Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 9 November 2015 Fixed Income Dominates ETF Flows Data in this report is as of 30th October 2015 European ETP Highlights As of the end of October 2015, global ETP assets stood at $2.9 trillion with European ETP assets at $514bn ( 465bn). European ETPs had another good month with net inflows of + 6.4bn in October (+ 1.8bn in the prev. month). Fixed Income ETFs led the charge with notable inflows of + 3.5bn followed by Equity ETFs (+ 2.5bn) over the last month. Commodity ETPs listed in Europe reversed previous month s trend and recorded inflows of + 0.4bn during the same period. Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows Investors trading European-listed ETPs were net buyers of broad emerging market focused ETFs. We observed net demand of + 0.9bn into emerging market equities during October. Authors Anil Gademsetty, CFA Strategist (+44) 20 754-52198 anil-kumar.gademsetty@db.com Team Contacts Shan Lan Strategist (+852) 22036716 shan.lan@db.com Sebastian Mercado Strategist (+1) 212 250-8690 sebastian.mercado@db.com European equity exposure ETFs continued the positive run in October and attracted investors from Europe and the US. Where European-listed ETFs were concerned, we observed monthly inflows of + 0.5bn (+ 20.6bn YTD inflows) into European equities in Oct 15. US-listed ETFs providing exposure to European equities registered monthly inflows of +$2.3bn bringing YTD total to over +$32.4bn. Investors remained bullish on the Energy sector and put + 0.1bn of new money into Energy-sector ETFs during October (+ 0.2bn inflows in Sep 15). Short and Leverage Long focused ETFs lost momentum and experienced outflows of - 0.4bn and - 0.2bn, respectively, over the same period. European ETF flows dominated by Fixed Income ETFs Fixed income ETF flows dominated overall European ETF flows in October recording + 3.5bn inflows vs. the region s overall inflows of + 6.4bn. Within fixed income, investment grade led the flows, attracting + 2.9bn over the last month (+ 20.4bn YTD). High yield bonds reversed previous month s trend and recorded inflows of + 0.7bn in October (- 0.4bn in September & + 3.9bn YTD). European ETFs Turnover (%) increased into overall Cash Equity Turnover into European ETFs has significantly increased since the start of 2015. ETFs turnover (%) vs. the overall Cash Equity market has increased to 9.1% from 7.6% in 2014. Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.
Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 5 Product Launch Activity... 5 Other regions cash flow summary... 6 1. Investment Trends... 7 Cross-Asset Class ETPs... 7 Equity ETFs... 7 Fixed Income ETFs...10 Commodity ETPs...10 2. Market Metrics... 11 ETF Industry Asset Evolution...11 ETFs vs. Cash Equities...14 ETFs vs. Unlisted Mutual Funds...16 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...18 Industry Growth Analysis...20 3. Cash Flow Analysis... 22 Regional Cash Flow Analysis...22 Asset Class Cash Flow Analysis...22 Product Rankings...27 4. Product Review... 29 New Products Launched in the Month...29 Average TERs...32 5. Provider Rankings... 35 Global Provider Rankings...35 European Provider Rankings General...37 European Provider Rankings by Asset Class...41 European Provider Analysis by Replication Method...44 6. Trading Perspective... 45 ETP Monthly Turnover Analysis by Asset Class, by Instrument...45 Asset Class Analysis...45 Product Rankings...50 7. European ETF Exchanges... 55 8. Assets... 58 ETP Monthly AUM Analysis by Asset Class...58 Asset Class Analysis...58 Product Rankings...63 9. ETF Broker rankings... 65 US ETP Broker Rankings...65 European ETP Broker Rankings...67 Appendix A: How we define ETPs... 69 Appendix B: The road from beta to alpha... 70 Page 2 Deutsche Bank AG/London
European Investment Trends Fixed Income and Equity ETFs collected healthy inflows, Commodity comes into positive territory European-listed ETPs brought in + 6.4bn inflows in October dominated by fixed income ETFs receiving + 3.5bn inflows followed by Equity ETFs (+ 2.5bn). Commodity ETPs listed in Europe reversed the previous month s trend and recorded inflows of + 0.4bn over the last month. Year-to-date flows for European-listed ETPs was at + 61.4bn as of the end of October. US-domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep 15) in October taking YTD flows total to +$172bn. Most of the inflows were contributed by equity ETFs registering +$16bn (+$11bn in Sep 15) followed by inflows of +$11.5bn into fixed income ETFs. Commodity ETPs recovered from negative flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct 15. Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows Investors trading European-listed ETPs were net buyers of broad emerging market focused ETFs. We observed net demand of + 0.9bn into emerging market equities during October. US-listed ETFs providing exposure to emerging market equities also registered monthly inflows of +$2.1bn. European equity exposure ETFs continued the positive run in October and attracted investors in Europe and US. Where European-listed ETFs were concerned, we observed monthly inflows of + 0.5bn (+ 20.6bn YTD inflows) into European equities in Oct 15. US-listed ETFs providing exposure to European equities registered monthly inflows of +$2.3bn, bringing YTD total to over +$32.4bn. European equities remained preferred over US equities in October by investors. Investors remained bullish on the Energy sector and put + 0.1bn of new money into Energy-sector ETFs during October (+ 0.2bn inflows in Sep 15). Short and Leverage Long focused ETFs lost momentum and experienced outflows of - 0.4bn and - 0.2bn, respectively, over the same period. European ETF flows dominated by Fixed Income ETFs Fixed income ETF flows dominated overall European ETF flows in October recording + 3.5bn inflows vs. the region s overall inflow of + 6.4bn. Within fixed income, investment grades led the flows attracting + 2.9bn over the last month (+ 20.4bn YTD). High yield bonds reversed the previous month s trend and recorded inflows of + 0.7bn in October (- 0.4bn in September & + 3.9bn YTD). Figure 1 illustrates the monthly trend of flows into fixed income ETFs (breakdown into Investment Grade and High Yield bond ETFs during 2015). Deutsche Bank AG/London Page 3
ETF vs Cash Equity (%) FI Monthly Flows mn 9 November 2015 Figure 1: Monthly Flows into Fixed Income ETFs (Breakdown into IG and HY Bonds during 2015) 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) Investment Grade High Yield European ETFs Turnover (%) increased into overall Cash Equity Turnover into European ETFs has significantly increased since the start of 2015 (YTD). ETFs turnover (%) vs. the overall Cash Equity market has been increased to 9.1% from 7.6% in 2014. Figure 2: ETF vs Cash Equity Turnover (%) 9.5% 9.0% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 2011 2012 2013 2014 2015 ETF (%) in total Cash Equity Inflows into Crude Oil and Gold based ETPs Commodity ETPs reversed the previous month s trend and registered inflows of + 393mn during October (- 256mn in September). This was majorly driven by inflows into Crude oil ETPs (+ 189mn) followed by inflows of + 139mn into Gold-based ETPs. Crude oil ETPs are the most popular commodity ETPs in 2015 attracting + 1.6bn in YTD flows, primarily driven by low oil prices. Page 4 Deutsche Bank AG/London
ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 8.6% (from 8.7% in Sep 15) as of the end of October 2015. The equivalent number for the US market also decreased to 25.1% over the same period (from 28.2% in Sep 15). European ETFs comprised 3.4% of the continent s mutual fund industry as of August 2015. European domiciled ETFs registered inflows of + 9.7bn through August 2015, while UCITS mutual funds registered outflows totalling - 3bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 15.2% of the mutual fund industry as of the end of Sep 15. US domiciled ETFs registered inflows of +$20.4bn in Sep 15, while US mutual funds experienced outflows of -$34bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in October: 12 new launches led by Fixed Income ETFs The European ETP industry registered 12 new products launches during October including 5 Fixed Income, 4 Equity and 3 Commodity ETPs. Equity During October, Wisdom Tree listed 2 new Equity ETFs on London Stock Exchange tracking the performance of WisdomTree Emerging Asia Equity Income Index (DEMA LN) and WisdomTree UK Equity Income Index (WUKD LN) Lyxor listed one new Equity ETF (LYX5 GY) on Deutsche Borse tracking the performance of JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index. Van Eck Funds listed one Equity ETF (MOAT LN) on London Stock Exchange tracking Morningstar Wide Moat Focus Index. Fixed Income Comstage listed 4 new Fixed income ETFs on Deutsche Borse tracking the performance of Commerzbank 10Y US-Treasury Future TR (E570 GY), Commerzbank 10Y US-Treasury Future Short TR (E571 GY), Commerzbank US-Treasury Bond Future Short TR (E572 GY) and Commerzbank US- Treasury Bond Future Double Short TR (E573 GY). Deutsche AWM Listed One new Fixed Income ETF (XDGU GY) on Deutsche Borse tracking the performance of Barclays USD Liquid Investment Grade Corporate Index. 1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg Deutsche Bank AG/London Page 5
Commodity Boost listed 2 Commodity ETCs during October providing 3x (3BRL IM) and -3x (3BRS IM) exposure to NASDAQ Commodity Brent Crude Oil Index. These ETCs were listed on the Borsa Italiana. Comstage listed one new Commodity ETF (C099 GY) on Deutsche Borse tracking the performance of Commerzbank ex-agriculture Monthly EUR Hedged Index. For additional information on new product launches and listings please refer to figures 62 to 64. Other regions cash flow summary US: Equity continued the positive run, fixed income follows US domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep 15) in October taking YTD flows total to +$172bn. Most of the inflows were contributed by equity ETFs registering +$16bn (+$11bn in Sep 15) followed by inflows of +$11.5bn into Fixed income ETFs. Commodity ETPs recovered from negative flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct 15. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$4.8bn), Sector (+$4.4bn), Emerging Markets (+$2.8bn), Style (+$1.9bn) Size (+$1.8bn) and Thematic (-$0.7bn) Sub-segments: Europe DM broad (+$2.3bn), EM Broad (+$2.1bn), Value (+$1.8bn), DM Broad (+$1.6bn) and Leveraged (-$1.8bn). Within fixed income, major inflows were recorded by ETFs benchmarked to Corporates (+$9.3bn) and Sovereign & Corporates (+$1.3bn) bond indices over the last month. Among commodity ETPs, crude oil and gold based ETPs registered inflows of +$0.3bn and +$0.2bn respectively during the month of October. Asia: Outflows from Asian ETPs driven by Japan and money market ETFs, partially offset by inflows into South Korea and China ETFs Asia-Pacific ETPs experienced monthly outflows of -$1bn in October (+$12.2bn in Sep 15) taking YTD total to +$41.1bn. With this, monthly flows average for 2015 stands at +$4.1bn. Equity and fixed income both recorded negative flows over the last month. Within equity, South Korea, China and Japan saw significant flow movement last month. ETFs focusing on South Korea and China saw inflows of +$867mn and +$831mn respectively while Japan focused ETFs saw outflows of -$1.2bn. Beside these, leveraged long (-$1.1bn), short (+$399mn) and leveraged short (+$211mn) saw major flow activity. During Q3, fixed income ETFs gathered healthy inflows (+11.3bn), primarily into China money market ETFs. However in October these ETFs experienced redemptions worth of -$950mn. Flow activity with commodity ETPs remained negligible over the last month. Page 6 Deutsche Bank AG/London
