Fixed Income Dominates ETF Flows

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 9 November 2015 Fixed Income Dominates ETF Flows Data in this report is as of 30th October 2015 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. Authors Anil Gademsetty, CFA Strategist (+44) anil-kumar.gademsetty@db.com Team Contacts Shan Lan Strategist (+852) shan.lan@db.com Sebastian Mercado Strategist (+1) 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 ETFs turnover (%) vs. the overall Cash Equity market has increased to 9.1% from 7.6% in 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.

2 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 5 Product Launch Activity... 5 Other regions cash flow summary Investment Trends... 7 Cross-Asset Class ETPs... 7 Equity ETFs... 7 Fixed Income ETFs...10 Commodity ETPs Market Metrics 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 Cash Flow Analysis Regional Cash Flow Analysis...22 Asset Class Cash Flow Analysis...22 Product Rankings Product Review New Products Launched in the Month...29 Average TERs Provider Rankings Global Provider Rankings...35 European Provider Rankings General...37 European Provider Rankings by Asset Class...41 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...45 Asset Class Analysis...45 Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class...58 Asset Class Analysis...58 Product Rankings ETF Broker rankings US ETP Broker Rankings...65 European ETP Broker Rankings...67 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 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 bn 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 Page 3

4 ETF vs Cash Equity (%) FI Monthly Flows mn 9 November 2015 Figure 1: Monthly Flows into Fixed Income ETFs (Breakdown into IG and HY Bonds during 2015) 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) Investment Grade High Yield 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 Figure 2: ETF vs Cash Equity Turnover (%) 9.5% 9.0% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% ETF (%) in total Cash Equity 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. Page 4 Deutsche Bank AG/London

5 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 8.6% (from 8.7% in Sep 15) as of the end of October 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 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 US- Treasury 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 Page 5

6 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. Page 6 Deutsche Bank AG/London

7 millions millions 9 November Investment Trends3 Cross-Asset Class ETPs Figure 3: Cash flows by asset class YTD ETPs Europe millions 70,000 60,000 50,000 40,000 30,000 20,000 10, ,000 Figure 4: Cash flows by asset class Month ETPs Europe millions 7,000 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 5: Top 3 aggregate equity segments YTD 40,000 ETFs Europe Figure 6: Top 3 aggregate equity segments Month 2,500 ETFs Europe 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - (5,000) 2,000 1,500 1, (500) (1,000) Developed Markets Strategy Sector Developed Markets Emerging Markets Strategy 3 Investment trends as expressed by cumulative monthly and YTD cash flows Deutsche Bank AG/London Page 7

8 millions millions millions millions millions millions 9 November 2015 Figure 7: Top 3 DM countries YTD ETFs Europe Figure 8: Top 3 DM countries Month ETFs Europe 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, ,000-2, Japan Germany UK Germany US Italy 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 15,000 10,000 5,000 - (5,000) (200) Europe North America Asia Pacific Europe Global North America Figure 11: Top 3 EM countries YTD Figure 12: Top 3 EM countries Month 1,000 ETFs Europe 150 ETFs Europe , , , , , China India Taiwan Taiwan China Russia Page 8 Deutsche Bank AG/London

9 millions millions millions millions millions millions 9 November 2015 Figure 13: Top 3 EM regions YTD Figure 14: Top 3 EM regions Month ETFs Europe ETFs Europe 1,000 1, (500) 200 (1,000) - (1,500) (200) Asia Pacific Europe Global Global Asia Pacific Latin America Figure 15: Top 3 sectors YTD Figure 16: Top 3 sectors Month 2,500 ETFs Europe 300 ETFs Europe 2, , , (50) - (100) (150) (500) (200) Financials Energy Telecommunication Services Energy Consumer Staples Consumer Discretionary Figure 17: Top 3 strategy segments YTD ETFs Europe 3,000 2,500 2,000 1,500 1, (500) Figure 18: Top 3 strategy segments Month ETFs Europe (100) (200) (300) (400) (500) (600) (700) Quantitative Fundamental Short Short Leveraged Long Quantitative Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 9 November 2015 Fixed Income ETFs Figure 19: Top 3 aggregate fixed income segments YTD ETFs Europe 25,000 20,000 15,000 10,000 5,000 0 Figure 20: Top 3 aggregate fixed income segments Month ETFs Europe 4,000 3,500 3,000 2,500 2,000 1,500 1, ,000 Corporates Sovereign Overall Sovereign Corporates Overall Commodity ETPs Figure 21: Top 3 aggregate commodity segments YTD ETPs Europe 3,000 2,500 2,000 1,500 Figure 22: Top 3 aggregate commodity segments Month ETPs Europe , ,000-1, Energy Precious Metals Overall Energy Overall Precious Metals Figure 23: Top 5 commodity sub-segments YTD ETPs Europe 3,000 2,500 2,000 1,500 1, ,000-1,500 Figure 24: Top 5 commodity sub-segments Month ETPs Europe Crude Oil Gold Commodity Overall Copper Energy Overall Crude Oil Commodity Overall Gold Copper Palladium Page 10 Deutsche Bank AG/London

11 $ billion Number of ETPs $ billion Number of ETPs 9 November Market Metrics ETF Industry Asset Evolution Figure 25: Global ETP regional asset growth ETPs Global 3,500 5,000 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,111.3 US, Europe & Asia Pacific ($) , , , , , , ,874.6 Europe ( ) Number of ETPs* ,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297 0 *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 3,000 2,500 2,000 1,500 1, ,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** ETCs ETVs ETFs , , , , , ,800.9 Total , , , , , , ,874.6 Number of ETPs* ,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297 - *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 million Number of ETFs $ billion Number of ETFs 9 November 2015 Figure 27: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , ,057.4 US, Europe & Asia Pacific ($) , , , , , ,800.9 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,773 0 *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 ETFs Europe 500, , , , , , , , ,000 50, ** Other ,078 1,995 1,549 1, ,410 1,496 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 13,296 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86, ,66 Equity 15,532 21,815 37,907 57,029 70,776 65, ,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, ,16 211,37 208,05 253,48 286,17 362,04 447,27 Number of ETFs* ,053 1,215 1,311 1,350 1,417 1,473 1,500 1, *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 million Number of ETPs million Number of ETPs 9 November 2015 Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50, ,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,078 2,419 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,580 3,877 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 22,934 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 30,584 Number of ETPs* *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 1, , ,000 1, , , , , , ** ETCs ,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, ,16 211,37 208,05 253,48 286,83 362,04 447,27 Total 16,332 24,340 43,326 69,313 90, ,21 170,00 230,89 229,64 280,06 302,24 378,86 464,91 Number of ETPs ,332 1,565 1,749 1,794 1,868 1,913 - *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 billion ETFs vs cash equities $ billion ETFs vs cash equities 9 November 2015 ETFs vs. Cash Equities Figure 31: ETFs vs. cash equities turnover US market ETFs US 9, % 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, % 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 32: ETFs vs. cash equities turnover European market ETFs Europe % % 8.0% % 4.0% 2.0% 0.0% 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 33: 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-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, % 3.9x 9.0x 35.1x Apr-14 37, , % 1,387,681 5,746, % 3.6x 10.4x 36.9x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.6x Jun-14 36, , % 1,027,002 4,772, % 3.1x 9.1x 28.2x Jul-14 39, , % 1,171,060 5,149, % 3.1x 9.6x 29.5x Aug-14 41, , % 1,112,387 4,529, % 2.9x 9.3x 27.0x Sep-14 40, , % 1,283,754 5,295, % 3.4x 9.3x 31.4x Oct-14 65, , % 2,181,253 7,491, % 3.4x 9.8x 33.1x Nov-14 46, , % 1,058,826 4,755, % 2.9x 7.8x 23.0x Dec-14 55, , % 1,733,218 6,081, % 3.0x 10.3x 31.4x Jan-15 69, , % 1,718,582 6,112, % 3.0x 8.3x 24.7x Feb-15 58, , % 1,221,851 5,242, % 2.7x 7.9x 21.0x Mar-15 75, , % 1,539,062 6,060, % 2.7x 7.6x 20.3x Apr-15 65, , % 1,297,812 5,518, % 2.6x 7.7x 19.8x May-15 57, , % 1,197,595 5,111, % 2.7x 7.6x 20.9x Jun-15 67, , % 1,420,153 5,762, % 2.8x 7.5x 21.1x Jul-15 63, , % 1,465,731 6,025, % 2.7x 8.6x 23.2x Aug-15 71, , % 1,971,994 6,731, % 2.9x 9.5x 27.7x Sep-15 58, , % 1,692,334 6,003, % 3.3x 8.9x 28.9x Oct-15 56, , % 1,561,540 6,230, % 2.9x 9.5x 27.6x Period 2,634,739 34,387, % 76,567, ,842, % 3.4x 8.7x 29.6x 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 ,065 6,991, % 16,181,562 65,446, % 3.3x 9.4x 30.6x Total ,912 7,092, % 15,086,655 58,798, % 2.8x 8.3x 23.5x 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 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 9 November 2015 ETFs vs. Unlisted Mutual Funds Figure 34: European ETP vs mutual fund assets ETPs Europe % % % % % 50 0 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* ETCs ETFs 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 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 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Page 16 Deutsche Bank AG/London

