Mixed Fixed Income Positioning in May, Broad Equity Allocation

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1 Deutsche Bank Research Europe Synthetic Equity & Index Strategy Europe Monthly ETF Market Review Date 11 June 2014 Mixed Fixed Income Positioning in May, Broad Equity Allocation Data in this report is as of 30 May 2014 European ETP Highlights As of the end of May 2014, global ETP assets approached $2.41 trillion ( 1.77 trillion) rising by $57.2bn for the month of May. European ETPs received + 4.6bn of cash inflows. Equity exposed ETFs benefitted most by gathering + 3.5bn, while fixed income products had yet another positive month collecting + 1.4bn of cash in-flows. Commodity based ETFs listed in Europe saw modest outflows of - 0.3bn. ETF flows show no clear trend in equity allocation Our analysis suggests that investment in ETFs with equity exposure to be distributed across North America, Europe and Emerging Markets, with no clear preference for regions. Contributors Ari Rajendra Strategist (+44) ari.rajendra@db.com Sebastian Mercado Strategist (+1) sebastian.mercado@db.com Shan Lan Strategist (+852) shan.lan@db.com In the fixed income space, we continue to see investment being made into Emerging Market Government Bond indices as shown in our Top 10 monthly Fixed Income inflows on Figure 56. We also observed mixed flows among ETFs benchmarked to European Sovereigns likely due to the uncertainty of the extent of monetary policy easing at the ECB meeting on June 5th. ishares to merge three US ETFs listed in Europe ishares announced its plan to merge three European listed ETFs with exposure to US equity markets to create a single large fund. The ETFs concerned are ishares S&P 500 UCITS ETF (SACC LN), ishares Core S&P 500 UCITS ETF (CSSPX SW) and MSCI USA Large Cap UCITS ETF (CSUSL SW). The newly consolidated ETF will have assets under management of over 2.9bn and will be competitively priced at 0.07% TER. 12 further db x-trackers ETFs to convert to physical Deutsche Asset & Wealth Management announced that 12 products will be converted from synthetic replication to physical replication. The ETFs are mostly with exposure to Asia Pacific region and has in aggregate approximately 2.5bn of assets under management. The conversion will be carried out between July 7 th 2014 and December 31 st 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) 148/04/2014.

2 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 4 Product Launch Activity... 4 Other regions cash flow summary Investment Trends... 7 Cross-Asset Class ETPs... 7 Equity ETFs... 7 Fixed Income ETFs Commodity ETPs Market Metrics ETF Industry Asset Evolution ETFs vs. Cash Equities ETFs vs. Unlisted Mutual Funds European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis Asset Class Cash Flow Analysis Product Rankings Product Review New Products Launched in the Month Average TERs Provider Rankings Global Provider Rankings European Provider Rankings General European Provider Rankings by Asset Class European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Asset Class Analysis Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class Asset Class Analysis Product Rankings ETF Broker rankings US ETP Broker Rankings European ETP Broker Rankings Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 European Investment Trends Europe: Equity and fixed income ETFs collected healthy inflows, commodities enter into negative territory European domiciled ETPs continued the previous month s trend recording + 4.6bn of inflows in May (+ 6.3bn in April). Equity ETFs contributed most to this gain, experiencing inflows of + 3.5bn. However, we observed no clear equity investment trend from ETF investors as we found that inflows were distributed across equities in Europe, North America and Emerging Markets. This is not surprising given all three regions had positive market performances for the month of May. Emerging Markets in particular was up significantly driven by EM Asia and EM EMEA. In the fixed income space, we continue to see investment being made into Emerging Market Government Bond indices as shown in our Top 10 monthly Fixed Income inflows on Figure 56. We also saw mixed flows among ETFs tracking European Sovereigns likely due to the uncertainty of the extent of monetary policy easing at the ECB meeting on June 5th. ishares to merge three US ETFs listed in Europe There were two stand-out products by ishares that received significant inflows in May; ishares DAX (DAXEX GR) and ishares Core S&P 500 UCITS ETF (CSSPX SW). Both ETFs benefitted from over + 500mn of cash inflows. The S&P 500 UCITS ETF is worth highlighting as ishares announced its plan to merge three European listed ETFs with exposure to US equity markets to create a single large fund. The ETFs concerned are ishares S&P 500 UCITS ETF (SACC LN), ishares Core S&P 500 UCITS ETF (CSSPX SW) and MSCI USA Large Cap UCITS ETF (CSUSL SW). Figure 1 below shows the attributes of each ETF. Figure 1: ishares ETFs subject to consolidation BBG Ticker ETP Name Benchmark AUM ( mn) - 30 May 2014 TER SACC LN ishares S&P 500 UCITS ETF (Acc) S&P % CSSPX SW ishares Core S&P 500 UCITS ETF S&P 500 1, % CSUSL SW ishares MSCI USA Large Cap UCITS ETF MSCI USA Large Cap % Source: Deutsche Bank, Bloomberg Finance LP, Reuters The merger of SACC has received shareholder approval and is expected to be effective on August 4th. The EGM for CSUSL will be held on June 12th. The proposed new consolidated fund will retain the fee structure of CSSPX creating a 2.9bn fund which will be competitively priced at 0.07% TER. The new fund will be tracking the S&P 500 Net Total Return index (SPTR500N). This has obviously been a positive move for ishares as evidenced by the significant inflows into the product in May. Deutsche AWM announced its intention to convert 12 further products to physical Deutsche Asset & Wealth Management (DeAWM) announced in early June that it will be converting 12 further products from synthetic to physical replication. This move reiterates their commitment towards becoming a prominent provider of Direct Replication ETFs in Europe. The products are mostly equity ETFs with exposure to the Asia Pacific region. Figure 2 below lists the 12 ETFs which will be converted. Deutsche Bank AG/London Page 3

