Synthetic Equity & Index Strategy

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1 Deutsche Bank Markets Research Europe Date Synthetic Equity & Index Strategy ETF Monthly Europe July Highest inflows into Fixed Income ETFs since July Ari Rajendra Data in this report is as of Jun. Research Analyst European ETP Monthly Highlights (Assets & Flows): Assets: European ETPs AUM decreased by.bn on MoM basis and ended the month at bn. + Sebastian Mercado, CFA Flows: Europeandomiciled ETPs registered inflows of +.bn during last month where yeartodate flows have reached + bn. Strategist + New Product Launches New products European market witnessed new products launched in June which were all Equity ETFs. Investment Themes for the Month Marginal outflows from European equity (standard indices) following negative market returns in June ( mn). EM saw significant inflows (+.bn). Country wise, US (+ mn), Japan (+ mn) benefited while Germany saw outflows ( mn). Smart segment recorded inflows of + bn. Factor (+ mn), Thematic (+ mn), Dividend (+ mn) and ESG (+ mn) ETFs were the segments that benefitted. Factor flows were distributed across Low Vol, Value and MultiFactor strategies. Sectorwise, Industrials (+ mn) benefitted while Financials ( mn) and Healthcare ( mn) saw redemptions. Currency Hedged (+ mn) equity ETFs had a strong showing which was largely centered around EUR hedged products. Robust Fixed Income inflows (+.bn) mainly into EM Bonds and EUR Corporates. Gold (+ mn) and Crude Oil (+ mn) contributed most of the overall commodity flows (+ mn). US listed ETFs with exposure to European equities drew +$.bn. : MoM turnover decreased by % The total turnover activity into European ETPs increased by % (.bn) compared to the previous month s total (.bn). Distributed on: // :: GMT 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 ALYST CERTIFICATIONS ARE LOCATED IN APPENDIX.MCI (P) //. bedbcfc

2 July Table Of Contents European ETP Highlights... New Launch Activity... Investment Themes for the Month... : MoM turnover activity decreased by %... Price discounts/premium to V Monitor... US Market: Europeanfocused ETFs continued positive run.... Investment Trends... CrossAsset Class ETPs Europe.... Market Metrics... ETF Industry Asset Evolution... ETFs vs. Cash Equities... ETFs vs. Unlisted Mutual Funds... European ETF Industry Replication Structure Composition... Industry Growth Analysis.... Cash Flow Analysis... Regional Cash Flow Analysis... Asset Class Cash Flow Analysis... Product Rankings.... Product Review... New Products Launched in the Month... Average TERs.... Provider Rankings... Global Provider Rankings... European Provider Rankings General... European Provider Rankings by Asset Class... European Provider Analysis by Replication Method.... Trading Perspective... ETP Monthly Analysis by Asset Class, by Instrument... Asset Class Analysis... Product Rankings.... European ETF Exchanges.... Assets... ETP Monthly AUM Analysis by Asset Class... Asset Class Analysis... Product Rankings.... ETF Broker rankings... US ETP Broker Rankings... European ETP Broker Rankings... Appendix A: How we define ETPs... Appendix B: The road from beta to alpha... Page

3 July European ETP Highlights Assets: European ETPs AUM decreased by.bn on MoM basis and ended the month at bn. At asset class level, Fixed income ETFs assets rose by.bn (.%) while assets in Equity ETFs and Commodity ETPs fell by.bn (%) and.bn (%) respectively during last month. For more details please refer to Assets section. Flows: Europeandomiciled ETPs registered inflows of +.bn during last month where yeartodate flows have reached + bn. Fixed Income ETFs benefitted most this month with inflows of +.bn closely followed by Equity ETFs (+.bn). Commodity ETPs also recorded inflows of + mn. For more details please refer to Cash Flow Analysis section. Figure : Monthly Flows & Assets growth by asset class Source: Deutsche Bank, Bloomberg Finance LP, Reuters Global ETPs Highlights Global ETPs assets increased by $bn, crossed $ trillion mark at the end of Jun',.% up from last monthend levels. Globally, ETPs registered monthly inflows of +$bn during June. USlisted ETPs had strong inflows of +$bn in overall flows while redemptions were seen for AsiaPacificlisted ETPs ($.bn). Figure : Global ETPs Snapshot ETPs Global AUM ($bn) Region Jun May US.. Europe.. AsiaPacific.. Global Cash Flow ($bn) MoM Change (%) ($bn) Market Share (%) MoM Change (%) AUM Cash Flows* Jun May Jun May.%.....% %.%.%.....% %.% %..%.....% %.% %..%.....% %.% *Cash Flow Market Share corresponds to Jun Monthly Cash Flow / End of May AUM New Launch Activity New products launched during June European market witnessed new products launched during last month which were all Equity ETFs. Out of new ETFs launched, were based on Smart Page

4 July strategies where and Lyxor each listed ETFs on London Stock Exchange. Deutsche AM and Source each listed an ETF based on MSCI Emerging Markets and MSCI Europe exuk Index respectively. These ETFs were listed on Deutsche Borse. For additional information on new product launches please refer to Product Review section. Figure : Newly Launched ETFs in June Source: Deutsche Bank,Bloomberg Finance LP, Reuters Investment Themes for the Month EM, Asia and US equities benefitted in June, marginal outflow from European equities Although net flows into European regional and country indices were negative ( mn), ETFs tracking European regional indices recorded net inflows of + mn (+.bn inflows so far this year). Indices that benefitted this month were MSCI EMU (+ mn), MSCI Europe exuk (+ mn), and MSCI Europe (+ mn) while Euro STOXX witnessed outflows of mn. In comparison to previous months this year, we have observed a significant deceleration of flows into European Equities. Within US listed ETFs, the flow trend into European equities remained robust where since Mar' Europeanfocused regional ETFs recorded total inflows of +$.bn. For more details please refer to US Markets section below. In other regions, Emerging Markets equity ETFs also had material inflows (+.bn). Two recently launched ETFs, Amundi Index MSCI Emerging Markets UCITS ETF DR (AEME FP) and db xtrackers MSCI Emerging Markets Index UCITS ETF (DR) (XMME GY) contributed significantly. An ETF tracking the MSCI Emerging Markets IMI index also benefitted and has drawn +.bn of ytd inflows. Figure : Regional/Country flows June ETFs Europe Source: Deutsche Bank,Bloomberg Finance LP, Reuters Country wise, US and Japanfocused ETFs benefitted most with inflows of + mn and + mn respectively whereas Germany focused ETFs saw further Page

5 July redemptions of mn ( mn outflows so far this year). Aside from Japan, flows into Asia were observed from ETFs tracking Australia (+ mn) and South Korea (+ mn). Smart : Factor flows driven by Low Vol, Value and MultiFactor ETFs During June, European listed Smart ETFs saw + bn of inflows taking yeartodate inflows to +.bn. Multiple subsegments within Smart benefitted. Factor ETFs dominated with + mn of net inflows distributed across Low Vol (+ mn), Value (+ mn) and Multi Factor (+ mn) ETFs. In other subsegments, we observed healthy inflows into Thematic (+ mn), Dividend (+ mn) and ESG ETFs (+ mn). US listed Smart ETFs had positive inflows of +$.bn. We saw material inflows into Equalweighted (+$.bn), Low Vol (+$.bn) and Dividend ETFs (+ $.bn) while Value ETFs witnessed further outflows of $mn over the last month ($mn outflows in May'). Figure : Quarterly Flows into Factor & LowVol Strategies ETFs Europe Source: Deutsche Bank,Bloomberg Finance LP, Reuters. Currency hedged products saw net creations of over mn Within Sector ETFs, Financials and Healthcare sector ETFs witnessed outflows of mn and mn which was partially offset by inflows into the Industrials sector ETFs (+ mn). Among other equity subsegments, Currency Hedged ETF had a strong showing with inflows of + mn. Almost half of the investment flows went into EUR hedged products. Highest inflows into Fixed Income ETFs since July Interestingly, Fixed Income ETFs registered inflows of +.bn last month which was a material increase of assets within month and the largest absolute net inflows since July. The largest AUM segments, Sovereigns and Corporate Bonds, were naturally drivers of inflows. EM Sovereign bonds in particular contributed +.bn of inflows (YTD+ bn) while Corporate bond ETFs contributed +.bn. Additionally, we also observed indication of bullish positioning on European inflation where an ETF tracking the IBOXX Breakeven EuroInflation France & Germany saw + mn investment. Page

6 July In terms of growth, Sovereign Bonds ETFs led with.% increase in assets while money market bonds suffered most with.% decrease in assets during June. Figures below illustrate monthly flows and flows % in Fixed Income segments. Figure : Monthly Flows into EM Sov. Bonds & Euro Corp. Bonds ETFs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters Commodity ETPs inflows driven by Crude Oil and Gold ETPs European Commodity ETP market registered inflows of + mn (+.bn YTD). Crude Oil and Gold based ETFs contributed most of the overall commodity flows where we observed + mn and + mn of inflows respectively. In asset terms, Gold ETPs assets reached at bn out of total commodity assets of.bn which is almost % of overall commodity assets. In terms of asset growth, Crude Oil led with % increase in assets while Gold ETPs saw marginal assets increase (%). : MoM turnover activity decreased by % The total turnover activity into European ETPs decreased by % where total turnover observed was (.bn) compared to the last month s total (.bn). Fixed income saw % increased turnover where Equity ETFs and Commodity ETPs witness drop in turnover activity by % and % respectively. For more details please refer to Trading Perspective section. Price discounts/premium to V Monitor The price of ETFs may not trade in line with the respective Vs driven by multiple factors such as supply/demand, market access, duty and varying trading time zones of stocks within an index. In this section we highlight, for ETFs with European equity exposure only, the median, maximum premium and maximum discount observed in varying categories for this month. Figures below illustrate the Price premium/discount to V for European ETFs. Page

7 July Equities: Deepest discount (.%) and highest premium (.%) occurred within Regional ETFs. Fixed Income: Covered Bonds had the deepest discount (.%) and highest premium (.%) occurred within Corporate Bond ETFs. Figure : Price premium/discount to V ETFs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters US Market: Europeanfocused ETFs continued positive run US domiciled ETPs recorded strong inflows of +$bn in June where yeartodate inflows reached at +$bn. Equity ETFs topped the flows ranking with inflows of +$.bn followed by inflows into fixed income ETFs (+$.bn). Commodity ETPs reversed the previous month negative trend and comes into positive zone with inflows worth of +$.bn($.bn in May'). Europe focused ETFs listed in US continued to draw inflows in June (+$.bn). European focused ETFs have now received inflows worth of +$bn so far this year. Page

8 July. Investment Trends CrossAsset Class ETPs Europe Figure : Cash flows by asset class Month,,,,,,,,,,, millions millions Figure : Cash flows by asset class YTD Equity Fixed Income Page Commodity Others,,,,,,,,,,, Equity Fixed Income Commodity Others

