Inflows to Equity ETPs Led in September Hallie Martin

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1 Deutsche Bank Markets Research North America Date Synthetic Equity & Index Strategy October Inflows to Equity ETPs Led in September Hallie Martin DM equities rallied, while EM equities and fixed income lagged in September Asset returns were mostly positive for Equities and slightly negative for Fixed Income and Commodities. Global equities were up by.% during last month, mainly driven by US and Intl DM equities with returns of.% and.%, respectively; meanwhile, EM equities registered a weak performance (.%). Fixed income (.%) was mostly negative; however, HY Corporates (+.) and Senior Loans (+.9%), and Corp. Floater (+.%) were the best performers posting gains; while, Intl DM Debt (.%) and US Treasury (.%) exposures were among the weak areas during September. Commodities registered gains of.99%, driven by Energy (+.%) and Agriculture (+.%). Strategist +99 Srineel Jalagani, CFA Strategist +9 US ETP assets rise.% driven by inflows of $bn in September September inflows were led by Equity, followed by Fixed Income and Commodity ETPs, with the remaining asset classes receiving mixed weak flows. ETPs registered $.bn in new cash, helping assets rise by.% from one month earlier, reaching a total of $. trillion at the end of September. Equity, Fixed Income and Commodity ETPs attracted inflows of $.bn, $.bn, and $.bn, respectively. Management fees continue to drop as issuers compete for market share Competition continues to drive ETF management fees lower as issuers compete for market share. Within equity ETFs, this has been particularly true for international exposures where the premium issuers can charge for market access is eroding. For USonly exposure, investors have been willing to pay a premium in for exposure to alternative benchmarks (eg. QQQ) and industryfocused products. ETF providers announce more fee cuts, and consolidation across the industry continues. How Active Is Passive? Less so now for US s Despite significant growth in smart beta and sector ETFs, aggregate allocated by these products to S&P stocks has become less active. We use the concept of "active share" to measure the percentage of the portfolio that deviates from the benchmark. For S&P stocks, the active share of the ETF portfolio dropped from 9.% postbrexit to.% at the end of September, suggesting that inflows to benchmarktracking dominated. The last time active share of the ETF portfolio was this low was at the equity market low in 9. Distributed on: // ::9 GMT Note to U.S. investors: US regulators have not approved most foreign listed stock index futures and options for US investors. Eligible investors may be able to get exposure through overthecounter products. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX.MCI (P) //. bedbcfc

2 October Table Of Contents ETF Monthly Insights... DM equities rallied, while EM and Fixed Income lagged... US ETP assets rise.% driven by inflows of $bn in September... Management Fees continue to drop as issuers compete for market sh... How Active Is Passive? Less so now for US s... Asset ocation Heatmaps... Global Multi Asset ocator heatmaps... US Equity ocator heatmaps... International Equity ocator heatmaps... Cross Asset Correlations... Month Relative Performance Monitor... Business Intelligence... New Listings... Delistings... Trends in products launched in the last months... Popular Product Segments: Smart & Currency Hedged... Average Performance by Products Type and Size (Equity)... Total Expense Ratio XRay... ETF Statistics... Global ETF Assets and Provider Ranking... US Historical ETF Trends... ETF Issuer and Index Provider league tables... Monthly Snapshot... Top ETFs (includes ETNs)... Appendix A: ETN Snapshot... Appendix B: ETF List... Appendix C: Definitions... ETP Universe Definitions... Management Style or Product Strategy Definitions... Product Type Definitions... Page

3 October ETF Monthly Insights DM equities rallied, while EM and Fixed Income lagged Asset returns were mostly positive for Equities and slightly negative for Fixed Income and Commodities. Equities in US and Developed Markets saw renewed interest under a supportive macro environment, while Emerging Market equities and Fixed Income registered a weak month. Global equities were up by.% during last month, mainly driven by US and Intl DM equities with returns of.% and.%, respectively; meanwhile, EM equities were weighed down by stronger USD and barely moved. Fixed income (.%) was slightly negative; with HY Corporates (+.), Senior Loans (+.9%), and Corp. Floater (+.%) being the outperformers; while, Intl DM Debt (.%) and US Treasury (.%) underperformed during September. Most major Central banks continue to favor reducing their policy support that has helped keep rates subdued. Commodities registered gains of.99%, driven by Oil (+.%) which benefitted from speculation of reduced supply. On the FX side, USD gained against most major foreign currencies (UUP was up by.%) during last month. Heightened geopolitical risk from North Korea and Catalonia independence vote appeared to have added to USD demand but did not dull investor appetite for Equities. Overall, September had matching inflows with positive returns and outflows with negative performance. However, there were some significant exceptions in Eurozone, Japan, Commodities, and Energy Cmdty classes, which experienced gains despite outflows, and US Treasury Long which experienced losses despite strong positive flows. Latin America (+.% of their assets) and BRIC (+.% of assets) exposures led the equity asset class flows during last month. Broad US equities experienced almost flat flows (+.% of their assets) and positive returns (+.%); with a big contribution from US Small Cap equity returns of. and inflows of. of their assets. Outperformance of smallcap vs. large cap equities in US has tracked sentiment on Trump's tax reform agenda. Long US Treasury ETFs recorded strong inflows of.% of their. These inflows were concentrated in the first half of September leading up to the FOMC rate decision, with almost no expectations for a rake hike. Nonetheless, with the final decision perceived as nearterm hawkish, the inflow trend reversed in the last week of the month as long end rates continued to rise. Market expectations of one more rate hike by December jumped from % to in September. Within US equities, with volatility subsiding, performance and flows were positive across most sectors and industries during last month. Energy and Financials were the top sectors by performance with gains of.% and.%, respectively; meanwhile, Cons. Staples and Telecom recorded weak returns of.% and.9%, respectively. In terms of flows, Cons. Staples recorded inflows (+.% of assets), followed by Materials (+.%) and Financials (+.9%); while, Industrials (.9%), and Telecom (.%) had the largest outflows. At the industry level, Energy Eq. & Serv. and Household Durables had strong inflows and performance. In international equity markets, Chile and Russia ETFs received the strongest inflows over 9. of their assets during September, performance was also positive with a gain of.9% and.%, respectively. Brazil was another highlight among foreign countries with inflows (+.% of assets), and returns of.%. Meanwhile, performance and flows were positive in developed Europe Page

4 October with Germany, Ireland and Portugal registering returns over.. EM country outperformers were Egypt and Argentina that posted returns of.% and.%, respectively. On the other contrary, Turkey and Greece recorded monthly returns of 9.% and.9%, respectively. Spain and South Korea noticeably did not suffer any big outflows. In terms of correlation trends, correlation between US Equities and other International Equities continued to be high in September. US ETP assets rise.% driven by inflows of $bn in September September flows were led by Equity, followed by Fixed Income and Commodity ETPs, with the remaining asset classes receiving mixed weak flows. ETPs registered $.bn in new cash, helping assets rise by.% from one month earlier, reaching a total of $. trillion at the end of September. Equity, Fixed Income and Commodity ETPs attracted inflows of $.bn, $.bn, and $.bn, respectively. Among the most relevant inflow trends, we saw US, Intl DM exus, and Global equities with $.bn, $.bn, and $.bn, respectively. Furthermore, on the fixed income space, US Treasury, Corporates, and Broad exposures recorded $.bn, $.bn, and $.bn in positive flows, respectively. On the outflows side, Japan and Germanyfocused ETPs posted negative flows of $.bn and $.bn, respectively., Smart, and Active products experienced inflows of $9.bn, $.bn, and $.bn, respectively; while, + (leveraged and inverse) posted outflow by $.bn. Within Equity Smart products, Style and LowRisk ETFs were the most popular categories in September, attracting $.bn and $.bn in fresh new cash, respectively; all the remaining categories received positive flows. Currency Hedged ETFs registered outflows of $.bn, mainly dragged by ETPs offering FX hedged exposure to JPY ($.bn) and the EUR ($.bn) currencies. In terms of product types, Asset ocation, Pseudo Futures, and Cash Management, received inflows by $.bn, $.bn, and $9.bn, respectively; meanwhile, Leveraged & Inverse posted outflows of $.bn. Total ETP turnover was $. trillion last month, down % from the previous month. Furthermore, ETF turnover represented.% of all cash equity traded in the US during September, under its month average of.%. Page

5 October Management Fees continue to drop as issuers compete for market share Competition continues to drive ETF management fees lower as issuers compete for market share. Within equity ETFs, this has been particularly true for international exposures where the premium issuers can charge for market access is eroding. For USonly exposure, investors have been willing to pay a premium in for exposure to alternative benchmarks (eg. QQQ) and industryfocused products. ETF providers continue to cut fees, with State Street for example announcing lower fees for products. And consolidation across the ETF industry continues, most recently with Invesco's offer to acquire Guggenheim's ETF business. inflows to International s go to lowercost access products In, the $weighted average management fee for inflows to international equity ETFs is bps. This compares to a weight management fee of bps for these products in. The lower cost of inflows reflects allocations to newer, lower cost products as alternatives to traditional, higher cost products. For EM, inflows of $.bn to lowercost IEMG (ishares Core MSCI EM, $., +.%) and VWO (Vanguard FTSE Emerging Markets, $., +.%) both charging bps annually have dominated inflows of $.9bn to highercost EEM (ishares EM, $., +.%) charging 9bps. For EAFE, inflows of $.bn to lowercost IEFA (ishares Core MSCI EAFE, $.9,.%) and VEA (Vanguard FTSE Developed Markets, $.9,.%) charging bps have outpaced inflows of $bn to highercost EFA (ishares EAFE, $9.,.%) charging bps.. US s International s Inflows Inflows Figure : inflows to US s reflect a premium paid for alternative benchmark and sector/ industry exposure Billions Figure : inflows to International s have gone to lower cost products. $ US s Inflows by TER $ International s Inflows by TER $ $. $ $. $ $. $ $. $ $. 9 Source: Deutsche Bank, Axioma, Bloomberg, Factset, Morningstar bps bps bps bps bps bps+ Source: Deutsche Bank, Axioma, Bloomberg, Factset US equity ETFs allocations are highercost on sector, alt benchmark demand In, the weighted average management fee for inflows to US equity ETFs has been bps. This compares to a weighted management fee of bps for these products in. The higher cost of inflows has been driven by allocations to alternative benchmark and sector/industryfocused products. Around of inflows totaling $bn were allocated to sector and industry products, with sector ETFs charging bps and industry ETFs charging bps in management fees. Around % of inflows totaling $bn were allocated to QQQ (PowerShares QQQ Trust Series, $., +.%), IWM (ishares Russell, $9.9, +.%), DIA (SPDR Dow Jones Industrial Average ETF, $., +.%), and MDY (SPDR S&P MidCap ETF, $., +.%) with management fees Page

6 October of bps. Around % of YTD inflows or $bn were allocated to ETFs with management fees of bps or less, primarily broadmarket benchmark products. Consolidation and lower fees continue to drive the ETF landscape Invesco recently offered $.bn to acquire Guggenheim's ETF business, which adds low cost products to their platform. This is Invesco's second acquisition this year, as it previously purchased Source to expand into the European ETF market. Invesco will add 9 Guggenheim ETFs with $ billion to its existing PowerShares ETF products with $bn, making it the th largest provider. Perhaps more importantly, Invesco will acquire Guggenheim's regulatory approval to selfindex. This potentially lowers costs for the provider by eliminating the need to pay licensing fees to thirdparty benchmark index providers. Providers continue to launch lower fee alternatives or slash management fees on older ETFs. State Street Global Advisors recently announced cuts to the management fee on ETF products with $ billion in assets. For three products, State Street is moving to inhouse benchmarks to reduce costs. And BlackRock's "core" ETFs have been quite successful this year, with IEMG and IEFA capturing more than and % of inflows respectively to EM and DM exus products, more than the competing Vanguard products (VWO and VEA) or the highlyliquid but highercost legacy ishares products (EEM and EFA). How Active Is Passive? Less so now for US s ETFs own an increasing percentage of marketcap in equities, currently.% of S&P marketcap and 9.% of Russell from USlisted products. Despite significant growth in smart beta and sector ETFs, aggregate in S&P equities has become less active. ETF Active Share for S&P decreased to.% at the end of September, the lowest since the Financial Crisis. USlisted s total $. trillion, with % allocated to US equities We analyzed $. trillion in USlisted equity ETFs with global exposure. Around % of that, or $. trillion, is allocated to US equities. Within the US equity allocation, % or $. trillion is invested in S&P stocks while % or $bn is invested in Russell stocks. Figure : USlisted ETFs allocate $. trillion to US equities mostly in S&P stocks Russell, $,9 Figure : ETF ownership of US Smallcaps has increased most in past Ms % Other US equities, $, % S&P Largecaps Russell Smallcaps S&P Midcaps S&P Smallcaps 9% NonUS Equity ocations, $,, % % % Source: Deutsche Bank, Axioma, Bloomberg, Factset Jan Jan Jan Jan Jan Jan Jan Jan Jan9 Jan Jan Jan % Jan S&P, $,, Source: Deutsche Bank, Axioma, Bloomberg, Factset ETFs own.% of S&P marketcap and 9.% of Russell Page