17 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 9 November 2015 Figure 36: US ETP vs mutual fund assets ETPs US 2, % 15.7% 2, % 1, % 9.7% 1, % % 3.7% 0 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 ETVs ETFs ,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 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 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Deutsche Bank AG/London Page 17

18 Number of ETFs AUM ( billion) 9 November 2015 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 38: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 39: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 135,822 74, ,495 73, ,723 86,092 Fixed Income 45,672 14,773 67,114 19,062 85,694 25,975 Commodity 10,892 3,620 10,027 3,385 9,542 3,754 Others 352 1, , ,043 Total 192,737 94, ,980 96, , ,864 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 18,302-3,209 22,993 3,072 2, Fixed Income 7, ,880 3,265 2, Commodity -4, , Others Total 21,764-3,810 38,263 6,398 4,943 1, Oct-15 Page 18 Deutsche Bank AG/London

19 Figure 40: European ETF AUM by replication method ETFs Europe Figure 41: European ETF flows by replication method ETFs Europe Oct , ,864 Oct-15 4, ,781 15, ,980 96, ,263 6, ,737 94, ,810 21,764 0% 20% 40% 60% 80% 100% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 42: European ETFs product count by replication method ETFs Europe Figure 43: European Equity ETFs AUM by replication method ETFs Europe Oct Oct ,723 86, ,495 73, ,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 44: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 45: European Commodity ETFs AUM by replication method ETFs Europe Oct-15 85,694 25,975 Oct-15 9,542 3, ,114 19, ,027 3, ,672 14, ,892 3,620 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Deutsche Bank AG/London Page 19

20 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 9 November 2015 Industry Growth Analysis Figure 46: Global ETF Industry growth attribution ETFs Global 3.0% 10.0% 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% -4.0% -6.0% -1.5% 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 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 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% 0.7% 1.0% 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% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% -8.0% Figure 47: US ETF Industry growth attribution ETFs US 3.5% 10.0% 3.0% 8.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.5% 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 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% 0.3% 0.3% 0.5% 0.6% 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% 1.0% 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% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% -8.0% Figure 48: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.0% 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 Other flows -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% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% -8.0% Page 20 Deutsche Bank AG/London

21 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 9 November 2015 Figure 49: European ETC Industry growth attribution 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% 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 Currency Flows 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% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% -2.7% 2.5% -0.7% 1.9% 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% 0.5% -1.9% 1.9% -3.4% -7.7% 0.6% -2.3% 3.3% Total growth 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8% -1.5% 1.8% -4.9% -10.4% 3.2% -3.1% 5.1% -15.0% Deutsche Bank AG/London Page 21

22 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 Sep-15 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 15,782 2,757 2, ,384 10,817 1,622 1,445 7,483 19, ,797 40,400 35,978 27, ,809 Fixed income 11,533 3,948 3, ,531 9, ,934 15,234 57,474 27,004 24,283 12,042 96,520 Commodity ,312 1,811 Currency Multi Asset Alternative Total 27,221 6,785 6,074-1,028 32,977 20,363 2,153 1,921 12,234 34, ,042 67,519 60,379 41, ,676 ETCs/ETVs Commodity ,411 1,405 1, ,795 Currency Alternative Total , ,103 1,294 1, ,375 ETPs Equity 15,782 2,757 2, ,384 10,817 1,622 1,445 7,483 19, ,797 40,400 35,978 27, ,809 Fixed income 11,533 3,948 3, ,531 9, ,934 15,234 57,474 27,004 24,283 12,042 96,520 Commodity , ,815 1,501 1,265 1,290 4,606 Currency Multi Asset Alternative Total 28,003 7,120 6,373-1,028 34,094 19,942 2,000 1,784 12,234 34, ,145 68,813 61,448 41, ,051 Asset Class Cash Flow Analysis Figure 51: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Oct-15 Sep-15 YTD All figures in million Beta Beta+ Developed Markets 1, ,281 1, ,272 28, ,950 Emerging Markets , ,811 Global Markets Sector , ,658 Capitalization , ,734 Strategy , ,017 Style , ,029 Thematic , ,038 Total equities 3, ,478 1, ,445 35, ,978 Alpha Total Page 22 Deutsche Bank AG/London

23 Figure 51A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector , ,658 Consumer discretionary Consumer staples Energy Financials , ,751 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization , ,734 Large Cap Mid Cap Small Cap , ,142 Strategy , ,017 Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative , ,487 Short Style , ,029 Dividend , ,675 Growth Value Thematic , ,038 Commodities Faith Other Theme Sustainability Total , ,476 Oct-15 Sep-15 YTD Alpha Total Deutsche Bank AG/London Page 23

24 Figure 51B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe 1, ,078 2, ,202 25, ,514 Austria Belgium Finland France Germany , ,522 Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad , ,587 20, ,589 Americas US Canada North America Asia , ,019 Australia Hong Kong Japan , ,309 Singapore Asia Pacific broad Global Broad indices DM Total 1, ,281 1, ,272 28, ,950 Oct-15 Sep-15 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 51C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC , ,748 Brazil Russia India China , ,059 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 , ,811 Total (EM + DM) 2, ,104 1, ,043 26, ,139 Oct-15 Sep-15 YTD Alpha Total Figure 52: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Oct-15 Sep-15 YTD All figures in million Beta Beta+ Overall ,464 2,044 Corporates 1, , , ,382 Covered Bonds Credit Exposure Sovereign 1, , , ,927 Money Market , ,243 Total Fixed Income 3, , , ,410 24,283 Alpha Total Deutsche Bank AG/London Page 25

26 Figure 53: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Oct-15 Sep-15 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 , ,780 Overall Carbon Crude Oil , ,585 Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals ,136 Overall Gold Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total ,265 Alpha Total Page 26 Deutsche Bank AG/London

27 Product Rankings Figure 54: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta ,169.5 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,807.7 ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,831.3 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta Lyxor ETF S&P 500 LYPS GR Lyxor Beta Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta ,330.1 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW UBS Beta YTD Flows Figure 55: 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 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,244.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,441.1 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha ,216.9 ishares Italy Government Bond UCITS ETF SITB LN BlackRock Beta ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,488.9 ishares ibonds Sep 2018 USD Corporate UCITS ETF EI18 LN BlackRock Beta ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,290.8 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta YTD Flows Figure 56: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ETFS WTI Crude Oil CRUD LN ETF Securities Beta Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta Gold Bullion Securities GBS LN ETF Securities Beta ETFS Physical Gold PHAU LN ETF Securities Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta Source Physical Silver P-ETC SSLV LN Source Beta LGIM Commodity Composite Source ETF LGCF LN Source Beta ComStage CBK Commodity ex-agriculture Monthly EUR Hedged UCITS ETF C099 GY ComStage Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta YTD Flows Deutsche Bank AG/London Page 27

28 Figure 57: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta UBS-ETF MSCI EMU EMUEUA GR UBS Beta UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta ,105.8 ishares STOXX 600 Food & Beverage (DE) SX3PEX GR BlackRock Beta Amundi ETF MSCI USA UCITS ETF CU2 FP Amundi Beta ishares MSCI Taiwan UCITS ETF ITWN LN BlackRock Beta db x-trackers S&P 500 Inverse Daily UCITS ETF DXS3 GY Deutsche AWM Beta Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta UBS ETFs plc - MSCI USA TRN Index SF USD-A UIQM GR UBS Beta ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,436.6 YTD Flows Figure 58: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Think iboxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. Beta Think iboxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. Beta ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta Think iboxx AAA-AA Government Bond Tracker TAT NA ThinkCapital ETFs N.V. Beta Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF SYBW GY State Street Beta Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta db x-trackers II Short iboxx Euro Sovereigns Eurozone TR UCITS ETF XSGL GR Deutsche AWM Beta YTD Flows Figure 59: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ETFS Physical Palladium PHPD LN ETF Securities Beta ETFS Daily Short Copper SCOP LN ETF Securities Beta ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta ETFS Physical Silver PHAG LN ETF Securities Beta ETFS Copper COPA LN ETF Securities Beta JB Physical Palladium-A USD JBPAUA SW Julius Baer Inv Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta YTD Flows Page 28 Deutsche Bank AG/London

29 4. Product Review New Products Launched in the Month Figure 60: Number of ETPs by Asset Class ETPs Global Oct-15 Sep-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2, % 2, % 2, % Fixed income % % % Commodity % % % Currency % % 17 (2) 0.4% Multi Asset % 44 (1) 1.0% 45 (2) 1.1% Alternative % 53 (1) 1.2% % Total 3, % 3, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % 406 (4) 10.2% Currency % % 126 (8) 3.2% Alternative 4 0.1% 4-0.1% 4-0.1% Total % % 536 (12) 13.4% Total ETPs 4, % 4, % 3, % Figure 61: Number of ETPs by Asset Class ETPs Europe Oct-15 Sep-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1, % 1, % % Fixed income % % % Commodity % % % Currency - 0.0% 0-0.0% 1 (1) -0.1% Multi Asset 8 0.4% 8-0.0% 8-0.0% Alternative % 16 (1) -0.1% 20 (5) -0.3% Total 1, % 1, % 1, % ETCs Commodity % % 342 (3) -0.2% Currency % % 109 (8) -0.4% Total % % 451 (11) -0.6% Total ETPs 1, % 1, % 1, % Deutsche Bank AG/London Page 29

