Asia

Japan

Global Broad indices DM Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 24

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 51C: European Equity ETF cash flow summary – C (€ million) Oct-15

Equity Cash Flows All figures in € million

Beta

Semiactive

Beta+

| ETFs | Europe |

Sep-15 Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Beta

Semiactive

Beta+

Alpha

Total

Emerging Markets BRIC

41

0

0

-1

40

-187

0

0

0

-187

-1,747

0

0

-1

Brazil

16

0

0

0

16

11

0

0

0

11

-15

0

0

0

-15

Russia

-72

0

0

-1

-72

-25

0

0

0

-25

-138

0

0

-1

-139

India

-2

0

0

0

-2

-48

0

0

0

-48

465

0

0

0

465

China

98

0

0

0

98

-125

0

0

0

-125

-2,059

0

0

0

-2,059

11

0

0

0

11

-25

0

0

0

-25

-56

0

0

0

-56

Chile

0

0

0

0

0

-6

0

0

0

-6

-3

0

0

0

-3

Mexico

0

0

0

0

0

-3

0

0

0

-3

-76

0

0

0

-76

Latin America

LATAM broad

-1,748

11

0

0

0

11

-17

0

0

0

-17

24

0

0

0

24

-140

0

0

0

-140

-54

0

0

0

-54

145

0

0

0

145

Bangladesh

0

0

0

0

0

-1

0

0

0

-1

2

0

0

0

2

Indonesia

0

0

0

0

0

-7

0

0

0

-7

-14

0

0

0

-14

Malaysia

2

0

0

0

2

1

0

0

0

1

-20

0

0

0

-20

Pakistan

-4

0

0

0

-4

-2

0

0

0

-2

-3

0

0

0

-3

Philippines

0

0

0

0

0

-2

0

0

0

-2

-22

0

0

0

-22

South Korea

-8

0

0

0

-8

-48

0

0

0

-48

103

0

0

0

103

Asia

Taiwan

-118

0

0

0

-118

11

0

0

0

11

-212

0

0

0

-212

Thailand

0

0

0

0

0

-6

0

0

0

-6

-26

0

0

0

-26

Vietnam

6

0

0

0

6

1

0

0

0

1

45

0

0

0

45

-19

0

0

0

-19

-1

0

0

0

-1

292

0

0

0

292

Asia Pacific broad EMEA

-1

0

0

0

-1

-7

0

0

0

-7

-42

0

0

0

-42

Kuwait

-1

0

0

0

-1

-1

0

0

0

-1

1

0

0

0

1

Poland

-3

0

0

0

-3

3

0

0

0

3

33

0

0

0

33

South Africa

5

0

0

0

5

1

0

0

0

1

-1

0

0

0

-1

Turkey

-8

0

0

0

-8

-5

0

0

0

-5

26

0

0

0

26

Europe broad

5

0

0

0

5

-6

0

0

0

-6

-149

0

0

0

-149

Middle East & Africa

3

0

0

0

3

1

0

0

0

1

47

0

0

0

47

912

0

0

0

912

44

0

0

0

44

-110

0

0

0

-110

912

0

0

0

912

44

0

0

0

44

-110

0

0

0

-110

823

0

0

-1

823

-229

0

0

0

-229

-1,810

0

0

-1

-1,811

2,107

0

0

-3

2,104

1,074

0

0

-31

1,043

26,387

0

0

-247

26,139

Global Markets Global EM Total Total (EM + DM)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 52: European Fixed Income ETF cash flows (€ million) Oct-15

Fixed Income Cash Flows All figures in € million

Beta

Overall Corporates

| ETFs | Europe |

Beta+

Semiactive

45

0

0

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

YTD Alpha

272

317

72

0

0

200

Total 273

Beta

Beta+

Semiactive

580

0

0

-194 11,211

Alpha 1,464

Total 2,044

1,453

0

0

4

1,457

-217

0

0

24

0

0

171 11,382

Covered Bonds

-135

0

0

-35

-170

57

0

0

-6

52

-316

0

0

-56

Credit Exposure

-2

-7

0

0

-10

-39

-8

0

0

-47

39

20

0

0

60

1,998

-11

0

-4

1,983

518

68

0

-1

585

9,560

535

0

-169

9,927

-53

0

0

0

-53

-38

0

0

0

-38

1,243

0

0

0

1,243

3,305

-18

0

237

3,524

353

61

0

218

632 22,317

556

0

Sovereign Money Market Total Fixed Income

-372

1,410 24,283

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 25


9 November 2015 European Monthly ETF Market Review

Figure 53: European Commodity ETP cash flow summary (â‚Ź million) Oct-15

Commodity Cash Flows All figures in â‚Ź million

Beta

Beta+

Semiactive

| ETPs | Europe |

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

YTD Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Overall

141

-1

1

0

141

-74

0

2

0

-72

715

1

3

0

719

Overall

147

-1

1

0

147

-74

0

2

0

-72

732

1

3

0

736

Overall ex Energy

-5

0

0

0

-5

0

0

0

0

0

-18

0

0

0

-18

Overall Light Energy

0

0

0

0

0

0

0

0

0

0

1

0

0

0

1

Overall Ultra Light Energy

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Agriculture

20

-12

0

0

9

10

5

0

0

15

37

33

0

0

70

Overall

28

0

0

0

28

7

0

0

0

7

14

0

0

0

14

Cocoa

-1

0

0

0

-1

1

0

0

0

1

0

-1

0

0

-1

Coffee

0

1

0

0

2

2

4

0

0

7

32

33

0

0

65

Corn

1

-1

0

0

1

1

1

0

0

2

-4

-1

0

0

-5

Cotton

-1

0

0

0

-2

-1

0

0

0

-1

-6

-4

0

0

-9

Grains

0

0

0

0

0

1

0

0

0

1

3

0

0

0

3

Softs

0

0

0

0

0

0

1

0

0

0

-1

0

0

0

-1

Soybean Oil

0

0

0

0

0

0

0

0

0

0

-1

-1

0

0

-2

Soybeans

0

0

0

0

-1

0

0

0

0

0

-8

-1

0

0

-8

Sugar

-6

-8

0

0

-15

1

-2

0

0

-1

17

5

0

0

22

Wheat

-2

-2

0

0

-4

-2

1

0

0

-1

-9

2

0

0

-7

Energy

154

74

0

0

228

23

0

0

0

23

1,293

487

0

0

1,780

Overall

9

0

0

0

10

34

0

0

0

34

97

1

0

0

98

Carbon

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

142

47

0

0

189

-8

-5

0

0

-13

1,172

413

0

0

1,585

Gasoline

0

0

0

0

0

-1

0

0

0

-1

4

1

0

0

5

Heating Oil

-1

0

0

0

0

0

0

0

0

0

3

1

0

0

3

Natural Gas

4

26

0

0

31

-1

4

0

0

3

17

71

0

0

89

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

-25

-33

0

0

-58

23

5

0

0

27

-126

-39

0

0

-165

Overall

-3

-1

0

0

-4

7

1

0

0

8

-34

-18

0

0

-52

Aluminium

-8

1

0

0

-7

7

-1

0

0

6

19

1

0

0

20

-13

-32

0

0

-45

7

4

0

0

11

-84

-36

0

0

-120

Crude Oil

Industrial Metals

Copper Lead

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Nickel

-1

-1

0

0

-2

0

1

0

0

2

-26

13

0

0

-12

Tin

0

0

0

0

0

0

-1

0

0

0

0

0

0

0

0

Zinc

-1

0

0

0

-1

0

0

0

0

1

-2

0

0

0

-2

Precious Metals

93

-18

0

0

74

-247

-3

0

0

-250

-981

-155

0

0

-1,136

4

0

0

0

4

8

0

0

0

8

4

0

0

0

4

Gold

147

-8

0

0

139

-204

-1

0

0

-204

-882

-111

0

0

-993

Palladium

-37

0

0

0

-38

-38

0

0

0

-38

-95

0

0

0

-95

Platinum

-11

-1

0

0

-12

-16

0

0

0

-16

-86

2

0

0

-84

Rhodium

0

0

0

0

0

0

0

0

0

0

-4

0

0

0

-4

-10

-9

0

0

-20

3

-3

0

0

0

81

-46

0

0

35

Livestock

-1

0

0

0

-1

-1

0

0

0

-1

-3

0

0

0

-3

Overall

0

0

0

0

0

0

0

0

0

0

-3

0

0

0

-3

Cattle

0

0

0

0

0

0

0

0

0

0

-1

-1

0

0

-2

Lean Hogs

-1

0

0

0

-1

0

0

0

0

0

1

0

0

0

2

383

9

1

0

393

-265

7

2

0

-256

936

326

3

0

1,265

Overall

Silver

Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 26

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Product Rankings Figure 54: Top 10 monthly Equity ETF inflows (€ million)

| ETFs | Europe | Invest. Strategy

Current Month Flows

Prev. Month Flows

YTD Flows 1,169.5

ETF Name

BBG Ticker

Issuer

iShares EURO Core STOXX 50 - B UCITS ETF Acc

CSSX5E SW

BlackRock

Beta

462.0

46.6

UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A

EGUSAS SW

UBS

Beta

411.3

31.5

904.6

iShares STOXX 600 (DE)

SXXPIEX GR

BlackRock

Beta

277.3

265.6

1,807.7

iShares MSCI Emerging Markets IMI UCITS ETF

EMIM NA

BlackRock

Beta

271.4

105.7

728.4

db x-trackers DAX® UCITS ETF (DR) 1C

XDAX GR

Deutsche AWM

Beta

218.0

-91.1

1,831.3

iShares MSCI Emerging Markets UCITS ETF (Inc)

IEEM LN

BlackRock

Beta

206.4

73.4

-582.2

Lyxor ETF S&P 500

LYPS GR

Lyxor

Beta

171.0

-15.0

365.7

Lyxor UCITS ETF MSCI Europe

MEU FP

Lyxor

Beta

145.7

100.8

895.4

iShares MSCI Europe UCITS ETF (Inc)

IMEU LN

BlackRock

Beta

135.8

4.3

1,330.1

UBS ETF (CH) - SMI (CHF) A-dis

SMICHA SW

UBS

Beta

130.2

8.2

93.9

Invest. Strategy

Current Month Flows

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 55: Top 10 monthly Fixed Income ETF inflows (€ million)

| ETFs | Europe | Prev. Month Flows

YTD Flows

ETF Name

BBG Ticker

Issuer

iShares Emerging Markets Local Government Bond UCITS ETF

SEML LN

Blackrock

Beta

374.4

60.1

367.2

iShares Euro High Yield Corporate Bond UCITS ETF

IHYG LN

BlackRock

Beta

341.5

-223.1

1,244.7

iShares $ Corporate Bond UCITS ETF

LQDE LN

BlackRock

Beta

323.0

52.8

1,441.1

PIMCO Euro Short Maturity Source UCITS ETF

PJS1 GR

Source

Alpha

217.5

194.9

1,216.9

iShares Italy Government Bond UCITS ETF

SITB LN

BlackRock

Beta

174.6

66.0

550.0

iShares Euro Government Bond UCITS ETF

IEGA LN

BlackRock

Beta

173.8

-46.8

581.5

iShares $ High Yield Corporate Bond UCITS ETF

SHYU LN

BlackRock

Beta

173.1

17.6

1,488.9

iShares iBonds Sep 2018 USD Corporate UCITS ETF

EI18 LN

BlackRock

Beta

168.7

0.0

218.7

iShares Euro Corporate Bond UCITS ETF

IEBC LN

BlackRock

Beta

149.0

-229.5

1,290.8

Amundi ETF US Treasury 7-10 UCITS ETF

US7 FP

Amundi

Beta

134.9

-2.4

134.2

Invest. Strategy

Current Month Flows

Prev. Month Flows

YTD Flows

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 56: Top 10 monthly Commodity ETP inflows (€ million)

| ETPs | Europe |

ETP Name

BBG Ticker

Issuer

ETFS WTI Crude Oil

CRUD LN

ETF Securities

Beta

120.2

-35.4

546.8

Source Physical Gold ETC (P-ETC)

SGLD LN

Source

Beta

87.6

22.1

308.2

iShares Dow Jones UBS Commodity Swap (DE)

DJCOMEX GR

BlackRock

Beta

70.5

0.4

256.3

Gold Bullion Securities

GBS LN

ETF Securities

Beta

60.4

16.4

-384.7

ETFS Physical Gold

PHAU LN

ETF Securities

Beta

41.0

-173.7

-612.2

Lyxor ETF Commodities CRB

CRB FP

Lyxor

Beta

37.3

16.6

187.0

Source Physical Silver P-ETC

SSLV LN

Source

Beta

33.5

0.5

35.8

LGIM Commodity Composite Source ETF

LGCF LN

Source

Beta

33.2

4.3

83.3

ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF

C099 GY

ComStage

Beta

25.3

0.0

25.3

Boost Natural Gas 3X Leverage Daily ETP

3NGL LN

Boost

Beta+

22.6

4.5

54.1

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 27


9 November 2015 European Monthly ETF Market Review

Figure 57: Top 10 monthly Equity ETF outflows (€ million)

| ETFs | Europe | Invest. Strategy

Current Month Flows

Prev. Month Flows

YTD Flows 886.7

ETF Name

BBG Ticker

Issuer

iShares EURO STOXX 50 UCITS ETF (Inc)

EUNE SW

BlackRock

Beta

-290.6

264.0

UBS-ETF MSCI EMU

EMUEUA GR

UBS

Beta

-256.1

28.1

857.1

UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc

EUUSBH SW

UBS

Beta

-209.2

75.3

1,105.8

iShares STOXX 600 Food & Beverage (DE)

SX3PEX GR

BlackRock

Beta

-175.9

2.9

20.7

Amundi ETF MSCI USA UCITS ETF

CU2 FP

Amundi

Beta

-174.7

-13.1

463.8

iShares MSCI Taiwan UCITS ETF

ITWN LN

BlackRock

Beta

-118.9

11.6

-133.8

db x-trackers S&P 500 Inverse Daily UCITS ETF

DXS3 GY

Deutsche AWM

Beta+

-116.6

-36.5

-61.7

Lyxor ETF Leverage CAC 40

LVC FP

Lyxor

Beta+

-101.4

22.7

-32.3

UBS ETFs plc - MSCI USA TRN Index SF USD-A

UIQM GR

UBS

Beta

-96.2

3.6

-175.8

iShares S&P 500 UCITS ETF (Inc)

IUSA LN

BlackRock

Beta

-89.1

-180.3

-3,436.6

Invest. Strategy

Current Month Flows

Prev. Month Flows

YTD Flows 32.8

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 58: Top 10 monthly Fixed Income ETF outflows (€ million)

| ETFs | Europe |

ETF Name

BBG Ticker

Issuer

Think iBoxx Government Bond Tracker

TGBT NA

ThinkCapital ETFs N.V.

Beta

-327.9

36.3

Think iBoxx Corporate Bond Tracker

TCBT NA

ThinkCapital ETFs N.V.

Beta

-155.8

37.3

40.2

iShares $ Treasury Bond 1-3yr UCITS ETF

IBTS LN

BlackRock

Beta

-145.2

-373.5

-622.2

Think iBoxx AAA-AA Government Bond Tracker

TAT NA

ThinkCapital ETFs N.V.

Beta

-107.9

25.5

-3.8

Lyxor ETF Euro Corporate Bond

CRP FP

Lyxor

Beta

-75.7

-41.8

0.4

Lyxor UCITS ETF Euro Cash

CSH FP

Lyxor

Beta

-68.4

-52.4

-50.7

SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF

SYBW GY

State Street

Beta

-68.0

-21.9

-92.3

Lyxor UCITS ETF EuroMTS Covered Bond Aggregate

ECB FP

Lyxor

Beta

-63.7

0.0

-27.9

iShares Euro Corporate Bond 1-5yr UCITS ETF

SE15 LN

BlackRock

Beta

-48.2

1.0

676.6

db x-trackers II Short iBoxx Euro Sovereigns Eurozone TR UCITS ETF

XSGL GR

Deutsche AWM

Beta

-43.7

0.4

37.3

Invest. Strategy

Current Month Flows

Prev. Month Flows

YTD Flows -74.4

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 59: Top 10 monthly Commodity ETP outflows (€ million)

| ETPs | Europe |

ETP Name

BBG Ticker

Issuer

ETFS Physical Palladium

PHPD LN

ETF Securities

Beta

-32.1

-26.0

ETFS Daily Short Copper

SCOP LN

ETF Securities

Beta+

-31.6

3.5

-42.2

ZKB Gold ETF

ZGLD SW

Zuercher Kantonalbank

Beta

-27.0

-41.3

-152.8

db Physical Gold ETC

XGLD LN

Deutsche AWM

Beta

-20.1

0.0

-72.6

ZKB Silver ETF

ZSIL SW

Zuercher Kantonalbank

Beta

-17.6

-2.2

-92.4

ETFS Physical Silver

PHAG LN

ETF Securities

Beta

-16.2

5.9

98.5

ETFS Copper

COPA LN

ETF Securities

Beta

-13.4

6.8

-86.0

JB Physical Palladium-A USD

JBPAUA SW

Julius Baer Inv

Beta

-13.2

-0.6

3.3

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc

CCUSAS SW

UBS

Beta

-11.4

-40.8

166.8

Julius Baer Physical Gold Fund - A (USD listing)

JBGOUA SW

Julius Baer Inv

Beta

-8.5

-27.3

-143.1

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 28

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

4. Product Review New Products Launched in the Month Figure 60: Number of ETPs by Asset Class Oct-15 Asset Class

Sep-15

| ETPs | Global | MoM Change

End of 2014

YTD Change

Nu.

Mkt Share %

Nu.

Nu.

%

Nu.

Nu.

%

ETFs Equity

2,861

66.6%

2,834

27

66.4%

2,579

282

64.5%

Fixed income

692

16.1%

689

3

16.2%

664

28

16.6%

Commodity

1

2.6%

107

3

2.7%

0.4%

17

(2)

0.4%

110

2.6%

109

Currency

15

0.3%

15

Multi Asset

43

1.0%

44

(1)

1.0%

45

(2)

1.1%

Alternative

52

1.2%

53

(1)

1.2%

48

4

1.2%

3,773

87.8%

3,744

29

87.8%

3,460

313

86.6%

Equity

-

0.0%

0

Commodity

402

9.4%

400

Currency

118

2.7%

118

4

0.1%

4

524

12.2%

522

4,297

100.0%

4,266

Total

-

ETC/Vs

Alternative Total Total ETPs

-

0.0%

0

9.4%

406

-

2.8%

126

-

0.1%

4

2

12.2%

536

31

100.0%

3,996

2

-

0.0% (4)

10.2%

(8)

3.2%

-

0.1%

(12) 301

13.4% 100.0%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 61: Number of ETPs by Asset Class Oct-15 Asset Class

Sep-15

| ETPs | Europe | MoM Change

End of 2014

YTD Change

Nu.

Mkt Share %

Nu.

Nu.

%

Nu.

Nu.