4 Figure 2: 12 db x-trackers ETFs to be converted to physical BBG Ticker ETP Name Benchmark AUM ( mn) - 30 May 2014 XMJP GR db x-trackers MSCI Japan Index UCITS ETF MSCI Japan XPXJ GR db x-trackers MSCI Pacific ex-japan TRN Index UCITS ETF MSCI AC Pacific ex-japan XMKO GR db x-trackers MSCI Korea TRN Index UCITS ETF MSCI Korea XX25 GR db x-trackers FTSE/Xinhua China 25 UCITS ETF FTSE China XCS6 GY db x-trackers MSCI China TRN Index UCITS ETF MSCI China XMBR GR db x-trackers MSCI Brazil TRN Index UCITS ETF MSCI Brazil XMTW GR db x-trackers MSCI Taiwan TRN Index UCITS ETF MSCI Taiwan XAUS GR db x-trackers S&P/ASX 200 UCITS ETF S&P/ASX XPQP GY db x-trackers MSCI Philippines IM TRN Index UCITS ETF MSCI Philippines Investable Market 40.6 XCS4 GY db x-trackers MSCI Thailand TRN Index UCITS ETF MSCI Thailand 27.8 XCS3 GY db x-trackers MSCI Malaysia TRN Index UCITS ETF MSCI Malaysia 24.4 XBAS GY db x-trackers MSCI Singapore IM TRN Index UCITS ETF MSCI Singapore IM TRN ,496.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters As shown in Figure 2 above, the combined assets of the 12 ETFs aggregates to almost 2.5 billion. The current split between synthetic and physical ETFs is 28.7% : 71.3% and this is anticipated to move to 27.9%: 72.1% once the conversion is complete. The switch is intended to be carried out between July 7th 2014 and December 31st ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 6.6% (from 6.8% in Apr 14) as of the end of May The equivalent number for the US market decreased to 22.9% over the same period (from 24.1% in Apr 14). European ETFs comprised 3% of the continent s mutual fund industry as of March European domiciled ETFs registered inflows of + 0.9bn through March 2014, while UCITS mutual funds registered inflows totalling bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 13.2% of the mutual fund industry as of the end of April US domiciled ETFs registered inflows of +$20.7bn in April 2014, while US mutual funds registered inflows of +$16.9bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in May: Seven new products The European ETP industry registered 7 new product launches during May including 6 equity and 1 fixed income ETFs. ETF launches: Equity ETF Securities Ltd listed two equity ETFs during May. One of these ETFs (CASE LN) is an RQFII ETF which provides access to China A-shares market and was listed on the London Stock Exchange. Another equity ETF (XMLP GY) tracks Solactive US Energy Infrastructure MLP Index. This ETF was listed on the Deutsche Borse. 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 Page 4 Deutsche Bank AG/London