7 October USlisted equity ETFs own.% of marketcap for S&P stocks and 9.% for Russell stocks. ETF ownership is even higher for S&P Midcap stocks and S&P Smallcap stocks at.% and.% respectively. This is due to the overlap between Russell and S&P indices tracked by different ETFs. ETF ownership of US smallcap stocks has increased significantly in the past Ms on significant ETF inflows to the segment. ETF Active Share for S&P decreased to.% at the end of September Despite significant growth in Smart and Sector ETFs, aggregate in S&P equities has become less active. We use the concept of "active share" to measure the percentage of the portfolio that deviates from the benchmark. For S&P stocks, the active share of the ETF portfolio dropped from 9.% postbresit to.% at the end of September. This suggests that inflows to products tracking S&P dominated inflows to Sector and Smart ETFs. The last time active share of the ETF portfolio was this low was at the equity market low in 9. Source: Deutsche Bank, Bloomberg, Axioma, Factset Jan Jan Jan Jan Jan Jan Jan Jan Jan9 Jan Jan Jan Jan Jan % Jan % % Jan % % Jan % % Jan % Jan % Jan % % Jan % % Jan9 % % Jan % Jan Jan Figure : Russell : Active ETF share is much higher for smallcap stocks Jan Figure : S&P : Active ETF share decreased to.% at end of September Source: Deutsche Bank, Bloomberg, Axioma, Factset Active Share is higher for Russell reflecting variety of products Compared to the Russell benchmark, active share of the smallcap ETF portfolio is higher than for largecaps at.% at the end of September. There is more variety in smallcap benchmarks Russell for IWM, S&P for IJR, CRSP US SmallCap index for VB while largecap ETFs are mostly benchmarked to S&P or the very similar MSCI USA. Additionally, the SPDR industry ETFs (eg. XBI, XOP, XME) overweight smallcaps due to their equalweight portfolio construction. And finally the of smallcap Growth/Value products (eg. IWN, IWO) versus benchmarktracking ETFs (eg. IWM) is relatively larger than for largecaps contributing to the higher active share. Page

8 October Asset ocation Heatmaps Global Multi Asset ocator heatmaps Figure : Global Multi Asset Performance and Net Cash flow Trends Ticker Asset Class ACWI VTI SPY MDY IWM EFA VGK EZU EWJ EPP EEM ILF EEMA AFK FM BKF AGG GOVT SHV SHY IEI TLT TIP MUB MBB LQD HYG FLOT BKLN F CWB BWX WIP EMB EMLC EMCB HYEM DBC DBE USO UNG DBA DBB DBP GLD SLV PPLT PALL UUP FXY FXE Global Equities US Total Market S&P (Large Cap) S&P (Mid Cap) Russell (SM Cap) Intl DM Europe Eurozone Japan Pacific ex JP EM Latin America EM Asia Africa Frontier Market BRIC Fixed Income (Broad) US Treasury Very Short Short Intermediate Long US Inflation Municipal Securitized IG Corporates HY Corporates Corp. Floater Senior Loans Preferred Convertible Intl DM Debt Intl Inflation EM Gov Debt USD EM Gov Debt Local EM Corp USD EM HY Corp USD Commodities Energy Cmdty Crude Oil WTI Natural Gas Agriculture Industrial Metals Precious Metals Gold Physical Silver Physical Platinum Physical Palladium Physical Bull USD JPYUSD EURUSD M Chg.%.%.%.%..%.%.%.%.%.%.%.9%.%..%.%.%.%.9%.9%.%..%.%.%..%.9%.%..%.%.9%.%.%.%.99%.%.%.9%.%.%.%.%.%.%.%.%.%.% M Chg.%.%.%.%.%.%.%.%.%.9%.%.9%.%. 9.%.%..%.%..%.%.9%.%.9%..9%.%.9%.%.9%.%...%..%.%.% 9.9%..%.%.%.%.9%.%.%..9%.% Total Return M Chg Y Chg.%.%.%.%...%.%.9%.%.9%.%.%.%.%.%.9%.%.%.9%.9%.%.%.%.%.%.%.%.9%.9%.%.9%..%.%.%.%.%.%.%.%.%.9%.%.%.9%.%.%.%.%.%.%.%.%.%.%.%.%.%.9%..%.%.%.%..9%.%.%.%.9%.%..%..9%.%.9%.%.%.%.%.%.%.9.%.%.%.%.%.%.%.. 9.9%.%.%.%.%.%.% Y Ann.%..9%.%.%.%.%.9%.%.9%.%.%.%.%.9%.%.%.9%..%.9%.9%.9%.%..%.%.9%..%.%.%.%.9%.%.%.%.9%.9%.%.% 9.%.%.%.%.%..%.%..% Y Ann.9%.%.9%..%.%.%.%.%.%.%.%.%..9%.9%.9%.%.9%..%..%.9%.9%.%.9%.9%....9%.%.%.%.%.%.9%.%..99%.9%.% 9.%.9%.%.9%.%.9%.%.% M.9%.%.%.%..9%.%..%.%.%.%.%.%.%.%..%.%.%.%.%.%..%..%.%.%.%.%.9%..%.%. ETF Net Cash Flows as % of Initial M M Y Y Ann Y Ann.%.%.%.%.%.%.%.%.9%.9%.%.%.%..%.%.%.%.%.%.%.%.%.%.%..%.%.%.9%.%.%.%.%.%..% 9.%.%.%.%..%.%.%.%.%.%.%.%.%.%.% 9.%.%.%.% 9.9%.%.%.%.9%.%.% 9.%.% 9.%.%.%..%.%.%.%.%.%.%.9% 9.%.%.%.9%..%.%.9%.9% 9.%.% 9.%.%.%.%.%.9%.%.9%. 9.%.%.%.%.%.%.9%.% 9.%.%.%.%.%.%.%.9%..%.% 9.%.% 9.%.% 9.%.%.%..%..9%.% %.%.9% 9.% 9.%.% 9.%.%.%.%.%..%.%.%.%.%.9%.%..%.9%.%.%..%.%.%.%.9%.%.%.%.%.9%.%.%.% 9.%.%.%.%...%.9%.%.%.%.%..%..%.%.%.%.%.9%.%.%.%.% 9..%.%.%.%.%.%.%.%..9%.%.%.%.%.%.. 9.%.%.%.%.%.%.%.%.%..%.9% 9.%.%.%.%.%.%.%.%.%.%..%.%.%.%.9%.%.%.% Source: Deutsche Bank, FactSet, Bloomberg Finance LP. Note: Data as of the end of last month; performance is Total Returns; Cash flows are based on USlisted ETFs and ETVs excluding leveraged, inverse products, and ETNs. Asset Classes that had less than $ million in at the beginning of all periods are excluded from the Net Cash flow calculations. Green cells correspond to largest values, while red cells correspond to lowest values. Figures over Y are annualized. The ETFs mentioned in this figure are provided as reference and have been selected as investable and representative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purposes; however, they should not be seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on Appendix C for further details on products selection criteria depending on product usage. Page

9 October Figure : Global Multi Asset Risk and Riskadjusted Performance Measures Ticker Asset Class ACWI VTI SPY MDY IWM EFA VGK EZU EWJ EPP EEM ILF EEMA AFK FM BKF AGG GOVT SHV SHY IEI TLT TIP MUB MBB LQD HYG FLOT BKLN F CWB BWX WIP EMB EMLC EMCB HYEM DBC DBE USO UNG DBA DBB DBP GLD SLV PPLT PALL UUP FXY FXE Global Equities US Total Market S&P (Large Cap) S&P (Mid Cap) Russell (SM Cap) Intl DM Europe Eurozone Japan Pacific ex JP EM Latin America EM Asia Africa Frontier Market BRIC Fixed Income (Broad) US Treasury Very Short Short Intermediate Long US Inflation Municipal Securitized IG Corporates HY Corporates Floater Senior Loans Preferred Convertible Intl DM Debt Intl Inflation EM Gov Debt USD EM Gov Debt Local EM Corp USD EM HY Corp USD Commodities Energy Cmdty Crude Oil WTI Natural Gas Agriculture Industrial Metals Precious Metals Gold Physical Silver Physical Platinum Physical Palladium Physical Bull USD JPYUSD EURUSD M..%.%.%.9%.%.9% 9.%.%.%.%.%.%.%.%.%.%.%.%.%.9%.%.%.9%.%.%.%.%.%.%.9%.%.%.%.9%.%.%.%.%.% 9.%.%.%.%.%.9%.% 9.%.9%.%.% Annualized Volatility M Y.%.%.%.%.%.%.%.%.% 9.%.%.%..9%.%.%.%.%..%.%.%.%..%.%.% 9.9%.%.9%..%.%.%.%.%.9%.%.9%.%.%.%.9% 9..%.%.%.%.%.%.%.%.9%.%.%.%.%.%.%.9%.%.%.% 9.% 9.%.9%.%.%.9%.%.%.9%.%.%..9%.9%.%.%.%..%.%.%.%.%.9%.%.%.%.%.%.%.%.%.%.%.%.%..9%.%.%.%..%.%.%.%..9%.%.%.% 9.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% 9.%..%.%.%.%.%.%.%.%.%.% 9.%.%.%.9% M Y.%..%.%.%.%.% 9..%.% 9.%.%.%.%.%.%.%.%.%.9%.%.%.%.%.%.%..9%.%.% 9.%.%.%.%.%.%.%.%.%.%.%.%.%..%.% 9.9%.%.%.% 9.% Y.%.%.%.%.%.%..%.%.%.%.%.%.%.% 9.%.%.%.%.%..%..%.%.%.%.9%.9%.% 9.%.%.%...%.%.%.9%.%.%.9%.%.%.9%.% 9..%.%.%.% Max Drawdown Y Y Y. 9.% 9.%.%.%.%.%...% 9.% 9.%.%.%.%.%..%.%.%.9%.%..%.%.%.%.%..%..%.%.%.9%.%..%.% 9.% 9.%..%.%.%. 9.% 9.%.%.%.%.%.9%.9%.%.%.%.%...%.%.%.%.9%.9%.%.%.%..% 9.%.%.%.%.%..%.%.%.%.%.%.%..%.%.%.%.%.%.9%.9%.%.%.% 9.%. 9.%.%.%.% 9.%...%.9%.%.%.%..%.% 9..9%.9%.%.9%.9% 9.%.%.% 9.%.%.%.%.%.%.%.%..%.% 9.%.% 9.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%..% Sharpe (TR / Vol) Y Y Y (.)....9 (.) (.). (.).... (.).. (.) (.).. (.).. (.). (.) (.) (.) (.) (.) (.) (.) (.). (.) (.) (.) (.9) (.) (.) (.) (.) (.) (.) (.).. (.) (.) (.) (.) (.). (.) (.) (.) (.) (.) (.) (.)... (.).. (.) (.) (.). (.) (.) Source: Deutsche Bank FactSet. Note: Data as of the end of last month; Calculations based on total returns; Volatility based on daily total returns annualized using a day factor; Sharpe ratio calculation assumes Risk free equal to zero. For Max DD and Sharpe calculation, green cells correspond to largest value, while red cells correspond to lowest values. For Volatility calculations, green cells are the least volatile (lowest values), while red cells are the most volatile (highest values). The ETFs mentioned in this figure are provided as reference and have been selected as investable and representative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purpose; however, they should not be seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on Appendix C for further details on product selection criteria depending on product usage. Page 9

10 October US Equity ocator heatmaps Figure 9: US Equity Performance and Net Cash Flow Trends Ticker Asset Class VTI SPY DIA QQQ IWF IWD MDY IWM VIG DVY VYM SDY XLY PEJ XHB ITB PBS XRT XLP PBJ XLE OIH XES IEZ XOP IEO AMLP XLF KBWB KRE KCE KIE XLV IBB BBH IHI IHF PPH XLI ITA IYT XLB XME VNQ VGT IGN FDN SMH IGV VOX XLU US Total Market S&P (Large Cap) DJI NASDAQ Russell Growth Russell Value S&P (Mid Cap) Russell (SM Cap) Div. Growth Div. Yield Div. Yield Div. Yield & Growth Cons. Discretionary Hotels, Rest & Leisure Home Builders Household Durables Media Retail Cons. Staples Food Products Energy Energy Eq. & Serv. Energy Eq. & Serv. Energy Eq. & Serv. Energy E&P Energy E&P MLPs Financials Large Banks Regional Banks Capital Markets Insurance Healthcare Biotech & Pharma Large Biotech HC Eq. & Supplies HC Providers & Serv Large Pharma Industrials Aerospace & Def Transportation Materials Metals & Mining Real Estate Technology Comm. Equipment Int. Software & Serv. Semiconductors Software Telecom Utilities M Chg.%.%.%.9%.%.9%.%..%.%.%.%.%.%.%.%.9%.%.%.%.%.%.%.9.%.%.%.%.9 9.%.%.%.9%.%.%.%.%.%.%.%.%..%.%.9%.%.%.%..9%.% M Chg.%.%.%.9%.%..%.%.%.%..%.%.%.%.%.%.%.%.%.%.%.%.%.%.9%..%.%..%.%.%.%.%.%.%..%..9%.%.%.%.%.%.%..9%.%.% Total Return M Chg Y Chg.%.%.%. 9..9%.%.%.%.%.%.9..%.%.9%.%..%.%.9%.9.%....9%.%.%.%.%.%.% 9.%.%.%..9%.%.%.%.%.% 9.%.%..%.%.%.%.%.%.%.% 9.%.%.%.%.%.%.%.9%.%.%.%.%.%.%.%.%.%.%.9% 9.9%.9%.%.%.%.% 9.% 9..% 9.%.%.%.%.%.9%.9%.%.%.%.%..%..%.99%.%.%.%.9% Y Ann..9%.9%.9%.%.%.%.% 9.%.%.%.99%.%.%.9%.%.%..9%.9%.%.%.%.% 9.9.% 9.%.9%.%.%.%..%.9%.% 9..%.%.% 9.%.9%.%.% 9.%.%.% %.9%.% Y Ann.%.9%..%.%.9%..%..%.%.%.%..%..%..%.%.%.%.%.%.9%.%.%.%.%.%.%.%.%.9%.%.%.9% 9.%.%.9.%.%. 9.%.%.%.9%.9%.%.%.% M.%.%.%.%.%.%.%......% ETF Net Cash Flows as % of Initial M M Y Y Ann Y Ann.%.%.%.9%.9%.%.%.%..%.%.%.%..%.%.%.%..%.%.%.%.%.%.%.%.9%.9%.9%.%.%.%.%.%.%.%.%.%.%.%.9%..%.%.%.9%..%.%.%.9%..%.%.%.9%..%.%.%.%.%.%.%.%.%...%.%.%.%.%.%.%.%.%.%..%...%.9%.%..%.9%.%.%.%.%....9%.%.%.9%.%..%.%.%.%.9%.%.9%.%.%..%.%.%.9%.9%.9%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.9%.%.%.%.%.%.%.9%.%.%.%.%.%.%.%.%.% 9.% 9.%.%.%.%.%.%.%.%..%.%.%.%.9%.9%.%.%.%.%.%.%.%...%.%.%.%.%.%.%.%.%.% 9.% 9.%.%.%.% 9.%.%.%.%.%.%.%.%.9%.9%.9%.%.%.%.% 9..%.%.%.%.%.9%.%.%.%.%.%.%.% 9.% 9.% 9.9%.%.%.%.%.9% 9.%.%.%.%...% 9.%.%.%.%.% 9.9%.%.%.%.%.%.%.9%.%.9%.%.% 9.%.%.%..%.9%.%.%.% 9.%.%.%.%.%.%.%.%.%.% Source: Deutsche Bank, FactSet, Bloomberg Finance LP. Note: Data as of the end of last month; performance is Total Returns; Cash flows are based on USlisted ETFs and ETVs excluding leveraged, inverse products, and ETNs. Asset Classes that had less than $ million in at the beginning of all periods are excluded from the Net Cash flow calculations. Green cells correspond to largest values, while red cells correspond to lowest values. Figures over Y are annualized. The ETFs mentioned in this figure are provided as reference and have been selected as investable and representative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purposes; however, they should not be seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on Appendix C for further details on products selection criteria depending on product usage. Page