%

1,051

54.9%

1,049

2

0.1%

998

53

2.8%

349

18.2%

347

2

0.1%

341

8

0.4%

50

2.6%

49

1

0.1%

49

1

0.1%

0.0%

0

-

0.0%

1

(1)

-0.1%

-

ETFs Equity Fixed income Commodity Currency

-

Multi Asset

8

0.4%

8

0.0%

8

Alternative

15

0.8%

16

(1)

-0.1%

20

(5)

-0.3%

1,473

77.0%

1,469

4

0.2%

1,417

56

3.0%

Commodity

339

17.7%

337

2

0.1%

342

(3)

-0.2%

Currency

101

5.3%

101

0.0%

109

(8)

-0.4%

Total

440

23.0%

438

2

0.1%

451

(11)

-0.6%

1,913

100.0%

1,907

6

0.3%

1,868

45

2.4%

Total

-

0.0%

ETCs

Total ETPs

-

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 29


Issuer

ETF Name

Asset class

Invest. Focus Strategy

Market Benchmark flag

Exchange Listed

New Launches 8-Oct-15 WUKD LN

WUKD.L

WisdomTree

WisdomTree UK Equity Income UCITS ETF

Equity

Beta

Dividend

DM

WisdomTree UK Equity Income Index

1L

0.29% London SE

9-Oct-15 DEMA LN

DEMA.L

WisdomTree

WisdomTree Emerging Asia Equity Income UCITS ETF

Equity

Beta

Fundamental

EM

WisdomTree Emerging Asia Equity Income Index

1L

0.54% London SE

9-Oct-15 LYX5 GY

LYX5.DE

Lyxor

Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR

Equity

Beta

Quantitative

DM

JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L

0.40% Deutsche Borse

14-Oct-15 XDGU GY

XDGU.DE

Deutsche AWM

db x-trackers Barclays USD Corporate Bond UCITS ETF (DR)

Fixed Income

Beta

Overall

DM

Barclays USD Liquid Investment Grade Corporate Index

1L

0.20% Deutsche Borse

15-Oct-15 E570 GY

E570.DE

ComStage

ComStage CBK 10Y US-Treasury Future TR UCITS ETF

Fixed Income

Beta

Overall

DM

Commerzbank 10Y US-Treasury Future TR

1L

0.20% Deutsche Borse

15-Oct-15 E571 GY

E571.DE

ComStage

ComStage CBK 10Y US-Treasury Future Short TR UCITS ETF

Fixed Income

Beta+

Overall

DM

Commerzbank 10Y US-Treasury Future Short TR

1S

0.20% Deutsche Borse

15-Oct-15 E572 GY

E572.DE

ComStage

ComStage CBK U.S. Treasury Bond Future Short TR UCITS ETF

Fixed Income

Beta+

Overall

DM

Commerzbank US-Treasury Bond Future Short TR

1S

0.20% Deutsche Borse

15-Oct-15 E573 GY

E573.DE

ComStage

ComStage CBK U.S. Treasury Bond Future Double Short TR UCITS ETF

Fixed Income

Beta+

Overall

DM

Commerzbank US-Treasury Bond Future Double Short TR

2S

0.20% Deutsche Borse

15-Oct-15 C099 GY

C099.DE

ComStage

ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF

Commodity

Beta

Overall

DM

Commerzbank ex-Agriculture Monthly EUR Hedged Index

1L

0.35% Deutsche Borse

28-Oct-15 MOAT LN

MOAT.L

Van Eck Funds

Market Vectors Morningstar US Wide Moat UCITS ETF

Equity

Beta

Other Theme

DM

Morningstar Wide Moat Focus

1L

0.49% London SE

1-Oct-15 EUMVD SW

EUMVD.S

Ossiam

Ossiam ETF ISTOXX Europe Minimum Variance NR 1D

Equity

Semi Active Quantitative

DM

Ossiam Europe Minimum Variance Index NR

1L

0.65% Swiss SE

1-Oct-15 CBSUSE SW

CBSUSE.S

UBS

UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to EUR

Fixed Income

Beta

Overall

DM

Baclays MSCI US Liquid Corporates Sustainable Hedged to EUR TR Index 1L

0.25% Swiss SE

2-Oct-15 IFSE SW

IFSE.S

BlackRock

iShares FactorSelect MSCI Europe UCITS ETF

Equity

Beta

Quantitative

DM

MSCI Europe Diversified Multi-Factor Index

1L

0.45% Swiss SE

2-Oct-15 EMUU SW

EMUU.S

BlackRock

iShares MSCI EMU USD Hedged UCITS ETF

Equity

Beta

Eurozone

DM

MSCI EMU USD Hdg Net

1L

0.38% Swiss SE

2-Oct-15 IFSW SW

IFSW.S

BlackRock

iShares FactorSelect MSCI World UCITS ETF

Equity

Beta

Quantitative

DM

MSCI World Diversified Multi-Factor Index

1L

0.50% Swiss SE

2-Oct-15 IFSU SW

IFSU.S

BlackRock

iShares FactorSelect MSCI USA UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Diversified Multi-Factor Index

1L

0.35% Swiss SE

2-Oct-15 CBSUSH SW

CBSUSH.S

UBS

UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to GBP

Fixed Income

Beta

Overall

DM

Baclays MSCI US Liquid Corporates Sustainable Hedged to GBP TR Index 1L

0.25% Swiss SE

5-Oct-15 IEGS LN

IEGS.L

BlackRock

iShares Euro Government Bond 1-3yr UCITS ETF

Fixed Income

Beta

Overall

DM

BarCap EU Govt 1 to 3 Year Bond

1L

0.20% London SE

5-Oct-15 ACUUKD SW

ACUUKD.S

UBS

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD

Equity

Beta

Global

Overall

MSCI ACWI - DM 100% Hedged To USD Index

1L

0.31% Swiss SE

5-Oct-15 ACEUKD SW

ACEUKD.S

UBS

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR

Equity

Beta

Global

Overall

MSCI ACWI - DM 100% Hedged To EUR Index

1L

0.31% Swiss SE

5-Oct-15 ACGUKD SW

ACGUKD.S

UBS

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To GBP

Equity

Beta

Global

Overall

MSCI ACWI - DM 100% Hedged To GBP Index

1L

0.31% Swiss SE

6-Oct-15 CBSUST SW

CBSUST.S

UBS

UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to CHF

Fixed Income

Beta

Overall

DM

Baclays MSCI US Liquid Corporates Sustainable Hedged to CHF TR Index 1L

0.25% Swiss SE

7-Oct-15 UQLTDF SW

UQLTDF.S

UBS

UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Quality TR Index

1L

0.25% Swiss SE

7-Oct-15 UTSYDF SW

UTSYDF.S

UBS

UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Total Shareholder Yield TR Index

1L

0.25% Swiss SE

7-Oct-15 UPVLD SW

UPVLD.S

UBS

UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Prime Value TR Index

1L

0.25% Swiss SE

7-Oct-15 ULOVD SW

ULOVD.S

UBS

UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Select Dynamic 50% Risk Weighted TR Index

1L

0.25% Swiss SE

7-Oct-15 UQLTD SW

UQLTD.S

UBS

UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Quality TR Index

1L

0.25% Swiss SE

7-Oct-15 EPVLD SW

EPVLD.S

UBS

UBS ETF-Factor MSCI EMU Prime Value UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Prime Value Index

1L

0.28% Swiss SE

7-Oct-15 EQLTDF SW

EQLTDF.S

UBS

UBS ETF-Factor MSCI EMU Quality UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Quality TR Index

1L

0.28% Swiss SE

7-Oct-15 UTSYD SW

UTSYD.S

UBS

UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Total Shareholder Yield TR Index

1L

0.25% Swiss SE

7-Oct-15 ELOVDF SW

ELOVDF.S

UBS

UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Select Dynamic 50% Risk Weighted TR Index

1L

0.28% Swiss SE

7-Oct-15 EQLTD SW

EQLTD.S

UBS

UBS ETF-Factor MSCI EMU Quality UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Quality TR Index

1L

0.28% Swiss SE

7-Oct-15 ETSYDF SW

ETSYDF.S

UBS

UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Total Shareholder Yield TR Index

1L

0.28% Swiss SE

7-Oct-15 ETSYD SW

ETSYD.S

UBS

UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Total Shareholder Yield TR Index

1L

0.28% Swiss SE

7-Oct-15 UPVLDF SW

UPVLDF.S

UBS

UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Prime Value TR Index

1L

0.25% Swiss SE

7-Oct-15 ULOVDF SW

ULOVDF.S

UBS

UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF

Equity

Beta

Quantitative

DM

MSCI USA Select Dynamic 50% Risk Weighted TR Index

1L

0.25% Swiss SE

7-Oct-15 ELOVD SW

ELOVD.S

UBS

UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF

Equity

Beta

Quantitative

DM

MSCI EMU Select Dynamic 50% Risk Weighted TR Index

1L

0.28% Swiss SE

9-Oct-15 USIG IM

USIG.MI

Lyxor

Lyxor USD Liquid Investment Grade Corporate Bonds UCITS C-USD

Fixed Income

Beta

Overall

DM

Markit iBoxx USD Liquid Index

1L

0.15% Borsa Italiana

9-Oct-15 DEMP LN

DEMP.L

WisdomTree

WisdomTree Emerging Asia Equity Income UCITS ETF

Equity

Beta

Fundamental

EM

WisdomTree Emerging Asia Equity Income Index

1L

0.54% London SE

12-Oct-15 USPY GY

USPY.DE

ETF Securities

ETFS ISE Cyber Security GO UCITS ETF

Equity

Beta

Other Theme

Overall

ISE Cyber Security Index

1L

0.75% Deutsche Borse

13-Oct-15 TPXE FP

TPXE.PA

Amundi

Amundi ETF Japan TOPIX UCITS ETF - EUR

Equity

Beta

Developed non-Europe DM

TOPIX

1L

0.48% Euronext Paris

13-Oct-15 TPXY FP

TPXY.PA

Amundi

Amundi ETF Japan TOPIX UCITS ETF - JPY

Equity

Beta

Developed non-Europe DM

TOPIX

1L

0.48% Euronext Paris

13-Oct-15 TPHG FP

TPHG.PA

Amundi

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP

Equity

Beta

Developed non-Europe DM

TOPIX

1L

0.48% Euronext Paris

13-Oct-15 TPHU FP

TPHU.PA

Amundi

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD

Equity

Beta

Developed non-Europe DM

TOPIX

1L

0.48% Euronext Paris

Cross-Listings & share classes

Deutsche Bank AG/London

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

9 November 2015

Launch/ cross Reuters BBG Ticker listing date Code

| ETFs | Europe | Long /Short/ TER Leverage

European Monthly ETF Market Review

Page 30

Figure 62: New ETF launches & cross listings


Issuer

ETF Name

Market Benchmark flag

Long /Short/ TER Leverage

Exchange Listed

Cross-Listings & share classes 14-Oct-15 LYXV LN

LYXV.L

Lyxor

Lyxor J.P. Morgan Europe Value Factor Index UCITS ETF

Equity

Beta

Quantitative

DM

JP Morgan Europe Value Factor Long Only Index

1L

0.30% London SE

14-Oct-15 XIEE GY

XIEE.DE

Deutsche AWM

db x-trackers MSCI Europe Index UCITS ETF (DR)

Equity

Beta

Europe

DM

MSCI Europe

1L

0.30% Deutsche Borse

14-Oct-15 LYXQ LN

LYXQ.L

Lyxor

Lyxor J.P. Morgan Europe Quality Factor Index UCITS ETF

Equity

Beta

Quantitative

DM

JP Morgan Europe Quality Factor Long Only Index

1L

0.30% London SE

14-Oct-15 LYXM LN

LYXM.L

Lyxor

Lyxor J.P. Morgan Europe Momentum Factor Index UCITS ETF

Equity

Beta

Quantitative

DM

JP Morgan Europe Momentum Factor Long Only Index

1L

0.30% London SE

15-Oct-15 DEMA IM

DEMA.MI

WisdomTree

WisdomTree Emerging Asia Equity Income UCITS ETF

Equity

Beta

Fundamental

EM

WisdomTree Emerging Asia Equity Income Index

1L

0.54% Borsa Italiana

15-Oct-15 WTEA GY

WTEA.DE

WisdomTree

WisdomTree Emerging Asia Equity Income UCITS ETF

Equity

Beta

Dividend

EM

WisdomTree Emerging Asia Equity Income Index

1L

0.54% Deutsche Borse

15-Oct-15 LYXS LN

LYXS.L

Lyxor

Lyxor J.P. Morgan Europe Low Size Factor Index UCITS ETF

Equity

Beta

Quantitative

DM

JP Morgan Europe Low Size Factor Long Only Index

1L

0.30% London SE

15-Oct-15 LYXL LN

LYXL.L

Lyxor

Lyxor J.P. Morgan Europe Low Beta Factor Index UCITS ETF

Equity

Beta

Quantitative

DM

JP Morgan Europe Low Beta Factor Long Only Index

1L

0.30% London SE

16-Oct-15 XDGU LN

XDGU.L

Deutsche AWM

db x-trackers Barclays USD Corporate Bond UCITS ETF (DR)

Fixed Income

Beta

Overall

DM

Barclays USD Liquid Investment Grade Corporate Index

1L

0.20% London SE

27-Oct-15 C50U FP

C50U.PA

Amundi

Amundi ETF Euro Stoxx 50 UCITS - USD

Equity

Beta

Eurozone

DM

Euro STOXX 50

1L

0.15% Euronext Paris

28-Oct-15 LYX5 LN

LYX5.L

Lyxor

Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR

Equity

Beta

Quantitative

DM

JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L

0.40% London SE

29-Oct-15 MAGI SW

MAGI.S

State Street

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF

Multi Asset

Beta

Moderate

Overall

Morningstar Global Multi-Asset Infrastructure Index

1L

0.40% Swiss SE

29-Oct-15 SXLY SW

SXLY.S

State Street

SPDR S&P US Consumer Discretionary Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Consumer Discretionary Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLP SW

SXLP.S

State Street

SPDR S&P US Consumer Staples Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Consumer Staples Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLE SW

SXLE.S

State Street

SPDR S&P US Energy Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Energy Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLF SW

SXLF.S

State Street

SPDR S&P US Financials Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Financials Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLV SW

SXLV.S

State Street

SPDR S&P US Health Care Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Health Care Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLI SW

SXLI.S

State Street

SPDR S&P US Industrials Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Industrial Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLB SW

SXLB.S

State Street

SPDR S&P US Materials Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Materials Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLK SW

SXLK.S

State Street

SPDR S&P US Technology Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Technology Select Sector Index

1L

0.15% Swiss SE

29-Oct-15 SXLU SW

SXLU.S

State Street

SPDR S&P US Utilities Select Sector UCITS ETF

Equity

Beta

Other Sector

DM

S&P Utilities Select Sector Index

1L

0.15% Swiss SE

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 64: New ETC launches & cross listings Launch/ BBG cross listing Ticker date

Reuters Code

Issuer

ETC Name

| ETCs | Europe | Asset class

Invest. Focus Strategy

Benchmark

Long /Short/ TER Leverage

Exchange Listed

Cross-Listings & share classes 16-Oct-15

3BRL IM

3BRL.MI

Boost

Boost Brent Oil 3x Leverage Daily ETP Commodity

16-Oct-15

3BRS IM

3BRS.MI

Boost

Boost Brent Oil 3x Short Daily ETP

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Commodity

Beta+ Beta+

Crude Oil

NASDAQ Commodity Brent Crude Oil Index

3L

0.99% Borsa Italiana

Crude Oil

NASDAQ Commodity Brent Crude Oil Index

3S

0.99% Borsa Italiana

9 November 2015

| ETFs | Europe | Invest. Asset class Focus Strategy

European Monthly ETF Market Review

Deutsche Bank AG/London

Figure 63: New ETF launches & cross listings Launch/ cross Reuters BBG Ticker listing date Code

Page 31


9 November 2015 European Monthly ETF Market Review

Average TERs Figure 65: ETF TERs using simple average Physical Asset class

Strategy

Equity

Alpha Beta Beta+ Semi Active

Fixed Income

2

0.39%

512

0.50% 0.54%

Nu.

1.48%

3

1.19%

5

0.42%

439

0.40%

951

2

0.51%

59

0.51%

61

16

0.55%

18

0.54%

34 1,051

0.44%

519

0.42%

8

0.41%

2

0.54%

10

Beta

0.24%

187

0.19%

133

0.22%

320

Alpha

Beta Beta+ Semi Active Beta Beta Alpha

Total

TER

532

Semi Active

Multi Asset

0.75%

Total Nu.

0.59%

Beta+

Currency

TER

0.40%

Beta

Commodity

Nu.

Alpha Beta+

Alternative

TER

| ETFs | Europe | Synthetic

NA

NA

0.23%

19

0.23%

19

0.26%

195

0.20%

154

0.23%

349 4

NA

NA

0.67%

4

0.67%

0.75%

2

0.70%

2

0.73%

4

NA

NA

NA

NA

NA

NA

0.30%

1

0.57%

6

0.54%

7

0.006

3

0.63%

12

0.63%

15

0.49%

22

0.49%

27

0.49%

49

NA

NA

NA

NA

NA

NA

NA

NA

0.45%

1

0.45%

1

0.49%

22

0.49%

28

0.49%

50

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

1

NA

NA

NA

1

0.52%

5

0.73%

2

0.60%

7

0.52%

6

0.73%

2

0.60%

8

0.37%

758

0.40%

715

0.38%

1,473

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 32

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 66: ETC TERs using simple average

| ETCs | Europe |

Physical Asset Class Segment

Strategy

Commodity Agriculture Energy

Overall

Nu.

TER

Nu.

TER

Nu.

Beta

NA

NA

0.51%

39

0.50%

39

Beta+

NA

NA

0.91%

29

0.91%

29

Beta

NA

NA

0.48%

52

0.46%

52

Beta+

NA

NA

0.79%

49

0.79%

49

NA

NA

0.49%

28

0.48%

28

Beta+

NA

NA

0.89%

23

0.89%

23

Beta

NA

NA

0.49%

6

0.49%

6

Beta+

NA

NA

0.98%

6

0.98%

6

Beta

NA

NA

0.50%

13

0.47%

13

Beta+

NA

NA

0.98%

4

0.98%

4

0.45%

31

0.44%

20

0.43%

51

NA

NA

0.74%

39

0.74%

39

Precious Metals Beta Beta+ Commodity Currency

Currency

Total

TER

Industrial Metals Beta Livestock

Synthetic

0.45%

31

0.65%

308

0.62%

339

Beta

NA

NA

0.41%

40

0.41%

40

Beta+

NA

NA

0.81%

61

0.81%

61

NA

NA

0.65%

101

0.65%

101

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

Deutsche Bank AG/London

Page 33


9 November 2015 European Monthly ETF Market Review

Figure 67: ETF TERs using AUM weighted average Physical Asset class

Strategy

Equity

Alpha Beta Beta+ Semi Active

Fixed Income

TER

TER

0.75%

2

0.95%

3

0.76%

5

0.32%

512

0.34%

439

0.32%

951

0.50%

2

0.48%

59

0.48%

61

0.57%

16

0.54%

18

0.55%

34

0.32%

532

0.35%

519

0.33%

1,051

Alpha

0.36%

8

0.39%

2

0.36%

10

Beta

0.26%

187

0.18%

133

0.24%

320

NA

NA

0.22%

19

0.22%

19

0.26%

195

0.18%

154

0.24%

349

NA

NA

0.85%

4

0.85%

4

0.75%

2

0.70%

2

0.73%

4

NA

NA

NA

NA

NA

NA

0.30%

1

0.65%

6

0.41%

7

0.70%

3

0.80%

12

0.76%

15

0.42%

22

0.43%

27

0.42%

49

NA

NA

NA

NA

NA

NA

Alpha Beta Beta+ Semi Active

Commodity

Beta Beta+ Semi Active

Currency Multi Asset

Total

Nu.

Beta+ Alternative

| ETFs | Europe |

Synthetic Nu.

TER

Nu.

NA

NA

0.45%

1

0.45%

1

0.42%

22

0.43%

28

0.42%

50

NA

NA

NA

NA

NA

NA

NA

NA

NA

-

NA

-

Beta

0.40%

1

NA

NA

0.40%

1

Alpha

0.60%

5

0.72%

2

0.71%

7

0.60%

6

0.72%

2

0.71%

7

0.31%

758

0.32%

715

0.31%

1,473

Beta

Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 68: ETC TERs using AUM weighted average Physical Asset Class Segment

Strategy

Commodity Agriculture Energy

Overall

Nu.

TER

Nu.

TER

Nu.

Beta

NA

NA

0.53%

39

0.53%

39

Beta+

NA

NA

0.98%

29

0.98%

29

Beta

NA

NA

0.52%

52

0.52%

52

Beta+

NA

NA

0.98%

49

0.98%

49

NA

NA

0.49%

28

0.49%

28

Beta+

NA

NA

0.98%

23

0.98%

23

Beta

NA

NA

0.49%

6

0.49%

6

Beta+

NA

NA

0.98%

6

0.98%

6

Beta

NA

NA

0.50%

13

0.50%

13

Beta+ Precious Metals Beta Beta+ Commodity Currency

Currency

Total

TER

Industrial Metals Beta Livestock

| ETCs | Europe |

Synthetic

NA

NA

0.98%

4

0.98%

4

0.39%

31

0.37%

20

0.38%

51

NA

NA

0.97%

39

0.97%

39

0.39%

31

0.53%

308

0.43%

339

Beta

NA

NA

0.39%

40

0.39%

40

Beta+

NA

NA

0.91%

61

0.91%

61

NA

NA

0.75%

101

0.75%

101

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

Page 34

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

5. Provider Rankings Global Provider Rankings Figure 69: Global Top 10 ETF Providers ($ million)

| ETFs | Global |

Current AUM

Mkt. Share

1,050,254

37.5%

975,205

38.1%

616

19,042

479,052

Vanguard

499,432

17.8%

443,404

17.3%

96

7,170

72,478

64,763

3

State Street

422,536

15.1%

453,738

17.7%

245

3,697

758,783

-27,267

4

PowerShares

94,396

3.4%

91,378

3.6%

151

2,060

89,165

586

5

Deutsche AWM

82,380

2.9%

58,319

2.3%

248

1,119

11,163

26,377

6

Nomura Asset Management

63,449

2.3%

43,106

1.7%

49

-1,313

36,505

16,155

7

WisdomTree

58,225

2.1%

39,297

1.5%

94

-177

15,664

19,628

8

Lyxor

52,945

1.9%

45,768

1.8%

232

258

12,728

8,731

9

First Trust

41,291

1.5%

33,266

1.3%

102

510

7,697

9,109

10

Charles Schwab

37,574

1.3%

26,922

1.1%

21

1,173

4,862

11,000

2,402,481

85.8%

2,210,403

86.3%

1,854

33,539

1,488,099

224,339

398,447

14.2%

351,844

13.7%

1,919

-562

246,275

54,336

2,800,929

100.0%

2,562,246

100.0%

3,773

32,977

1,734,374

278,676

Rank

Issuer

1

BlackRock

2

Total Top 10 Others Global Total

2014 AUM 2014 Mkt. Share

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.

Nu.

Current Current Month Month CF TO

YTD CF 95,257

.

Figure 70: Global Top 10 ETC/V Providers ($ million)

| ETCs/Vs | Global |

Current AUM

Mkt. Share

2014 AUM

2014 Mkt. Share

1

State Street

25,416

34.5%

27,325

35.3%

1

193

14,647

-304

2

ETF Securities

14,594

19.8%

16,586

21.4%

319

128

2,498

-317

3

BlackRock

12,042

16.4%

12,494

16.1%

8

-22

3,456

216

4

PowerShares

5,476

7.4%

7,159

9.2%

11

-98

1,509

-795

5

United States Commodity Funds

4,088

5.6%

2,790

3.6%

11

329

10,900

1,985

6

ProShares

3,736

5.1%

3,282

4.2%

19

321

26,213

1,274

7

Source

2,151

2.9%

1,920

2.5%

4

148

518

375

8

Deutsche AWM

2,086

2.8%

2,192

2.8%

28

-27

117

229

9

Deutsche Borse Commodities GmbH

1,847

2.5%

1,902

2.5%

1

0

124

0

10

Guggenheim Investments

1,161

1.6%

935

1.2%

9

88

1,848

299

72,597

98.6%

76,584

98.9%

411

1,061

61,831

2,962

1,046

1.4%

880

1.1%

113

56

918

414

73,643

100.0%

77,464

100.0%

524

1,116

62,749

3,375

Rank

Issuer

Total Top 10 Others Global Total

Nu.