millions millions 9 November 2015 1. Investment Trends3 Cross-Asset Class ETPs Figure 3: Cash flows by asset class YTD ETPs Europe millions 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0-10,000 Figure 4: Cash flows by asset class Month ETPs Europe millions 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0-1,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 5: Top 3 aggregate equity segments YTD 40,000 ETFs Europe Figure 6: Top 3 aggregate equity segments Month 2,500 ETFs Europe 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - (5,000) 2,000 1,500 1,000 500 - (500) (1,000) Developed Markets Strategy Sector Developed Markets Emerging Markets Strategy 3 Investment trends as expressed by cumulative monthly and YTD cash flows Deutsche Bank AG/London Page 7
millions millions millions millions millions millions 9 November 2015 Figure 7: Top 3 DM countries YTD ETFs Europe Figure 8: Top 3 DM countries Month ETFs Europe 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0-1,000-2,000 600 500 400 300 200 100 0-100 -200-300 -400-500 Japan Germany UK Germany US Italy Figure 9: Top 3 DM regions YTD Figure 10: Top 3 DM regions Month ETFs Europe ETFs Europe 25,000 1,200 20,000 1,000 15,000 10,000 5,000 - (5,000) 800 600 400 200 - (200) Europe North America Asia Pacific Europe Global North America Figure 11: Top 3 EM countries YTD Figure 12: Top 3 EM countries Month 1,000 ETFs Europe 150 ETFs Europe 500 100 0 50-500 0-1,000-50 -1,500-100 -2,000-150 -2,500-200 -3,000-250 China India Taiwan Taiwan China Russia Page 8 Deutsche Bank AG/London
millions millions millions millions millions millions 9 November 2015 Figure 13: Top 3 EM regions YTD Figure 14: Top 3 EM regions Month ETFs Europe ETFs Europe 1,000 1,000 500 800-600 400 (500) 200 (1,000) - (1,500) (200) Asia Pacific Europe Global Global Asia Pacific Latin America Figure 15: Top 3 sectors YTD Figure 16: Top 3 sectors Month 2,500 ETFs Europe 300 ETFs Europe 2,000 250 200 1,500 150 100 1,000 50 500 - (50) - (100) (150) (500) (200) Financials Energy Telecommunication Services Energy Consumer Staples Consumer Discretionary Figure 17: Top 3 strategy segments YTD ETFs Europe 3,000 2,500 2,000 1,500 1,000 500 - (500) Figure 18: Top 3 strategy segments Month ETFs Europe 300 200 100 - (100) (200) (300) (400) (500) (600) (700) Quantitative Fundamental Short Short Leveraged Long Quantitative Deutsche Bank AG/London Page 9
millions millions millions millions millions millions 9 November 2015 Fixed Income ETFs Figure 19: Top 3 aggregate fixed income segments YTD ETFs Europe 25,000 20,000 15,000 10,000 5,000 0 Figure 20: Top 3 aggregate fixed income segments Month ETFs Europe 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0-500 -1,000 Corporates Sovereign Overall Sovereign Corporates Overall Commodity ETPs Figure 21: Top 3 aggregate commodity segments YTD ETPs Europe 3,000 2,500 2,000 1,500 Figure 22: Top 3 aggregate commodity segments Month ETPs Europe 500 400 300 1,000 500 0 200 100-500 -1,000-1,500 0-100 Energy Precious Metals Overall Energy Overall Precious Metals Figure 23: Top 5 commodity sub-segments YTD ETPs Europe 3,000 2,500 2,000 1,500 1,000 500 0-500 -1,000-1,500 Figure 24: Top 5 commodity sub-segments Month ETPs Europe 600 500 400 300 200 100 0-100 -200 Crude Oil Gold Commodity Overall Copper Energy Overall Crude Oil Commodity Overall Gold Copper Palladium Page 10 Deutsche Bank AG/London
$ billion Number of ETPs $ billion Number of ETPs 9 November 2015 2. Market Metrics ETF Industry Asset Evolution Figure 25: Global ETP regional asset growth ETPs Global 3,500 5,000 3,000 2,500 2,000 1,500 1,000 500 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015** Asia Pacific ($) 34.8 39.9 42.8 48.4 60.8 53.4 65.7 85.6 91.3 136.0 169.0 202.2 249.8 Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 458.4 513.6 US ($) 149.9 225.9 306.0 429.3 583.2 558.0 781.5 994.9 1,046.4 1,333.5 1,677.9 1,979.1 2,111.3 US, Europe & Asia Pacific ($) 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,639.7 2,874.6 Europe ( ) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 378.9 464.9 Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 26: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,500 3,000 2,500 2,000 1,500 1,000 500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015** ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 19.8 ETVs 5.8 8.5 14.0 24.9 34.3 41.7 75.2 101.6 107.1 119.3 63.5 56.7 53.8 ETFs 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.2 2,800.9 Total 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,639.7 2,874.6 Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 11
million Number of ETFs $ billion Number of ETFs 9 November 2015 Figure 27: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 1,500 1,000 500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015** Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 201.8 249.4 Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.1 494.1 US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,922.4 2,057.4 US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.2 2,800.9 Europe ( ) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.0 447.3 Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,773 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 28: European ETF asset growth by asset class ETFs Europe 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015** Other - - - - 96 168 1,078 1,995 1,549 1,620 861 1,410 1,496 Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 13,296 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 111,66 Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,07 320,81 Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,17 362,04 447,27 Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,417 1,473 1,500 1,200 900 600 300 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London
million Number of ETPs million Number of ETPs 9 November 2015 Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50,000 450 360 40,000 30,000 20,000 10,000 270 180 90 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015** Livestock - - 1 21 63 49 67 59 40 17 19 14 Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 496 Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 844 Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,078 2,419 Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 3,877 Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 22,934 Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 30,584 Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 389 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: European ETPs (ETF & ETC) asset growth ETPs Europe 500,000 2,000 450,000 400,000 1,600 350,000 300,000 1,200 250,000 200,000 800 150,000 100,000 400 50,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015** ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 17,635 ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,04 447,27 Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 378,86 464,91 Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,868 1,913 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 13
billion ETFs vs cash equities $ billion ETFs vs cash equities 9 November 2015 ETFs vs. Cash Equities Figure 31: ETFs vs. cash equities turnover US market ETFs US 9,000 35.0% 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 32: ETFs vs. cash equities turnover European market ETFs Europe 900 12.0% 800 700 600 10.0% 8.0% 500 400 300 200 100 0 6.0% 4.0% 2.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 14 Deutsche Bank AG/London
Figure 33: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x Jan-15 69,583 734,963 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.7x Feb-15 58,143 665,512 8.7% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x Mar-15 75,698 796,097 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x Apr-15 65,644 718,989 9.1% 1,297,812 5,518,235 23.5% 2.6x 7.7x 19.8x May-15 57,277 668,610 8.6% 1,197,595 5,111,824 23.4% 2.7x 7.6x 20.9x Jun-15 67,201 766,139 8.8% 1,420,153 5,762,644 24.6% 2.8x 7.5x 21.1x Jul-15 63,279 702,931 9.0% 1,465,731 6,025,688 24.3% 2.7x 8.6x 23.2x Aug-15 71,128 708,169 10.0% 1,971,994 6,731,171 29.3% 2.9x 9.5x 27.7x Sep-15 58,466 674,930 8.7% 1,692,334 6,003,237 28.2% 3.3x 8.9x 28.9x Oct-15 56,493 656,331 8.6% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.6x Period 2,634,739 34,387,713 7.7% 76,567,710 296,842,611 25.8% 3.4x 8.7x 29.6x Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.7% 3.3x 9.4x 30.6x Total 2015 642,912 7,092,671 9.1% 15,086,655 58,798,270 25.7% 2.8x 8.3x 23.5x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Deutsche Bank AG/London Page 15
Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 9 November 2015 ETFs vs. Unlisted Mutual Funds Figure 34: European ETP vs mutual fund assets ETPs Europe 500 4.2% 450 400 3.7% 350 300 3.2% 250 200 2.7% 150 100 2.2% 50 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15* ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 424 ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.7% 3.6% 3.6% ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 1.7% *Data as of 31-Aug-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 35: European ETP vs mutual fund cash flows ETPs Europe 90 80 70 60 50 40 30 20 10 0-10 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 ETCs -0.77-0.03-0.11-0.13-0.13-0.68-0.13 0.18 0.40 0.13-0.16-0.08 0.38 0.07-0.46-0.12 0.24 0.06 0.90 0.82-0.48 0.07 0.00-0.31-0.51 0.43 ETFs 3.16 0.39 0.99 2.93 2.78 1.64 3.69 3.36 0.88 6.20 4.68 4.20 7.57 5.98-1.78 5.68 4.13 0.06 11.26 10.26 7.18 4.18 0.28 1.68 7.94 9.73 Mutual funds 34.60 0.50 9.40 25.90 20.60 26.80 41.90 50.40 46.70 63.20 48.00 36.90 40.90 32.10 28.10 22.70 30.80 16.10 54.70 71.40 71.40 66.50 51.10 18.10 38.80-3.00 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Page 16 Deutsche Bank AG/London
Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 9 November 2015 Figure 36: US ETP vs mutual fund assets ETPs US 2,500 17.7% 15.7% 2,000 13.7% 1,500 11.7% 9.7% 1,000 7.7% 500 5.7% 3.7% 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 ETFs 954 976 848 939 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 1.7% Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 37: US ETP vs mutual fund cash flows ETPs US 80 60 40 20 0-20 -40-60 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 ETVs -1.18-0.19-0.41-2.47-1.37-3.56-0.93 0.70 0.33-1.24 0.07 0.10 1.16-0.10-1.19-0.46-0.41 0.07 3.67 1.41-0.96-0.42-1.30-0.56-0.76 0.67-0.42 ETFs 41.32-18.25 32.85 28.33 14.22 23.19-14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51-7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36 Mutual funds 10.28-17.17-4.90 10.30 9.10-20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76-3.00 13.76-47.08 25.20 29.05 14.54 5.39 2.96 5.27-18.97-39.13-34.27 Source: Deutsche Bank, Bloomberg Finance LP, ICI Deutsche Bank AG/London Page 17
Number of ETFs AUM ( billion) 9 November 2015 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 38: Historical Composition by ETF Structure ETFs Europe 900 500 800 450 700 600 500 400 300 200 400 350 300 250 200 150 100 100 50 0 - Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 39: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 135,822 74,558 188,495 73,101 234,723 86,092 Fixed Income 45,672 14,773 67,114 19,062 85,694 25,975 Commodity 10,892 3,620 10,027 3,385 9,542 3,754 Others 352 1,175 344 1,065 453 1,043 Total 192,737 94,126 265,980 96,614 330,412 116,864 ETFs (number of products) Equity 421 516 474 523 532 519 Fixed Income 165 161 179 164 195 154 Commodity 23 35 22 27 22 28 Others 9 20 9 20 9 14 Total 618 732 684 734 758 715 Cash Flows ( million) Equity 18,302-3,209 22,993 3,072 2,293 185 Fixed Income 7,760 326 16,880 3,265 2,722 802 Commodity -4,360-697 -1,577 160-81 161 Others 62-231 -34-101 9-17 Total 21,764-3,810 38,263 6,398 4,943 1,130 2013 2014 Oct-15 Page 18 Deutsche Bank AG/London