11 October Figure : US Equity Risk and Riskadjusted Performance Measure Ticker Asset Class VTI SPY DIA QQQ IWF IWD MDY IWM VIG DVY VYM SDY XLY PEJ XHB ITB PBS XRT XLP PBJ XLE OIH XES IEZ XOP IEO AMLP XLF KBWB KRE KCE KIE XLV IBB BBH IHI IHF PPH XLI ITA IYT XLB XME VNQ VGT IGN FDN SMH IGV VOX XLU US Total Market S&P (Large Cap) DJI NASDAQ Russell Growth Russell Value S&P (Mid Cap) Russell (SM Cap) Div. Growth Div. Yield Div. Yield Div. Yield & Growth Cons. Discretionary Hotels, Rest & Leisure Home Builders Household Durables Media Retail Cons. Staples Food Products Energy Energy Eq. & Serv. Energy Eq. & Serv. Energy Eq. & Serv. Energy E&P Energy E&P MLPs Financials Large Banks Regional Banks Capital Markets Insurance Healthcare Biotech & Pharma Large Biotech HC Eq. & Supplies HC Providers & Serv Large Pharma Industrials Aerospace & Def Transportation Materials Metals & Mining Real Estate Technology Comm. Equipment Int. Software & Serv. Semiconductors Software Telecom Utilities M.%.%.% 9.%.%.%.%.9%.%..%.%.% 9.9%.%.9%.%.%.%.% 9.%.%.%.%.%.9%.9%.%.%.%.%.%.%.% 9..9%.%.%.%.%.%.%.% 9.%.%.%.9%..%.%.% M.%.%.%.%.%. 9.%..%.%.%.%.%.%.%.%.%..%.%.%.%.%.%.9% 9.%.%.%.%.%.9%.% 9..%..%.%.9%.% 9.%.% 9.%.%.%.%.%..%.%.9% 9. Annualized Volatility M Y.%.%.%.%.%.9%.%.%.%.%.%.9%.%.%.9%.%.%..9%.9%.%.9%.%.%.9% 9.%..%.%.%.%.%.%.%.%.9%.%.%.9%.%.%...%.%.%.%.%.%.%.%..%.9%..%.%. 9.%.%.%.%..%.%.%.%.%.%.% 9.9%.9%.9%.%.%.9%.9% 9.9%.%.%.9%.%.%..%.%.%.%.%.%..%.%.%.%.9%..%.%.%.%.% Y..%.%.%.%.%.%.%.%.%.%.%.9%.%.%..%.%.%.%.9%.%.%.9%.9%..%.9%.%.%.%..%.%.%.%.%.%.%.%.%.%..%.%.%..%.%.9%. Y.%.%.%.%.%.%.%.%.%.%.%.%.%.9%.%.%.%.%.%.% 9.9%.%.%.9%..%.%.% 9.%.% 9.%.%.%.%.9%.%.%.%.%.%.%.%..%.%.%. 9..%.9%. Max Drawdown Y Y Y.%.%.%.%...%.9%.9%..%.%.%.%.%.%.%.%.% 9.% 9.%.%.%.%.%.%.%.%...%....%.%.%.%.%.9%.%.% 9.%.%.% 9..%.%.%.%.%.%.%.%.%.%.%.%...9%.%.%.%.9%.%.%.%.%.%.%.%.%...%.9%.%.%.%.%.9%.%.%.% 9.% 9.%.9%...%.%.%.9%.%.%.%.%.%.% 9.% 9.%.%.%.%.%.%.%.%.%.%.9% 9.9% 9.9%..%.%.%.%.%.%.%.%.%.9%.9% 9.%.%.9%..%..%.%.%.%.9%.9%.%.%.% 9.%.%.%.%.%.%.%.%.%.9%.%.% Sharpe (TR / Vol) Y Y Y (.)..... (.)..9. (.). (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) Source: Deutsche Bank, FactSet. Note: Data as of the end of last month; Calculations based on total returns; Volatility based on daily total returns annualized using a day factor; Sharpe ratio calculation assumes Risk free equal to zero. For Max DD and Sharpe calculation, green cells correspond to largest value, while red cells correspond to lowest values. For Volatility calculations, green cells are the least volatile (lowest values), while red cells are the most volatile (highest values). The ETFs mentioned in this figure are provided as reference and have been selected as investable and representative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purpose; however, they should not be seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on Appendix C for further details on product selection criteria depending on product usage. Page

12 October International Equity ocator heatmaps Figure : International Equity Performance and Net ETF Cash Flow Trends Ticker Asset Class EFA EWC EIS VGK EDEN NORW EWD EWL EWU EZU EWO EWK EFNL EWQ EWG EIRL EWI EWN PGAL EWP EWJ EPP EWA EWH ENZL EWS EEM ILF EWZ ECH GXG EWW EPU EEMA FXI ASHR INDA EIDO EWM EPHE EWY EWT THD GREK EPOL RSX TUR QAT UAE EGPT EZA FM ARGT NGE PAK VNM BKF Intl DM Canada Israel Europe Denmark Norway Sweden Switzerland UK Eurozone Austria Belgium Finland France Germany Ireland Italy Netherlands Portugal Spain Japan Pacific ex JP Australia Hong Kong New Zealand Singapore EM Latin America Brazil Chile Colombia Mexico Peru EM Asia China H China A India Indonesia Malaysia Philippines South Korea Taiwan Thailand EM Europe & MEA Greece Poland Russia Turkey Qatar UAE Egypt South Africa Frontier Market Argentina Nigeria Pakistan Vietnam BRIC M Chg.%.%..%..%.%..9%.%.%.%.%.%.%.%.%.%.9%.9%.%.%.9%..%.%.%.%.%.9%..9%.%.9%.%.%.9%.%.%.%.%.%.% M Chg.%.%.%.%.%.%.%..%.%.%.%.%.%.%.9%.%..%.%.%.9%.%.%.%.%.%.9%.%.%.9%.%.%.%.9.%.%.9%.%.%.%.9%.9% Total Return M Chg Y Chg.%.9%.%.%.%..%.%.%.9%.9%..%.%.%.9% 9.%.%.%.%.%.%.9%.% 9.%.%.%.%..9.%.9%.%.%.%.%.%.9%.%.%.%.9%.%.%.%.%.%.%.9%.99%.%.%.9%.9%.%.%.%.%.%.%.9%.9%.9.%.9 9.%.%.%.9%.%.% 9.%.%.%.%.9%.%.%.%.%.%.%.%...9%.9%.%.% 9.%.%.%.%.%..%.%.%.%.%.% 9.%.%.%.9%..%.% 9.%.%..%.%.%.%.%.% 9.%.%.%.%.%.%.%.9%.9%.%.9%.%.9%.%..%.%.%..9%.%.%.9%.%.% Y Ann.%.%.%.%..9%.%..%.9%.%.% 9.%.%.%.%.%.%.%.%.%.9%.% 9..99%.%.%.%.9%..%.%.9%.%.9%.%.%.%.%.%.%.%..99%.%..9%.%.%.%.9%.%.% 9.%.% Y Ann.%.%.%.%.9%.%.% 9.%.%.%.%.%.9%.% 9.%.%.%.% M.9%.%.%.%.%.9% 9.%..%.%.%.%.9%.%.9%..%.% ETF Net Cash Flows as % of Initial M M Y Y Ann Y Ann..%.%.%.9%.%.%.%.%.%.%.%.%.%.%.%.%.9%..%.9%....%.%. 9.%.%.%.%.%..%.%.%.%.%.%.%..%.9%.%.%.%.%.%.%.%..%.%.%.%.%.%..%.9%.9%.%.%.%..9%.%.%.%.%.9%.%.%.%.%.%.%.%.%.% 9.%.%.%.%.%.%..%.%.%..%.% 9.9%.%..% 9.%.% 9.%.%.%.%.%.%.%.%.%.%.%.%.%.%..9%.%.%.%.%.9%.%.%.%.%.9%.%.%.%.%. 9.%.%.%..9% 9.%.%.%.%..%.%.%.%.9%.%.%.% 9.%..%.%.%.%.%.%.9%.%.% 9.%.%.%.%.%.%.%.%.%.%.%..% 9.%..%.%.%.%.%.%.%.% 9.%.9%.%.%.9%.%.9%.%.%.%..%.%.%..%.%.%.%.9%..%.%.%.%.%.%.9%.% 9.%.%.%.9%.%.%.%.%.%.%..%.%. Source: Deutsche Bank, FactSet, Bloomberg Finance LP. Note: Data as of the end of last month; performance is Total Returns; Cash flows are based on USlisted ETFs and ETVs excluding leveraged, inverse products, and ETNs. Asset Classes that had less than $ million in at the beginning of all periods are excluded from the Net Cash flow calculations. Green cells correspond to largest values, while red cells correspond to lowest values. Figures over Y are annualized. The ETFs mentioned in this figure are provided as reference and have been selected as investable and representative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purposes; however, they should not be seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on Appendix C for further details on products selection criteria depending on product usage. Page

13 October Figure : International Equity Risk and Riskadjusted Performance Measure Ticker Asset Class EFA EWC EIS VGK EDEN NORW EWD EWL EWU EZU EWO EWK EFNL EWQ EWG EIRL EWI EWN PGAL EWP EWJ EPP EWA EWH ENZL EWS EEM ILF EWZ ECH GXG EWW EPU EEMA FXI ASHR INDA EIDO EWM EPHE EWY EWT THD GREK EPOL RSX TUR QAT UAE EGPT EZA FM ARGT NGE PAK VNM BKF Intl DM Canada Israel Europe Denmark Norway Sweden Switzerland UK Eurozone Austria Belgium Finland France Germany Ireland Italy Netherlands Portugal Spain Japan Pacific ex JP Australia Hong Kong New Zealand Singapore EM Latin America Brazil Chile Colombia Mexico Peru EM Asia China H China A India Indonesia Malaysia Philippines South Korea Taiwan Thailand EM Europe & MEA Greece Poland Russia Turkey Qatar UAE Egypt South Africa Frontier Market Argentina Nigeria Pakistan Vietnam BRIC M.%.%..9%.% 9..%.%.% 9.% 9.%.%.% 9.%.% 9.%..9% 9.%.%.%.%.% 9.9%.%.%.%.% 9..%..%.%.%.%.%.%.%...%.%. M.%.%.%...%.%.%.%.%.% 9..%.%.% 9.% 9.%.% 9.%.%.% 9.9%...9% 9.%..%.%.%.%.9% 9.%.9%.%.%.%.%.%.%.%.% 9.%.%.%.%.%.%.9%.%.%.%.%.%.9%.9%.%.%.%.%.9%. 9.%.%.%.9%.%.%.%..% Annualized Volatility M Y.%.%.%.%.%.%.%.%.%.9%.%.%.%.% 9.% 9.% 9. 9.%.%..%.%.%.%.%..%.%.%.%.9%.%.%.9%.%.%.%.%.%.%.%.%.%.9%.%.% 9.%.9%.%.9% 9.%.9%.%.%.%.%..%.%.%.%.9%.%.%.%.%.%.9%.9%.%.%.%.%.%.%.%.%.%.%.%.%.%..9%.%.%.%.%.%.%.%.9%.%.% 9..%.9%.%.%.%.% 9.% 9.9%.% 9.%.%.%.%.%.%.9%.%.%.% Y.%.%.%.%.%.% 9.%.%.% 9..9%.%.% 9..%.%.%.%.%.9%.%.%.%.%.%.9% 9.%.%..%...%.%.9%.% 9.%.% 9.% 9.% % Y.%.%.%..%.%.%.%.%.%.%.%.%..%.%.9%.%.%.%.%.%.%. 9.%.%.%.9%.%.%.9%.%.%.%.%.%.%.%.9%.%.%.9%.%.%.9%.%.%.% 9.%.%.%.%.%.9%.%.%.%.%.%.%.%.%.% 9.% Max Drawdown Y Y Y.%..%.%.%.%.%.9%.9%.%.%.9%.%.%.%.%.%.9%.%.%.%.%.%.%.%.9% 9.%.%..%.%.%.%.%.%..%.% 9.%.%.%.%.%..%.% 9.%.%.%.%.%.% 9.% 9.% 9.%.% 9.%.%.%.%.%.%.%..%.%.%.%.% 9.% 9.%.%.9%.%..%.%..%.%.%.9%.% 9..%..%.%.%.%.%.%.%.%.%.9%.%.%..%.%.%.%.% 9.%.%.%.% 9.%..%.%.%.9%.%.%.%.%.% 9..%.%.%.%.%.%..9%.%.%.%.% 9.9%.%..%.9%.%.%.%..%.%.%.%.%.%.%..%.%.9% 9.% 9.%.%..%.9%.%..%..9% 9.% Sharpe (TR / Vol) Y Y Y (.) (.) (.).. (.).. (.). (.) (.). (.) (.).. (.) (.). (.) (.) (.) (.) (.). (.).... (.).. (.).. (.) (.) (.) (.). (.). (.) (.). (.). (.) (.) (.)..... Source: Deutsche Bank FactSet. Note: Data as of the end of last month; Calculations based on total returns; Volatility based on daily total returns annualized using a day factor; Sharpe ratio calculation assumes Risk free equal to zero. For Max DD and Sharpe calculation, green cells correspond to largest value, while red cells correspond to lowest values. For Volatility calculations, green cells are the least volatile (lowest values), while red cells are the most volatile (highest values). The ETFs mentioned in this figure are provided as reference and have been selected as investable and representative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purpose; however, they should not be seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on Appendix C for further details on product selection criteria depending on product usage. Page

