Financials Gain, EM continues to draw assets

Transcription

1 Deutsche Bank s Research Synthetic Equity & Index Strategy Europe European Monthly ETF Review Date November Financials Gain, EM continues to draw assets Data in this report is as of st October. 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 across all major asset classes (equity, fixed income and commodity). Equity ETFs lead with inflows of +.bn followed by Fixed Income ETFs (+.bn) and Commodity ETPs (+.bn). + Shan Lan Strategist + Sebastian Mercado, CFA Strategist + New Product Launches new products European ETP market witnessed new product launches in October including ETFs and ETCs. Investment Themes for the Month Global EM, US and Japan attracted inflows of + mn, + mn and + mn respectively while European equities (ESTOXX, DAX & MSCI Europe) witnessed outflows of mn. Financial Sector ETFs witnessed inflows of +.bn. Value (+ mn) and Sustainable (+ mn) strategies also benefitted. Fixed Income inflows were dominated by investment grade bonds (+.bn inflows). All other categories experienced outflows. Gold ETPs registered inflows of +.bn (+.bn YTD flows) : MoM turnover activity down by % The total turnover activity into European ETPs was down 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 in Broad ETFs (.%) while highest premium occurred in Corporate ETFs (.%). US : Further redemption from European focused ETFs European exposed ETFs listed in US had outflows of $.bn ($.bn in Sep ) during October. 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 November Table Of Contents European ETP Highlights... New Launch Activity: Busy month with new Products launches... Investment Themes for the Month... : MoM turnover activity down by %... Price discounts/premium to V Monitor... US : Further redemptions 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 November 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 strong inflows of +.bn across all major asset classes (equity, fixed income and commodity). Equity ETFs lead with inflows of +.bn followed by Fixed Income ETFs (+.bn) and Commodity ETPs (+.bn). For more details please refer to Cash Flow Analysis section. Global ETPs Highlights Global ETPs assets decreased by $bn, ending at $. trillion at the end of Oct,.% down from last monthend levels. Global ETPs registered inflows of +$bn during October (+$bn for September). US listed ETPs registered inflows of +$bn while AsiaPacific and listed ETPs saw redemptions worth of $bn during last month. Figure : Global ETPs Snapshot ETPs Global AUM ($bn) Region Oct Sep Cash Flow ($bn) MoM Change (%) ($bn) Oct Sep Oct Sep Share (%) MoM Change (%) AUM Cash Flows* US...%.....% %.% Europe...%.....% %.% % AsiaPacific...%.....% %.% %...%.....% Global %.% Source: *Cash Flow Share corresponds to Oct Monthly Cash Flow / End of Sep AUM New Launch Activity: Busy month with new Products launches European ETP market witnessed new product launches in October. listed Smart ETFs providing exposure to MSCI USA's Size, Momentum, Value and Quality factor indices. Source and First Trust each listed equity ETFs providing exposure to GPR Liquid Developed Europe Real Estate Index and Nasdaq Global High Equity Income Index respectively while Lyxor listed a Fixed Income ETF providing exposure to BofA Merrill Lynch US High Yield Constrained Index. BNP Paribas listed ETCs providing exposure to Industrial Metals ( Tin, Copper, Aluminium, Lead, Nickel & Zinc) during Oct. For additional information on new product launches please refer to Product Review section. Page

4 November Figure : New Launches in October ETPs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters Investment Themes for the Month Global EM, US and Japan focused withness inflows while broad European Equities saw redemptions ETFs tracking European indices (ESTOXX, DAX & MSCI Europe) saw a reversal of previous month's inflows (+ mn inflows in Sep'). Our analysis suggests that there was a modest redemption of mn during Oct (.bn so far this year). Two of the largest ETFs affected were ETFs tracking the ESTOXX index. Similar to previous month, Investors trading Europeanlisted ETPs were net buyers of Global Emerging s focused ETFs with inflows of + mn in October (+ mn inflows in Sep'). We have now observed over + bn inflows in Global EM ETFs so far this year. Further, US focused ETFs registered inflows of + mn while Japan focused ETFs registered inflows of + mn during the same period. Financial Sector, Value and Sustainable ETFs preferred during October ETFs providing exposure to the Financials sector gained assets during the month of October which coincided with the rise in core rates. The broadly better than expected Q earnings for banks further supported the move. We saw inflows of +.bn into financial sector ETFs over the last month. In our recent publication (DB TRAIN basket, Anusha Pai th Nov ), it was highlighted that the financials sector (in Europe) had the largest positive move following the recent steeping of the yield curve, thus benefitting Financial ETFs. The largest European listed ETFs providing exposure to European Financials can be seen below. Figure : Top Financial Sector ETFs by AUM Source: Deutsche Bank, Bloomberg Finance LP, Reuters Further, it is worth noting that ETFs with exposure to Value and SRI strategies experienced meaningful inflows in October with inflows of + mn and + mn respectively. The flows into the value category in particular represented more than % of its assets under management. Page

5 November Investment Grade Bonds dominates within Corporate Bond category Fixed Income ETFs registered inflows of +.bn during October. Corporate Bonds contributed significantly to overall fixed income flows, attracting +.bn. Within corporate bonds, investment grade bonds dominate with inflows of +.bn. Lyxor ETF Euro Corporate Bond (CRP FP), ishares Euro Corporate Bond UCITS ETF (IEBC LN) and Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR (AFLE FP) were the primary beneficiaries with monthly inflows of + mn, + mn and + mn respectively. All other fixed income categories experienced outflows. Gold ETPs registered inflows of +.bn European Commodity ETP market continued its positive momentum in October and registered inflows of +.bn (+.bn YTD). Within Commodity, Gold ETPs topped the flows table with inflows of +.bn over the last month. This is evident that appetite for Gold ETPs (+.bn YTD flows) picked up in as investors prefer to buy safe heaven assets over equities (+.bn YTD flows). : MoM turnover activity down by % The total turnover activity into European ETPs was down by.% ( bn) from the previous month s total ( bn). At the asset class level, on a MoM basis, Commodity ETPs and Fixed Income ETFs turnover activity increased by % and % respectively while Equity ETFs saw decreased turnover activity by %. into European ETFs has constantly increasing since as more investors are using ETFs as investment purpose and efficient trading instrument. ETFs turnover (%) vs. the overall Cash Equity market has been increased to % from.% () in. For more details please refer to Trading Perspective section. Figure : ETFs vs Cash Equity (%) ETFs Europe Source: Deutsche Bank, Bloomberg Finance LP, Reuters Price discounts/premium to V Monitor The price of ETFs may not trade in line with its respective Vs driven by multiple factors such as supply/demand, market access, duty and varying trading time Page