Figure 40: European ETF AUM by replication method ETFs Europe Figure 41: European ETF flows by replication method ETFs Europe Oct-15 330,412 116,864 Oct-15 4,943 1130 2015 44,781 15,598 2014 265,980 96,614 2014 38,263 6,398 2013 192,737 94,126 2013-3,810 21,764 0% 20% 40% 60% 80% 100% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 42: European ETFs product count by replication method ETFs Europe Figure 43: European Equity ETFs AUM by replication method ETFs Europe Oct-15 758 715 Oct-15 234,723 86,092 2014 684 734 2014 188,495 73,101 2013 618 732 2013 135,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 44: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 45: European Commodity ETFs AUM by replication method ETFs Europe Oct-15 85,694 25,975 Oct-15 9,542 3,754 2014 67,114 19,062 2014 10,027 3,385 2013 45,672 14,773 2013 10,892 3,620 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Deutsche Bank AG/London Page 19
ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 9 November 2015 Industry Growth Analysis Figure 46: Global ETF Industry growth attribution ETFs Global 3.0% 10.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.5% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% 0.1% 0.4% -0.1% -0.1% 0.4% 0.4% 0.6% 0.6% Equity flows 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.2% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7% Price growth 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.0% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% Total growth 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% -8.0% Figure 47: US ETF Industry growth attribution ETFs US 3.5% 10.0% 3.0% 8.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.5% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% 0.3% 0.3% 0.5% 0.6% Equity flows 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% 0.8% -0.2% 0.6% 0.8% Price growth 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% Total growth 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% -8.0% Figure 48: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Other flows -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.2% 0.9% Equity flows 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.2% 0.2% 0.5% 1.4% 1.6% 0.4% 0.6% Price growth 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2% -1.2% 1.0% -3.5% 1.3% -6.4% -2.9% 6.8% Total growth 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% -8.0% Page 20 Deutsche Bank AG/London
ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 9 November 2015 Figure 49: European ETC Industry growth attribution ETCs Europe 8.0% 20.0% 6.0% 15.0% 4.0% 10.0% 2.0% 5.0% 0.0% 0.0% -2.0% -5.0% -4.0% -10.0% -6.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Currency Flows 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1% Commodity Flows -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% -2.7% 2.5% -0.7% 1.9% Price growth 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5% -1.9% 1.9% -3.4% -7.7% 0.6% -2.3% 3.3% Total growth 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8% -1.5% 1.8% -4.9% -10.4% 3.2% -3.1% 5.1% -15.0% Deutsche Bank AG/London Page 21
3. Cash Flow Analysis Regional Cash Flow Analysis Figure 50: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Oct-15 Sep-15 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 15,782 2,757 2,478-154 18,384 10,817 1,622 1,445 7,483 19,923 111,797 40,400 35,978 27,612 179,809 Fixed income 11,533 3,948 3,524-950 14,531 9,594 706 632 4,934 15,234 57,474 27,004 24,283 12,042 96,520 Commodity 12 90 80 48 150 7-157 -140-41 -191 404 95 98 1,312 1,811 Currency -92 0 0 10-82 -17 0 0 16-1 -129-14 -13 127-16 Multi Asset -28 6 6-5 -27-20 -8-7 0-28 298 133 121-6 425 Alternative 14-16 -14 22 21-18 -10-9 -159-187 198-99 -88 28 127 Total 27,221 6,785 6,074-1,028 32,977 20,363 2,153 1,921 12,234 34,750 170,042 67,519 60,379 41,115 278,676 ETCs/ETVs Commodity 500 349 313 0 850-454 -131-117 0-585 1,411 1,405 1,167-22 2,795 Currency -10-15 -14 0-25 -50-22 -20 0-73 20-111 -99 0-91 Alternative 292 0 0 0 292 83 0 0 0 83 671 0 0 0 671 Total 782 335 300 0 1,116-421 -153-137 0-574 2,103 1,294 1,068-22 3,375 ETPs Equity 15,782 2,757 2,478-154 18,384 10,817 1,622 1,445 7,483 19,923 111,797 40,400 35,978 27,612 179,809 Fixed income 11,533 3,948 3,524-950 14,531 9,594 706 632 4,934 15,234 57,474 27,004 24,283 12,042 96,520 Commodity 513 439 393 48 1,000-447 -288-256 -41-775 1,815 1,501 1,265 1,290 4,606 Currency -103-15 -14 10-107 -67-22 -20 16-74 -108-125 -112 127-107 Multi Asset -28 6 6-5 -27-20 -8-7 0-28 298 133 121-6 425 Alternative 306-16 -14 22 313 65-10 -9-159 -104 870-99 -88 28 799 Total 28,003 7,120 6,373-1,028 34,094 19,942 2,000 1,784 12,234 34,175 172,145 68,813 61,448 41,093 282,051 Asset Class Cash Flow Analysis Figure 51: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Oct-15 Sep-15 YTD All figures in million Beta Beta+ Developed Markets 1,283 0 0-2 1,281 1,303 0 0-31 1,272 28,197 0 0-246 27,950 Emerging Markets 823 0 0-1 823-229 0 0 0-229 -1,810 0 0-1 -1,811 Global Markets 300 0 0 0 300-151 0 0 0-151 -637 0 0 0-637 Sector 81 0 0 0 81-61 0 0 0-61 2,658 0 0 0 2,658 Capitalization -16 0 0 0-16 -175 0 0 0-175 1,734 0 0 0 1,734 Strategy 199-667 43 0-425 400 178-46 -51 480 1,843 906 376-108 3,017 Style 220 0 0 0 220 165 0 0 0 165 2,029 0 0 0 2,029 Thematic 214 0 0 0 214 144 0 0 0 144 1,038 0 0 0 1,038 Total equities 3,106-667 43-3 2,478 1,396 178-46 -83 1,445 35,052 906 376-355 35,978 Alpha Total Page 22 Deutsche Bank AG/London
Figure 51A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector 81 0 0 0 81-61 0 0 0-61 2,658 0 0 0 2,658 Consumer discretionary 93 0 0 0 93-108 0 0 0-108 174 0 0 0 174 Consumer staples -98 0 0 0-98 -71 0 0 0-71 54 0 0 0 54 Energy 121 0 0 0 121 210 0 0 0 210 310 0 0 0 310 Financials 60 0 0 0 60 189 0 0 0 189 1,751 0 0 0 1,751 Healthcare -86 0 0 0-86 -146 0 0 0-146 -99 0 0 0-99 Industrials -50 0 0 0-50 -40 0 0 0-40 -8 0 0 0-8 Information Technology 35 0 0 0 35-11 0 0 0-11 85 0 0 0 85 Materials -43 0 0 0-43 -120 0 0 0-120 145 0 0 0 145 Telecommunications 52 0 0 0 52 46 0 0 0 46 205 0 0 0 205 Utilities -4 0 0 0-4 -10 0 0 0-10 42 0 0 0 42 Capitalization -16 0 0 - -16-175 0 0 0-175 1,734 0 0 0 1,734 Large Cap 0 0 0 0 0 3 0 0 0 3-42 0 0 0-42 Mid Cap -26 0 0 0-26 -80 0 0 0-80 634 0 0 0 634 Small Cap 10 0 0 0 10-98 0 0 0-98 1,142 0 0 0 1,142 Strategy 199-667 43 0-425 400 178-46 -51 480 1,843 906 376-108 3,017 Fundamental -5 0 28 0 23 15 0 10 0 26 199 0 390 0 589 Leveraged Long 0-241 0 0-241 0 132 0 0 132 0 79 0 0 79 Leveraged Short 0-25 0 0-25 0-18 0 0-18 0 343 0 0 343 Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Quantitative 204 0 14 0 219 384 0-56 -51 277 1,610 0-14 -108 1,487 Short 0-401 0 0-401 0 64 0 0 64 34 484 0 0 518 Style 220 0 0 0 220 165 0 0 0 165 2,029 0 0 0 2,029 Dividend 90 0 0 0 90 3 0 0 0 3 1,675 0 0 0 1,675 Growth 6 0 0 0 6 19 0 0 0 19 115 0 0 0 115 Value 124 0 0 0 124 143 0 0 0 143 239 0 0 0 239 Thematic 214 0 0 0 214 144 0 0 0 144 1,038 0 0 0 1,038 Commodities 19 0 0 0 19 11 0 0 0 11 159 0 0 0 159 Faith 1 0 0 0 1 3 0 0 0 3-28 0 0 0-28 Other Theme 42 0 0 0 42 74 0 0 0 74 312 0 0 0 312 Sustainability 152 0 0 0 152 56 0 0 0 56 594 0 0 0 594 Total 699-667 43 0 74 473 178-46 -51 554 9,302 906 376-108 10,476 Oct-15 Sep-15 YTD Alpha Total Deutsche Bank AG/London Page 23
Figure 51B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe 1,080 0 0-2 1,078 2,234 0 0-31 2,202 25,760 0 0-246 25,514 Austria 63 0 0 0 63 5 0 0 0 5 35 0 0 0 35 Belgium 1 0 0 0 1 0 0 0 0 0 3 0 0 0 3 Finland 6 0 0 0 6 0 0 0 0 0 10 0 0 0 10 France 21 0 0 0 21 20 0 0 0 20 688 0 0 0 688 Germany 353 0 0 0 353 347 0 0 0 347 2,522 0 0 0 2,522 Greece 2 0 0 0 2 3 0 0 0 3 64 0 0 0 64 Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Italy 147 0 0 0 147 210 0 0 0 210 401 0 0 0 401 Netherlands -1 0 0 0-1 23 0 0 0 23 127 0 0 0 127 Norway 4 0 0 0 4 0 0 0 0 0-28 0 0 0-28 Portugal 0 0 0 0 0 0 0 0 0 0 22 0 0 0 22 Spain -102 0 0 0-102 -65 0 0 0-65 74 0 0 0 74 Sweden 12 0 0 0 12-102 0 0 0-102 -152 0 0 0-152 Switzerland 115 0 0 0 115-30 0 0 0-30 315 0 0 0 315 UK -10 0 0 0-10 205 0 0 0 205 842 0 0 0 842 Europe broad 469 0 0-2 467 1,619 0 0-31 1,587 20,835 0 0-246 20,589 Americas -82 0 0 0-82 89 0 0 0 89-507 0 0 0-507 US -161 0 0 0-161 200 0 0 0 200-90 0 0 0-90 Canada 0 0 0 0 0-4 0 0 0-4 21 0 0 0 21 North America 79 0 0 0 79-107 0 0 0-107 -438 0 0 0-438 Asia 121 0 0 0 121-753 0 0 0-753 3,019 0 0 0 3,019 Australia -6 0 0 0-6 5 0 0 0 5-324 0 0 0-324 Hong Kong 2 0 0 0 2 0 0 0 0 0 139 0 0 0 139 Japan 119 0 0 0 119-775 0 0 0-775 3,309 0 0 0 3,309 Singapore 0 0 0 0 0 6 0 0 0 6 50 0 0 0 50 Asia Pacific broad 7 0 0 0 7 10 0 0 0 10-154 0 0 0-154 Global 164 0 0 0 164-267 0 0 0-267 -75 0 0 0-75 Broad indices 164 0 0 0 164-267 0 0 0-267 -75 0 0 0-75 DM Total 1,283 0 0-2 1,281 1,303 0 0-31 1,272 28,197 0 0-246 27,950 Oct-15 Sep-15 YTD Alpha Total Page 24 Deutsche Bank AG/London
Figure 51C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC 41 0 0-1 40-187 0 0 0-187 -1,747 0 0-1 -1,748 Brazil 16 0 0 0 16 11 0 0 0 11-15 0 0 0-15 Russia -72 0 0-1 -72-25 0 0 0-25 -138 0 0-1 -139 India -2 0 0 0-2 -48 0 0 0-48 465 0 0 0 465 China 98 0 0 0 98-125 0 0 0-125 -2,059 0 0 0-2,059 Latin America 11 0 0 0 11-25 0 0 0-25 -56 0 0 0-56 Chile 0 0 0 0 0-6 0 0 0-6 -3 0 0 0-3 Mexico 0 0 0 0 0-3 0 0 0-3 -76 0 0 0-76 LATAM broad 11 0 0 0 11-17 0 0 0-17 24 0 0 0 24 Asia -140 0 0 0-140 -54 0 0 0-54 145 0 0 0 145 Bangladesh 0 0 0 0 0-1 0 0 0-1 2 0 0 0 2 Indonesia 0 0 0 0 0-7 0 0 0-7 -14 0 0 0-14 Malaysia 2 0 0 0 2 1 0 0 0 1-20 0 0 0-20 Pakistan -4 0 0 0-4 -2 0 0 0-2 -3 0 0 0-3 Philippines 0 0 0 0 0-2 0 0 0-2 -22 0 0 0-22 South Korea -8 0 0 0-8 -48 0 0 0-48 103 0 0 0 103 Taiwan -118 0 0 0-118 11 0 0 0 11-212 0 0 0-212 Thailand 0 0 0 0 0-6 0 0 0-6 -26 0 0 0-26 Vietnam 6 0 0 0 6 1 0 0 0 1 45 0 0 0 45 Asia Pacific broad -19 0 0 0-19 -1 0 0 0-1 292 0 0 0 292 EMEA -1 0 0 0-1 -7 0 0 0-7 -42 0 0 0-42 Kuwait -1 0 0 0-1 -1 0 0 0-1 1 0 0 0 1 Poland -3 0 0 0-3 3 0 0 0 3 33 0 0 0 33 South Africa 5 0 0 0 5 1 0 0 0 1-1 0 0 0-1 Turkey -8 0 0 0-8 -5 0 0 0-5 26 0 0 0 26 Europe broad 5 0 0 0 5-6 0 0 0-6 -149 0 0 0-149 Middle East & Africa 3 0 0 0 3 1 0 0 0 1 47 0 0 0 47 Global Markets 912 0 0 0 912 44 0 0 0 44-110 0 0 0-110 Global 912 0 0 0 912 44 0 0 0 44-110 0 0 0-110 EM Total 823 0 0-1 823-229 0 0 0-229 -1,810 0 0-1 -1,811 Total (EM + DM) 2,107 0 0-3 2,104 1,074 0 0-31 1,043 26,387 0 0-247 26,139 Oct-15 Sep-15 YTD Alpha Total Figure 52: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Oct-15 Sep-15 YTD All figures in million Beta Beta+ Overall 45 0 0 272 317 72 0 0 200 273 580 0 0 1,464 2,044 Corporates 1,453 0 0 4 1,457-217 0 0 24-194 11,211 0 0 171 11,382 Covered Bonds -135 0 0-35 -170 57 0 0-6 52-316 0 0-56 -372 Credit Exposure -2-7 0 0-10 -39-8 0 0-47 39 20 0 0 60 Sovereign 1,998-11 0-4 1,983 518 68 0-1 585 9,560 535 0-169 9,927 Money Market -53 0 0 0-53 -38 0 0 0-38 1,243 0 0 0 1,243 Total Fixed Income 3,305-18 0 237 3,524 353 61 0 218 632 22,317 556 0 1,410 24,283 Alpha Total Deutsche Bank AG/London Page 25