14 AGG GOVT TIP MUB MBB LQD HYG FLOT BKLN F CWB BWX WIP EMB EMLC EMCB DBC DBE DBA DBB DBP UUP FXY FXE Source: Deutsche Bank, FactSet. Data as of the end of last month. Green cells denote highest correlations, while red cells denote lowest correlations. Figure : W Rolling Correlation for selected asset class pairs (Y) Global Equities W Rolling Correlation US Fixed Income W Rolling Correlation US Equities W Rolling Correlation Apr. Apr Apr US Agg Bond IG Apr Apr Commodities Apr Real Estate Apr Apr Bull USD Gold Apr Apr Apr DM Intl EM Apr Japan Apr Apr Pacific ex JP Apr Europe Apr US Treasury Apr Apr IG Corp Apr HY Corp Apr Apr Sr Loans Source: Deutsche Bank, FactSet. Correlations based on weekly total returns of USlisted ETFs: Global Equities (ACWI), US Agg Bond IG (AGG), Commodities (DBC), Real Estate (VNQ) and Gold (GLD). US Equity (VTI), DM Intl (EFA), EM (EEM), Japan (EWJ), Pacific ex JP (EPP), and Europe (VGK). US Fixed Income (AGG), US Treasury (GOVT), IG Corp (LQD), HY Corp (HYG), and Sr Loans (BKLN). October Figure : Year Cross Asset Class Correlations of Weekly Total Returns Y Cross Asset Class Correlation of Weekly Total Returns ACWI VTI EFA EEM Category Ticker Global Equities ACWI.9.9. US Total Market VTI.9.. Intl DM EFA.9.. EM EEM... US Agg Bond IG AGG.... US Treasury GOVT.... US Inflation TIP.... Municipal MUB.... MBS MBB.... IG Corporates LQD.... HY Corporates HYG.... Floater FLOT.9... Senior Loans BKLN.... Preferred F.... Convertible CWB..9.. Intl DM Debt BWX.... Intl Inflation WIP....9 EM Gov Debt USD EMB.... EM Gov Debt Local EMLC.... EM Corp USD EMCB.... Commodities DBC.... Energy Cmdty DBE....9 Agriculture DBA.... Industrial Metals DBB.9... Precious Metals DBP.... Bull USD UUP.... JPYUSD FXY.... EURUSD FXE.9... Page Cross Asset Correlations

15 October Month Relative Performance Monitor Figure : Selected relative performance pairs Jul Aug Jun Apr Mar Jan May Jul Aug Aug Jun Jul May Apr Mar Feb Dec Jul Aug Jun May Apr Mar Feb Jan Dec Nov Oct China H/China A Precious Metals UST Short/UST Long EM Gov Debt USD/EM Gov Debt Local Gold/Silver Gold/Platinum Gold/Palladium. Jun May Apr Mar Feb Dec. Nov Aug Jul Jun May Apr Mar Feb Jan Dec. Nov Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep HY Corporates/US Treasury HY Corporates/IG Corporates EM Asia/Latin America Fixed Income duration and EM debt Sep Fixed Income Credit Oct Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep. Sep. Nov Eurozone/Europe Japan/Pacific ex JP.. Oct.9. Sep.9. Feb Jul Aug Jun Apr May Mar Jan. Oct Sep. EM Equities Intl DM Equities. Healthcare/Energy Technology/Industrials Financials/Real Estate Financials/Utilities. Feb Dec.9 Dec. US Equity Sectors. S&P /Russell (SM Cap) Russell Growth/Russell Value. Oct Jul Aug Jun Apr May Mar Jan Feb Dec Oct Nov Sep..9.9 Sep Global Equities/Fixed Income (Broad) Global Equities/Commodities.9 Jan. Jan.9. Oct.. Nov.. US Equity Size and Style. US Total Market/Intl DM US Total Market/EM Sep... Global Equities.. Nov Cross Asset Class. Source: Deutsche Bank, FactSet Performance for each asset class is based on the ETFs mentioned in the heatmaps presented earlier in this section. Total return data is as of the end of last month Page

16 October Business Intelligence New Listings There were twentyseven new ETFs and two new ETNs listed during the previous month; sixteen were listed in the NYSE Arca and thirteen funds were listed in the BATS. The new funds offer multifactorweighted exposure to DM exus, EM, and US; lowvolatility exposure to Intl and US equities, respectively; exposure to US focused on diversification; equallyweighted exposure to US largecap, marketcap weighted exposure to DM exnorth America, EM, US smallcap, and US broad, shortterm TIPS, and IG broad US debt, respectively; thematic exposure to companies that support Republican candidates and beneficiaries of the China s One Belt One Road initiative, respectively; actively exposure to a sector rotation strategy, an alternative strategy, global broad debt, IG broad duration US bonds, mixedquality US bonds with mediumterm; exposure to US preferred securities, HY US corporate bonds, IG US corporate bonds with mediumterm, IG US corporate bonds with longterm, two exposures to IG bonds with set to maturity in ; exposure to HY bonds with set to maturity in ; x direct and inverse exposure crude oil prices, respectively. Figure : Products listed during last month Ticker Name FLMI FLMB MFDX MFEM MFUS SECT MAGA GHYB OBOR FD GSEW LLQD MLQD IBDS DBRT UBRT MXDU RBIN RBUS PBDM PBEE PBSM PBTP PBUS BSCR BSJP HTRB DALT PBND Franklin Liberty Intermediate Municipal Opportunities ETF Franklin Liberty Municipal Bond ETF PIMCO RAFI Dynamic MultiFactor International PIMCO RAFI Dynamic MultiFactor Emerging Markets PIMCO RAFI Dynamic MultiFactor U.S. Main Sector Rotation ETF Point Bridge Gop Stock Tracker ETF Goldman Sachs Access High Yield Corporate Bond ETF KraneShares MSCI One Belt One Road Index ETF Global X US Preferred ETF Goldman Sachs Equal Weight US Large Cap ishares + Year Investment Grade Corporate Bond ETF ishares Year Investment Grade Corporate Bond ETF ishares ibonds Dec Term Corporate ETF AxelaTrader x Inverse Brent Crude Oil ETN AxelaTrader x Long Brent Crude Oil ETN Nationwide Maximum Diversification US Core Nationwide RiskBased International Nationwide RiskBased US PowerShares Pure FTSE Developed exnorth America Portfolio PowerShares Pure FTSE Emerging Markets Portfolio PowerShares Pure MSCI USA Small Cap Portfolio PowerShares Pure Yr US TIPS Portfolio PowerShares Pure MSCI USA Portfolio Guggenheim BulletShares Corporate Bond Guggenheim Bulletshares High Yield Corporate Bond ETF Hartford Total Return Bond ETF Anfield Capital Diversified Alternatives ETF PowerShares Pure US Aggregate Bond Portfolio Asset Class & Structure Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Commodity ETN Commodity ETN Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Alternative ETF Fixed Income ETF Listing Date TER Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 9Sep 9Sep...9%.9%.9%.%.%.%.9%.%.9%.%.%..%.%.%.%..%.%.%.%.%.%.%.9%..% 9 9 Source: Deutsche Bank, Bloomberg Finance LP. Equity Page

17 October Nationwide made its debut in the ETF Market listing three new equity ETFs. Two of them offer low risk exposure to International Developed Markets (RBIN) and US (RBUS) equity stocks selected and weighted by low volatility, crosscorrelation, and the Sharpe ratio. RBIN tracks the R RiskBased International Index and comes with an annual expense ratio of.%; while, RBUS tracks the R RiskBased US Index and comes with an annual fee of.. The third fund (MXDU) offers exposure to an optimized portfolio of mid and largecap US stocks focused on low volatility and maximum diversification. The stocks during the selection process are screened by minimum liquidity and socially responsible investment ( SRI ) criteria, respectively. MXDU tracks the rulesbased TOBAM Maximum Diversification USA Index, and comes with an annual expense ratio of.%. Main Management debuts in the ETF Market listing one new ETF (SECT) during September. The fund offers actively managed exposure to a sector rotation strategy that aims to outperform the S&P Index. The fund of funds ETF generally holds US largecap equities; however, can hold stocks of any marketcap or geographic exposure. SECT comes with an annual expense ratio of.%. Point Bridge Capital debuts in the ETF Market listing one new ETF (MAGA) last month. MAGA offers thematic exposure to a portfolio of US largecap companies whose employees and political action committees are highly supportive of Republican Party candidates, and tracks the equallyweighted Point Bridge GOP Stock Tracker Index. MAGA comes with an annual expense ratio of.%. PIMCO listed three new ETFs during September. The funds offer exposure to equity stocks from Developed Markets exus (MFDX), Emerging Markets (MFEM) and US (MFUS), selected and dynamicallyweighted by multifactors, including: value, quality, volatility, momentum, and size. MFDX tracks the RAFI Dynamic MultiFactor Developed Ex U.S. Index and comes with an annual fee of.9%. MFEM tracks the RAFI Dynamic MultiFactor Emerging Markets Index and come with a total expense ratio of.9%; while, MFUS tracks the RAFI Dynamic MultiFactor U.S. Index and comes with an expense ratio of.9%. PowerShares listed six new ETFs during last month. Four of them offer marketcap weighted exposure to Developed Markets excluding US and Canada (PBDM), Emerging Markets (PBEE), and US focused on broad (PBUS) and smallcap (PBSM), respectively. PBDM tracks the FTSE Developed ex North America Index and comes with a total expense ratio of.%; PBEE tracks the FTSE Emerging Index and comes with an annual expense ratio of.%; PBSM tracks the MSCI USA Small Cap and comes with expense ratio of.%; finally, PBUS tracks the MSCI USA Index with an annual fee of.%. KraneShares listed one new ETF (OBOR) which offers exposure to companies that potentially will be beneficiaries of the China s One Belt, One Road initiative. The One Belt One Road ( OBOR ) initiative, established by President Xi Jinping of China, is an extensive longterm infrastructure initiative modernizing the original Silk Road trading routes by land and by sea; the agreements include China and Eurasian countries. OBOR tracks the marketcapweighted MSCI Global China Page

18 October Infrastructure Exposure Index and comes with an annual expense ratio of.9%. Goldman Sachs listed two new ETFs during September. One of them (GSEW) offers exposure to US largecap equities. GSEW Tracks the Solactive U.S. Large Cap Equal Weighted Index and comes with an annual expense ratio of.9%. Fixed Income Franklin Templeton Investments listed two ETFs during last month. The funds offer actively managed exposure to intermediatematurity municipal bonds of any credit quality (FLMI) and investmentgrade municipal bonds with broadterm (FLMB), respectively. The both dollarweighted ETFs come with an annual expense ratio of.. Page BlackRock listed three new fixed income ETFs during September. Two of them offer exposure to USDdenominated investmentgrade corporate bonds with at least years (LLQD) and to years (MLQD) remaining to maturity, respectively. LLQD tracks the Markit iboxx USD Liquid Investment Grade Long Index; while, MLQD tracks the Markit iboxx USD Liquid Investment Grade Intermediate Index. Both ETFs come with an annual expense ratio of.. The last fund (IBDS) offers exposure to USDdenominated, investmentgrade corporate bonds maturing in. IBDS tracks the Bloomberg Barclays December Maturity Corporate Index and comes with an annual expense ratio of.. PowerShares listed two new ETFs during last month. The funds offer marketcap weighted exposure to US Treasury inflationprotected securities (PBTP) maturing in year or less and to USDdenominated investmentgrade bonds (PBND) with broadmaturity, respectively. PBTP tracks the BofA Merrill Lynch Year US InflationLinked Treasury Index and comes with an annual expense ratio of.%; meanwhile, PBND tracks the BofA Merrill Lynch US Broad Market Index and comes with a total expense ratio of.%. Guggenheim Investments listed two new fixed ETFs, offering exposure to USDdenominated investmentgrade (BSCR) and highyield (BSJP) corporate bonds maturing in and, respectively. BSCR tracks the NASDAQ BulletShares USD High Yield Corporate Bond Index; meanwhile, BSJP tracks the NASDAQ BulletShares USD High Yield Corporate Bond Index. Both funds come with an annual expense ratio of.%. Goldman Sachs listed one new fixed income ETF (GHYB) offering exposure to USDdenominated highyield corporate bonds with broad maturity. GHYB tracks the Citi Goldman Sachs High Yield Corporate Bond Index and comes with an annual expense ratio of.%. Global X Funds listed one new ETF (FD) which offers exposure to US preferred securities. The marketvalueweighted ETF tracks the BofA Merrill Lynch Diversified Core U.S. Preferred Securities Index and comes with an annual expense ratio of.%. Hartford Funds listed one new ETF (HTRB) offering actively managed exposure to Global fixed income debt with at least one year to maturity. HTRB comes with annual expense ratio of.9%.

