Value Factor ETFs assets soar

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1 Deutsche Bank s Research Synthetic Equity & Index Strategy Europe European Monthly ETF Review Date December Value Factor ETFs assets soar Data in this report is as of th November. Ari Rajendra Strategist European ETP Monthly Highlights (Assets & Flows): Assets: European ETPs AUM increased by bn on MoM basis and ended the month at bn. Flows: European domiciled ETPs registered strong inflows of +.bn. Equity ETFs were dominant where there were inflows of +.bn while Fixed Income ETFs and Commodity ETPs witnessed outflows of.bn and.bn respectively. + Shan Lan Strategist + Sebastian Mercado, CFA Strategist + New Product Launches new products European ETP market witnessed new product launches in November including ETFs and ETCs. Investment Themes for the Month US (+.bn) and broad European (+.bn) equities gained material inflows. Further, Japan, Switzerland and Germany ETFs also had healthy inflows in November. Value factor ETFs assets soared in November, increasing % MoM (+.bn inflows). Healthcare (+.bn) and US Small Caps (+.bn) also had notable gains. Real Estate ETFs saw redemptions of mn. Global EM equities and EM Sovereign bonds suffered outflows of.bn and.bn respectively. Interestingly equities in EM Europe countries saw net inflows, in particular Russia. Gold ETPs recorded outflows of.bn (+ bn YTD flows). : MoM turnover activity up by % The total turnover activity into European ETPs was up by % ( bn) from the previous month s total ( bn). Price premium/discount to V monitor Within Equity, deepest discount in Size (.%) and highest premium (.%) occurred within Sector ETFs while in Fixed Income, deepest discount (.%) and highest premium (.%) were in Broad ETFs. US : Outflows continues from European focused ETFs European exposed ETFs listed in US had another weak month with outflows of $.bn ($.bn in Oct ) during November. European exposure ETFs remained weak so far this year with net outflows of $.bn in US listed ETFs. 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) //.

2 December Table Of Contents European ETP Highlights... New Launch Activity... Investment Themes for the Month... : MoM turnover activity up by %... Price discounts/premium to V Monitor... US : Outflows continues from European Exposed ETFs.... Investment Trends... CrossAsset Class ETPs Europe.... 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 December European ETP Highlights Assets: European ETPs AUM increased by bn on MoM basis and ended the month at bn. By asset class, Equity ETFs had assets worth of bn while Fixed Income ETFs and Commodity ETPs had assets worth of bn and bn respectively. For more details please refer to Assets section. Flows: European domiciled ETPs registered inflows of +.bn. Equity ETFs were dominant where there were inflows of +.bn while Fixed Income ETFs and Commodity ETPs witnessed outflows of.bn and.bn respectively. For more details please refer to Cash Flow Analysis section. Global ETPs Highlights Global ETPs assets increased by $bn, ending at $. trillion at the end of Nov,.% up from last monthend levels. Global ETPs registered inflows of + $bn during November (+$bn for October). US listed ETPs registered strong inflows of +$bn. AsiaPacific listed ETPs reversed previous month's trend and recorded inflows of +$.bn during last month. Figure : Global ETPs Snapshot ETPs Global AUM ($bn) Region Nov Oct Cash Flow ($bn) MoM Change (%) ($bn) Nov Oct Nov Oct Share (%) MoM Change (%) AUM Cash Flows* US...%.....% %.% Europe...%.....% %.% % AsiaPacific...%.....% %.% %...%.....% Global %.% Source: *Cash Flow Share corresponds to Nov Monthly Cash Flow / End of Oct AUM New Launch Activity new Products launches including ETFs & ETCs European ETP market registered new ETPs during November. Deutsche AM, ComStage & Amundi each listed equity ETFs Providing exposure to Minimum Vol, DAX's family indices ( SDAX & TecDAX), FTSE EPRA/REIT Developed & MSCI North America Indices whereas Lyxor listed one equity ETF tracking MSCI World ExEMU Index. Further, UBS Listed new Fixed Income ETFs tracking the performance of Barclays Capital US Government Year Inflation Linked Bond Index, Barclays capital + year Treasury Bond Index & Barclays Capital + Year Inflation Linked Bond Index while Lyxor listed one Commodity ETF providing exposure to Thomson Reuters/Core Commodity CRB NonAgriculture & Livestock TR Index. Within ETCs, BNP Paribas listed new products providing exposure to Industrial Metals, Energy & Metals Indices. For additional information on new product launches please refer to Product Review section. Page

4 December Figure : New Launches in November ETPs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters Investment Themes for the Month US and European equities benefit post US Elections while global EM equities saw redemptions Following the result of the US Elections in early November, the rally in developed market equities filtered through to the ETF market in Europe. ETFs providing exposure to US equities benefitted the most with +.bn of inflows. ETFs tracking European indices (predominantly ESTOXX & MSCI Europe) also experienced healthy inflows of +.bn (.bn so far this year). Other specific country ETFs that gained assets in November include Japan (+.bn), Switzerland (+.bn) and Germany (+.bn). Within the Emerging s complex, there were significant redemptions. Investors sold out of Global Emerging s focused ETFs where we observed net outflows of mn in November. We have observed over + bn inflows in Global EM ETFs so far this year. It is interesting to note that despite the overall outflows in broad EM indices, ETFs tracking EM Europe countries were net recipient of inflows in November. Russia in particular stood out where there were net inflows of + mn. Assets in Value Factor ETFs up % MoM, gains also in Healthcare and US small caps Smart ETFs accumulated +.bn of inflows in November with yeartodate flows rising to + bn. Within Smart, Value factor ETFs gained significant attention with inflows of +.bn (+.bn YTD flows) which effectively increased assets tracking the strategy by almost % in one month. Based on ETFs that gained the most, there did not appear to be regional concentration as we observed inflows into ETFs tracking World, Europe and US equities. An interesting flow observation with respect to Factor ETFs is that the gain in Value Factor strategies coincided with the redemptions in Low Vol strategies which may imply a rotation between factors. Page

5 December Figure : Quarterly Flows into Factor & Low Vol Strategies ETFs Europe *Data upto Nov Healthcare ETFs stood out among sector ETFs with monthly inflows of +.bn (+.bn YTD flows). The most significant contributor (+.bn) was an ETF tracking the Nasdaq Biotech index. Real estate ETFs, in contrast, saw outflows of mn during November. The small cap category saw increased activity in November and interestingly the focus was on US small cap indices (S&P SmallCap, MSCI USA Small Cap, Russell ). The small cap segment benefitted from + mn of inflows. EM Debt suffered significant losses During November, all of the fixed income categories witnessed outflows where there were net outflows of.bn. EM Sovereign bonds suffered the most and registered outflows of.bn. ishares Emerging s Local Government Bond UCITS ETF (SEML LN), ishares J.P. Morgan $ Emerging s Bond UCITS ETF (SEMB LN) and SPDR Barclays Capital Emerging Local Bond ETF (SYBM GY) were mostly hit with outflows of mn, mn and mn respectively. Gold drives losses in Commodity ETPs European Commodity ETPs market witness outflows of.bn (+.bn YTD). Gold ETPs which have been receiving notable inflows in saw selling pressure in November with outflows of.bn (+ bn YTD flows). Within Commodity, Crude Oil ETPs registered inflows of (+ mn) over the last month. Figure below illustrate monthly Cashflows into Gold ETPs for. Page

6 December Figure : Monthly Cashflows into Gold ETPs ETPs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters : MoM turnover activity up by % The total turnover activity into European ETPs was up by % ( bn) from the previous month s total ( bn). All of the major asset classes witnessed increased turnover activity during November. At the asset class level, on a MoM basis, Equity, Fixed Income and Commodity ETPs turnover activity increased 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 Equities: Deepest discount in Size (.%) and highest premium (.%) occurred within Sector ETFs. Fixed Income: Broad ETFs had the deepest discount (.%) and highest premium (.%).