5 Lyxor listed one equity ETF (ITAMID IM) on the Borsa Italiana tracking FTSE Italia Mid Cap Net Tax Index. Another equity ETF (PRUS FP) was launched which tracks the performance of leading Russian GDRs. This ETF was listed on the NYSE Euronext Paris. Deutsche AWM listed one equity ETF (XD9U GY) with physical replication tracking MSCI USA Total Return Index. This ETF was listed on the Deutsche Borse. Deka Investment GmbH listed one equity ETF (ELF1 GY) on the Deutsche Borse tracking MDAX Index. Fixed Income The only fixed income ETF (X13G FP) of the month was listed by Amundi benchmarked to EuroMTS Lowest Rated IG Govt. Capped 1-3 Index. This ETF was listed on the NYSE Euronext Paris. For additional information on new product launches and listings please refer to Figure 63. Other regions cash flow summary US: Fixed Income ETFs steal the show with strong inflows US domiciled ETPs recorded inflows of +$12.7bn (+$19.5bn) for May (Apr 14) taking YTD flows total to +$46.7bn. Fixed income ETFs had the lion s share in total US ETP flows with +$11.7bn (+$3.5bn in Apr 14). Equity ETFs lag behind with marginal inflows of +$0.5bn while commodity ETPs remains in negative territory with mild outflows of - $26mn over the month of May. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$3.7bn), Style (+$2.1bn), Emerging Markets (+$1.6bn), Sector (+$1.2bn), and Size (-$7.7bn). Sub-segments: DM broad Europe (+$2.4bn), Dividend (+$1.4bn), Value (+$1.2bn), Energy (+$1.1bn), Small caps (-$4.1bn), Large caps (-$3.3bn), and Leveraged long strategy (-$2.9bn). Within fixed income, all the segments recorded inflows with ETFs benchmarked to sovereigns (+$7.5bn) and corporate bonds (+$2.6bn) collected largest inflows over the last month. The top 5 fixed income ETFs that saw significant activity in the month of May were: Figure 3: US listed Fixed Income ETFs with largest inflows ETP Name Issuer Bloomberg TER Cash flows ($mn) AUM ($mn) ishares 7-10 Year Treasury Bond ETF BlackRock IEF US 0.15% 5,211 9,835 ProShares Ultra 7-10 Year Treasury ProShares UST US 0.95% 1,868 1,932 ishares iboxx $ Investment Grade Corporate Bond ETF BlackRock LQD US 0.15% ,789 ishares iboxx $ High Yield Corporate Bond ETF BlackRock HYG US 0.50% ,666 ishares U.S. Preferred Stock ETF BlackRock PFF US 0.47% ,066 Among commodity ETPs, broad ETPs received inflows of +$0.2bn which were offset by outflows from other sub-segments, primarily from gold (-$0.2bn). Deutsche Bank AG/London Page 5

6 Asia: Japan and South Korea ETFs major fund flow receivers of the month Asia-Pacific ETPs registered +$1.6bn of inflows during last month (+$4.9bn in April), taking YTD flows total to +$12.7bn. This was primarily contributed by equity ETFs with +$1.5bn in new money. Within equity, Japan focused ETFs continued the positive run and received +$1.8bn in new money over the last month (+$4.6bn in Apr 14). Among others, South Korea and financial sector ETFs were the largest fund flow receivers of the month recording inflows of +$440mn and +$180mn respectively. Majority of outflows were seen among leveraged long strategy ETFs (-$632mn) and followed by China (-$269mn), Hong Kong (- $208mn) and Taiwan (-$102mn) focused ETFs. Page 6 Deutsche Bank AG/London

7 1. Investment Trends3 Cross-Asset Class ETPs Figure 4: Cash flows by asset class YTD ETPs Europe millions 25,000 20,000 15,000 10,000 5, ,000 Figure 5: Cash flows by asset class Month ETPs Europe millions 6,000 5,000 4,000 3,000 2,000 1, ,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 6: Top 3 aggregate equity segments YTD ETFs Europe millions 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) Figure 7: Top 3 aggregate equity segments Month ETFs Europe millions 3,500 3,000 2,500 2,000 1,500 1, (500) Developed Markets Sector Style Emerging Markets Developed Markets Global Markets 3 Investment trends as expressed by cumulative monthly and 2014 cash flows Deutsche Bank AG/London Page 7