19 October Commodity Credit Suisse listed two new ETNs during last month. The notes offer x direct (UBRT) and inverse (DBRT) leveraged exposure to the crude oil prices, tracking the S&P GCI Brent Crude Oil Index. UBRT and DBRT come with an annual expense ratio of.% and.%, respectively. Alternative Anfield Capital debuts in the ETF Market listing one new fund of funds ETF (DALT) offering actively managed exposure to alternative strategy composed by a portfolio of four asset classes, including: equity, fixed income, commodities, and alternative investments. DALT aims capital growth and income, and comes with an annual expense ratio of.. Page 9

20 October Delistings Figure : Delisted products during last month Ticker Name IBMF SMK KRS KRU UMX TPS TBZ GGOV COBO GDJJ UOP SOP HGJP HGEU IMED USMR XD XE XF XH XI XK XM XS XU CLAW HAKK SICK LABS ERYY FAZZ TECZ MELT EUFS DULL SPLZ UTLZ FITS ishares ibonds Sep Term Muni Bond ETF ProShares UltraShort MSCI Mexico Capped IMI ProShares Short S&P Regional Banking ProShares Ultra S&P Regional Banking ProShares Ultra MSCI Mexico Capped IMI ProShares UltraShort TIPS ProShares UltraShort Year Treasury ProShares German Sovereign/SubSovereign ETF ProShares USD Covered Bond ProShares Ultra Junior Miners ProShares Ultra Oil & Gas Exploration & Production ProShares UltraShort Oil & Gas Exploration & Production ProShares Hedged FTSE Japan ETF ProShares Hedged FTSE Europe ETF ETFMG ETFx HealthTech ETF Horizons USA Managed Risk ETF Elkhorn S&P MidCap Consumer Discretionary Portfolio Elkhorn S&P MidCap Energy Portfolio Elkhorn S&P MidCap Financials Portfolio Elkhorn S&P MidCap Health Care Portfolio Elkhorn S&P MidCap Industrials Portfolio Elkhorn S&P MidCap Information Technology Portfolio Elkhorn S&P MidCap Materials Portfolio Elkhorn S&P MidCap Consumer Staples Portfolio Elkhorn S&P MidCap Utilities Portfolio Direxion Daily Homebuilders & Supplies Bear X Shares Direxion Daily Cyber Security & IT Bull X Shares Direxion Daily Healthcare Bear X Shares Direxion Daily S&P Biotech Bear X Shares Direxion Daily Energy Bear X Shares Direxion Daily Financial Bear X Shares Direxion Daily Technology Bear X Shares Direxion Daily Gold Miners Index Bear X Shares Direxion Daily European Financials Bear X Shares Direxion Daily Silver Miners Index Bear X Shares Direxion Daily Consumer Staples Bear X Shares Direxion Daily Utilities Bear X Shares The Health and Fitness ETF Asset Class & Structure Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Fixed Income ETF Delisting date Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep TER.%.9%.9%.9%.9%.9%.9%.%.%.%.9%.9%.%.%.%..9%.9%.9%.9%.9%.9%.9%.9%.9%.9%..9%.%.%.%.%.%.%.%.%.%. at Delisting Source: Deutsche Bank, Bloomberg Finance LP. Page

21 October Trends in products launched in the last months Figure : Main trends among those products launched in the last months Net Cash Flows Sep ' M,,9 Total () By Asset Class Equity, Fixed Income, Commodities Currency Multi Asset Alternative 9 By Management Strategy, + Smart, Active, Net Cash Flows M Top by Geographic Focus (Equities) US US, DM Global (reg) DM Global ex US (reg) Global Global (reg) EM China Top by Category (Fixed Income) Corporates Broad US Treasury Preferred Municipal New Funds Asset Class Focus last M,,,,9, Sep ' New Funds last M,9 9 9 Source: Deutsche Bank, Bloomberg Finance LP Figure 9: Top products by net cash flow raised in the last months Ticker Name CLTL GDVD DMRL UWT DMRI HYLB CSML GIGB SECT DWT FLEU VNLA FFTI DMRM RBIN LVHB CCOR BLHY JPGB RBUS PowerShares Treasury Collateral Portfolio ETF Principal Active Global Dividend Income ETF Deltashares S&P Managed Risk ETF VelocityShares x Long Crude Oil ETN Deltashares S&P International Managed Risk ETF Deutsche XTrackers USD High Yield Corporate Bond ETF IQ Chaikin US Small Cap ETF Goldman Sachs Access Investment Grade Corporate Bond Main Sector Rotation ETF VelocityShares x Inverse Crude Oil ETN Barclays ETN+ FI Enhanced Europe ETN Series B Janus Henderson Short Duration Income ETF FormulaFolios Tactica Income ETF Deltashares S&P Managed Risk ETF Nationwide RiskBased International Elkhorn Lunt Low Vol/High Tactical ETF Cambria Core Virtus Newfleet Dynamic Credit ETF JPMorgan Global Bond Opportunities ETF Nationwide RiskBased US Source: Deutsche Bank, Bloomberg Finance LP. Includes ETNs TER.%.%.%...%.%.%.%..%.%..%.%.9%.%.%.%. Net CF M Figure : Top Issuers by inflows to products launched in the last months Top Issuers Transamerica PowerShares Principal Financial IndexIQ Advisors Goldman Sachs BlackRock Deutsche AM JPMorgan Davis Advisors Blue Sky Asset Management Janus Henderson Franklin Templeton First Trust FormulaFolio Inv. Virtus Investment DirexionShares Cambria Funds Elkhorn Inv. Nuveen WisdomTree Net Cash Flows M Sep ' New Funds last M 9 9 Source: Deutsche Bank, Bloomberg Finance LP Page

22 October Popular Product Segments: Smart & Currency Hedged Figure : Summary statistics for Smart s Smart (Equities) Dividend Equal ESG Fundamental Low Risk Multifactor Singlefactor Style Other Total Net Cash Flows Sep ' YTD,,,,9,,,,,9, Turnover Sep ' Chg %, %,9 %, %, 9%,99 %,9 %,9 9% %, % % % % % % Sep ' Chg %, %,9 %, %,9 %, % 9,9 %, %, %, %, % # of Funds Sep ' % 9% % % % % % 9% % % 9 % % % % % YTD New Source: Deutsche Bank, Bloomberg Finance LP Figure : Summary statistics for CurrencyHedged s Net Cash Flows Currency Hedged (Equities) Sep ' YTD Multiple AUD BRL CAD CHF CNY EUR GBP JPY KRW MXN Total () () () (9) () (,9) () (,) (9) (9) () () (,9) Turnover Sep ' Chg %,,,, % % % % % % % % % % % 9% Sep ' Chg %,,,, % % % % % % % % % % # of Funds Sep ' % % % % % % % % % % % % % % YTD New Source: Deutsche Bank, Bloomberg Finance LP Figure : Top Issuers in Equity Smart Top Issuers (Equity Smart ) BlackRock Vanguard State Street WisdomTree PowerShares First Trust Charles Schwab Guggenheim Inv. FlexShares Goldman Sachs Source: Deutsche Bank, Bloomberg Finance LP Page Sep ',9,,,,,9,9,,9, Net Cash Flows M 9,9 9,99, (),,,9,,9 Figure : Top Issuers in Equity Currency hedged # of Funds Sep ' 9 9 Top Issuers (Equity Currency Hedged) WisdomTree Deutsche AM BlackRock First Trust IndexIQ Advisors JPMorgan FlexShares O'Shares Investments Franklin Templeton PowerShares Sep ',,9, 9 9 Net Cash Flows M (,) (,), () () (9) # of Funds Sep ' Source: Deutsche Bank, Bloomberg Finance LP

23 October Average Performance by Products Type and Size (Equity) Month Comparisons Figure : US s Month Total Returns Figure : US s # of Funds in M sample.%.%.%..% Source: Deutsche Bank, FactSet. Total Return corresponds to last month. Size.%.%.%.% Product Type Smart Active.%.%.%.%.%.%.%.%.%.%.%.% Size.%..%.% Product Type Smart Active.%.%..% Source: Deutsche Bank, FactSet. Total Return corresponds to last month. DM Equity, Broad sector, regional, non levered, # of funds by Large Cap Mid Cap Small Cap Broad 9 Product Type Smart Active 9 9 Source: Deutsche Bank. Figure 9: EM s Month Total Returns 9 Large Cap Mid Cap Small Cap Broad Figure : DM s # of Funds in M sample Source: Deutsche Bank, FactSet. Total Return corresponds to last month. EM Equity, Broad sector, regional, non levered, M Total Return by Large Cap Mid Cap Small Cap Broad Product Type Smart Active Source: Deutsche Bank. Figure : DM s Month Total Returns DM Equity, Broad sector, regional, non levered, M Total Return by Large Cap Mid Cap Small Cap Broad Size US Equity, Broad sector, non levered, # of funds by Size.%.%.%..% Product Type Smart Active.%..%.%.%.9%.%.%.9%.%.% Figure : EM s # of Funds in M sample.%.%.%. EM Equity, Broad sector, regional, non levered, # of funds by Large Cap Mid Cap Small Cap Broad Size Size US Equity, Broad sector, non levered, M Total Return by Large Cap Mid Cap Small Cap Broad Product Type Smart Active 9 Source: Deutsche Bank. Page

24 October Year Comparisons 9.%.%.% Figure : US s # of Funds in Y sample.%.% 9.%..% Source: Deutsche Bank, FactSet. Total Return corresponds to last month. Size.%.%.%.% Product Type Smart Active.%..9%.%.%. 9.%...%.9% Size 9..%.%. Product Type Smart Active.%.%.%.% Source: Deutsche Bank, FactSet. Total Return corresponds to last month. Page 9 9 DM Equity, Broad sector, regional, non levered, # of funds by Large Cap Mid Cap Small Cap Broad Product Type Smart Active Source: Deutsche Bank. Figure : EM s Year Total Returns 9 Large Cap Mid Cap Small Cap Broad Figure : DM s # of Funds in Y sample Source: Deutsche Bank, FactSet. Total Return corresponds to last month. EM Equity, Broad sector, regional, non levered, Y Total Return by Large Cap Mid Cap Small Cap Broad Product Type Smart Active 9 Source: Deutsche Bank. Figure : DM s Year Total Returns DM Equity, Broad sector, regional, non levered, Y Total Return by Large Cap Mid Cap Small Cap Broad US Equity, Broad sector, non levered, # of funds by Size Product Type Smart Active.%.%.% 9.%.%.% 9..%..%.% Figure : EM s # of Funds in Y sample.%.% 9.% 9.% EM Equity, Broad sector, regional, non levered, # of funds by Large Cap Mid Cap Small Cap Broad Size Size US Equity, Broad sector, non levered, Y Total Return by Large Cap Mid Cap Small Cap Broad Size Figure : US s Year Total Returns Product Type Smart Active Source: Deutsche Bank.