6 November 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. Equities: Deepest discount in Size (.%) and highest premium (.%) occurred within Sector ETFs. Fixed Income: Deepest discount in Broad ETFs (.%) while highest premium in Corporate ETFs (.%). Figure : Price premium/discount to V ETFs Europe US : Further redemptions from European Exposed ETFs US domiciled ETPs continued the positive run and recorded inflows of + $bn in October (+$bn in Sep ) taking YTD flows to +$bn. Equity and Fixed Income ETFs received inflows of +$bn and +$bn respectively while Commodity ETPs reversed the previous month s trend and comes into negative territory with outflows of $.bn during Oct (+$.bn in Sep'). European exposed ETFs listed in US had outflows of $.bn ($.bn in Sep ) during October. European exposure ETFs remained weak so far this year with net outflows of $.bn in US listed ETFs. Page

7 November. 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 Commodity Others,,,,,,, Equity Fixed Income Commodity Others Page

8 November. 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

9 November 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,,,,,,,,,,,,,,,,,, Fixed Income **,,,,,, Equity,,,,,,,,,,,,,,,,,,,,,,,,,,,, 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

10 November,,,,,, ** 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

11 November 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

12 November 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 Jul. Page

13 November 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 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).%,.%.% ETVs 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, Bloomberg Finance LP, ICI. 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 ETFs... Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page

14 November 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 ETFs (number of products) Equity Fixed Income Commodity Others Cash Flows ( million) Equity Fixed Income Commodity Others Synthetic Oct,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, *Yeartodate (upto Oct) numbers have been provided). Page

15 November 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.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% 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.%.%.% 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.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Flows growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

16 November.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Price 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 Jul Aug Sep Oct.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Flows growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Avg. growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% growth.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page

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

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

19 November Figure : European Equity ETF cash flow summary B ETFs Europe Oct Equity Cash Flows All figures in million Net Flows Sep % of AUM Net Flows YTD % of AUM Net Flows % of AUM Developed s 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

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

21 November Figure : European Commodity ETP cash flow summary ETPs Europe Oct Commodity Cash Flows All figures in million Net Flows Sep % 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

22 November Product Rankings Figure : Top monthly Equity ETF inflows ( million) ETFs Europe Issuer Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows ETF Name BBG Ticker UBS ETF plc MSCI USA (USD) Adis UBU GY UBS... ishares Core S&P UCITS ETF CSSPX SW..,. Amundi ETF MSCI Emerging s UCITS ETF AEEM FP Amundi..,. ishares S&P Financials Sector UCITS ETF IUFS LN... Vanguard S&P ETF VUSA LN Vanguard..,. ishares MSCI Japan UCITS ETF (Inc) IJPN LN... ishares MSCI Emerging s IMI UCITS ETF EMIM..,. ishares Euro STOXX (DE) SXEEX GR..,. ishares MSCI Europe exuk UCITS ETF IEUX LN... ishares Core MSCI World UCITS ETF (Acc) SWDA LN..,. Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows Figure : Top monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Lyxor ETF Euro Corporate Bond CRP FP Lyxor... ishares Euro Corporate Bond UCITS ETF IEBC LN..,. ishares Emerging s Local Government Bond UCITS ETF SEML LN Blackrock..,. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP Amundi... SPDR Barclays Capital Emerging Local Bond ETF SYBM GY State Street..,. Lyxor US$ Y Inflation Breakeven UCITS ETF C USD INFU FP Lyxor... ishares $ TIPS UCITS ETF IDTP LN..,. db xtrackers Barclays USD Corporate Bond UCITS ETF (DR) XDGU GY Deutsche AM... ishares Global Corporate Bond EUR Hedged UCITS ETF CRPH LN... ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN... Prev. Month Flows YTD Flows Figure : Top monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Source Gold ETC (PETC) SGLD LN Source..,. ishares Gold ETC SGLN LN Blackrock..,. ETFS Silver PHAG LN ETF Securities... ZKB Gold ETF ZGLD SW Zuercher Kantonalbank... ETFS EUR Daily Hedged Gold GBSE GY ETF Securities... ETFS Platinum PHPT LN ETF Securities... ETFS GBP Daily Hedged Gold GBSP LN ETF Securities... Gold Bullion Securities GBS LN ETF Securities..,. db Energy Booster Euro Hedged ETC XCTH GR Deutsche AM... ETFS Gold PHAU LN ETF Securities..,. Page

23 November Figure : Top monthly Equity ETF outflows ( million) ETFs Europe Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows UBS Deutsche AM IUSA LN XESX GR..,. Deutsche AM.. ishares S&P Minimum Volatility UCITS ETF. SPMV LN... ishares MSCI Europe Minimum Volatility UCITS ETF MVEU LN... Source S&P UCITS ETF SPXS LN Source... db xtrackers MSCI Japan Index UCITS ETF C XMJP GR Deutsche AM... ishares EURO STOXX UCITS ETF (Inc) EUNE SW..,. Invest. Strategy Current Month Flows Prev. Month Flows YTD Flows ETF Name BBG Ticker UBSETF MSCI USA USACHA SW db xtrackers S&P UCITS ETF C DBM GR ishares MSCI Japan B UCITS ETF CSJP SW ishares S&P UCITS ETF (Inc) db xtrackers Euro Stoxx UCITS ETF (DR) D Issuer Figure : Top monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer db xtrackers II Global Sovereign UCITS ETF C EUR Hedged DBZB GR Deutsche AM... db xtrackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XYP GR Deutsche AM... db xtrackers II iboxx Euro Sovereigns Eurozone TR Index UCITS ETF XE GR Deutsche AM... PIMCO Euro Short Maturity Source UCITS ETF PJS GR Source Alpha.... Lyxor USD Liquid Investment Grade Corporate Bonds UCITS CUSD USIX LN Lyxor.. ishares $ Treasury Bond +yr UCITS ETF IDTL LN... ishares Global High Yield Corp Bond UCITS ETF HYLD LN... db xtrackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE GR Deutsche AM... ishares $ Treasury Bond yr UCITS ETF IDTM LN... ishares J.P. Morgan $ Emerging s Bond UCITS ETF SEMB 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 Diversified Commodity Swap UCITS ETF DE DJCOMEX GR.. ishares Gold CHF Hedged CH CSGLDC SW... db Gold ETC (EUR) XAD GR Deutsche AM... Boost Wti Oil X Leverage Daily ETP OIL LN Boost +... db Gold ETC XGLD LN Deutsche AM... db xtrackers db Commodity Booster UCITS ETF C EUR Hedged XCBE GR Deutsche AM... ETFS WTI Crude Oil CRUD LN ETF Securities... Source Silver PETC SSLV LN Source... db Gold Euro Hedged ETC XAD GR Deutsche AM... ETFS Brent mnth Oil OILB LN ETF Securities... Page