9 July. Market Metrics ETF Industry Asset Evolution Figure : Global ETP regional asset growth ETPs Global,,,,, $ billion,,,,, Number of ETPs,,,, Asia Pacific ($) ** Europe ($) US ($) ,.,.,.,.,.,.,. US, Europe & Asia Pacific ($)......,.,.,.,.,.,.,.,.,. Europe ( ) Number of ETPs*,,,,,,,,,,, *Number of ETPs at the end of the year is net of delistings for the period.** As of last month Figure : Global ETPs (ETF,ETV & ETC) asset growth ETPs Global,,,,,,,,,,, Number of ETPs $ billion,,, ETCs ** ETVs ETFs ,.,.,.,.,.,.,., ,.,.,.,.,.,.,.,.,.,,,,,,,,,,, Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period.** As of last month Page

10 July,,,,,,, $ billion,,,,,,,,,, Asia Pacific ($) Number of ETFs Figure : Global ETF regional asset growth ETFs Global ** Europe ($) US ($) ,.,.,.,.,.,. US, Europe & Asia Pacific ($) ,.,.,.,.,.,.,.,. Europe ( ) Number of ETFs*,,,,,,,,,,, *Number of ETPs at the end of the year is net of delistings for the period.** As of last month Figure : European ETF asset growth by asset class ETFs Europe,,,,, million,,, Other Commodity **,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Equity,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Fixed Income Number of ETFs*,,,,,,, Number of ETFs,,, *Number of ETPs at the end of the year is net of delistings for the period.** As of last month Page

11 July,, Number of ETPs million Figure : European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe,,,, ** Livestock Industrial Metals, Agriculture,,,, Energy,,,,,,,,, Overall,,,,,,,,,,, Precious Metals,,,,,,,,,,,,,,,,,,,,,,,, Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period.** As of last month Figure : European ETPs (ETF & ETC) asset growth ETPs Europe,,,,,,,, Number of ETPs million,,, ETCs,, ETFs,,,,,,,, Number of ETPs **,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, *Number of ETPs at the end of the year is net of delistings for the period.** As of last month. Page

12 July ETFs vs. Cash Equities,.%,.%,.% $ billion,.%,.%,.%,,.%.% Cash Equities ETF ETFs vs cash equities Figure : ETFs vs. cash equities turnover US market ETFs US ETFs vs Cash Equities (right axis) Source: Deutsche Bank, Bloomberg Finance LP, Reuters Figure : ETFs vs. cash equities turnover European market ETFs Europe.%.%.% billion.%.%.% ETFs vs cash equities.%.% Cash Equities ETF ETFs vs Cash Equities (right axis) Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

13 July ETFs vs. Unlisted Mutual Funds Figure : European ETP vs mutual fund assets ETPs Europe.%.%.%.% ETP vs mutual funds ETP AUM ( billion).% ETCs ETFs Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q* ETPs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% ETFs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP.*Data as of Apr. Figure : European ETP vs mutual fund cash flows ETPs Europe Cash Flows ( billion) Nov Dec Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb ETCs ETFs.. Jan Mar. Apr. Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure : US ETP vs mutual fund assets ETPs US,.%.%,.%.%.%,.%,.%.%, ETP vs mutual funds ETP AUM ($ billion),.%.% ETVs Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q* ETFs,,,,,,,,,,,,,,,,,,,,,, ETPs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% ETFs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, ICI. *Data as of May. Page

14 July Figure : US ETP vs mutual fund cash flows ETPs US Cash flows ($ billion) ETVs Nov. Jan. Feb. Mar. Apr. May. Jun. Sep. Oct. Jan. Feb. Mar. Apr. May. Jul. Aug. Sep. Dec. Jan. Feb. Mar. Apr. May. ETFs Mutual funds. Dec Jul. Aug.... Nov.. Dec Jun..... Oct.. Nov Source: Deutsche Bank, Bloomberg Finance LP, ICI Page

15 July European ETF Industry Replication Structure Composition Synthetic vs Figure : Historical Composition by ETF Structure ETFs Europe, Number of ETFs AUM ( billion) AUM SyntheticAUM funds Synthetic funds Source: Deutsche Bank, Bloomberg Finance LP, Reuters Figure : European AUM ETF market historical asset class analysis by replication technique ETFs Europe Synthetic Synthetic AUM ( million) Equity Fixed Income Commodity Others Jun,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ETFs (number of products) Equity Fixed Income Commodity Others Cash Flows ( million) Equity Fixed Income Commodity Others Synthetic *Yeartodate (up to Jun) numbers have been provided). Page

16 July Industry Growth Analysis.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% ETF asset price growth contribution (line) ETF cash flow growth contribution (Bars) Figure : Global ETF Industry growth attribution ETFs Global.%.%.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price growth Flows growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) Figure : US ETF Industry growth attribution ETFs US.% Price growth Jan.% Feb.% Mar.% Apr.% May.% Flows growth Jun.% Jul.% Aug.%.% Sep.% Oct.% Nov.% Dec.% Jan.% Feb.% Mar.% Apr.% May.% Jun.% Jul.% Aug.% Sep.%.%.% Oct.% Nov.% Dec.% Jan.% Feb.% Mar.% Apr.% May.% Jun.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price growth Flows growth ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) Figure : European ETF Industry growth attribution ETFs Europe.% Jan Feb Mar Apr May Jun.%.%.%.%.%.% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun.%.%.%.%.%.%.%.%.%.%.%.% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

17 July.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price growth Flows growth ETC asset price growth contribution (line) ETC cash flows growth contribution (Bars) Figure : European ETC Industry growth attribution ETCs Europe Jan.% Feb.% Mar.%.% Apr.% May.% Jun.%.% Jul.% Aug.% Sep.% Oct.% Nov.% Dec.% Jan.% Feb.% Mar.% Apr.%.% May.%.% Jun.% Jul.% Aug.% Sep.% Oct.% Nov.% Dec.% Jan.% Feb.% Mar.% Apr.% May.%.% Jun.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

18 July. Cash Flow Analysis Regional Cash Flow Analysis Figure : Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Jun Asset Class EU ($) EU ( ) May Asia EU ($) YTD EU ( ) Asia EU ($) EU ( ) Asia ETFs Equity,,,,,,,,,,,,,, Fixed income,,,,,,,,,,,,,,, Commodity,,, Currency Multi Asset,,,, Alternative,,,,,,,,,,,,,,,,,,,,,, Equity,,,,,,,,,,,,,, Fixed income,,,,,,,,,,,,,,,,,,,,,,, Multi Asset Alternative,,,,,,,,,,,,,, ETCs/ETVs Commodity Currency Alternative ETPs Commodity Currency,, Asset Class Cash Flow Analysis Figure : European Equity ETF cash flow summary ETFs Europe Equity Cash Flows All figures in million Jun Net Flows May % of AUM Net Flows YTD % of AUM Net Flows % of AUM Developed Markets,.%,.%,.% Emerging Markets,.%,.%,.% Global Markets.%.%,.% Sector.%.%,.% Capitalization.%.%,.% Strategy.%.%,.% Style.%.%,.% Thematic.%.%,.%,.%,.%,.% equities Page

19 July Figure : European Equity ETF cash flow summary A ETFs Europe Jun Equity Cash Flows All figures in million Net Flows Sector May % of AUM Net Flows YTD % of AUM Net Flows % of AUM.%.%, Consumer discretionary.%.%.% Consumer staples.%.%.% Energy.%.%.%.% Financials.%.%.% Healthcare.%.%.% Industrials.%.%.% Information Technology.%.%.% Materials.%.%.%.%.% na.%.%.%.% Overall Real Estate Telecommunications.%.% Utilities.%.%.%.%.%,.% Large Cap.%.%.% Mid Cap.%.%,.% Capitalization Small Cap.%.%.%.%.%,.%.%.%.% Leveraged Long.%.%.% Leveraged Short.%.%.% Options Strategy.%.%.%.%.%,.% Strategy Fundamental Quantitative Short Style.%.%.%.%.%,.% Dividend.%.%,.% Growth.%.%.% Value.%.%.% Thematic.%.%,.%.%.%.%.%.%.% Other Theme.%.%,.% Sustainability.%.%.%,.%,.%,.% Commodities Faith Page

20 July Figure : European Equity ETF cash flow summary B ETFs Europe Equity Cash Flows All figures in million Jun Net Flows May % of AUM Net Flows YTD % of AUM Net Flows % of AUM Developed Markets Europe.%,.%,.% Austria.%.%.% Belgium.%.%.% Finland.%.%.% France.%.%.% Germany.%.%.%.%.%.% Greece Ireland.%.%.% Italy.%.%.% Netherlands.%.%.% Norway.%.%.% Portugal.%.%.% Spain.%.%.% Sweden.%.%.% Switzerland.%.%.% UK.%.%.%.%,.%,.%.%.%,.% Europe broad Americas US.%.%,.% Canada.%.%.%.% North America Asia Australia Hong Kong Japan Singapore Asia Pacific broad Global Broad indices DM.%.%.%.%,.%.%.%.%.%.%.%.%.%,.%.%.%.%.%.%.%.%.%,.%.%.%,.%,.%,.%,.% Page

21 July Figure : European Equity ETF cash flow summary C ETFs Europe Jun Equity Cash Flows All figures in million Net Flows May % of AUM Net Flows YTD % of AUM Net Flows % of AUM Emerging Markets BRIC.%.%.%.%.%.% Brazil Russia.%.%.% India.%.%.% China.%.%.%.%.%.% Chile.%.%.% Mexico.%.%.%.%.%.%.%.%.%.%.%.% Latin America LATAM broad Asia Bangladesh.%.%.% Malaysia Indonesia.%.%.% Pakistan.%.%.% Philippines.%.%.%.%.%.% South Korea Taiwan.%.%.% Thailand.%.%.% Vietnam.%.%.% Asia Pacific broad.%.%.%.%.%.% Bulgaria.%.%.% Kuwait.%.%.% Poland.%.%.% South Africa.%.%.% Turkey.%.%.% Europe broad.%.%.%.%.%.% EMEA Middle East & Africa Global Markets,.%,.%,.%,.%,.%,.% EM,.%,.%,.% (EM + DM),.%,.%,.% Global Figure : European Fixed Income ETF cash flows ETFs Europe Jun FI Cash Flows All figures in million Net Flows Overall Corporates May % of AUM YTD Net Flows % of AUM Net Flows % of AUM.%.%.%,.%,.%,.% Covered Bonds.%.%.% Credit Exposure.%.%.%,.%.%,.% Money Market.%.%.% Fixed Income,.%,.%,.% Sovereign Page

22 July Figure : European Commodity ETP cash flow summary ETPs Europe Commodity Cash Flows All figures in million Jun Net Flows May % of AUM Net Flows % of AUM Net Flows % of AUM Overall.%.%,.% Overall.%.%,.%.%.%.%.%.%.% Overall ex Energy Overall Light Energy Overall Ultra Light Energy.%.%.% Agriculture.%.%.% Overall.%.%.% Cocoa.%.%.% Coffee.%.%.%.%.%.% Corn Cotton.%.%.% Grains.%.%.% Softs.%.%.% Soybean Oil.%.%.% Soybeans.%.%.%.% Sugar.%.% Wheat.%.%.% Energy.%.%.% Overall.%.%.% Carbon.%.%.%.%.%.%.% Crude Oil Gasoline.%.% Heating Oil.%.%.% Natural Gas.%.%.% Electricity.%.%.% Uranium.%.%.% Industrial Metals.%.%.% Overall.%.%.% Aluminium.%.%.% Copper.%.%.% Lead.%.%.% Nickel.%.%.% Tin.%.%.%.% Zinc Precious Metals Overall.%.%.%.%,.%.%.%.% Gold.%.%,.% Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.% Silver.%.%.% Livestock.%.%.% Overall.%.%.% Cattle.%.%.% Lean Hogs.%.%.%.%,.%,.% Page