Figure 53: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Oct-15 Sep-15 YTD All figures in million Beta Beta+ Overall 141-1 1 0 141-74 0 2 0-72 715 1 3 0 719 Overall 147-1 1 0 147-74 0 2 0-72 732 1 3 0 736 Overall ex Energy -5 0 0 0-5 0 0 0 0 0-18 0 0 0-18 Overall Light Energy 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Agriculture 20-12 0 0 9 10 5 0 0 15 37 33 0 0 70 Overall 28 0 0 0 28 7 0 0 0 7 14 0 0 0 14 Cocoa -1 0 0 0-1 1 0 0 0 1 0-1 0 0-1 Coffee 0 1 0 0 2 2 4 0 0 7 32 33 0 0 65 Corn 1-1 0 0 1 1 1 0 0 2-4 -1 0 0-5 Cotton -1 0 0 0-2 -1 0 0 0-1 -6-4 0 0-9 Grains 0 0 0 0 0 1 0 0 0 1 3 0 0 0 3 Softs 0 0 0 0 0 0 1 0 0 0-1 0 0 0-1 Soybean Oil 0 0 0 0 0 0 0 0 0 0-1 -1 0 0-2 Soybeans 0 0 0 0-1 0 0 0 0 0-8 -1 0 0-8 Sugar -6-8 0 0-15 1-2 0 0-1 17 5 0 0 22 Wheat -2-2 0 0-4 -2 1 0 0-1 -9 2 0 0-7 Energy 154 74 0 0 228 23 0 0 0 23 1,293 487 0 0 1,780 Overall 9 0 0 0 10 34 0 0 0 34 97 1 0 0 98 Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Crude Oil 142 47 0 0 189-8 -5 0 0-13 1,172 413 0 0 1,585 Gasoline 0 0 0 0 0-1 0 0 0-1 4 1 0 0 5 Heating Oil -1 0 0 0 0 0 0 0 0 0 3 1 0 0 3 Natural Gas 4 26 0 0 31-1 4 0 0 3 17 71 0 0 89 Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Industrial Metals -25-33 0 0-58 23 5 0 0 27-126 -39 0 0-165 Overall -3-1 0 0-4 7 1 0 0 8-34 -18 0 0-52 Aluminium -8 1 0 0-7 7-1 0 0 6 19 1 0 0 20 Copper -13-32 0 0-45 7 4 0 0 11-84 -36 0 0-120 Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nickel -1-1 0 0-2 0 1 0 0 2-26 13 0 0-12 Tin 0 0 0 0 0 0-1 0 0 0 0 0 0 0 0 Zinc -1 0 0 0-1 0 0 0 0 1-2 0 0 0-2 Precious Metals 93-18 0 0 74-247 -3 0 0-250 -981-155 0 0-1,136 Overall 4 0 0 0 4 8 0 0 0 8 4 0 0 0 4 Gold 147-8 0 0 139-204 -1 0 0-204 -882-111 0 0-993 Palladium -37 0 0 0-38 -38 0 0 0-38 -95 0 0 0-95 Platinum -11-1 0 0-12 -16 0 0 0-16 -86 2 0 0-84 Rhodium 0 0 0 0 0 0 0 0 0 0-4 0 0 0-4 Silver -10-9 0 0-20 3-3 0 0 0 81-46 0 0 35 Livestock -1 0 0 0-1 -1 0 0 0-1 -3 0 0 0-3 Overall 0 0 0 0 0 0 0 0 0 0-3 0 0 0-3 Cattle 0 0 0 0 0 0 0 0 0 0-1 -1 0 0-2 Lean Hogs -1 0 0 0-1 0 0 0 0 0 1 0 0 0 2 Total 383 9 1 0 393-265 7 2 0-256 936 326 3 0 1,265 Alpha Total Page 26 Deutsche Bank AG/London
Product Rankings Figure 54: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 462.0 46.6 1,169.5 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta 411.3 31.5 904.6 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 277.3 265.6 1,807.7 ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 271.4 105.7 728.4 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 218.0-91.1 1,831.3 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 206.4 73.4-582.2 Lyxor ETF S&P 500 LYPS GR Lyxor Beta 171.0-15.0 365.7 Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 145.7 100.8 895.4 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 135.8 4.3 1,330.1 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW UBS Beta 130.2 8.2 93.9 YTD Flows Figure 55: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 374.4 60.1 367.2 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 341.5-223.1 1,244.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 323.0 52.8 1,441.1 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 217.5 194.9 1,216.9 ishares Italy Government Bond UCITS ETF SITB LN BlackRock Beta 174.6 66.0 550.0 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 173.8-46.8 581.5 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 173.1 17.6 1,488.9 ishares ibonds Sep 2018 USD Corporate UCITS ETF EI18 LN BlackRock Beta 168.7 0.0 218.7 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 149.0-229.5 1,290.8 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta 134.9-2.4 134.2 YTD Flows Figure 56: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ETFS WTI Crude Oil CRUD LN ETF Securities Beta 120.2-35.4 546.8 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 87.6 22.1 308.2 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 70.5 0.4 256.3 Gold Bullion Securities GBS LN ETF Securities Beta 60.4 16.4-384.7 ETFS Physical Gold PHAU LN ETF Securities Beta 41.0-173.7-612.2 Lyxor ETF Commodities CRB CRB FP Lyxor Beta 37.3 16.6 187.0 Source Physical Silver P-ETC SSLV LN Source Beta 33.5 0.5 35.8 LGIM Commodity Composite Source ETF LGCF LN Source Beta 33.2 4.3 83.3 ComStage CBK Commodity ex-agriculture Monthly EUR Hedged UCITS ETF C099 GY ComStage Beta 25.3 0.0 25.3 Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 22.6 4.5 54.1 YTD Flows Deutsche Bank AG/London Page 27
Figure 57: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta -290.6 264.0 886.7 UBS-ETF MSCI EMU EMUEUA GR UBS Beta -256.1 28.1 857.1 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta -209.2 75.3 1,105.8 ishares STOXX 600 Food & Beverage (DE) SX3PEX GR BlackRock Beta -175.9 2.9 20.7 Amundi ETF MSCI USA UCITS ETF CU2 FP Amundi Beta -174.7-13.1 463.8 ishares MSCI Taiwan UCITS ETF ITWN LN BlackRock Beta -118.9 11.6-133.8 db x-trackers S&P 500 Inverse Daily UCITS ETF DXS3 GY Deutsche AWM Beta+ -116.6-36.5-61.7 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ -101.4 22.7-32.3 UBS ETFs plc - MSCI USA TRN Index SF USD-A UIQM GR UBS Beta -96.2 3.6-175.8 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -89.1-180.3-3,436.6 YTD Flows Figure 58: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Think iboxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. Beta -327.9 36.3 32.8 Think iboxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. Beta -155.8 37.3 40.2 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta -145.2-373.5-622.2 Think iboxx AAA-AA Government Bond Tracker TAT NA ThinkCapital ETFs N.V. Beta -107.9 25.5-3.8 Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -75.7-41.8 0.4 Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta -68.4-52.4-50.7 SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF SYBW GY State Street Beta -68.0-21.9-92.3 Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta -63.7 0.0-27.9 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta -48.2 1.0 676.6 db x-trackers II Short iboxx Euro Sovereigns Eurozone TR UCITS ETF XSGL GR Deutsche AWM Beta -43.7 0.4 37.3 YTD Flows Figure 59: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ETFS Physical Palladium PHPD LN ETF Securities Beta -32.1-26.0-74.4 ETFS Daily Short Copper SCOP LN ETF Securities Beta+ -31.6 3.5-42.2 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta -27.0-41.3-152.8 db Physical Gold ETC XGLD LN Deutsche AWM Beta -20.1 0.0-72.6 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta -17.6-2.2-92.4 ETFS Physical Silver PHAG LN ETF Securities Beta -16.2 5.9 98.5 ETFS Copper COPA LN ETF Securities Beta -13.4 6.8-86.0 JB Physical Palladium-A USD JBPAUA SW Julius Baer Inv Beta -13.2-0.6 3.3 UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta -11.4-40.8 166.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta -8.5-27.3-143.1 YTD Flows Page 28 Deutsche Bank AG/London
4. Product Review New Products Launched in the Month Figure 60: Number of ETPs by Asset Class ETPs Global Oct-15 Sep-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2,861 66.6% 2,834 27 66.4% 2,579 282 64.5% Fixed income 692 16.1% 689 3 16.2% 664 28 16.6% Commodity 110 2.6% 109 1 2.6% 107 3 2.7% Currency 15 0.3% 15-0.4% 17 (2) 0.4% Multi Asset 43 1.0% 44 (1) 1.0% 45 (2) 1.1% Alternative 52 1.2% 53 (1) 1.2% 48 4 1.2% Total 3,773 87.8% 3,744 29 87.8% 3,460 313 86.6% ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity 402 9.4% 400 2 9.4% 406 (4) 10.2% Currency 118 2.7% 118-2.8% 126 (8) 3.2% Alternative 4 0.1% 4-0.1% 4-0.1% Total 524 12.2% 522 2 12.2% 536 (12) 13.4% Total ETPs 4,297 100.0% 4,266 31 100.0% 3,996 301 100.0% Figure 61: Number of ETPs by Asset Class ETPs Europe Oct-15 Sep-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1,051 54.9% 1,049 2 0.1% 998 53 2.8% Fixed income 349 18.2% 347 2 0.1% 341 8 0.4% Commodity 50 2.6% 49 1 0.1% 49 1 0.1% Currency - 0.0% 0-0.0% 1 (1) -0.1% Multi Asset 8 0.4% 8-0.0% 8-0.0% Alternative 15 0.8% 16 (1) -0.1% 20 (5) -0.3% Total 1,473 77.0% 1,469 4 0.2% 1,417 56 3.0% ETCs Commodity 339 17.7% 337 2 0.1% 342 (3) -0.2% Currency 101 5.3% 101-0.0% 109 (8) -0.4% Total 440 23.0% 438 2 0.1% 451 (11) -0.6% Total ETPs 1,913 100.0% 1,907 6 0.3% 1,868 45 2.4% Deutsche Bank AG/London Page 29
Page 30 Deutsche Bank AG/London Figure 62: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 8-Oct-15 WUKD LN WUKD.L WisdomTree WisdomTree UK Equity Income UCITS ETF Equity Beta Dividend DM WisdomTree UK Equity Income Index 1L 0.29% London SE 9-Oct-15 DEMA LN DEMA.L WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% London SE 9-Oct-15 LYX5 GY LYX5.DE Lyxor Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR Equity Beta Quantitative DM JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L 0.40% Deutsche Borse 14-Oct-15 XDGU GY XDGU.DE Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% Deutsche Borse 15-Oct-15 E570 GY E570.DE ComStage ComStage CBK 10Y US-Treasury Future TR UCITS ETF Fixed Income Beta Overall DM Commerzbank 10Y US-Treasury Future TR 1L 0.20% Deutsche Borse 15-Oct-15 E571 GY E571.DE ComStage ComStage CBK 10Y US-Treasury Future Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank 10Y US-Treasury Future Short TR 1S 0.20% Deutsche Borse 15-Oct-15 E572 GY E572.DE ComStage ComStage CBK U.S. Treasury Bond Future Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank US-Treasury Bond Future Short TR 1S 0.20% Deutsche Borse 15-Oct-15 E573 GY E573.DE ComStage ComStage CBK U.S. Treasury Bond Future Double Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank US-Treasury Bond Future Double Short TR 2S 0.20% Deutsche Borse 15-Oct-15 C099 GY C099.DE ComStage ComStage CBK Commodity ex-agriculture Monthly EUR Hedged UCITS ETF Commodity Beta Overall DM Commerzbank ex-agriculture Monthly EUR Hedged Index 1L 0.35% Deutsche Borse 28-Oct-15 MOAT LN MOAT.L Van Eck Funds Market Vectors Morningstar US Wide Moat UCITS ETF Equity Beta Other Theme DM Morningstar Wide Moat Focus 1L 0.49% London SE Cross-Listings & share classes 1-Oct-15 EUMVD SW EUMVD.S Ossiam Ossiam ETF ISTOXX Europe Minimum Variance NR 1D Equity Semi Active Quantitative DM Ossiam Europe Minimum Variance Index NR 1L 0.65% Swiss SE 1-Oct-15 CBSUSE SW CBSUSE.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to EUR Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to EUR TR Index 1L 0.25% Swiss SE 2-Oct-15 IFSE SW IFSE.S BlackRock ishares FactorSelect MSCI Europe UCITS ETF Equity Beta Quantitative DM MSCI Europe Diversified Multi-Factor Index 1L 0.45% Swiss SE 2-Oct-15 EMUU SW EMUU.S BlackRock ishares MSCI EMU USD Hedged UCITS ETF Equity Beta Eurozone DM MSCI EMU USD Hdg Net 1L 0.38% Swiss SE 2-Oct-15 IFSW SW IFSW.S BlackRock ishares FactorSelect MSCI World UCITS ETF Equity Beta Quantitative DM MSCI World Diversified Multi-Factor Index 1L 0.50% Swiss SE 2-Oct-15 IFSU SW IFSU.S BlackRock ishares FactorSelect MSCI USA UCITS ETF Equity Beta Quantitative DM MSCI USA Diversified Multi-Factor Index 1L 0.35% Swiss SE 2-Oct-15 CBSUSH SW CBSUSH.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to GBP Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to GBP TR Index 1L 0.25% Swiss SE 5-Oct-15 IEGS LN IEGS.L BlackRock ishares Euro Government Bond 1-3yr UCITS ETF Fixed Income Beta Overall DM BarCap EU Govt 1 to 3 Year Bond 1L 0.20% London SE 5-Oct-15 ACUUKD SW ACUUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To USD Index 1L 0.31% Swiss SE 5-Oct-15 ACEUKD SW ACEUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To EUR Index 1L 0.31% Swiss SE 5-Oct-15 ACGUKD SW ACGUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To GBP Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To GBP Index 1L 0.31% Swiss SE 6-Oct-15 CBSUST SW CBSUST.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to CHF Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to CHF TR Index 1L 0.25% Swiss SE 7-Oct-15 UQLTDF SW UQLTDF.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.25% Swiss SE 7-Oct-15 UTSYDF SW UTSYDF.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.25% Swiss SE 7-Oct-15 UPVLD SW UPVLD.S UBS UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.25% Swiss SE 7-Oct-15 ULOVD SW ULOVD.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.25% Swiss SE 7-Oct-15 UQLTD SW UQLTD.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.25% Swiss SE 7-Oct-15 EPVLD SW EPVLD.S UBS UBS ETF-Factor MSCI EMU Prime Value UCITS ETF Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.28% Swiss SE 7-Oct-15 EQLTDF SW EQLTDF.S UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Swiss SE 7-Oct-15 UTSYD SW UTSYD.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.25% Swiss SE 7-Oct-15 ELOVDF SW ELOVDF.S UBS UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.28% Swiss SE 7-Oct-15 EQLTD SW EQLTD.S UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Swiss SE 7-Oct-15 ETSYDF SW ETSYDF.S UBS UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.28% Swiss SE 7-Oct-15 ETSYD SW ETSYD.S UBS UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.28% Swiss SE 7-Oct-15 UPVLDF SW UPVLDF.S UBS UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.25% Swiss SE 7-Oct-15 ULOVDF SW ULOVDF.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.25% Swiss SE 7-Oct-15 ELOVD SW ELOVD.S UBS UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.28% Swiss SE 9-Oct-15 USIG IM USIG.MI Lyxor Lyxor USD Liquid Investment Grade Corporate Bonds UCITS C-USD Fixed Income Beta Overall DM Markit iboxx USD Liquid Index 1L 0.15% Borsa Italiana 9-Oct-15 DEMP LN DEMP.L WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% London SE 12-Oct-15 USPY GY USPY.DE ETF Securities ETFS ISE Cyber Security GO UCITS ETF Equity Beta Other Theme Overall ISE Cyber Security Index 1L 0.75% Deutsche Borse 13-Oct-15 TPXE FP TPXE.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - EUR Equity Beta Developed non-europe DM TOPIX 1L 0.48% Euronext Paris 13-Oct-15 TPXY FP TPXY.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-europe DM TOPIX 1L 0.48% Euronext Paris 13-Oct-15 TPHG FP TPHG.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP Equity Beta Developed non-europe DM TOPIX 1L 0.48% Euronext Paris 13-Oct-15 TPHU FP TPHU.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD Equity Beta Developed non-europe DM TOPIX 1L 0.48% Euronext Paris Exchange Listed