7 December Figure : Price premium/discount to V ETFs Europe US : Outflows continues from European Exposed ETFs US domiciled ETPs continued the positive run and recorded strong inflows of +$bn in November (+$bn in Oct ) taking YTD flows to above +$bn. Equity ETFs lead the rally with notable inflows of +$bn followed by inflows into fixed income ETFs (+$.bn). Commodity ETPs continued the previous month s negative trend and recorded outflows of $.bn during Nov ($.bn in Oct'). European exposed ETFs listed in US had another weak month with outflows of $.bn ($.bn in Oct ) during November. European exposure ETFs remained weak so far this year with net outflows of $.bn in US listed ETFs. Page

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

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

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

13 December 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 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 Q* ETPs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% ETFs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP.*Data as of Aug. Page

14 December Figure : European ETP vs mutual fund cash flows ETPs Europe Cash Flows ( billion) Jul Aug Sep Oct Nov Dec 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 Jul Aug ETCs ETFs 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).%,.%.% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q* ETVs ETFs,,,,,,,,,,,,,,,,,,,, ETPs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% ETFs vs mutual funds.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, ICI. *Data as of Oct. Figure : US ETP vs mutual fund cash flows ETPs US Cash flows ($ billion) ETVs Jul Aug Sep Oct Nov Dec 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 Jul Aug Sep Oct ETFs... Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page

15 December European ETF Industry Replication Structure Composition Synthetic vs Figure : Historical Composition by ETF Structure ETFs Europe, AUM ( billion) Number of ETFs 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 Nov,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ETFs (number of products) Equity Fixed Income Commodity Others Cash Flows ( million) Equity Fixed Income Commodity Others Synthetic *Yeartodate (upto Oct) numbers have been provided). Page

16 December Industry Growth Analysis.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price growth 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 Jul Aug Sep Oct Nov.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Flows growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price growth ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) Figure : US ETF Industry growth attribution ETFs US.% 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.%.%.%.%.%.%.%.%.%.%.%.% Jul Aug Sep Oct Nov.%.%.%.%.% Flows growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price 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 Jul Aug Sep Oct Nov.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Flows growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

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

18 December. 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 Nov Asset Class EU ($) EU ( ) Oct Asia EU ($) EU ( ) YTD Asia EU ($) EU ( ) Asia ETFs Equity,,,,,,,,,,,,,,,,,,,,,,,,,,,, Currency Multi Asset,,,, Fixed income Commodity Alternative,,,,,,,,,,,,,, ETCs/ETVs Commodity,,,,,, Currency Alternative,,,,,,,, ETPs Equity,,,,,,,,,,,, Fixed income,,,,,,,,,,,,, Commodity,,,,,,,,,,,,,,,,,,,,,, Currency Multi Asset Alternative,, Asset Class Cash Flow Analysis Figure : European Equity ETF cash flow summary ETFs Europe Equity Cash Flows All figures in million Nov Net Flows Oct % of AUM Net Flows YTD % of AUM Net Flows % of AUM Developed s,.%.%,.% Emerging s,.%.%,.%.%.%.% Sector Global s.%.%,.% Capitalization.%.%.% Strategy.%.%,.% Style.%.%,.% Thematic.%.%,.%,.%,.%,.% equities Page

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

20 December Figure : European Equity ETF cash flow summary B ETFs Europe Equity Cash Flows All figures in million Nov Net Flows Oct % of AUM Net Flows YTD % of AUM Net Flows % of AUM Developed s Europe Austria,.%.%,.%.%.%.% Belgium.%.%.% Finland.%.%.%.%.%.%.%.%,.%.% France Germany Greece.%.% Ireland.%.%.%.%.%.% Netherlands.%.%.% Norway.%.%.% Portugal.%.%.% Italy 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 December Figure : European Equity ETF cash flow summary C ETFs Europe Nov Equity Cash Flows All figures in million Net Flows Oct % of AUM Net Flows YTD % of AUM Net Flows % of AUM Emerging s BRIC.%.%.%.%.%.% Russia.%.%.% India.%.%.% China.%.%.%.%.%.% Chile.%.%.% Mexico.%.%.% Brazil Latin America LATAM broad.%.%.%.%.%.%.%.%.%.%.%.% Malaysia.%.%.% Pakistan.%.%.% Philippines.%.%.%.%.%.%.% Asia Bangladesh Indonesia South Korea Taiwan.%.% Thailand.%.%.% Vietnam.%.%.%.%.%.%.%.%.% Bulgaria.%.% na Kuwait.%.%.%.%.%.%.%.%.%.% Asia Pacific broad EMEA Poland South Africa Turkey.%.% Europe broad.%.%.% Middle East & Africa.%.%.%.% Global s.%.%,.%.%,.% EM,.%.%,.% (EM + DM),.%,.%,.% Global Figure : European Fixed Income ETF cash flows ETFs Europe Nov FI Cash Flows All figures in million Net Flows Oct % of AUM YTD Net Flows % of AUM Net Flows % of AUM Overall.%.%,.% Corporates.%,.%,.% Covered Bonds.%.%.% Credit Exposure.%.%.%,.%.%,.%.%.%.%,.%.%,.% Sovereign Money Fixed Income Page

22 December Figure : European Commodity ETP cash flow summary ETPs Europe Commodity Cash Flows All figures in million Nov Net Flows Oct % 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.%.%.%.%.%.% Gasoline.%.%.% Heating Oil.%.%.% Natural Gas.%.%.% Electricity.%.%.% Uranium.%.%.% Industrial Metals.%.%.%.% Crude Oil.%.% Aluminium Overall.%.%.% Copper.%.%.% Lead.%.%.% Nickel.%.%.% Tin.%.%.%.% Zinc Precious Metals Overall Gold.%.%.%.%,.%.%.%.%.%.%,.% Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.%.% Silver.%.% Livestock.%.%.% Overall.%.%.% Cattle.%.%.% Lean Hogs.%.%.%.%.%,.% Page

23 December Product Rankings Figure : Top monthly Equity ETF inflows ( million) ETFs Europe Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows..,. BNP Paribas... Vanguard..,. SWDA LN..,. EVOE FP BNP Paribas... ishares MSCI World Value Factor UCITS ETF ISS GY... db xtrackers MSCI USA TRN Index UCITS ETF XMUS GR Deutsche AM... Source Nasdaq Biotech UCITS ETF SBIO LN Source... ishares S&P SmallCap UCITS ETF ISP LN... S&P THEAM Easy UCITS ETF ESE FP BNP Paribas... Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows ETF Name BBG Ticker ishares Core S&P UCITS ETF CSSPX SW Euro Stoxx Theam Easy UCITS ETF EUR D ETBB FP Vanguard S&P ETF VUSA LN ishares Core MSCI World UCITS ETF (Acc) BNP Paribas EASY Equity Low Vol Europe UCITS ETF Issuer Figure : Top monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN... Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP Amundi... ishares Euro Corporate Bond yr UCITS ETF SE LN..,. ishares eb.rexx Government Germany (DE) RXRGEX GR... Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor +... Deka Deutsche Borse EUROGOV Germany UCITS ETF ETFGS GR Deka Investment GmbH Lyxor ETF Daily Double Short BTP BTPS FP Lyxor UBS ETF Barclays TIPS UCITS ETF TIPD SW UBS PIMCO Euro Short Maturity Source UCITS ETF PJS GR Source Alpha Think iboxx Government Bond Tracker TGBT ThinkCapital ETFs N.V Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows Figure : Top monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer ETFS WTI Crude Oil CRUD LN ETF Securities... ZKB Gold ETF ZGLD SW Zuercher Kantonalbank... Lyxor Commodities Thomson Reuters/CoreCommodity Crb EXAgriculture TR Ucits ETF CAMX GY Lyxor... ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR... ETFS Brent mnth Oil OILB LN ETF Securities... ETFS Industrial Metals AIGI LN ETF Securities... Boost Wti Oil X Leverage Daily ETP OIL LN Boost +... UBS ETFs plc CMCI Composite SF UCITS ETF (USD) Aacc CCUSAS SW UBS... ETFS Platinum PHPT LN ETF Securities... ETFS GBP Daily Hedged Gold GBSP LN ETF Securities... Page