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

25 November 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

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

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

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

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

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

31 November 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

32 November 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 Diff. Current Month Prev. Month, %,, %, Products Current Month Prev. Month Diff. Current Month End of YTD,,,, % %,, % %, Diff. Lyxor,, %,, % % UBS,, %,,, % % Amundi,, %,,, % % Vanguard,, %,,, % % State Street,, %,,, % % Source,, %,, % % Deka Investment GmbH,, % % % ComStage,, % % % Zuercher Kantonalbank,, % % % HSBC,, % % % BNP Paribas,, % % % 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 % % % Raiffeisen Schweiz Genossenschaft % % % Seligson & Co Fund Man % % % First Trust % % % Van Eck Funds % % % Nomura Asset Management % % % DnB Kapitalforvaltning % % % UniCredit Bank % % % Commerzbank AG % % % SEB Investment Management AB % % % FinEx Fund Plc % % % Boost % % % ZyFin Holdings % % % Fullgoal Fund Management Co % % % % % Alpha Asset Management NBG Asset Management MFMC % % Landsbankinn % % Nordea Investment Funds % % %,,,, %, % PDR Services LLC,, %, Page

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

34 November 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 Diff. Current Month,, Prev. Month, %,, %, Products Current Month Prev. Month Diff. Current Month End of YTD,,,, % %,, % %, Diff. Lyxor,, %,, % % UBS,, %,,, % % Amundi,, %,,, % % Vanguard,, %,,, % % Source,, %,,, % % ETF Securities,, %,,, % % State Street,, %,,, % % Deka Investment GmbH,, % % % ComStage,, % % % Zuercher Kantonalbank,, % % % HSBC,, % % % BNP Paribas,, % % % Xact Fonder AB,, %, % % PowerShares,, % % % Julius Baer Inv,, % % % Deutsche Borse Commodities GmbH,, % % % Ossiam,, % % % ThinkCapital ETFs N.V. %,, % % Fundlogic Global Solutions plc % % % WisdomTree % % % BBVA Gestion SA SGIIC % % % Boost % % % China Post Global % % % % Borse Stuttgart Securities GmbH % % BMO Global Asset Management % % % Raiffeisen Schweiz Genossenschaft % % % Seligson & Co Fund Man % % % First Trust % % % Van Eck Funds % % % Commerzbank AG % % % Nomura Asset Management % % % DnB Kapitalforvaltning % % % % UniCredit Bank % % SEB Investment Management AB % % % FinEx Fund Plc % % % % ZyFin Holdings % % Fullgoal Fund Management Co % Alpha Asset Management % % % NBG Asset Management MFMC % % % Royal Bank of Scotland plc % % Nordea Investment Funds % % Landsbankinn % % PDR Services LLC %,, %,,,,, %,, % Page

35 November Figure : European ETP Providers tier market share ETPs Europe Oct Q Q Q Q % % % % % % % % Tier Q.% Q.% Q.% Q.% Oct.% Tier.%.%.%.%.% % Page

36 November 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,,,.%,,.% Zuercher Kantonalbank HSBC,,.% BNP Paribas,,.% Xact Fonder AB,,.% PowerShares,,.%,,.%,,.%,.% ETF Securities,.% Fundlogic Global Solutions plc.% Julius Baer Inv Ossiam ThinkCapital ETFs N.V. WisdomTree.% BBVA Gestion SA SGIIC.% China Post Global.%.%.% Seligson & Co Fund Man.% First Trust.% Van Eck Funds.% Nomura Asset Management.% DnB Kapitalforvaltning.%.% Commerzbank AG.% SEB Investment Management AB.% BMO Global Asset Management Raiffeisen Schweiz Genossenschaft UniCredit Bank FinEx Fund Plc.%.% ZyFin Holdings.% Fullgoal Fund Management Co.% Alpha Asset Management.% NBG Asset Management MFMC.% Nordea Investment Funds.% Landsbankinn.%,,,,,.%,,,, Boost Page

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

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

39 November European Provider Analysis by Replication Method Figure : European ETF Providers list by replication ETFs Europe All figures in million except products ETFs Replication AUM ( ) Method Equity, 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 Raiffeisen Schweiz Seligson & Co Fund Mgmt. First Trust 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 Fullgoal Fund Management Co Alpha Asset Mgmt. NBG Asset Mgmt. Synthetic Landsbankinn Nordea Investment Funds Synthetic,, European Providers AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs Fixed Income Commodity Other,,,,,,,,,,,,,,,,,, AUM ( ),,,,,,,,,,,,,,,,,,,,,,,,,, AUM (%) ETFs % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %, Page

40 November. Trading Perspective ETP Monthly Analysis by Asset Class, by Instrument Figure : by asset class and instrument ETPs Europe Oct Asset Class All figures in million Share % MoM %Change (Monthly Avg.) %Change Sep (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 Oct Equity All figures in million Share % MoM %Change (Monthly Avg.) %Change Sep (Monthly Avg.) Developed s,.%.%.%,, Emerging s,.%.%.%,,.%.%.%,.%.%.%,, Global s Sector Capitalization.%.%.% Strategy,.%.%.%,, Style,.%.%.%,,.%.%.%, % %.%,, Thematic Equities Page

41 November Figure : European Equity ETF Summary A ETFs Europe Oct Equity All figures in million Sector Share % MoM %Change (Monthly Avg.) %Change Sep (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,.%.%.%,,.%.%.% Value.%.%.% Thematic.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%,.%.%.%,, Growth Commodities Cyclical Faith Other Theme Sustainability Page