8 Figure 8: Top 3 DM countries YTD ETFs Europe Figure 9: Top 3 DM countries Month ETFs Europe millions 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, millions 1,400 1,200 1, US Italy Spain Finland Netherlands Canada Figure 10: Top 3 DM regions YTD Figure 11: Top 3 DM regions Month ETFs Europe ETFs Europe 1,500 1,200 1,000 1,000 millions millions (500) 200 (1,000) - Europe Global North America Asia Pacific Europe North America Figure 12: Top 3 EM countries YTD Figure 13: Top 3 EM countries Month 400 ETFs Europe 140 ETFs Europe millions millions China Russia Mexico Turkey South Africa Thailand Page 8 Deutsche Bank AG/London

9 Figure 14: Top 3 EM regions YTD Figure 15: Top 3 EM regions Month ETFs Europe ETFs Europe millions (200) (400) (600) (800) millions (1,000) (1,200) - (1,400) (100) Global Asia Pacific Latin America Latin America Global Middle East & Africa Figure 16: Top 3 sectors YTD Figure 17: Top 3 sectors Month 2,000 ETFs Europe 300 ETFs Europe millions 1,800 1,600 1,400 1,200 1, millions (50) (100) (150) (200) (200) Financials Energy Information Technology Consumer Staples Telecommunication Services Financials Figure 18: Top 3 strategy segments YTD ETFs Europe millions (200) (400) (600) Figure 19: Top 3 strategy segments Month ETFs Europe millions (50) (100) (150) Leveraged Long Leveraged Short Quantitative Leveraged Long Quantitative Options Strategy Deutsche Bank AG/London Page 9

10 Fixed Income ETFs Figure 20: Top 3 aggregate fixed income segments YTD ETFs Europe millions 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Figure 21: Top 3 aggregate fixed income segments Month ETFs Europe millions 1,600 1,400 1,200 1, Sovereign Corporates Overall Sovereign Covered Bonds Overall Commodity ETPs Figure 22: Top 3 aggregate commodity segments YTD ETPs Europe millions Figure 23: Top 3 aggregate commodity segments Month ETPs Europe millions Agriculture Overall Energy Overall Agriculture Industrial Metals Figure 24: Top 5 commodity sub-segments YTD ETPs Europe millions Figure 25: Top 5 commodity sub-segments Month ETPs Europe millions Gold Commodity Overall Agriculture Overall Crude Oil Coffee Uranium Agriculture Overall Industrial Metals Cocoa Zinc Page 10 Deutsche Bank AG/London

11 2. Market Metrics ETF Industry Asset Evolution Figure 26: Global ETP regional asset growth ETPs Global $ billion 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Number of ETPs ** Asia Pacific ($) Europe ($) US ($) , , , ,778.0 US, Europe & Asia Pacific ($) , , , , , ,413.5 Europe ( ) Number of ETPs* ,213 1,668 2,043 2,591 3,141 3,512 3,717 3,824 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 27: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global $ billion 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Number of ETPs ** ETCs ETVs ETFs , , , , ,326.0 Total , , , , , ,413.5 Number of ETPs* ,213 1,668 2,043 2,591 3,141 3,512 3,717 3,824 - *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 11

12 Figure 28: Global ETF regional asset growth ETFs Global 2,500 3,500 $ billion 2,000 1,500 1, ,000 2,500 2,000 1,500 1, Number of ETFs ** Asia Pacific ($) Europe ($) US ($) , , ,713.7 US, Europe & Asia Pacific ($) , , , , ,326.0 Europe ( ) Number of ETFs* ,116 1,483 1,804 2,242 2,713 3,009 3,187 3,295 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 29: European ETF asset growth by asset class ETFs Europe 350, , ,000 1,500 1,200 million 200, , ,000 50, Number of ETFs ** Other ,078 1,995 1,549 1,620 1,519 1,466 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 14,753 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,445 71,744 Equity 15,532 21,815 37,907 57,029 70,776 65, , , , , , ,598 Total 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,560 Number of ETFs* ,061 1,227 1,329 1,355 1,376 0 *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

13 Figure 30: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60, , million 40,000 30,000 20,000 10, Number of ETPs ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,282 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 4,152 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,794 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 30,950 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 31: European ETPs (ETF & ETC) asset growth ETPs Europe 400,000 2,000 million 350, , , , , ,000 50,000 1,600 1, Number of ETPs ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,616 ETFs 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,560 Total 16,332 24,340 43,326 69,313 90, , , , , , , ,176 Number of ETPs ,340 1,577 1,767 1,799 1,817 - *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