23 July Product Rankings Figure : Top monthly Equity ETF inflows ( million) ETFs Europe Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows... Amundi.....,. SAUS LN... IUSP LN... ishares EURO Core STOXX B UCITS ETF Acc CSSXE SW..,. ishares MSCI Korea UCITS ETF (Inc) IKOR LN... UBS ETF PLC MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS..,. db xtrackers MSCI Emerging Markets Index UCITS ETF (DR) XMME GY Deutsche AM... STOXX Optimised Industrial Goods & Services Return Source ETF XNPS GR Source... Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows ETF Name BBG Ticker ishares Core S&P UCITS ETF CSSPX SW Amundi Index MSCI Emerging Markets UCITS ETF DR AEME FP ishares MSCI Emerging Markets IMI UCITS ETF EMIM ishares MSCI Australia UCITS ETF ishares US Property Yield UCITS ETF Issuer Figure : Top monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Euro Corporate Bond UCITS ETF IEBC LN... ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock..,. SPDR Barclays Year Euro Government Bond UCITS ETF SYB GY State Street... Lyxor EUR Y Inflation Expectations UCITS ETC CEUR INFL FP Lyxor... SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street..,. ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN..,. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR... ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN... Lyxor UCITS ETF Barclays Floating Rate Euro y FLOT FP Lyxor... ishares $ Treasury Bond +yr UCITS ETF IDTL LN... Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows. Figure : Top monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Source Gold ETC (PETC) SGLD LN Source.. Lyxor ETF Commodities CRB CRB FP Lyxor... ETFS WTI Crude Oil CRUD LN ETF Securities... db Gold Euro Hedged ETC XAD GR Deutsche AM... Boost Wti Oil X Leverage Daily ETP OIL LN WisdomTree +... Source Bloomberg Commodity exagriculture UCITS ETF XAAG GY Source... UBSIS CMCI Oil ETF (USD) A OILUSA SW UBS... ETFS Brent mnth Oil OILB LN ETF Securities... db ETC Brent Crude Oil Euro Hedged ETC XETC GR Deutsche AM... ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities +... Page

24 July Figure : Top monthly Equity ETF outflows ( million) ETFs Europe Invest. Strategy Current Month Flows Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows ETF Name BBG Ticker Issuer ishares EURO STOXX UCITS ETF (Inc) EUNE SW ishares S&P Financials Sector UCITS ETF IUFS LN Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH ishares Core MSCI World UCITS ETF (Acc) SWDA LN UBSETF MSCI World WRDCHA SW UBS BNP Paribas Easy S&P UCITS ETF ESE FP BNP Paribas db xtrackers DAX UCITS ETF (DR) C XDAX GR Deutsche AM Source Nasdaq Biotech UCITS ETF SBIO LN Source ishares MDAX (DE) MDAXEX GR ishares MSCI World UCITS ETF (Inc) IWRD LN Prev. Month Flows YTD Flows Figure : Top monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Euro Government Bond yr UCITS ETF IBGS LN... ishares $ TIPS UCITS ETF IDTP LN... Lyxor UCITS ETF Euro Cash CSH FP Lyxor... ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN... Lyxor US TIPS DR UCITS ETF D USD TIPG LN Lyxor... Deka Deutsche Borse EUROGOV Germany UCITS ETF ETFGS GR Deka Investment GmbH... ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN... ishares US Aggregate Bond UCITS ETF SUAG LN... ishares $ Corporate Bond UCITS ETF LQDE LN..,. ishares $ High Yield Corporate Bond UCITS ETF SHYU LN... Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows. Figure : Top monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer ishares Gold ETC SGLN LN Blackrock.. ETFS Gold PHAU LN ETF Securities... ETFS EUR Daily Hedged Industrial Metals EIMT IM ETF Securities... ETFS All Commodities AIGC LN ETF Securities... Source Platinum PETC SPPT LN Source... ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR... Gold Bullion Securities GBS LN ETF Securities... UBS ETFs plc CMCI Composite SF UCITS ETF (USD) Aacc CCUSAS SW UBS... ETFS ExAgriculture & Livestock OOEC GY ETF Securities... Source Bloomberg Commodity UCITS ETF CMOD LN Source..,. Page

25 July. Product Review New Products Launched in the Month Figure : Number of ETPs by Asset Class I ETPs I Global I Jun Asset Class May MoM Change Nu. Mkt Share % Nu. Nu. End of YTD Change % Nu. Nu. % ETFs Equity,.%,.%,.% Fixed income.%.%.% Commodity.%.%.% Currency.%.%.% Multi Asset.%.% Alternative.%.%,.%,.%, Equity.%.% Commodity.%.% Currency.%.%.%.%.%.%.%.%.% ETC/Vs Alternative ETPs.%,.%,.%.%,.%.%.%.% Figure : Number of ETPs by Asset Class ETPs Europe Jun Asset Class May MoM Change Mkt Share % Nu.,.%,.% Nu. Nu. End of YTD Change % Nu. Nu. % ETFs Equity Fixed income Commodity Currency.%,.%.%.%.%.%.%.%.%.% Multi Asset.%.%.% Alternative.%.% ().%,.%,.%,.% Commodity.%.% Currency.%.% ETCs ETPs.%,.%,.%.%,.%.%.%.% Page

26 July Figure : New ETF launches ETFs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

27 July Average TERs Figure : ETF TERs using simple average ETFs Europe Strategy Equity Alpha.%.%.%.%.%.%, +.%.%.% Semi Active.%.%.%.%.%.%, Nu..%.%.%.%.%.%.%.%.%.% Alpha.%.%.%.%.% + Semi Active.%.%..%.%.%.%.% Semi Active Multi Asset TER.% + Currency Nu. Commodity TER Alpha + Alternative Nu. Asset class Fixed Income TER Synthetic.%.%.%.%.%.%.%.%.%.%.%.%.%.%, Alpha Page

28 July Figure : ETC TERs using simple average ETCs Europe Asset Class Segment Strategy Commodity Agriculture Energy Industrial Metals Livestock Overall Precious Metals Nu. TER Nu. TER Nu..%.% +.%.%.%.% +.%.%.%.% +.%.%.%.% +.%.%.%.% +.%.%.%.%.% + Currency TER.%.%.%.%.%.%.% +.%.%.%.% Commodity Currency Synthetic Currency Page

29 July Figure : ETF TERs using AUM weighted average ETFs Europe Asset class Strategy Equity Nu. TER Nu. Alpha.%.%.%.%.%.%, +.%.%.%.%.%.%.%, Alpha.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% + Semi Active.%.% Alpha + Semi Active Currency Multi Asset Nu..% Commodity TER.% + Alternative TER Semi Active Fixed Income Synthetic.%.%.%.%.%.%.%.%.%.%.%.%.%.% Alpha.%.%.%.%.%.%.%.%.%, Page

30 July Figure : ETC TERs using AUM weighted average ETCs Europe Asset Class Segment Strategy Commodity Agriculture Energy Industrial Metals Livestock Overall Precious Metals Nu. TER Nu. TER Nu..%.% +.%.%.%.% +.%.%.%.% +.%.%.%.% +.%.%.%.% +.%.%.%.%.%.%.% Commodity Currency TER + Currency Synthetic.%.%.%.%.% +.%.%.%.% Currency Page

31 July. Provider Rankings Global Provider Rankings Figure : Global Top ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share AUM Mkt. Share Nu. Current Current Month Month CF YTD CF,,.%,,.%,,, Vanguard,.%,.%,,, State Street,.%,.%,,, PowerShares,.%,.%,,, Nomura Asset Management,.%,.%,,, Deutsche AM,.%,.%,,, Charles Schwab,.%,.%,,, Lyxor,.%,.%,,, First Trust,.%,.%,, Nikko Asset Management,.%,.%,,,,.%,,.%,,,,, Top Others Global,.%,.%,,,,,.%,,.%,,,,, Mkt. Share Nu. Current Current Month Month CF YTD CF Figure : Global Top ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share AUM State Street,.%,.%,, ETF Securities,.%,.%,,,.%,.%,, Source,.%,.%, United States Commodity Funds,.%,.%, PowerShares,.%,.%,, Deutsche AM,.%,.% ProShares,.%,.%, Deutsche Borse Commodities GmbH,.%,.% Guggenheim Investments,.%,.%,,.%,.%,,,,.%,.%,.%,.%,,, Top Others Global Page

32 July Figure : Global Top ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share AUM Mkt. Share Nu. Current Current Month Month CF,,.%,,.%, YTD CF,,, Vanguard,.%,.%,, State Street,.%,.%,,, PowerShares,.%,.%,,, Nomura Asset Management,.%,.%,,, Deutsche AM,.%,.%,,, Charles Schwab,.%,.%,,, Lyxor,.%,.%,,, First Trust,.%,.%,, Nikko Asset Management,.%,.%,,,,.%,,.%,,,,, Top Others Global,.%,.%,,,,,,.%,,.%,,,,, Page

33 July European Provider Rankings General Figure : European ETF Providers (All) Assets, Flows, Products, ETFs Europe All figures in products illion except AUM Cash Flow Issuer Current Month End of, Deutsche AM Prev. Month YTD Current Month Prev. Month, Products Diff. Current Month End of Diff. Current Month, %,,,, %,, %,,,,, % % % Lyxor,, %,,,, % % UBS,, %,,,, % % Amundi,, %,,,, % % Vanguard,, %,,, % % State Street,, %,,, % % Source,, %,,, % % Diff. Deka Investment GmbH,, % % % ComStage,, % % % BNP Paribas,, % % % Zuercher Kantonalbank,, % % % HSBC,, % % % Xact Fonder AB,, % % % PowerShares,, % % % Ossiam,, % % % ETF Securities,, % % % Julius Baer Inv,, % % % ThinkCapital ETFs N.V.,, % % % WisdomTree % % % BBVA Gestion SA SGIIC % % % Fundlogic Global Solutions plc % % % First Trust % % % BMO Global Asset Management % % % China Post Global % % % % Seligson & Co Fund Man % % Raiffeisen Schweiz Genossenschaft % % % Van Eck Funds % % % Fidelity Investments, % Nomura Asset Management % % % DnB Kapitalforvaltning % % % UniCredit Bank % % % Commerzbank AG % % % SEB Investment Management AB % % % FinEx Fund Plc % % % GF International Fund Management % Expat Capital % % % ZyFin Holdings % % % Alpha Asset Management % % % Fullgoal Fund Management Co % % % NBG Asset Management MFMC % % Landsbankinn % % %,,,, %, % PDR Services LLC,, %, Page