Deutsche Bank AG/London Page 31 Figure 63: New ETF launches & cross listings ETFs Europe Launch/ cross listing date BBG Ticker Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market flag Benchmark Long /Short/ TER Leverage 14-Oct-15 LYXV LN LYXV.L Lyxor Lyxor J.P. Morgan Europe Value Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Value Factor Long Only Index 1L 0.30% London SE 14-Oct-15 XIEE GY XIEE.DE Deutsche AWM db x-trackers MSCI Europe Index UCITS ETF (DR) Equity Beta Europe DM MSCI Europe 1L 0.30% Deutsche Borse 14-Oct-15 LYXQ LN LYXQ.L Lyxor Lyxor J.P. Morgan Europe Quality Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Quality Factor Long Only Index 1L 0.30% London SE 14-Oct-15 LYXM LN LYXM.L Lyxor Lyxor J.P. Morgan Europe Momentum Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Momentum Factor Long Only Index 1L 0.30% London SE 15-Oct-15 DEMA IM DEMA.MI WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Borsa Italiana 15-Oct-15 WTEA GY WTEA.DE WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Deutsche Borse 15-Oct-15 LYXS LN LYXS.L Lyxor Lyxor J.P. Morgan Europe Low Size Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Low Size Factor Long Only Index 1L 0.30% London SE 15-Oct-15 LYXL LN LYXL.L Lyxor Lyxor J.P. Morgan Europe Low Beta Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Low Beta Factor Long Only Index 1L 0.30% London SE 16-Oct-15 XDGU LN XDGU.L Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% London SE 27-Oct-15 C50U FP C50U.PA Amundi Amundi ETF Euro Stoxx 50 UCITS - USD Equity Beta Eurozone DM Euro STOXX 50 1L 0.15% Euronext Paris 28-Oct-15 LYX5 LN LYX5.L Lyxor Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR Equity Beta Quantitative DM JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L 0.40% London SE 29-Oct-15 MAGI SW MAGI.S State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Multi Asset Beta Moderate Overall Morningstar Global Multi-Asset Infrastructure Index 1L 0.40% Swiss SE 29-Oct-15 SXLY SW SXLY.S State Street SPDR S&P US Consumer Discretionary Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Discretionary Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLP SW SXLP.S State Street SPDR S&P US Consumer Staples Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Staples Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLE SW SXLE.S State Street SPDR S&P US Energy Select Sector UCITS ETF Equity Beta Other Sector DM S&P Energy Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLF SW SXLF.S State Street SPDR S&P US Financials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Financials Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLV SW SXLV.S State Street SPDR S&P US Health Care Select Sector UCITS ETF Equity Beta Other Sector DM S&P Health Care Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLI SW SXLI.S State Street SPDR S&P US Industrials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Industrial Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLB SW SXLB.S State Street SPDR S&P US Materials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Materials Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLK SW SXLK.S State Street SPDR S&P US Technology Select Sector UCITS ETF Equity Beta Other Sector DM S&P Technology Select Sector Index 1L 0.15% Swiss SE 29-Oct-15 SXLU SW SXLU.S State Street SPDR S&P US Utilities Select Sector UCITS ETF Equity Beta Other Sector DM S&P Utilities Select Sector Index 1L 0.15% Swiss SE Exchange Listed Figure 64: New ETC launches & cross listings ETCs Europe Launch/ cross listing date BBG Ticker Cross-Listings & share classes Reuters Code Issuer ETC Name Asset class Long Invest. Strategy Focus Benchmark /Short/ Leverage TER Exchange Listed 16-Oct-15 3BRL IM 3BRL.MI Boost Boost Brent Oil 3x Leverage Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3L 0.99% Borsa Italiana 16-Oct-15 3BRS IM 3BRS.MI Boost Boost Brent Oil 3x Short Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3S 0.99% Borsa Italiana
Average TERs Figure 65: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.75% 2 1.48% 3 1.19% 5 Beta 0.39% 512 0.42% 439 0.40% 951 Beta+ 0.50% 2 0.51% 59 0.51% 61 Semi Active 0.54% 16 0.55% 18 0.54% 34 0.40% 532 0.44% 519 0.42% 1,051 Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10 Beta 0.24% 187 0.19% 133 0.22% 320 Beta+ NA NA 0.23% 19 0.23% 19 0.26% 195 0.20% 154 0.23% 349 Alternative Alpha NA NA 0.67% 4 0.67% 4 Beta 0.75% 2 0.70% 2 0.73% 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% 1 0.57% 6 0.54% 7 0.006 3 0.63% 12 0.63% 15 Commodity Beta 0.49% 22 0.49% 27 0.49% 49 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% 1 0.45% 1 0.49% 22 0.49% 28 0.49% 50 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA NA NA 1 Alpha 0.52% 5 0.73% 2 0.60% 7 0.52% 6 0.73% 2 0.60% 8 Total 0.37% 758 0.40% 715 0.38% 1,473 Page 32 Deutsche Bank AG/London
Figure 66: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.51% 39 0.50% 39 Beta+ NA NA 0.91% 29 0.91% 29 Energy Beta NA NA 0.48% 52 0.46% 52 Beta+ NA NA 0.79% 49 0.79% 49 Industrial Metals Beta NA NA 0.49% 28 0.48% 28 Beta+ NA NA 0.89% 23 0.89% 23 Livestock Beta NA NA 0.49% 6 0.49% 6 Beta+ NA NA 0.98% 6 0.98% 6 Overall Beta NA NA 0.50% 13 0.47% 13 Beta+ NA NA 0.98% 4 0.98% 4 Precious Metals Beta 0.45% 31 0.44% 20 0.43% 51 Beta+ NA NA 0.74% 39 0.74% 39 Commodity 0.45% 31 0.65% 308 0.62% 339 Currency Currency Beta NA NA 0.41% 40 0.41% 40 Beta+ NA NA 0.81% 61 0.81% 61 Currency NA NA 0.65% 101 0.65% 101 Deutsche Bank AG/London Page 33
Figure 67: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.75% 2 0.95% 3 0.76% 5 Beta 0.32% 512 0.34% 439 0.32% 951 Beta+ 0.50% 2 0.48% 59 0.48% 61 Semi Active 0.57% 16 0.54% 18 0.55% 34 0.32% 532 0.35% 519 0.33% 1,051 Fixed Income Alpha 0.36% 8 0.39% 2 0.36% 10 Beta 0.26% 187 0.18% 133 0.24% 320 Beta+ NA NA 0.22% 19 0.22% 19 0.26% 195 0.18% 154 0.24% 349 Alternative Alpha NA NA 0.85% 4 0.85% 4 Beta 0.75% 2 0.70% 2 0.73% 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% 1 0.65% 6 0.41% 7 0.70% 3 0.80% 12 0.76% 15 Commodity Beta 0.42% 22 0.43% 27 0.42% 49 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% 1 0.45% 1 0.42% 22 0.43% 28 0.42% 50 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.60% 5 0.72% 2 0.71% 7 0.60% 6 0.72% 2 0.71% 7 Total 0.31% 758 0.32% 715 0.31% 1,473 Figure 68: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.53% 39 0.53% 39 Beta+ NA NA 0.98% 29 0.98% 29 Energy Beta NA NA 0.52% 52 0.52% 52 Beta+ NA NA 0.98% 49 0.98% 49 Industrial Metals Beta NA NA 0.49% 28 0.49% 28 Beta+ NA NA 0.98% 23 0.98% 23 Livestock Beta NA NA 0.49% 6 0.49% 6 Beta+ NA NA 0.98% 6 0.98% 6 Overall Beta NA NA 0.50% 13 0.50% 13 Beta+ NA NA 0.98% 4 0.98% 4 Precious Metals Beta 0.39% 31 0.37% 20 0.38% 51 Beta+ NA NA 0.97% 39 0.97% 39 Commodity 0.39% 31 0.53% 308 0.43% 339 Currency Currency Beta NA NA 0.39% 40 0.39% 40 Beta+ NA NA 0.91% 61 0.91% 61 Currency NA NA 0.75% 101 0.75% 101 Page 34 Deutsche Bank AG/London
5. Provider Rankings Global Provider Rankings Figure 69: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,050,254 37.5% 975,205 38.1% 616 19,042 479,052 95,257 2 Vanguard 499,432 17.8% 443,404 17.3% 96 7,170 72,478 64,763 3 State Street 422,536 15.1% 453,738 17.7% 245 3,697 758,783-27,267 4 PowerShares 94,396 3.4% 91,378 3.6% 151 2,060 89,165 586 5 Deutsche AWM 82,380 2.9% 58,319 2.3% 248 1,119 11,163 26,377 6 Nomura Asset Management 63,449 2.3% 43,106 1.7% 49-1,313 36,505 16,155 7 WisdomTree 58,225 2.1% 39,297 1.5% 94-177 15,664 19,628 8 Lyxor 52,945 1.9% 45,768 1.8% 232 258 12,728 8,731 9 First Trust 41,291 1.5% 33,266 1.3% 102 510 7,697 9,109 10 Charles Schwab 37,574 1.3% 26,922 1.1% 21 1,173 4,862 11,000 Total Top 10 2,402,481 85.8% 2,210,403 86.3% 1,854 33,539 1,488,099 224,339 Others 398,447 14.2% 351,844 13.7% 1,919-562 246,275 54,336 Global Total 2,800,929 100.0% 2,562,246 100.0% 3,773 32,977 1,734,374 278,676 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Figure 70: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 25,416 34.5% 27,325 35.3% 1 193 14,647-304 2 ETF Securities 14,594 19.8% 16,586 21.4% 319 128 2,498-317 3 BlackRock 12,042 16.4% 12,494 16.1% 8-22 3,456 216 4 PowerShares 5,476 7.4% 7,159 9.2% 11-98 1,509-795 5 United States Commodity Funds 4,088 5.6% 2,790 3.6% 11 329 10,900 1,985 6 ProShares 3,736 5.1% 3,282 4.2% 19 321 26,213 1,274 7 Source 2,151 2.9% 1,920 2.5% 4 148 518 375 8 Deutsche AWM 2,086 2.8% 2,192 2.8% 28-27 117 229 9 Deutsche Borse Commodities GmbH 1,847 2.5% 1,902 2.5% 1 0 124 0 10 Guggenheim Investments 1,161 1.6% 935 1.2% 9 88 1,848 299 Total Top 10 72,597 98.6% 76,584 98.9% 411 1,061 61,831 2,962 Others 1,046 1.4% 880 1.1% 113 56 918 414 Global Total 73,643 100.0% 77,464 100.0% 524 1,116 62,749 3,375 YTD CF Deutsche Bank AG/London Page 35
Figure 71: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,062,296 37.0% 987,699 37.4% 624 19,020 482,508 95,473 2 Vanguard 499,432 17.4% 443,404 16.8% 96 7,170 72,478 64,763 3 State Street 447,952 15.6% 481,063 18.2% 246 3,890 773,430-27,571 4 PowerShares 99,873 3.5% 98,537 3.7% 162 1,962 90,675-209 5 Deutsche AWM 84,465 2.9% 60,511 2.3% 276 1,092 11,280 26,605 6 Nomura Asset Management 63,449 2.2% 43,106 1.6% 49-1,313 36,505 16,155 7 WisdomTree 58,225 2.0% 39,297 1.5% 94-177 15,664 19,628 8 Lyxor 52,945 1.8% 45,768 1.7% 232 258 12,728 8,731 9 First Trust 41,291 1.4% 33,266 1.3% 102 510 7,697 9,109 10 Charles Schwab 37,574 1.3% 26,922 1.0% 21 1,173 4,862 11,000 Total Top 10 2,447,501 85.1% 2,259,572 85.6% 1,902 33,586 1,507,828 223,685 Others 427,071 14.9% 380,138 14.4% 2,395 508 289,295 58,366 Global Total 2,874,572 100.0% 2,639,710 100.0% 4,297 34,094 1,797,123 282,051 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Page 36 Deutsche Bank AG/London