Current Current Month Month CF TO

YTD CF

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 35


9 November 2015 European Monthly ETF Market Review

Figure 71: Global Top 10 ETP Providers ($ million) Rank

Issuer

| ETPs | Global |

Current AUM

Mkt. Share

2014 AUM

2014 Mkt. Share

Nu.

Current Current Month Month CF TO

YTD CF

1

BlackRock

1,062,296

37.0%

987,699

37.4%

624

19,020

482,508

2

Vanguard

499,432

17.4%

443,404

16.8%

96

7,170

72,478

64,763

3

State Street

447,952

15.6%

481,063

18.2%

246

3,890

773,430

-27,571

4

PowerShares

99,873

3.5%

98,537

3.7%

162

1,962

90,675

-209

5

Deutsche AWM

84,465

2.9%

60,511

2.3%

276

1,092

11,280

26,605

6

Nomura Asset Management

63,449

2.2%

43,106

1.6%

49

-1,313

36,505

16,155

7

WisdomTree

58,225

2.0%

39,297

1.5%

94

-177

15,664

19,628

8

Lyxor

52,945

1.8%

45,768

1.7%

232

258

12,728

8,731

9

First Trust

41,291

1.4%

33,266

1.3%

102

510

7,697

9,109

10

Charles Schwab

37,574

1.3%

26,922

1.0%

21

1,173

4,862

11,000

2,447,501

85.1%

2,259,572

85.6%

1,902

33,586

1,507,828

223,685

427,071

14.9%

380,138

14.4%

2,395

508

289,295

58,366

2,874,572

100.0%

2,639,710

100.0%

4,297

34,094

1,797,123

282,051

Total Top 10 Others Global Total

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.

Page 36

95,473

.

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

European Provider Rankings – General Figure 72: European ETF Providers (All) – Assets, Flows, Products, Turnover All figures in € million except products

AUM

| ETFs | Europe |

Cash Flow

Issuer

Current Month

End of 2014

Diff.

Current Month

BlackRock

211,266

175,377

20%

4,333

Deutsche AWM

55,899

44,558

25%

550

Lyxor

47,929

37,823

27%

UBS

24,720

17,073

45%

Amundi

19,885

15,386

Vanguard

17,126

Source State Street

Prev. Month

Turnover YTD

Current Month

Prev. Month

700 23,605

Products Diff.

Current Month

End of 2014

Diff.

24,315

23,407

4%

269

256

5%

43

8,484

5,181

6,116

-15%

215

246

-13%

232

-63

7,802

11,332

11,642

-3%

232

215

8%

156

539

6,446

1,730

1,560

11%

133

124

7%

29%

347

151

3,253

5,395

4,877

11%

100

98

2%

12,538

37%

274

268

3,384

1,438

2,052

-30%

13

13

0%

16,465

12,625

30%

149

317

2,966

1,326

1,396

-5%

78

76

3% 25%

11,794

9,274

27%

160

-6

1,970

1,182

1,065

11%

75

60

ComStage

7,487

5,391

39%

228

202

1,756

522

859

-39%

107

98

9%

Deka Investment GmbH

6,872

6,433

7%

357

-104

145

1,067

1,338

-20%

46

42

10%

Zuercher Kantonalbank

5,916

6,032

-2%

-49

-43

-274

204

146

40%

4

4

0%

HSBC

5,085

5,363

-5%

-19

-28

-658

381

632

-40%

28

28

0%

BNP Paribas

4,591

3,756

22%

-23

-47

437

163

205

-20%

37

38

-3%

Xact Fonder AB

2,436

2,379

2%

-21

-75

-68

1,349

1,979

-32%

10

10

0%

Julius Baer Inv

1,827

2,060

-11%

-28

-81

-238

58

54

7%

4

8

-50%

PowerShares

1,796

1,465

23%

-33

-18

110

164

172

-4%

21

19

11%

Ossiam

1,721

1,430

20%

2

-83

-80

59

113

-48%

9

7

29%

ThinkCapital ETFs N.V.

1,329

1,030

29%

-576

123

252

84

99

-15%

11

11

0%

ETF Securities

715

456

57%

16

63

293

358

540

-34%

18

14

29%

BBVA Gestion SA SGIIC

522

434

20%

-5

14

82

48

52

-9%

2

2

0%

Royal Bank of Scotland plc

383

379

1%

19

4

35

17

15

11%

12

12

0%

WisdomTree

244

13 1726%

-12

33

240

37

50

-27%

12

6

100%

Nomura Asset Management

241

0

NA

4

0

244

7

7

-8%

3

0

NA

Fundlogic Global Solutions plc

175

104

69%

6

36

37

3

3

17%

2

1

100%

Seligson & Co Fund Man

174

144

21%

6

0

10

13

10

34%

1

1

0%

Raiffeisen Schweiz Genossenschaft

159

137

16%

0

0

20

3

3

3%

3

3

0%

DnB Kapitalforvaltning

108

112

-4%

0

0

-8

15

10

55%

1

1

0%

First Trust

106

53

100%

1

5

49

8

12

-38%

7

4

75%

SEB Investment Management AB

83

82

1%

0

-5

-2

5

13

-58%

3

3

0%

Van Eck Funds

77

0

NA

2

0

103

22

10

125%

3

0

NA

UniCredit Bank

54

0

NA

0

12

54

1

3

-53%

1

0

NA

Commerzbank AG

36

49

-27%

-4

-37

-16

0

1

-54%

2

1

100%

FinEx Fund Plc

33

28

18%

0

0

-2

0

0

-30%

2

2

0%

Alpha Asset Management

13

16

-19%

0

0

0

0

0

518%

1

1

0%

Boost

5

1

510%

0

2

4

3

3

-12%

3

3

0%

NBG Asset Management MFMC

5

6

-18%

0

0

0

0

0

123%

2

2

0%

Alpcot Capital Management

0

0 -100%

-1

0

-1

0

0

33%

Swedbank Robur

0

19 -100%

0

0

-23

0

0

NA

0

3 -100%

Landsbankinn

0

0

NA

0

0

0

0

1

-94%

1

1

0%

Nordea Investment Funds

0

0

NA

0

0

0

0

0

NA

2

2

0%

NCB Stockbrokers

0

24 -100%

0

0

-29

0

0

NA

0

1 -100%

1,921 60,379

56,493

58,444

-3%

1473

Total

447,276

362,049

24%

6,074

-

1 -100%

1,417

4%

*New entrant in 2015 is highlighted in light grey. *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.

Deutsche Bank AG/London

Page 37


9 November 2015 European Monthly ETF Market Review

Figure 73: European ETC Providers (All) – Assets, Flows, Products, Turnover All figures in € million except products

AUM

Cash Flow

Current Month

End of 2014

Diff.

Current Month

Prev. Month

11,103

11,282

-2%

129

Source

1,947

1,586

23%

Deutsche AWM

1,888

1,811

4%

Deutsche Borse Commodities GmbH

Issuer ETF Securities

| ETCs | Europe | Turnover

Products

YTD

Current Month

Prev. Month

Diff.

Current Month

End of 2014

-161

-63

2,030

Diff.

1,912

6%

298

306

132

8

332

-3%

460

206

123%

4

4

-24

12

0%

200

104

103

1%

28

39

-28% 0%

1,672

1,572

6%

0

0

0

111

72

54%

1

1

BlackRock

406

179

127%

12

1

230

44

22

99%

4

4

0%

Boost

263

42

520%

50

3

330

743

658

13%

30

21

43%

Royal Bank of Scotland plc

241

251

-4%

0

0

18

9

8

9%

6

7

-14%

Borse Stuttgart Securities GmbH

114

88

29%

0

1

21

4

3

28%

1

1

0%

1

1

-12%

0

0

0

13

10

25%

68

68

0%

17,635

16,813

5%

300

-137

1,068

3,516

2,994

17%

440

451

-2%

Commerzbank AG Total Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 38

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 74: European ETP Providers (All) – Assets, Flows, Products, Turnover All figures in € million except products

AUM

Cash Flow

Current Month

End of 2014

Diff.

Current Month

211,672

175,556

21%

4,346

Deutsche AWM

57,787

46,369

25%

527

Lyxor

47,929

37,823

27%

UBS

24,720

17,073

45%

Amundi

19,885

15,386

Source

18,413

Vanguard

Issuer BlackRock

| ETPs | Europe |

Prev. Month

Turnover YTD

Current Month

Prev. Month

701 23,835

24,359

Products Diff.

Current Month

End of 2014

23,430

4%

273

260

5%

-15%

243

285

-15%

Diff.

54

8,684

5,285

6,218

232

-63

7,802

11,332

11,642

-3%

232

215

8%

156

539

6,446

1,730

1,560

11%

133

124

7%

29%

347

151

3,253

5,395

4,877

11%

100

98

2%

14,212

30%

282

325

3,298

1,786

1,602

12%

82

80

2%

17,126

12,538

37%

274

268

3,384

1,438

2,052

-30%

13

13

0%

ETF Securities

11,819

11,738

1%

145

-98

230

2,388

2,451

-3%

316

320

-1%

State Street

25%

11,794

9,274

27%

160

-6

1,970

1,182

1,065

11%

75

60

ComStage

7,487

5,391

39%

228

202

1,756

522

859

-39%

107

98

9%

Deka Investment GmbH

6,872

6,433

7%

357

-104

145

1,067

1,338

-20%

46

42

10%

Zuercher Kantonalbank

5,916

6,032

-2%

-49

-43

-274

204

146

40%

4

4

0%

HSBC

5,085

5,363

-5%

-19

-28

-658

381

632

-40%

28

28

0%

BNP Paribas

4,591

3,756

22%

-23

-47

437

163

205

-20%

37

38

-3%

Xact Fonder AB

2,436

2,379

2%

-21

-75

-68

1,349

1,979

-32%

10

10

0%

Julius Baer Inv

1,827

2,060

-11%

-28

-81

-238

58

54

7%

4

8

-50%

PowerShares

1,796

1,465

23%

-33

-18

110

164

172

-4%

21

19

11%

Ossiam

1,721

1,430

20%

2

-83

-80

59

113

-48%

9

7

29%

Deutsche Borse Commodities GmbH

1,672

1,572

6%

0

0

0

111

72

54%

1

1

0%

ThinkCapital ETFs N.V.

1,329

1,030

29%

-576

123

252

84

99

-15%

11

11

0%

Royal Bank of Scotland plc

624

630

-1%

19

4

53

26

23

10%

18

19

-5%

BBVA Gestion SA SGIIC

522

434

20%

-5

14

82

48

52

-9%

2

2

0%

Boost

268

43

520%

50

5

334

745

661

13%

33

24

38%

WisdomTree

244

13

1726%

-12

33

240

37

50

-27%

12

6

100%

Nomura Asset Management

241

0

NA

4

0

244

7

7

-8%

3

0

NA

Fundlogic Global Solutions plc

175

104

69%

6

36

37

3

3

17%

2

1

100%

Seligson & Co Fund Man

174

144

21%

6

0

10

13

10

34%

1

1

0%

Raiffeisen Schweiz Genossenschaft

159

137

16%

0

0

20

3

3

3%

3

3

0%

Borse Stuttgart Securities GmbH

114

88

29%

0

1

21

4

3

28%

1

1

0%

DnB Kapitalforvaltning

108

112

-4%

0

0

-8

15

10

55%

1

1

0%

First Trust

106

53

100%

1

5

49

8

12

-38%

7

4

75%

SEB Investment Management AB

83

82

1%

0

-5

-2

5

13

-58%

3

3

0%

Van Eck Funds

77

0

NA

2

0

103

22

10

125%

3

0

NA

UniCredit Bank

54

0

NA

0

12

54

1

3

-53%

1

0

NA

Commerzbank AG

37

50

-26%

-4

-37

-16

13

11

20%

70

69

1%

FinEx Fund Plc

33

28

18%

0

0

-2

0

0

-30%

2

2

0%

Alpha Asset Management

13

16

-19%

0

0

0

0

0

518%

1

1

0%

NBG Asset Management MFMC

5

6

-18%

0

0

0

0

0

123%

2

2

0%

Alpcot Capital Management

0

0

-100%

-1

0

-1

0

0

33%

0

1 -100%

Swedbank Robur

0

19

-100%

0

0

-23

0

0

NA

0

3 -100%

NCB Stockbrokers

0

24

-100%

0

0

-29

0

0

NA

0

1 -100%

PDR Services LLC

0

0

NA

0

0

0

0

0

147%

0

0

NA

Nordea Investment Funds

0

0

NA

0

0

0

0

0

NA

2

2

0%

0

0

0

1

-94%

1

1

0%

1,784 61,448

60,009

61,438

-2%

1,913

1,868

2%

Landsbankinn Total

0

0

NA

0

464,911

378,862

23%

6,373

*New entrant in 2015 is highlighted in light grey. *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.

Deutsche Bank AG/London

Page 39


9 November 2015 European Monthly ETF Market Review

Figure 75: European ETP Providers tier market share

| ETPs | Europe |

Oct-15

Q3 15

Q2 15

Q1 15

Q4 14 60%

65%

70%

75%

80%

85%

90%

95%

Tier 1

Q4 14 68.6%

Q1 15 68.7%

Q2 15 68.3%

Q3 15 68.1%

Oct-15 68.3%

Tier 2

27.3%

27.2%

27.6%

27.7%

27.8%

Tier 3

4.2%

4.0%

4.1%

4.2%

4.0%

100%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 40

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

European Provider Rankings – by Asset Class Figure 76: European ETF Providers (All) – Assets, Flows, Products, Turnover

| ETFs | Europe |

All figures in € million except products Issuer BlackRock

Fixed Income

Equity

Commodity

Mkt Share %

Nu.

Current TO

Current CF

YTD CF

323 211,266

47.2%

269

24,315

4,333

23,605

Others

Total AUM

142,722

66,879

1,342

Deutsche AWM

41,110

13,509

351

928

55,899

12.5%

215

5,181

550

8,484

Lyxor

37,865

9,043

982

39

47,929

10.7%

232

11,332

232

7,802

UBS

21,326

1,757

1,547

90

24,720

5.5%

133

1,730

156

6,446

Amundi

14,940

4,926

19

0

19,885

4.4%

100

5,395

347

3,253

Vanguard

16,972

154

0

0

17,126

3.8%

13

1,438

274

3,384

Source

10,089

6,076

242

58

16,465

3.7%

78

1,326

149

2,966

State Street

8,224

3,527

0

43

11,794

2.6%

75

1,182

160

1,970

ComStage

4,867

2,361

260

0

7,487

1.7%

107

522

228

1,756

Deka Investment GmbH

4,569

2,303

0

0

6,872

1.5%

46

1,067

357

145

0

0

5,916

0

5,916

1.3%

4

204

-49

-274

Zuercher Kantonalbank HSBC

5,085

0

0

0

5,085

1.1%

28

381

-19

-658

BNP Paribas

4,221

158

211

0

4,591

1.0%

37

163

-23

437

Xact Fonder AB

2,436

0

0

0

2,436

0.5%

10

1,349

-21

-68

0

0

1,827

0

1,827

0.4%

4

58

-28

-238

PowerShares

1,739

53

0

4

1,796

0.4%

21

164

-33

110

Ossiam

1,673

0

48

0

1,721

0.4%

9

59

2

-80

ThinkCapital ETFs N.V.

627

692

0

10

1,329

0.3%

11

84

-576

252

ETF Securities

400

122

193

0

715

0.2%

18

358

16

293

BBVA Gestion SA SGIIC

522

0

0

0

522

0.1%

2

48

-5

82

Royal Bank of Scotland plc

188

0

195

0

383

0.1%

12

17

19

35

WisdomTree

244

0

0

0

244

0.1%

12

37

-12

240

Nomura Asset Management

241

0

0

0

241

0.1%

3

7

4

244

Fundlogic Global Solutions plc

175

0

0

0

175

0.0%

2

3

6

37

Seligson & Co Fund Man

174

0

0

0

174

0.0%

1

13

6

10

0

0

159

0

159

0.0%

3

3

0

20

DnB Kapitalforvaltning

108

0

0

0

108

0.0%

1

15

0

-8

First Trust

106

0

0

0

106

0.0%

7

8

1

49

SEB Investment Management AB

83

0

0

0

83

0.0%

3

5

0

-2

Van Eck Funds

77

0

0

0

77

0.0%

3

22

2

103

Julius Baer Inv

Raiffeisen Schweiz Genossenschaft

UniCredit Bank Commerzbank AG FinEx Fund Plc Alpha Asset Management

0

54

0

0

54

0.0%

1

1

0

54

10

26

0

0

36

0.0%

2

0

-4

-16

0

30

3

0

33

0.0%

2

0

0

-2

13

0

0

0

13

0.0%

1

0

0

0

Boost

5

0

0

0

5

0.0%

3

3

0

4

NBG Asset Management MFMC

5

0

0

0

5

0.0%

2

0

0

0

Alpcot Capital Management

0

0

0

0

0

0.0%

-

0

-1

-1

Swedbank Robur

0

0

0

0

0

0.0%

-

0

0

-23

NCB Stockbrokers

0

0

0

0

0

0.0%

0

0

0

-29

Nordea Investment Funds

0

0

0

0

0

0.0%

2

0

0

0

Landsbankinn

0

0

0

0

0

0.0%

1

0

0

0

PDR Services LLC

0

0

0

0

0

0.0%

0

0

0

0

320,814

111,669

13,296

1,496 447,276

100.0%

1,473

56,493

6,074

60,379

Total

*New entrant in 2015 is highlighted in light grey. *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.

Deutsche Bank AG/London

Page 41


9 November 2015 European Monthly ETF Market Review

Figure 77: European ETC Providers (All) – Assets, Flows, Products, Turnover

| ETCs | Europe |

All figures in € million except products Issuer ETF Securities

Commodity

Currency

Mkt Share %

Total AUM

Nu.

Current TO

Current CF YTD CF

10,764

339

11,103

63.0%

298

2,030

129

-63

Source

1,947

0

1,947

11.0%

4

460

132

332

Deutsche AWM

1,888

0

1,888

10.7%

28

104

-24

200

Deutsche Borse Commodities GmbH

1,672

0

1,672

9.5%

1

111

0

0

BlackRock

406

0

406

2.3%

4

44

12

230

Boost

256

7

263

1.5%

30

743

50

330

Royal Bank of Scotland plc

241

0

241

1.4%

6

9

0

18

Borse Stuttgart Securities GmbH

114

0

114

0.6%

1

4

0

21

Commerzbank AG Total

1

0

1

0.0%

68

13

0

0

17,288

347

17,635

100.0%

440

3,516

300

1,068

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 42

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 78: European ETP Providers (All) – Assets, Flows, Products, Turnover

| ETPs | Europe |

All figures in € million except products Issuer BlackRock

Fixed Income

Equity

Total AUM

Commodity Others

Mkt Share %

Nu.

Current TO

Current CF

YTD CF

142,722

66,879

1,748

323

211,672

45.5%

273

24,359

4,346

23,835

Deutsche AWM

41,110

13,509

2,239

928

57,787

12.4%

243

5,285

527

8,684

Lyxor

37,865

9,043

982

39

47,929

10.3%

232

11,332

232

7,802

UBS

21,326

1,757

1,547

90

24,720

5.3%

133

1,730

156

6,446

Amundi

14,940

4,926

19

0

19,885

4.3%

100

5,395

347

3,253

Source

10,089

6,076

2,190

58

18,413

4.0%

82

1,786

282

3,298

Vanguard

16,972

154

0

0

17,126

3.7%

13

1,438

274

3,384

400

122

10,957

339

11,819

2.5%

316

2,388

145

230

State Street

8,224

3,527

0

43

11,794

2.5%

75

1,182

160

1,970

ComStage

4,867

2,361

260

0

7,487

1.6%

107

522

228

1,756

Deka Investment GmbH

4,569

2,303

0

0

6,872

1.5%

46

1,067

357

145

0

0

5,916

0

5,916

1.3%

4

204

-49

-274

ETF Securities

Zuercher Kantonalbank HSBC

5,085

0

0

0

5,085

1.1%

28

381

-19

-658

BNP Paribas

4,221

158

211

0

4,591

1.0%

37

163

-23

437

Xact Fonder AB

2,436

0

0

0

2,436

0.5%

10

1,349

-21

-68

0

0

1,827

0

1,827

0.4%

4

58

-28

-238

PowerShares

1,739

53

0

4

1,796

0.4%

21

164

-33

110

Ossiam

1,673

0

48

0

1,721

0.4%

9

59

2

-80

Julius Baer Inv

Deutsche Borse Commodities GmbH

0

0

1,672

0

1,672

0.4%

1

111

0

0

ThinkCapital ETFs N.V.