34 July Figure : European ETC Providers (All) Assets, Flows, Products, ETCs Europe All figures in million except products Issuer ETF Securities Source AUM Cash Flow Current Month End of,, Products Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of Diff., %,,, % %, % % % Diff. Deutsche AM,, % % % Blackrock,, % % % Deutsche Borse Commodities GmbH,, % % % % % % WisdomTree Borse Stuttgart Securities GmbH % % Commerzbank AG % % % UBS % Lyxor % % % BNP Paribas Royal Bank of Scotland plc,, %,,, % % % Page

35 July Figure : European ETP Providers (All) Assets, Flows, Products, ETPs Europe All figures in million except products Issuer AUM Cash Flow Current Month End of,, Deutsche AM Prev. Month Diff. Current Month YTD Current Month Prev. Month, %,,,,, %,,, Products End of Diff. Current Month, % %,, % % Diff. Lyxor,, %,,,, % % UBS,, %,,,, % % Amundi,, %,,,, % % Vanguard,, %,,, % % Source,, %,,, % % State Street,, %,,, % % ETF Securities,, %,,, % %,, % % % Deka Investment GmbH ComStage,, % % % BNP Paribas,, % % % Zuercher Kantonalbank,, % % % HSBC,, % % % Xact Fonder AB,, % % % % PowerShares,, % % Ossiam,, % % % Julius Baer Inv,, % % % Deutsche Borse Commodities GmbH,, % % % ThinkCapital ETFs N.V.,, % % % WisdomTree, % % % BBVA Gestion SA SGIIC % % % Fundlogic Global Solutions plc % % % First Trust % % % BMO Global Asset Management % % % Borse Stuttgart Securities GmbH % % China Post Global % % % Seligson & Co Fund Man % % % Raiffeisen Schweiz Genossenschaft % % % Van Eck Funds % % % % Commerzbank AG % % Fidelity Investments, % Nomura Asset Management % % % DnB Kapitalforvaltning % % % UniCredit Bank % % % SEB Investment Management AB % % % FinEx Fund Plc % % % GF International Fund Management % Expat Capital % % % ZyFin Holdings % % % Alpha Asset Management % % % Fullgoal Fund Management Co % % % NBG Asset Management MFMC % % Landsbankinn % % PDR Services LLC %,, %,,,,, %,, % Page

36 July Figure : European ETP Providers tier market share ETPs Europe Jun Q Q Q Q % % % % % % % % Tier Q.% Q.% Q.% Q.% Jun.% Tier.%.%.%.%.% Tier.%.%.%.%.% % Page

37 July European Provider Rankings by Asset Class Figure : European ETF Providers (All) Assets, Flows, Products, ETFs Europe All figures in million except products Issuer Fixed Income Equity Commodity Mkt Share % Nu.,.% Others AUM Current Current,,, YTD CF,,, Deutsche AM,,,.%,,, Lyxor,,,.%,,, UBS,,,,.%,, Amundi,,,.%,,, Vanguard,,.%,, State Street,,,.%,, Source,,,,.%,, Deka Investment GmbH,,,.% ComStage,,,.% BNP Paribas,,.% Zuercher Kantonalbank,,.%,,.% Xact Fonder AB,,.% PowerShares,,.% Ossiam,,.% ETF Securities,,.% Julius Baer Inv,,.%,,.% HSBC ThinkCapital ETFs N.V. WisdomTree.% BBVA Gestion SA SGIIC.% Fundlogic Global Solutions plc.% First Trust.% BMO Global Asset Management.% China Post Global.% Seligson & Co Fund Man.%.% Raiffeisen Schweiz Genossenschaft Van Eck Funds.% Fidelity Investments.%, Nomura Asset Management.% DnB Kapitalforvaltning.% UniCredit Bank.% Commerzbank AG.% SEB Investment Management AB.%.% GF International Fund Management.% Expat Capital.%.% FinEx Fund Plc ZyFin Holdings.% Fullgoal Fund Management Co Alpha Asset Management.% NBG Asset Management MFMC.% NCB Stockbrokers.%.%,,.%,,,, PDR Services LLC,,, Page

38 July Figure : European ETC Providers (All) Assets, Flows, Products, ETCs Europe All figures in million except products Issuer ETF Securities Commodity Currency Mkt Share % AUM Nu. Current TO Current CF YTD CF,,.%, Source,,.% Deutsche AM,,.% Blackrock,,.% Deutsche Borse Commodities GmbH,,.% WisdomTree.% Borse Stuttgart Securities GmbH.% Commerzbank AG.% UBS.% Lyxor.% BNP Paribas.% Royal Bank of Scotland plc.%,,.%,, Page

39 July Figure : European ETP Providers (All) Assets, Flows, Products, ETPs Europe All figures in million except products Issuer Fixed Income Equity Commodity Others Mkt Share % Nu. Current Current YTD CF,,,,.%,,, Deutsche AM,,,,.%,,, Lyxor,,,.%,,, UBS,,,,.%,, Amundi,,,.%,,, Vanguard,,.%,, Source,,,,.%,, State Street,,,.%,, ETF Securities,,,.%,, Deka Investment GmbH,,,.% ComStage,,,.% BNP Paribas,,.%,,.% HSBC Zuercher Kantonalbank,,.% Xact Fonder AB,,.% PowerShares,,.% Ossiam,,.% Julius Baer Inv,,.% Deutsche Borse Commodities GmbH,,.% ThinkCapital ETFs N.V.,,.% WisdomTree,.% BBVA Gestion SA SGIIC.% Fundlogic Global Solutions plc.% First Trust.% BMO Global Asset Management.% Borse Stuttgart Securities GmbH.% China Post Global.% Seligson & Co Fund Man.%.% Raiffeisen Schweiz Genossenschaft Van Eck Funds Commerzbank AG Fidelity Investments.%.%.%, Nomura Asset Management.% DnB Kapitalforvaltning.% UniCredit Bank SEB Investment Management AB FinEx Fund Plc.%.%.% GF International Fund Management.% Expat Capital.%.% ZyFin Holdings.% Fullgoal Fund Management Co Alpha Asset Management.% Alpcot Capital Management.% Swedbank Robur.% NCB Stockbrokers.% PDR Services LLC.%,,,,,.%,,,, Page

40 July European Provider Analysis by Replication Method Figure : European ETF Providers list by replication ETFs Europe All figures in million except products European Providers Deutsche AM Lyxor UBS Amundi Vanguard State Street Source Deka Investment GmbH ComStage BNP Paribas Zuercher Kantonalbank HSBC Xact Fonder AB PowerShares Ossiam ETF Securities Julius Baer Inv ThinkCapital ETFs N.V. WisdomTree BBVA Gestion SA Fundlogic Global Solutions plc First Trust BMO Global Asset Management China Post Global Seligson & Co Fund Mgmt. Raiffeisen Schweiz Genossenschaft Van Eck Funds Fidelity Investments Nomura Asset Management DnB Kapitalforvaltning UniCredit Bank Commerzbank AG SEB Investment Management AB FinEx Fund Plc GF International Fund Management Expat Capital ZyFin Holdings Alpha Asset Mgmt. Fullgoal Fund Management Co NBG Asset Mgmt. Landsbankinn Replication Method Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic Synthetic AUM ( ) ETFs Equity,,,,,,,,,,,,,,,,,,,,,,, AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs Fixed Income Commodity Other,,,,,,,,,,,,,,,,,,, AUM ( ),,,,,,,,,,,,,,,,,,,,,,,,,,, AUM (%) % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % ETFs, Page

41 July. Trading Perspective ETP Monthly Analysis by Asset Class, by Instrument Figure : by asset class and instrument ETPs Europe Jun Asset Class All figures in million Market Share % MoM %Change (Monthly Avg.) %Change May (Monthly Avg.) ETFs Equity,.%.%.%,, Fixed income,.%.%.%,,.%.%.%,.%.% na.%.%.% Commodity Currency Multi Asset Alternative.%.%.%,.%.%.%,,, ETCs Commodity,.%.%.%,.%.%.%,.%.%.%,,,.%.%.%,, Currency ETPs Asset Class Analysis Figure : European Equity ETF Summary ETFs Europe Jun Equity All figures in million Market Share % MoM %Change (Monthly Avg.) %Change May (Monthly Avg.) Developed Markets,.%.%.%,, Emerging Markets,.%.%.%,, Global Markets,.%.%.%, Sector,.%.%.%,, Capitalization.%.%.%, Strategy,.%.%.%,, Style,.%.%.%,,.%.%.%,, % %.%,, Thematic Equities Page

42 July Figure : European Equity ETF Summary A ETFs Europe Jun Equity All figures in million Sector Market Share % MoM %Change (Monthly Avg.) %Change May (Monthly Avg.),.%.%.%, Consumer discretionary.%.%.% Consumer staples.%.%.% Energy,.%.%.% Financials.%.%.%, Healthcare.%.%.% Industrials.%.%.% Information Technology.%.%.% Materials.%.%.%.%.% na Real Estate.%.%.% Telecommunications.%.%.% Utilities.%.%.%.%.%.%,.%.%.%.%.%.%.%.%.%,.%.%.%,, Overall Capitalization Large Cap Mid Cap Small Cap Strategy Fundamental.%.%.% Leveraged Long.%.%.% Leveraged Short.%.%.% Options Strategy.%.%.%.%.%.% Quantitative Short.%.%.%,.%.%.%,,,.%.%.%,,.%.%.% Value.%.%.% Thematic.%.%.%,.%.%.% Style Dividend Growth Commodities Cyclical Faith Other Theme Sustainability.%.%.%.%.%.%.%.%.%.%.%.%,.%.%.%,, Page

43 July Figure : European Equity ETF Summary B ETFs Europe Jun Equity All figures in million Market Share % MoM %Change (Monthly Avg.) %Change May (Monthly Avg.) Developed Markets Europe,.%.%.%,, Austria.%.%.% Belgium.%.%.% Finland.%.%.% France Germany.%.%.%,,.%.%.%,, Greece.%.%.% Ireland.%.%.% Italy.%.%.%, Netherlands.%.%.% Norway.%.%.% Portugal.%.%.% Iceland.%.%.% Spain.%.%.% Sweden.%.%.% Switzerland.%.%.%,,.%.%.%,, UK Europe broad Americas US,.%.%.%,,,.%.%.%,,,.%.%.%,, Canada.%.%.% North America.%.%.%,.%.%.%,,.%.%.%.%.%.%,.%.%.%,, Asia Australia Hong Kong Japan Singapore.%.%.%.%.%.%.%.%.%.%.%.%,.%.%.%,, Asia Pacific broad EMEA Israel Global Broad indices DM,.%.%.%,,,.%.%.%,, Page

44 July Figure : European Equity ETF Summary C ETFs Europe Jun Equity All figures in million Market Share % MoM %Change (Monthly Avg.) %Change May (Monthly Avg.) Emerging Markets.%.%.%, Brazil.%.%.% Russia.%.%.% India.%.%.% China.%.%.%.%.%.%.%.% na.%.%.%.%.%.%.%.%.% BRIC Latin America Chile Mexico LATAM broad Asia Bangladesh.%.%.%.%.%.% Malaysia.%.%.% Pakistan.%.%.%.%.%.% Indonesia Philippines South Korea.%.%.% Taiwan.%.%.% Thailand.%.%.% Vietnam.%.%.%.%.%.% Asia Pacific broad EMEA.%.%.% Bulgaria.%.%.% Kuwait.%.%.% Poland.%.%.% South Africa.%.%.% Turkey.%.%.%.%.%.%.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,,,.%.%.%,, Europe broad Middle East & Africa Global Markets Global EM (EM + DM) Page