30 Page 30 Deutsche Bank AG/London Figure 62: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 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 Cross-Listings & share classes 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 Exchange Listed

31 Deutsche Bank AG/London Page 31 Figure 63: New ETF launches & cross listings ETFs Europe Launch/ cross listing date BBG Ticker Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market flag Benchmark Long /Short/ TER Leverage 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 Exchange Listed Figure 64: New ETC launches & cross listings ETCs Europe Launch/ cross listing date BBG Ticker Cross-Listings & share classes Reuters Code Issuer ETC Name Asset class Long Invest. Strategy Focus Benchmark /Short/ Leverage TER Exchange Listed 16-Oct-15 3BRL IM 3BRL.MI Boost Boost Brent Oil 3x Leverage Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3L 0.99% Borsa Italiana 16-Oct-15 3BRS IM 3BRS.MI Boost Boost Brent Oil 3x Short Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3S 0.99% Borsa Italiana

32 Average TERs Figure 65: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.75% % % 5 Beta 0.39% % % 951 Beta+ 0.50% % % 61 Semi Active 0.54% % % % % % 1,051 Fixed Income Alpha 0.59% % % 10 Beta 0.24% % % 320 Beta+ NA NA 0.23% % % % % 349 Alternative Alpha NA NA 0.67% % 4 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % 15 Commodity Beta 0.49% % % 49 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 50 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA NA NA 1 Alpha 0.52% % % % % % 8 Total 0.37% % % 1,473 Page 32 Deutsche Bank AG/London

33 Figure 66: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.51% % 39 Beta+ NA NA 0.91% % 29 Energy Beta NA NA 0.48% % 52 Beta+ NA NA 0.79% % 49 Industrial Metals Beta NA NA 0.49% % 28 Beta+ NA NA 0.89% % 23 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 13 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.74% % 39 Commodity 0.45% % % 339 Currency Currency Beta NA NA 0.41% % 40 Beta+ NA NA 0.81% % 61 Currency NA NA 0.65% % 101 Deutsche Bank AG/London Page 33

34 Figure 67: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.75% % % 5 Beta 0.32% % % 951 Beta+ 0.50% % % 61 Semi Active 0.57% % % % % % 1,051 Fixed Income Alpha 0.36% % % 10 Beta 0.26% % % 320 Beta+ NA NA 0.22% % % % % 349 Alternative Alpha NA NA 0.85% % 4 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % % 15 Commodity Beta 0.42% % % 49 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 50 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.60% % % % % % 7 Total 0.31% % % 1,473 Figure 68: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.53% % 39 Beta+ NA NA 0.98% % 29 Energy Beta NA NA 0.52% % 52 Beta+ NA NA 0.98% % 49 Industrial Metals Beta NA NA 0.49% % 28 Beta+ NA NA 0.98% % 23 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 13 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.39% % % 51 Beta+ NA NA 0.97% % 39 Commodity 0.39% % % 339 Currency Currency Beta NA NA 0.39% % 40 Beta+ NA NA 0.91% % 61 Currency NA NA 0.75% % 101 Page 34 Deutsche Bank AG/London

35 5. Provider Rankings Global Provider Rankings Figure 69: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,050, % 975, % , ,052 95,257 2 Vanguard 499, % 443, % 96 7,170 72,478 64,763 3 State Street 422, % 453, % 245 3, ,783-27,267 4 PowerShares 94, % 91, % 151 2,060 89, Deutsche AWM 82, % 58, % 248 1,119 11,163 26,377 6 Nomura Asset Management 63, % 43, % 49-1,313 36,505 16,155 7 WisdomTree 58, % 39, % ,664 19,628 8 Lyxor 52, % 45, % ,728 8,731 9 First Trust 41, % 33, % ,697 9, Charles Schwab 37, % 26, % 21 1,173 4,862 11,000 Total Top 10 2,402, % 2,210, % 1,854 33,539 1,488, ,339 Others 398, % 351, % 1, ,275 54,336 Global Total 2,800, % 2,562, % 3,773 32,977 1,734, ,676 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Figure 70: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 25, % 27, % , ETF Securities 14, % 16, % , BlackRock 12, % 12, % , PowerShares 5, % 7, % , United States Commodity Funds 4, % 2, % ,900 1,985 6 ProShares 3, % 3, % ,213 1,274 7 Source 2, % 1, % Deutsche AWM 2, % 2, % Deutsche Borse Commodities GmbH 1, % 1, % Guggenheim Investments 1, % % , Total Top 10 72, % 76, % 411 1,061 61,831 2,962 Others 1, % % Global Total 73, % 77, % 524 1,116 62,749 3,375 YTD CF Deutsche Bank AG/London Page 35

36 Figure 71: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,062, % 987, % , ,508 95,473 2 Vanguard 499, % 443, % 96 7,170 72,478 64,763 3 State Street 447, % 481, % 246 3, ,430-27,571 4 PowerShares 99, % 98, % 162 1,962 90, Deutsche AWM 84, % 60, % 276 1,092 11,280 26,605 6 Nomura Asset Management 63, % 43, % 49-1,313 36,505 16,155 7 WisdomTree 58, % 39, % ,664 19,628 8 Lyxor 52, % 45, % ,728 8,731 9 First Trust 41, % 33, % ,697 9, Charles Schwab 37, % 26, % 21 1,173 4,862 11,000 Total Top 10 2,447, % 2,259, % 1,902 33,586 1,507, ,685 Others 427, % 380, % 2, ,295 58,366 Global Total 2,874, % 2,639, % 4,297 34,094 1,797, ,051 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Page 36 Deutsche Bank AG/London

37 European Provider Rankings General Figure 72: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 211, ,377 20% 4, ,605 24,315 23,407 4% % Deutsche AWM 55,899 44,558 25% ,484 5,181 6,116-15% % Lyxor 47,929 37,823 27% ,802 11,332 11,642-3% % UBS 24,720 17,073 45% ,446 1,730 1,560 11% % Amundi 19,885 15,386 29% ,253 5,395 4,877 11% % Vanguard 17,126 12,538 37% ,384 1,438 2,052-30% % Source 16,465 12,625 30% ,966 1,326 1,396-5% % State Street 11,794 9,274 27% ,970 1,182 1,065 11% % ComStage 7,487 5,391 39% , % % Deka Investment GmbH 6,872 6,433 7% ,067 1,338-20% % Zuercher Kantonalbank 5,916 6,032-2% % 4 4 0% HSBC 5,085 5,363-5% % % BNP Paribas 4,591 3,756 22% % % Xact Fonder AB 2,436 2,379 2% ,349 1,979-32% % Julius Baer Inv 1,827 2,060-11% % % PowerShares 1,796 1,465 23% % % Ossiam 1,721 1,430 20% % % ThinkCapital ETFs N.V. 1,329 1,030 29% % % ETF Securities % % % BBVA Gestion SA SGIIC % % 2 2 0% Royal Bank of Scotland plc % % % WisdomTree % % % Nomura Asset Management NA % 3 0 NA Fundlogic Global Solutions plc % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% DnB Kapitalforvaltning % % 1 1 0% First Trust % % % SEB Investment Management AB % % 3 3 0% Van Eck Funds 77 0 NA % 3 0 NA UniCredit Bank 54 0 NA % 1 0 NA Commerzbank AG % % % FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% Boost % % 3 3 0% NBG Asset Management MFMC % % 2 2 0% Alpcot Capital Management % % % Swedbank Robur % NA % Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA NA 2 2 0% NCB Stockbrokers % NA % Total 447, ,049 24% 6,074 1,921 60,379 56,493 58,444-3% ,417 4% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 37

38 Figure 73: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. ETF Securities 11,103 11,282-2% ,030 1,912 6% % Source 1,947 1,586 23% % 4 4 0% Deutsche AWM 1,888 1,811 4% % % Deutsche Borse Commodities GmbH 1,672 1,572 6% % 1 1 0% BlackRock % % 4 4 0% Boost % % % Royal Bank of Scotland plc % % % Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG % % % Total 17,635 16,813 5% ,068 3,516 2,994 17% % AUM Cash Flow Turnover Products Page 38 Deutsche Bank AG/London