627

692

0

10

1,329

0.3%

11

84

-576

252

Royal Bank of Scotland plc

188

0

436

0

624

0.1%

18

26

19

53

BBVA Gestion SA SGIIC

522

0

0

0

522

0.1%

2

48

-5

82

Boost

5

0

256

7

268

0.1%

33

745

50

334

WisdomTree

244

0

0

0

244

0.1%

12

37

-12

240

Nomura Asset Management

241

0

0

0

241

0.1%

3

7

4

244

Fundlogic Global Solutions plc

175

0

0

0

175

0.0%

2

3

6

37

Seligson & Co Fund Man

174

0

0

0

174

0.0%

1

13

6

10

Raiffeisen Schweiz Genossenschaft

0

0

159

0

159

0.0%

3

3

0

20

Borse Stuttgart Securities GmbH

0

0

114

0

114

0.0%

1

4

0

21

DnB Kapitalforvaltning

108

0

0

0

108

0.0%

1

15

0

-8

First Trust

49

106

0

0

0

106

0.0%

7

8

1

SEB Investment Management AB

83

0

0

0

83

0.0%

3

5

0

-2

Van Eck Funds

77

0

0

0

77

0.0%

3

22

2

103

UniCredit Bank

0

54

0

0

54

0.0%

1

1

0

54

10

26

1

0

37

0.0%

70

13

-4

-16

0

30

3

0

33

0.0%

2

0

0

-2

13

0

0

0

13

0.0%

1

0

0

0

NBG Asset Management MFMC

5

0

0

0

5

0.0%

2

0

0

0

Alpcot Capital Management

0

0

0

0

0

0.0%

0

0

-1

-1

Swedbank Robur

0

0

0

0

0

0.0%

0

0

0

-23

NCB Stockbrokers

0

0

0

0

0

0.0%

0

0

0

-29

Nordea Investment Funds

0

0

0

0

0

0.0%

2

0

0

0

Landsbankinn

0

0

0

0

0

0.0%

1

0

0

0

PDR Services LLC

0

0

0

0

0

0.0%

0

0

0

0

320,814

111,669

30,584

1,843

464,911

100.0%

1,913

60,009

6,373

61,448

Commerzbank AG FinEx Fund Plc Alpha Asset Management

Total

*New entrant in 2015 is highlighted in light grey. *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.

Deutsche Bank AG/London

Page 43


9 November 2015 European Monthly ETF Market Review

European Provider Analysis by Replication Method Figure 79: European ETF Providers list by replication

| ETFs | Europe|

All figures in € million except products European Providers

ETFs Replication AUM (€) Method Equity

BlackRock

Physical

AUM (€) ETFs Fixed Income

AUM (€) ETFs Commodity

AUM (€) ETFs Other

AUM (€)

AUM (%) Total

ETFs 265

142,540

175

66,879

86

668

3

323

1

210,410

100%

182

3

-

-

674

1

-

-

856

0%

4

Physical

27,304

52

80

3

-

-

28

2

27,412

49%

57

Synthetic

13,807

83

13,429

69

351

3

900

3

28,487

51%

158

Physical

1,052

15

4,216

21

-

-

-

-

5,268

11%

36

Synthetic

36,813

158

4,827

25

982

6

39

7

42,661

89%

196

Physical

18,316

74

1,754

22

969

7

-

-

21,039

85%

103

Synthetic

3,010

19

3

1

578

8

90

2

3,682

15%

30

Physical

1,057

7

-

-

-

-

-

-

1,057

5%

7

Synthetic

13,883

67

4,926

25

19

1

-

-

18,828

95%

93

Vanguard

Physical

16,972

12

154

1

-

-

-

-

17,126

100%

13

Source

Physical

1,484

13

5,889

11

-

-

44

1

7,417

45%

25

Synthetic

8,605

48

187

2

242

1

14

2

9,048

55%

53

State Street

Physical

8,224

51

3,527

23

-

-

43

1

11,794

100%

75

ComStage

Physical

141

2

-

-

-

-

-

-

141

2%

2

Synthetic

4,726

75

2,361

28

260

2

-

-

7,347

98%

105

Physical

4,554

26

2,303

19

-

-

-

-

6,857

100%

45

15

1

-

-

-

-

-

-

15

0%

1

Synthetic Deutsche AWM Lyxor UBS Amundi

Deka Investment GmbH

Synthetic Zuercher Kantonalbank

Physical

-

-

-

-

5,916

4

-

-

5,916

100%

4

HSBC

Physical

5,085

28

-

-

-

-

-

-

5,085

100%

28

BNP Paribas

Physical

2,016

17

-

-

-

-

-

-

2,016

44%

17

Synthetic

2,205

18

158

1

211

1

-

-

2,575

56%

20

Physical

2,028

4

-

-

-

-

-

-

2,028

83%

4

408

6

-

-

-

-

-

-

408

17%

6

Xact Fonder AB

Synthetic Julius Baer Inv

Physical

-

-

-

-

1,827

4

-

-

1,827

100%

4

PowerShares

Physical

1,698

15

53

1

-

-

4

1

1,755

98%

17

Synthetic

41

4

-

-

-

-

-

-

41

2%

4

Physical

54

1

-

-

-

-

-

-

54

3%

1

1,619

7

-

-

48

1

-

-

1,667

97%

8

692

3

-

-

10

3

1,329

100%

11

Ossiam

Synthetic ThinkCapital ETFs N.V.

Physical

627

5

ETF Securities

Synthetic

316

10

-

-

193

1

-

-

509

100%

11

Physical

85

3

122

4

-

-

-

-

207

100%

7

BBVA Gestion SA

Physical

522

2

-

-

-

-

-

-

522

100%

2

RBS plc

Synthetic

188

9

-

-

195

3

-

-

383

100%

12

WisdomTree

Physical

244

12

-

-

-

-

-

-

244

100%

12

Nomura Asset Management

Physical

241

3

-

-

-

-

-

-

241

100%

3

Fundlogic Global Solutions plc

Synthetic

175

2

-

-

-

-

-

-

175

100%

2

Seligson & Co Fund Mgmt.

Physical

174

1

-

-

-

-

-

-

174

100%

1

Raiffeisen Schweiz Genossenschaft DnB Kapitalforvaltning

Physical

-

-

-

-

159

3

-

-

159

100%

3

Physical

108

1

-

-

-

-

-

-

108

100%

1

First Trust

Physical

106

7

-

-

-

-

-

-

106

100%

7

SEB Investment Management AB Synthetic

83

3

-

-

-

-

-

-

83

100%

3

Van Eck Funds

Physical

77

3

-

-

-

-

-

-

77

100%

3

UniCredit Bank

Synthetic

-

-

54

1

-

-

-

-

54

100%

1

Commerzbank AG

Synthetic

10

1

-

-

-

-

-

-

10

100%

1

Physical

-

-

26

1

-

-

-

-

26

100%

1

Physical

-

-

-

-

3

1

-

-

3

10%

1

Synthetic

-

-

30

1

-

-

-

-

30

90%

1

FinEx Fund Plc Alpha Asset Mgmt.

Physical

13

1

-

-

-

-

-

-

13

100%

1

Boost

Synthetic

5

2

0

1

-

-

-

-

5

100%

3

NBG Asset Mgmt.

Physical

2

1

-

-

-

-

-

-

2

49%

1

Synthetic

2

1

-

-

-

-

-

-

2

51%

1

Landsbankinn

Physical

-

1

-

-

-

-

-

-

-

NA

1

Nordea Investment Funds

Synthetic

-

2

-

-

-

-

-

-

-

NA

320,814

1,051

111,669

349

13,296

50

1,496

23

447,276

Total

2 1,473

*New entrant in 2015 is highlighted in light grey. *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.

Page 44

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 80: Turnover by asset class and instrument (â‚Ź million) Asset Class

Beta

Beta+

| ETPs | Europe |

Oct-15

Sep-15

2014

Semiactive

Semiactive

Semiactive

Alpha

Total

Beta

Beta+

Alpha

Total

Beta

Beta+

YTD Alpha

Total

Total

ETFs Equity

34,987

4,828

155

4

39,974

38,523

6,251

187

13

44,973

31,090

4,428

117

30

35,664

497,740

Fixed income

15,375

330

0

90

15,796

12,351

325

0

72

12,747

7,137

150

0

77

7,364

135,117

628

0

0

0

628

623

0

2

0

625

796

0

1

0

797

7,787

Currency

0

0

0

0

-

0

0

0

0

-

1

0

0

0

1

7

Multi Asset

6

0

0

20

0

0

0

12

0

0

0

15

15

279

Commodity

Alternative Total

26

12

43

0

4

22

69

49

0

9

28

86

47

0

12

71

131

1,100

51,040

5,158

159

136

56,493

51,546

6,576

197

125

58,444

39,072

4,577

129

194

43,972

642,030

2,280

1,071

0

0

3,351

1,796

1,066

0

0

2,862

1,708

429

0

0

2,136

38,283

16

150

0

0

166

17

114

0

0

131

26

91

0

0

117

2,501

2,295

1,221

0

0

3,516

1,813

1,180

0

0

2,994

1,734

520

0

0

2,254

40,784

53,336

6,379

159

136

60,009

53,359

7,756

197

125

61,438

40,806

5,097

129

194

46,226

682,814

ETCs Commodity Currency Total Total ETPs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Asset Class Analysis Figure 81: European Equity ETF Turnover Summary (â‚Ź million) Oct-15 Equity Turnover

Beta

Semiactive

Beta+

| ETFs | Europe | Sep-15

Alpha

Total

Beta

Semiactive

Beta+

2014 Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Total

Developed Markets

25,455

0

0

3

25,458

29,310

0

0

10

29,320

21,803

0

0

27

21,830

325,319

Emerging Markets

3,896

0

0

0

3,896

3,679

0

0

0

3,679

4,108

0

0

0

4,108

47,595

517

0

0

0

517

586

0

0

0

586

659

0

0

0

659

7,867

2,666

0

0

0

2,666

2,234

0

0

0

2,234

2,166

0

0

0

2,166

30,149

Global Markets Sector Capitalization

515

0

0

0

515

649

0

0

0

649

613

0

0

0

613

7,339

Strategy

385

4,828

155

1

5,368

338

6,251

187

3

6,778

299

4,428

117

3

4,846

59,086

1,128

0

0

0

1,128

1,317

0

0

0

1,317

1,179

0

0

0

1,179

16,168

426

0

0

0

426

411

0

0

0

411

263

0

0

0

263

4,216

34,987

4,828

155

4

39,974

38,523

6,251

187

13

44,973

31,090

4,428

117

30

35,664

497,740

Style Thematic Total Equities

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 45


9 November 2015 European Monthly ETF Market Review

Figure 81A: European Equity ETF Turnover Summary – A (₏ million) Oct-15 Equity Turnover Sector

Beta

Semiactive

Beta+

| ETFs | Europe |

Sep-15 Alpha

Total

Beta

Semiactive

Beta+

2014 Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Total

2,666

0

0

0

2,666

2,234

0

0

0

2,234

2,166

0

0

0

2,166

30,149

Consumer discretionary

115

0

0

0

115

105

0

0

0

105

109

0

0

0

109

1720

Consumer staples

229

0

0

0

229

189

0

0

0

189

72

0

0

0

72

1503

Energy

333

0

0

0

333

190

0

0

0

190

238

0

0

0

238

3710

Financials

1141

0

0

0

1,141

958

0

0

0

958

984

0

0

0

984

13,502

Healthcare

331

0

0

0

331

248

0

0

0

248

133

0

0

0

133

2585

Industrials

78

0

0

0

78

125

0

0

0

125

144

0

0

0

144

1557

Information Technology

137

0

0

0

137

112

0

0

0

112

128

0

0

0

128

1676

Materials

142

0

0

0

142

136

0

0

0

136

215

0

0

0

215

1967

Telecommunications

91

0

0

0

91

90

0

0

0

90

65

0

0

0

65

965

Utilities

70

0

0

0

70

80

0

0

0

80

78

0

0

0

78

965

515

0

0

0

515

649

0

0

0

649

613

0

0

0

613

7,339

Capitalization Large Cap

28

0

0

0

28

37

0

0

0

37

52

0

0

0

52

381

Mid Cap

184

0

0

0

184

320

0

0

0

320

173

0

0

0

173

2988

Small Cap

303

0

0

0

303

292

0

0

0

292

388

0

0

0

388

3,970

385

4,828

155

1

5,368

338

6,251

187

3

6,778

299

4,428

117

3

4,846

59,086

Strategy Fundamental

27

0

60

0

87

19

0

49

0

68

143

0

56

0

199

1192

Leveraged Long

0

2,267

0

0

2,267

0

2,831

0

0

2,831

0

2,254

0

0

2,254

27,713

Leveraged Short

0

2,013

0

0

2,013

0

2,628

0

0

2,628

0

1,736

0

0

1,736

17,976

Options Strategy

0

0

0

0

-

0

0

0

0

-

0

0

0

0

-

357

0

95

1

453

318

0

138

3

458

155

0

61

3

219

Quantitative Short Style Dividend

0 5670

0

548

0

0

548

1

792

0

0

793

0

437

0

0

437

6,535

1,128

0

0

0

1,128

1,317

0

0

0

1,317

1,179

0

0

0

1,179

16,168

1,034

0

0

0

1,034

1,166

0

0

0

1,166

1,079

0

0

0

1,079

14,595

Growth

22

0

0

0

22

68

0

0

0

68

23

0

0

0

23

747

Value

73

0

0

0

73

82

0

0

0

82

77

0

0

0

77

826

Thematic

426

0

0

0

426

411

0

0

0

411

263

0

0

0

263

4,216

146

0

0

0

146

68

0

0

0

96

0

0

0

96

1261

0

0

0

0

-

0

0

0

0

0

0

0

28

0

0

0

28

12

0

0

0

12

20

0

0

0

20

169

Other Theme

106

0

0

0

106

203

0

0

0

203

65

0

0

0

65

1194

Sustainability

145

0

0

0

145

128

0

0

0

128

83

0

0

0

83

1591

5,120

4,828

155

1

10,103

4,948

6,251

187

3

11,389

4,520

4,428

117

3

9,067

116,958

Commodities Cyclical Faith

Total

68 -

-

-

0

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 46

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 81B: European Equity ETF Turnover Summary – B (₏ million) Oct-15 Equity Turnover

Beta

Semiactive

Beta+

| ETFs | Europe |

Sep-15 Alpha

Total

Beta

Semiactive

Beta+

2014 Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Total

Developed Markets Europe

16,294

0

0

3

16,297

17,303

0

0

10

17,313

13,795

0

0

27

13,823

206,039

Austria

13

0

0

0

13

3

0

0

0

3

16

0

0

0

16

136

Belgium

1

0

0

0

1

2

0

0

0

2

2

0

0

0

2

41

Finland

13

0

0

0

13

10

0

0

0

10

9

0

0

0

9

110

France

511

0

0

0

511

412

0

0

0

412

342

0

0

0

342

5,644

3,537

0

0

0

3,537

3,968

0

0

0

3,968

3,368

0

0

0

3,368

48,432

Greece

25

0

0

0

25

38

0

0

0

38

70

0

0

0

70

675

Ireland

2

0

0

0

2

13

0

0

0

13

1

0

0

0

1

30

1,022

0

0

0

1,022

1,017

0

0

0

1,017

901

0

0

0

901

9,281

Germany

Italy Netherlands

207

0

0

0

207

210

0

0

0

210

99

0

0

0

99

2,322

Norway

17

0

0

0

17

13

0

0

0

13

49

0

0

0

49

276

Portugal

12

0

0

0

12

9

0

0

0

9

27

0

0

0

27

215

Iceland

0

0

0

0

0

0

0

0

0

-

0

0

0

0

-

Spain

216

0

0

0

216

197

0

0

0

197

282

0

0

0

282

3,347

Sweden

211

0

0

0

211

243

0

0

0

243

308

0

0

0

308

3,076

Switzerland

788

0

0

0

788

840

0

0

0

840

824

0

0

0

824

13,001

UK

1,811

0

0

0

1,811

2,056

0

0

0

2,056

2,125

0

0

0

2,125

26,232

Europe broad

7,907

0

0

3

7,910

8,270

0

0

10

8,281

5,373

0

0

27

5,400

93,220

4,464

0

0

0

4,464

6,324

0

0

0

6,324

4,151

0

0

0

4,151

61,074

4,276

0

0

0

4,276

6,085

0

0

0

6,085

3,862

0

0

0

3,862

58,445

53

0

0

0

53

60

0

0

0

60

109

0

0

0

109

869

134

0

0

0

134

179

0

0

0

179

180

0

0

0

180

1,760

Americas US Canada North America Asia

3

2,741

0

0

0

2,741

3,368

0

0

0

3,368

2,218

0

0

0

2,218

33,043

Australia

24

0

0

0

24

37

0

0

0

37

89

0

0

0

89

662

Hong Kong

29

0

0

0

29

33

0

0

0

33

40

0

0

0

40

610

2,599

0

0

0

2,599

3,161

0

0

0

3,161

1,967

0

0

0

1,967

30,091

Japan Singapore Asia Pacific broad Global Broad indices DM Total

1

0

0

0

1

5

0

0

0

5

1

0

0

0

1

29

87

0

0

0

87

132

0

0

0

132

120

0

0

0

120

1,651

1,956

0

0

0

1,956

2,314

0

0

0

2,314

1,638

0

0

0

1,638

25,163

1,956

0

0

0

1,956

2,314

0

0

0

2,314

1,638

0

0

0

1,638

25,163

25,455

0

0

3

25,458

29,309

0

0

10

29,319

21,802

0

0

27

21,830

325,319

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 47


9 November 2015 European Monthly ETF Market Review

Figure 81C: European Equity ETF Turnover Summary – C (€ million) Oct-15 Equity Turnover

Beta

Semiactive

Beta+

| ETFs | Europe |

Sep-15 Alpha

Total

Beta

Semiactive

Beta+

2014 Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Total

Emerging Markets BRIC

1,055

0

0

0

1,055

965

0

0

0

965

1,319

0

0

0

1,320

17,747

Brazil

131

0

0

0

131

141

0

0

0

141

273

0

0

0

273

1,683

Russia

267

0

0

0

267

154

0

0

0

154

318

0

0

0

318

2,350

India

183

0

0

0

183

203

0

0

0

203

220

0

0

0

220

3,698

China

474

0

0

0

474

468

0

0

0

468

509

0

0

0

509

10,017

69

0

0

0

69

105

0

0

0

105

170

0

0

0

170

1,172

3

0

0

0

3

4

0

0

0

4

5

0

0

0

5

61

21

0

0

0

21

34

0

0

0

34

54

0

0

0

54

324

Latin America Chile Mexico LATAM broad Asia

45

0

0

0

45

67

0

0

0

67

112

0

0

0

112

786

580

0

0

0

580

499

0

0

0

499

451

0

0

0

451

6,957

Bangladesh

1

0

0

0

1

1

0

0

0

1

1

0

0

0

1

11

Indonesia

25

0

0

0

25

14

0

0

0

14

35

0

0

0

35

366

Malaysia

22

0

0

0

22

19

0

0

0

19

23

0

0

0

23

227

Pakistan

2

0

0

0

2

2

0

0

0

2

2

0

0

0

2

26

Philippines

7

0

0

0

7

8

0

0

0

8

7

0

0

0

7

126

South Korea

180

0

0

0

180

122

0

0

0

122

149

0

0

0

149

1,807

Taiwan

79

0

0

0

79

54

0

0

0

54

62

0

0

0

62

1,089

Thailand

8

0

0

0

8

17

0

0

0

17

21

0

0

0

21

155

Vietnam

16

0

0

0

16

17

0

0

0

17

32

0

0

0

32

378

240

0

0

0

240

246

0

0

0

246

119

0

0

0

119

2,773 2,324

Asia Pacific broad EMEA

187

0

0

0

187

192

0

0

0

192

334

0

0

0

334

Kuwait

2

0

0

0

2

2

0

0

0

2

2

0

0

0

2

14

Poland

6

0

0

0

6

9

0

0

0

9

13

0

0

0

13

114

South Africa

31

0

0

0

31

21

0

0

0

21

29

0

0

0

29

241

Turkey

55

0

0

0

55

91

0

0

0

91

163

0

0

0

163

1,007

Europe broad

83

0

0

0

83

63

0

0

0

63

114

0

0

0

114

826

Middle East & Africa

10

0

0

0

10

7

0

0

0

7

13

0

0

0

13

123

2,004

0

0

0

2,004

1,918

0

0

0

1,918

1,833

0

0

0

1,833

19,395

2,004

0

0

0

2,004

1,918

0

0

0

1,918

1,833

0

0

0

1,833

19,395

3,896

0

0

0

3,896

3,679

0

0

0

3,679

4,108

0

0

0

4,108

47,595

29,350

0

0

3

29,354

32,987

0

0

10

32,998

25,910

0

0

28

25,938

372,915

Global Markets Global EM Total Total (EM + DM)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 82: European Fixed Income ETF Turnover (€ million) Fixed Income Turnover Overall

Beta

Beta+

| ETFs | Europe |

Oct-15

Sep-15

2014

Semiactive

Semiactive

Semiactive

Alpha

Total

Beta

Beta+

Alpha

Total

Beta

Beta+

YTD Alpha

Total

Total

346

0

0

76

422

276

0

0

61

337

210

0

0

65

276

4,187

5,653

0

0

10

5,663

4,498

0

0

7

4,505

2,496

0

0

1

2,496

47,818

Covered Bonds

818

0

0

3

821

174

0

0

3

177

113

0

0

5

118

2,110

Credit Exposure

11

8

0

0

19

15

12

0

0

27

14

9

0

0

24

324

8,066

323

0

1

8,389

6,851

312

0

1

7,164

4,054

140

0

7

4,201

74,693

482

0

0

0

482

536

0

0

0

536

249

0

0

0

249

5,986

15,375

330

0

90

15,796

12,351

325

0

72

12,747

7,137

150

0

77

7,364

135,117

Corporates

Sovereign Money Market Total Fixed Income

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 48

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 83: European Commodity ETP Turnover summary (â‚Ź million) Oct-15 Commodity Turnover