14 ETFs vs. Cash Equities Figure 32: ETFs vs. cash equities turnover US market ETFs US 9, % $ billion 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, % 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ETFs vs cash equities Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 33: ETFs vs. cash equities turnover European market ETFs Europe 1, % billion % 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% ETFs vs cash equities Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 14 Deutsche Bank AG/London

15 Figure 34: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-09 25, , % 1,635,645 4,534, % 7.3x 8.9x 64.7x Feb-09 25, , % 1,671,616 4,551, % 7.1x 9.3x 65.9x Mar-09 30, , % 1,915,339 5,333, % 6.6x 9.6x 63.1x Apr-09 29, , % 1,562,168 4,852, % 6.1x 8.6x 52.9x May-09 30, , % 1,446,803 4,743, % 6.2x 7.7x 48.1x Jun-09 28, , % 1,421,831 4,744, % 6.0x 8.1x 49.1x Jul-09 29, , % 1,290,761 4,404, % 5.3x 8.2x 43.6x Aug-09 28, , % 1,238,575 4,209, % 5.6x 7.8x 44.0x Sep-09 30, , % 1,240,912 4,580, % 5.9x 6.8x 40.1x Oct-09 38, , % 1,487,690 5,230, % 5.3x 7.4x 39.0x Nov-09 34, , % 1,224,433 4,141, % 5.2x 6.9x 35.9x Dec-09 28, , % 1,028,721 4,060, % 4.5x 7.9x 35.9x Jan-10 35, , % 1,277,114 4,663, % 4.8x 7.5x 36.2x Feb-10 38, , % 1,343,804 4,510, % 5.3x 6.6x 35.3x Mar-10 34, , % 1,306,882 5,025, % 5.2x 7.4x 38.2x Apr-10 38, , % 1,444,588 5,416, % 5.1x 7.3x 37.4x May-10 60, , % 2,239,290 6,826, % 5.2x 7.2x 37.1x Jun-10 40, , % 1,645,317 5,588, % 4.9x 8.2x 40.2x Jul-10 35, , % 1,355,677 4,731, % 5.1x 7.6x 38.5x Aug-10 33, , % 1,264,192 4,379, % 4.7x 8.0x 37.4x Sep-10 34, , % 1,201,799 4,291, % 5.1x 6.9x 35.1x Oct-10 35, , % 1,201,568 4,680, % 4.5x 7.5x 34.1x Nov-10 45, , % 1,289,901 4,781, % 4.1x 6.9x 28.5x Dec-10 36, , % 1,004,773 4,183, % 3.8x 7.4x 27.8x Jan-11 44, , % 1,139,729 4,891, % 3.5x 7.2x 25.5x Feb-11 39, , % 1,111,786 4,644, % 4.1x 6.9x 28.0x Mar-11 56, , % 1,651,335 5,817, % 4.0x 7.3x 29.2x Apr-11 37, , % 1,077,243 4,638, % 3.6x 8.0x 28.9x May-11 43, , % 1,306,334 5,163, % 4.0x 7.5x 30.2x Jun-11 40, , % 1,521,226 5,323, % 4.5x 8.5x 37.8x Jul-11 49, , % 1,319,878 4,868, % 3.5x 7.6x 26.7x Aug-11 78, , % 2,607,718 7,953, % 3.5x 9.4x 33.2x Sep-11 60, , % 1,829,995 5,775, % 3.5x 8.7x 30.4x Oct-11 47, , % 1,766,121 5,688, % 3.8x 9.7x 37.3x Nov-11 48, , % 1,518,554 4,881, % 3.7x 8.3x 31.1x Dec-11 37, , % 1,222,458 4,126, % 3.7x 8.8x 32.4x Jan-12 38, , % 1,058,682 4,325, % 3.4x 8.1x 27.3x Feb-12 38, , % 1,098,599 4,534, % 3.6x 8.1x 28.7x Mar-12 40, , % 1,208,186 4,916, % 3.7x 8.1x 29.8x Apr-12 35, , % 1,127,926 4,511, % 3.9x 8.2x 31.7x May-12 40, , % 1,371,490 5,127, % 3.8x 9.0x 34.1x Jun-12 34, , % 1,227,990 4,568, % 4.2x 8.4x 35.5x Jul-12 34, , % 1,008,950 4,115, % 3.6x 8.0x 29.1x Aug-12 33, , % 905,592 3,908, % 3.1x 8.9x 27.4x Sep-12 35, , % 938,537 4,047, % 3.4x 7.8x 26.3x Oct-12 33, , % 1,015,281 4,273, % 3.7x 8.3x 30.5x Nov-12 31, , % 1,102,650 4,300, % 3.7x 9.4x 34.6x Dec-12 29, , % 1,043,483 4,035, % 3.3x 10.4x 34.8x Jan-13 41, , % 1,050,769 4,571, % 2.9x 8.8x 25.4x Feb-13 38, , % 1,014,370 4,333, % 3.2x 8.3x 26.6x Mar-13 37, , % 1,005,941 4,211, % 3.5x 7.8x 27.2x Apr-13 43, , % 1,282,375 4,988, % 3.2x 9.4x 29.6x May-13 41, , % 1,273,888 5,101, % 3.3x 9.3x 30.4x Jun-13 45, , % 1,548,668 5,079, % 3.7x 9.2x 34.1x Jul-13 36, , % 1,130,701 4,533, % 3.5x 9.0x 31.1x Aug-13 32, , % 1,110,628 4,343, % 3.7x 9.4x 34.6x Sep-13 33, , % 1,126,546 4,420, % 4.0x 8.5x 33.9x Oct-13 35, , % 1,389,248 5,458, % 4.0x 9.6x 38.7x Nov-13 32, , % 1,034,383 4,422, % 3.7x 8.5x 31.4x Dec-13 35, , % 1,152,234 4,694, % 3.3x 10.0x 32.7x Jan-14 47, , % 1,363,583 5,725, % 3.1x 9.3x 28.7x Feb-14 40, , % 1,318,969 5,440, % 3.4x 9.5x 32.6x Mar-14 41, , % 1,448,238 5,675, % 3.8x 9.1x 34.8x Apr-14 37, , % 1,387,681 5,746, % 3.5x 10.4x 36.7x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.5x Period 2,493,609 38,118, % 85,652, ,436, % 4.3x 8.3x 35.2x Total ,205 6,876, % 17,164,494 55,388, % 5.9x 8.1x 48.5x Total ,384 8,030, % 16,574,904 59,079, % 4.8x 7.4x 35.5x Total ,074 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,623 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,065 6,264, % 14,119,751 56,159, % 3.5x 9.0x 31.3x Total ,258 2,908, % 6,614,061 27,371, % 3.5x 9.4x 32.7x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Deutsche Bank AG/London Page 15