45 July Figure : European Fixed Income ETF ETFs Europe Jun Fixed Income All figures in million Overall Market Share % MoM %Change (Monthly Avg.) %Change May (Monthly Avg.).%.%.%,.%.%.%,, Covered Bonds.%.%.% Credit Exposure.%.%.%,.%.%.%,, Corporates Sovereign Money Market Fixed Income.%.%.%,.%.%.%,, Page

46 July Figure : European Commodity ETP summary ETPs Europe Jun Commodity All figures in million Market Share % MoM %Change Avg.) %Change May (Monthly Avg.) Overall.%.%.% Overall.%.%.%.%.%.% Overall Light Energy.%.%.% Overall Ultra Light Energy.%.%.%.%.%.% Overall.%.%.% Cocoa.%.%.% Coffee.%.%.% Corn.%.%.% Cotton.%.%.% Grains.%.%.% Softs.%.%.% Soybean Oil.%.%.% Soybeans.%.%.%.%.%.% Overall ex Energy Agriculture Sugar Wheat.%.%.% Energy.%.%.%,, Overall.%.%.% Carbon.%.%.%.%.%.% Gasoline.%.%.% Heating Oil.%.%.% Natural Gas.%.%.% Electricity.%.%.% Uranium.%.%.%.%.%.% Overall.%.%.% Aluminium.%.%.% Copper.%.%.% Lead.%.%.% Nickel.%.%.% Tin.%.%.% Zinc.%.%.%,.%.%.%,, Crude Oil Industrial Metals Precious Metals Overall.%.%.%.%.%.% Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.%.%.%.% Gold Silver Livestock.%.%.% Overall.%.%.% Cattle.%.%.% Lean Hogs.%.%.%,.%.%.%,, Page

47 July Product Rankings Figure : Top Equity ETFs by ( million) ETFs Europe Invest. Strategy Current Month TO Prev. Month TO YTD TO,.,.,.,..,.,.,.,.,.,.,.,.,.,..,.,. ETF Name BBG Ticker Issuer ishares Core S&P UCITS ETF CSSPX SW Fidelity US Quality Income UCITS ETF FUQA LN Fidelity Investments ishares Core DAX UCITS ETF DE DAXEX GR Vanguard S&P ETF VUSA LN Vanguard ishares FTSE UCITS ETF (Inc) ISF LN ishares Euro STOXX (DE) SXEEX GR ishares Core MSCI World UCITS ETF (Acc) SWDA LN.,.,. ishares EURO STOXX UCITS ETF (Inc) EUNE SW.,.,. Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor..,. ishares STOXX (DE) SXXPIEX GR..,. Fidelity Global Quality Income UCITS ETF FGQD LN Fidelity Investments..,. ishares Euro STOXX Banks (DE) SXEEX GR..,. ishares MSCI AC Far East exjapan UCITS ETF IFFF LN..,. Lyxor UCITS ETF Euro Stoxx Banks BNKE FP Lyxor..,. ishares MSCI Emerging Markets IMI UCITS ETF EMIM..,. Lyxor UCITS ETF Euro STOXX MSE FP Lyxor..,.,. ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN.. db xtrackers Euro Stoxx UCITS ETF (DR) D XESX GR Deutsche AM..,. Lyxor ETF S&P LYPS GR Lyxor..,. ishares S&P UCITS ETF (Inc) IUSA LN..,. Current Month TO Prev. Month TO YTD TO,..,. Figure : Top Fixed Income ETFs by ( million) ETFs Europe ETF Name BBG Code Issuer ishares US Mortgage Backed Securities UCITS ETF IMBS LN Invest. Strategy ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN,..,. ishares Euro Corporate Bond UCITS ETF IEBC LN..,. ishares $ High Yield Corporate Bond UCITS ETF SHYU LN..,. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN..,. ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock..,. ishares $ Corporate Bond UCITS ETF LQDE LN..,. ishares Euro Ultrashort Bond UCITS ETF ERNE LN..,. ishares $ Treasury Bond yr UCITS ETF IBTS LN..,. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR..,. ishares $ TIPS UCITS ETF IDTP LN..,. ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN..,. ishares $ Short Duration Corporate Bond UCITS ETF SDIG LN..,. SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street..,. LYXOR UCITS ETF Smart Cash CEUR SMART IM Lyxor..,. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP Amundi..,. AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP Amundi... ishares $ Short Duration HY Corporate Bond UCITS ETF SDHY LN... ishares $ Treasury Bond yr UCITS ETF IDTM LN..,. ishares UK Gilts yr UCITS ETF IGLS LN..,. Page

48 July Figure : Top Commodity ETPs by ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO YTD TO Source Gold ETC (PETC) SGLD LN Source..,. ETFS Gold PHAU LN ETF Securities..,. Gold Bullion Securities GBS LN ETF Securities..,. ETFS WTI Crude Oil CRUD LN ETF Securities..,. XETRAGold XAUEUR Deutsche Borse Commodities GmbH..,. ZKB Gold ETF ZGLD SW Zuercher Kantonalbank..,. Boost Wti Oil X Leverage Daily ETP OIL LN WisdomTree ishares Gold ETC SGLN LN Blackrock +..,...,. db Gold Euro Hedged ETC XAD GR Boost Wti Oil X Short Daily ETP OIS LN Deutsche AM... WisdomTree +.. ETFS All Commodities AIGC LN. ETF Securities.. ETFS Silver. PHAG LN ETF Securities... ETFS Platinum PHPT LN ETF Securities... Lyxor ETF Commodities CRB CRB FP Lyxor... ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage... Source Platinum PETC SPPT LN Source... Julius Baer Gold Fund A (USD listing) JBGOUA SW Julius Baer Inv... Source Bloomberg Commodity UCITS ETF CMOD LN Source... Lyxor ETF Commodities CRB NonEnergy CRN FP Lyxor... ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR... Figure : Top ETPs by ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker ishares Core DAX UCITS ETF DE DAXEX GR Fixed Income ETFs BBG Ticker,. ishares Euro STOXX (DE) ishares Euro STOXX Banks (DE) ishares Euro Ultrashort Bond UCITS ETF ISM GY. SXEEX GR. ishares Markit iboxx Euro High Yield EUNW GR. SXEEX GR. ishares Barclays Euro Corporate Bond EUN GR. ishares STOXX (DE) SXXPIEX GR. ComStage ETF Commerzbank BundFuture Short TR X GR. ishares EURO STOXX UCITS ETF (Inc) EUN GR. ishares Barclays Euro Corporate Bond (EUR) EUNT GR. db xtrackers DAX UCITS ETF (DR) C XDAX GR. ishares Euro Covered Bond IUS GR. Deka DAX UCITS ETF ETFDAX GR. db xtrackers II EONIA TR Index UCITS ETF XEON GR. db xtrackers Euro Stoxx UCITS ETF (DR) C XESC GR. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR. ishares STOXX Utilities (DE) SXPEX GR. ishares JPMorgan USD Emerging Markets Bond IUS GR. SXKPEX GR. ishares Barclays Euro Corporate Bond exfinancials BBG Ticker ishares STOXX Europe Telecoms (DE) Commodity ETPs EUNS GR BBG Ticker. XETRAGold XAUEUR. db xtrackers Portfolio TR Index UCITS ETF XQUI GR ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR. ETFS Short USD Long EUR XBJQ GR. db Gold Euro Hedged ETC XAD GR. db xtrackers LPX Major Market Private Equity UCITS ETF XLPE GR. Source Gold ETC (PETC) PSG GY. ComStage Vermogensstrategie UCITS ETF F GY. ComStage CBK Commodity exagriculture Monthly EUR Hedged UCITS ETF C GY. ishares S&P Listed Private Equity Fund IQQL GR. ETFS Gold VZLD GR. ETFS X Short USD Long EUR CH GY. Gold Bullion Securities GGB GR. UBS ETFs plc HFRX Global Hedge Fund Index SF UIQC GR. ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR. dbx trackers Portfolio Income UCITS ETF XSW GR. ETFS Silver VZLC GR. Lyxor ETF S&P VIX Futures Enhanced Roll DEUR VOOL GY. OESA GR. ETFS X Long USD Short EUR CH GY. ETFS Brent Oil. Page

49 July Figure : Top ETPs by ( million) London SE ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker Fidelity US Quality Income UCITS ETF FUQA LN,. ishares US Mortgage Backed Securities UCITS ETF SMBS LN,. ishares Core S&P UCITS ETF CSPX LN,. ishares Euro Corporate Bond UCITS ETF IEAC LN ishares FTSE UCITS ETF (Inc) ISF LN. ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN. Vanguard S&P ETF VUSD LN. ishares $ High Yield Corporate Bond UCITS ETF IHYU LN.. Fidelity Global Quality Income UCITS ETF FGQD LN. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN. ishares Core MSCI World UCITS ETF (Acc) IWDA LN. ishares $ Corporate Bond UCITS ETF LQDE LN. Vanguard FTSE UCITS ETF VUKE LN. ishares Emerging Markets Local Government Bond UCITS ETF IEML LN. ishares FTSE UCITS ETF MIDD LN. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN. ishares MSCI World Minimum Volatility UCITS ETF ishares $ Treasury Bond yr UCITS ETF ishares MSCI AC Far East exjapan UCITS ETF MVOL LN. IFFF LN. ishares $ Short Duration Corporate Bond UCITS ETF IDBT LN. SDIG LN. Commodity ETPs BBG Ticker Source Gold ETC (PETC) SGLD LN. ishares Listed Private Equity UCITS ETF BBG Ticker IPRV LN. ETFS Gold PHAU LN. ETFS x Short GBP Long USD SGB LN. ETFS WTI Crude Oil CRUD LN. ETFS x Short EUR Long GBP SUP LN. Gold Bullion Securities GBS LN. ETFS Short GBP Long USDGBP USD LN. ishares Gold ETC IGLN LN. db xtrackers LPX Major Market Private Equity UCITS ETF XLPE LN. ETFS All Commodities AIGC LN. ETFS Bullish USD vs Commodity Currency Basket Securities SCOM LN. ETFS Gold GBP PHGP LN. ETFS x Short USD Long GBP PUS LN. ETFS Platinum PHPT LN. ishares Listed Private Equity UCITS ETF IDPE LN. Source Platinum PETC SPPT LN. ETFS x Long USD Short GBP USP LN. CMOD LN. ETFS Long EUR Short GBP GBUR LN. Source Bloomberg Commodity UCITS ETF Figure : Top ETPs by ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker ishares Core S&P UCITS ETF CSSPX SW. db xtrackers II iboxx Global InflationLinked UCITS ETF (DR) C EUR Hedged XGIN SW. ishares SMI CH CSSMI SW. Lyxor UCITS ETF EuroMTS Y IG (DR) LYMTA SW. PowerShares EQQQ Nasdaq UCITS ETF EQQQ SW. ishares $ TIPS UCITS ETF ITPS SW. ishares STOXX (DE) SXXPIEX SW. AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT SW. UBS ETFs plc MSCI Emerging Markets TRN Index SF USDA EGUSAS SW. ishares CHF Corporate Bond (CH) CHCORP SW. UBS ETF PLC MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW. ishares eb.rexx Government Germany (DE) RXRGEX SW.. UBSETF MSCI EMU EMUAA SW. ishares $ Treasury Bond yr UCITS ETF IBTM SW ishares MSCI EMU UCITS ETF CSEMU SW. ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW. ishares EURO Core STOXX B UCITS ETF Acc CSSXE SW. UBS ETF Barclays US Liquid Corporates UCITS ETF (Hedged to CHF) CBUSS SW. ACWIE SW. ishares Corporate Bond UCITS ETF BBG Ticker UBS ETF PLC MSCI ACWI SF UCITS ETF Hedged To EUR Commodity ETPs SLXX SW BBG Ticker. ZKB Gold ETFA USD ZGLDUS SW. UBS ETFs plc HFRX Global Hedge Fund Index SF (GBP) Aacc HFGBAS SW. ComStage ETF Commerzbank Commodity EW Index TR CBCOMMUS SW. ishares Listed Private Equity UCITS ETF IPRV SW. ZKB Gold ETF ZGLD SW. UBS ETFs plc HFRX Global Hedge Fund Index SF (EUR) Aacc HFCHAS SW. db Gold Euro Hedged ETC XAD SW. Lyxor ETF Privex LYPVX SW. ZKB Gold ETFH (CHF) ZGLDHC SW. SPDR Morningstar MultiAsset Global Infrastructure UCITS ETF MAGI SW. UBSIS CMCI Oil ETF (USD) A OILUSA SW. UBS ETFs plc MAP Balanced UCITS ETF SF (USD) Aacc MEUAS SW. UBS ETF (CH) Gold (USD) Idis AUUSI SW. UBSIS Gold (CHF) Hedged ETF A AUCHAH SW. Julius Baer Gold Fund A (USD listing) JBGOUA SW. ZGLDEU SW. ZKB Gold ETFA EUR Page