Beta

Semiactive

Beta+

| ETPs | Europe |

Sep-15 Alpha

Total

Beta

Semiactive

Beta+

2014 Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Total

Overall

312

1

0

0

313

360

1

2

0

362

273

2

1

0

275

3,575

Overall

296

1

0

0

297

352

1

2

0

355

254

2

1

0

257

3340

16

0

0

0

16

7

0

0

0

7

18

0

0

0

18

234

Overall Light Energy

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

2

Overall Ultra Light Energy

0

0

0

0

-

0

0

0

0

-

0

0

0

0

-

109

73

0

0

182

87

86

0

0

173

120

95

0

0

215

2,322

Overall

47

0

0

0

47

23

0

0

0

23

46

1

0

0

47

450

Cocoa

1

2

0

0

3

2

3

0

0

5

2

2

0

0

4

52

Coffee

10

31

0

0

40

13

30

0

0

43

18

38

0

0

57

548

Corn

5

3

0

0

8

7

4

0

0

11

10

6

0

0

16

133

Cotton

5

1

0

0

6

2

3

0

0

5

5

4

0

0

9

69

Grains

2

0

0

0

2

3

0

0

0

4

5

1

0

0

5

54

Softs

0

1

0

0

1

1

1

0

0

1

1

0

0

0

1

8

Soybean Oil

2

1

0

0

3

3

1

0

0

5

1

2

0

0

3

56

2

2

0

0

3

2

2

0

0

4

5

2

0

0

7

58

17

15

0

0

32

10

13

0

0

23

8

10

0

0

18

260

Overall ex Energy

Agriculture

Soybeans Sugar

0

Wheat

20

18

0

0

37

20

28

0

0

48

19

29

0

0

48

635

Energy

655

857

0

0

1,512

537

865

0

0

1,402

185

208

0

0

393

16,991

Overall

45

1

0

0

46

73

1

0

0

73

16

0

0

0

16

532

Carbon

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1

579

653

0

0

1,232

419

731

0

0

1,150

147

59

0

0

206

13725

Gasoline

2

2

0

0

4

3

4

0

0

7

1

1

0

0

2

87

Heating Oil

1

2

0

0

3

1

1

0

0

1

1

0

0

0

1

37

Natural Gas

28

199

0

0

227

40

129

0

0

170

20

146

0

0

167

2609

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

-

105

52

0

0

157

97

30

0

0

127

140

23

0

0

163

1,809

Overall

24

1

0

0

25

44

1

0

0

45

29

4

0

0

33

435

Aluminium

18

5

0

0

23

18

2

0

0

21

31

2

0

0

33

262

Copper

54

38

0

0

92

22

20

0

0

41

50

11

0

0

61

770

Lead

0

1

0

0

1

0

0

0

0

0

0

0

0

0

0

7

Nickel

5

5

0

0

10

11

5

0

0

16

22

5

0

0

27

258

Tin

0

1

0

0

1

1

0

0

0

1

2

0

0

0

2

26

Zinc

2

2

0

0

5

1

2

0

0

3

5

1

0

0

6

52

1,725

87

0

0

1,812

1,337

80

0

0

1,418

1,782

98

0

0

1,880

20,860

Crude Oil

Industrial Metals

Precious Metals Overall

0 0

23

0

0

0

23

18

0

0

0

18

11

1

0

0

11

390

1453

32

0

0

1,485

1082

21

0

0

1,103

1412

35

0

0

1,447

17202

Palladium

64

0

0

0

64

55

0

0

0

55

90

0

0

0

90

525

Platinum

53

3

0

0

56

74

2

0

0

76

82

2

0

0

83

771

Rhodium

1

0

0

0

1

1

0

0

0

1

3

0

0

0

3

26

131

51

0

0

183

107

57

0

0

164

185

60

0

0

246

1945

Livestock

2

1

0

0

3

2

4

0

0

6

3

4

0

0

7

59

Overall

0

0

0

0

0

0

0

0

0

1

1

0

0

0

1

7

Cattle

0

0

0

0

0

0

0

0

0

0

1

1

0

0

2

11

2

1

0

0

3

1

4

0

0

5

2

2

0

0

4

41

2,908

1,071

0

0

3,979

2,420

1,066

2

0

3,487

2,504

429

1

0

2,933

45,616

Gold

Silver

Lean Hogs Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 49


9 November 2015 European Monthly ETF Market Review

Product Rankings Figure 84: Top 20 Equity ETFs by Turnover (€ million)

| ETFs | Europe | Invest. Strategy

Current Month TO

Prev. Month TO

YTD TO

ETF Name

BBG Ticker

Issuer

iShares Core DAX UCITS ETF DE

DAXEX GR

BlackRock

Beta

1,337.2

1,415.3

17,917.5

Lyxor UCITS ETF Euro STOXX 50

MSE FP

Lyxor

Beta

1,148.3

1,469.8

13,339.1

iShares Euro STOXX 50 (DE)

SX5EEX GR

BlackRock

Beta

976.2

813.5

9,080.5

iShares MSCI Emerging Markets UCITS ETF (Inc)

IEEM LN

BlackRock

Beta

861.6

833.7

7,879.2

iShares FTSE 100 UCITS ETF (Inc)

ISF LN

BlackRock

Beta

853.9

1,072.1

12,319.7

iShares EURO STOXX 50 UCITS ETF (Inc)

EUNE SW

BlackRock

Beta

839.7

970.4

10,980.1

iShares Core S&P 500 UCITS ETF

CSSPX SW

BlackRock

Beta

749.4

794.6

9,207.1

Vanguard S&P 500 ETF

VUSA LN

Vanguard

Beta

744.8

1,191.0

10,675.0

iShares Core MSCI World UCITS ETF (Acc)

SWDA LN

BlackRock

Beta

733.5

739.5

5,796.1

db x-trackers DAX® UCITS ETF (DR) 1C

XDAX GR

Deutsche AWM

Beta

630.7

617.3

7,132.1

Lyxor UCITS ETF FTSE MIB

ETFMIB IM

Lyxor

Beta

628.9

696.8

5,686.3

iShares STOXX 600 (DE)

SXXPIEX GR

BlackRock

Beta

608.3

644.0

7,139.3

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D

XESX GR

Deutsche AWM

Beta

597.8

775.8

6,282.9

iShares S&P 500 UCITS ETF (Inc)

IUSA LN

BlackRock

Beta

583.4

882.2

10,492.3

Deka DAX UCITS ETF

ETFDAX GR

Deka Investment GmbH

Lyxor ETF Leverage CAC 40

LVC FP

Lyxor

iShares MSCI World UCITS ETF (Inc)

IWRD LN

BlackRock

Lyxor ETF Leveraged FTSE/MIB

LEVMIB IM

Lyxor

iShares MSCI Europe UCITS ETF (Inc)

IMEU LN

iShares MSCI Japan EUR Hedged UCITS ETF

IJPE LN

Beta

516.9

703.2

10,444.3

Beta+

508.0

590.5

5,505.9

Beta

494.3

574.3

8,977.6

Beta+

479.3

501.9

6,989.2

BlackRock

Beta

443.5

315.1

4,545.8

Blackrock

Beta

436.2

599.9

5,632.3

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 85: Top 20 Fixed Income ETFs by Turnover (€ million)

| ETFs | Europe | Current Month TO

Prev. Month TO

YTD TO

Beta

1,017.5

650.3

8,012.2

Beta

742.0

3.0

790.4

BlackRock

Beta

723.2

486.3

7,169.8

SHYU LN

BlackRock

Beta

669.8

783.4

5,958.7

SEML LN

Blackrock

Beta

641.9

135.0

2,147.7

iShares Euro Corporate Bond UCITS ETF

IEBC LN

BlackRock

Beta

489.8

459.4

6,112.7

Amundi ETF Euro Corporates UCITS ETF

CC4 FP

Amundi

Beta

435.9

217.8

1,084.4

Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF

C10 FP

Amundi

Beta

382.3

367.6

1,232.2

iShares $ Corporate Bond UCITS ETF

LQDE LN

BlackRock

Beta

370.8

427.2

4,057.5

iShares UK Gilts UCITS ETF

IGLT LN

BlackRock

Beta

335.3

202.6

3,082.2

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF

X1G FP

Amundi

Beta

316.7

120.2

1,547.9

iShares Euro Corporate Bond 1-5yr UCITS ETF

SE15 LN

BlackRock

Beta

282.8

115.4

1,444.7

iShares $ TIPS UCITS ETF

IDTP LN

BlackRock

Beta

268.2

100.7

1,389.9

Amundi ETF US Treasury 7-10 UCITS ETF

US7 FP

Amundi

Beta

267.3

7.5

307.6

Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF

AFRN FP

Amundi

Beta

247.1

227.4

838.6

Lyxor UCITS ETF Euro Cash

CSH FP

Lyxor

Beta

225.6

264.4

2,795.9

iShares $ Short Duration HY Corporate Bond UCITS ETF

SDHY LN

BlackRock

Beta

190.6

24.0

553.1

Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR)

MI10 FP

Lyxor

Beta

179.1

30.1

369.7

iShares $ Treasury Bond 7-10yr UCITS ETF

IDTM LN

BlackRock

Beta

177.3

228.0

2,669.9

iShares Euro Corporate Bond Large Cap UCITS ETF

IBCS GR

BlackRock

Beta

164.6

114.3

2,336.4

ETF Name

BBG Code

Issuer

iShares Euro High Yield Corporate Bond UCITS ETF

IHYG LN

BlackRock

Lyxor UCITS ETF EuroMTS Covered Bond Aggregate

ECB FP

Lyxor

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF

SEMB LN

iShares $ High Yield Corporate Bond UCITS ETF iShares Emerging Markets Local Government Bond UCITS ETF

Invest. Strategy

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 50

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 86: Top 20 Commodity ETPs by Turnover (€ million)

| ETP s | Europe | Invest. Strategy

Current Month TO

Prev. Month TO

YTD TO

Beta

443.3

271.5

4,017.6

ETP Name

BBG Code

Issuer

ETFS WTI Crude Oil

CRUD LN

ETF Securities

Source Physical Gold ETC (P-ETC)

SGLD LN

Source

Beta

425.6

180.8

2,835.2

Boost Wti Oil 3X Leverage Daily ETP

3OIL LN

Boost

Beta+

364.2

386.8

2,760.5

ETFS Physical Gold

PHAU LN

ETF Securities

Beta

282.2

213.7

4,374.7

Gold Bullion Securities

GBS LN

ETF Securities

Beta

232.9

298.4

3,237.1

ZKB Gold ETF

ZGLD SW

Zuercher Kantonalbank

Beta

155.2

108.0

2,009.4

Boost Wti Oil 3X Short Daily ETP

3OIS LN

Boost

Beta+

146.6

102.4

1,044.7

Boost Natural Gas 3X Leverage Daily ETP

3NGL LN

Boost

Beta+

116.7

74.5

909.3

XETRA-Gold

XAUEUR

Deutsche Borse Commodities GmbH

Beta

110.7

72.1

1,239.6

ETFS Daily Leveraged Crude Oil

LOIL LN

ETF Securities

Beta+

98.5

123.7

1,965.2

iShares Dow Jones UBS Commodity Swap (DE)

DJCOMEX GR

BlackRock

Beta

83.7

22.8

341.1

Lyxor ETF Commodities CRB

CRB FP

Lyxor

Beta

78.2

44.9

830.5

ETFS Physical Silver

PHAG LN

ETF Securities

Beta

73.3

55.2

688.8

Boost Natural Gas 3X Short Daily ETP

3NGS LN

Boost

Beta+

55.7

31.3

553.9

ETFS Copper

COPA LN

ETF Securities

Beta

53.6

20.9

570.5

Julius Baer Physical Gold Fund - A (USD listing)

JBGOUA SW

Julius Baer Inv

Beta

48.2

44.8

605.3

ETFS Energy

AIGE LN

ETF Securities

Beta

44.2

69.9

497.9

ETFS Agriculture

AIGA LN

ETF Securities

Beta

41.8

19.7

376.7

db Physical Gold Euro Hedged ETC

XAD1 GR

Deutsche AWM

Beta

40.9

25.8

482.3

iShares Physical Gold ETC

SGLN LN

Blackrock

Beta

40.8

18.7

540.2

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 87: Top 10 ETPs by Turnover (€ million) – Deutsche Borse Equity ETFs

BBG Ticker

1

iShares Core DAX UCITS ETF DE

DAXEX GR

2

iShares Euro STOXX 50 (DE)

3

Turnover

| ETPs | Europe |

Fixed Income ETFs

BBG Ticker

Turnover

1,320.33

1

db x-trackers II EONIA TR Index UCITS ETF

XEON GR

79.96

SX5EEX GR

975.02

2

db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF

XGLE GR

58.53

db x-trackers DAX® UCITS ETF (DR) 1C

XDAX GR

619.62

3

iShares Markit iBoxx Euro High Yield

EUNW GR

53.43

4

iShares STOXX 600 (DE)

SXXPIEX GR

556.64

4

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF

XY4P GR

50.07

5

Deka DAX UCITS ETF

ETFDAX GR

516.86

5

db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF

XG71 GY

47.31

6

iShares EURO STOXX 50 UCITS ETF (Inc)

EUN2 GR

336.05

6

iShares Euro Corporate Bond Large Cap UCITS ETF

IBCS GR

47.10

7

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D

XESX GR

239.98

7

db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF

XYP1 GY

35.58

8

iShares MDAX (DE)

MDAXEX GR

223.33

8

iShares eb.rexx Government Germany 2.5-5.5 (DE)

RXP2EX GR

33.65

9

db x-trackers ShortDAX UCITS ETF

XSDX GR

173.19

9

Lyxor UCITS ETF Euro Cash

LYXCSH GR

29.68

ETFSX5E GR

171.17

10 iShares Barclays Capital Emerging Market Local Govt Bond

10 Deka EURO STOXX 50 UCITS ETF Commodity ETPs

BBG Ticker

1

XETRA-Gold

XAUEUR

110.74

2

iShares Dow Jones UBS Commodity Swap (DE)

DJCOMEX GR

80.22

3

Source Physical Gold ETC (P-ETC)

8PSG GY

4

db Physical Gold Euro Hedged ETC

5

28.21

Other

BBG Ticker

1

db x-trackers Portfolio TR Index UCITS ETF

XQUI GR

8.73

2

db x-trackers LPX Major Market Private Equity UCITS ETF

XLPE GR

8.50

43.32

3

db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged

XHFI GR

7.23

XAD1 GR

29.38

4

iShares S&P Listed Private Equity Fund

IQQL GR

2.04

Gold Bullion Securities

GG9B GR

17.73

5

db-x trackers Portfolio Income UCITS ETF

XS7W GR

1.95

6

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged

XDBC GR

13.64

6

ETFS Short USD Long EUR

XBJQ GR

1.34

7

ETFS Brent Oil

OESA GR

10.21

7

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF

ZPRI GY

0.90

8

ETFS Physical Gold

VZLD GR

8.95

8

ETFS Long USD Short EUR

XBJP GR

0.64

9

ETFS WTI Crude Oil

OD7F GR

8.92

9

ETFS 5X Long USD Short EUR

5CH5 GY

0.56

9J6N GR

8.68

10 db x-trackers Stiftungs-UCITS ETF Stabilitat

XSBT GR

0.50

10 RICI Enhanced WTI Crude Oil TR Index ETC

Turnover

IUSP GY

Turnover

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 51


9 November 2015 European Monthly ETF Market Review

Figure 88: Top 10 ETPs by Turnover (€ million) – London SE Equity ETFs

BBG Ticker

1

iShares FTSE 100 UCITS ETF (Inc)

ISF LN

838.76

2

Vanguard S&P 500 ETF

VUSD LN

3

iShares MSCI Emerging Markets UCITS ETF (Inc)

4

| ETPs | Europe | Fixed Income ETFs

BBG Ticker

1

iShares Euro High Yield Corporate Bond UCITS ETF

IHYG LN

898.91

442.85

2

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF

IEMB LN

617.61

IEEM LN

331.67

3

iShares $ High Yield Corporate Bond UCITS ETF

IHYU LN

500.48

Vanguard FTSE 100 ETF

VUKE LN

301.64

4

iShares Euro Corporate Bond UCITS ETF

IEAC LN

366.36

5

iShares FTSE 250 UCITS ETF

MIDD LN

282.26

5

iShares UK Gilts UCITS ETF

IGLT LN

312.62

6

iShares Core MSCI World UCITS ETF (Acc)

IWDA LN

237.09

6

iShares Emerging Markets Local Government Bond UCITS ETF

SEML LN

312.15

7

iShares Core S&P 500 UCITS ETF

CSPX LN

219.09

7

iShares $ Corporate Bond UCITS ETF

LQDE LN

295.60

8

iShares MSCI Japan GBP Hedged UCITS ETF

IJPH LN

209.49

8

iShares Emerging Markets Local Government Bond UCITS ETF

IEML LN

252.91

9

Vanguard S&P 500 ETF

VUSA LN

193.53

9

iShares Euro Corporate Bond 1-5yr UCITS ETF

IE15 LN

249.20

IDEM LN

182.86

10 iShares $ TIPS UCITS ETF

10 iShares MSCI Emerging Markets UCITS ETF (Inc)

Turnover

Commodity ETPs

BBG Ticker

1

Source Physical Gold ETC (P-ETC)

SGLD LN

325.81

2

ETFS WTI Crude Oil

CRUD LN

311.26

3

Gold Bullion Securities

GBS LN

4

ETFS Physical Gold

5

222.81

Other

BBG Ticker

1

db x-trackers LPX Major Market Private Equity UCITS ETF

XLPE LN

17.62

2

ETFS 3x Short EUR Long USD

SEU3 LN

7.54

178.98

3

iShares Listed Private Equity UCITS ETF

IPRV LN

6.80

PHAU LN

149.31

4

db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged

XHFG LN

5.82

ETFS Physical Gold GBP

PHGP LN

68.71

5

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF

MAGI LN

4.91

6

ETFS Copper

COPA LN

51.05

6

db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged

XHFD LN

3.66

7

ETFS Physical Silver

PHAG LN

43.13

7

ETFS Short AUD Long USD

SAUD LN

1.86

8

ETFS Energy

AIGE LN

38.77

8

ETFS Short EUR Long USD

SEUR LN

1.85

9

ETFS Agriculture

AIGA LN

36.75

9

ETFS 3x Long EUR Short USD

LEU3 LN

1.59

3OIL LN

36.54

10 ETFS Short EUR Long USDGBP

SEUP LN

1.44

10 Boost Wti Oil 3X Leverage Daily ETP

Turnover

IDTP LN

Turnover

Turnover

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 89: Top 10 ETPs by Turnover (€ million) – Swiss SE Equity ETFs

BBG Ticker

Turnover

1

iShares Core S&P 500 UCITS ETF

CSSPX SW

274.80

2

iShares SMI CH

CSSMI SW

3

iShares S&P 500 UCITS ETF (Inc)

4

| ETPs | Europe | Fixed Income ETFs

BBG Ticker

1

iShares USD Government Bond 3-7 UCITS ETF

CSBGU7 SW

66.00

212.22

2

iShares $ Treasury Bond 7-10yr UCITS ETF

IBTM SW

64.94

IUSA SW

164.14

3

iShares CHF Corporate Bond (CH)

CHCORP SW

47.22

UBS ETF (CH) - SMI (CHF) A-dis

SMICHA SW

124.99

4

iShares $ Corporate Bond UCITS ETF

LQDE SW

30.05

5

UBS-ETF MSCI EMU

EMUEUA SW

108.59

5

iShares Euro Corporate Bond Large Cap UCITS ETF

IBCX SW

29.03

6

UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc

EUUSBH SW

88.33

6

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF

IEMB SW

21.06

7

iShares MSCI Japan CHF Hedged UCITS ETF

IJPC SW

76.70

7

iShares $ Treasury Bond 1-3yr UCITS ETF

IBTS SW

18.75

8

iShares SPI (CH)

CHSPI SW

68.88

8

db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged)

XBAC SW

17.48

9

iShares MSCI Emerging Markets IMI UCITS ETF

EIMI SW

66.86

9

iShares $ TIPS UCITS ETF

ITPS SW

17.08

EQQQ SW

66.39

10 iShares USD Government Bond 7-10 UCITS ETF

Commodity ETPs

BBG Ticker

Turnover

1

ZKB Gold ETF-H (EUR)

ZGLDHE SW

44.24

2

ZKB Gold ETF

ZGLD SW

35.73

3

ZKB Gold ETF-A USD

ZGLDUS SW

4

ZKB Gold ETF-A EUR

5

10 PowerShares EQQQ Nasdaq-100 UCITS ETF

CSBGU0 SW

Turnover

15.52

Other

BBG Ticker

1

db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged

XHFC SW

1.56

2

J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF

MHDU SW

1.02

30.90

3

iShares Listed Private Equity UCITS ETF

IPRV SW

0.93

ZGLDEU SW

29.47

4

db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged

XHFD SW

0.30

Source Physical Gold ETC (P-ETC)

SGLD SW

23.76

5

UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc

M7USAS SW

0.10

6

Julius Baer Physical Gold Fund - A (USD listing)

JBGOUA SW

20.65

6

UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc

HFUSAS SW

0.08

7

ZKB Silver ETF

ZSIL SW

19.75

7

UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc

HFCHAS SW

0.05

8

UBS ETF (CH) – Gold (USD) I-dis

AUUSI SW

15.18

8

UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc

HFGBAS SW

0.04

9

ZKB Gold ETF-H (CHF)

ZGLDHC SW

14.78

9

Nomura Voltage Mid-Term Source ETF

VOLT SW

0.00

CCUSAS SW

14.72

10 Lyxor ETF Privex

LYPVX SW

0.00

10 UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc

Turnover

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 52

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 90: Top 10 ETPs by Turnover (€ million) – Euronext Paris Equity ETFs