16 ETFs vs. Unlisted Mutual Funds Figure 35: European ETP vs mutual fund assets ETPs Europe % % ETP AUM ( billion) % 2.7% 2.5% 2.3% 2.1% ETP vs mutual funds % 0 Q1-10 Q2-10 Q3-10 Q4-10 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 ETCs ETFs ETPs vs mutual funds 2.5% 2.6% 2.6% 2.8% 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% ETFs vs mutual funds 2.3% 2.4% 2.4% 2.6% 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% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 36: European ETP vs mutual fund cash flows ETPs Europe Cash Flows ( billion) 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 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Page 16 Deutsche Bank AG/London

17 Figure 37: US ETP vs mutual fund assets ETPs US ETP AUM ($ billion) 2,000 1,800 1,600 1,400 1,200 1, % 13.7% 11.7% 9.7% 7.7% 5.7% 3.7% ETP vs mutual funds 0 Q1-10 Q2-10 Q3-10 Q4-10 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* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,671 ETPs vs mutual funds 9.9% 10.1% 10.5% 11.0% 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% 13.8% ETFs vs mutual funds 9.0% 9.0% 9.4% 9.9% 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.1% 13.2% 1.7% *As of 30-Apr-2014 Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 38: US ETP vs mutual fund cash flows ETPs US Cash flows ($ billion) 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 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Deutsche Bank AG/London Page 17