European Provider Rankings General Figure 72: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 211,266 175,377 20% 4,333 700 23,605 24,315 23,407 4% 269 256 5% Deutsche AWM 55,899 44,558 25% 550 43 8,484 5,181 6,116-15% 215 246-13% Lyxor 47,929 37,823 27% 232-63 7,802 11,332 11,642-3% 232 215 8% UBS 24,720 17,073 45% 156 539 6,446 1,730 1,560 11% 133 124 7% Amundi 19,885 15,386 29% 347 151 3,253 5,395 4,877 11% 100 98 2% Vanguard 17,126 12,538 37% 274 268 3,384 1,438 2,052-30% 13 13 0% Source 16,465 12,625 30% 149 317 2,966 1,326 1,396-5% 78 76 3% State Street 11,794 9,274 27% 160-6 1,970 1,182 1,065 11% 75 60 25% ComStage 7,487 5,391 39% 228 202 1,756 522 859-39% 107 98 9% Deka Investment GmbH 6,872 6,433 7% 357-104 145 1,067 1,338-20% 46 42 10% Zuercher Kantonalbank 5,916 6,032-2% -49-43 -274 204 146 40% 4 4 0% HSBC 5,085 5,363-5% -19-28 -658 381 632-40% 28 28 0% BNP Paribas 4,591 3,756 22% -23-47 437 163 205-20% 37 38-3% Xact Fonder AB 2,436 2,379 2% -21-75 -68 1,349 1,979-32% 10 10 0% Julius Baer Inv 1,827 2,060-11% -28-81 -238 58 54 7% 4 8-50% PowerShares 1,796 1,465 23% -33-18 110 164 172-4% 21 19 11% Ossiam 1,721 1,430 20% 2-83 -80 59 113-48% 9 7 29% ThinkCapital ETFs N.V. 1,329 1,030 29% -576 123 252 84 99-15% 11 11 0% ETF Securities 715 456 57% 16 63 293 358 540-34% 18 14 29% BBVA Gestion SA SGIIC 522 434 20% -5 14 82 48 52-9% 2 2 0% Royal Bank of Scotland plc 383 379 1% 19 4 35 17 15 11% 12 12 0% WisdomTree 244 13 1726% -12 33 240 37 50-27% 12 6 100% Nomura Asset Management 241 0 NA 4 0 244 7 7-8% 3 0 NA Fundlogic Global Solutions plc 175 104 69% 6 36 37 3 3 17% 2 1 100% Seligson & Co Fund Man 174 144 21% 6 0 10 13 10 34% 1 1 0% Raiffeisen Schweiz Genossenschaft 159 137 16% 0 0 20 3 3 3% 3 3 0% DnB Kapitalforvaltning 108 112-4% 0 0-8 15 10 55% 1 1 0% First Trust 106 53 100% 1 5 49 8 12-38% 7 4 75% SEB Investment Management AB 83 82 1% 0-5 -2 5 13-58% 3 3 0% Van Eck Funds 77 0 NA 2 0 103 22 10 125% 3 0 NA UniCredit Bank 54 0 NA 0 12 54 1 3-53% 1 0 NA Commerzbank AG 36 49-27% -4-37 -16 0 1-54% 2 1 100% FinEx Fund Plc 33 28 18% 0 0-2 0 0-30% 2 2 0% Alpha Asset Management 13 16-19% 0 0 0 0 0 518% 1 1 0% Boost 5 1 510% 0 2 4 3 3-12% 3 3 0% NBG Asset Management MFMC 5 6-18% 0 0 0 0 0 123% 2 2 0% Alpcot Capital Management 0 0-100% -1 0-1 0 0 33% - 1-100% Swedbank Robur 0 19-100% 0 0-23 0 0 NA 0 3-100% Landsbankinn 0 0 NA 0 0 0 0 1-94% 1 1 0% Nordea Investment Funds 0 0 NA 0 0 0 0 0 NA 2 2 0% NCB Stockbrokers 0 24-100% 0 0-29 0 0 NA 0 1-100% Total 447,276 362,049 24% 6,074 1,921 60,379 56,493 58,444-3% 1473 1,417 4% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 37
Figure 73: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. ETF Securities 11,103 11,282-2% 129-161 -63 2,030 1,912 6% 298 306-3% Source 1,947 1,586 23% 132 8 332 460 206 123% 4 4 0% Deutsche AWM 1,888 1,811 4% -24 12 200 104 103 1% 28 39-28% Deutsche Borse Commodities GmbH 1,672 1,572 6% 0 0 0 111 72 54% 1 1 0% BlackRock 406 179 127% 12 1 230 44 22 99% 4 4 0% Boost 263 42 520% 50 3 330 743 658 13% 30 21 43% Royal Bank of Scotland plc 241 251-4% 0 0 18 9 8 9% 6 7-14% Borse Stuttgart Securities GmbH 114 88 29% 0 1 21 4 3 28% 1 1 0% Commerzbank AG 1 1-12% 0 0 0 13 10 25% 68 68 0% Total 17,635 16,813 5% 300-137 1,068 3,516 2,994 17% 440 451-2% AUM Cash Flow Turnover Products Page 38 Deutsche Bank AG/London
Figure 74: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month Products End of 2014 Diff. BlackRock 211,672 175,556 21% 4,346 701 23,835 24,359 23,430 4% 273 260 5% Deutsche AWM 57,787 46,369 25% 527 54 8,684 5,285 6,218-15% 243 285-15% Lyxor 47,929 37,823 27% 232-63 7,802 11,332 11,642-3% 232 215 8% UBS 24,720 17,073 45% 156 539 6,446 1,730 1,560 11% 133 124 7% Amundi 19,885 15,386 29% 347 151 3,253 5,395 4,877 11% 100 98 2% Source 18,413 14,212 30% 282 325 3,298 1,786 1,602 12% 82 80 2% Vanguard 17,126 12,538 37% 274 268 3,384 1,438 2,052-30% 13 13 0% ETF Securities 11,819 11,738 1% 145-98 230 2,388 2,451-3% 316 320-1% State Street 11,794 9,274 27% 160-6 1,970 1,182 1,065 11% 75 60 25% ComStage 7,487 5,391 39% 228 202 1,756 522 859-39% 107 98 9% Deka Investment GmbH 6,872 6,433 7% 357-104 145 1,067 1,338-20% 46 42 10% Zuercher Kantonalbank 5,916 6,032-2% -49-43 -274 204 146 40% 4 4 0% HSBC 5,085 5,363-5% -19-28 -658 381 632-40% 28 28 0% BNP Paribas 4,591 3,756 22% -23-47 437 163 205-20% 37 38-3% Xact Fonder AB 2,436 2,379 2% -21-75 -68 1,349 1,979-32% 10 10 0% Julius Baer Inv 1,827 2,060-11% -28-81 -238 58 54 7% 4 8-50% PowerShares 1,796 1,465 23% -33-18 110 164 172-4% 21 19 11% Ossiam 1,721 1,430 20% 2-83 -80 59 113-48% 9 7 29% Deutsche Borse Commodities GmbH 1,672 1,572 6% 0 0 0 111 72 54% 1 1 0% ThinkCapital ETFs N.V. 1,329 1,030 29% -576 123 252 84 99-15% 11 11 0% Royal Bank of Scotland plc 624 630-1% 19 4 53 26 23 10% 18 19-5% BBVA Gestion SA SGIIC 522 434 20% -5 14 82 48 52-9% 2 2 0% Boost 268 43 520% 50 5 334 745 661 13% 33 24 38% WisdomTree 244 13 1726% -12 33 240 37 50-27% 12 6 100% Nomura Asset Management 241 0 NA 4 0 244 7 7-8% 3 0 NA Fundlogic Global Solutions plc 175 104 69% 6 36 37 3 3 17% 2 1 100% Seligson & Co Fund Man 174 144 21% 6 0 10 13 10 34% 1 1 0% Raiffeisen Schweiz Genossenschaft 159 137 16% 0 0 20 3 3 3% 3 3 0% Borse Stuttgart Securities GmbH 114 88 29% 0 1 21 4 3 28% 1 1 0% DnB Kapitalforvaltning 108 112-4% 0 0-8 15 10 55% 1 1 0% First Trust 106 53 100% 1 5 49 8 12-38% 7 4 75% SEB Investment Management AB 83 82 1% 0-5 -2 5 13-58% 3 3 0% Van Eck Funds 77 0 NA 2 0 103 22 10 125% 3 0 NA UniCredit Bank 54 0 NA 0 12 54 1 3-53% 1 0 NA Commerzbank AG 37 50-26% -4-37 -16 13 11 20% 70 69 1% FinEx Fund Plc 33 28 18% 0 0-2 0 0-30% 2 2 0% Alpha Asset Management 13 16-19% 0 0 0 0 0 518% 1 1 0% NBG Asset Management MFMC 5 6-18% 0 0 0 0 0 123% 2 2 0% Alpcot Capital Management 0 0-100% -1 0-1 0 0 33% 0 1-100% Swedbank Robur 0 19-100% 0 0-23 0 0 NA 0 3-100% NCB Stockbrokers 0 24-100% 0 0-29 0 0 NA 0 1-100% PDR Services LLC 0 0 NA 0 0 0 0 0 147% 0 0 NA Nordea Investment Funds 0 0 NA 0 0 0 0 0 NA 2 2 0% Landsbankinn 0 0 NA 0 0 0 0 1-94% 1 1 0% Total 464,911 378,862 23% 6,373 1,784 61,448 60,009 61,438-2% 1,913 1,868 2% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 39
Figure 75: European ETP Providers tier market share ETPs Europe Oct-15 Q3 15 Q2 15 Q1 15 Q4 14 60% 65% 70% 75% 80% 85% 90% 95% 100% Q4 14 Q1 15 Q2 15 Q3 15 Oct-15 Tier 1 68.6% 68.7% 68.3% 68.1% 68.3% Tier 2 27.3% 27.2% 27.6% 27.7% 27.8% Tier 3 4.2% 4.0% 4.1% 4.2% 4.0% Page 40 Deutsche Bank AG/London
European Provider Rankings by Asset Class Figure 76: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF YTD CF BlackRock 142,722 66,879 1,342 323 211,266 47.2% 269 24,315 4,333 23,605 Deutsche AWM 41,110 13,509 351 928 55,899 12.5% 215 5,181 550 8,484 Lyxor 37,865 9,043 982 39 47,929 10.7% 232 11,332 232 7,802 UBS 21,326 1,757 1,547 90 24,720 5.5% 133 1,730 156 6,446 Amundi 14,940 4,926 19 0 19,885 4.4% 100 5,395 347 3,253 Vanguard 16,972 154 0 0 17,126 3.8% 13 1,438 274 3,384 Source 10,089 6,076 242 58 16,465 3.7% 78 1,326 149 2,966 State Street 8,224 3,527 0 43 11,794 2.6% 75 1,182 160 1,970 ComStage 4,867 2,361 260 0 7,487 1.7% 107 522 228 1,756 Deka Investment GmbH 4,569 2,303 0 0 6,872 1.5% 46 1,067 357 145 Zuercher Kantonalbank 0 0 5,916 0 5,916 1.3% 4 204-49 -274 HSBC 5,085 0 0 0 5,085 1.1% 28 381-19 -658 BNP Paribas 4,221 158 211 0 4,591 1.0% 37 163-23 437 Xact Fonder AB 2,436 0 0 0 2,436 0.5% 10 1,349-21 -68 Julius Baer Inv 0 0 1,827 0 1,827 0.4% 4 58-28 -238 PowerShares 1,739 53 0 4 1,796 0.4% 21 164-33 110 Ossiam 1,673 0 48 0 1,721 0.4% 9 59 2-80 ThinkCapital ETFs N.V. 627 692 0 10 1,329 0.3% 11 84-576 252 ETF Securities 400 122 193 0 715 0.2% 18 358 16 293 BBVA Gestion SA SGIIC 522 0 0 0 522 0.1% 2 48-5 82 Royal Bank of Scotland plc 188 0 195 0 383 0.1% 12 17 19 35 WisdomTree 244 0 0 0 244 0.1% 12 37-12 240 Nomura Asset Management 241 0 0 0 241 0.1% 3 7 4 244 Fundlogic Global Solutions plc 175 0 0 0 175 0.0% 2 3 6 37 Seligson & Co Fund Man 174 0 0 0 174 0.0% 1 13 6 10 Raiffeisen Schweiz Genossenschaft 0 0 159 0 159 0.0% 3 3 0 20 DnB Kapitalforvaltning 108 0 0 0 108 0.0% 1 15 0-8 First Trust 106 0 0 0 106 0.0% 7 8 1 49 SEB Investment Management AB 83 0 0 0 83 0.0% 3 5 0-2 Van Eck Funds 77 0 0 0 77 0.0% 3 22 2 103 UniCredit Bank 0 54 0 0 54 0.0% 1 1 0 54 Commerzbank AG 10 26 0 0 36 0.0% 2 0-4 -16 FinEx Fund Plc 0 30 3 0 33 0.0% 2 0 0-2 Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0 Boost 5 0 0 0 5 0.0% 3 3 0 4 NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0 Alpcot Capital Management 0 0 0 0 0 0.0% - 0-1 -1 Swedbank Robur 0 0 0 0 0 0.0% - 0 0-23 NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0-29 Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0 Landsbankinn 0 0 0 0 0 0.0% 1 0 0 0 PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0 Total 320,814 111,669 13,296 1,496 447,276 100.0% 1,473 56,493 6,074 60,379 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 41
Figure 77: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Commodity Currency Total AUM Mkt Share % Nu. Current TO Current CF YTD CF ETF Securities 10,764 339 11,103 63.0% 298 2,030 129-63 Source 1,947 0 1,947 11.0% 4 460 132 332 Deutsche AWM 1,888 0 1,888 10.7% 28 104-24 200 Deutsche Borse Commodities GmbH 1,672 0 1,672 9.5% 1 111 0 0 BlackRock 406 0 406 2.3% 4 44 12 230 Boost 256 7 263 1.5% 30 743 50 330 Royal Bank of Scotland plc 241 0 241 1.4% 6 9 0 18 Borse Stuttgart Securities GmbH 114 0 114 0.6% 1 4 0 21 Commerzbank AG 1 0 1 0.0% 68 13 0 0 Total 17,288 347 17,635 100.0% 440 3,516 300 1,068 Page 42 Deutsche Bank AG/London
Figure 78: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF BlackRock 142,722 66,879 1,748 323 211,672 45.5% 273 24,359 4,346 23,835 Deutsche AWM 41,110 13,509 2,239 928 57,787 12.4% 243 5,285 527 8,684 Lyxor 37,865 9,043 982 39 47,929 10.3% 232 11,332 232 7,802 UBS 21,326 1,757 1,547 90 24,720 5.3% 133 1,730 156 6,446 Amundi 14,940 4,926 19 0 19,885 4.3% 100 5,395 347 3,253 Source 10,089 6,076 2,190 58 18,413 4.0% 82 1,786 282 3,298 Vanguard 16,972 154 0 0 17,126 3.7% 13 1,438 274 3,384 ETF Securities 400 122 10,957 339 11,819 2.5% 316 2,388 145 230 State Street 8,224 3,527 0 43 11,794 2.5% 75 1,182 160 1,970 ComStage 4,867 2,361 260 0 7,487 1.6% 107 522 228 1,756 Deka Investment GmbH 4,569 2,303 0 0 6,872 1.5% 46 1,067 357 145 Zuercher Kantonalbank 0 0 5,916 0 5,916 1.3% 4 204-49 -274 HSBC 5,085 0 0 0 5,085 1.1% 28 381-19 -658 BNP Paribas 4,221 158 211 0 4,591 1.0% 37 163-23 437 Xact Fonder AB 2,436 0 0 0 2,436 0.5% 10 1,349-21 -68 Julius Baer Inv 0 0 1,827 0 1,827 0.4% 4 58-28 -238 PowerShares 1,739 53 0 4 1,796 0.4% 21 164-33 110 Ossiam 1,673 0 48 0 1,721 0.4% 9 59 2-80 Deutsche Borse Commodities GmbH 0 0 1,672 0 1,672 0.4% 1 111 0 0 ThinkCapital ETFs N.V. 627 692 0 10 1,329 0.3% 11 84-576 252 Royal Bank of Scotland plc 188 0 436 0 624 0.1% 18 26 19 53 BBVA Gestion SA SGIIC 522 0 0 0 522 0.1% 2 48-5 82 Boost 5 0 256 7 268 0.1% 33 745 50 334 WisdomTree 244 0 0 0 244 0.1% 12 37-12 240 Nomura Asset Management 241 0 0 0 241 0.1% 3 7 4 244 Fundlogic Global Solutions plc 175 0 0 0 175 0.0% 2 3 6 37 Seligson & Co Fund Man 174 0 0 0 174 0.0% 1 13 6 10 Raiffeisen Schweiz Genossenschaft 0 0 159 0 159 0.0% 3 3 0 20 Borse Stuttgart Securities GmbH 0 0 114 0 114 0.0% 1 4 0 21 DnB Kapitalforvaltning 108 0 0 0 108 0.0% 1 15 0-8 First Trust 106 0 0 0 106 0.0% 7 8 1 49 SEB Investment Management AB 83 0 0 0 83 0.0% 3 5 0-2 Van Eck Funds 77 0 0 0 77 0.0% 3 22 2 103 UniCredit Bank 0 54 0 0 54 0.0% 1 1 0 54 Commerzbank AG 10 26 1 0 37 0.0% 70 13-4 -16 FinEx Fund Plc 0 30 3 0 33 0.0% 2 0 0-2 Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0 NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0 Alpcot Capital Management 0 0 0 0 0 0.0% 0 0-1 -1 Swedbank Robur 0 0 0 0 0 0.0% 0 0 0-23 NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0-29 Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0 Landsbankinn 0 0 0 0 0 0.0% 1 0 0 0 PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0 Total 320,814 111,669 30,584 1,843 464,911 100.0% 1,913 60,009 6,373 61,448 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Deutsche Bank AG/London Page 43