39 Figure 74: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month Products End of 2014 Diff. BlackRock 211, ,556 21% 4, ,835 24,359 23,430 4% % Deutsche AWM 57,787 46,369 25% ,684 5,285 6,218-15% % Lyxor 47,929 37,823 27% ,802 11,332 11,642-3% % UBS 24,720 17,073 45% ,446 1,730 1,560 11% % Amundi 19,885 15,386 29% ,253 5,395 4,877 11% % Source 18,413 14,212 30% ,298 1,786 1,602 12% % Vanguard 17,126 12,538 37% ,384 1,438 2,052-30% % ETF Securities 11,819 11,738 1% ,388 2,451-3% % State Street 11,794 9,274 27% ,970 1,182 1,065 11% % ComStage 7,487 5,391 39% , % % Deka Investment GmbH 6,872 6,433 7% ,067 1,338-20% % Zuercher Kantonalbank 5,916 6,032-2% % 4 4 0% HSBC 5,085 5,363-5% % % BNP Paribas 4,591 3,756 22% % % Xact Fonder AB 2,436 2,379 2% ,349 1,979-32% % Julius Baer Inv 1,827 2,060-11% % % PowerShares 1,796 1,465 23% % % Ossiam 1,721 1,430 20% % % Deutsche Borse Commodities GmbH 1,672 1,572 6% % 1 1 0% ThinkCapital ETFs N.V. 1,329 1,030 29% % % Royal Bank of Scotland plc % % % BBVA Gestion SA SGIIC % % 2 2 0% Boost % % % WisdomTree % % % Nomura Asset Management NA % 3 0 NA Fundlogic Global Solutions plc % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Borse Stuttgart Securities GmbH % % 1 1 0% DnB Kapitalforvaltning % % 1 1 0% First Trust % % % SEB Investment Management AB % % 3 3 0% Van Eck Funds 77 0 NA % 3 0 NA UniCredit Bank 54 0 NA % 1 0 NA Commerzbank AG % % % FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC % % 2 2 0% Alpcot Capital Management % % % Swedbank Robur % NA % NCB Stockbrokers % NA % PDR Services LLC 0 0 NA % 0 0 NA Nordea Investment Funds 0 0 NA NA 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Total 464, ,862 23% 6,373 1,784 61,448 60,009 61,438-2% 1,913 1,868 2% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 39

40 Figure 75: European ETP Providers tier market share ETPs Europe Oct-15 Q3 15 Q2 15 Q1 15 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q4 14 Q1 15 Q2 15 Q3 15 Oct-15 Tier % 68.7% 68.3% 68.1% 68.3% Tier % 27.2% 27.6% 27.7% 27.8% Tier 3 4.2% 4.0% 4.1% 4.2% 4.0% Page 40 Deutsche Bank AG/London

41 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 Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF YTD CF BlackRock 142,722 66,879 1, , % ,315 4,333 23,605 Deutsche AWM 41,110 13, , % 215 5, ,484 Lyxor 37,865 9, , % , ,802 UBS 21,326 1,757 1, , % 133 1, ,446 Amundi 14,940 4, , % 100 5, ,253 Vanguard 16, , % 13 1, ,384 Source 10,089 6, , % 78 1, ,966 State Street 8,224 3, , % 75 1, ,970 ComStage 4,867 2, , % ,756 Deka Investment GmbH 4,569 2, , % 46 1, Zuercher Kantonalbank 0 0 5, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, Julius Baer Inv 0 0 1, , % PowerShares 1, , % Ossiam 1, , % ThinkCapital ETFs N.V , % ETF Securities % BBVA Gestion SA SGIIC % Royal Bank of Scotland plc % WisdomTree % Nomura Asset Management % Fundlogic Global Solutions plc % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % DnB Kapitalforvaltning % First Trust % SEB Investment Management AB % Van Eck Funds % UniCredit Bank % Commerzbank AG % FinEx Fund Plc % Alpha Asset Management % Boost % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 320, ,669 13,296 1, , % 1,473 56,493 6,074 60,379 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 41

42 Figure 77: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Commodity Currency Total AUM Mkt Share % Nu. Current TO Current CF YTD CF ETF Securities 10, , % 298 2, Source 1, , % Deutsche AWM 1, , % Deutsche Borse Commodities GmbH 1, , % BlackRock % Boost % Royal Bank of Scotland plc % Borse Stuttgart Securities GmbH % Commerzbank AG % Total 17, , % 440 3, ,068 Page 42 Deutsche Bank AG/London

43 Figure 78: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF BlackRock 142,722 66,879 1, , % ,359 4,346 23,835 Deutsche AWM 41,110 13,509 2, , % 243 5, ,684 Lyxor 37,865 9, , % , ,802 UBS 21,326 1,757 1, , % 133 1, ,446 Amundi 14,940 4, , % 100 5, ,253 Source 10,089 6,076 2, , % 82 1, ,298 Vanguard 16, , % 13 1, ,384 ETF Securities , , % 316 2, State Street 8,224 3, , % 75 1, ,970 ComStage 4,867 2, , % ,756 Deka Investment GmbH 4,569 2, , % 46 1, Zuercher Kantonalbank 0 0 5, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, Julius Baer Inv 0 0 1, , % PowerShares 1, , % Ossiam 1, , % Deutsche Borse Commodities GmbH 0 0 1, , % ThinkCapital ETFs N.V , % Royal Bank of Scotland plc % BBVA Gestion SA SGIIC % Boost % WisdomTree % Nomura Asset Management % Fundlogic Global Solutions plc % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % Borse Stuttgart Securities GmbH % DnB Kapitalforvaltning % First Trust % SEB Investment Management AB % Van Eck Funds % UniCredit Bank % Commerzbank AG % FinEx Fund Plc % Alpha Asset Management % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 320, ,669 30,584 1, , % 1,913 60,009 6,373 61,448 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Deutsche Bank AG/London Page 43

44 European Provider Analysis by Replication Method Figure 79: European ETF Providers list by replication All figures in million except products European Providers ETFs Europe Replication AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) AUM (%) ETFs Method Equity Fixed Income Commodity Other Total BlackRock Physical 142, , , % 265 Synthetic % 4 Deutsche AWM Physical 27, ,412 49% 57 Synthetic 13, , ,487 51% 158 Lyxor Physical 1, , ,268 11% 36 Synthetic 36, , ,661 89% 196 UBS Physical 18, , ,039 85% 103 Synthetic 3, ,682 15% 30 Amundi Physical 1, ,057 5% 7 Synthetic 13, , ,828 95% 93 Vanguard Physical 16, , % 13 Source Physical 1, , ,417 45% 25 Synthetic 8, ,048 55% 53 State Street Physical 8, , , % 75 ComStage Physical % 2 Synthetic 4, , ,347 98% 105 Deka Investment GmbH Physical 4, , , % 45 Synthetic % 1 Zuercher Kantonalbank Physical , , % 4 HSBC Physical 5, , % 28 BNP Paribas Physical 2, ,016 44% 17 Synthetic 2, ,575 56% 20 Xact Fonder AB Physical 2, ,028 83% 4 Synthetic % 6 Julius Baer Inv Physical , , % 4 PowerShares Physical 1, ,755 98% 17 Synthetic % 4 Ossiam Physical % 1 Synthetic 1, ,667 97% 8 ThinkCapital ETFs N.V. Physical , % 11 ETF Securities Synthetic % 11 Physical % 7 BBVA Gestion SA Physical % 2 RBS plc Synthetic % 12 WisdomTree Physical % 12 Nomura Asset Management Physical % 3 Fundlogic Global Solutions plc Synthetic % 2 Seligson & Co Fund Mgmt. Physical % 1 Raiffeisen Schweiz Physical % 3 DnB Kapitalforvaltning Physical % 1 First Trust Physical % 7 SEB Investment Management AB Synthetic % 3 Van Eck Funds Physical % 3 UniCredit Bank Synthetic % 1 Commerzbank AG Synthetic % 1 Physical % 1 FinEx Fund Plc Physical % 1 Synthetic % 1 Alpha Asset Mgmt. Physical % 1 Boost Synthetic % 3 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 320,814 1, , , , ,276 1,473 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 44 Deutsche Bank AG/London

45 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 80: Turnover by asset class and instrument ( million) ETPs Europe Oct-15 Sep YTD Asset Class Beta Beta+ Alpha Total Total ETFs Equity 34,987 4, ,974 38,523 6, ,973 31,090 4, , ,740 Fixed income 15, ,796 12, ,747 7, , ,117 Commodity ,787 Currency Multi Asset Alternative ,100 Total 51,040 5, ,493 51,546 6, ,444 39,072 4, , ,030 ETCs Commodity 2,280 1, ,351 1,796 1, ,862 1, ,136 38,283 Currency ,501 Total 2,295 1, ,516 1,813 1, ,994 1, ,254 40,784 Total ETPs 53,336 6, ,009 53,359 7, ,438 40,806 5, , ,814 Asset Class Analysis Figure 81: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Developed Markets 25, ,458 29, ,320 21, , ,319 Emerging Markets 3, ,896 3, ,679 4, ,108 47,595 Global Markets ,867 Sector 2, ,666 2, ,234 2, ,166 30,149 Capitalization ,339 Strategy 385 4, , , , , ,846 59,086 Style 1, ,128 1, ,317 1, ,179 16,168 Thematic ,216 Total Equities 34,987 4, ,974 38,523 6, ,973 31,090 4, , ,740 Oct-15 Sep Deutsche Bank AG/London Page 45

46 Figure 81A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Sector 2, ,666 2, ,234 2, ,166 30,149 Consumer discretionary Consumer staples Energy Financials , ,502 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization ,339 Large Cap Mid Cap Small Cap ,970 Strategy 385 4, , , , , ,846 59,086 Fundamental Leveraged Long 0 2, , , , , ,254 27,713 Leveraged Short 0 2, , , , , ,736 17,976 Options Strategy Quantitative Short ,535 Style 1, ,128 1, ,317 1, ,179 16,168 Dividend 1, ,034 1, ,166 1, ,079 14,595 Growth Value Thematic ,216 Commodities Cyclical Faith Other Theme Sustainability Total 5,120 4, ,103 4,948 6, ,389 4,520 4, , ,958 Oct-15 Sep Page 46 Deutsche Bank AG/London