25 October Total Expense Ratio XRay Figure : Average TER analysis by asset class and management style TER By Equity Fixed Income Commodity Currency Multi Asset Alternative.%.%.9%.%.%.9%.% Simple Average Smart.%.%.%..%..%.9%.% +.9%.%..9% Active.%.%.%.9%..9%.9%.%.%.%.%.9%.%.%.9%..%.%.%.%. Weighted Average + Smart Active.9%.%.9%.9%.9%.%.9%.%..9%...%.%.9%.%.%.9%.%..%.%.%.%.%.%.% Source: Source: Deutsche Bank, Bloomberg Finance LP. Figure : Selected TER averages for the top Issuers by Simple Average Top Issuers Sep ' BlackRock Vanguard State Street PowerShares Charles Schwab First Trust WisdomTree Guggenheim Inv. VanEck Vectors ProShares FlexShares PIMCO ALPS Deutsche AM DirexionShares,9,,,,99,9,,,, 9,,9,,9,,9 Equity Smart.%.%..%.9%.9%.%.9%.%.%.%.%..%.%.%.%.%.%.%.%.%.9%.%..%.%.% Weighted Average Fixed Income Active.%.9%.%.%.%.%.%.%.%..%.%.%..%.%.9%..%.%.%.%.%.9%.%..%.%.%.%.9%.%.%.%.% Equity Smart.%.%.%.%.%.%.%.%.%...%.%..%.9%.%.9%.%.%.%.%.%..%.%.% Fixed Income Active.%.%..%.%.%....%.%.%..%..%..9%.%..%.%.%.%..%..%.%.%.9%.9%.%.%.9% Source: Deutsche Bank, Bloomberg Finance LP. Page

26 October ETF Statistics Global ETF Assets and Provider Ranking Figure 9: Historical Growth of Global ETP Asset*,,, $billion,,,,,,,,, ' ' '9 ' ' ' ' ' ' ' '* Asia Pacific ($) 9 9 Europe ($) US ($) 99,,,,99,,, US, Europe & Asia Pacific ($),9,9,,,,,9,,9 Europe ( ) ,,,,,,9,,9,,, Number of ETPs** Number of ETPs,, Source: Deutsche Bank, Bloomberg Finance LP. *These figures don't include the ETF markets in the Americas ex US and in the Middle East and Africa regions. data as of the end of last month. Figure : Top Global ETP Provider Ranking and Summary Statics Issuer BlackRock Vanguard State Street PowerShares Nomura Asset Management Deutsche AM Charles Schwab Lyxor Nikko Asset Management First Trust Total Top Others Global Total Current. Share. Share,,,, 9,,9 9,,9,,,,,,,9,9.% 9.%.%.%.%.%..%.%.%.%.%.,,9 9,,, 9,9, 9,,,,,9,,,,.9%.%.%.9%.%.%.%.%..%.%.%. 9 9,9,, Current Month CF Current Month TO YTD CF, 9,,,,9,,,,, 9,9,,9, 9,,,, 9,,,,,, 9,,9,,,,9, 9,,9, 9,,, Source: Deutsche Bank, Bloomberg Finance LP, FactSet. data as of the end of last month. Page

27 October US Historical ETF Trends Figure : Monthly ETF Volume $ growth vs. VIX and ETF Volume,, 9 * Source: Deutsche Bank, Bloomberg Finance LP. ETPs include ETFs and ETVs; ETVs represent about % of ETP assets and track mostly nonequity and nonfixed Income exposures. *YTD data as of the end of last month. ETF CF ETF/MF % Net Cash Flows $million,,, %,, %,, Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of Jul. Mutual Funds only include Long Term Mutual Funds.,,,,, Source: Deutsche Bank, Bloomberg Finance LP. ETF Turnover excludes ETVs and ETNs. Data as of the end of last month., Net Cash Flows $million % MF CF VIX Figure : Net Cash Flows and historical comparison between Active and Passive mgmt style* ETF as % of Mutual Fund Figure : Net Cash Flows and historical comparison between Mutual Funds and ETFs*, ETF % Cash Eqty Jan Aug Mar Oct May Dec Jul Feb9 Sep9 Apr Nov Jun Jan Aug Mar Oct May Dec Jul Feb Sep Apr ETF Turnover ETF trading as % of all US Cash Equity trading and VIX Level (end of month), Monthly ETF Turnover $billion,,,, Others Fixed Income Equity # Funds, Active MF+ETF, Passive / Active % Passive MF+ETF,,,,,,,, Passive as % of Active,,,,,,,,,,,,, Number of ETPs $billion Figure : Annual ETP historical growth in and # of funds Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of Jul. Mutual Funds only include Long Term Mutual Funds. Page

28 October ETF Issuer and Index Provider league tables Figure : ETP Issuer league table (excludes ETN assets) BlackRock Vanguard State Street PowerShares Charles Schwab First Trust WisdomTree Guggenheim Inv. VanEck Vectors ProShares FlexShares PIMCO ALPS Deutsche AM DirexionShares Fidelity Investments Global X Funds Goldman Sachs ETC US Commodity Funds IndexIQ Advisors ETF Securities OppenheimerFunds JPMorgan Victory Capital Mgt. ETFMG KraneShares Columbia Mgmt Pacer Advisors AdvisorShares Trust Principal Financial Millington Securities Virtus Investment John Hancock Inv. Transamerica Franklin Templeton Cambria Funds O'Shares Investments Highland Capital Legg Mason ARK Inv. Mgmt Nationwide Janus Henderson Hartford Funds Empowered Funds Horizons Management Davis Advisors Blue Sky Asset Management Main Management Nuveen Other Assets Under Management Sep ' Fixed Total Equity Cmdty Income,9,. 9,,,,., 9,,.%, 9,9,,99.% 9,9,,,9.%,9 9,9,.%,,,.%,,.%,,,.,9, 9,.9%,,,9,9.%,9,,.%,,9.%,9,.%,,9.%,9,.%,9,.%,,9.%,,,.%,,9.%,,9.%,9,.%,,9.%,9,.%,9 9,.%,,.,,.,,9.,9,.,,. 9, ,.%, Total,9, Top Issuers,,,9, Other,9,,9 9, 9,, 9 9,9 Net Cash Sep ', 9,, 9,9 () () 9 () () (9) () 9 () () () () Flows YTD,,9,,9,,99 (), 9,,9,,9 (,),,9,, () () , 9,99 Turnover # of Funds YTD Sep ' Sep ' New 9,.%,.%,.,.,.%,.%,.%,.% 9,.%,.%.,9.%,.%,.%,9.% 9.%,.%.. 9,.% ,,, Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

29 October Figure : Index Provider league table (excludes ETN assets) Assets Under Management Sep ' Fixed Equity Cmdty Income Top Index Providers S&P Dow Jones Total Other Net Cash Flows Turnover YTD Sep ' Sep ' # of Funds YTD Sep ' New,,.,,,9,,,,,99.% MSCI,9.%,9, 9,9,.% FTSE Russell,.,,,,,9.% Barclays,.%,,,9,. CRSP,.%,,9 9,,.% Nasdaq OMX,.%,,,9 9.% Markit iboxx,.%, 9,9 9,.% Commodity Physical,.%,,9,,.% ICE,9.%,9, 9,,.% WisdomTree,9.%,,.% Active,.%,99,9,.% Morningstar,9.%, 9,,.% NYSE Euronext,.%, (9) (,),.% 9 JPMorgan,.%,,9,9.% BofA Merrill Lynch,.%,,9,.% Market Vectors,.%, 9,9,9.% Alerian,,.%, Deutsche Bank 9,.%,,9 Accretive AM 9,.% 9, Other,.%,,9 9 Total,9,,,,9,, (),9 (9),,,9.% 99 9,.%,.%,9,,,9.%,9, 9,99,,, Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page 9

30 October Monthly Snapshot Figure : ETP Summary Statistics by Asset Class Asset Class Equity Fixed Income Commodities Currency Multi Asset Alternative Total Net Cash Flows YTD Sep ',,,9,,, () () (),, 9,99 Turnover # of Funds Sep ' Sep ' Sep ' Chg % Chg %,, %,, % 9%, % 9,9 % 9%,9 % % %, 9% %, % % %, %, % % %,9 % %, % %, % 9 %,, %,9,.%, YTD New 9 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Figure : ETP Summary Statistics by Management Style (ActivePassive) Passive>Active + Smart Active Total Net Cash Flows YTD Sep ' 9, 9, (),9,,,,, 9,99 Turnover # of Funds Sep ' YTD Sep ' Sep ' Chg % New Chg %,, %,, % % 9 % 9,9 % %, %, % %, % % 9 %, %, % %,, %,9,.%, Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Figure 9: ETP Summary Statistics by Product Type Product Type Asset ocation Cash Management Pseudo Futures Leveraged & Inverse Total Net Cash Flows YTD Sep ',, 9,,, 9 (),, 9,99 Turnover # of Funds Sep ' Sep ' Sep ' Chg % Chg %, % %,, % %, % 9,9 % %,9, % %,99 % %, % % % 9, % %, %,, %,9,.%, YTD New Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

31 October Equity Breakdowns Figure : ETP Summary Statistics by Geographic Focus Global and Developed Market Equities Geographic Focus (Equities) Global Markets Equities Global (reg) Global ex US (reg) Asia Pacific (reg) Asia Pacific ex JP (reg) Total GME Developed Market Equities Global (reg) Global ex US (reg) Global ex JP (reg) Europe & Middle East Europe (reg) Denmark Norway Sweden Switzerland UK Eurozone (Reg) Austria Belgium Finland France Germany Ireland Israel Italy Netherlands Portugal Spain North America North America (reg) Canada US Asia Pacific Pacific (reg) Japan Pacific ex JP (reg) Australia Hong Kong New Zealand Singapore Total DME Total Equities Net Cash Flows YTD Sep ' Turnover Sep ' Chg % Sep ' Chg % # of Funds Sep ' YTD New, (),,9, () 99,9,9,,9, % % % % % %,,9,, % % % % % % % 9 % % % 9, (),, (), 9, % % % %,, % % % % 9 % % 9 () (9) () () () () 9, () (), () 9 () (),,,, % % % 9% % % % % % % 9% % % % % % %, 9,, 9,, 9 9,9 % % % % % % 9% % % % % % % % % % % % % % % % (), () 99,9,, 9% % %,9,,, % % % % % 9 () () () (),,, (,9) () (9) (),99,,,9 99 9,,, % 9% % % % % 9% % %,9,9,9,9,,,,, % % % % % % % % % 9, % % 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

32 October Figure : ETP Summary Statistics by Geographic Focus Emerging Market Equities Geographic Focus (Equities) Emerging Market Equities Global (reg) BRIC (reg) Asia Asia (reg) China China A India Indonesia Malaysia Philippines South Korea Taiwan Thailand Europe Europe (reg) Poland Russia Turkey Greece Middle East & Africa ME & Africa (reg) Middle East (reg) Africa (reg) Egypt South Africa Qatar UAE Latin America Latin America (reg) Brazil Chile Colombia Mexico Peru Frontier Markets Frontier (reg) Argentina Nigeria Pakistan Saudi Arabia Vietnam Total EME Total Equities Net Cash Flows YTD Sep ', Sep ' Chg % # of Funds Sep ' YTD New,9 % % % 9,9 % % % % (9) (),9,,, % % % % % % % % %, 9,,9,,, 9 % % % % % % % % % % % % () () (9), % % %, % % % % () () () () () () () (9) % % % 9% 9% 9 % % % % % 9 (), () (9) 9,, % % % 9% % %,,,9 % % % % % % % (9) 9 (),, 9,9,, % % % % % % % 9,,, % % % % % % %, % (9) () () (9) (),, 9,9 Turnover Sep ' Chg % 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

33 October Figure : ETP Summary Statistics by Size and Market Equities Market Cap Segment (Equities) US Equities Large Cap Mid Cap Small Cap Broad Total US Equities DM Intl Equities Large Cap Mid Cap Small Cap Broad Total DM Intl Equities EM Equities Large Cap Mid Cap Small Cap Broad Total EM Equities Total Equities Net Cash Flows YTD Sep ' Turnover Sep ' Chg % Sep ' Chg % # of Funds Sep ' YTD New,,,,,,, 9,9, 99,9,,,,, % 9% % % % % % % % 99,,9,,,, % % % % % % % % % % 9 9 % % % % %,,,9,,9,,,,, % % % % % % %,,9,, % % % % % % % % % % %,,, 9,,,,9,99,,, % % % % % % %,,9 9,,9,, % % % % % % %, % % % % 9 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Figure : ETP Summary Statistics by Style and Market Equities Style (Equities) US Equities Growth Value Dividend Blend Total US Equities DM Intl Equities Growth Value Dividend Blend Total DM Intl Equities EM Equities Dividend Blend Total EM Equities Total Equities Net Cash Flows YTD Sep ' Turnover Sep ' Chg % Sep ' Chg % # of Funds Sep ' YTD New, (),,, 9,9,, 99,9,,,,9, % % % % % % % % % % 9,9,,,,,, % % % % % % % % % % 9 % % % % % 9 9,9,, % % % % % % %,,,9,, % % % % % % % % 9 % % %,, 9, 9,,,,,,,,,,,, % % % % %,,,9,, % % % % % %, % % % 9 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

34 October Figure : ETP Summary Statistics by Sectors US Equities Sector (US Equities) Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Materials Real Estate Technology Telecom Utilities Theme Overall Total US Equities Net Cash Flows YTD Sep ' 9 (,9) 9,,,,9 (), () (), 9, () () 9,,, 99, Turnover # of Funds Sep ' Sep ' Sep ' Chg % Chg %, % % 9, % % %, % %,9 % % %,9 % % 9, 9% % %,9 %,9 % % %, 9% %, % % %, % %,9 % % %, % %, % %, % %,99 % % %, % %, % % % %,9 % %, 9% %,9 % % % 9 % 9, % % 9% 9, % %,,9 % %, %,, % YTD New 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Commodity Breakdowns Figure : ETP Summary Statistics by Sectors and Sub Sectors Commodity Sector (Commodities) Diversified Broad Agriculture Energy Crude Oil Natural Gas Industrial Metals Precious Metals Gold Silver Platinum Palladium Total Commodities Net Cash Flows YTD Sep ' 9 () () () () (9) () (),,9,,9 (9) () () (),, Turnover # of Funds Sep ' Sep ' Sep ' Chg % Chg % 9 %, % % % % % % % %,9 % %, % % %, % 9%, % % 9% 9 % % % % % % 9 % %, % %, % % %, % %, % % %, % %, % 9% % % 9 % % % % % %, 9%, % YTD New Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