European Provider Analysis by Replication Method Figure 79: European ETF Providers list by replication All figures in million except products European Providers ETFs Europe Replication AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) AUM (%) ETFs Method Equity Fixed Income Commodity Other Total BlackRock Physical 142,540 175 66,879 86 668 3 323 1 210,410 100% 265 Synthetic 182 3 - - 674 1 - - 856 0% 4 Deutsche AWM Physical 27,304 52 80 3 - - 28 2 27,412 49% 57 Synthetic 13,807 83 13,429 69 351 3 900 3 28,487 51% 158 Lyxor Physical 1,052 15 4,216 21 - - - - 5,268 11% 36 Synthetic 36,813 158 4,827 25 982 6 39 7 42,661 89% 196 UBS Physical 18,316 74 1,754 22 969 7 - - 21,039 85% 103 Synthetic 3,010 19 3 1 578 8 90 2 3,682 15% 30 Amundi Physical 1,057 7 - - - - - - 1,057 5% 7 Synthetic 13,883 67 4,926 25 19 1 - - 18,828 95% 93 Vanguard Physical 16,972 12 154 1 - - - - 17,126 100% 13 Source Physical 1,484 13 5,889 11 - - 44 1 7,417 45% 25 Synthetic 8,605 48 187 2 242 1 14 2 9,048 55% 53 State Street Physical 8,224 51 3,527 23 - - 43 1 11,794 100% 75 ComStage Physical 141 2 - - - - - - 141 2% 2 Synthetic 4,726 75 2,361 28 260 2 - - 7,347 98% 105 Deka Investment GmbH Physical 4,554 26 2,303 19 - - - - 6,857 100% 45 Synthetic 15 1 - - - - - - 15 0% 1 Zuercher Kantonalbank Physical - - - - 5,916 4 - - 5,916 100% 4 HSBC Physical 5,085 28 - - - - - - 5,085 100% 28 BNP Paribas Physical 2,016 17 - - - - - - 2,016 44% 17 Synthetic 2,205 18 158 1 211 1 - - 2,575 56% 20 Xact Fonder AB Physical 2,028 4 - - - - - - 2,028 83% 4 Synthetic 408 6 - - - - - - 408 17% 6 Julius Baer Inv Physical - - - - 1,827 4 - - 1,827 100% 4 PowerShares Physical 1,698 15 53 1 - - 4 1 1,755 98% 17 Synthetic 41 4 - - - - - - 41 2% 4 Ossiam Physical 54 1 - - - - - - 54 3% 1 Synthetic 1,619 7 - - 48 1 - - 1,667 97% 8 ThinkCapital ETFs N.V. Physical 627 5 692 3 - - 10 3 1,329 100% 11 ETF Securities Synthetic 316 10 - - 193 1 - - 509 100% 11 Physical 85 3 122 4 - - - - 207 100% 7 BBVA Gestion SA Physical 522 2 - - - - - - 522 100% 2 RBS plc Synthetic 188 9 - - 195 3 - - 383 100% 12 WisdomTree Physical 244 12 - - - - - - 244 100% 12 Nomura Asset Management Physical 241 3 - - - - - - 241 100% 3 Fundlogic Global Solutions plc Synthetic 175 2 - - - - - - 175 100% 2 Seligson & Co Fund Mgmt. Physical 174 1 - - - - - - 174 100% 1 Raiffeisen Schweiz Physical - - - - 159 3 - - 159 100% 3 DnB Kapitalforvaltning Physical 108 1 - - - - - - 108 100% 1 First Trust Physical 106 7 - - - - - - 106 100% 7 SEB Investment Management AB Synthetic 83 3 - - - - - - 83 100% 3 Van Eck Funds Physical 77 3 - - - - - - 77 100% 3 UniCredit Bank Synthetic - - 54 1 - - - - 54 100% 1 Commerzbank AG Synthetic 10 1 - - - - - - 10 100% 1 Physical - - 26 1 - - - - 26 100% 1 FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1 Synthetic - - 30 1 - - - - 30 90% 1 Alpha Asset Mgmt. Physical 13 1 - - - - - - 13 100% 1 Boost Synthetic 5 2 0 1 - - - - 5 100% 3 NBG Asset Mgmt. Physical 2 1 - - - - - - 2 49% 1 Synthetic 2 1 - - - - - - 2 51% 1 Landsbankinn Physical - 1 - - - - - - - NA 1 Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2 Total 320,814 1,051 111,669 349 13,296 50 1,496 23 447,276 1,473 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 44 Deutsche Bank AG/London
6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 80: Turnover by asset class and instrument ( million) ETPs Europe Oct-15 Sep-15 2014 YTD Asset Class Beta Beta+ Alpha Total Total ETFs Equity 34,987 4,828 155 4 39,974 38,523 6,251 187 13 44,973 31,090 4,428 117 30 35,664 497,740 Fixed income 15,375 330 0 90 15,796 12,351 325 0 72 12,747 7,137 150 0 77 7,364 135,117 Commodity 628 0 0 0 628 623 0 2 0 625 796 0 1 0 797 7,787 Currency 0 0 0 0-0 0 0 0-1 0 0 0 1 7 Multi Asset 6 0 0 20 26 0 0 0 12 12 0 0 0 15 15 279 Alternative 43 0 4 22 69 49 0 9 28 86 47 0 12 71 131 1,100 Total 51,040 5,158 159 136 56,493 51,546 6,576 197 125 58,444 39,072 4,577 129 194 43,972 642,030 ETCs Commodity 2,280 1,071 0 0 3,351 1,796 1,066 0 0 2,862 1,708 429 0 0 2,136 38,283 Currency 16 150 0 0 166 17 114 0 0 131 26 91 0 0 117 2,501 Total 2,295 1,221 0 0 3,516 1,813 1,180 0 0 2,994 1,734 520 0 0 2,254 40,784 Total ETPs 53,336 6,379 159 136 60,009 53,359 7,756 197 125 61,438 40,806 5,097 129 194 46,226 682,814 Asset Class Analysis Figure 81: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Developed Markets 25,455 0 0 3 25,458 29,310 0 0 10 29,320 21,803 0 0 27 21,830 325,319 Emerging Markets 3,896 0 0 0 3,896 3,679 0 0 0 3,679 4,108 0 0 0 4,108 47,595 Global Markets 517 0 0 0 517 586 0 0 0 586 659 0 0 0 659 7,867 Sector 2,666 0 0 0 2,666 2,234 0 0 0 2,234 2,166 0 0 0 2,166 30,149 Capitalization 515 0 0 0 515 649 0 0 0 649 613 0 0 0 613 7,339 Strategy 385 4,828 155 1 5,368 338 6,251 187 3 6,778 299 4,428 117 3 4,846 59,086 Style 1,128 0 0 0 1,128 1,317 0 0 0 1,317 1,179 0 0 0 1,179 16,168 Thematic 426 0 0 0 426 411 0 0 0 411 263 0 0 0 263 4,216 Total Equities 34,987 4,828 155 4 39,974 38,523 6,251 187 13 44,973 31,090 4,428 117 30 35,664 497,740 Oct-15 Sep-15 2014 Deutsche Bank AG/London Page 45
Figure 81A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Sector 2,666 0 0 0 2,666 2,234 0 0 0 2,234 2,166 0 0 0 2,166 30,149 Consumer discretionary 115 0 0 0 115 105 0 0 0 105 109 0 0 0 109 1720 Consumer staples 229 0 0 0 229 189 0 0 0 189 72 0 0 0 72 1503 Energy 333 0 0 0 333 190 0 0 0 190 238 0 0 0 238 3710 Financials 1141 0 0 0 1,141 958 0 0 0 958 984 0 0 0 984 13,502 Healthcare 331 0 0 0 331 248 0 0 0 248 133 0 0 0 133 2585 Industrials 78 0 0 0 78 125 0 0 0 125 144 0 0 0 144 1557 Information Technology 137 0 0 0 137 112 0 0 0 112 128 0 0 0 128 1676 Materials 142 0 0 0 142 136 0 0 0 136 215 0 0 0 215 1967 Telecommunications 91 0 0 0 91 90 0 0 0 90 65 0 0 0 65 965 Utilities 70 0 0 0 70 80 0 0 0 80 78 0 0 0 78 965 Capitalization 515 0 0 0 515 649 0 0 0 649 613 0 0 0 613 7,339 Large Cap 28 0 0 0 28 37 0 0 0 37 52 0 0 0 52 381 Mid Cap 184 0 0 0 184 320 0 0 0 320 173 0 0 0 173 2988 Small Cap 303 0 0 0 303 292 0 0 0 292 388 0 0 0 388 3,970 Strategy 385 4,828 155 1 5,368 338 6,251 187 3 6,778 299 4,428 117 3 4,846 59,086 Fundamental 27 0 60 0 87 19 0 49 0 68 143 0 56 0 199 1192 Leveraged Long 0 2,267 0 0 2,267 0 2,831 0 0 2,831 0 2,254 0 0 2,254 27,713 Leveraged Short 0 2,013 0 0 2,013 0 2,628 0 0 2,628 0 1,736 0 0 1,736 17,976 Options Strategy 0 0 0 0-0 0 0 0-0 0 0 0-0 Quantitative 357 0 95 1 453 318 0 138 3 458 155 0 61 3 219 5670 Short 0 548 0 0 548 1 792 0 0 793 0 437 0 0 437 6,535 Style 1,128 0 0 0 1,128 1,317 0 0 0 1,317 1,179 0 0 0 1,179 16,168 Dividend 1,034 0 0 0 1,034 1,166 0 0 0 1,166 1,079 0 0 0 1,079 14,595 Growth 22 0 0 0 22 68 0 0 0 68 23 0 0 0 23 747 Value 73 0 0 0 73 82 0 0 0 82 77 0 0 0 77 826 Thematic 426 0 0 0 426 411 0 0 0 411 263 0 0 0 263 4,216 Commodities 146 0 0 0 146 68 0 0 0 68 96 0 0 0 96 1261 Cyclical 0 0 0 0-0 0 0 0 - - 0 0 0-0 Faith 28 0 0 0 28 12 0 0 0 12 20 0 0 0 20 169 Other Theme 106 0 0 0 106 203 0 0 0 203 65 0 0 0 65 1194 Sustainability 145 0 0 0 145 128 0 0 0 128 83 0 0 0 83 1591 Total 5,120 4,828 155 1 10,103 4,948 6,251 187 3 11,389 4,520 4,428 117 3 9,067 116,958 Oct-15 Sep-15 2014 Page 46 Deutsche Bank AG/London
Figure 81B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets YTD Alpha Total Total Europe 16,294 0 0 3 16,297 17,303 0 0 10 17,313 13,795 0 0 27 13,823 206,039 Austria 13 0 0 0 13 3 0 0 0 3 16 0 0 0 16 136 Belgium 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 41 Finland 13 0 0 0 13 10 0 0 0 10 9 0 0 0 9 110 France 511 0 0 0 511 412 0 0 0 412 342 0 0 0 342 5,644 Germany 3,537 0 0 0 3,537 3,968 0 0 0 3,968 3,368 0 0 0 3,368 48,432 Greece 25 0 0 0 25 38 0 0 0 38 70 0 0 0 70 675 Ireland 2 0 0 0 2 13 0 0 0 13 1 0 0 0 1 30 Italy 1,022 0 0 0 1,022 1,017 0 0 0 1,017 901 0 0 0 901 9,281 Netherlands 207 0 0 0 207 210 0 0 0 210 99 0 0 0 99 2,322 Norway 17 0 0 0 17 13 0 0 0 13 49 0 0 0 49 276 Portugal 12 0 0 0 12 9 0 0 0 9 27 0 0 0 27 215 Iceland 0 0 0 0 0 0 0 0 0-0 0 0 0-3 Spain 216 0 0 0 216 197 0 0 0 197 282 0 0 0 282 3,347 Sweden 211 0 0 0 211 243 0 0 0 243 308 0 0 0 308 3,076 Switzerland 788 0 0 0 788 840 0 0 0 840 824 0 0 0 824 13,001 UK 1,811 0 0 0 1,811 2,056 0 0 0 2,056 2,125 0 0 0 2,125 26,232 Europe broad 7,907 0 0 3 7,910 8,270 0 0 10 8,281 5,373 0 0 27 5,400 93,220 Americas 4,464 0 0 0 4,464 6,324 0 0 0 6,324 4,151 0 0 0 4,151 61,074 US 4,276 0 0 0 4,276 6,085 0 0 0 6,085 3,862 0 0 0 3,862 58,445 Canada 53 0 0 0 53 60 0 0 0 60 109 0 0 0 109 869 North America 134 0 0 0 134 179 0 0 0 179 180 0 0 0 180 1,760 Asia 2,741 0 0 0 2,741 3,368 0 0 0 3,368 2,218 0 0 0 2,218 33,043 Australia 24 0 0 0 24 37 0 0 0 37 89 0 0 0 89 662 Hong Kong 29 0 0 0 29 33 0 0 0 33 40 0 0 0 40 610 Japan 2,599 0 0 0 2,599 3,161 0 0 0 3,161 1,967 0 0 0 1,967 30,091 Singapore 1 0 0 0 1 5 0 0 0 5 1 0 0 0 1 29 Asia Pacific broad 87 0 0 0 87 132 0 0 0 132 120 0 0 0 120 1,651 Global 1,956 0 0 0 1,956 2,314 0 0 0 2,314 1,638 0 0 0 1,638 25,163 Broad indices 1,956 0 0 0 1,956 2,314 0 0 0 2,314 1,638 0 0 0 1,638 25,163 DM Total 25,455 0 0 3 25,458 29,309 0 0 10 29,319 21,802 0 0 27 21,830 325,319 Oct-15 Sep-15 2014 Deutsche Bank AG/London Page 47
Figure 81C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets YTD Alpha Total Total BRIC 1,055 0 0 0 1,055 965 0 0 0 965 1,319 0 0 0 1,320 17,747 Brazil 131 0 0 0 131 141 0 0 0 141 273 0 0 0 273 1,683 Russia 267 0 0 0 267 154 0 0 0 154 318 0 0 0 318 2,350 India 183 0 0 0 183 203 0 0 0 203 220 0 0 0 220 3,698 China 474 0 0 0 474 468 0 0 0 468 509 0 0 0 509 10,017 Latin America 69 0 0 0 69 105 0 0 0 105 170 0 0 0 170 1,172 Chile 3 0 0 0 3 4 0 0 0 4 5 0 0 0 5 61 Mexico 21 0 0 0 21 34 0 0 0 34 54 0 0 0 54 324 LATAM broad 45 0 0 0 45 67 0 0 0 67 112 0 0 0 112 786 Asia 580 0 0 0 580 499 0 0 0 499 451 0 0 0 451 6,957 Bangladesh 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 11 Indonesia 25 0 0 0 25 14 0 0 0 14 35 0 0 0 35 366 Malaysia 22 0 0 0 22 19 0 0 0 19 23 0 0 0 23 227 Pakistan 2 0 0 0 2 2 0 0 0 2 2 0 0 0 2 26 Philippines 7 0 0 0 7 8 0 0 0 8 7 0 0 0 7 126 South Korea 180 0 0 0 180 122 0 0 0 122 149 0 0 0 149 1,807 Taiwan 79 0 0 0 79 54 0 0 0 54 62 0 0 0 62 1,089 Thailand 8 0 0 0 8 17 0 0 0 17 21 0 0 0 21 155 Vietnam 16 0 0 0 16 17 0 0 0 17 32 0 0 0 32 378 Asia Pacific broad 240 0 0 0 240 246 0 0 0 246 119 0 0 0 119 2,773 EMEA 187 0 0 0 187 192 0 0 0 192 334 0 0 0 334 2,324 Kuwait 2 0 0 0 2 2 0 0 0 2 2 0 0 0 2 14 Poland 6 0 0 0 6 9 0 0 0 9 13 0 0 0 13 114 South Africa 31 0 0 0 31 21 0 0 0 21 29 0 0 0 29 241 Turkey 55 0 0 0 55 91 0 0 0 91 163 0 0 0 163 1,007 Europe broad 83 0 0 0 83 63 0 0 0 63 114 0 0 0 114 826 Middle East & Africa 10 0 0 0 10 7 0 0 0 7 13 0 0 0 13 123 Global Markets 2,004 0 0 0 2,004 1,918 0 0 0 1,918 1,833 0 0 0 1,833 19,395 Global 2,004 0 0 0 2,004 1,918 0 0 0 1,918 1,833 0 0 0 1,833 19,395 EM Total 3,896 0 0 0 3,896 3,679 0 0 0 3,679 4,108 0 0 0 4,108 47,595 Total (EM + DM) 29,350 0 0 3 29,354 32,987 0 0 10 32,998 25,910 0 0 28 25,938 372,915 Oct-15 Sep-15 2014 Figure 82: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ YTD Alpha Total Total Overall 346 0 0 76 422 276 0 0 61 337 210 0 0 65 276 4,187 Corporates 5,653 0 0 10 5,663 4,498 0 0 7 4,505 2,496 0 0 1 2,496 47,818 Covered Bonds 818 0 0 3 821 174 0 0 3 177 113 0 0 5 118 2,110 Credit Exposure 11 8 0 0 19 15 12 0 0 27 14 9 0 0 24 324 Sovereign 8,066 323 0 1 8,389 6,851 312 0 1 7,164 4,054 140 0 7 4,201 74,693 Money Market 482 0 0 0 482 536 0 0 0 536 249 0 0 0 249 5,986 Total Fixed Income 15,375 330 0 90 15,796 12,351 325 0 72 12,747 7,137 150 0 77 7,364 135,117 Oct-15 Sep-15 2014 Page 48 Deutsche Bank AG/London