47 Figure 81B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets YTD Alpha Total Total Europe 16, ,297 17, ,313 13, , ,039 Austria Belgium Finland France ,644 Germany 3, ,537 3, ,968 3, ,368 48,432 Greece Ireland Italy 1, ,022 1, , ,281 Netherlands ,322 Norway Portugal Iceland Spain ,347 Sweden ,076 Switzerland ,001 UK 1, ,811 2, ,056 2, ,125 26,232 Europe broad 7, ,910 8, ,281 5, ,400 93,220 Americas 4, ,464 6, ,324 4, ,151 61,074 US 4, ,276 6, ,085 3, ,862 58,445 Canada North America ,760 Asia 2, ,741 3, ,368 2, ,218 33,043 Australia Hong Kong Japan 2, ,599 3, ,161 1, ,967 30,091 Singapore Asia Pacific broad ,651 Global 1, ,956 2, ,314 1, ,638 25,163 Broad indices 1, ,956 2, ,314 1, ,638 25,163 DM Total 25, ,458 29, ,319 21, , ,319 Oct-15 Sep Deutsche Bank AG/London Page 47

48 Figure 81C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets YTD Alpha Total Total BRIC 1, , , ,320 17,747 Brazil ,683 Russia ,350 India ,698 China ,017 Latin America ,172 Chile Mexico LATAM broad Asia ,957 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea ,807 Taiwan ,089 Thailand Vietnam Asia Pacific broad ,773 EMEA ,324 Kuwait Poland South Africa Turkey ,007 Europe broad Middle East & Africa Global Markets 2, ,004 1, ,918 1, ,833 19,395 Global 2, ,004 1, ,918 1, ,833 19,395 EM Total 3, ,896 3, ,679 4, ,108 47,595 Total (EM + DM) 29, ,354 32, ,998 25, , ,915 Oct-15 Sep Figure 82: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ YTD Alpha Total Total Overall ,187 Corporates 5, ,663 4, ,505 2, ,496 47,818 Covered Bonds ,110 Credit Exposure Sovereign 8, ,389 6, ,164 4, ,201 74,693 Money Market ,986 Total Fixed Income 15, ,796 12, ,747 7, , ,117 Oct-15 Sep Page 48 Deutsche Bank AG/London

49 Figure 83: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ YTD Alpha Total Total Overall ,575 Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture ,322 Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy , , ,991 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals ,809 Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 1, ,812 1, ,418 1, ,880 20,860 Overall Gold , , , Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 2,908 1, ,979 2,420 1, ,487 2, ,933 45,616 Oct-15 Sep Deutsche Bank AG/London Page 49

50 Product Rankings Figure 84: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1, , ,917.5 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1, , ,339.1 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,080.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta ,879.2 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta , ,319.7 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta ,980.1 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta ,207.1 Vanguard S&P 500 ETF VUSA LN Vanguard Beta , ,675.0 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,796.1 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,132.1 Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta ,686.3 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,139.3 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ,282.9 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,492.3 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta ,444.3 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta ,505.9 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta ,977.6 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta ,989.2 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta ,545.8 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta ,632.3 YTD TO Figure 85: Top 20 Fixed Income ETFs by Turnover ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1, ,012.2 Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,169.8 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,958.7 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ,147.7 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,112.7 Amundi ETF Euro Corporates UCITS ETF CC4 FP Amundi Beta ,084.4 Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Amundi Beta ,232.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,057.5 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ,082.2 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta ,547.9 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ,444.7 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ,389.9 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ,795.9 ishares $ Short Duration HY Corporate Bond UCITS ETF SDHY LN BlackRock Beta Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP Lyxor Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ,669.9 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,336.4 YTD TO Page 50 Deutsche Bank AG/London

51 Figure 86: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,017.6 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,835.2 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ,760.5 ETFS Physical Gold PHAU LN ETF Securities Beta ,374.7 Gold Bullion Securities GBS LN ETF Securities Beta ,237.1 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,009.4 Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ,044.7 Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta ,239.6 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ,965.2 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS Physical Silver PHAG LN ETF Securities Beta Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta ETFS Copper COPA LN ETF Securities Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta ETFS Energy AIGE LN ETF Securities Beta ETFS Agriculture AIGA LN ETF Securities Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta ishares Physical Gold ETC SGLN LN Blackrock Beta YTD TO Figure 87: Top 10 ETPs by Turnover ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 1, db x-trackers II EONIA TR Index UCITS ETF XEON GR ishares Euro STOXX 50 (DE) SX5EEX GR db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR ishares Markit iboxx Euro High Yield EUNW GR ishares STOXX 600 (DE) SXXPIEX GR db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deka DAX UCITS ETF ETFDAX GR db x-trackers II iboxx Germany 7-10 TR Index UCITS ETF XG71 GY ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY ishares MDAX (DE) MDAXEX GR ishares eb.rexx Government Germany (DE) RXP2EX GR db x-trackers ShortDAX UCITS ETF XSDX GR Lyxor UCITS ETF Euro Cash LYXCSH GR Deka EURO STOXX 50 UCITS ETF ETFSX5E GR ishares Barclays Capital Emerging Market Local Govt Bond IUSP GY Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers Portfolio TR Index UCITS ETF XQUI GR ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR Source Physical Gold ETC (P-ETC) 8PSG GY db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR db Physical Gold Euro Hedged ETC XAD1 GR ishares S&P Listed Private Equity Fund IQQL GR Gold Bullion Securities GG9B GR db-x trackers Portfolio Income UCITS ETF XS7W GR db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR ETFS Short USD Long EUR XBJQ GR ETFS Brent Oil OESA GR SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY ETFS Physical Gold VZLD GR ETFS Long USD Short EUR XBJP GR ETFS WTI Crude Oil OD7F GR ETFS 5X Long USD Short EUR 5CH5 GY RICI Enhanced WTI Crude Oil TR Index ETC 9J6N GR db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR 0.50 Deutsche Bank AG/London Page 51

52 Figure 88: Top 10 ETPs by Turnover ( million) London SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares FTSE 100 UCITS ETF (Inc) ISF LN ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN Vanguard S&P 500 ETF VUSD LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN Vanguard FTSE 100 ETF VUKE LN ishares Euro Corporate Bond UCITS ETF IEAC LN ishares FTSE 250 UCITS ETF MIDD LN ishares UK Gilts UCITS ETF IGLT LN ishares Core MSCI World UCITS ETF (Acc) IWDA LN ishares Emerging Markets Local Government Bond UCITS ETF SEML LN ishares Core S&P 500 UCITS ETF CSPX LN ishares $ Corporate Bond UCITS ETF LQDE LN ishares MSCI Japan GBP Hedged UCITS ETF IJPH LN ishares Emerging Markets Local Government Bond UCITS ETF IEML LN Vanguard S&P 500 ETF VUSA LN ishares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN ishares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN ishares $ TIPS UCITS ETF IDTP LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Source Physical Gold ETC (P-ETC) SGLD LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ETFS WTI Crude Oil CRUD LN ETFS 3x Short EUR Long USD SEU3 LN Gold Bullion Securities GBS LN ishares Listed Private Equity UCITS ETF IPRV LN ETFS Physical Gold PHAU LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Physical Gold GBP PHGP LN SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN ETFS Copper COPA LN db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN ETFS Physical Silver PHAG LN ETFS Short AUD Long USD SAUD LN ETFS Energy AIGE LN ETFS Short EUR Long USD SEUR LN ETFS Agriculture AIGA LN ETFS 3x Long EUR Short USD LEU3 LN Boost Wti Oil 3X Leverage Daily ETP 3OIL LN ETFS Short EUR Long USDGBP SEUP LN 1.44 Figure 89: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core S&P 500 UCITS ETF CSSPX SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW ishares SMI CH CSSMI SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares CHF Corporate Bond (CH) CHCORP SW UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW ishares $ Corporate Bond UCITS ETF LQDE SW UBS-ETF MSCI EMU EMUEUA SW ishares Euro Corporate Bond Large Cap UCITS ETF IBCX SW UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares MSCI Japan CHF Hedged UCITS ETF IJPC SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW ishares SPI (CH) CHSPI SW db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged) XBAC SW ishares MSCI Emerging Markets IMI UCITS ETF EIMI SW ishares $ TIPS UCITS ETF ITPS SW PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW ishares USD Government Bond 7-10 UCITS ETF CSBGU0 SW Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF-H (EUR) ZGLDHE SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW ZKB Gold ETF ZGLD SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW ZKB Gold ETF-A USD ZGLDUS SW ishares Listed Private Equity UCITS ETF IPRV SW ZKB Gold ETF-A EUR ZGLDEU SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW Source Physical Gold ETC (P-ETC) SGLD SW UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW ZKB Silver ETF ZSIL SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW ZKB Gold ETF-H (CHF) ZGLDHC SW Nomura Voltage Mid-Term Source ETF VOLT SW UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW Lyxor ETF Privex LYPVX SW 0.00 Page 52 Deutsche Bank AG/London