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

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

44 November Figure : European Commodity ETP summary ETPs Europe Oct Commodity All figures in million Share % MoM %Change (Monthly Avg.) %Change Sep (Monthly Avg.) 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.%.%.% Crude Oil Electricity.%.%.% Uranium.%.%.% Industrial Metals.%.%.% Overall.%.%.% Aluminium.%.%.% Copper.%.%.% Lead.%.%.% Nickel.%.%.% Tin.%.%.% Zinc.%.%.%,.%.%.%,, Precious Metals Overall Gold.%.%.%.%.%.% Palladium.%.%.% Platinum.%.%.% Rhodium.%.%.%.%.%.% Silver.%.%.% Overall.%.%.% Cattle.%.%.%.%.%.%,.%.%.%,, Livestock Lean Hogs Page

45 November Product Rankings Figure : Top Equity ETFs by ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO YTD TO,. ishares Core S&P UCITS ETF CSSPX SW,.. ishares MSCI Emerging s UCITS ETF (Inc) IEEM LN,..,. ishares Core DAX UCITS ETF DE DAXEX GR.,.,. ishares FTSE UCITS ETF (Inc) ISF LN.,.,. Vanguard S&P ETF VUSA LN Vanguard.,.,. Lyxor UCITS ETF Euro STOXX MSE FP Lyxor.,.,. Amundi ETF MSCI Emerging s UCITS ETF AEEM FP Amundi..,. ishares S&P UCITS ETF (Inc) IUSA LN..,. ishares EURO STOXX UCITS ETF (Inc) EUNE SW..,. Vanguard FTSE ETF VUKE LN Vanguard..,. ishares Core MSCI World UCITS ETF (Acc) SWDA LN..,. Lyxor ETF Leverage CAC LVC FP Lyxor +..,. Lyxor ETF XBear CAC BX FP Lyxor +..,. db xtrackers Euro Stoxx UCITS ETF (DR) D XESX GR Deutsche AM..,. db xtrackers DAX UCITS ETF (DR) C XDAX GR Deutsche AM..,. ishares MSCI Emerging s IMI UCITS ETF EMIM..,. Lyxor UCITS ETF DAX (DR) LYXDAX GR Lyxor..,. ishares Euro STOXX (DE) SXEEX GR..,. ishares Euro STOXX Banks (DE) SXEEX GR..,. db xtrackers S&P UCITS ETF C DBM GR Deutsche AM..,. Current Month TO Prev. Month TO YTD TO,..,. Figure : Top Fixed Income ETFs by ( million) ETFs Europe ETF Name BBG Code Issuer ishares Euro Corporate Bond UCITS ETF IEBC LN Invest. Strategy Lyxor ETF Euro Corporate Bond CRP FP Lyxor..,. ishares J.P. Morgan $ Emerging s Bond UCITS ETF SEMB LN..,. ishares $ High Yield Corporate Bond UCITS ETF SHYU LN..,. ishares $ TIPS UCITS ETF IDTP LN..,. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN..,. ishares $ Corporate Bond UCITS ETF LQDE LN..,. ishares $ Treasury Bond yr UCITS ETF IBTS LN..,. ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR..,. ishares Corporate Bond UCITS ETF SLXX LN..,. ishares Emerging s Local Government Bond UCITS ETF SEML LN Blackrock..,. ishares Global High Yield Corp Bond UCITS ETF HYLD LN..,. ishares Euro Ultrashort Bond UCITS ETF ERNE LN..,.,. ishares $ Treasury Bond yr UCITS ETF IDTM LN.. ishares US Mortgage Backed Securities UCITS ETF IMBS LN... ishares UK Gilts UCITS ETF IGLT LN..,. +..,...,. Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor SPDR Barclays Capital Emerging Local Bond ETF SYBM GY State Street Lyxor UCITS ETF EuroMTS AllMaturity IG (DR) MTX FP Lyxor..,. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP Amundi... Page

46 November 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..,. Gold Bullion Securities GBS LN ETF Securities..,. ishares Gold ETC SGLN LN Blackrock..,. Boost Wti Oil X Leverage Daily ETP OIL LN Boost ZKB Gold ETF ZGLD SW Zuercher Kantonalbank +..,...,. XETRAGold XAUEUR Deutsche Borse Commodities GmbH..,. ETFS WTI Crude Oil CRUD LN ETF Securities..,. Boost Wti Oil X Short Daily ETP OIS LN Boost +..,. ETFS Silver PHAG LN ETF Securities..,. db Gold ETC XGLD LN Deutsche AM... db Gold Euro Hedged ETC XAD GR Deutsche AM... ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities +..,. ETFS Brent mnth Oil OILB LN ETF Securities..,. ETFS Platinum PHPT LN ETF Securities... ETFS Copper COPA LN ETF Securities... Julius Baer Gold Fund A (USD listing) JBGOUA SW Julius Baer Inv... db xtrackers db Commodity Booster UCITS ETF C EUR Hedged XCBE GR Deutsche AM... Boost Natural Gas X Leverage Daily ETP NGL LN Boost +... ETFS GBP Daily Hedged Gold GBSP LN ETF Securities... Figure : Top ETPs by ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker ishares Core DAX UCITS ETF DE DAXEX GR. ishares Euro Ultrashort Bond UCITS ETF ISM GY. 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. db xtrackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR db xtrackers DAX UCITS ETF (DR) C XDAX GR. ishares Markit iboxx Euro High Yield EUNW GR. ishares STOXX (DE) SXXPIEX GR. UBSETF Markit iboxx EUR Germany A UEFM GY. ishares EURO STOXX UCITS ETF (Inc) EUN GR. ishares Barclays Euro Corporate Bond EUN GR. db xtrackers Euro Stoxx UCITS ETF (DR) C XESC GR. ishares JPMorgan USD Emerging s Bond IUS GR. ishares MDAX (DE) MDAXEX GR. ishares Barclays Capital Emerging Local Govt Bond IUSP GY. Lyxor UCITS ETF LevDAX LYXLEDAX GR. db xtrackers II iboxx Global InflationLinked UCITS ETF C EUR Hedged XGIN GR. db xtrackers II EONIA TR Index UCITS ETF Deka DAX UCITS ETF ETFDAX GR. Commodity ETPs BBG Ticker XEON GR BBG Ticker. XETRAGold XAUEUR. db xtrackers LPX Major Private Equity UCITS ETF XLPE GR. Source Gold ETC (PETC) PSG GY. db xtrackers db Hedge Fund Index UCITS ETF C EUR Hedged XHFI GR. db Gold Euro Hedged ETC XAD GR. db xtrackers Portfolio TR Index UCITS ETF XQUI GR. ETFS Gold VZLD GR. ComStage Vermogensstrategie UCITS ETF F GY. ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR. ishares S&P Listed Private Equity Fund IQQL GR. ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR. ETFS Long USD Short EUR XBJP GR. ETFS Silver VZLC GR. ETFS X Short USD Long EUR CH GY. Gold Bullion Securities GGB GR. ETFS Short USD Long EUR XBJQ GR. ETFS Brent Oil OESA GR. UBS ETFs plc HFRX Global Hedge Fund Index SF UIQC GR. XAD GR. SPDR Morningstar MultiAsset Global Infrastructure UCITS ETF ZPRI GY. db Gold ETC (EUR) Page