18 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 39: Historical Composition by ETF Structure ETFs Europe Number of ETFs AUM ( billion) 0 - Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 40: European AUM ETF market historical asset class analysis by replication technique ETFs Europe Physical Synthetic Physical Synthetic Physical Synthetic AUM ( million) May-14 Equity 101,343 70, ,790 74, ,131 70,468 Fixed Income 37,319 16,874 45,672 14,773 55,550 16,193 Commodity 21,321 4,830 10,892 3,620 10,781 3,972 Others 219 1, , ,086 Total 160,202 93, ,705 93, ,842 91,718 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 8,654 2,353 18,302-3,209 2, Fixed Income 8, , , Commodity 1, , Others Total 18,933 2,839 21,764-3,810 3, Page 18 Deutsche Bank AG/London

19 Figure 41: European ETF AUM by replication method ETFs Europe Figure 42: European ETF flows by replication method ETFs Europe May ,842 91,718 May-14 3, ,547 3, ,705 93, ,810 21, ,202 93, ,933 2,839 0% 20% 40% 60% 80% 100% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 43: European ETFs product count by replication method ETFs Europe Figure 44: European Equity ETFs AUM by replication method ETFs Europe May May ,131 70, ,790 74, ,343 70,180 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 45: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 46: European Commodity ETFs AUM by replication method ETFs Europe May-14 55,550 16,193 May-14 10,781 3, ,672 14, ,892 3, ,319 16, ,321 4,830 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Deutsche Bank AG/London Page 19

20 Industry Growth Analysis Figure 47: Global ETF Industry growth attribution ETFs Global ETF cash flow growth contribution (Bars) 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% ETF asset price growth contribution (line) -1.5% 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 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 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 0.2% 0.4% 0.2% 0.5% 0.4% 0.1% 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% Equity flows 1.4% 0.0% 2.4% 0.2% 1.0% 2.2% 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% Price growth 0.7% 1.7% 2.3% -0.7% 0.7% 1.6% 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% Total growth 2.3% 2.1% 4.9% 0.0% 2.1% 4.0% 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% -4.0% Figure 48: US ETF Industry growth attribution ETFs US 3.5% 8.0% ETF cash flows growth contribution (Bars) 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% 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 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.4% 0.3% 0.5% 0.5% 0.0% 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% Equity flows 1.5% -0.2% 2.8% -0.4% 1.2% 2.4% 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% Price growth 1.1% 1.6% 2.0% -0.9% 0.5% 0.9% 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% Total growth 2.7% 1.8% 5.1% -0.8% 2.2% 3.3% 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% ETF asset price growth contribution (Line) Page 20 Deutsche Bank AG/London

21 Figure 49: European ETF Industry growth attribution ETFs Europe 2.5% 6.0% ETF cash flows growth contribution (Bars) 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 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 Other flows 0.1% 0.2% 0.0% 0.1% 0.1% 0.0% -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% Fixed Income flows 0.4% 0.6% 0.1% 0.6% 0.2% 0.5% 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% Equity flows 0.7% 0.3% 0.9% 0.5% 0.1% 1.6% 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% Price growth 3.4% 0.7% 1.3% -0.7% 1.0% 0.8% 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% Total growth 4.5% 1.7% 2.3% 0.5% 1.4% 2.9% 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% ETF asset price growth contribution (Line) Figure 50: European ETC Industry growth attribution ETCs Europe 6.0% 15.0% ETC cash flows growth contribution (Bars) 4.0% 2.0% 0.0% -2.0% -4.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% ETC asset price growth contribution (line) -6.0% Jul-12 Aug-12 Sep-12 Oct-12Nov-12Dec-12 Jan-13 Feb-13 Mar-13 Apr-13May-13Jun-13 Jul-13 Aug-13 Sep-13 Oct-13Nov-13Dec-13 Jan-14 Feb-14 Mar-14 Apr-14May-14 Currency Flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% Commodity Flows 1.2% 3.6% 5.2% 2.9% 1.5% 0.0% 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% Price growth 5.3% 0.1% 4.7% -4.3% 0.4% -4.8% -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% Total growth 6.5% 3.7% 9.9% -1.4% 1.9% -4.9% -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% -20.0% Deutsche Bank AG/London Page 21