24 December Figure : Top monthly Equity ETF outflows ( million) ETFs Europe Issuer Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows , ETF Name BBG Ticker ComStage ETF MSCI USA TRN CBNDDUUS GR ComStage ishares MSCI Emerging s UCITS ETF (Inc) IEEM LN Amundi ETF MSCI Emerging s UCITS ETF AEEM FP Amundi. Source EURO STOXX UCITS ETF A EUR Accumulating SDJE GR Source ishares S&P Minimum Volatility UCITS ETF SPMV LN UBSETF MSCI USA USACHA SW UBS. Amundi ETF FTSE EPRA Europe Real Estate UCITS ETF EPRE FP Amundi... Lyxor ETF MSCI Emerging s A LEM FP Lyxor... ishares S&P Financials Sector UCITS ETF IUFS LN db xtrackers Euro STOXX Short UCITS ETF XSSX GR Deutsche AM Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows,. Figure : Top monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Emerging s Local Government Bond UCITS ETF SEML LN Blackrock.. ishares $ Corporate Bond UCITS ETF LQDE LN... ishares J.P. Morgan $ Emerging s Bond UCITS ETF SEMB LN..,. ishares Euro Corporate Bond UCITS ETF IEBC LN... SPDR Barclays Capital Emerging Local Bond ETF SYBM GY State Street... ishares $ Treasury Bond yr UCITS ETF IDTM LN... ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR..,. db xtrackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XYP GR Deutsche AM..,. ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN... ishares $ Treasury Bond yr UCITS ETF IBTS 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 Source Gold ETC (PETC) SGLD LN Source..,. Gold Bullion Securities GBS LN ETF Securities..,. ETFS Gold PHAU LN ETF Securities..,. UBSIS Gold (CHF) Hedged ETF A AUCHAH SW UBS... ishares Gold ETC SGLN LN Blackrock..,. ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities... ETFS EUR Daily Hedged Industrial Metals EIMT IM ETF Securities... db Gold ETC XGLD LN Deutsche AM... db Energy Booster Euro Hedged ETC XCTH GR Deutsche AM... Boost Wti Oil X Short Daily ETP OIS LN Boost +... Page

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

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

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

30 December 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 December. 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,.%,.%,, WisdomTree,.%,.%,, Top,,.%,,.%,,,,, Others Global,.%,.%,,,,,,.%,,.%,,,,, 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 Mkt. Share State Street,.%,.%,,, ETF Securities,.%,.%,,,.%,.%,,, PowerShares,.%,.%, United States Commodity Funds,.%,.%, Source,.%,.%,, ProShares,.%,.%,, Deutsche AM,.%,.% Deutsche Borse Commodities GmbH,.%,.% Guggenheim Investments,.%,.%,,.%,.%,,,,.%,.%,,.%,.%,,, Top Others Global Page

32 December 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,.%,.%,, WisdomTree,.%,.%,, Top,,.%,,.%,,,,, Others Global,.%,.%,,,,,,.%,,.%,,,,, Page

33 December 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,, %,,, % % % Vanguard,, %,,, % % Amundi,, %,,, % % Source,, %,, % % State Street Diff.,, %,,, % % Deka Investment GmbH,, % % % Zuercher Kantonalbank,, % % % ComStage,, % % % BNP Paribas,, %,, % % HSBC,, % % % Xact Fonder AB,, %, % % PowerShares,, % % % Julius Baer Inv,, % % % Ossiam,, % % % ThinkCapital ETFs N.V.,, % % % ETF Securities, %, % % Fundlogic Global Solutions plc % % % WisdomTree % % % BBVA Gestion SA SGIIC % % % China Post Global % % % BMO Global Asset Management % % % First Trust % % % Raiffeisen Schweiz Genossenschaft % % % Seligson & Co Fund Man % % % Van Eck Funds % % % Nomura Asset Management % % % DnB Kapitalforvaltning % % % UniCredit Bank % % % Commerzbank AG % % % SEB Investment Management AB % % % FinEx Fund Plc % % % Boost % % % ZyFin Holdings % % % Expat Capital % Alpha Asset Management % % % Fullgoal Fund Management Co % NBG Asset Management MFMC % % % Landsbankinn % % Nordea Investment Funds % %,,,, %, % PDR Services LLC,, %, Page

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

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

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

37 December 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,,,,.%,, Vanguard,,.%,, Amundi,,,.%,, Source,,,.%, State Street,,,.%,,,,,.%,,.% ComStage,,,.% BNP Paribas,,.%,, Deka Investment GmbH Zuercher Kantonalbank HSBC,,.% Xact Fonder AB,,.%, PowerShares,,.%,,.%,,.%,.% Julius Baer Inv Ossiam ThinkCapital ETFs N.V. ETF Securities,.%, Fundlogic Global Solutions plc.% WisdomTree.% BBVA Gestion SA SGIIC.% China Post Global.%.%.%.%.% BMO Global Asset Management First Trust Raiffeisen Schweiz Genossenschaft Seligson & Co Fund Man Van Eck Funds.% Nomura Asset Management.% DnB Kapitalforvaltning.%.% Commerzbank AG.% SEB Investment Management AB.% UniCredit Bank FinEx Fund Plc Boost ZyFin Holdings.%.%.% Expat Capital.% Alpha Asset Management.% Fullgoal Fund Management Co.% NBG Asset Management MFMC.% Nordea Investment Funds.% PDR Services LLC.%,,,,,.%,,,, Page

38 December 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,,.%,,.% Deutsche Borse Commodities GmbH,,.% Boost.% Borse Stuttgart Securities GmbH.% Commerzbank AG.%.% Royal Bank of Scotland plc BNP Paribas.%,,.%,, Page

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

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

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

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

43 December Figure : European Equity ETF Summary B ETFs Europe Nov Equity All figures in million Share % MoM %Change (Monthly Avg.) %Change Oct (Monthly Avg.) Developed s 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 December Figure : European Equity ETF Summary C ETFs Europe Nov Equity All figures in million Share % MoM %Change (Monthly Avg.) %Change Oct (Monthly Avg.) Emerging s BRIC,.%.%.%, Brazil.%.%.% Russia.%.%.% India.%.%.% China.%.%.%.%.%.%.%.%.%.%.%.% Latin America Chile Mexico LATAM broad Asia.%.%.%.%.%.% Bangladesh.%.%.% Indonesia.%.%.% Malaysia.%.%.% Pakistan.%.%.%.%.%.% South Korea.%.%.% Taiwan.%.%.% Thailand.%.%.% Vietnam.%.%.%.%.%.% Philippines Asia Pacific broad.%.%.% Bulgaria.%.% na Kuwait.%.%.% Poland.%.%.% South Africa.%.%.% Turkey.%.%.%.%.%.%.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,,,.%.%.%,, EMEA Europe broad Middle East & Africa Global s Global EM (EM + DM) Figure : European Fixed Income ETF ETFs Europe Nov Fixed Income All figures in million Overall Share % MoM %Change (Monthly Avg.) %Change Oct (Monthly Avg.).%.%.%,.%.%.%,, Covered Bonds.%.%.% Credit Exposure.%.%.%,.%.%.%,, Corporates Sovereign Money Fixed Income.%.%.%,.%.%.%,, Page