35 October Fixed Income Breakdowns Figure : ETP Summary Statistics by Category Fixed Income Categories (Fixed Income) Broad Convertible Corporates EM debt Inflation International Municipal Preferred Securitized Senior Loans US Treasury Total Fixed Income Net Cash Flows YTD Sep ',, 99,,,, (9) (),,, (),,,,9, Turnover # of Funds Sep ' Sep ' Sep ' Chg % Chg %,9 % %,9 %, % %, % % %, % 9%, % % %, 9% %, % % %,9 % %,9 % % 9 %, % % %, % %, % %, 9% %,9 % %,9 % %, % % %,9 % %, % %, % %, % % 9 % 9,9 %,9 % YTD New 9 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Figure : ETP Summary Statistics by Credit Quality Fixed Income Credit Quality (Fixed Income) Investment Grade High Yield Mixed Total Fixed Income Net Cash Flows YTD Sep ',,,,,,9, Turnover # of Funds Sep ' YTD Sep ' Sep ' Chg % New Chg %, %,9 % % %, %, % % % 9, % %,9 % % % 9 9,9 %,9 % Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Figure : ETP Summary Statistics by Duration Fixed Income Duration (Fixed Income) Short Intermediate Long Broad Set Maturity Total Fixed Income Net Cash Flows YTD Sep ', 9,,,,,9,, 9,,9, Turnover # of Funds Sep ' YTD Sep ' Sep ' Chg % New Chg %, % %, % % %, % %, % %,9 % %, 9% % 9%, %, % 9%, % %, % % % 9,9 %,9 % Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

36 October Top ETFs (includes ETNs) Figure 9: Top by M Total Return Gain (nonlevered) Ticker Name XES PSCE IEZ PXJ OIH IOIL PXI FRAK XOP PXE GRN FXN IEO FCG ULBR SPDR S&P Oil & Gas Equipment & Services ETF PowerShares S&P SmallCap Energy Portfolio ishares U.S. Oil Equipment & Services ETF PowerShares Dynamic Oil & Gas Services Portfolio VanEck Vectors Oil Services ETF IQ Global Oil Small Cap ETF PowerShares DWA Energy Momentum Portfolio VanEck Vectors Unconventional Oil & Gas ETF SPDR S&P Oil & Gas Exploration & Production ETF PowerShares Dynamic Energy Exploration & ipath Global Carbon ETN First Trust Energy AlphaDEX Fund ishares U.S. Oil & Gas Exploration & Production ETF First Trust ISERevere Natural Gas Index Fund VelocityShares Long LIBOR ETN TER.%.9%.%.%.%.%.%.%.%.%.%..%.. Total Return.%.%.9%.%.%.9%.9%.%.%.%..9%.%.%.% Source: Deutsche Bank, FactSet. Total Return corresponds to last month. IEFA TLT GLD IWM VWO VOO XLF HYG VEA VCIT IEMG VTI IEI XLP IJR ishares Core MSCI EAFE ETF ishares + Year Treasury Bond ETF SPDR Gold Shares ishares Russell ETF Vanguard FTSE Emerging Markets ETF Vanguard S&P ETF Financial Select Sector SPDR Fund ishares iboxx $ High Yield Corporate Bond ETF Vanguard FTSE Developed Markets ETF Vanguard IntermediateTerm Corporate Bond ETF ishares Core MSCI Emerging Markets ETF Vanguard Total Stock Market ETF ishares Year Treasury Bond ETF Consumer Staples Select Sector SPDR Fund ishares Core S&P SmallCap ETF TER.%.%...%.%.%.9%.%.%.%.%.%.%.% SPDR S&P ETF ishares Core S&P ETF Vanguard Total Stock Market ETF ishares MSCI EAFE ETF Vanguard S&P ETF Vanguard FTSE Developed Markets ETF Vanguard FTSE Emerging Markets ETF PowerShares QQQ ishares Core U.S. Aggregate Bond ETF ishares Russell ETF ishares Core S&P MidCap ETF ishares iboxx $ Investment Grade Corporate Bond ishares Core MSCI Emerging Markets ETF ishares Russell Value ETF ishares Russell Growth ETF Source: Deutsche Bank, Bloomberg Finance LP. as of the end of last month. Page.9%.%.9%.%.9%.%.%.%.%.%.9%..%.%.% Ticker Name XLI LQD QQQ SPY SVXY USO XIV EWG TNA EWJ VXF XOP UWT VLUE DBJP TER Industrial Select Sector SPDR Fund ishares iboxx $ Investment Grade Corporate Bond PowerShares QQQ SPDR S&P ETF ProShares Short VIX ShortTerm Futures ETF United States Oil Fund LP VelocityShares Daily Inverse VIX ShortTerm ETN ishares MSCI Germany ETF Direxion Daily Small Cap Bull X Shares ishares MSCI Japan ETF Vanguard Extended Market ETF SPDR S&P Oil & Gas Exploration & Production ETF VelocityShares x Long Crude Oil ETN ishares Edge MSCI USA Value Factor ETF Deutsche Xtrackers MSCI Japan CurrencyHedged.%.%..9%.9%.%.%.%.9%.%.%.%..%. Outflows (99) () () () () (9) () () () () (9) (9) () () () Source: Deutsche Bank, Bloomberg Finance LP. Outflows correspond to last month. Figure : Top by SPY IVV VTI EFA VOO VEA VWO QQQ AGG IWM IJH LQD IEMG IWD IWF REX VolMAXX Long VIX Weekly Futures Strategy ETF VelocityShares x Long VSTOXX Futures ETN VelocityShares Daily Long VIX ShortTerm ETN ProShares VIX ShortTerm Futures ETF ipath S&P VIX ShortTerm Futures ETN ipath Dow JonesUBS Nickel Subindex Total Return ipath Dow JonesUBS Platinum Subindex Total ipath Pure Nickel ETN ipath Dow JonesUBS Lead Subindex Total Return ishares MSCI Turkey ETF ETFMG Prime Junior Silver ETF ETFS Physical Platinum Shares United States Gasoline Fund Global X MSCI Greece ETF VanEck Vectors Gold Miners ETF Total Return.% 9.%.%.%.%.%..%. 9.% 9.%.%.%.9%.% Figure : Top by M Outflows Inflows,,,,,,,, Source: Deutsche Bank, Bloomberg Finance LP. Inflows correspond to last month. Ticker Name VMAX EVIX VIIX VIXY VXX JJN PGM NINI LD TUR SILJ PPLT UGA GREK GDX TER Source: Deutsche Bank, FactSet. Total Return corresponds to last month. Figure : Top by M Inflows Ticker Name Figure : Top by M Total Return Loss (nonlevered) Ticker Name Figure : Top by $ Volume traded last month TER.9%.%.%.%.%.%.%..%..%.%.%..,9,9,,9,,,,,,,9,,,9, Ticker Name SPY QQQ IWM EEM XLF VXX TLT GDX GLD EFA IVV XLE EWZ LQD HYG TER SPDR S&P ETF PowerShares QQQ ishares Russell ETF ishares MSCI Emerging Markets ETF Financial Select Sector SPDR Fund ipath S&P VIX ShortTerm Futures ETN ishares + Year Treasury Bond ETF VanEck Vectors Gold Miners ETF SPDR Gold Shares ishares MSCI EAFE ETF ishares Core S&P ETF Energy Select Sector SPDR Fund ishares MSCI Brazil Capped ETF ishares iboxx $ Investment Grade Corporate Bond ishares iboxx $ High Yield Corporate Bond ETF.9%...9%.%.9%.%.%..%.%.%.%.%.9% Volume, 9,,,9 9,,,,,9,,,,,, Source: Deutsche Bank, Bloomberg Finance LP. Volume $ corresponds to total traded last month.

37 October Appendix A: ETN Snapshot Figure : ETN Summary by Asset Class ($ MM) End of %Chg Asset Class Sep Equity Fixed income Commodity Currency Multi Asset Alternative Total,9,,,,9,,, 9.%.9%.%.%.%.% 9.% Cash Flow ($ MM) Sep () () () () (9) Aug YTD () () () () (),, Turnover ($ MM) YTD Chg %.%.%.%.%.%.%.% Sep Aug %Chg,9,,9,, 9,,9,.%.%.%.%..%.% Sep 9 9 # of ETNs End of %Chg.%.%.%...%.% Market Share % # of Turnover ETNs.%.%.%.%..%.% 9.%.%.%..%.%.%.%.%.%.%... Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Figure : ETN Summary by Issuer ($ MM) Issuer Sep Barclays Bank UBS Credit Suisse JPMorgan Citigroup Deutsche Bank Swedish Export CC Goldman Sachs Morgan Stanley BMO Capital Markets VanEck Vectors Guggenheim RBC GAM Total,,,, 9 9, End of,,,, 9 9, Cash Flow ($ MM) %Chg.%.%.%.%.9%.%.%.%.% 9.%.%.%. 9.% Sep () () () () (9) Aug YTD 9 () (), () () (), Turnover ($ MM) YTD Chg %.%.%.%.%.%.9%.% % Sep Aug %Chg,, 9,,,,,,,.%..%.%.%.%.9%.%.%.% 9.%.%.% # of ETNs Sep 9 End of Market Share % %Chg. 9.% %.%.% 9.9%.%.%.%.%.%.%.%.%... # of ETNs Turnover.%.9%.%.%.%.% %.%.%..%.%.%.%.%.%..%.. Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month. Page

38 October Appendix B: ETF List Figure : Global and US Equities Reference list Product Listing Date Type Global Equities ACWI ishares MSCI ACWI ETF Mar US Total Market VTI Vanguard Total Stock Market ETF May S&P (Large Cap) SPY SPDR S&P ETF 9Jan9 DJI DIA SPDR Dow Jones Industrial Average ETF Jan9 NASDAQ QQQ PowerShares QQQ Mar99 Russell Growth IWF ishares Russell Growth ETF May Russell Value IWD ishares Russell Value ETF May S&P (Mid Cap) MDY SPDR S&P MidCap ETF May9 Russell (SM Cap) IWM ishares Russell ETF May Div. Growth VIG Vanguard Dividend Appreciation ETF Apr Div. Yield DVY ishares Select Dividend ETF Nov Div. Yield VYM Vanguard High Dividend Yield ETF Nov Div. Yield & Growth SDY SPDR S&P Dividend ETF Nov Cons. Discretionary XLY Consumer Discretionary Select Sector SPDR Fund Dec9 Hotels, Rest & Leisure PEJ PowerShares Dynamic Leisure and Entertainment Portfol Jun Home Builders XHB SPDR S&P Homebuilders ETF Feb Household Durables ITB ishares U.S. Home Construction ETF May Media PBS PowerShares Dynamic Media Portfolio Jun Retail XRT SPDR S&P Retail ETF Jun Cons. Staples XLP Consumer Staples Select Sector SPDR Fund Dec9 Food Products PBJ PowerShares Dynamic Food & Beverage Portfolio Jun Energy XLE Energy Select Sector SPDR Fund Dec9 Energy Eq. & Serv. OIH Market Vectors Oil Services ETF Feb Energy Eq. & Serv. XES SPDR S&P Oil & Gas Equipment & Services ETF Jun Energy Eq. & Serv. IEZ ishares U.S. Oil Equipment & Services ETF May Energy E&P XOP SPDR S&P Oil & Gas Exploration & Production ETF Jun Energy E&P IEO ishares U.S. Oil & Gas Exploration & Production ETF May MLPs AMLP Alerian MLP ETF Aug Financials XLF Financial Select Sector SPDR Fund Dec9 Large Banks KBWB PowerShares KBW Bank Portfolio Nov Regional Banks KRE SPDR S&P Regional Banking ETF Jun Capital Markets KCE SPDR S&P Capital Markets ETF Nov Insurance KIE SPDR S&P Insurance ETF Nov Healthcare XLV Health Care Select Sector SPDR Fund Dec9 Biotech & Pharma IBB ishares Nasdaq Biotechnology ETF Feb Large Biotech BBH Market Vectors Biotech ETF Nov99 HC Eq. & Supplies IHI ishares U.S. Medical Devices ETF May HC Providers & Serv IHF ishares U.S. Healthcare Providers ETF May Large Pharma PPH Market Vectors Pharmaceutical ETF Feb Industrials XLI Industrial Select Sector SPDR Fund Dec9 Aerospace & Def ITA ishares U.S. Aerospace & Defense ETF May Transportation IYT ishares Transportation Average ETF Oct Materials XLB Materials Select Sector SPDR Fund Dec9 Metals & Mining XME SPDR S&P Metals and Mining ETF Jun Real Estate VNQ Vanguard REIT ETF 9Sep Technology VGT Vanguard Information Technology ETF Jan Comm. Equipment IGN ishares North American TechMultimedia Networking Jul Int. Software & Serv. FDN First Trust Dow Jones Internet Index Fund Jun Semiconductors SMH Market Vectors Semiconductor ETF May Software IGV ishares North American TechSoftware ETF Jul Telecom VOX Vanguard Telecommunication Services ETF 9Sep Utilities XLU Utilities Select Sector SPDR Fund Dec9 Asset Class Ticker ETF Name TER $M.%.%.9%.%....%..%.9%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%..%..%.%..%,9,9, 9,,9,, 9,,9,,,,,,,99,99,, 9,9 9, 9, 9,9 9,99,9,,,99 9,,,,9 9,,9, D ADV Implied $M Liq. $M,,,9,,9, 9,,,9, 9,, , ,,9 9,9 9, , Total Liq. $M,9,,9,,,9,,9 99,9, 9 9,,, 9, 9, 9,, Avg. Bid/Ask Spreads Day $ Day bps Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of Oct. Bid/Ask Spreads are provided only as reference, actual spreads are tradespecific. Product Type: Asset ocation (), Cash Management (), Pseudo Futures (). Page