53 Figure 90: Top 10 ETPs by Turnover ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor ETF Leverage CAC 40 LVC FP Amundi ETF Euro Corporates UCITS ETF CC4 FP Lyxor ETF XBear CAC 40 BX4 FP Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Lyxor UCITS ETF MSCI Europe MEU FP Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP Amundi ETF MSCI EMU UCITS ETF CMU FP AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP Lyxor ETF Leveraged Euro STOXX 50 LVE FP Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF X13G FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB CRB FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP ETFS WTI Crude Oil CRUDP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP Gold Bullion Securities GBS FP Lyxor ETF Privex PVX FP Lyxor ETF Commodities CRB Non-Energy CRN FP PowerShares Global Listed Private Equity UCITS ETF PSP FP ETFS Brent 1mnth Oil OILBP FP ETFS All Commodities AIGCP FP Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP ETFS Natural Gas NGASP FP ETFS Wheat WEATP FP ETFS Precious Metals AIGPP FP 0.60 Figure 91: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF FTSE MIB ETFMIB IM ishares Euro Government Bond 3-5yr UCITS ETF IBGX IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM Lyxor ETF XBear FTSE/MIB XBRMIB IM db x-trackers II iboxx Germany 7-10 TR Index UCITS ETF XG71 IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM ishares Emerging Markets Local Government Bond UCITS ETF SEML IM Lyxor UCITS ETF Euro STOXX 50 MSE IM Lyxor UCITS ETF Euro Cash LEONIA IM Lyxor UCITS ETF DAX (DR) DAXX IM Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM UBS-ETF MSCI EMU EMUEUA IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM ishares Euro Corporate Bond UCITS ETF IEAC IM Lyxor ETF MSCI Emerging Markets - A EMKT IM db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM ETFS 3X Long USD Short EUR EUS3 IM Boost Wti Oil 3X Short Daily ETP 3OIS IM ETFS 5X Long USD Short EUR EUS5 IM ETFS WTI Crude Oil CRUD IM ETFS 3X Short USD Long EUR USE3 IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS 5X Short USD Long EUR USE5 IM ETFS Daily Leveraged Crude Oil LOIL IM Boost Long USD Short EUR 5x Daily ETP 5USE IM Boost Natural Gas 3x Short Daily 3NGS IM db-x trackers Portfolio Income UCITS ETF XS7W IM ETFS Physical Gold PHAU IM db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM Gold Bullion Securities GBS IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM Boost Silver 3X Leverage Daily ETP 3SIL IM ETFS Long USD Short EUR EUUS IM Lyxor ETF Commodities CRB CRB IM Boost Short USD Long EUR 5x Daily ETP 5EUS IM 1.64 Deutsche Bank AG/London Page 53

54 Figure 92: Top 10 ETPs by Turnover ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT Bear 2 XABEAR2 SS No Fixed Income ETFs 2 XACT Bull 2 XABULL2 SS XACT OMXS30 XACTOMX SS XACT Bear XACBEAR SS XACT Bull XACBULL SS XACT Nordic 30 XACTVINX SS db x-trackers MSCI World Index UCITS ETF 1C XMWO SS XACT OMXSB XACTSBX SS SpotR OMXS30 SPOTROMX SS db x-trackers S&P 500 UCITS ETF 1C XSPX SS 2.78 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares Euro Aggregate Bond UCITS ETF IEAG NA ishares AEX UCITS ETF IAEX NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA Vanguard S&P 500 ETF VUSA NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares $ Corporate Bond UCITS ETF LQDA NA Think AEX Tracker TDT NA ishares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 9.07 Page 54 Deutsche Bank AG/London

55 7. European ETF Exchanges Figure 93: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Jun-15 Market Share % Jul-15 Market Share % Aug-15 Market Share % Sep-15 Market Share % Oct-15 Market Share % Deutche Boerse Deutsche Borse 18, % 16, % 17, % 13, % 12, % LSE London SE 21, % 21, % 22, % 19, % 18, % Borsa Italiana 6, % 7, % 6, % 6, % 6, % Euronext 28, % 28, % 29, % 25, % 24, % Paris 10, % 8, % 12, % 11, % 11, % Amsterdam 2, % 2, % 2, % 2, % 2, % Lisbon % % % 7 0.0% 9 0.0% Brussels 3 0.0% 7 0.0% 6 0.0% 2 0.0% 1 0.0% 12, % 11, % 15, % 13, % 13, % Swiss SE 5, % 5, % 6, % 4, % 4, % Stockholmborsen 1, % % 1, % 1, % % Oslo Bors % % % % % BME % % % % % Others % 5 0.0% % % % Total 67, % 63, % 70, % 58, % 56, % * 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. Deutsche Bank AG/London Page 55

56 Figure 94: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Jun-15 Market Share % Jul-15 Market Share % Aug-15 Market Share % Sep-15 Market Share % Oct-15 Market Share % LSE London SE 1, % 2, % 1, % 1, % 1, % Borsa Italiana 1, % 1, % 1, % 1, % 1, % Deutche Boerse 3, % 4, % 3, % 2, % 3, % Deutsche Borse % % % % % Euronext Amsterdam % % % % % Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % % % % Others % % % % % Total 3, % 4, % 3, % 2, % 3, % * 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. Page 56 Deutsche Bank AG/London

57 Figure 95: Total ETP on-exchange Turnover by asset class and by exchange ETPs Europe Deutsche Borse London SE Euronext Paris Borsa Italiana Euronext Amsterdam Swiss SE Stockholm Borsen Total Total Turnover ( million) Turnover* Mkt Share % Equity Developed Markets 98, , , , , , , , % Emerging Markets 8, , , , , , , % Global Markets , , , , % Sector 11, , , , , % Capitalization 2, , , % Style 4, , , , , , % Strategy 9, , , , , , % Thematic 1, , , % Total 136, ,297 83,896 54,605 21,615 50,187 10, , % Fixed Income Overall , , % Corporates 3, , , , , , , % Covered Bonds 1, , % Credit Exposure % Sovereign 12, , , , , , , % Money Market 1, , , , , % Total 19,909 77,378 14,687 14,128 4,008 4, , % Commodity 0.0% Overall , , % Agriculture , , % Energy 1, , , , % Industrial Metals , , % Precious Metals 2, , , , , % Livestock % Total 5,290 20, , ,371-46, % Other 0.0% Alternative , % Currency , , % Multi Asset % Total 555 1, , , % Grand Total 162, ,017 99,383 84,816 25,921 60,680 10, , % * Total turnover year to date (not daily average) Deutsche Bank AG/London Page 57

58 8. Assets ETP Monthly AUM Analysis by Asset Class Figure 96: AUM by asset class and instrument ( million) ETPs Europe Oct-15 Sep-15 End of 2014 Asset Class Beta Beta+ Alpha Total ETFs Equity 312,406 4,496 3, , ,673 5,165 3, , ,157 3,613 2, ,076 Fixed income 105,009 1, , , ,133 1, , ,565 81,498 1, ,408 86,151 Commodity 13, ,296 12, ,787 13, ,412 Currency Multi Asset Alternative , , ,097 Total 431,271 6,233 3,849 5, , ,118 6,937 3,508 5, , ,483 4,859 2,977 4, ,049 ETCs Commodity 16, ,288 15, ,424 15, ,423 Currency Total 16, ,635 15, ,778 15, ,813 Total ETPs 447,910 7,229 3,849 5, , ,911 7,922 3,508 5, , ,407 5,748 2,977 4, ,862 Asset Class Analysis Figure 97: European Equity ETF AUM summary ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets 232, , , , , ,922 Emerging Markets 23, ,072 20, ,688 25, ,192 Global Markets 4, ,817 4, ,130 5, ,244 Sector 19, ,686 18, ,264 15, ,443 Capitalization 6, ,804 6, ,353 4, ,485 Strategy 5,001 4,496 3, ,270 4,451 5,165 3, ,047 2,849 3,613 2, ,428 Style 16, ,370 14, ,987 13, ,549 Thematic 3, ,907 3, ,383 2, ,814 Total Equities 312,406 4,496 3, , ,673 5,165 3, , ,157 3,613 2, ,076 Page 58 Deutsche Bank AG/London

59 Figure 97A: European Equity ETF AUM summary - A ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Sector 19, ,686 18, ,264 15, ,443 Consumer discretionary Consumer staples , , Energy 1, ,397 1, ,144 1, ,102 Financials 10, ,564 9, ,891 7, ,996 Healthcare 2, ,041 2, ,004 1, ,855 Industrials Information Technology 1, ,286 1, ,146 1, ,027 Materials Telecommunications Utilities Capitalization 6, ,804 6, ,353 4, ,485 Large Cap Mid Cap 2, ,328 2, ,195 1, ,497 Small Cap 4, ,065 3, ,783 2, ,579 Strategy 5,001 4,496 3, ,270 4,451 5,165 3, ,047 2,849 3,613 2, ,428 Fundamental 1, , ,591 1, , ,385 1, ,893 Leveraged Long 0 2, , , , , ,583 Leveraged Short , , Options Strategy Quantitative 3, , ,153 3, , ,464 1, , ,921 Short 30 1, , , , , ,241 Style 16, ,370 14, ,987 13, ,549 Dividend 14, ,810 13, ,678 12, ,456 Growth Value 1, ,269 1, , Thematic 3, ,907 3, ,383 2, ,814 Commodities Cyclical Faith Other Theme Sustainability 2, ,019 1, ,710 1, ,285 Total 51,768 4,496 3, ,037 47,438 5,165 3, ,035 39,140 3,613 2, ,719 Deutsche Bank AG/London Page 59