45 December Figure : European Commodity ETP summary ETPs Europe Nov Commodity All figures in million Share % MoM %Change (Monthly Avg.) %Change Oct (Monthly Avg.) 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.%.%.%,.%.%.%,,.%.%.%.%.%.% Precious Metals Overall Gold Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.%.%.%.% Livestock.%.%.% Overall.%.%.% Cattle.%.%.%.%.%.%,.%.%.%,, Silver Lean Hogs Page

46 December Product Rankings Figure : Top Equity ETFs by ( million) ETFs Europe Current Month TO Prev. Month TO YTD TO,.,.,.,..,. Vanguard,..,. IEEM LN,.,.,. ishares FTSE UCITS ETF (Inc) ISF LN,..,. Lyxor UCITS ETF Euro STOXX MSE FP Lyxor..,. ETF Name BBG Ticker Issuer ishares Core S&P UCITS ETF CSSPX SW ishares Core DAX UCITS ETF DE DAXEX GR Vanguard S&P ETF VUSA LN ishares MSCI Emerging s UCITS ETF (Inc) Invest. Strategy ishares S&P UCITS ETF (Inc) IUSA LN..,. ishares EURO STOXX UCITS ETF (Inc) EUNE SW..,.,. ishares Core MSCI World UCITS ETF (Acc) SWDA LN.. db xtrackers DAX UCITS ETF (DR) C XDAX GR Deutsche AM..,. ishares MSCI World UCITS ETF (Inc) IWRD LN..,. ishares MSCI Emerging s IMI UCITS ETF EMIM..,. Amundi ETF MSCI Emerging s UCITS ETF AEEM FP Amundi..,.,. ishares Euro STOXX (DE) SXEEX GR Lyxor ETF Leverage CAC LVC FP Lyxor ishares STOXX (DE) SXXPIEX GR.. +..,...,. Lyxor UCITS ETF DAX (DR) LYXDAX GR Lyxor..,. ishares S&P EUR Hedged UCITS ETF IUSE LN Blackrock..,. Lyxor ETF MSCI Emerging s A LEM FP Lyxor..,. ishares Euro STOXX Banks (DE) SXEEX GR..,. Current Month TO Prev. Month TO YTD TO Figure : Top Fixed Income ETFs by ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy ishares J.P. Morgan $ Emerging s Bond UCITS ETF SEMB LN,..,. ishares $ Corporate Bond UCITS ETF LQDE LN..,. ishares Euro Corporate Bond UCITS ETF IEBC LN.,.,. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN..,. ishares $ High Yield Corporate Bond UCITS ETF SHYU LN..,. ishares Emerging s Local Government Bond UCITS ETF SEML LN Blackrock..,. ishares $ TIPS UCITS ETF IDTP LN..,. ishares UK Gilts UCITS ETF IGLT LN..,. ishares $ Treasury Bond yr UCITS ETF IDTM LN..,. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR..,. Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor ishares $ Treasury Bond yr UCITS ETF IBTS LN Lyxor ETF Daily Double Short BTP BTPS FP Lyxor ishares Euro Government Bond yr UCITS ETF IEGX LN +..,...,. +..,...,. ishares Euro Government Bond UCITS ETF IEGA LN..,. ishares Euro Ultrashort Bond UCITS ETF ERNE LN..,. ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN..,. ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN..,. ishares US Mortgage Backed Securities UCITS ETF IMBS LN..,. ishares Euro Aggregate Bond UCITS ETF SEAG LN..,. Page

47 December Figure : Top Commodity ETPs by ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO YTD TO ETFS Gold PHAU LN ETF Securities,..,. Source Gold ETC (PETC) SGLD LN Source,..,. ishares Gold ETC SGLN LN Blackrock..,. Gold Bullion Securities GBS LN ETF Securities..,. ETFS WTI Crude Oil CRUD LN ETF Securities..,. ZKB Gold ETF ZGLD SW Zuercher Kantonalbank..,. Boost Wti Oil X Leverage Daily ETP OIL LN Boost XETRAGold XAUEUR Deutsche Borse Commodities GmbH +..,...,. Boost Wti Oil X Short Daily ETP OIS LN Boost +..,. ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities..,. db Gold ETC XGLD LN Deutsche AM... db Gold Euro Hedged ETC XAD GR Deutsche AM..,. ETFS GBP Daily Hedged Gold GBSP LN ETF Securities... ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities +..,.,. ETFS Brent mnth Oil OILB LN ETF Securities.. ETFS Copper COPA LN ETF Securities... ETFS Silver PHAG LN ETF Securities..,. Julius Baer Gold Fund A (USD listing) JBGOUA SW Julius Baer Inv... ETFS Industrial Metals AIGI LN ETF Securities... Boost Natural Gas X Leverage Daily ETP NGL LN Boost +..,. Figure : Top ETPs by ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker ishares Core DAX UCITS ETF DE DAXEX GR db xtrackers DAX UCITS ETF (DR) C XDAX GR Fixed Income ETFs BBG Ticker,. db xtrackers II iboxx Sovereigns Eurozone Return Index UCITS ETF XF GY.. ishares Barclays Euro Treasury Bond EUNH GR. ishares Euro STOXX (DE) SXEEX GR. db xtrackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XYP GR. ishares Euro STOXX Banks (DE) SXEEX GR. ishares Euro Ultrashort Bond UCITS ETF ISM GY. ishares EURO STOXX UCITS ETF (Inc) EUN GR. UBSETF Markit iboxx EUR Germany A UEFM GY. ishares STOXX (DE) SXXPIEX GR. ishares Markit iboxx $ High Yield Capped Bond ISR GY. Deka DAX UCITS ETF ETFDAX GR. UBSETF Markit iboxx EUR Germany A UEFN GY. Lyxor UCITS ETF LevDAX LYXLEDAX 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. db xtrackers Euro Stoxx UCITS ETF (DR) D XESX GR. ishares Markit iboxx Euro High Yield Commodity ETPs BBG Ticker EUNW GR. BBG Ticker XETRAGold XAUEUR. db xtrackers db Hedge Fund Index UCITS ETF C EUR Hedged XHFI GR. db Gold Euro Hedged ETC XAD GR. ETFS Short USD Long EUR XBJQ GR. ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR. db xtrackers LPX Major Private Equity UCITS ETF XLPE GR. db Gold ETC (EUR) XAD GR. db xtrackers Portfolio TR Index UCITS ETF XQUI GR. Source Gold ETC (PETC) PSG GY. ETFS Short JPY Long EUR SJPL GR. ETFS Gold VZLD GR. ComStage Vermogensstrategie UCITS ETF F GY. ETFS WTI Crude Oil ODF GR. Lyxor ETF S&P VIX Futures Enhanced Roll DEUR VOOL GY. Lyxor ETF Commodities CRB LYXCRB GR. ishares S&P Listed Private Equity Fund IQQL GR. ETFS Brent Oil OESA GR. ETFS X Short USD Long EUR CH GY. GGB GR. ETFS Long USD Short EUR XBJP GR. Gold Bullion Securities Page