50 July Figure : Top ETPs by ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker Lyxor UCITS ETF Euro Stoxx Banks BNKE FP. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP. Lyxor ETF Leverage CAC LVC FP. AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP. Lyxor UCITS ETF Euro STOXX MSE FP. Lyxor UCITS ETF Smart Cash CEUR CSH FP. Lyxor ETF XBear CAC BX FP. Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C FP Lyxor ETF S&P SP FP. Amundi ETF Global Emerging Bond Markit iboxx UCITS ETF AGEB FP. Lyxor UCITS ETF CAC (DR) DEUR CAC FP. Lyxor ETF SGI Daily Double Short Bund ETF DSB FP. Lyxor UCITS ETF MSCI Europe MEU FP. Amundi ETF Government Bond EuroMTS Broad UCITS ETF C FP. Lyxor UCITS ETF STOXX Europe Banks BNK FP. Amundi ETF Euro Corporate Financials iboxx UCITS ETF AFIN FP. Amundi ETF CAC UCITS ETF C FP. Lyxor ETF Daily Double Short BTP BTPS FP. Lyxor UCITS ETF MSCI USA DEUR USA FP. Lyxor UCITS ETF EuroMTS Y IG (DR) Commodity ETPs BBG Ticker Gold Bullion Securities GBS FP. Lyxor ETF Commodities CRB NonEnergy CRN FP. Lyxor ETF Commodities CRB CRB FP. ETFS WTI Crude Oil CRUDP FP. ETFS Brent mnth Oil OILBP FP. ETFS All Commodities AIGCP FP. ETFS Wheat WEATP FP. ETFS Copper COPAP FP. ETFS Gold BULLP FP. NGASP FP. ETFS Natural Gas MTA FP BBG Ticker Lyxor ETF Privex PVX FP... Figure : Top ETPs by ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker Lyxor UCITS ETF FTSE MIB ETFMIB IM. Lyxor ETF Daily Double Short BTP BTPS IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM. ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM. ishares EURO STOXX UCITS ETF (Inc) EUE IM. Lyxor ETF SGI Daily Double Short Bund ETF BUNDS IM.. Lyxor ETF XBear FTSE/MIB XBRMIB IM. LYXOR UCITS ETF Smart Cash CEUR SMART IM. Lyxor ETF Bear FTSE/MIB BERMIB IM. ishares Emerging Markets Local Government Bond UCITS ETF SEML IM. Lyxor UCITS ETF DAX (DR) DAXX IM. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR HFRN IM. Lyxor UCITS ETF Euro Stoxx Banks BNKE IM. ishares Euro Corporate Bond yr UCITS ETF SE IM. ishares MSCI Japan EUR Hedged UCITS ETF IJPE IM. ishares Euro Government Bond yr UCITS ETF IBGX IM. Lyxor UCITS ETF Euro STOXX MSE IM. ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE IM. ishares MSCI Europe UCITS ETF (Inc) IMEU IM. ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF Commodity ETPs BBG Ticker IEMB IM BBG Ticker. Boost Wti Oil X Leverage Daily ETP OIL IM. ETFS X Short USD Long EUR USE IM. Boost Wti Oil X Short Daily ETP OIS IM. ETFS X Long USD Short EUR EUS IM. ETFS Gold PHAU IM. ETFS X Short USD Long EUR USE IM. db Gold Euro Hedged ETC XAD IM. ETFS Short USD Long EUR USEU IM. ETFS WTI Crude Oil CRUD IM. Lyxor ETF S&P VIX Futures Enhanced Roll DEUR LVO IM. Boost Natural Gas X Leverage Daily ETP NGL IM. ETFS X Long USD Short EUR EUS IM. ETFS Daily Leveraged Crude Oil LOIL IM. ETFS Long GBP Short EUR EUGB IM. ETFS x Daily Long WTI Crude Oil CRL IM. ETFS X Short GBP Long EUR GBE IM. Gold Bullion Securities GBS IM. ETFS Long USD Short EUR EUUS IM. CRB IM. db xtrackers Portfolio TR Index UCITS ETF XQUI IM. Lyxor ETF Commodities CRB Page

51 July Figure : Top ETPs by ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker XACT OMXS XACTOMX SS. XACT Bear XABEAR SS. XACT Bull XABULL SS. XACT OMXSB XACTSBX SS. XACT Bear XACBEAR SS. XACT Nordic High Dividend Low Volatility UCITS ETF XACTHDIV SS. XACT Bull XACBULL SS. XACT Svenska Smabolag UCITS ETF XACTSMAC SS. XACT Nordic XACTVINX SS. XMEM SS. db xtrackers MSCI Emerging Markets TRN Index UCITS ETF Fixed Income ETFs BBG Ticker XACT Obligation UCITS ETF XACTBOND SS. Euronext Amsterdam Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker ishares MSCI Europe UCITS ETF (Inc) IMEU. ishares Euro Corporate Bond UCITS ETF IEAC. ishares EURO STOXX UCITS ETF (Inc) EUEA. ishares Euro Inflation Linked Government Bond UCITS ETF IBCI. ishares Core MSCI World UCITS ETF (Acc) IWDA. ishares Euro Aggregate Bond UCITS ETF IEAG. Vanguard S&P ETF VUSA. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX. Think AEX Tracker TDT. Think iboxx AAAAA Government Bond Tracker TAT. ishares AEX UCITS ETF IAEX. ishares Euro Government Bond yr UCITS ETF IBGM. ishares MSCI Europe exuk UCITS ETF IEUX. ishares Euro Ultrashort Bond UCITS ETF ERNE. ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM. Think iboxx Government Bond Tracker TGBT. Vanguard FTSE Developed Europe UCITS ETF VEUR. ishares Euro Government Bond yr UCITS ETF IBGX. IMAE. ishares France Government Bond UCITS ETF IFRB. ishares MSCI Europe UCITS ETF (Acc) Page

52 July. European ETF Exchanges Figure : European onexchange trading ranking by exchange ETPs Europe Jun Exchanges (All figures in million) ETF ETF Market Share % May ETC ETC Market Share % ETF ETF Market Share % Apr ETC ETC Market Share % ETF ETF Market Share % ETC ETC Market Share % Deutche Boerse Deutsche Borse,.%.%,.%.%,.%.% LSE London SE,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.% Paris,.%.%,.%.%,.%.% Amsterdam,.%.%,.%.%,.%.%.%.%.%.%.%.% Borsa Italiana Euronext Lisbon Brussels.%.%.%.%.%.%,.%.%,.%.%,.%.%,.%.%,.%.%,.%.% Stockholmborsen.%.%.%.%.%.% Oslo Bors.%.%.%.%.%.% BME.%.%.%.%.%.%.%.%.%.%.%.%,.%,.%,.%,.%,.%,.% Swiss SE Others Page

53 July Figure : ETP onexchange by asset class and by exchange ETPs Europe Deutsche Borse London SE Euronext Paris Borsa Italiana Euronext Amsterdam Swiss SE Stockholm Borsen ( million) * Mkt Share % Equity Developed Markets,.,.,.,.,.,.,.,..% Emerging Markets,.,.,.,..,..,..%.,....,..,..% Sector Global Markets,.,.,.,..,..,..% Capitalization,.,......,..% Style,.,......,..% Strategy,.,.,.,...,.,..% Thematic,.,......,..%,,,,,,,,..%.,......,..% Fixed Income Overall,.,.,.,..,..,..% Covered Bonds Corporates % Credit Exposure %.% Sovereign,.,.,.,..,..,. Money Market..,.....,..%,,,,,,,..% Commodity.% Overall.,......,..% Agriculture ,..% Energy.,..,....,..% Industrial Metals ,..% Precious Metals,.,..,..,..,..% Livestock %,,,,,..% %.% Alternative Currency ,..% %,..%,,,,,,,, % Multi Asset Grand * turnover year to date (not daily average) Page

54 July. Assets ETP Monthly AUM Analysis by Asset Class Figure : AUM by asset class and instrument ETPs Europe Jun Asset Class All figures in million Market Share % AUM MoM %change May End of AUM AUM YTD %change ETFs Equity,.% Fixed income,, Commodity Currency Multi Asset Alternative.%.%,,.%.%.%,,.%.%.%,,.%.%.%.%.%.%.%.%.%,.%.%.%,,,.%.%.%,, ETCs Commodity Currency.%.%.%,.%.%.%,,,.%.%.%,, ETPs Asset Class Analysis Figure : European Equity ETF AUM summary ETFs Europe Jun Equity AUM All figures in million AUM Market Share % MoM %change YTD %change May End of AUM AUM Developed Markets,.%.%.%,, Emerging Markets,.%.%.%,, Global Markets,.%.%.%,, Sector,.%.%.%,, Capitalization,.%.%.%,, Strategy,.%.%.%,, Style,.%.%.%,,,.%.%.%,,,.%.%.%,, Thematic Equities Page