60 Figure 97B: European Equity ETF AUM summary - B ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets Europe 131, , , ,668 96, ,347 Austria Belgium Finland France 5, ,004 4, ,529 3, ,756 Germany 20, ,734 18, ,165 16, ,129 Greece Ireland Italy 3, ,120 2, ,823 2, ,271 Netherlands Norway Portugal Spain 1, ,863 1, ,812 1, ,792 Sweden 1, ,270 1, ,189 1, ,342 Switzerland 9, ,943 9, ,273 8, ,743 UK 13, ,781 12, ,790 12, ,023 Europe broad 74, ,355 67, ,500 48, ,806 Americas 60, ,525 55, ,348 54, ,952 US 57, ,288 52, ,427 51, ,463 Canada North America 2, ,390 2, ,116 2, ,582 Asia 22, ,077 19, ,804 16, ,812 Australia Hong Kong Japan 19, ,978 17, ,866 14, ,404 Singapore Asia Pacific broad 1, ,383 1, ,272 1, ,564 Global 18, ,408 16, ,729 16, ,812 Broad indices 18, ,408 16, ,729 16, ,812 DM Total 232, , , , , ,922 Page 60 Deutsche Bank AG/London

61 Figure 97C: European Equity ETF AUM summary - C ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Emerging Markets BRIC 6, ,290 5, ,828 7, ,842 Brazil Russia India 2, ,065 2, ,016 1, ,588 China 2, ,951 2, ,566 4, ,693 Latin America Chile Mexico LATAM broad Asia 3, ,634 3, ,466 3, ,566 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad 1, ,497 1, ,393 1, ,216 EMEA 1, , , ,138 Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 11, ,601 9, ,955 11, ,960 Global 11, ,601 9, ,955 11, ,960 EM Total 23, ,072 20, ,688 25, ,192 Total (EM + DM) 255, , , , , ,113 Figure 98: European Fixed Income ETF AUM summary ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Fixed Income AUM Beta Beta+ Alpha Total Overall 3, ,336 8,211 3, ,043 7,822 3, ,763 5,983 Corporates 40, ,934 38, ,713 29, ,672 Covered Bonds 2, ,095 2, ,259 3, ,488 Credit Exposure Sovereign 54,370 1, ,073 51,645 1, ,374 43,658 1, ,049 Money Market 3, ,025 3, ,063 1, ,714 Total Fixed Income 105,009 1, , , ,133 1, , ,565 81,498 1, ,408 86,151 Deutsche Bank AG/London Page 61

62 Figure 99: European Commodity ETP AUM summary ( million) ETPs Europe Oct-15 Sep-15 End of 2014 Commodity AUM Beta Beta+ Alpha Total Overall 3, ,877 3, ,686 3, ,580 Overall , , ,327 Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 1, ,419 1, , ,078 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 22, ,934 21, ,965 23, ,555 Overall Gold , , ,503 Palladium Platinum Rhodium Silver , , ,026 Livestock Overall Cattle Lean Hogs Total 29, ,584 28, ,211 29, ,835 Page 62 Deutsche Bank AG/London

63 Product Rankings Figure 100: Top 20 Products by AUM Equity ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 11, , ,461.6 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 11, , ,301.8 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 9, , ,650.4 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9, , ,426.2 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 8, , ,193.6 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7, , ,949.9 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6, , ,153.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5, , ,681.6 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5, , ,923.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5, , ,516.2 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5, , ,879.5 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5, , ,927.9 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 5, , ,972.9 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 4, , ,072.6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3, , ,541.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3, , ,566.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 3, , ,185.3 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 3, , ,927.1 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2, , ,369.3 ishares SMI CH CSSMI SW BlackRock Beta 2, , , AUM Figure 101: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6, , ,912.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3, , ,743.6 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3, , ,653.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3, , ,066.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3, , ,758.5 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2, , ,612.1 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2, , ,003.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2, , ,730.0 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1, , ,612.8 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1, , ,306.5 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1, , ,641.1 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1, , ,563.8 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 1, , ,084.6 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1, , ,260.1 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1, , ,133.0 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1, , ,088.3 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , ,311.3 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1, , ,036.5 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta 1, , Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1, , , AUM Deutsche Bank AG/London Page 63

64 Figure 102: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4, , ,550.0 ETFS Physical Gold PHAU LN ETF Securities Beta 3, , ,896.5 Gold Bullion Securities GBS LN ETF Securities Beta 2, , ,684.6 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1, , ,382.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,571.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,607.6 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1, ,033.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFS Physical Silver PHAG LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ishares Physical Gold ETC SGLN LN Blackrock Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta ishares Gold CHF Hedged CH CSGLDC SW BlackRock Beta ishares Gold CH CSGOLD SW BlackRock Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta AUM Page 64 Deutsche Bank AG/London

65 Deutsche Bank AG/London Page ETF Broker rankings US ETP Broker Rankings Figure 103: Top 20 US ETF Brokers ETFs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (KCG) KCG HOLDINGS, INC. 182, % 284,478 1,630, % 2,354,136 (MLCO) MERRILL LYNCH 3, % 49,232 37, % 483,573 2 (MLCO) MERRILL LYNCH 172, % 49,229 2,803, % 483,552 (KCG) KCG HOLDINGS, INC. 2, % 284,478 26, % 2,354,169 3 (UBS) UBS INVESTMENT BANK 101, % 41, , % 406,946 (UBS) UBS INVESTMENT BANK 1, % 41,568 16, % 406,949 4 (CSFB) CREDIT SUISSE 90, % 21, , % 211,034 (CSFB) CREDIT SUISSE 1, % 21,765 14, % 211,899 5 (JPM) JP MORGAN 65, % 8, , % 81,699 (CITI) CITIGROUP GLOBAL MARKE % 19,091 9, % 190,033 6 (CITI) CITIGROUP GLOBAL MARKE 55, % 19, , % 190,031 (DBAB) DEUTSCHE BANK SECURITI % 24,030 8, % 204,769 7 (DBAB) DEUTSCHE BANK SECURITI 53, % 24, , % 204,765 (JPM) JP MORGAN % 8,618 6, % 81,700 8 (MSCO) MORGAN STANLEY 41, % 15, , % 144,751 (GSHT) GOLDMAN, SACHS & CO % 51,974 6, % 666,318 9 (GSHT) GOLDMAN, SACHS & CO. 40, % 51, , % 666,314 (MSCO) MORGAN STANLEY % 15,246 4, % 144, (GSLT) GOLDMAN SACHS ELECTRON 31, % 124, , % 1,373,331 (GSLT) GOLDMAN SACHS ELECTRON % 124,825 4, % 1,373, (BCET) BARCLAYS CAPITAL INC. 22, % 39, , % 327,475 (BCET) BARCLAYS CAPITAL INC % 39,684 2, % 327, (BCAP) BARCLAYS CAPITAL 21, % 19, , % 175,173 (BNPP) BNP PARIBAS % 5,412 2, % 59, (FCM) FIDELITY CAPITAL MARKET 17, % 15, , % 417,200 (BCAP) BARCLAYS CAPITAL % 19,832 3, % 175, (CVGX) CONVERGEX 16, % 26, , % 235,977 (FCM) FIDELITY CAPITAL MARKET % 15,855 5, % 417, (INCA) INSTINET 15, % 7, , % 123,539 (CVGX) CONVERGEX % 26,306 2, % 235, (JEFF) JEFFERIES & CO., INC. 15, % 15, , % 133,529 (RBC) ROYAL BANK OF CANADA % 14, % 117, (BNPP) BNP PARIBAS 11, % 5,412 98, % 59,925 (JEFF) JEFFERIES & CO., INC % 15,713 1, % 133, (RBC) ROYAL BANK OF CANADA 10, % 14,172 41, % 117,192 (INCA) INSTINET % 7,633 2, % 123, (CANT) CANTOR FITZGERALD L.P. 9, % 5, , % 75,374 (CANT) CANTOR FITZGERALD L.P % 5,259 2, % 75, (BTIG) BTIG LLC 4, % 1,402 32, % 13,327 (WBET) WALLACHBETH CAPITAL LL % 248 1, % 3,223 Other 52, % 113, , % 1,421,290 Other % 114,228 12, % 1,431,479 Total 1,032, % 905,067 11,336, % 9,216,560 Total 17, % 905, , % 9,217,603 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 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