BBG Ticker

1

Lyxor UCITS ETF Euro STOXX 50

MSE FP

951.66

2

Lyxor ETF Leverage CAC 40

LVC FP

3

Lyxor ETF XBear CAC 40

4

| ETPs | Europe |

Fixed Income ETFs

BBG Ticker

1

Lyxor UCITS ETF EuroMTS Covered Bond Aggregate

ECB FP

738.93

507.97

2

Amundi ETF Euro Corporates UCITS ETF

CC4 FP

426.60

BX4 FP

413.22

3

Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF

C10 FP

377.35

Lyxor UCITS ETF CAC 40 (DR) -D-EUR

CAC FP

381.15

4

Amundi ETF US Treasury 7-10 UCITS ETF

US7 FP

267.28

5

Amundi ETF Euro STOXX 50 UCITS ETF

C50 FP

257.82

5

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF

X1G FP

256.57

6

Lyxor UCITS ETF MSCI Europe

MEU FP

206.92

6

Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF

AFRN FP

239.62

7

Lyxor ETF MSCI Emerging Markets - A

LEM FP

198.44

7

Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR)

MI10 FP

171.85

8

Amundi ETF MSCI EMU UCITS ETF

CMU FP

177.11

8

AMUNDI ETF Floting Rate USD Corporate UCITS ETF

AFLT FP

148.11

9

Lyxor ETF Leveraged Euro STOXX 50

LVE FP

154.70

9

Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF

C53 FP

136.59

TPXH FP

129.02

10 Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF

10 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR

Turnover

Commodity ETPs

BBG Ticker

1

Lyxor ETF Commodities CRB

CRB FP

33.68

2

ETFS WTI Crude Oil

CRUDP FP

8.38

3

Gold Bullion Securities

GBS FP

4

Lyxor ETF Commodities CRB Non-Energy

5

131.03

Other

BBG Ticker

1

Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll

ULVO FP

0.03

2

Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll

ULVX FP

0.03

7.75

3

Lyxor ETF Privex

PVX FP

0.03

CRN FP

4.48

4

PowerShares Global Listed Private Equity UCITS ETF

PSP FP

0.02

ETFS Brent 1mnth Oil

OILBP FP

2.34

6

ETFS All Commodities

AIGCP FP

2.17

7

Amundi ETF Commodities S&P GSCI Metals UCITS ETF

CME FP

1.08

8

ETFS Natural Gas

NGASP FP

0.87

9

ETFS Wheat

WEATP FP

0.72

AIGPP FP

0.60

10 ETFS Precious Metals

Turnover

X13G FP

Turnover

Turnover

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 91: Top 10 ETPs by Turnover (€ million) – Borsa Italiana Equity ETFs

BBG Ticker

Turnover

1

Lyxor UCITS ETF FTSE MIB

ETFMIB IM

575.88

2

Lyxor ETF Leveraged FTSE/MIB

LEVMIB IM

3

Lyxor ETF XBear FTSE/MIB

4

| ETPs | Europe |

Fixed Income ETFs

BBG Ticker

1

iShares Euro Government Bond 3-5yr UCITS ETF

IBGX IM

82.91

479.25

2

db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF

XFFE IM

78.91

XBRMIB IM

327.91

3

db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF

XG71 IM

50.35

iShares EURO STOXX 50 UCITS ETF (Inc)

EUE IM

274.99

4

iShares Euro High Yield Corporate Bond UCITS ETF

IHYG IM

49.90

5

iShares FTSE MIB UCITS ETF (Inc)

IMIB IM

246.52

5

iShares Emerging Markets Local Government Bond UCITS ETF

SEML IM

48.45

6

Lyxor UCITS ETF Euro STOXX 50

MSE IM

138.04

6

Lyxor UCITS ETF Euro Cash

LEONIA IM

46.46

7

Lyxor UCITS ETF DAX (DR)

DAXX IM

135.12

7

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF

X1G IM

38.86

8

UBS-ETF MSCI EMU

EMUEUA IM

116.56

8

iShares $ Treasury Bond 1-3yr UCITS ETF

IBTS IM

37.78

9

iShares MSCI Emerging Markets UCITS ETF (Inc)

IEEM IM

110.83

9

iShares Euro Corporate Bond UCITS ETF

IEAC IM

30.42

EMKT IM

99.73

10 Lyxor ETF MSCI Emerging Markets - A Commodity ETPs

BBG Ticker

1

Boost Wti Oil 3X Leverage Daily ETP

3OIL IM

316.42

2

Boost Wti Oil 3X Short Daily ETP

3OIS IM

118.88

3

ETFS WTI Crude Oil

CRUD IM

4

Boost Natural Gas 3X Leverage Daily ETP

5

10 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF

27.57

Other

BBG Ticker

1

ETFS 3X Long USD Short EUR

EUS3 IM

55.56

2

ETFS 5X Long USD Short EUR

EUS5 IM

29.08

114.70

3

ETFS 3X Short USD Long EUR

USE3 IM

19.20

3NGL IM

109.39

4

ETFS 5X Short USD Long EUR

USE5 IM

8.19

ETFS Daily Leveraged Crude Oil

LOIL IM

77.81

5

Boost Long USD Short EUR 5x Daily ETP

5USE IM

7.24

6

Boost Natural Gas 3x Short Daily

3NGS IM

51.45

6

db-x trackers Portfolio Income UCITS ETF

XS7W IM

5.82

7

ETFS Physical Gold

PHAU IM

44.64

7

db x-trackers LPX Major Market Private Equity UCITS ETF

XLPE IM

3.39

8

Gold Bullion Securities

GBS IM

23.64

8

Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR

LVO IM

2.27

9

Boost Silver 3X Leverage Daily ETP

3SIL IM

21.96

9

ETFS Long USD Short EUR

EUUS IM

1.94

CRB IM

20.35

10 Boost Short USD Long EUR 5x Daily ETP

5EUS IM

1.64

10 Lyxor ETF Commodities CRB

Turnover

XYP1 IM

Turnover

Turnover

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 53


9 November 2015 European Monthly ETF Market Review

Figure 92: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam

| ETPs | Europe |

Stockholmborsen Equity ETFs

BBG Ticker

1

XACT Bear 2

XABEAR2 SS

291.09

2

XACT Bull 2

XABULL2 SS

247.24

3

XACT OMXS30

XACTOMX SS

203.09

4

XACT Bear

XACBEAR SS

91.29

5

XACT Bull

XACBULL SS

65.31

6

XACT Nordic 30

XACTVINX SS

37.64

7

db x-trackers MSCI World Index UCITS ETF 1C

XMWO SS

7.43

8

XACT OMXSB

XACTSBX SS

4.36

9

SpotR OMXS30

SPOTROMX SS

3.26

XSPX SS

2.78

10 db x-trackers S&P 500 UCITS ETF 1C

Turnover

Fixed Income ETFs

BBG Ticker

Turnover

Turnover

No Fixed Income ETFs

Euronext Amsterdam Equity ETFs

BBG Ticker

Fixed Income ETFs

BBG Ticker

1

iShares MSCI Europe UCITS ETF (Inc)

IMEU NA

271.84

1

iShares Euro Corporate Bond UCITS ETF

IEAC NA

65.50

2

iShares EURO STOXX 50 UCITS ETF (Inc)

EUEA NA

149.97

2

iShares Euro Aggregate Bond UCITS ETF

IEAG NA

54.73

3

iShares AEX UCITS ETF

IAEX NA

146.46

3

iShares Euro Government Bond 1-3yr UCITS ETF

IBGS NA

34.14

4

iShares MSCI Japan EUR Hedged UCITS ETF

IJPE NA

118.37

4

iShares Euro Corporate Bond Large Cap UCITS ETF

IBCX NA

27.13

5

iShares Core MSCI World UCITS ETF (Acc)

IWDA NA

113.95

5

iShares Euro Inflation Linked Government Bond UCITS ETF

IBCI NA

12.92

6

iShares MSCI World UCITS ETF (Inc)

IWRD NA

103.10

6

iShares Euro Government Bond 15-30yr UCITS ETF

IBGL NA

11.99

7

Vanguard S&P 500 ETF

VUSA NA

102.86

7

iShares Euro Government Bond 7-10yr UCITS ETF

IBGM NA

11.76

8

iShares MSCI Emerging Markets UCITS ETF (Inc)

IEMM NA

94.88

8

iShares Euro Government Bond 3-5yr UCITS ETF

IBGX NA

10.64

9

iShares S&P 500 UCITS ETF (Inc)

IUSA NA

63.49

9

iShares $ Corporate Bond UCITS ETF

LQDA NA

9.48

TDT NA

43.25

10 iShares $ Treasury Bond 7-10yr UCITS ETF

BTMA NA

9.07

10 Think AEX Tracker

Turnover

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 54

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

7. European ETF Exchanges Figure 93: European on-exchange ETF trading ranking by exchange (€ million) Summary

| ETFs | Europe |

Jun-15

Market Share %

Jul-15

Market Share %

Aug-15

Market Share %

Sep-15

Market Share %

Oct-15

Market Share %

18,540

27.6%

16,231

25.6%

17,074

24.3%

13,322

22.8%

12,502

22.1%

21,668

32.2%

21,210

33.5%

22,489

32.0%

19,046

32.6%

18,078

32.0%

6,869

10.2%

7,015

11.1%

6,848

9.7%

6,058

10.4%

6,124

10.8%

28,537

42.5%

28,225

44.6%

29,337

41.8%

25,104

43.0%

24,202

42.8%

10,070

15.0%

8,922

14.1%

12,555

17.9%

11,080

19.0%

11,489

20.3%

2,569

3.8%

2,589

4.1%

2,472

3.5%

2,036

3.5%

2,009

3.6%

19

0.0%

13

0.0%

12

0.0%

7

0.0%

9

0.0%

Deutche Boerse Deutsche Borse LSE London SE Borsa Italiana Euronext Paris Amsterdam Lisbon Brussels

3

0.0%

7

0.0%

6

0.0%

2

0.0%

1

0.0%

12,662

18.8%

11,531

18.2%

15,045

21.4%

13,124

22.5%

13,508

23.9%

Swiss SE

5,395

8.0%

5,527

8.7%

6,562

9.3%

4,388

7.5%

4,443

7.9%

Stockholmborsen

1,048

1.6%

824

1.3%

1,300

1.8%

1,454

2.5%

967

1.7%

Oslo Bors

370

0.6%

264

0.4%

497

0.7%

575

1.0%

425

0.8%

BME

643

1.0%

673

1.1%

442

0.6%

456

0.8%

432

0.8%

10

0.0%

5

0.0%

10

0.0%

20

0.0%

15

0.0%

67,205

100.0%

63,281

100.0%

70,266

100.0%

58,444

100.0%

56,493

100.0%

Others Total

* Borse Stuttgart ETFs turnover totalled €0.9bn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETFs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETF listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 55


9 November 2015 European Monthly ETF Market Review

Figure 94: European on-exchange ETC trading ranking by exchange (€ million)

| ETCs | Europe |

Jun-15

Market Share %

Jul-15

Market Share %

Aug-15

Market Share %

Sep-15

Market Share %

Oct-15

Market Share %

London SE

1,419

2.1%

2,381

3.8%

1,719

2.4%

1,410

2.4%

1,785

3.2%

Borsa Italiana

1,677

2.5%

1,682

2.7%

1,357

1.9%

1,257

2.2%

1,321

2.3%

3,096

4.6%

4,063

6.4%

3,076

4.4%

2,666

4.6%

3,106

5.5%

372

0.6%

425

0.7%

471

0.7%

270

0.5%

338

0.6%

13

0.0%

15

0.0%

14

0.0%

11

0.0%

16

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

40

0.1%

61

0.1%

69

0.1%

39

0.1%

40

0.1%

29

0.0%

27

0.0%

15

0.0%

18

0.0%

32

0.1%

3,536

5.3%

4,577

7.2%

3,632

5.2%

2,994

5.1%

3,516

6.2%

Summary

LSE

Deutche Boerse Deutsche Borse Euronext Amsterdam Brussels Others Total

* Borse Stuttgart ETCs turnover totalled €92mn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETCs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETC listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 56

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 95: Total ETP on-exchange Turnover by asset class and by exchange Deutsche Borse

London SE

Euronext Paris

Borsa Italiana

Euronext Amsterdam

| ETPs | Europe | Swiss SE

Stockholm Borsen

Total Turnover (â‚Ź million)

Total

Turnover* Mkt Share %

Equity Developed Markets

98,856.3

83,733.8

48,629.9

30,163.7

17,046.4

39,675.7

3,693.7

321,799.6

47.8%

Emerging Markets

8,735.3

16,450.2

9,604.4

5,640.5

1,842.6

5,227.8

83.3

47,584.0

7.1%

923.2

3,999.7

1,214.6

223.5

486.3

1,013.4

6.0

7,866.6

1.2%

Global Markets Sector

11,448.2

7,486.8

7,555.5

2,027.5

636.2

971.8

7.7

30,133.6

4.5%

Capitalization

2,114.9

2,779.1

798.2

574.3

207.7

779.3

0.0

7,253.4

1.1%

Style

4,423.1

7,159.6

810.4

1,206.3

1,221.4

1,340.4

0.0

16,161.1

2.4%

Strategy

9,149.2

7,869.4

14,833.0

14,332.7

7.3

856.7

6,515.7

53,563.9

8.0%

Thematic

1,018.6

1,818.9

450.5

436.3

166.9

321.7

0.0

4,213.0

0.6%

136,669

131,297

83,896

54,605

21,615

50,187

10,306

488,575.3

72.5%

788.8

2,321.3

9.7

216.7

612.1

237.0

0.0

4,185.5

0.6%

Corporates

3,976.6

34,545.9

2,769.8

3,587.1

1,524.5

1,412.7

0.0

47,816.6

7.1%

Covered Bonds

1,000.0

132.2

747.0

113.7

101.1

15.8

0.0

2,109.8

0.3%

Credit Exposure

235.3

4.7

0.0

66.3

0.0

17.4

0.0

323.6

0.0%

Total Fixed Income Overall

Sovereign

12,412.2

38,651.6

10,028.4

8,591.8

1,770.5

3,205.2

0.0

74,659.7

11.1%

Money Market

1,496.5

1,722.9

1,132.2

1,552.1

0.0

79.7

0.0

5,983.4

0.9%

Total

19,909

77,378

14,687

14,128

4,008

4,968

135,078.6

20.1%

-

Commodity

0.0%

Overall

787.9

1,305.6

368.5

362.0

46.9

703.0

0.0

3,573.8

0.5%

Agriculture

219.0

977.4

13.4

1,091.5

0.7

20.2

0.0

2,322.2

0.3%

Energy

1,369.2

5,163.7

225.3

10,083.5

0.0

149.5

0.0

16,991.1

2.5%

Industrial Metals

127.2

1,378.2

21.9

274.1

0.1

7.4

0.0

1,808.9

0.3%

Precious Metals

2,778.7

11,376.6

137.5

2,291.2

176.2

4,490.6

0.0

21,250.8

3.2%

8.1

31.2

0.0

19.6

0.0

0.0

0.0

58.8

0.0%

5,290

20,233

767

14,122

224

5,371

46,005.7

6.8%

Livestock Total

-

Other

0.0%

Alternative

257.0

512.0

32.7

85.2

59.9

153.3

0.0

1,100.0

0.2%

Currency

108.7

554.2

0.0

1,841.6

3.1

0.0

0.0

2,507.5

0.4%

Multi Asset

189.5

42.1

0.0

35.0

10.9

1.5

0.0

279.0

0.0%

555

1,108

33

1,962

74

155

-

3,886.6

0.6%

162,424

230,017

99,383

84,816

25,921

60,680

10,306

673,546

100%

Total Grand Total

* Total turnover year to date (not daily average) Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 57


9 November 2015 European Monthly ETF Market Review

8. Assets ETP Monthly AUM Analysis by Asset Class Figure 96: AUM by asset class and instrument (â‚Ź million)

| ETPs | Europe |

Oct-15 Asset Class

Beta

Sep-15

Semiactive

Beta+

Alpha

Total

Beta

Semiactive

Beta+

End of 2014 Alpha

Total

Beta

Semiactive

Beta+

Alpha

Total

ETFs Equity

312,406

4,496

3,737

175

320,814

283,673

5,165

3,398

165

292,401

254,157

3,613

2,831

475

261,076

Fixed income

105,009

1,738

0

4,922

111,669

100,133

1,772

0

4,660

106,565

81,498

1,245

0

3,408

86,151

13,248

0

48

0

13,296

12,741

0

46

0

12,787

13,363

0

49

0

13,412

0

0

0

0

-

0

0

0

0

-

13

0

0

0

13

43

0

0

379

42

0

0

357

0

0

0

300

300

Commodity Currency Multi Asset Alternative Total

422

399

565

0

64

446

1,074

530

0

64

450

1,043

453

0

97

547

1,097

431,271

6,233

3,849

5,922

447,276

397,118

6,937

3,508

5,631

413,194

349,483

4,859

2,977

4,731

362,049

16,529

759

0

0

17,288

15,681

743

0

0

16,424

15,780

643

0

0

16,423

110

236

0

0

347

112

242

0

0

354

144

246

0

0

390

16,639

996

0

0

17,635

15,793

985

0

0

16,778

15,924

889

0

0

16,813

447,910

7,229

3,849

5,922

464,911

412,911

7,922

3,508

5,631

429,972

365,407

5,748

2,977

4,731

378,862

ETCs Commodity Currency Total Total ETPs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Asset Class Analysis Figure 97: European Equity ETF AUM summary (â‚Ź million)

| ETFs | Europe |

Oct-15 Equity AUM

Beta

Beta+

Semiactive

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

End of 2014 Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Developed Markets

232,750

0

0

139

232,889

211,417

0

0

131

211,548

184,580

0

0

341

184,922

Emerging Markets

23,072

0

0

0

23,072

20,688

0

0

1

20,688

25,192

0

0

0

25,192

4,817

0

0

0

4,817

4,130

0

0

0

4,130

5,244

0

0

0

5,244

19,686

0

0

0

19,686

18,264

0

0

0

18,264

15,443

0

0

0

15,443 4,485

Global Markets Sector Capitalization

6,804

0

0

0

6,804

6,353

0

0

0

6,353

4,485

0

0

0

Strategy

5,001

4,496

3,737

36

13,270

4,451

5,165

3,398

34

13,047

2,849

3,613

2,831

134

9,428

16,370

0

0

0

16,370

14,987

0

0

0

14,987

13,549

0

0

0

13,549

3,907

3,383

0

0

0

3,383

2,814

0

0

0

2,814

320,814 283,673

5,165

3,398

165

292,401 254,157

3,613

2,831

475

261,076

Style Thematic Total Equities

3,907

0

0

0

312,406

4,496

3,737

175

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 58

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 97A: European Equity ETF AUM summary - A (â‚Ź million)

| ETFs | Europe |

Oct-15 Equity AUM

Beta

Sector

Beta+

Semiactive

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

End of 2014 Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

19,686

0

0

0

19,686

18,264

0

0

0

18,264

15,443

0

0

0

15,443

Consumer discretionary

901

0

0

0

901

720

0

0

0

720

624

0

0

0

624

Consumer staples

999

0

0

0

999

1,018

0

0

0

1,018

790

0

0

0

790

1,397

0

0

0

1,397

1,144

0

0

0

1,144

1,102

0

0

0

1,102

Financials

10,564

0

0

0

10,564

9,891

0

0

0

9,891

7,996

0

0

0

7,996

Healthcare

2,041

0

0

0

2,041

2,004

0

0

0

2,004

1,855

0

0

0

1,855

Industrials

476

0

0

0

476

484

0

0

0

484

436

0

0

0

436

1,286

0

0

0

1,286

1,146

0

0

0

1,146

1,027

0

0

0

1,027

Materials

754

0

0

0

754

723

0

0

0

723

670

0

0

0

670

Telecommunications

758

0

0

0

758

650

0

0

0

650

478

0

0

0

478

Utilities

511

0

0

0

511

484

0

0

0

484

466

0

0

0

466

6,804

0

0

0

6,804

6,353

0

0

0

6,353

4,485

0

0

0

4,485

Energy

Information Technology

Capitalization Large Cap

412

0

0

0

412

375

0

0

0

375

408

0

0

0

408

Mid Cap

2,328

0

0

0

2,328

2,195

0

0

0

2,195

1,497

0

0

0

1,497

Small Cap

4,065

0

0

0

4,065

3,783

0

0

0

3,783

2,579

0

0

0

2,579

5,001

4,496

3,737

36

13,270

4,451

5,165

3,398

34

13,047

2,849

3,613

2,831

134

9,428

1,237

0

1,355

0

2,591

1,152

0

1,233

0

2,385

1,000

0

892

0

1,893

Leveraged Long

0

2,010

0

0

2,010

0

1,903

0

0

1,903

0

1,583

0

0

1,583

Leveraged Short

0

896

0

0

896

0

1,088

0

0

1,088

0

789

0

0

789

Options Strategy

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3,734

0

2,383

36

6,153

3,266

0

2,165

34

5,464

1,849

0

1,938

134

3,921

Strategy Fundamental

Quantitative Short

30

1,590

0

0

1,620

33

2,173

0

0

2,206

0

1,241

0

0

1,241

16,370

0

0

0

16,370

14,987

0

0

0

14,987

13,549

0

0

0

13,549

14,810

0

0

0

14,810

13,678

0

0

0

13,678

12,456

0

0

0

12,456

291

0

0

0

291

258

0

0

0

258

158

0

0

0

158

Value

1,269

0

0

0

1,269

1,051

0

0

0

1,051

935

0

0

0

935

Thematic

3,907

0

0

0

3,907

3,383

0

0

0

3,383

2,814

0

0

0

2,814

717

0

0

0

717

625

0

0

0

625

647

0

0

0

647

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

189

0

0

0

189

172

0

0

0

172

201

0

0

0

201

Other Theme

981

0

0

0

981

876

0

0

0

876

682

0

0

0

682

Sustainability

2,019

0

0

0

2,019

1,710

0

0

0

1,710

1,285

0

0

0

1,285

51,768

4,496

3,737

36

60,037

47,438

5,165

3,398

34

56,035

39,140

3,613

2,831

134

45,719

Style Dividend Growth

Commodities Cyclical Faith

Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 59


9 November 2015 European Monthly ETF Market Review

Figure 97B: European Equity ETF AUM summary - B (â‚Ź million)

| ETFs | Europe |

Oct-15 Equity AUM

Beta

Beta+

Semiactive

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

End of 2014 Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Developed Markets Europe