55 July Figure : European Equity ETF AUM summary A ETFs Europe Jun Equity AUM All figures in million Sector Market Share % AUM MoM %change YTD %change May End of AUM AUM,.%.%.%,, Consumer discretionary,.%.%.%,, Consumer staples,.%.%.%, Energy,.%.%.%,, Financials,.%.%.%,, Healthcare,.%.%.%,, Industrials,.%.%.% Information Technology,.%.%.%,, Materials,.%.%.%,,.%.% na,.%.%.%,, Telecommunications.%.%.% Utilities.%.%.%,.%.%.%,,.%.%.%,.%.%.%,, Overall Real Estate Capitalization Large Cap Mid Cap Small Cap,.%.%.%,,,.%.%.%,, Fundamental,.%.%.%,, Leveraged Long,.%.%.%,, Leveraged Short,.%.%.%,,.%.%.%,.%.%.%,, Strategy Options Strategy Quantitative Short Style Dividend Growth Value Thematic Commodities Cyclical Faith,.%.%.%,,,.%.%.%,,,.%.%.%,,.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,,.%.%.%.%.%.% Other Theme,.%.%.%,, Sustainability,.%.%.%,,,.%.%.%,, Page

56 July Figure : European Equity ETF AUM summary B ETFs Europe Jun Equity AUM All figures in million Market Share % AUM MoM %change YTD %change May End of AUM AUM Developed Markets,.%.%.%,, Austria.%.%.% Belgium.%.%.% Finland.%.%.% Europe France,.%.%.%,,,.%.%.%,, Greece.%.%.% Ireland.%.%.%,.%.%.%,, Netherlands.%.%.% Norway.%.%.% Portugal.%.%.%,.%.%.%,, Germany Italy Spain Sweden,.%.%.%,, Switzerland,.%.%.%,, UK,.%.%.%,, Europe broad,.%.%.%,,,.%.%.%,, Americas US,.%.%.%,, Canada,.%.%.%,, North America,.%.%.%,,,.%.%.%,,,.%.%.%,.%.%.%,.%.%.%,, Asia Australia Hong Kong Japan Singapore Asia Pacific broad EMEA Israel Global Broad indices DM.%.%.%,.%.%.%,,.%.%.%.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,, Page

57 July Figure : European Equity ETF AUM summary C ETFs Europe Jun Equity AUM All figures in million Market Share % AUM MoM %change YTD %change May End of AUM AUM Emerging Markets,.%.%.%, Brazil.%.%.% Russia.%.%.%, India,.%.%.%,, China,.%.%.%,,,.%.%.%,, BRIC Latin America Chile Mexico LATAM broad Asia Bangladesh,.%.%.%.%.%.%.%.%.%,.%.%.%,,.%.%.% Indonesia.%.%.% Malaysia.%.%.% Pakistan.%.%.% Philippines.%.%.% South Korea,.%.%.% Taiwan.%.%.% Thailand.%.%.% Vietnam.%.%.% Asia Pacific broad,.%.%.%,,,.%.%.%, Bulgaria.%.%.% Kuwait.%.%.% Poland.%.%.% South Africa.%.%.% Turkey.%.%.% Europe broad.%.%.% Middle East & Africa.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,,,.%.%.%,, EMEA Global Markets Global EM (EM + DM) Page

58 July Figure : European Fixed Income ETF AUM summary ETFs Europe Jun Fixed Income AUM All figures in million Overall Corporates AUM Market Share %,.% MoM %change YTD %change May End of AUM AUM.%.%,,,.%.%.%,, Covered Bonds,.%.%.%,, Credit Exposure.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,, Sovereign Money Market Fixed Income Page

59 July Figure : European Commodity ETP AUM summary ETPs Europe Jun Commodity AUM All figures in million Market Share % AUM MoM %change YTD %change May End of AUM AUM Overall,.%.%.%,, Overall.%.%.%.%.%.% Overall Light Energy.%.%.% Overall Ultra Light Energy.%.%.% Overall ex Energy Agriculture.%.%.% Overall.%.%.% Cocoa.%.%.% Coffee.%.%.% Corn.%.%.% Cotton.%.%.% Grains.%.%.% Softs.%.%.% Soybean Oil.%.%.% Soybeans.%.%.% Sugar.%.%.% Wheat.%.%.% Energy,.%.%.%,, Overall.%.%.% Carbon.%.%.%.%.%.% Gasoline.%.%.% Heating Oil.%.%.% Natural Gas.%.%.% Crude Oil Electricity.%.%.% Uranium.%.%.% Industrial Metals.%.%.% Overall.%.%.% Aluminium.%.%.% Copper.%.%.%.%.%.%.%.%.% Lead Nickel Tin.%.%.% Zinc.%.%.%,.%.%.%,,.%.%.%.%.%.% Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.%.%.%.% Precious Metals Overall Gold Silver.%.%.% Overall.%.%.% Cattle.%.%.%.%.%.%,.%.%.%,, Livestock Lean Hogs Page

60 July Product Rankings Figure : Top Products by AUM Equity ETFs ( million) ETFs Europe Invest. Strategy Current Month AUM Prev. Month AUM ETF Name BBG Ticker Issuer ishares Core S&P UCITS ETF CSSPX SW,.,. AUM,. Vanguard S&P ETF VUSA LN Vanguard,.,.,. ishares Core MSCI World UCITS ETF (Acc) SWDA LN,.,.,. ishares Euro STOXX (DE) SXEEX GR,.,.,. ishares Core DAX UCITS ETF DE DAXEX GR,.,.,. Lyxor UCITS ETF Euro STOXX MSE FP Lyxor,.,.,. ishares S&P UCITS ETF (Inc) IUSA LN,.,.,. ishares STOXX (DE) SXXPIEX GR,.,.,. ishares MSCI Emerging Markets IMI UCITS ETF EMIM,.,.,. ishares MSCI Europe UCITS ETF (Inc) IMEU LN,.,.,. ishares FTSE UCITS ETF (Inc) ISF LN,.,.,. db xtrackers Euro Stoxx UCITS ETF (DR) D XESX GR Deutsche AM,.,.,. ishares EURO STOXX UCITS ETF (Inc) EUNE SW,.,.,. ishares MSCI World UCITS ETF (Inc) IWRD LN,.,.,. ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN,.,.,. Lyxor UCITS ETF CAC (DR) DEUR CAC FP Lyxor,.,.,. db xtrackers DAX UCITS ETF (DR) C XDAX GR Deutsche AM,.,.,. ishares EURO Core STOXX B UCITS ETF Acc CSSXE SW,.,.,. UBS ETF PLC MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS,.,.. Lyxor ETF S&P LYPS GR Lyxor,.,.,. Figure : Top Products by AUM Fixed Income ETFs ( million) ETFs Europe Invest. Strategy Current Month AUM Prev. Month AUM ETF Name BBG Ticker Issuer ishares Euro Corporate Bond UCITS ETF IEBC LN,.,. AUM,. ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN,.,.,. ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock,.,.,. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN,.,.,. ishares $ Corporate Bond UCITS ETF LQDE LN,.,.,. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR,.,.,. ishares $ High Yield Corporate Bond UCITS ETF SHYU LN,.,.,. ishares Euro Corporate Bond yr UCITS ETF SE LN,.,.,. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP Amundi,.,.,. SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street,.,.,. PIMCO Euro Short Maturity Source UCITS ETF PJS GR Source Alpha,.,.,. ishares $ TIPS UCITS ETF IDTP LN,.,.,. ishares Euro Ultrashort Bond UCITS ETF ERNE LN,.,.,. PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha,.,.,. ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN,.,.,. ishares $ Treasury Bond yr UCITS ETF IBTS LN,.,.,. ishares Euro Government Bond yr UCITS ETF IEGX LN,.,.,. ishares Euro Corporate Bond exfinancials yr UCITS ETF EEX LN,.,.,. ishares Euro Aggregate Bond UCITS ETF SEAG LN,.,.,. ishares Euro Corporate Bond exfinancials UCITS ETF EEXF LN,.,.,. Page

61 July Figure : Top Products by AUM Commodity ETPs ( million) ETPs Europe Invest. Strategy Current Month AUM Prev. Month AUM ETP Name BBG Ticker Issuer ZKB Gold ETF ZGLD SW Zuercher Kantonalbank,.,. AUM,. ETFS Gold PHAU LN ETF Securities,.,.,. Source Gold ETC (PETC) SGLD LN Source,.,.,. Gold Bullion Securities GBS LN ETF Securities,.,.,. ishares Gold ETC SGLN LN Blackrock,.,.,. XETRAGold XAUEUR Deutsche Borse Commodities GmbH,.,.,. Julius Baer Gold Fund A (USD listing) JBGOUA SW Julius Baer Inv,.,.,. db Gold Euro Hedged ETC XAD GR Deutsche AM,.,.. Source Bloomberg Commodity UCITS ETF CMOD LN Source,.,. ZKB Silver ETF ZSIL SW Zuercher Kantonalbank,.,.,. UBS ETFs plc CMCI Composite SF UCITS ETF (USD) Aacc CCUSAS SW UBS... ETFS Silver PHAG LN ETF Securities.... ETFS WTI Crude Oil CRUD LN ETF Securities.. UBSIS Gold (CHF) Hedged ETF A AUCHAH SW UBS... ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR..,. Lyxor ETF Commodities CRB CRB FP Lyxor... db Gold ETC XGLD LN Deutsche AM... db Gold ETC (EUR) XAD GR Deutsche AM... ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities... ETFS Swiss Gold SGBS LN ETF Securities... Page