47 November Figure : Top ETPs by ( million) London SE ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker ishares Core S&P UCITS ETF CSPX LN. ishares Euro Corporate Bond UCITS ETF IEAC LN. ishares FTSE UCITS ETF (Inc) ISF LN. Lyxor ETF Euro Corporate Bond CRPX LN. Vanguard S&P ETF VUSD LN. ishares J.P. Morgan $ Emerging s Bond UCITS ETF IEMB LN. ishares MSCI Emerging s UCITS ETF (Inc) IEEM LN. ishares $ High Yield Corporate Bond UCITS ETF IHYU LN. Vanguard FTSE ETF VUKE LN. ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN. ETFS FTSE Super Short Strategy (x) Fund SUK LN. ishares Corporate Bond UCITS ETF SLXX LN. ishares FTSE UCITS ETF MIDD LN. ishares $ Corporate Bond UCITS ETF LQDE LN. ishares Core S&P UCITS ETF CSP LN. ishares Global High Yield Corp Bond UCITS ETF HYLD LN. db xtrackers S&P UCITS ETF C ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN. ishares S&P Minimum Volatility UCITS ETF Commodity ETPs XSPU LN. SPMV LN. ishares $ Treasury Bond yr UCITS ETF BBG Ticker IBTS LN BBG Ticker. ETFS Gold PHAU LN. ETFS Short CNY Long USD SCNY LN. Source Gold ETC (PETC) SGLD LN. ishares Listed Private Equity UCITS ETF IPRV LN. Gold Bullion Securities GBS LN. ETFS x Short GBP Long USD SGB LN. ishares Gold ETC IGLN LN. ETFS x Short JPY Long USD SJP LN. ETFS WTI Crude Oil CRUD LN. ETFS x Short EUR Long GBP SUP LN. ETFS Gold GBP PHGP LN. ETFS x Short USD Long GBP PUS LN. db Gold ETC XGLD LN. ETFS Long USD Short GBP GBUS LN. ishares Gold ETC SGLN LN. ETFS Short USD Long GBP USGB LN. ETFS Silver PHAG LN. db xtrackers LPX Major Private Equity UCITS ETF XLPE LN. SGLP LN. ETFS x Long GBP Short USD LGB LN. Source Gold ETC (PETC) 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. ishares $ Treasury Bond yr UCITS ETF IBTM SW. ishares MSCI Emerging s UCITS ETF (Inc) IEEM SW. ishares $ Corporate Bond UCITS ETF LQDE SW.. ishares J.P. Morgan $ Emerging s Bond UCITS ETF IEMB SW.. ishares CHF Corporate Bond (CH) CHCORP SW. ishares S&P UCITS ETF (Inc) IUSA SW UBS ETFs plc MSCI Emerging s TRN Index SF USDA EGUSAS SW PowerShares EQQQ Nasdaq UCITS ETF EQQQ SW. Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF XG SW. ishares MSCI World CHF Hedged UCITS ETF IWDC SW. ishares $ Treasury Bond +yr UCITS ETF IDTL SW. UBS ETF (CH) SMI (CHF) Adis SMICHA SW. ishares USD Government Bond UCITS ETF CSBGU SW. UBS ETF MSCI EMU % hedged to USD UCITS ETF Aacc EUUSBH SW. UBS ETF Barclays US Liquid Corporates Year UCITS ETF hedged to EUR CBUSE SW.. ishares USD Government Bond UCITS ETF ishares MSCI Emerging s IMI UCITS ETF Commodity ETPs EIMI SW BBG Ticker CSBGU SW BBG Ticker. ZKB Gold ETFA USD ZGLDUS SW. ishares Listed Private Equity UCITS ETF IPRV SW. db xtrackers db Commodity Booster UCITS ETF C CHF Hedged XCBC SW. db xtrackers db Hedge Fund Index UCITS ETF C USD Hedged XHFD 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. UBS ETFs plc HFRX Global Hedge Fund Index SF (CHF) Aacc HFEUAS SW. UBSIS Gold (CHF) Hedged ETF A AUCHAH SW. SPDR Morningstar MultiAsset Global Infrastructure UCITS ETF MAGI SW. UBS ETF (CH) Gold (USD) Idis AUUSI SW. UBS ETFs plc HFRX Global Hedge Fund Index SF (EUR) Aacc HFCHAS SW. Julius Baer Gold Fund A (USD listing) JBGOUA SW. Lyxor ETF Privex LYPVX SW. ZKB Gold ETFA EUR ZGLDEU SW. UBS ETFs plc MAP Balanced UCITS ETF SF (USD) Aacc MUSAS SW. ZKB Gold ETFH (EUR) ZGLDHE SW. db xtrackers db Hedge Fund Index UCITS ETF C EUR Hedged XHFI SW MRIC SW. Access ABN Amro RICI Page