48 December Figure : Top ETPs by ( million) London SE ETPs Europe Equity ETFs BBG Ticker ishares Core S&P UCITS ETF CSPX LN Fixed Income ETFs BBG Ticker,. ishares FTSE UCITS ETF (Inc) ishares $ Corporate Bond UCITS ETF LQDE LN ISF LN. ishares J.P. Morgan $ Emerging s Bond UCITS ETF IEMB LN. Vanguard S&P ETF VUSD LN. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN. Vanguard FTSE ETF VUKE LN. ishares Euro Corporate Bond UCITS ETF IEAC LN. Source S&P UCITS ETF SPXS LN. ishares UK Gilts UCITS ETF IGLT LN. ishares Core MSCI World UCITS ETF (Acc) IWDA LN. ishares $ High Yield Corporate Bond UCITS ETF IHYU LN.. ishares MSCI Emerging s UCITS ETF (Inc) IEEM LN. ishares Emerging s Local Government Bond UCITS ETF IEML LN. Vanguard S&P ETF VUSA LN. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN. ishares Core S&P UCITS ETF ishares $ High Yield Corporate Bond UCITS ETF SHYU LN. Source Nasdaq Biotech UCITS ETF CSP LN. SBIO LN. ishares $ Treasury Bond yr UCITS ETF IBTS LN BBG Ticker. Commodity ETPs BBG Ticker ETFS Gold PHAU LN,. ishares Listed Private Equity UCITS ETF IPRV LN. Source Gold ETC (PETC) SGLD LN. ETFS x Short JPY Long USD SJP LN. ishares Gold ETC IGLN LN. ETFS Short GBP Long USDGBP USD LN. ETFS Gold GBP PHGP LN. ishares Listed Private Equity UCITS ETF IDPE LN. Gold Bullion Securities GBS LN. db xtrackers db Hedge Fund Index UCITS ETF C USD Hedged XHFD LN. ETFS WTI Crude Oil CRUD LN. ETFS x Short GBP Long USD SGB LN. db Gold ETC XGLD LN. db xtrackers LPX Major Private Equity UCITS ETF XLPE LN. ETFS Longer Dated All Commodities GO UCITS ETF COMF LN. ETFS x Short EUR Long USD SEU LN. ETFS GBP Daily Hedged Gold GBSP LN. ETFS Short JPY Long USD SJPY LN. SGLN LN. ETFS x Short JPY Long GBP SYP LN. ishares Gold ETC 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. ishares $ TIPS UCITS ETF ITPS SW. ishares SMI CH CSSMI SW. UBS ETF SBI Foreign AAABBB UCITS ETF (CHF) SFCHA SW. ishares S&P UCITS ETF (Inc) IUSA SW. ishares $ Treasury Bond yr UCITS ETF IBTM SW. UBS ETF plc MSCI USA (USD) Aacc USAUSW SW. UBS ETF Barclays TIPS UCITS ETF Hedged to EUR TIPE SW. UBS ETF (CH) SMI (CHF) Adis SMICHA SW. UBS ETF Barclays US Liquid Corporates UCITS ETF (hedged to EUR) Aacc CBUSE SW. ishares MSCI Emerging s IMI UCITS ETF EIMI SW. Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF XG SW. UBS ETFs plc MSCI Emerging s TRN Index SF USDA EGUSAS SW. ishares J.P. Morgan $ Emerging s Bond UCITS ETF IEMB SW. ishares MSCI EMU UCITS ETF CSEMU SW. ishares $ Treasury Bond +yr UCITS ETF IDTL SW. ishares SPI (CH) CHSPI SW. Amundi ETF Global Emerging Bond Markit iboxx UCITS ETF AGEB SW.. Lyxor UCITS ETF EuroMTS Y IG (DR) UBS ETF MSCI USA % hedged to EUR UCITS ETF Aacc Commodity ETPs USEUWH SW BBG Ticker LYMTB SW. BBG Ticker ZKB Gold ETFA USD ZGLDUS SW. ishares Listed Private Equity UCITS ETF IPRV SW ZKB Gold ETF ZGLD SW. db xtrackers db Hedge Fund Index UCITS ETF C CHF Hedged XHFC SW.. ZKB Gold ETFH (CHF) ZGLDHC SW. SPDR Morningstar MultiAsset Global Infrastructure UCITS ETF MAGI SW. UBS ETF (CH) Gold (USD) Idis AUUSI SW. UBS ETFs plc MAP Balanced UCITS ETF SF (USD) Aacc MEUAS SW. ZKB Gold ETFA EUR ZGLDEU SW. UBS ETFs plc HFRX Global Hedge Fund Index SF (EUR) Aacc HFCHAS SW. UBSIS Gold (CHF) Hedged ETF A AUCHAH SW. db xtrackers db Hedge Fund Index UCITS ETF C USD Hedged XHFD SW. Julius Baer Gold Fund A (USD listing) JBGOUA SW. Lyxor ETF Privex LYPVX SW. Julius Baer Gold Fund (USD) AX JBGOUX SW. UBS ETFs plc MAP Balanced UCITS ETF SF (USD) Aacc MUSAS SW. ComStage ETF Commerzbank Commodity EW Index TR CBCOMM SW. MRIC SW. Access ABN Amro RICI Page

49 December Figure : Top ETPs by ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker Lyxor UCITS ETF Euro STOXX MSE FP. Lyxor ETF SGI Daily Double Short Bund ETF DSB FP. Lyxor ETF Leverage CAC LVC FP. Lyxor ETF Daily Double Short BTP BTPS FP. Lyxor ETF XBear CAC BX FP. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP. Amundi ETF MSCI Emerging s UCITS ETF AEEM FP. Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF XG FP. Lyxor ETF MSCI Emerging s A LEM FP. Lyxor UCITS ETF EuroMTS Y IG (DR) MTB FP. Lyxor UCITS ETF STOXX Europe Banks BNK FP. AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP. BNP Paribas EASY Equity Low Vol Europe UCITS ETF EVOE FP. Lyxor UCITS ETF Smart Cash CEUR CSH FP. Lyxor UCITS ETF Russia (Dow Jones Russia GDR) CEUR RUS FP. Lyxor UCITS ETF EuroMTS Y IG (DR) MTC FP. Amundi ETF Euro STOXX UCITS ETF C FP. Amundi ETF Global Emerging Bond Markit iboxx UCITS ETF AGEB FP. CAC FP. Lyxor UCITS ETF MTS BTP Y Italy Government Bond (DR) Lyxor UCITS ETF CAC (DR) DEUR Commodity ETPs BBG Ticker MI FP BBG Ticker. Lyxor ETF Commodities CRB NonEnergy CRN FP. Lyxor ETF Privex PVX FP. Gold Bullion Securities GBS FP. PowerShares Global Listed Private Equity UCITS ETF PSP FP. Lyxor ETF Commodities CRB CRB FP. ETFS WTI Crude Oil CRUDP FP. ETFS Brent mnth Oil OILBP FP. ETFS Natural Gas NGASP FP. ETFS Gold BULLP FP. ETFS Copper COPAP FP. ETFS All Commodities AIGCP FP. SLVRP FP. ETFS Silver Figure : Top ETPs by ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker Lyxor ETF XBear FTSE/MIB XBRMIB IM. Lyxor ETF SGI Daily Double Short Bund ETF BUNDS IM. Lyxor UCITS ETF FTSE MIB ETFMIB IM. Lyxor ETF Daily Double Short BTP BTPS IM. Lyxor ETF Leveraged FTSE/MIB LEVMIB IM. UBS ETF Barclays US Liquid Corporates Year UCITS ETF hedged to EUR CBUSE IM. Lyxor UCITS ETF Euro STOXX MSE IM. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX IM. Lyxor UCITS ETF DAX (DR) DAXX IM. ishares Euro Government Bond yr UCITS ETF IBGX IM. ishares S&P EUR Hedged UCITS ETF IUSE IM. Lyxor UCITS ETF EuroMTS Y IG (DR) EM IM.. ishares Core S&P UCITS ETF CSSPX IM. Lyxor UCITS ETF EuroMTS Y IG (DR) EM IM ishares EURO STOXX UCITS ETF (Inc) EUE IM. ishares Euro Corporate Bond UCITS ETF IEAC IM. ishares MSCI Emerging s UCITS ETF (Inc) IEEM IM. ishares Emerging s Local Government Bond UCITS ETF SEML IM.. ishares $ Treasury Bond yr UCITS ETF Lyxor UCITS S&P Daily Hedged Commodity ETPs SPXH IM BBG Ticker IBTS IM BBG Ticker. Boost Wti Oil X Leverage Daily ETP OIL IM. ETFS X Long USD Short EUR EUS 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. ETFS Daily Leveraged Crude Oil LOIL IM. Lyxor ETF S&P VIX Futures Enhanced Roll DEUR LVO IM. ETFS WTI Crude Oil CRUD IM. ETFS Long GBP Short EUR EUGB IM. db Gold Euro Hedged ETC XAD IM. ETFS X Short USD Long EUR USE IM. Boost Natural Gas X Leverage Daily ETP NGL IM. ETFS Long USD Short EUR EUUS IM. Gold Bullion Securities GBS IM. ETFS X Long GBP Short EUR EGB IM. Boost Natural Gas x Short Daily NGS IM. Boost Long USD Short EUR x Daily ETP USE IM. CRL IM. ETFS Short USD Long EUR USEU IM. ETFS x Daily Long WTI Crude Oil Page