131,741

0

0

139

0

0

131

119,668

96,005

0

0

341

96,347

Austria

417

0

0

0

417

326

0

0

0

326

334

0

0

0

334

Belgium

42

0

0

0

42

38

0

0

0

38

35

0

0

0

35

Finland

174

0

0

0

174

151

0

0

0

151

144

0

0

0

144

France

131,880 119,537

5,004

0

0

0

5,004

4,529

0

0

0

4,529

3,756

0

0

0

3,756

20,734

0

0

0

20,734

18,165

0

0

0

18,165

16,129

0

0

0

16,129

Greece

229

0

0

0

229

206

0

0

0

206

211

0

0

0

211

Ireland

30

0

0

0

30

28

0

0

0

28

24

0

0

0

24

3,120

0

0

0

3,120

2,823

0

0

0

2,823

2,271

0

0

0

2,271

Netherlands

600

0

0

0

600

547

0

0

0

547

431

0

0

0

431

Norway

229

0

0

0

229

209

0

0

0

209

248

0

0

0

248

Portugal

88

0

0

0

88

81

0

0

0

81

58

0

0

0

58

Spain

1,863

0

0

0

1,863

1,812

0

0

0

1,812

1,792

0

0

0

1,792

Sweden

1,270

0

0

0

1,270

1,189

0

0

0

1,189

1,342

0

0

0

1,342

Switzerland

9,943

0

0

0

9,943

9,273

0

0

0

9,273

8,743

0

0

0

8,743

UK

13,781

0

0

0

13,781

12,790

0

0

0

12,790

12,023

0

0

0

12,023

Europe broad

74,216

0

0

139

74,355

67,369

0

0

131

67,500

48,465

0

0

341

48,806

60,525

0

0

0

60,525

55,348

0

0

0

55,348

54,952

0

0

0

54,952

57,288

0

0

0

57,288

52,427

0

0

0

52,427

51,463

0

0

0

51,463

Germany

Italy

Americas US Canada North America Asia

846

0

0

0

846

805

0

0

0

805

907

0

0

0

907

2,390

0

0

0

2,390

2,116

0

0

0

2,116

2,582

0

0

0

2,582

22,077

0

0

0

22,077

19,804

0

0

0

19,804

16,812

0

0

0

16,812

Australia

369

0

0

0

369

351

0

0

0

351

677

0

0

0

677

Hong Kong

284

0

0

0

284

257

0

0

0

257

149

0

0

0

149

19,978

0

0

0

19,978

17,866

0

0

0

17,866

14,404

0

0

0

14,404

Japan Singapore Asia Pacific broad Global Broad indices DM Total

63

0

0

0

63

57

0

0

0

57

18

0

0

0

18

1,383

0

0

0

1,383

1,272

0

0

0

1,272

1,564

0

0

0

1,564

18,408

0

0

0

18,408

16,729

0

0

0

16,729

16,812

0

0

0

16,812

18,408

0

0

0

18,408

16,729

0

0

0

16,729

16,812

0

0

0

16,812

232,750

0

0

139

232,889 211,417

0

0

131

211,548 184,580

0

0

341

184,922

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 60

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Figure 97C: European Equity ETF AUM summary - C (€ million)

| ETFs | Europe |

Oct-15 Equity AUM

Beta

Beta+

Semiactive

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

End of 2014 Alpha

Total

Beta

Semiactive

Beta+

Alpha

Total

Emerging Markets BRIC

6,290

0

0

0

6,290

5,828

0

0

1

5,828

7,842

0

0

0

7,842

Brazil

532

0

0

0

532

487

0

0

0

487

793

0

0

0

793

Russia

742

0

0

0

742

759

0

0

1

760

769

0

0

0

770

India

2,065

0

0

0

2,065

2,016

0

0

0

2,016

1,588

0

0

0

1,588

China

2,951

0

0

0

2,951

2,566

0

0

0

2,566

4,693

0

0

0

4,693

542

0

0

0

542

494

0

0

0

494

685

0

0

0

685

15

0

0

0

15

14

0

0

0

14

19

0

0

0

19

135

0

0

0

135

125

0

0

0

125

206

0

0

0

206

Latin America Chile Mexico LATAM broad Asia

392

0

0

0

392

355

0

0

0

355

460

0

0

0

460

3,634

0

0

0

3,634

3,466

0

0

0

3,466

3,566

0

0

0

3,566

Bangladesh

20

0

0

0

20

21

0

0

0

21

18

0

0

0

18

Indonesia

104

0

0

0

104

89

0

0

0

89

141

0

0

0

141

Malaysia

44

0

0

0

44

40

0

0

0

40

73

0

0

0

73

Pakistan

22

0

0

0

22

24

0

0

0

24

24

0

0

0

24

Philippines

43

0

0

0

43

41

0

0

0

41

63

0

0

0

63

South Korea

899

0

0

0

899

809

0

0

0

809

813

0

0

0

813

Taiwan

616

0

0

0

616

694

0

0

0

694

842

0

0

0

842

Thailand

37

0

0

0

37

35

0

0

0

35

66

0

0

0

66

Vietnam

352

0

0

0

352

320

0

0

0

320

310

0

0

0

310

1,497

0

0

0

1,497

1,393

0

0

0

1,393

1,216

0

0

0

1,216

1,005

0

0

0

1,005

945

0

0

0

945

1,138

0

0

0

1,138

Kuwait

12

0

0

0

12

13

0

0

0

13

13

0

0

0

13

Poland

65

0

0

0

65

69

0

0

0

69

39

0

0

0

39

South Africa

87

0

0

0

87

75

0

0

0

75

87

0

0

0

87

Turkey

368

0

0

0

368

332

0

0

0

332

415

0

0

0

415

Europe broad

332

0

0

0

332

320

0

0

0

320

471

0

0

0

471

Middle East & Africa

141

0

0

0

141

136

0

0

0

136

114

0

0

0

114

11,601

0

0

0

11,601

9,955

0

0

0

9,955

11,960

0

0

0

11,960

11,601

0

0

0

11,601

9,955

0

0

0

9,955

11,960

0

0

0

11,960

23,072

0

0

0

23,072

20,688

0

0

1

20,688

25,192

0

0

0

25,192

255,822

0

0

139

255,961 232,105

0

0

132

232,236 209,772

0

0

341

210,113

Asia Pacific broad EMEA

Global Markets Global EM Total Total (EM + DM)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 98: European Fixed Income ETF AUM summary (€ million) Oct-15 Fixed Income AUM Overall Corporates

Beta

Beta+

Semiactive

| ETFs | Europe | Sep-15

Alpha

Total

Beta

Beta+

Semiactive

End of 2014 Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

3,875

0

0

4,336

8,211

3,779

0

0

4,043

7,822

3,219

0

0

2,763

5,983

40,747

0

0

187

40,934

38,532

0

0

181

38,713

29,657

0

0

15

29,672 3,488

Covered Bonds

2,739

0

0

356

3,095

2,868

0

0

391

3,259

3,065

0

0

423

Credit Exposure

253

78

0

0

331

246

87

0

0

334

184

61

0

0

245

54,370

1,660

0

43

56,073

51,645

1,685

0

45

53,374

43,658

1,185

0

206

45,049

3,025

0

0

0

3,025

3,063

0

0

0

3,063

1,714

0

0

0

1,714

105,009

1,738

0

4,922

111,669 100,133

1,772

0

4,660

106,565

81,498

1,245

0

3,408

86,151

Sovereign Money Market Total Fixed Income

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 61


9 November 2015 European Monthly ETF Market Review

Figure 99: European Commodity ETP AUM summary (â‚Ź million)

| ETPs | Europe |

Oct-15 Commodity AUM

Beta

Beta+

Semiactive

Sep-15 Alpha

Total

Beta

Beta+

Semiactive

End of 2014 Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Overall

3,819

10

48

0

3,877

3,629

11

46

0

3,686

3,523

8

49

0

3,580

Overall

3594

10

48

0

3,652

3406

11

46

0

3,462

3270

8

49

0

3,327 246

Overall ex Energy

218

0

0

0

218

217

0

0

0

217

246

0

0

0

Overall Light Energy

7

0

0

0

7

7

0

0

0

7

8

0

0

0

Overall Ultra Light Energy

0

0

0

0

0

0

0

0

0

0

0

0

Agriculture

736

109

0

0

844

698

114

0

0

811

737

88

0

0

826

Overall

466

4

0

0

470

430

4

0

0

433

480

4

0

0

484

Cocoa

11

3

0

0

14

11

3

0

0

14

9

4

0

0

13

Coffee

43

34

0

0

77

43

32

0

0

75

21

12

0

0

33

Corn

32

8

0

0

40

31

9

0

0

40

36

9

0

0

45

Cotton

29

4

0

0

32

29

4

0

0

32

31

6

0

0

37

Grains

38

1

0

0

39

38

1

0

0

39

37

1

0

0

38

Softs

4

1

0

0

5

4

1

0

0

5

5

0

0

0

6

Soybean Oil

3

2

0

0

4

2

2

0

0

4

4

2

0

0

6

Soybeans

8

2

0

0

10

8

3

0

0

11

16

3

0

0

18

Sugar

35

19

0

0

54

37

22

0

0

59

24

15

0

0

38

Wheat

66

33

0

0

99

66

34

0

0

100

75

32

0

0

107

Energy

1,969

450

0

0

2,419

1,779

388

0

0

2,167

916

163

0

0

1,078

Overall

185

1

0

0

187

179

1

0

0

180

132

0

0

0

132

Carbon

2

0

0

0

2

2

0

0

0

2

1

0

0

0

1

1704

364

0

0

2,067

1515

302

0

0

1,817

708

84

0

0

793

Gasoline

9

2

0

0

11

9

2

0

0

11

5

1

0

0

6

Heating Oil

5

2

0

0

6

5

1

0

0

7

3

1

0

0

4

Natural Gas

64

81

0

0

146

68

82

0

0

150

67

76

0

0

142

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

445

50

0

0

496

480

86

0

0

566

682

95

0

0

777

Overall

187

2

0

0

189

191

3

0

0

194

267

18

0

0

285

Crude Oil

-

-

8 -

Aluminium

82

5

0

0

87

96

4

0

0

100

85

5

0

0

91

Copper

81

27

0

0

108

94

60

0

0

154

174

58

0

0

233

Lead

1

1

0

0

2

1

1

0

0

2

1

1

0

0

2

Nickel

80

13

0

0

93

83

14

0

0

98

136

8

0

0

144

Tin

2

2

0

0

3

2

2

0

0

4

2

2

0

0

4

Zinc

12

1

0

0

14

13

1

0

0

14

17

2

0

0

18

22,797

138

0

0

22,934

21,823

142

0

0

21,965

23,269

286

0

0

23,555

181

1

0

0

182

168

1

0

0

169

178

1

0

0

179

19050

54

0

0

19,104

18280

59

0

0

18,340

19347

156

0

0

19,503

Palladium

612

1

0

0

613

622

1

0

0

623

762

1

0

0

763

Platinum

781

6

0

0

786

722

6

0

0

727

973

5

0

0

978

Rhodium

67

0

0

0

67

68

0

0

0

68

107

0

0

0

107

2107

76

0

0

2,183

1964

75

0

0

2,038

1903

123

0

0

2,026

Precious Metals Overall Gold

Silver Livestock

11

3

0

0

14

12

4

0

0

16

15

3

0

0

19

Overall

6

0

0

0

6

6

0

0

0

6

9

0

0

0

10

Cattle

1

1

0

0

2

1

1

0

0

2

3

2

0

0

4

Lean Hogs

4

2

0

0

6

5

2

0

0

7

3

2

0

0

5

29,777

759

48

0

30,584

28,422

743

46

0

29,211

29,143

643

49

0

29,835

Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 62

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

Product Rankings Figure 100: Top 20 Products by AUM – Equity ETFs (€ million)

| ETFs | Europe | Invest. Strategy

Current Month AUM

Prev. Month AUM

ETF Name

BBG Ticker

Issuer

iShares Core S&P 500 UCITS ETF

CSSPX SW

BlackRock

Beta

11,367.1

10,455.9

2014 AUM 8,461.6

Vanguard S&P 500 ETF

VUSA LN

Vanguard

Beta

11,215.1

10,117.7

8,301.8

iShares Core DAX UCITS ETF DE

DAXEX GR

BlackRock

Beta

9,179.6

8,178.4

8,650.4

iShares S&P 500 UCITS ETF (Inc)

IUSA LN

BlackRock

Beta

9,163.0

8,452.7

11,426.2

iShares Euro STOXX 50 (DE)

SX5EEX GR

BlackRock

Beta

8,158.5

7,457.9

5,193.6

Lyxor UCITS ETF Euro STOXX 50

MSE FP

Lyxor

Beta

7,760.7

6,924.9

5,949.9

iShares EURO STOXX 50 UCITS ETF (Inc)

EUNE SW

BlackRock

Beta

6,524.5

6,187.9

5,153.8

iShares STOXX 600 (DE)

SXXPIEX GR

BlackRock

Beta

5,859.2

5,159.0

3,681.6

iShares MSCI Europe UCITS ETF (Inc)

IMEU LN

BlackRock

Beta

5,565.1

5,015.2

3,923.6

iShares MSCI World UCITS ETF (Inc)

IWRD LN

BlackRock

Beta

5,563.1

5,063.3

6,516.2

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D

XESX GR

Deutsche AWM

Beta

5,399.7

4,803.5

2,879.5

iShares FTSE 100 UCITS ETF (Inc)

ISF LN

BlackRock

Beta

5,210.3

4,770.1

4,927.9

db x-trackers DAX® UCITS ETF (DR) 1C

XDAX GR

Deutsche AWM

Beta

5,062.2

4,303.3

2,972.9

iShares Core MSCI World UCITS ETF (Acc)

SWDA LN

BlackRock

Beta

4,374.3

4,052.2

2,072.6

Lyxor UCITS ETF CAC 40 (DR) -D-EUR

CAC FP

Lyxor

Beta

3,968.3

3,598.5

2,541.6

iShares MSCI Japan EUR Hedged UCITS ETF

IJPE LN

Blackrock

Beta

3,573.3

3,242.1

3,566.5

iShares MSCI Emerging Markets UCITS ETF (Inc)

IEEM LN

BlackRock

Beta

3,524.7

3,069.9

4,185.3

db x-trackers MSCI Europe Index UCITS ETF (DR)

XMEU GR

Deutsche AWM

Beta

3,119.9

2,902.1

1,927.1

iShares Developed Markets Property Yield UCITS ETF

IWDP LN

BlackRock

Beta

2,858.0

2,619.7

2,369.3

iShares SMI CH

CSSMI SW

BlackRock

Beta

2,695.6

2,594.3

2,640.1

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 101: Top 20 Products by AUM – Fixed Income ETFs (€ million)

| ETFs | Europe | Invest. Strategy

Current Month AUM

Prev. Month AUM

ETF Name

BBG Ticker

Issuer

iShares Euro Corporate Bond UCITS ETF

IEBC LN

BlackRock

Beta

6,058.6

5,826.0

2014 AUM 4,912.4

iShares Euro Corporate Bond Large Cap UCITS ETF

IBCS GR

BlackRock

Beta

3,918.0

3,739.0

4,743.6

iShares Euro High Yield Corporate Bond UCITS ETF

IHYG LN

BlackRock

Beta

3,757.5

3,320.8

2,653.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF

SEMB LN

BlackRock

Beta

3,465.8

3,329.4

3,066.2

iShares $ Corporate Bond UCITS ETF

LQDE LN

BlackRock

Beta

3,302.0

2,923.0

1,758.5

PIMCO Euro Short Maturity Source UCITS ETF

PJS1 GR

Source

Alpha

2,827.5

2,607.5

1,612.1

iShares $ High Yield Corporate Bond UCITS ETF

SHYU LN

BlackRock

Beta

2,489.6

2,213.4

1,003.3

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF

XY4P GR

Deutsche AWM

Beta

2,271.3

2,117.9

1,730.0

iShares £ Corporate Bond UCITS ETF

SLXX LN

BlackRock

Beta

1,991.3

1,905.3

1,612.8

iShares UK Gilts UCITS ETF

IGLT LN

BlackRock

Beta

1,945.5

1,799.6

1,306.5

iShares Euro Aggregate Bond UCITS ETF

SEAG LN

BlackRock

Beta

1,905.0

1,859.9

1,641.1

iShares Emerging Markets Local Government Bond UCITS ETF

SEML LN

Blackrock

Beta

1,844.4

1,388.0

1,563.8

iShares Euro Corporate Bond ex-Financials UCITS ETF

EEXF LN

BlackRock

Beta

1,843.4

1,788.3

2,084.6

iShares $ Treasury Bond 1-3yr UCITS ETF

IBTS LN

BlackRock

Beta

1,833.8

1,961.9

2,260.1

iShares Euro Corporate Bond 1-5yr UCITS ETF

SE15 LN

BlackRock

Beta

1,797.6

1,833.5

1,133.0

iShares $ Treasury Bond 7-10yr UCITS ETF

IDTM LN

BlackRock

Beta

1,733.9

1,690.6

1,088.3

iShares Euro Government Bond 3-5yr UCITS ETF

IEGX LN

BlackRock

Beta

1,708.2

1,609.2

1,311.3

iShares Euro Government Bond UCITS ETF

IEGA LN

BlackRock

Beta

1,630.7

1,441.9

1,036.5

db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF

XYP1 GY

Deutsche AWM

Beta

1,479.1

1,380.7

980.9

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF

X1G FP

Amundi

Beta

1,447.9

1,374.8

1,582.3

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 63


9 November 2015 European Monthly ETF Market Review

Figure 102: Top 20 Products by AUM – Commodity ETPs (€ million)

| ETPs | Europe | Invest. Strategy

Current Month AUM

Prev. Month AUM

ETP Name

BBG Ticker

Issuer

ZKB Gold ETF

ZGLD SW

Zuercher Kantonalbank

Beta

4,514.6

4,393.2

2014 AUM 4,550.0

ETFS Physical Gold

PHAU LN

ETF Securities

Beta

3,463.6

3,304.2

3,896.5

Gold Bullion Securities

GBS LN

ETF Securities

Beta

2,395.0

2,253.7

2,684.6

Source Physical Gold ETC (P-ETC)

SGLD LN

Source

Beta

1,733.3

1,589.7

1,382.3

XETRA-Gold

XAUEUR

Deutsche Borse Commodities GmbH

Beta

1,671.7

1,612.4

1,571.8

Julius Baer Physical Gold Fund - A (USD listing)

JBGOUA SW

Julius Baer Inv

Beta

1,480.7

1,445.3

1,607.6

ZKB Silver ETF

ZSIL SW

Zuercher Kantonalbank

Beta

1,022.4

962.3

1,033.1

Lyxor ETF Commodities CRB

CRB FP

Lyxor

Beta

750.9

699.5

618.9

ETFS WTI Crude Oil

CRUD LN

ETF Securities

Beta

688.1

546.3

200.7

iShares Dow Jones UBS Commodity Swap (DE)

DJCOMEX GR

BlackRock

Beta

674.2

599.2

488.2

ETFS Physical Silver

PHAG LN

ETF Securities

Beta

585.6

558.6

461.4

UBS-IS Gold (CHF) Hedged ETF A

AUCHAH SW

UBS

Beta

490.9

481.2

430.8

db Physical Gold ETC

XGLD LN

Deutsche AWM

Beta

456.0

459.8

511.4

db Physical Gold Euro Hedged ETC

XAD1 GR

Deutsche AWM

Beta

445.2

434.8

446.0

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc

CCUSAS SW

UBS

Beta

422.5

429.7

312.8

iShares Physical Gold ETC

SGLN LN

Blackrock

Beta

379.6

354.9

151.7

db Physical Gold ETC (EUR)

XAD5 GR

Deutsche AWM

Beta

377.9

364.7

284.2

iShares Gold CHF Hedged CH

CSGLDC SW

BlackRock

Beta

299.1

286.1

309.6

iShares Gold CH

CSGOLD SW

BlackRock

Beta

296.7

290.4

670.2

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged

XDBC GR

Deutsche AWM

Beta

291.2

288.3

517.6

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 64

Deutsche Bank AG/London


Figure 103: Top 20 US ETF Brokers

| ETFs | US | Value Trade Summary

Volume Trade Summary

Oct-15

Rank Broker

Advertised value ($ million)

Market Share

YTD

Oct-15

Advertised Trades

Advertised value ($ million)

Market Share

Advertised Trades Broker 2,354,136 (MLCO) MERRILL LYNCH

1

(KCG) KCG HOLDINGS, INC.

182,341

17.66%

284,478

1,630,284

14.38%

2

(MLCO) MERRILL LYNCH

172,844

16.74%

49,229

2,803,622

24.73%

3

(UBS) UBS INVESTMENT BANK

101,658

9.85%

41,568

989,496

4

(CSFB) CREDIT SUISSE

90,707

8.79%

21,667

939,778

5

(JPM) JP MORGAN

65,438

6.34%

8,618

493,943

4.36%

6

(CITI) CITIGROUP GLOBAL MARKE

55,458

5.37%

19,091

573,834

7

(DBAB) DEUTSCHE BANK SECURITI

53,580

5.19%

24,030

8

(MSCO) MORGAN STANLEY

41,134

3.98%

Advertised volume (million)

Market Share

YTD Advertised Trades

Advertised volume (million)

Market Share

Advertised Trades

3,212

18.54%

49,232

37,386

21.82%

483,573

483,552 (KCG) KCG HOLDINGS, INC.