48 November Figure : Top ETPs by ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker Lyxor ETF Leverage CAC LVC FP. Amundi ETF Floating Rate USD Corporate UCITS ETF Hedged EUR AFLE FP. Lyxor ETF XBear CAC BX FP. Lyxor ETF SGI Daily Double Short Bund ETF DSB FP. Lyxor UCITS ETF Euro STOXX MSE FP. Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF XG FP. Amundi ETF MSCI Emerging s UCITS ETF AUEM FP. AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP. Amundi ETF Euro STOXX UCITS ETF C FP. Lyxor ETF Daily Double Short BTP BTPS FP. Amundi ETF MSCI Emerging s UCITS ETF AEEM FP. Lyxor UCITS ETF EuroMTS Y IG (DR) MTB FP. Lyxor UCITS ETF STOXX Europe Banks BNK FP. Amundi ETF Global Emerging Bond Markit iboxx UCITS ETF AGEB FP. Lyxor ETF FTSE Hedged EUR H FP. Lyxor UCITS ETF Smart Cash CEUR CSH FP. Lyxor UCITS ETF MSCI Europe MEU FP. Amundi ETF Euro Corporate Financials iboxx UCITS ETF AFIN FP. LEM FP. Amundi ETF Government Bond EuroMTS Broad UCITS ETF CB FP Lyxor ETF MSCI Emerging s A BBG Ticker Lyxor ETF Commodities CRB CRB FP. Lyxor ETF Privex PVX FP Gold Bullion Securities GBS FP. Lyxor ETF Unleveraged S&P Vix Fut Enhanced Roll ULVO FP ETFS Brent mnth Oil OILBP FP. PowerShares Global Listed Private Equity UCITS ETF PSP FP. ETFS WTI Crude Oil CRUDP FP. Lyxor ETF Unleveraged S&P Vix Fut Enhanced Roll ULVX FP.. Lyxor ETF Commodities CRB NonEnergy CRN FP ETFS Natural Gas NGASP FP. ETFS Gold BULLP FP. ETFS Silver SLVRP FP. ETFS All Commodities AIGCP FP. WEATP FP. ETFS Wheat BBG Ticker. Commodity ETPs.. 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. ishares Euro Government Bond yr UCITS ETF IBGX IM. ishares Core S&P UCITS ETF CSSPX IM. Lyxor ETF SGI Daily Double Short Bund ETF BUNDS IM. Lyxor ETF Leveraged FTSE/MIB LEVMIB IM. Lyxor ETF Daily Double Short BTP BTPS IM. Lyxor UCITS ETF Euro STOXX MSE IM. ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM. Lyxor UCITS ETF FTSE MIB ETFMIB IM. Lyxor UCITS ETF Euro Cash LEONIA IM. Lyxor UCITS ETF DAX (DR) DAXX IM. ishares J.P. Morgan $ Emerging s Bond UCITS ETF IEMB IM. ishares EURO STOXX UCITS ETF (Inc) EUE IM. ishares Euro Corporate Bond yr UCITS ETF SE IM. Lyxor UCITS ETF LevDAX DAXLEV IM. ishares $ Treasury Bond yr UCITS ETF IBTS IM. Lyxor ETF Bear Euro STOXX BSX IM. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX IM. Lyxor UCITS ETF STOXX Europe Banks Commodity ETPs BNK IM BBG Ticker. db xtrackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE 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 Long GBP Short EUR EUGB IM. ETFS Gold PHAU IM. ETFS Short GBP Long EUR GBEU 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. Lyxor ETF S&P VIX Futures Enhanced Roll DEUR LVO IM ETFS WTI Crude Oil CRUD IM. ETFS X Short USD Long EUR USE IM. Boost Natural Gas x Short Daily NGS IM. ETFS X Short USD Long EUR USE IM. db Gold Euro Hedged ETC XAD IM. ETFS X Long GBP Short EUR EGB IM. Gold Bullion Securities GBS IM. ETFS Long USD Short EUR EUUS IM. PHAG IM. ETFS Long CHF Short EUR EUCH IM. ETFS Silver Page

49 November 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 Bull XACBULL SS. XACT OMXSB XACTSBX SS. XACT Svenska Smabolag UCITS ETF XACTSMAC SS. db xtrackers MSCI World Index UCITS ETF C XMWO SS. XMEM SS. db xtrackers MSCI Emerging s 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 European Property Yield UCITS ETF IPRP. ishares Euro Corporate Bond UCITS ETF IEAC. ishares MSCI Europe UCITS ETF (Inc) IMEU. ishares Euro Inflation Linked Government Bond UCITS ETF IBCI. ishares AEX UCITS ETF IAEX. ishares Euro Aggregate Bond UCITS ETF IEAG. ishares Core MSCI World UCITS ETF (Acc) IWDA. ishares Euro Corporate Bond Large Cap UCITS ETF IBCX. Vanguard S&P ETF VUSA. ishares $ TIPS UCITS ETF TPSA. ishares MSCI Emerging s UCITS ETF (Inc) IEMM. ishares Euro Government Bond yr UCITS ETF IBGX. ishares EURO STOXX UCITS ETF (Inc) EUEA. ishares Euro Government Bond yr UCITS ETF IBGM. ishares S&P UCITS ETF (Inc) IUSA. ishares Euro Government Bond yr UCITS ETF IBGS. ishares MSCI World UCITS ETF (Inc) IWRD. ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP. TDT. ishares Euro Covered Bond UCITS ETF ICOV. Think AEX Tracker Page

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

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

52 November 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.,......,..%,.,.,.,.,.,..,..% Covered Bonds ,..% Credit Exposure %,.,.,.,.,.,..,..% Corporates Sovereign Money.,..,....,..%,,,,,,,..%.,......,..% Commodity Overall Agriculture Energy.% ,..%,.,..,....,..% Industrial Metals.,......,..% Precious Metals,.,..,..,..,..% %,,,,,..% Alternative ,..%...,....,..% Livestock.% Currency Multi Asset......,,,,,,,, Grand..%.,..%,, % * turnover year to date (not daily average) Page

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

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

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

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

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

58 November Figure : European Commodity ETP AUM summary ETPs Europe Oct Commodity AUM All figures in million Share % AUM MoM %change YTD %change Sep 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