50 December 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 Bear XACBEAR SS. XACT Nordic XACTVINX SS. XACT OMXSB XACTSBX SS. XACT Bull XACBULL SS. XACT Svenska Smabolag UCITS ETF XACTSMAC SS. db xtrackers DAX UCITS ETF (DR) C XDAX SS. XMEU SS. db xtrackers MSCI Europe Index UCITS ETF (DR) Fixed Income ETFs BBG Ticker XACT Obligation UCITS ETF XACTBOND SS. Euronext Amsterdam Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker ishares AEX UCITS ETF IAEX. ishares Euro Corporate Bond UCITS ETF IEAC ishares MSCI Europe UCITS ETF (Inc) IMEU. ishares Euro Aggregate Bond UCITS ETF IEAG. ishares Core MSCI World UCITS ETF (Acc) IWDA. ishares Euro Inflation Linked Government Bond UCITS ETF IBCI.. ishares MSCI Emerging s UCITS ETF (Inc) IEMM. ishares $ Treasury Bond yr UCITS ETF BTMA. ishares EURO STOXX UCITS ETF (Inc) EUEA. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX. Vanguard S&P ETF VUSA. ishares Euro Government Bond yr UCITS ETF IBGM. ishares MSCI World UCITS ETF (Inc) IWRD. ishares Euro Government Bond yr UCITS ETF IBGX. ishares S&P UCITS ETF (Inc) IUSA. ishares Euro Government Bond yr UCITS ETF IBGS. Think AEX Tracker TDT. ishares Euro Government Bond yr UCITS ETF IBGL. IPRP. ishares France Government Bond UCITS ETF IFRB. ishares European Property Yield UCITS ETF Page

51 December. European ETF Exchanges Figure : European onexchange ETF trading ranking by exchange ETFs Europe Exchanges (All figures in million) Jul Share % Aug Share % Sep Share % Oct Share % Nov Share %,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%,.% Paris,.%,.%,.%,.%,.% Amsterdam Deutche Boerse Deutsche Borse LSE London SE Borsa Italiana Euronext,.%,.%,.%,.%,.% Lisbon.%.%.%.%.% Brussels.%.%.%.%.%,.%,.%,.%,.%,.% Swiss SE,.%,.%,.%,.%,.% Stockholmborsen.%.%.%.%.% Oslo Bors.%.%.%.%.% BME.%.%.%.%.%.%.%.%.%.%,.%,.%,.%,.%,.% Others Page

52 December Figure : European onexchange ETC trading ranking by exchange ETCs Europe Exchanges (All figures in million) Jul Share % Aug Share % Sep Share % Oct Share % Nov Share % London SE,.%,.%,.%,.%,.% Borsa Italiana,.%,.%,.%,.%,.%,.%,.%,.%,.%,.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%,.%,.%,.%,.%,.% LSE Deutche Boerse Deutsche Borse Euronext Amsterdam Brussels Others Page

53 December 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 s,.,.,.,.,.,.,.,..% Emerging s,.,.,.,.,.,..,..% Global s Sector Capitalization Style Strategy Thematic.,....,..,..%,.,.,.,..,..,..%,.,......,..%,.,.,.,..,..,..%,.,.,.,..,.,.,..%,.,....,..,..%,,,,,,,,..%.,......,..%.% Fixed Income Overall Corporates,.,.,.,.,.,..,. Covered Bonds ,..% Credit Exposure %.%,.,.,.,.,.,..,. Money Sovereign,.,.,.,....,..%,,,,,,,..% Commodity.% Overall.,....,..,..% Agriculture ,..%,.,..,....,..% Energy Industrial Metals.,......,..% Precious Metals,.,..,..,..,..% % Livestock,,,,,..% Alternative ,..%.% Currency.,..,....,..% %,,,..%,,,,,,,, % Multi Asset Grand * turnover year to date (not daily average) Page

54 December. Assets ETP Monthly AUM Analysis by Asset Class Figure : AUM by asset class and instrument ETPs Europe Nov Asset Class All figures in million Share % AUM MoM %change Oct 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 Nov Equity AUM All figures in million AUM Share % MoM %change YTD %change Oct End of AUM AUM Developed s,.%.%.%,, Emerging s,.%.%.%,, Global s Sector Capitalization,.%.%.%,,,.%.%.%,,,.%.%.%,, Strategy,.%.%.%,, Style,.%.%.%,,,.%.%.%,,,.%.%.%,, Thematic Equities Page

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

56 December Figure : European Equity ETF AUM summary B ETFs Europe Nov Equity AUM All figures in million Share % AUM MoM %change YTD %change Oct End of AUM AUM Developed s,.%.%.%,, Austria.%.%.% Belgium.%.%.% Finland.%.%.% Europe France Germany Greece Ireland,.%.%.%,,,.%.%.%,,.%.%.%.%.%.%,.%.%.%,, Netherlands.%.%.% Norway.%.%.% Portugal.%.%.%,.%.%.%,, 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 December Figure : European Equity ETF AUM summary C ETFs Europe Nov Equity AUM All figures in million Share % AUM MoM %change YTD %change Oct End of AUM AUM Emerging s,.%.%.%,,.%.%.% Russia,.%.%.% India,.%.%.%,, China,.%.%.%,,.%.%.%,.%.%.%.%.%.% BRIC Brazil Latin America Chile Mexico LATAM broad Asia Bangladesh.%.%.%,.%.%.%,,.%.%.% Indonesia.%.%.% Malaysia.%.%.% Pakistan.%.%.% Philippines.%.%.% South Korea.%.%.% Taiwan.%.%.% Thailand.%.%.% Vietnam.%.%.%,.%.%.%,,.%.%.%.%.% na Kuwait.%.%.% Poland.%.%.% South Africa.%.%.% Turkey.%.%.% Europe broad.%.%.% Middle East & Africa.%.%.%,.%.%.%,,,.%.%.%,,,.%.%.%,,,.%.%.%,, Asia Pacific broad EMEA Bulgaria Global s Global EM (EM + DM) Page