2,929

16.91%

284,478

26,078

15.22%

2,354,169

8.73%

406,946 (UBS) UBS INVESTMENT BANK

1,697

9.79%

41,568

16,163

9.43%

406,949

8.29%

211,034 (CSFB) CREDIT SUISSE

1,492

8.61%

21,765

14,559

8.50%

211,899

81,699 (CITI) CITIGROUP GLOBAL MARKE

988

5.70%

19,091

9,574

5.59%

190,033

5.06%

190,031 (DBAB) DEUTSCHE BANK SECURITI

960

5.54%

24,030

8,038

4.69%

204,769

447,472

3.95%

204,765 (JPM) JP MORGAN

953

5.50%

8,618

6,693

3.91%

81,700

15,246

375,852

3.32%

144,751 (GSHT) GOLDMAN, SACHS & CO.

754

4.35%

51,974

6,644

3.88%

666,318

666,314 (MSCO) MORGAN STANLEY

619

3.57%

15,246

4,886

2.85%

144,753

411

2.37%

124,825

4,178

2.44%

1,373,339 327,475

9

(GSHT) GOLDMAN, SACHS & CO.

40,166

3.89%

51,974

370,840

3.27%

10

(GSLT) GOLDMAN SACHS ELECTRON

31,152

3.02%

124,825

334,286

2.95%

11

(BCET) BARCLAYS CAPITAL INC.

22,777

2.21%

39,684

184,581

1.63%

327,475 (BCET) BARCLAYS CAPITAL INC.

377

2.18%

39,684

2,824

1.65%

12

(BCAP) BARCLAYS CAPITAL

21,368

2.07%

19,832

220,070

1.94%

175,173 (BNPP) BNP PARIBAS

358

2.07%

5,412

2,364

1.38%

59,925

13

(FCM) FIDELITY CAPITAL MARKET

17,018

1.65%

15,855

326,236

2.88%

417,200 (BCAP) BARCLAYS CAPITAL

357

2.06%

19,832

3,503

2.04%

175,175

14

(CVGX) CONVERGEX

16,753

1.62%

26,306

138,821

1.22%

235,977 (FCM) FIDELITY CAPITAL MARKET

280

1.62%

15,855

5,893

3.44%

417,200

15

(INCA) INSTINET

15,887

1.54%

7,633

193,649

1.71%

123,539 (CVGX) CONVERGEX

276

1.59%

26,306

2,328

1.36%

235,978

16

(JEFF) JEFFERIES & CO., INC.

15,515

1.50%

15,713

136,223

1.20%

133,529 (RBC) ROYAL BANK OF CANADA

210

1.21%

14,172

736

0.43%

117,192

17

(BNPP) BNP PARIBAS

11,651

1.13%

5,412

98,769

0.87%

207

1.20%

15,713

1,754

1.02%

133,529

18

(RBC) ROYAL BANK OF CANADA

10,701

1.04%

14,172

41,848

0.37%

173

1.00%

7,633

2,157

1.26%

123,544

19

(CANT) CANTOR FITZGERALD L.P.

9,184

0.89%

5,258

125,745

1.11%

75,374 (CANT) CANTOR FITZGERALD L.P.

164

0.95%

5,259

2,280

1.33%

75,381

20

(BTIG) BTIG LLC

4,271

0.41%

1,402

32,349

0.29%

13,327 (WBET) WALLACHBETH CAPITAL LL

78

0.45%

248

1,111

0.65%

3,223

52,872

5.12%

113,074

879,157

7.75%

829

4.79%

114,228

12,214

7.13%

1,431,479

1,032,475

100.00%

905,067

11,336,856

100.00%

17,326

100.00%

905,169

171,363

100.00%

9,217,603

Other Total

1,373,331 (GSLT) GOLDMAN SACHS ELECTRON

59,925 (JEFF) JEFFERIES & CO., INC. 117,192 (INCA) INSTINET

1,421,290 Other 9,216,560 Total

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

9 November 2015

US ETP Broker Rankings

European Monthly ETF Market Review

Deutsche Bank AG/London

9. ETF Broker rankings

Page 65


Volume Trade Summary

Oct-15

Rank Broker

Advertised value ($ million)

Market Share

YTD Advertised Trades

Advertised value ($ million)

Market Share

Oct-15 Advertised Trades Broker

1

(KCG) KCG HOLDINGS, INC.

9,346

27.26%

25,492

84,453

21.81%

2

(UBS) UBS INVESTMENT BANK

5,499

16.04%

2,276

49,336

12.74%

3

(CITI) CITIGROUP GLOBAL MARKE

4,195

12.23%

1,053

36,950

9.54%

4

(MLCO) MERRILL LYNCH

4,085

11.91%

2,175

69,411

17.93%

5

(CSFB) CREDIT SUISSE

2,621

7.65%

1,071

29,564

7.64%

6

(BCET) BARCLAYS CAPITAL INC.

1,376

4.01%

3,515

8,041

2.08%

7

(DBAB) DEUTSCHE BANK SECURITI

943

2.75%

856

8,287

2.14%

8

(JPM) JP MORGAN

801

2.33%

379

9,622

2.48%

9

(GSHT) GOLDMAN, SACHS & CO.

707

2.06%

2,501

7,454

1.93%

10

(GSLT) GOLDMAN SACHS ELECTRON

601

1.75%

7,353

10,446

2.70%

11

(MSCO) MORGAN STANLEY

589

1.72%

741

6,803

1.76%

12

(FCM) FIDELITY CAPITAL MARKET

485

1.42%

1,270

19,780

5.11%

44,274 (RBC) ROYAL BANK OF CANADA

13

(CVGX) CONVERGEX

452

1.32%

1,256

4,909

1.27%

12,074 (GSLT) GOLDMAN SACHS ELECTRON

14

(INCA) INSTINET

425

1.24%

502

6,492

1.68%

15

(BCAP) BARCLAYS CAPITAL

411

1.20%

1,345

3,654

0.94%

16

(RBC) ROYAL BANK OF CANADA

354

1.03%

366

2,705

0.70%

17

(ITGI) INVESTMENT TECHNOLOGY

171

0.50%

307

662

0.17%

5,458 (BNPP) BNP PARIBAS

18

(BNPP) BNP PARIBAS

168

0.49%

215

2,219

0.57%

19

(CANT) CANTOR FITZGERALD L.P.

118

0.34%

192

1,365

20

(JEFF) JEFFERIES & CO., INC.

118

0.34%

475

Other

820

2.39%

34,288

100.00%

Total

212,114 (KCG) KCG HOLDINGS, INC.

Advertised volume (million)

Market Share

YTD Advertised Trades

Advertised volume (million)

Market Share

Advertised Trades

320

26.84%

25,492

2,798

21.10%

212,114

23,089 (UBS) UBS INVESTMENT BANK

218

18.28%

2,276

1,767

13.33%

23,089

10,673 (MLCO) MERRILL LYNCH

145

12.15%

2,175

2,538

19.13%

25,019

25,019 (CITI) CITIGROUP GLOBAL MARKE

107

8.98%

1,053

1,243

9.38%

10,673

10,674 (CSFB) CREDIT SUISSE

91

7.60%

1,072

993

7.49%

10,709

28,232 (BCET) BARCLAYS CAPITAL INC.

39

3.27%

3,515

275

2.07%

28,232

7,979 (DBAB) DEUTSCHE BANK SECURITI

37

3.08%

856

259

1.96%

7,979

4,150 (JPM) JP MORGAN

26

2.16%

379

282

2.12%

4,150

29,234 (MSCO) MORGAN STANLEY

25

2.10%

741

263

1.98%

8,837

93,378 (GSHT) GOLDMAN, SACHS & CO.

23

1.90%

2,501

206

1.55%

29,234

8,837 (FCM) FIDELITY CAPITAL MARKET

21

1.79%

1,270

818

6.17%

44,274

20

1.71%

366

76

0.57%

10,464

20

1.65%

7,353

293

2.21%

93,378

7,506 (BCAP) BARCLAYS CAPITAL

17

1.41%

1,345

136

1.03%

9,669

9,669 (CVGX) CONVERGEX

13

1.06%

1,256

165

1.24%

12,074

11

0.96%

502

191

1.44%

7,506

7

0.56%

215

77

0.58%

3,942

3,942 (ITGI) INVESTMENT TECHNOLOGY

6

0.48%

307

17

0.13%

5,458

0.35%

3,036 (BMOC) BMO CAPITAL MARKETS

6

0.48%

112

25

0.19%

1,283

1,572

0.41%

6,035 (CANT) CANTOR FITZGERALD L.P.

6

0.47%

192

57

0.43%

3,036

4,371

23,485

6.07%

36

3.06%

4,734

784

5.91%

64,533

57,711

387,211

100.00%

1,193

100.00%

57,712

13,263

100.00%

615,653

10,464 (INCA) INSTINET

59,778 Other 615,615 Total

Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

9 November 2015

| ETVs | US | Value Trade Summary

European Monthly ETF Market Review

Page 66

Figure 104: Top 20 US ETV Brokers

Deutsche Bank AG/London


| ETFs | Europe |

Value Trade Summary

Volume Trade Summary

Oct-15

Rank Broker

Advertised value (€ million)

Market Share

YTD Advertised Trades

Advertised value (€ million)

Market Share

Oct-15 Advertised Trades Broker 204,466 (CBK) COMMERZBANK

Advertised volume (million)

Market Share

YTD Advertised Trades

Advertised volume (million)

Market Share

Advertised Trades

1

(CBK) COMMERZBANK

9,473

12.22%

18,863

132,893

14.82%

235

11.01%

18,863

3,343

13.20%

206,065

2

(CITI) CITIGROUP GLOBAL MARKE

6,286

8.11%

3,035

61,219

6.83%

29,650 (SIS) SUSQUEHANNA INTERNATION

198

9.26%

2,987

2,309

9.12%

31,998

3

(FLOW) FLOW TRADERS

6,245

8.05%

3,983

65,250

7.28%

40,618 (FLOW) FLOW TRADERS

176

8.21%

4,209

1,895

7.48%

41,535

4

(SIS) SUSQUEHANNA INTERNATION

5,987

7.72%

2,983

75,032

8.37%

31,945 (CITI) CITIGROUP GLOBAL MARKE

138

6.45%

3,035

1,598

6.31%

29,660

5

(BNPP) BNP PARIBAS

4,721

6.09%

4,622

56,497

6.30%

45,900 (KCG) KCG HOLDINGS, INC.

116

5.41%

5,585

993

3.92%

51,617

6

(JPMH) JPMORGAN CHASE BANK, N

3,936

5.08%

2,533

41,489

4.63%

26,302 (CSFB) CREDIT SUISSE

93

4.35%

2,965

1,016

4.01%

30,714

7

(UNIC) UNICREDIT

3,535

4.56%

1,139

31,393

3.50%

10,126 (WINS) WINTERFLOOD SECURITIES

87

4.05%

5,895

873

3.45%

60,651

8

(DBK) DEUTSCHE BANK AG

3,175

4.09%

1,391

46,396

5.18%

15,141 (UNIC) UNICREDIT

86

4.04%

1,146

654

2.58%

10,148

9

(CSFB) CREDIT SUISSE

3,146

4.06%

2,912

38,752

4.32%

30,031 (JPMH) JPMORGAN CHASE BANK, N

86

4.02%

2,533

871

3.44%

26,328

10

(BCAP) BARCLAYS CAPITAL

2,973

3.83%

2,649

31,527

3.52%

24,963 (BNPP) BNP PARIBAS

85

3.99%

4,642

1,060

4.19%

46,090

11

(SGSA) SOCIETE GENERALE

2,939

3.79%

2,490

8,098

0.90%

6,340 (SGSA) SOCIETE GENERALE

75

3.49%

2,490

215

0.85%

6,340

12

(UBS) UBS INVESTMENT BANK

2,742

3.54%

406

30,426

3.39%

7,647 (UBS) UBS INVESTMENT BANK

72

3.37%

406

1,042

4.11%

7,649

13

(KCG) KCG HOLDINGS, INC.

2,673

3.45%

5,584

21,526

2.40%

51,614 (BCAP) BARCLAYS CAPITAL

70

3.27%

2,649

862

3.40%

24,976

14

(GSHT) GOLDMAN, SACHS & CO.

2,292

2.96%

5,789

25,726

2.87%

51,002 (MSCO) MORGAN STANLEY

61

2.87%

1,545

840

3.32%

18,122

15

(MSCO) MORGAN STANLEY

2,167

2.79%

1,545

30,352

3.39%

18,118 (DBK) DEUTSCHE BANK AG

58

2.70%

1,393

1,073

4.24%

15,155

16

(BFIN) BLUEFIN EUROPE LLP

1,964

2.53%

398

15,907

1.77%

58

2.69%

2,988

676

2.67%

26,504

17

(WINS) WINTERFLOOD SECURITIES

1,891

2.44%

5,877

19,666

2.19%

41

1.91%

904

368

1.45%

6,986

18

(MLCO) MERRILL LYNCH

1,364

1.76%

904

12,647

1.41%

39

1.81%

1,981

394

1.55%

25,208

19

(KEPL) KEPLER CAPITAL MARKETS

1,280

1.65%

1,981

11,220

1.25%

25,206 (GSHT) GOLDMAN, SACHS & CO.

37

1.75%

5,789

469

1.85%

51,008

20

(CANT) CANTOR FITZGERALD L.P.

1,032

1.33%

1,701

18,721

2.09%

20,395 (CANT) CANTOR FITZGERALD L.P.

32

1.50%

1,702

615

2.43%

20,410

Other

7,727

9.96%

29,084

121,746

13.58%

296

13.84%

26,557

4,157

16.42%

312,560

Total

77,549

100.00%

99,869

896,483

100.00%

2,139

100.00%

100,264

25,323

100.00%

1,049,724

2,236 (MLCE) BANK OF AMERICA MERRIL 60,620 (MLCO) MERRILL LYNCH 6,986 (KEPL) KEPLER CAPITAL MARKETS

336,415 Other 1,045,721 Total

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

9 November 2015

Figure 105: Top 20 European ETF brokers

European Monthly ETF Market Review

Deutsche Bank AG/London

European ETP Broker Rankings

Page 67


Volume Trade Summary

Oct-15

Rank Broker

Advertised value (€ million)

Market Share

YTD Advertised Trades

Advertised value (€ million)

Market Share

Oct-15 Advertised Trades Broker

Advertised volume (million)

Market Share

YTD Advertised Trades

Advertised volume (million)

Market Share

Advertised Trades

1

(CBK) COMMERZBANK

209

10.84%

690

1,862

7.29%

7,590 (CSFB) CREDIT SUISSE

91

21.81%

126

153

3.49%

1,478

2

(CITI) CITIGROUP GLOBAL MARKE

197

10.21%

302

1,779

6.96%

3,244 (WINS) WINTERFLOOD SECURITIES

86

20.61%

1,648

1,095

25.03%

17,251

3

(KCG) KCG HOLDINGS, INC.

185

9.57%

598

862

3.37%

4,442 (SIS) SUSQUEHANNA INTERNATION

31

7.36%

16

80

1.83%

162

4

(MSCO) MORGAN STANLEY

162

8.37%

194

2,450

9.59%

2,504 (CITI) CITIGROUP GLOBAL MARKE

28

6.75%

302

225

5.15%

3,245

5

(FLOW) FLOW TRADERS

161

8.33%

159

1,419

5.55%

1,722 (HSBC) HSBC GROUP PLC

17

4.09%

83

41

0.94%

1,530

6

(WINS) WINTERFLOOD SECURITIES

152

7.89%

1,648

1,842

7.21%

16

3.83%

79

194

4.44%

1,156

7

(UBS) UBS INVESTMENT BANK

113

5.84%

79

1,131

4.43%

15

3.70%

167

117

2.68%

1,782

8

(MACQ) MACQUARIE SECURITIES

110

5.68%

78

1,810

7.08%

15

3.63%

598

98

2.24%

4,442

9

(HSBC) HSBC GROUP PLC

81

4.19%

83

785

3.07%

15

3.48%

171

143

3.27%

2,402

10

(SGSA) SOCIETE GENERALE

71

3.66%

91

124

0.48%

14

3.25%

247

313

7.15%

3,898

11

(CANT) CANTOR FITZGERALD L.P.

54

2.80%

300

884

3.46%

12

2.89%

194

71

1.63%

2,504

12

(BFIN) BLUEFIN EUROPE LLP

51

2.64%

43

982

3.84%

511 (CANT) CANTOR FITZGERALD L.P.

11

2.67%

300

309

7.07%

3,686

13

(SIS) SUSQUEHANNA INTERNATION

38

1.99%

16

450

1.76%

161 (CBK) COMMERZBANK

9

2.18%

690

100

2.29%

7,611

14

(DBK) DEUTSCHE BANK AG

38

1.99%

41

1,468

5.74%

375 (BFIN) BLUEFIN EUROPE LLP

9

2.14%

43

216

4.94%

511

15

(CSFB) CREDIT SUISSE

36

1.88%

126

1,405

5.50%

1,468 (INCA) INSTINET

8

1.91%

85

147

3.37%

919

16

(MLCE) BANK OF AMERICA MERRIL

29

1.50%

419

387

1.51%

3,977 (MLCE) BANK OF AMERICA MERRIL

6

1.50%

419

165

3.77%

3,978

17

(BNPP) BNP PARIBAS

28

1.43%

22

640

2.50%

252 (MACQ) MACQUARIE SECURITIES

6

1.50%

78

172

3.93%

520

18

(INTM) INTERMONTE SIM SPA

26

1.37%

11

40

0.15%

18 (MED) MEDIOBANCA SPA

5

1.20%

904

62

1.41%

9,065

19

(MLCO) MERRILL LYNCH

22

1.16%

25

840

3.29%

304 (SGSA) SOCIETE GENERALE

4

0.92%

91

7

0.17%

182

20

(ITGE) ITG EUROPE

21

1.07%

3

113

0.44%

3

0.76%

287

47

1.07%

3,117

147

7.60%

2,618

4,280

16.75%

30,343 Other

16

3.82%

1,028

618

14.12%

11,967

1,932

100.00%

7,546

25,553

100.00%

81,276 Total

417

100.00%

7,556

4,374

100.00%

81,406

Other Total

17,251 (UBS) UBS INVESTMENT BANK 1,156 (FLOW) FLOW TRADERS 520 (KCG) KCG HOLDINGS, INC. 1,530 (KEPL) KEPLER CAPITAL MARKETS 182 (DBKE) DEUTSCHE BANK AG, AUTO 3,686 (MSCO) MORGAN STANLEY

40 (CVGX) CONVERGEX

Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

9 November 2015

| ETCs | Europe |

Value Trade Summary

European Monthly ETF Market Review

Page 68

Figure 106: Top 20 European ETC brokers

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

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 exchangetraded 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 2014. The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451 products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US. Figure 107: ETP Coverage Universe Summary ETPs Region

Products

US$ Mil.

ETFs %

Products

US$ Mil.

ETC/Vs %

Products

US$ Mil.

%

US

1,450

1,979,179

72.7%

1,380

1,922,462

70.6%

70

56,717

2.1%

Europe

1,869

459,225

16.9%

1,418

438,870

16.1%

451

20,355

0.7%

Asia Pacific

674

201,756

7.4%

659

201,354

7.4%

15

405

0.0%

RoW

454

81,059

3.0%

449

77,846

2.9%

5

3,213

0.1%

4,447

2,721,220

100.0%

3,906

2,640,532

97.0%

541

80,691

3.0%

Global

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Exchange-Traded Funds (ETFs, 97%) US (71%): 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%): 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 (7%): Both European and US ETFs are cross sold into the Asian market. Exchange-Traded Collateralized Instruments (3%) Exchange-Traded Commodities (ETCs, 1%) 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, 2%) 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.

Deutsche Bank AG/London

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9 November 2015 European Monthly ETF Market Review

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 108: The Roadmap From Beta (β) to Alpha (α) Beta

Beta Key Characteristics: - Diversification rules apply - Long only exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Match very closely index return profile Risk profile: Match very closely index risk profile

Alpha

Alpha Key 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 segment Return profile: Aims to generate positive returns Risk profile: Dependent on investment decisions

Beta

Alpha

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 segment Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile

Beta Multiplied

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 se Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile

Beta Adjusted

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.

Page 70

Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

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.

Deutsche Bank AG/London

Page 71


9 November 2015 European Monthly ETF Market Review

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. Anil Gademsetty Equity rating key 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 shareholder 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:

Equity rating dispersion and banking relationships 400 350 300 250 200 150 100 50 0

56 %

40 % 49 %

40 % 5 %4 1 %

Buy

Hold

Companies Covered

Sell

Cos. w/ Banking Relationship

European Universe

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 12month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

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Deutsche Bank AG/London


9 November 2015 European Monthly ETF Market Review

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.

Deutsche Bank AG/London

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Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. 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. 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 Page 74

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9 November 2015 European Monthly ETF Market Review

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. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the 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 Korea:

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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. 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 Deutsche Bank AG/London

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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 not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. 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 Š 2015 Deutsche Bank AG

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David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research

Marcel Cassard Global Head FICC Research & Global Macro Economics

Steve Pollard Global Head Equity Research

Michael Spencer Regional Head Asia Pacific Research

Ralf Hoffmann Regional Head Deutsche Bank Research, Germany

Andreas Neubauer Regional Head Equity Research, Germany

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