59 November 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 DAX UCITS ETF DE DAXEX GR,.,.,. ishares S&P UCITS ETF (Inc) IUSA LN,.,.,. ishares Core MSCI World UCITS ETF (Acc) SWDA 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,.,.,. db xtrackers Euro Stoxx UCITS ETF (DR) D XESX GR Deutsche AM,.,.,. ishares FTSE UCITS ETF (Inc) ISF LN,.,.,. ishares STOXX (DE) SXXPIEX GR,.,.,. 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,.,.,. db xtrackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM,.,.,. Amundi ETF MSCI Emerging s UCITS ETF AEEM FP Amundi,.,.. Vanguard FTSE ETF VUKE LN Vanguard,.,.,. 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,.,.,. SPDR Barclays Capital Emerging Local Bond ETF SYBM GY State Street,.,.. ishares Euro Aggregate Bond UCITS ETF SEAG LN,.,.,. ishares Corporate Bond UCITS ETF SLXX LN,.,.,. ishares $ Treasury Bond yr UCITS ETF IBTS LN,.,.,. ishares UK Gilts UCITS ETF IGLT LN,.,.,. ishares Euro Corporate Bond exfinancials yr UCITS ETF EEX LN,.,.,. ishares Euro Government Bond yr UCITS ETF IEGX LN,.,.,. PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha,.,.,. Page

60 November 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,.,.,. ZKB Silver ETF ZSIL SW Zuercher Kantonalbank,.,.. ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR,.,.. UBSIS Gold (CHF) Hedged ETF A AUCHAH SW UBS... db Gold Euro Hedged ETC XAD GR Deutsche AM... ETFS Silver PHAG LN ETF Securities... Lyxor ETF Commodities CRB CRB FP Lyxor... UBS ETFs plc CMCI Composite SF UCITS ETF (USD) Aacc CCUSAS SW UBS... ETFS WTI Crude Oil CRUD LN ETF Securities... db Gold ETC (EUR) XAD GR Deutsche AM... db Gold ETC XGLD LN Deutsche AM... ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities... ETFS Swiss Gold SGBS LN ETF Securities... UBS ETF (CH) Gold (USD) Idis AUUSI SW UBS... Page

61 Figure : Top US ETF Brokers ETFs US Value Trade Summary Volume Trade Summary Oct Rank Broker (KCG) KCG HOLDINGS, INC. Advertised value ($ million) YTD Share Advertised Trades Advertised value ($ million) Oct Share Advertised Trades Broker,, (KCG) KCG HOLDINGS, INC. Advertised volume (million) YTD Share Advertised Trades Advertised volume (million) Share Advertised Trades,,,.%,,,.%,.%,,.% (CSFB) CREDIT SUISSE,.%,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%, (UBS) UBS INVESTMENT BANK,.%,,.%, (CSFB) CREDIT SUISSE,.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%, (GS) GOLDMAN SACHS & CO.,.%,,.%,, (GS) GOLDMAN SACHS & CO..%,,.%,,,, (FCM) FIDELITY CAPITAL MARKETS (JPM) JP MORGAN,.%,,.% (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%, (DBAB) DEUTSCHE BANK SECURITIES INC.%,,.%,.%,,.%, (DBAB) DEUTSCHE BANK SECURITIES INC,.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS.%,,.%, (MSCO) MORGAN STANLEY,.%,,.%, (JPM) JP MORGAN.%,,.%,, (FCM) FIDELITY CAPITAL MARKETS,.%,,.%, (MSCO) MORGAN STANLEY.%,,.%, (BCAP) BARCLAYS CAPITAL,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,,.%, (RBC) ROYAL BANK OF CADA,.%,,.%, (RBC) ROYAL BANK OF CADA.%,,.%, (SG) SG SECURITIES,.%,.%, (SG) SG SECURITIES.%.%, (INCA) INSTINET,.%,,.%, (CVGX) CONVERGEX.%,,.%, (CVGX) CONVERGEX,.%,,.% (JEFF) JEFFERIES & CO., INC.,.%,,.%, (BNYM) BANK OF NEW YORK, THE.%,,.%,, (JEFF) JEFFERIES & CO., INC..%,,.%,, (BNYM) BANK OF NEW YORK, THE,.%,,.%, (INCA) INSTINET.%,,.% (BNPP) BNP PARIBAS,.%,,.%, (BNPP) BNP PARIBAS.%,.%, (WELS) WELLS FARGO SECURITIES,.%,,.%, (RAJA) RAYMOND JAMES & ASSOCIATES.%,.%,,.%,,.%, (WELS) WELLS FARGO SECURITIES Other (RAJA) RAYMOND JAMES & ASSOCIATES,.%,,.%, 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..%,.%,.%,,.%,,.%,,.%,, November US ETP Broker Rankings. ETF Broker rankings Page

62 Volume Trade Summary Oct Rank Broker (KCG) KCG HOLDINGS, INC. Advertised value ($ million) Share,.% YTD Advertised Trades Advertised value ($ million) Share,,.% Oct Advertised volume (million) Share.%, (FCM) FIDELITY CAPITAL MARKETS Advertised Trades Broker, (KCG) KCG HOLDINGS, INC. YTD Advertised Trades Advertised volume (million) Share Advertised Trades,,.%,.%,,.%, (FCM) FIDELITY CAPITAL MARKETS,.%,,.% (UBS) UBS INVESTMENT BANK,.%,,.%, (UBS) UBS INVESTMENT BANK.%,,.%,, (CSFB) CREDIT SUISSE.%,,.%,.%,.%, (CSFB) CREDIT SUISSE,.%,,.% (CITI) CITIGROUP GLOBAL MARKETS,.%,,.% (JPM) JP MORGAN,.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS.%,,.%, (MLCO) MERRILL LYNCH,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,.%,, (MLCO) MERRILL LYNCH (GS) GOLDMAN SACHS & CO.,.%,,.%.%,.%, (DBAB) DEUTSCHE BANK SECURITIES INC,.%,,.%, (JPM) JP MORGAN.%,.%,, (MSCO) MORGAN STANLEY.%.%,.%,.%, (BCAP) BARCLAYS CAPITAL.%,,.% (MSCO) MORGAN STANLEY.%,.%, (DBAB) DEUTSCHE BANK SECURITIES INC, (GS) GOLDMAN SACHS & CO. (CVGX) CONVERGEX.%,,.%, (CVGX) CONVERGEX.%,.%, (RBC) ROYAL BANK OF CADA.%,,.%, (RBC) ROYAL BANK OF CADA.%,.%, (BMOC) BMO CAPITAL MARKETS.%,.%, (BNYM) BANK OF NEW YORK, THE.%.%, (INCA) INSTINET.%,.%, (JEFF) JEFFERIES & CO., INC..%.%, (BNYM) BANK OF NEW YORK, THE.%,.%, (INCA) INSTINET.%.%, (RAJA) RAYMOND JAMES & ASSOCIATES.%,,.%.%.%, (JEFF) JEFFERIES & CO., INC..%,.%, (RAJA) RAYMOND JAMES & ASSOCIATES.%,.%, (GFIG) GFI GROUP INC..%.% (ITGI) INVESTMENT TECHNOLOGY GROUP.%.%, (ITGI) INVESTMENT TECHNOLOGY GROUP.%,.%, (BTIG) BTIG LLC.%.%.%,,.%, Other.%,.%,,.%,,.%,.%,,.%, Other, (BMOC) BMO CAPITAL MARKETS, 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. November Value Trade Summary Page Figure : Top US ETV Brokers ETVs US