39 October Figure : International Equities Reference list Product Listing Date Type Asset Class Ticker ETF Name Intl DM Canada Israel Europe Denmark Norway Sweden Switzerland UK Eurozone Austria Belgium Finland France Germany Ireland Italy Netherlands Portugal Spain Japan Pacific ex JP Australia Hong Kong New Zealand Singapore EM Latin America Brazil Chile Colombia Mexico Peru EM Asia China H China A India Indonesia Malaysia Philippines South Korea Taiwan Thailand EM Europe Greece Poland Russia Turkey Middle East Qatar UAE Africa Egypt South Africa Frontier Market Argentina Nigeria Pakistan Vietnam BRIC EFA EWC EIS VGK EDEN NORW EWD EWL EWU EZU EWO EWK EFNL EWQ EWG EIRL EWI EWN PGAL EWP EWJ EPP EWA EWH ENZL EWS EEM ILF EWZ ECH GXG EWW EPU EEMA FXI ASHR INDA EIDO EWM EPHE EWY EWT THD ishares MSCI EAFE ETF ishares MSCI Canada ETF ishares MSCI Israel Capped ETF Vanguard FTSE Europe ETF ishares MSCI Denmark Capped ETF Global X FTSE Norway ETF ishares MSCI Sweden ETF ishares MSCI Switzerland Capped ETF ishares MSCI United Kingdom ETF ishares MSCI Eurozone ETF ishares MSCI Austria Capped ETF ishares MSCI Belgium Capped ETF ishares MSCI Finland Capped ETF ishares MSCI France ETF ishares MSCI Germany ETF ishares MSCI Ireland Capped ETF ishares MSCI Italy Capped ETF ishares MSCI Netherlands ETF Global X FTSE Portugal ETF ishares MSCI Spain Capped ETF ishares MSCI Japan ETF ishares MSCI Pacific ex Japan ETF ishares MSCI Australia ETF ishares MSCI Hong Kong ETF ishares MSCI New Zealand Capped ETF ishares MSCI Singapore ETF ishares MSCI Emerging Markets ETF ishares Latin America ETF ishares MSCI Brazil Capped ETF ishares MSCI Chile Capped ETF Global X FTSE Colombia ETF ishares MSCI Mexico Capped ETF ishares MSCI Peru Capped ETF ishares MSCI Emerging Markets Asia ETF ishares China LargeCap ETF Deutsche Xtrackers Harvest CSI China AShares E ishares MSCI India ETF ishares MSCI Indonesia ETF ishares MSCI Malaysia ETF ishares MSCI Philippines ETF ishares MSCI South Korea Capped ETF ishares MSCI Taiwan ETF ishares MSCI Thailand Capped ETF GREK EPOL RSX TUR Global X FTSE Greece ETF ishares MSCI Poland Capped ETF Market Vectors Russia ETF ishares MSCI Turkey ETF QAT UAE AFK EGPT EZA FM ARGT NGE PAK VNM BKF ishares MSCI Qatar Capped ETF ishares MSCI UAE Capped ETF Market Vectors Africa Index ETF Market Vectors Egypt Index ETF ishares MSCI South Africa ETF ishares MSCI Frontier ETF Global X MSCI Argentina ETF Global X MSCI Nigeria ETF Global X MSCI Pakistan ETF Market Vectors Vietnam ETF ishares MSCI BRIC ETF D ADV Implied $M Liq. $M Total Liq. $M Avg. Bid/Ask Spreads TER $M Aug Mar9 Mar Mar Jan Nov Mar9 Mar9 Mar9 Jul Mar9 Mar9 Jan Mar9 Mar9 May Mar9 Mar9 Nov Mar9 Mar9 Oct Mar9 Mar9 Sep Mar9 Apr Oct Jul Nov 9Feb9 Mar9 Jun9 9Feb Oct Nov Feb May Mar9 9Sep 9May Jun Mar.%.%.%..%..%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.9%.%.%.%.%.9%.9%.%.%.%.%.%.9%.%.%.%.%.%.%.%.%.%,9, 9, 9,,,, 9 9,,,,9 9 9,,9, 99,9 9,,,9, , 9 9,,9 9, 9 9,9,9,,, 9,9 9 9 Dec May Apr Mar.%.%.%.%, May May Jul Feb Feb Sep Mar Apr Apr Aug9 Nov.%.%.%.9%.%.9%.%.%.%.%.9% Day $ Day bps Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of Oct. Bid/Ask Spreads are provided only as reference, actual spreads are tradespecific. Product Type: Asset ocation (), Cash Management (), Pseudo Futures (). Page 9

40 October Figure 9: NonEquity Reference list Product Listing Date Type TER $M D ADV Implied $M Liq. $M Total Liq. $M Avg. Bid/Ask Spreads Asset Class Ticker ETF Name Fixed Income (Broad) AGG ishares Core U.S. Aggregate Bond ETF Sep.%,9..9 US Treasury GOVT ishares Core U.S. Treasury Bond ETF Feb.%,.. Day $ Day bps Very Short SHV ishares Short Treasury Bond ETF Jan.%,..9 Short SHY ishares Year Treasury Bond ETF Jul.%,.. Intermediate IEI ishares Year Treasury Bond ETF Jan.%,.. Long TLT ishares + Year Treasury Bond ETF Jul.%, 99.. US Inflation TIP ishares TIPS Bond ETF Apr.,..9 Municipal MUB ishares National AMTFree Muni Bond ETF 9Sep.% 9,9 9.. Securitized MBB ishares MBS ETF Mar.9%,.. IG Corporates LQD ishares iboxx $ Investment Grade Corporate Bond ETF Jul.%,9.. HY Corporates HYG ishares iboxx $ High Yield Corporate Bond ETF Apr.9%,.. Floater FLOT ishares Floating Rate Bond ETF Jun.,.. Senior Loans BKLN PowerShares Senior Loan Portfolio Mar.%,.. Preferred F ishares U.S. Preferred Stock ETF Mar.%,.. Convertible CWB SPDR Barclays Convertible Securities ETF Apr9.,.. Intl DM Debt BWX SPDR Barclays International Treasury Bond ETF Oct.,.. Intl Inflation WIP SPDR DB International Government InflationProtected 9Mar. 9.. EM Gov Debt USD EMB ishares J.P. Morgan USD Emerging Markets Bond ETF Dec., 9.. EM Gov Debt Local EMLC Market Vectors Emerging Markets Local Currency Bon Jul.%,.. EM Corp USD EMCB WisdomTree Emerging Markets Corporate Bond Fund Mar... EM HY Corp USD HYEM Market Vectors Emerging Markets High Yield Bond ET 9May... Commodities DBC PowerShares DB Commodity Index Tracking Fund Feb.9%, 9.. Energy Cmdty DBE PowerShares DB Energy Fund Jan.%..9 Crude Oil WTI USO United States Oil Fund LP Apr.%,. 9. Natural Gas UNG United States Natural Gas Fund LP Apr.% 9.. Agriculture DBA PowerShares DB Agriculture Fund Jan.9%.. Industrial Metals DBB PowerShares DB Base Metals Fund Jan.% 9.. Precious Metals DBP PowerShares DB Precious Metals Fund Jan.%..9 Gold Physical GLD SPDR Gold Shares Nov.,.. Silver Physical SLV ishares Silver Trust Apr., 9.. Platinum Physical PPLT ETFS Physical Platinum Shares Jan... Palladium Physical PALL ETFS Physical Palladium Shares Jan... Bull USD UUP PowerShares DB US Dollar Index Bullish Fund Feb. 9.. JPYUSD FXY CurrencyShares Japanese Yen Trust Feb... EURUSD FXE CurrencyShares Euro Currency Trust Dec... Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of Oct. Bid/Ask Spreads are provided only as reference, actual spreads are tradespecific. Product Type: Asset ocation (), Cash Management (), Pseudo Futures (). Page

41 October Appendix C: Definitions ETP Universe Definitions ExchangeTraded Products (ETPs) We define an exchangetraded product (ETP) as a secure (funded or collateralized) openended exchangetraded equity with no embedded optionality and marketwide appeal to investors. This includes exchange traded funds (ETF), and exchangetraded vehicles (ETV). The vast majority of instruments are ETFs (~9% in ). ExchangeTraded Funds (ETFs) ETFs are openended funds which are listed on an exchange and offer intraday dual liquidity to access diversified investments in a transparent, cheap, and tax efficient way. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of 9. Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. 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 9 and not the Investment Company Act of 9, 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. Management Style or Product Strategy Definitions This is the main group with the largest number of products and assets. Within this category we account for all those ETFs that track an index which employs a market capitalization weighting methodology, and a simple selection methodology usually involving screenings such as minimum market cap and liquidity levels, or profitability levels. ETFs in this group are also referred to as plainvanilla ETFs. Some examples of indices falling within this category are: S&P, S&P, S&P, MSCI EAFE, MSCI EM, Russell, and Russell, to name a few. + In this group we include every product that offers any level of leverage or inverse implementation. For example, an ETF offering access to twice the daily returns of the S&P on either direction (long or short) would be classified under this category. Active Classifying products in this group is still easy; basically if the ETF doesn t track any index then we classify the fund as active. Enhanced (aka Smart ) This category is reserved for those ETFs that also track an index, but which follow more elaborated strategies. After defining an index universe, there are two main levers that determine most of the risk/return profile of the index: () Page

42 October the selection criteria, and () the weighting criteria. In their selection process, enhanced beta ETFs usually employ additional screening processes and scoring systems involving multiple factors beyond just minimum market cap and liquidity levels. For example, they could include growth or value scores, dividends paid or dividend yield, earnings, volatility, or momentum screens, to name a few. The weighting methodology of enhanced beta ETFs is usually anything but market cap weighted, it can include simple equal weighting or variations of it, optimized weights, and other metricspecific weights such as those based on dividends paid, inverse volatility, dividend yield, fundamental multi factor scores, earnings, and revenues, to name a few. An enhanced beta ETF will either have a nontraditional selection methodology, a nontraditional weighting methodology, or a combination of both. Product Type Definitions Asset ocation ETFs This group covers all ETFs with exception of levered and inverse products. These are usually good products for market access strategies, portfolio completion, and core positions. They are also efficient building blocks for multi asset strategies. When selecting these products, major emphasis should be set on the desired exposure, tracking efficiency, primary liquidity (i.e. the liquidity of the underlying basket), and cost. Cash Management ETFs This group covers a more selected group of ETFs which in addition to being good asset allocation tools, also serves a series of cash management portfolio needs. For example, these products are very good for equitizing cash between transitions, around reporting periods (window dressing), and during tax loss harvesting. These ETFs usually have good liquidity, large fund size, and low cost, all of which makes it easier to execute sizeable shortterm transactions, therefore secondary market liquidity and fund size tend to be a more relevant factor compared to asset allocation ETFs. The most popular asset allocation usage of these funds is as core building blocks. Pseudo Futures ETFs This group covers an even more selected sample of ETFs which in addition to being good asset allocation and cash management tools can also be used for fulfilling risk management functions such as risk hedging, portable alpha strategies, or tactical shorts. Many times they also trade at a cheaper level than their underlying basket, and offer large amounts of liquidity which can make them attractive for market making activities as well. Secondary and short liquidity (ease to borrow), and fund size tend to be more relevant characteristics at the moment of selecting this type of ETFs. There is usually no more than one pseudo futures ETF per asset class. The most popular asset allocation usage of these funds is among portfolios that require more liquidity given their size or more tactical nature. Page

43 October Figure : Selection Criteria depending on intended ETF usage Criteria Secondary Liquidity (quantity) Secondary Liquidity (cost) Primary Liquidity Short Liquidity (quantity) Short Liquidity (cost) Size Ownership: Brokers+Hedge Funds Mutual Funds+Pension Funds Invest. Adviser+Private Bank/WM+Retail Flow Activity Cost Exposure/Benchmark Tracking efficiency to Index Tracking efficiency to NAV Product Provider Measured by Avg. Daily Value traded in $ Avg. Bid/Ask Spreads Implied liquidity of basket Short Interest/ s. Out. % Avg. Borrow Rate $ Source FactSet Bloomberg Finance LP Bloomberg Finance LP Bloomberg Finance LP Deutsche Bank Bloomberg Finance LP Pseudo Futures More Relevant More Relevant Less Relevant More Relevant More Relevant More Relevant Cash Mgmt More Relevant More Relevant Less Relevant Less Relevant Less Relevant More Relevant Asset ocation Less Relevant Less Relevant More Relevant Less Relevant Less Relevant Less Relevant Ownership % Ownership % Ownership % Abs(Daily Flows Median) $ Total Expense Ratio Investor's objective NAVIndex Performance dif. PriceNAV premium/discounts Assets, products, years FactSet FactSet FactSet Bloomberg Finance LP ETF Issuer Investor Bloomberg Finance LP Bloomberg Finance LP Combination of above More Relevant Relevant Less Relevant More Relevant Less Relevant Relevant Less Relevant Less Relevant Less Relevant Relevant More Relevant Less Relevant Less Relevant Relevant Relevant Relevant Relevant Less Relevant Less Relevant Relevant More Relevant Less Relevant More Relevant More Relevant More Relevant More Relevant Relevant Source: Deutsche Bank. Page

44 October The authors of this report wish to acknowledge the contribution made by Alfonso Delgado Valdivia, employee of Evalueserve, a thirdparty provider of offshore research support services to Deutsche Bank. Page

45 October Appendix Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure lookup page on our website at Aside from within this report, important conflict disclosures can also be found at under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Hallie Martin, Srineel Jalagani 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. Page