62 July. ETF Broker rankings US ETP Broker Rankings Figure : Top US ETF Brokers ETFs US Value Trade Summary Volume Trade Summary Jun Rank Broker (CDRG) CITADEL SECURITIES LLC Advertised value ($ million) Market Share, YTD Advertised Trades Advertised value ($ million) Market Share.%,,.% (KCG) KCG HOLDINGS, INC.,.%,,.% (CSFB) CREDIT SUISSE,.%,,.% Jun Advertised Trades Broker, (CDRG) CITADEL SECURITIES LLC,, (KCG) KCG HOLDINGS, INC., (CSFB) CREDIT SUISSE YTD Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share,.%,,.%,,.%,,.%,,,.%,,.%, Advertised Trades (UBS) UBS INVESTMENT BANK,.%,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%,.%, (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%.%,,.%, (GS) GOLDMAN SACHS & CO.,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,,.%, (BCAP) BARCLAYS CAPITAL,.%,,.%, (GS) GOLDMAN SACHS & CO. (JPM) JP MORGAN,.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS, (JPM) JP MORGAN,.%,.%,,.%, (MSCO) MORGAN STANLEY,.%,,.%.%,,.%, (DBAB) DEUTSCHE BANK SECURITIES INC,.%,,.%, (MSCO) MORGAN STANLEY.%,,.%, (FCM) FIDELITY CAPITAL MARKETS,.%,,.%, (FCM) FIDELITY CAPITAL MARKETS.%,,.%,.%,, (DBAB) DEUTSCHE BANK SECURITIES INC (INCA) INSTINET,.%,,.%.%, (SG) SG SECURITIES,.%,.%.%,,.% (BNYM) BANK OF NEW YORK, THE,.%,,.%, (SG) SG SECURITIES.%.%, (JEFF) JEFFERIES & CO., INC.,.%,,.%, (RBC) ROYAL BANK OF CADA.%,.%, (RBC) ROYAL BANK OF CADA,.%,,.%, (CVGX) CONVERGEX.%,.%, (CVGX) CONVERGEX,.%,,.%, (ITGI) INVESTMENT TECHNOLOGY GROUP.%,.%, (HSBC) HSBC GROUP PLC,.%,,.%.%,.% (ITGI) INVESTMENT TECHNOLOGY GROUP,.%,,.%, (BMOC) BMO CAPITAL MARKETS.%,.%,,.%,,.%, Other.%,,.%,,,.%,,,,.%,.%,,,.%,, Other, (INCA) INSTINET, (BNYM) BANK OF NEW YORK, THE, (JEFF) JEFFERIES & CO., INC.,,,, Source:Deutsche Bank, Bloomberg Finance LP. Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Figure : Top US ETV Brokers ETVs US Value Trade Summary Volume Trade Summary Jun Rank Broker (CDRG) CITADEL SECURITIES LLC YTD Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share,.%,,.% Jun Advertised Trades Broker, (CDRG) CITADEL SECURITIES LLC YTD Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share.%,,.% Advertised Trades, (KCG) KCG HOLDINGS, INC.,.%,,.%, (KCG) KCG HOLDINGS, INC..%,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%, (UBS) UBS INVESTMENT BANK.%,.%, (CSFB) CREDIT SUISSE,.%,,.% (JPM) JP MORGAN,.%,,.%, (CSFB) CREDIT SUISSE, (BCAP) BARCLAYS CAPITAL.%,.%,.%,.%, (BCAP) BARCLAYS CAPITAL,.%,,.% (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%.%,.%, (MLCO) MERRILL LYNCH,.%,,.%, (MLCO) MERRILL LYNCH.%,.%, (FCM) FIDELITY CAPITAL MARKETS,.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS.%,.%, (GS) GOLDMAN SACHS & CO.,.%,,.%, (GS) GOLDMAN SACHS & CO..%,.%, (DBAB) DEUTSCHE BANK SECURITIES INC.%,.%, (MSCO) MORGAN STANLEY.%.%, (MSCO) MORGAN STANLEY.%,.%, (DBAB) DEUTSCHE BANK SECURITIES INC.%.%, (BNYM) BANK OF NEW YORK, THE.%,.%, (BNYM) BANK OF NEW YORK, THE.%.%, (INCA) INSTINET.%,.%, (INCA) INSTINET.%.%, (CVGX) CONVERGEX.%,.%, (ITGI) INVESTMENT TECHNOLOGY GROUP.%,.%, (ITGI) INVESTMENT TECHNOLOGY GROUP.%,,.%, (CVGX) CONVERGEX.%.%, (RBC) ROYAL BANK OF CADA.%,.%, (RBC) ROYAL BANK OF CADA.%.%, (BMOC) BMO CAPITAL MARKETS.%.%, (GFIG) GFI GROUP INC..%.% (GFIG) GFI GROUP INC..%.%.%.%, (FLOW) FLOW TRADERS.%.%.%.%, Other.%,,.%,.%,,.%, (JPM) JP MORGAN, (FCM) FIDELITY CAPITAL MARKETS (JONE) JONESTRADING (JEFF) JEFFERIES & CO., INC., Other,.%,.%,.%,.%,,.%,,.%, Source: Deutsche Bank, Bloomberg Finance LP. Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Page

63 July European ETP Broker Rankings Figure : Top European ETF brokers ETFs Europe Value Trade Summary Volume Trade Summary Jun Rank Broker (CBK) COMMERZBANK Advertised value ( million) Market Share, YTD Advertised Trades Advertised value ( million) Market Share.%,,.% Jun Advertised Trades Broker, (CBK) COMMERZBANK YTD Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades.%,,.%, (FLOW) FLOW TRADERS,.%,,.%, (FLOW) FLOW TRADERS.%,,.%, (CSFB) CREDIT SUISSE,.%,,.%, (SIS) SUSQUEHAN INTERTIOL GRP.%,,.%, (SIS) SUSQUEHAN INTERTIOL GRP,.%,,.%, (CSFB) CREDIT SUISSE.%,.%, (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%, (IMC) IMC TRADING BV.%,.%, (JPMS) JPMORGAN CHASE BANK, N.A.,.%,,.%, (MSCO) MORGAN STANLEY.%,.%, (BCAP) BARCLAYS CAPITAL,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,.%, (IMC) IMC TRADING BV,.%,,.%, (UBS) UBS INVESTMENT BANK.%,.%,.%,, (CITI) CITIGROUP GLOBAL MARKETS.%,.%, (HSBC) HSBC GROUP PLC,.%,,.%, (KEPL) KEPLER CAPITAL MARKETS.%,.%, (KEPL) KEPLER CAPITAL MARKETS,.%,,.%, (HSBC) HSBC GROUP PLC.%,.%, (MSCO) MORGAN STANLEY (DBK) DEUTSCHE BANK AG,,.%,,,.%,.%, (BNPP) BNP PARIBAS,.%,,.%, (BNPP) BNP PARIBAS.%,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%.%, (DBK) DEUTSCHE BANK AG, (WINS) WINTERFLOOD SECURITIES.%,.%, (GS) GOLDMAN SACHS & CO.,.%,,.%, (SG) SG SECURITIES.%,.%, (SG) SG SECURITIES,.%,,.%, (JPMS) JPMORGAN CHASE BANK, N.A..%,.%, (WINS) WINTERFLOOD SECURITIES,.%,,.%, (KCG) KCG HOLDINGS, INC..%,.%, (UNIC) UNICREDIT,.%,.%, (MLCO) MERRILL LYNCH.%,.%, (TI) TIXIS SECURITIES,.%,.%, (TI) TIXIS SECURITIES.%.%, (MLCO) MERRILL LYNCH,.%,,.%.%.%, Other,.%,,.%, Other.%,,.%,,.%,,.%,,.%,,.%,, (UNIC) UNICREDIT.% Source: Deutsche Bank, Bloomberg Finance LP. Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Figure : Top European ETC brokers ETCs Europe Value Trade Summary Volume Trade Summary Jun Rank Broker (FLOW) FLOW TRADERS Advertised value ( million) Market Share,.% YTD Advertised Trades Advertised value ( million) Market Share,.% (ITGE) ITG EUROPE.%.% (HSBC) HSBC GROUP PLC.%,.% (WINS) WINTERFLOOD SECURITIES.%,,.% (SIS) SUSQUEHAN INTERTIOL GRP.% Jun Advertised Trades Broker, (MSCO) MORGAN STANLEY (WINS) WINTERFLOOD SECURITIES, (FLOW) FLOW TRADERS, (UBS) UBS INVESTMENT BANK (CITI) CITIGROUP GLOBAL MARKETS YTD Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share.%,.%,.%,.%,.%.%,.%.%,.%.%.%, (MSCO) MORGAN STANLEY.%,,.%.%.%, (KEPL) KEPLER CAPITAL MARKETS.%.%, (BNPP) BNP PARIBAS.%.% (UBS) UBS INVESTMENT BANK.%.%, (SIS) SUSQUEHAN INTERTIOL GRP.%.%, (KEPL) KEPLER CAPITAL MARKETS, (HSBC) HSBC GROUP PLC Advertised Trades (BCAP) BARCLAYS CAPITAL.%.%.%.%, (INTM) INTERMONTE SIM SPA.%.% (BCAP) BARCLAYS CAPITAL.%.%, (MACQ) MACQUARIE SECURITIES.%,.% (DBK) DEUTSCHE BANK AG.%.%, (CITI) CITIGROUP GLOBAL MARKETS.%,.%, (CSFB) CREDIT SUISSE.%.%, (OPTV) OPTIVER VOF.%,.%, (ITGE) ITG EUROPE.%.% (CSFB) CREDIT SUISSE.%,.%, (MED) MEDIOBANCA SPA.%.%, (TI) TIXIS SECURITIES.%.%.%.% (CBK) COMMERZBANK.%.%, (SG) SG SECURITIES.%.% (PEEL) PEEL HUNT LLP.%.%, (KCG) KCG HOLDINGS, INC..%.%, (DBK) DEUTSCHE BANK AG.%.%, (OPTV) OPTIVER VOF.%.%, (MLCO) MERRILL LYNCH.%.% (INTM) INTERMONTE SIM SPA.%.% (BNPP) BNP PARIBAS.%.% (MACQ) MACQUARIE SECURITIES.%.%.%,,.%, Other.%,.%,,.%,,.%,.%,,.%, Other (INCA) INSTINET Source: Deutsche Bank, Bloomberg Finance LP. Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Page

64 July Appendix A: How we define ETPs ExchangeTraded Products (ETPs) We define an exchangetraded product (ETP) as a secure (funded or collateralized) openended deltaone exchangetraded equity or debt instrument with no embedded optionality and marketwide appeal to investors. This includes exchange traded funds, exchangetraded commodities (Europe) and exchangetraded vehicles (US). Figure below gives a summary of our current coverage universe by region and structure type as on December. The vast majority of instruments are ETFs (.%,, products, $,bn) with the remainder being ETCs (.%, products, $.bn) in Europe and ETVs (.%, products, $.bn) in the US. Figure : ETP Coverage Universe Summary ExchangeTraded Funds (ETFs,.%) US (.%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of. Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. Europe (.%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices. Asia (.%): Both European and US ETFs are cross sold into the Asian market. Page

65 July ExchangeTraded Collateralized Instruments (.%) ExchangeTraded Commodities (ETCs,.%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchangetraded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchangetraded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. lybacked ETCs are fully backed with securities that closely resemble the composition of a product s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March titled The race for assets in the European ExchangeTraded Products Market. Exchangetraded vehicles (ETVs,.%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of and not the investment Company Act of, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the Securities Act, and report under Corporate Act. Page

66 July Appendix B: The road from beta to alpha The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market access). Moving counterclockwise from beta, the potential for return increases, together with the potential risk. Figure : The Roadmap From (β) to Alpha (α) Source: Deutsche Bank The performance of beta products is measured against an index; a manager is most successful when they manage to match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of an alpha product s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest the risk [typically measured by the standard deviation of a product s returns] the more successful a product is deemed to be. There is however a whole host of products that fall between beta and alpha, we have sought to create a classification system that classifies these products, taking into consideration a number of variables, ranging from diversification to what constitutes a market segment. Page

67 July The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services. Page

68 July Appendix Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure lookup page on our website at Aside from within this report, important conflict disclosures can also be found at under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra, Sebastian Mercado Hypothetical Disclaimer Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record based on trading actual client portfolios, simulated results are achieved by means of the retroactive application of a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtesting of performance also differs from actual account performance because an actual investment strategy may be adjusted any time, for any reason, including a response to material, economic or market factors. The backtested performance includes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction of advisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid. No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar to those shown. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the analysis. Equity Rating Key Equity rating dispersion and banking relationships Buy: Based on a current month view of total shareholder return (TSR = percentage change in share price from current price to projected target price plus projected dividend yield ), we recommend that investors buy the stock. Sell: Based on a current month view of total shareholder return, we recommend that investors sell the stock. Hold: We take a neutral view on the stock months out and, based on this time horizon, do not recommend either a Buy or Sell. Newly issued research recommendations and target prices supersede previously published research. Regulatory Disclosures Page