63 Value Trade Summary Volume Trade Summary Oct Rank Broker (CBK) COMMERZBANK YTD Advertised value ( million) Share Advertised Trades Advertised value ( million) Share Oct Advertised Trades Broker, (CBK) COMMERZBANK Advertised volume (million) YTD Share Advertised Trades Advertised volume (million) Share Advertised Trades,,.%,,.%.%,,.% (FLOW) FLOW TRADERS,.%,,.%, (BNPP) BNP PARIBAS.%,,.%, (BNPP) BNP PARIBAS,.%,,.%, (FLOW) FLOW TRADERS.%,,.%, (BCAP) BARCLAYS CAPITAL,.%,,.%, (UBS) UBS INVESTMENT BANK.%,,.%, (SIS) SUSQUEHAN INTERTIOL GRP,.%,,.%, (OPTV) OPTIVER VOF.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS,.%,,.%, (SIS) SUSQUEHAN INTERTIOL GRP.%,,.%, (OPTV) OPTIVER VOF,.%,,.%, (CITI) CITIGROUP GLOBAL MARKETS.%,,.%,, (SG) SG SECURITIES (SG) SG SECURITIES,.%,,.% (UBS) UBS INVESTMENT BANK,.%,,.%, (CSFB) CREDIT SUISSE.%,,.%,.%,,.%, (CSFB) CREDIT SUISSE,.%,,.%, (BCAP) BARCLAYS CAPITAL.%,.%, (KEPL) KEPLER CAPITAL MARKETS,.%,,.%, (KEPL) KEPLER CAPITAL MARKETS.%,.%, (HSBC) HSBC GROUP PLC,.%,,.%, (HSBC) HSBC GROUP PLC.%,.%, (JPMS) JPMORGAN CHASE BANK, N.A.,.%,,.%, (WINS) WINTERFLOOD SECURITIES.%,,.%,, (DBK) DEUTSCHE BANK AG,.%,,.%, (KCG) KCG HOLDINGS, INC..%,,.% (WINS) WINTERFLOOD SECURITIES,.%,,.%, (IMC) IMC TRADING BV.%,.%, (MSCO) MORGAN STANLEY,.%,,.%, (MSCO) MORGAN STANLEY.%,.%,, (DBK) DEUTSCHE BANK AG, (KCG) KCG HOLDINGS, INC.,.%,,.%.%,,.% (IMC) IMC TRADING BV,.%,,.%, (UNIC) UNICREDIT.%.%, (UNIC) UNICREDIT,.%,.%, (JPMS) JPMORGAN CHASE BANK, N.A..%,.%, (GS) GOLDMAN SACHS & CO.,.%,,.% Other,.%,,.%,.%,,.%, (MLCO) MERRILL LYNCH, 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..%,.%,.%,,.%,,.%,,.%,, November Figure : Top European ETF brokers ETFs Europe European ETP Broker Rankings Page

64 Volume Trade Summary Oct Rank Broker (OPTV) OPTIVER VOF (FLOW) FLOW TRADERS Advertised value ( million) Share.% YTD Advertised Trades Advertised value ( million) Share,,.%.%,.% Oct Advertised volume (million) Share, (OPTV) OPTIVER VOF.%, (BNPP) BNP PARIBAS Advertised Trades Broker, (WINS) WINTERFLOOD SECURITIES YTD Advertised Trades Advertised volume (million) Share,.%,.%.%, Advertised Trades (WINS) WINTERFLOOD SECURITIES.%,,.%.%,,.%, (HSBC) HSBC GROUP PLC.%,.%, (UBS) UBS INVESTMENT BANK.%.%, (MSCO) MORGAN STANLEY.%,.%, (FLOW) FLOW TRADERS.%.%, (UBS) UBS INVESTMENT BANK.%,.%, (KEPL) KEPLER CAPITAL MARKETS.%.%, (DNB) DNB NOR BANK ASA.%.%.%.% (CITI) CITIGROUP GLOBAL MARKETS.%,.%.%.%,, (ITGE) ITG EUROPE, (BCAP) BARCLAYS CAPITAL (MACQ) MACQUARIE SECURITIES.%,.% (CITI) CITIGROUP GLOBAL MARKETS.%.% (GS) GOLDMAN SACHS & CO..%,.% (MLCO) MERRILL LYNCH.%.%, (BFIN) BLUEFIN EUROPE LLP.%.% (KCG) KCG HOLDINGS, INC..%.%, (BNPP) BNP PARIBAS.%,.%, (DBK) DEUTSCHE BANK AG.%.%, (CSFB) CREDIT SUISSE.%,.%, (DNB) DNB NOR BANK ASA.%.% (KEPL) KEPLER CAPITAL MARKETS.%,.%, (SIS) SUSQUEHAN INTERTIOL GRP.%.% (CBK) COMMERZBANK.%,.%, (MACQ) MACQUARIE SECURITIES.%.% (SIS) SUSQUEHAN INTERTIOL GRP.%,.%.%.%, (DBK) DEUTSCHE BANK AG.%,.%, (MSCO) MORGAN STANLEY.%.%, (BCAP) BARCLAYS CAPITAL.%,.%, (INCA) INSTINET.%.%, (KCG) KCG HOLDINGS, INC..%,.%, (HSBC) HSBC GROUP PLC.%.%, (SG) SG SECURITIES.%,.%, (BFIN) BLUEFIN EUROPE LLP.%.%.%,,.%.%,.%,,.%,,.%.%,,.%, Other (CSFB) CREDIT SUISSE, 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. November Value Trade Summary Page Figure : Top European ETC brokers ETCs Europe

65 November 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

66 November 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

67 November 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

68 November 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

69 November 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? Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's Page