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

59 December Figure : European Commodity ETP AUM summary ETPs Europe Nov Commodity AUM All figures in million Share % AUM MoM %change YTD %change Oct 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.%.%.%.%.%.% Sugar.%.%.% Wheat.%.%.% Soybeans Energy,.%.%.%,, Overall.%.%.% Carbon.%.%.%.%.%.% Crude Oil Gasoline.%.%.% Heating Oil.%.%.% Natural Gas.%.%.% Electricity.%.%.% Uranium.%.%.% Industrial Metals.%.%.% Overall.%.%.%.%.%.%.%.%.% Aluminium Copper Lead Nickel.%.%.%.%.%.% Tin.%.%.% Zinc.%.%.%,.%.%.%,,.%.%.%.%.%.% Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.%.%.%.% Precious Metals Overall Gold Silver Livestock.%.%.% Overall.%.%.% Cattle.%.%.%.%.%.%,.%.%.%,, Lean Hogs Page

60 December 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 Core DAX UCITS ETF DE DAXEX GR,.,.,. ishares S&P UCITS ETF (Inc) IUSA LN,.,.,. Lyxor UCITS ETF Euro STOXX MSE FP Lyxor,.,.,. ishares Euro STOXX (DE) SXEEX GR,.,.,. ishares MSCI Europe UCITS ETF (Inc) IMEU LN,.,.,. ishares MSCI World UCITS ETF (Inc) IWRD LN,.,.,. ishares EURO STOXX UCITS ETF (Inc) EUNE SW,.,.,. ishares FTSE UCITS ETF (Inc) ISF LN,.,.,. ishares STOXX (DE) SXXPIEX GR,.,.,. db xtrackers Euro Stoxx UCITS ETF (DR) D XESX GR Deutsche AM,.,.,. ishares MSCI Emerging s UCITS ETF (Inc) IEEM LN,.,.,. db xtrackers DAX UCITS ETF (DR) C XDAX GR Deutsche AM,.,.,. ishares MSCI Emerging s IMI UCITS ETF EMIM,.,.,. Lyxor UCITS ETF CAC (DR) DEUR CAC FP Lyxor,.,.,. Vanguard FTSE ETF VUKE LN Vanguard,.,.,. db xtrackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM,.,.,. ishares Developed s Property Yield UCITS ETF IWDP LN,.,.,. 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 Euro High Yield Corporate Bond UCITS ETF IHYG LN,.,.,. ishares J.P. Morgan $ Emerging s Bond UCITS ETF SEMB LN,.,.,. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR,.,.,. ishares $ Corporate Bond UCITS ETF LQDE LN,.,.,. ishares Emerging s Local Government Bond UCITS ETF SEML LN Blackrock,.,.,. ishares Euro Corporate Bond yr UCITS ETF SE LN,.,.,. ishares $ TIPS UCITS ETF IDTP LN,.,.,. ishares $ High Yield Corporate Bond UCITS ETF SHYU LN,.,.,. PIMCO Euro Short Maturity Source UCITS ETF PJS GR Source Alpha,.,.,. ishares Euro Corporate Bond exfinancials UCITS ETF EEXF LN,.,.,. ishares $ Treasury Bond yr UCITS ETF IDTM LN,.,.,. ishares Corporate Bond UCITS ETF SLXX LN,.,.,. ishares Euro Aggregate Bond UCITS ETF SEAG LN,.,.,. ishares Euro Corporate Bond exfinancials yr UCITS ETF EEX LN,.,.,. PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha,.,.,. ishares Euro Government Bond yr UCITS ETF IEGX LN,.,.,. ishares UK Gilts UCITS ETF IGLT LN,.,.,. ishares $ Treasury Bond yr UCITS ETF IBTS LN,.,.,. SPDR Barclays Capital Emerging Local Bond ETF SYBM GY State Street,.,.. Page