66 Page 66 Deutsche Bank AG/London Figure 104: Top 20 US ETV Brokers ETVs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (KCG) KCG HOLDINGS, INC. 9, % 25,492 84, % 212,114 (KCG) KCG HOLDINGS, INC % 25,492 2, % 212,114 2 (UBS) UBS INVESTMENT BANK 5, % 2,276 49, % 23,089 (UBS) UBS INVESTMENT BANK % 2,276 1, % 23,089 3 (CITI) CITIGROUP GLOBAL MARKE 4, % 1,053 36, % 10,673 (MLCO) MERRILL LYNCH % 2,175 2, % 25,019 4 (MLCO) MERRILL LYNCH 4, % 2,175 69, % 25,019 (CITI) CITIGROUP GLOBAL MARKE % 1,053 1, % 10,673 5 (CSFB) CREDIT SUISSE 2, % 1,071 29, % 10,674 (CSFB) CREDIT SUISSE % 1, % 10,709 6 (BCET) BARCLAYS CAPITAL INC. 1, % 3,515 8, % 28,232 (BCET) BARCLAYS CAPITAL INC % 3, % 28,232 7 (DBAB) DEUTSCHE BANK SECURITI % 856 8, % 7,979 (DBAB) DEUTSCHE BANK SECURITI % % 7,979 8 (JPM) JP MORGAN % 379 9, % 4,150 (JPM) JP MORGAN % % 4,150 9 (GSHT) GOLDMAN, SACHS & CO % 2,501 7, % 29,234 (MSCO) MORGAN STANLEY % % 8, (GSLT) GOLDMAN SACHS ELECTRON % 7,353 10, % 93,378 (GSHT) GOLDMAN, SACHS & CO % 2, % 29, (MSCO) MORGAN STANLEY % 741 6, % 8,837 (FCM) FIDELITY CAPITAL MARKET % 1, % 44, (FCM) FIDELITY CAPITAL MARKET % 1,270 19, % 44,274 (RBC) ROYAL BANK OF CANADA % % 10, (CVGX) CONVERGEX % 1,256 4, % 12,074 (GSLT) GOLDMAN SACHS ELECTRON % 7, % 93, (INCA) INSTINET % 502 6, % 7,506 (BCAP) BARCLAYS CAPITAL % 1, % 9, (BCAP) BARCLAYS CAPITAL % 1,345 3, % 9,669 (CVGX) CONVERGEX % 1, % 12, (RBC) ROYAL BANK OF CANADA % 366 2, % 10,464 (INCA) INSTINET % % 7, (ITGI) INVESTMENT TECHNOLOGY % % 5,458 (BNPP) BNP PARIBAS % % 3, (BNPP) BNP PARIBAS % 215 2, % 3,942 (ITGI) INVESTMENT TECHNOLOGY % % 5, (CANT) CANTOR FITZGERALD L.P % 192 1, % 3,036 (BMOC) BMO CAPITAL MARKETS % % 1, (JEFF) JEFFERIES & CO., INC % 475 1, % 6,035 (CANT) CANTOR FITZGERALD L.P % % 3,036 Other % 4,371 23, % 59,778 Other % 4, % 64,533 Total 34, % 57, , % 615,615 Total 1, % 57,712 13, % 615,653 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 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

67 Deutsche Bank AG/London Page 67 European ETP Broker Rankings Figure 105: Top 20 European ETF brokers ETFs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (CBK) COMMERZBANK 9, % 18, , % 204,466 (CBK) COMMERZBANK % 18,863 3, % 206,065 2 (CITI) CITIGROUP GLOBAL MARKE 6, % 3,035 61, % 29,650 (SIS) SUSQUEHANNA INTERNATION % 2,987 2, % 31,998 3 (FLOW) FLOW TRADERS 6, % 3,983 65, % 40,618 (FLOW) FLOW TRADERS % 4,209 1, % 41,535 4 (SIS) SUSQUEHANNA INTERNATION 5, % 2,983 75, % 31,945 (CITI) CITIGROUP GLOBAL MARKE % 3,035 1, % 29,660 5 (BNPP) BNP PARIBAS 4, % 4,622 56, % 45,900 (KCG) KCG HOLDINGS, INC % 5, % 51,617 6 (JPMH) JPMORGAN CHASE BANK, N 3, % 2,533 41, % 26,302 (CSFB) CREDIT SUISSE % 2,965 1, % 30,714 7 (UNIC) UNICREDIT 3, % 1,139 31, % 10,126 (WINS) WINTERFLOOD SECURITIES % 5, % 60,651 8 (DBK) DEUTSCHE BANK AG 3, % 1,391 46, % 15,141 (UNIC) UNICREDIT % 1, % 10,148 9 (CSFB) CREDIT SUISSE 3, % 2,912 38, % 30,031 (JPMH) JPMORGAN CHASE BANK, N % 2, % 26, (BCAP) BARCLAYS CAPITAL 2, % 2,649 31, % 24,963 (BNPP) BNP PARIBAS % 4,642 1, % 46, (SGSA) SOCIETE GENERALE 2, % 2,490 8, % 6,340 (SGSA) SOCIETE GENERALE % 2, % 6, (UBS) UBS INVESTMENT BANK 2, % , % 7,647 (UBS) UBS INVESTMENT BANK % 406 1, % 7, (KCG) KCG HOLDINGS, INC. 2, % 5,584 21, % 51,614 (BCAP) BARCLAYS CAPITAL % 2, % 24, (GSHT) GOLDMAN, SACHS & CO. 2, % 5,789 25, % 51,002 (MSCO) MORGAN STANLEY % 1, % 18, (MSCO) MORGAN STANLEY 2, % 1,545 30, % 18,118 (DBK) DEUTSCHE BANK AG % 1,393 1, % 15, (BFIN) BLUEFIN EUROPE LLP 1, % , % 2,236 (MLCE) BANK OF AMERICA MERRIL % 2, % 26, (WINS) WINTERFLOOD SECURITIES 1, % 5,877 19, % 60,620 (MLCO) MERRILL LYNCH % % 6, (MLCO) MERRILL LYNCH 1, % , % 6,986 (KEPL) KEPLER CAPITAL MARKETS % 1, % 25, (KEPL) KEPLER CAPITAL MARKETS 1, % 1,981 11, % 25,206 (GSHT) GOLDMAN, SACHS & CO % 5, % 51, (CANT) CANTOR FITZGERALD L.P. 1, % 1,701 18, % 20,395 (CANT) CANTOR FITZGERALD L.P % 1, % 20,410 Other 7, % 29, , % 336,415 Other % 26,557 4, % 312,560 Total 77, % 99, , % 1,045,721 Total 2, % 100,264 25, % 1,049,724 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 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

68 Page 68 Deutsche Bank AG/London Figure 106: Top 20 European ETC brokers ETCs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (CBK) COMMERZBANK % 690 1, % 7,590 (CSFB) CREDIT SUISSE % % 1,478 2 (CITI) CITIGROUP GLOBAL MARKE % 302 1, % 3,244 (WINS) WINTERFLOOD SECURITIES % 1,648 1, % 17,251 3 (KCG) KCG HOLDINGS, INC % % 4,442 (SIS) SUSQUEHANNA INTERNATION % % (MSCO) MORGAN STANLEY % 194 2, % 2,504 (CITI) CITIGROUP GLOBAL MARKE % % 3,245 5 (FLOW) FLOW TRADERS % 159 1, % 1,722 (HSBC) HSBC GROUP PLC % % 1,530 6 (WINS) WINTERFLOOD SECURITIES % 1,648 1, % 17,251 (UBS) UBS INVESTMENT BANK % % 1,156 7 (UBS) UBS INVESTMENT BANK % 79 1, % 1,156 (FLOW) FLOW TRADERS % % 1,782 8 (MACQ) MACQUARIE SECURITIES % 78 1, % 520 (KCG) KCG HOLDINGS, INC % % 4,442 9 (HSBC) HSBC GROUP PLC % % 1,530 (KEPL) KEPLER CAPITAL MARKETS % % 2, (SGSA) SOCIETE GENERALE % % 182 (DBKE) DEUTSCHE BANK AG, AUTO % % 3, (CANT) CANTOR FITZGERALD L.P % % 3,686 (MSCO) MORGAN STANLEY % % 2, (BFIN) BLUEFIN EUROPE LLP % % 511 (CANT) CANTOR FITZGERALD L.P % % 3, (SIS) SUSQUEHANNA INTERNATION % % 161 (CBK) COMMERZBANK % % 7, (DBK) DEUTSCHE BANK AG % 41 1, % 375 (BFIN) BLUEFIN EUROPE LLP % % (CSFB) CREDIT SUISSE % 126 1, % 1,468 (INCA) INSTINET % % (MLCE) BANK OF AMERICA MERRIL % % 3,977 (MLCE) BANK OF AMERICA MERRIL % % 3, (BNPP) BNP PARIBAS % % 252 (MACQ) MACQUARIE SECURITIES % % (INTM) INTERMONTE SIM SPA % % 18 (MED) MEDIOBANCA SPA % % 9, (MLCO) MERRILL LYNCH % % 304 (SGSA) SOCIETE GENERALE % % (ITGE) ITG EUROPE % % 40 (CVGX) CONVERGEX % % 3,117 Other % 2,618 4, % 30,343 Other % 1, % 11,967 Total 1, % 7,546 25, % 81,276 Total % 7,556 4, % 81,406 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 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