22 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 51: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated May-14 Apr-14 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 544 4,862 3,544 1,548 6,955 16,914 4,900 3,546 4,736 26,550 20,071 13,869 10,113 11,891 45,832 Fixed income 11,728 1,878 1, ,700 3,535 3,274 2, ,932 27,125 12,535 9, ,483 Commodity Currency Multi Asset Alternative Total 12,579 6,467 4,701 1,649 20,694 20,703 8,519 6,168 4,881 34,103 47,742 25,755 18,754 12,715 86,212 ETCs/ETVs Commodity , Currency Alternative Total , ,060-1, ETPs Equity 544 4,862 3,544 1,548 6,955 16,914 4,900 3,546 4,736 26,550 20,071 13,869 10,113 11,891 45,832 Fixed income 11,728 1,878 1, ,700 3,535 3,274 2, ,932 27,125 12,535 9, ,483 Commodity , Currency , Multi Asset Alternative Total 12,652 6,266 4,557 1,649 20,566 19,460 8,702 6,301 4,881 33,043 46,663 26,357 19,190 12,687 85,707 Asset Class Cash Flow Analysis Figure 52: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows May-14 Apr-14 YTD All figures in million Beta Beta+ Developed Markets 2, , , ,992 Emerging Markets , , Global Markets Sector , ,672 Capitalization Strategy Style Thematic Total equities 3, ,544 3, ,546 9, ,113 Alpha Total Page 22 Deutsche Bank AG/London

23 Figure 52A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ May-14 Apr-14 YTD Sector , ,672 Consumer discretionary Consumer staples Energy Financials , ,170 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization Large Cap Mid Cap Small Cap Strategy Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative Short Style Dividend Growth Value Thematic Commodities Faith Other Theme Sustainability Total , ,575 2, ,384 Alpha Total Deutsche Bank AG/London Page 23

24 Figure 52B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ May-14 Apr-14 YTD Developed Markets Europe 1, , , ,404 Austria Belgium Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad Americas , ,049 US , ,003 Canada North America Asia Australia Hong Kong Japan Singapore Asia Pacific broad Global Broad indices DM Total 2, , , ,992 Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 52C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ May-14 Apr-14 YTD Emerging Markets BRIC Brazil Russia India China Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets Global EM Total , , Total (EM + DM) 2, ,848 1, ,858 6, ,615 Alpha Total Figure 53: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows May-14 Apr-14 YTD All figures in million Beta Beta+ Overall Corporates , ,102 Covered Bonds Credit Exposure Sovereign , ,437 4, ,006 Money Market Total Fixed Income 1, ,356 2, ,373 8, ,119 Alpha Total Deutsche Bank AG/London Page 25

26 Figure 54: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows May-14 Apr-14 YTD All figures in million Beta Beta+ Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy Overall Carbon Crude Oil Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals Overall Gold Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total Alpha Total Page 26 Deutsche Bank AG/London

27 Product Rankings Figure 55: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares DAX (DE) DAXEX GR BlackRock Beta ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta db x-trackers MSCI USA Index UCITS ETF (DR) XD9U GY Deutsche AWM Beta Lyxor ETF STOXX 600 Oil & Gas OIL FP Lyxor Beta db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta Lyxor ETF FTSE 100 L100 LN Lyxor Beta Vanguard FTSE Japan UCITS ETF VJPN LN Vanguard Beta Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor Beta Vanguard S&P 500 ETF VUSA LN Vanguard Beta ,002.6 YTD Flows Figure 56: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta Lyxor ETF EuroMTS 5-7Y MTC FP Lyxor Beta PIMCO Covered Bond Source UCITS ETF COVR GY Source Beta SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street GA Beta ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ComStage ETF iboxx Euro Sovereigns Germany Capped 10+ TR CBOXGS10 GR ComStage Beta ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta Lyxor ETF Euro Cash CSH FP Lyxor Beta ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta YTD Flows Figure 57: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ETFS Physical Palladium PHPD LN ETF Securities Ltd Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFX DJ-UBS All Commodities Forward 3 Month Fund COMF LN ETF Securities Ltd Beta ETFS Copper COPA LN ETF Securities Ltd Beta ETFS Aluminium ALUM LN ETF Securities Ltd Beta db Physical Palladium ETC XPAL LN Deutsche AWM Beta Gold Bullion Securities GBS LN ETF Securities Ltd Beta Ossiam Risk Weighted Enhanced Commodity Ex Grains UCITS ETF (EUR) OSXC GY Ossiam Semi Active db Physical Gold ETC XGLD LN Deutsche AWM Beta YTD Flows Deutsche Bank AG/London Page 27