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

62 December. ETF Broker rankings US ETP Broker Rankings Figure : Top US ETF Brokers ETFs US Value Trade Summary Volume Trade Summary Nov Rank Broker (KCG) KCG HOLDINGS, INC. Advertised value ($ million) Share,.% YTD Nov Advertised Trades Advertised value ($ million) Share Advertised Trades Broker,,,.%,, (KCG) KCG HOLDINGS, INC. YTD Advertised volume (million) Share Advertised Trades Advertised volume (million) Share Advertised Trades,.%,,.%,, (UBS) UBS INVESTMENT BANK,.%,,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%, (CSFB) CREDIT SUISSE,.%,,,.%, (CSFB) CREDIT SUISSE,.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%,.%,.%,, (FCM) FIDELITY CAPITAL MARKETS.%,.%, (JPM) JP MORGAN,.%,,.%,, (GS) GOLDMAN SACHS & CO.,.%,,.%,, (CITI) CITIGROUP GLOBAL MARKETS (GS) GOLDMAN SACHS & CO.,,.%,,,.%, (DBAB) DEUTSCHE BANK SECURITIES INC,.%,,.%, (DBAB) DEUTSCHE BANK SECURITIES INC,.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%, (BCAP) BARCLAYS CAPITAL,.%,,.%, (JPM) JP MORGAN,.%,,.%,, (FCM) FIDELITY CAPITAL MARKETS,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,,.%, (MSCO) MORGAN STANLEY,.%,,.%, (MSCO) MORGAN STANLEY.%,,.%, (SG) SG SECURITIES,.%,.%.%,,.%, (RBC) ROYAL BANK OF CADA,.%,,.%.%.%, (RBC) ROYAL BANK OF CADA, (SG) SG SECURITIES,, (INCA) INSTINET,.%,,.% (JEFF) JEFFERIES & CO., INC.,.%,,.% (CVGX) CONVERGEX,.%,,.%, (JEFF) JEFFERIES & CO., INC..%,,.%, (BNYM) BANK OF NEW YORK, THE,.%,,.%, (CVGX) CONVERGEX.%,,.%, (WELS) WELLS FARGO SECURITIES,.%,,.%.%.%, (RAJA) RAYMOND JAMES & ASSOCIATES,.%,,.%, (RAJA) RAYMOND JAMES & ASSOCIATES.%,.%, (ITGI) INVESTMENT TECHNOLOGY GROUP,.%,,.%, (WELS) WELLS FARGO SECURITIES.%,.%,,.%,,.%, Other.%,,.%,,,,.%,,,.%,.%,,.%,, Other, (INCA) INSTINET,, (BNYM) BANK OF NEW YORK, THE, (BNPP) BNP PARIBAS,,.%,,.%,.%,,.%, 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 Nov Rank Broker (KCG) KCG HOLDINGS, INC. YTD Advertised value ($ million) Share Advertised Trades Advertised value ($ million) Share,.%,,.% (UBS) UBS INVESTMENT BANK,.%,,.% (FCM) FIDELITY CAPITAL MARKETS,.%,,.% (CSFB) CREDIT SUISSE,.%,,.% (JPM) JP MORGAN,.%,,.% (GS) GOLDMAN SACHS & CO.,.%,,.% Nov Advertised Trades Broker, (KCG) KCG HOLDINGS, INC. YTD Advertised volume (million) Share Advertised Trades Advertised volume (million) Share Advertised Trades.%,,.%,, (FCM) FIDELITY CAPITAL MARKETS.%,,.%, (UBS) UBS INVESTMENT BANK.%,,.%,, (CSFB) CREDIT SUISSE.%,,.%,, (GS) GOLDMAN SACHS & CO..%,.%,.%,.%,,, (MLCO) MERRILL LYNCH, (MLCO) MERRILL LYNCH,.%,,.%, (JPM) JP MORGAN.%,.% (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%, (MSCO) MORGAN STANLEY.%.%, (MSCO) MORGAN STANLEY,.%,.%.%,.%,,,.%.%, (DBAB) DEUTSCHE BANK SECURITIES INC (DBAB) DEUTSCHE BANK SECURITIES INC,,, (BCAP) BARCLAYS CAPITAL,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,.%, (RBC) ROYAL BANK OF CADA.%,,.%, (RBC) ROYAL BANK OF CADA, (CITI) CITIGROUP GLOBAL MARKETS.%,.%, (BNYM) BANK OF NEW YORK, THE.%,.%.%.%, (CVGX) CONVERGEX.%,,.%.%,.%, (JEFF) JEFFERIES & CO., INC..%,.%, (INCA) INSTINET.%.% (INCA) INSTINET.%,.%, (JEFF) JEFFERIES & CO., INC..%.%, (FLOW) FLOW TRADERS.%.%.%,.%,, (BNYM) BANK OF NEW YORK, THE, (CVGX) CONVERGEX (RAJA) RAYMOND JAMES & ASSOCIATES.%.%,, (RAJA) RAYMOND JAMES & ASSOCIATES.%,,.%, (BMOC) BMO CAPITAL MARKETS.%.%, (ITGI) INVESTMENT TECHNOLOGY GROUP.%,.%, (ITGI) INVESTMENT TECHNOLOGY GROUP.%.%, (BNPP) BNP PARIBAS.%.%.%.% Other,.%,,.%.%,.%,,.%,,.%,.%,,.%,, (FLOW) FLOW TRADERS, 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 December European ETP Broker Rankings Figure : Top European ETF brokers ETFs Europe Value Trade Summary Volume Trade Summary Nov Advertised value ( million) Share, (FLOW) FLOW TRADERS, (BNPP) BNP PARIBAS, Rank Broker (CBK) COMMERZBANK YTD Advertised Trades Advertised value ( million) Share.%,,.%.%,,.%.%,,.% Nov Advertised Trades Broker, (FLOW) FLOW TRADERS, (CBK) COMMERZBANK, (BNPP) BNP PARIBAS YTD Advertised volume (million) Share Advertised Trades Advertised volume (million) Share.%,,.%,.%,,.%,.%,.%,, Advertised Trades (SIS) SUSQUEHAN INTERTIOL GRP,.%,,.%, (SIS) SUSQUEHAN INTERTIOL GRP.%,,.% (OPTV) OPTIVER VOF,.%,,.%, (OPTV) OPTIVER VOF.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%, (GS) GOLDMAN SACHS & CO..%,.%,, (BCAP) BARCLAYS CAPITAL,.%,,.%, (KCG) KCG HOLDINGS, INC..%,,.%, (CSFB) CREDIT SUISSE,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,,.%,.%, (SG) SG SECURITIES,.%,,.% (UNIC) UNICREDIT,.%,,.% (KEPL) KEPLER CAPITAL MARKETS,.%,,.% (MSCO) MORGAN STANLEY,.%,,.%, (CSFB) CREDIT SUISSE, (CITI) CITIGROUP GLOBAL MARKETS, (KEPL) KEPLER CAPITAL MARKETS, (SG) SG SECURITIES,,.%,,.%,.%,.%,.%.%,,.%, (GS) GOLDMAN SACHS & CO.,.%,,.%, (UBS) UBS INVESTMENT BANK.%,,.%, (DBK) DEUTSCHE BANK AG,.%,,.%, (DBK) DEUTSCHE BANK AG.%,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%, (MSCO) MORGAN STANLEY.%,.%,,,.%, (HSBC) HSBC GROUP PLC,.%,,.%, (HSBC) HSBC GROUP PLC.%,.%, (KCG) KCG HOLDINGS, INC. (JPMS) JPMORGAN CHASE BANK, N.A.,,.%.%,,,,.%.%, (IMC) IMC TRADING BV.%,.%, (WINS) WINTERFLOOD SECURITIES,.%,,.%, (UNIC) UNICREDIT.%,.%, (IMC) IMC TRADING BV,.%,,.% Other,.%,,.%,.%,,,.%, (WINS) WINTERFLOOD SECURITIES, (JPMS) JPMORGAN CHASE BANK, N.A., Other,,.%.%,.%,.%,,.%,,.%,,.%,, 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 Nov Rank Broker (FLOW) FLOW TRADERS Advertised value ( million) Share.% YTD Advertised Trades Advertised value ( million) Share,.% Nov Advertised Trades Broker, (OPTV) OPTIVER VOF YTD Advertised volume (million) Share Advertised Trades Advertised volume (million) Share Advertised Trades.%,,.%, (OPTV) OPTIVER VOF.%,,.%, (BNPP) BNP PARIBAS.%,.%, (WINS) WINTERFLOOD SECURITIES.%,,.%, (MSCO) MORGAN STANLEY.%,.%, (MSCO) MORGAN STANLEY.%,,.%, (WINS) WINTERFLOOD SECURITIES.%,,.%, (HSBC) HSBC GROUP PLC.%,.%, (FLOW) FLOW TRADERS.%.%, (CITI) CITIGROUP GLOBAL MARKETS.%,.%, (UBS) UBS INVESTMENT BANK.%.%, (BNPP) BNP PARIBAS.%,.%, (CITI) CITIGROUP GLOBAL MARKETS.%.%, (MACQ) MACQUARIE SECURITIES.%,.%.%.%, (UBS) UBS INVESTMENT BANK.% (KCG) KCG HOLDINGS, INC.,.%.%.%, (SIS) SUSQUEHAN INTERTIOL GRP.%,.% (BCAP) BARCLAYS CAPITAL.%.%, (BCAP) BARCLAYS CAPITAL.%,.%, (KEPL) KEPLER CAPITAL MARKETS, (SBER) SBERBANK CIB CJSC.%.% (CSFB) CREDIT SUISSE.%,.%, (SIS) SUSQUEHAN INTERTIOL GRP.%.% (KCG) KCG HOLDINGS, INC..%,.%, (SG) SG SECURITIES.%.%, (SG) SG SECURITIES.%.%, (UNIC) UNICREDIT,.%.% (GS) GOLDMAN SACHS & CO..%,.% (DBK) DEUTSCHE BANK AG.%.%, (ITGE) ITG EUROPE.%.% (ITGE) ITG EUROPE.%.% (MLCO) MERRILL LYNCH.%.%.%.%, (MINT) MINT PARTNERS.%.% (INCA) INSTINET.%.% (UNIC) UNICREDIT.%.% (CSFB) CREDIT SUISSE.%.%, (DBK) DEUTSCHE BANK AG.%,.%, (MED) MEDIOBANCA SPA.%,.%, Other.%,,.%,.%,,.%, (HSBC) HSBC GROUP PLC, Other,,.%,,.%,,.%,,.%, 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 December 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. ExchangeTraded Collateralized Instruments (.%) ExchangeTraded Commodities (ETCs,.%) Page

65 December 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. 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 December 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 December 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 December 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 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, Shan Lan, 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?.Additional Information? Page