Figure 83: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ YTD Alpha Total Total Overall 312 1 0 0 313 360 1 2 0 362 273 2 1 0 275 3,575 Overall 296 1 0 0 297 352 1 2 0 355 254 2 1 0 257 3340 Overall ex Energy 16 0 0 0 16 7 0 0 0 7 18 0 0 0 18 234 Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 Overall Ultra Light Energy 0 0 0 0-0 0 0 0-0 0 0 0-0 Agriculture 109 73 0 0 182 87 86 0 0 173 120 95 0 0 215 2,322 Overall 47 0 0 0 47 23 0 0 0 23 46 1 0 0 47 450 Cocoa 1 2 0 0 3 2 3 0 0 5 2 2 0 0 4 52 Coffee 10 31 0 0 40 13 30 0 0 43 18 38 0 0 57 548 Corn 5 3 0 0 8 7 4 0 0 11 10 6 0 0 16 133 Cotton 5 1 0 0 6 2 3 0 0 5 5 4 0 0 9 69 Grains 2 0 0 0 2 3 0 0 0 4 5 1 0 0 5 54 Softs 0 1 0 0 1 1 1 0 0 1 1 0 0 0 1 8 Soybean Oil 2 1 0 0 3 3 1 0 0 5 1 2 0 0 3 56 Soybeans 2 2 0 0 3 2 2 0 0 4 5 2 0 0 7 58 Sugar 17 15 0 0 32 10 13 0 0 23 8 10 0 0 18 260 Wheat 20 18 0 0 37 20 28 0 0 48 19 29 0 0 48 635 Energy 655 857 0 0 1,512 537 865 0 0 1,402 185 208 0 0 393 16,991 Overall 45 1 0 0 46 73 1 0 0 73 16 0 0 0 16 532 Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Crude Oil 579 653 0 0 1,232 419 731 0 0 1,150 147 59 0 0 206 13725 Gasoline 2 2 0 0 4 3 4 0 0 7 1 1 0 0 2 87 Heating Oil 1 2 0 0 3 1 1 0 0 1 1 0 0 0 1 37 Natural Gas 28 199 0 0 227 40 129 0 0 170 20 146 0 0 167 2609 Electricity 0 0 0 0-0 0 0 0-0 0 0 0-0 Uranium 0 0 0 0-0 0 0 0-0 0 0 0-0 Industrial Metals 105 52 0 0 157 97 30 0 0 127 140 23 0 0 163 1,809 Overall 24 1 0 0 25 44 1 0 0 45 29 4 0 0 33 435 Aluminium 18 5 0 0 23 18 2 0 0 21 31 2 0 0 33 262 Copper 54 38 0 0 92 22 20 0 0 41 50 11 0 0 61 770 Lead 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 7 Nickel 5 5 0 0 10 11 5 0 0 16 22 5 0 0 27 258 Tin 0 1 0 0 1 1 0 0 0 1 2 0 0 0 2 26 Zinc 2 2 0 0 5 1 2 0 0 3 5 1 0 0 6 52 Precious Metals 1,725 87 0 0 1,812 1,337 80 0 0 1,418 1,782 98 0 0 1,880 20,860 Overall 23 0 0 0 23 18 0 0 0 18 11 1 0 0 11 390 Gold 1453 32 0 0 1,485 1082 21 0 0 1,103 1412 35 0 0 1,447 17202 Palladium 64 0 0 0 64 55 0 0 0 55 90 0 0 0 90 525 Platinum 53 3 0 0 56 74 2 0 0 76 82 2 0 0 83 771 Rhodium 1 0 0 0 1 1 0 0 0 1 3 0 0 0 3 26 Silver 131 51 0 0 183 107 57 0 0 164 185 60 0 0 246 1945 Livestock 2 1 0 0 3 2 4 0 0 6 3 4 0 0 7 59 Overall 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 7 Cattle 0 0 0 0 0 0 0 0 0 0 1 1 0 0 2 11 Lean Hogs 2 1 0 0 3 1 4 0 0 5 2 2 0 0 4 41 Total 2,908 1,071 0 0 3,979 2,420 1,066 2 0 3,487 2,504 429 1 0 2,933 45,616 Oct-15 Sep-15 2014 Deutsche Bank AG/London Page 49
Product Rankings Figure 84: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,337.2 1,415.3 17,917.5 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,148.3 1,469.8 13,339.1 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 976.2 813.5 9,080.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 861.6 833.7 7,879.2 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 853.9 1,072.1 12,319.7 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 839.7 970.4 10,980.1 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 749.4 794.6 9,207.1 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 744.8 1,191.0 10,675.0 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 733.5 739.5 5,796.1 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 630.7 617.3 7,132.1 Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 628.9 696.8 5,686.3 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 608.3 644.0 7,139.3 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 597.8 775.8 6,282.9 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 583.4 882.2 10,492.3 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 516.9 703.2 10,444.3 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 508.0 590.5 5,505.9 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 494.3 574.3 8,977.6 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 479.3 501.9 6,989.2 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 443.5 315.1 4,545.8 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 436.2 599.9 5,632.3 YTD TO Figure 85: Top 20 Fixed Income ETFs by Turnover ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1,017.5 650.3 8,012.2 Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta 742.0 3.0 790.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 723.2 486.3 7,169.8 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 669.8 783.4 5,958.7 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 641.9 135.0 2,147.7 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 489.8 459.4 6,112.7 Amundi ETF Euro Corporates UCITS ETF CC4 FP Amundi Beta 435.9 217.8 1,084.4 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta 382.3 367.6 1,232.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 370.8 427.2 4,057.5 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 335.3 202.6 3,082.2 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 316.7 120.2 1,547.9 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 282.8 115.4 1,444.7 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 268.2 100.7 1,389.9 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta 267.3 7.5 307.6 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta 247.1 227.4 838.6 Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 225.6 264.4 2,795.9 ishares $ Short Duration HY Corporate Bond UCITS ETF SDHY LN BlackRock Beta 190.6 24.0 553.1 Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP Lyxor Beta 179.1 30.1 369.7 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 177.3 228.0 2,669.9 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 164.6 114.3 2,336.4 YTD TO Page 50 Deutsche Bank AG/London
Figure 86: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ETFS WTI Crude Oil CRUD LN ETF Securities Beta 443.3 271.5 4,017.6 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 425.6 180.8 2,835.2 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 364.2 386.8 2,760.5 ETFS Physical Gold PHAU LN ETF Securities Beta 282.2 213.7 4,374.7 Gold Bullion Securities GBS LN ETF Securities Beta 232.9 298.4 3,237.1 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 155.2 108.0 2,009.4 Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 146.6 102.4 1,044.7 Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 116.7 74.5 909.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 110.7 72.1 1,239.6 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 98.5 123.7 1,965.2 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 83.7 22.8 341.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta 78.2 44.9 830.5 ETFS Physical Silver PHAG LN ETF Securities Beta 73.3 55.2 688.8 Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 55.7 31.3 553.9 ETFS Copper COPA LN ETF Securities Beta 53.6 20.9 570.5 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 48.2 44.8 605.3 ETFS Energy AIGE LN ETF Securities Beta 44.2 69.9 497.9 ETFS Agriculture AIGA LN ETF Securities Beta 41.8 19.7 376.7 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 40.9 25.8 482.3 ishares Physical Gold ETC SGLN LN Blackrock Beta 40.8 18.7 540.2 YTD TO Figure 87: Top 10 ETPs by Turnover ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 1,320.33 1 db x-trackers II EONIA TR Index UCITS ETF XEON GR 79.96 2 ishares Euro STOXX 50 (DE) SX5EEX GR 975.02 2 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 58.53 3 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR 619.62 3 ishares Markit iboxx Euro High Yield EUNW GR 53.43 4 ishares STOXX 600 (DE) SXXPIEX GR 556.64 4 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 50.07 5 Deka DAX UCITS ETF ETFDAX GR 516.86 5 db x-trackers II iboxx Germany 7-10 TR Index UCITS ETF XG71 GY 47.31 6 ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 336.05 6 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 47.10 7 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR 239.98 7 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY 35.58 8 ishares MDAX (DE) MDAXEX GR 223.33 8 ishares eb.rexx Government Germany 2.5-5.5 (DE) RXP2EX GR 33.65 9 db x-trackers ShortDAX UCITS ETF XSDX GR 173.19 9 Lyxor UCITS ETF Euro Cash LYXCSH GR 29.68 10 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 171.17 10 ishares Barclays Capital Emerging Market Local Govt Bond IUSP GY 28.21 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR 110.74 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 8.73 2 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 80.22 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 8.50 3 Source Physical Gold ETC (P-ETC) 8PSG GY 43.32 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 7.23 4 db Physical Gold Euro Hedged ETC XAD1 GR 29.38 4 ishares S&P Listed Private Equity Fund IQQL GR 2.04 5 Gold Bullion Securities GG9B GR 17.73 5 db-x trackers Portfolio Income UCITS ETF XS7W GR 1.95 6 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 13.64 6 ETFS Short USD Long EUR XBJQ GR 1.34 7 ETFS Brent Oil OESA GR 10.21 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY 0.90 8 ETFS Physical Gold VZLD GR 8.95 8 ETFS Long USD Short EUR XBJP GR 0.64 9 ETFS WTI Crude Oil OD7F GR 8.92 9 ETFS 5X Long USD Short EUR 5CH5 GY 0.56 10 RICI Enhanced WTI Crude Oil TR Index ETC 9J6N GR 8.68 10 db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR 0.50 Deutsche Bank AG/London Page 51
Figure 88: Top 10 ETPs by Turnover ( million) London SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares FTSE 100 UCITS ETF (Inc) ISF LN 838.76 1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN 898.91 2 Vanguard S&P 500 ETF VUSD LN 442.85 2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 617.61 3 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 331.67 3 ishares $ High Yield Corporate Bond UCITS ETF IHYU LN 500.48 4 Vanguard FTSE 100 ETF VUKE LN 301.64 4 ishares Euro Corporate Bond UCITS ETF IEAC LN 366.36 5 ishares FTSE 250 UCITS ETF MIDD LN 282.26 5 ishares UK Gilts UCITS ETF IGLT LN 312.62 6 ishares Core MSCI World UCITS ETF (Acc) IWDA LN 237.09 6 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN 312.15 7 ishares Core S&P 500 UCITS ETF CSPX LN 219.09 7 ishares $ Corporate Bond UCITS ETF LQDE LN 295.60 8 ishares MSCI Japan GBP Hedged UCITS ETF IJPH LN 209.49 8 ishares Emerging Markets Local Government Bond UCITS ETF IEML LN 252.91 9 Vanguard S&P 500 ETF VUSA LN 193.53 9 ishares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN 249.20 10 ishares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN 182.86 10 ishares $ TIPS UCITS ETF IDTP LN 222.81 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Source Physical Gold ETC (P-ETC) SGLD LN 325.81 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 17.62 2 ETFS WTI Crude Oil CRUD LN 311.26 2 ETFS 3x Short EUR Long USD SEU3 LN 7.54 3 Gold Bullion Securities GBS LN 178.98 3 ishares Listed Private Equity UCITS ETF IPRV LN 6.80 4 ETFS Physical Gold PHAU LN 149.31 4 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 5.82 5 ETFS Physical Gold GBP PHGP LN 68.71 5 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN 4.91 6 ETFS Copper COPA LN 51.05 6 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 3.66 7 ETFS Physical Silver PHAG LN 43.13 7 ETFS Short AUD Long USD SAUD LN 1.86 8 ETFS Energy AIGE LN 38.77 8 ETFS Short EUR Long USD SEUR LN 1.85 9 ETFS Agriculture AIGA LN 36.75 9 ETFS 3x Long EUR Short USD LEU3 LN 1.59 10 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN 36.54 10 ETFS Short EUR Long USDGBP SEUP LN 1.44 Figure 89: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core S&P 500 UCITS ETF CSSPX SW 274.80 1 ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 66.00 2 ishares SMI CH CSSMI SW 212.22 2 ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 64.94 3 ishares S&P 500 UCITS ETF (Inc) IUSA SW 164.14 3 ishares CHF Corporate Bond (CH) CHCORP SW 47.22 4 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 124.99 4 ishares $ Corporate Bond UCITS ETF LQDE SW 30.05 5 UBS-ETF MSCI EMU EMUEUA SW 108.59 5 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX SW 29.03 6 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 88.33 6 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 21.06 7 ishares MSCI Japan CHF Hedged UCITS ETF IJPC SW 76.70 7 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 18.75 8 ishares SPI (CH) CHSPI SW 68.88 8 db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged) XBAC SW 17.48 9 ishares MSCI Emerging Markets IMI UCITS ETF EIMI SW 66.86 9 ishares $ TIPS UCITS ETF ITPS SW 17.08 10 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 66.39 10 ishares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 15.52 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF-H (EUR) ZGLDHE SW 44.24 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 1.56 2 ZKB Gold ETF ZGLD SW 35.73 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 1.02 3 ZKB Gold ETF-A USD ZGLDUS SW 30.90 3 ishares Listed Private Equity UCITS ETF IPRV SW 0.93 4 ZKB Gold ETF-A EUR ZGLDEU SW 29.47 4 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.30 5 Source Physical Gold ETC (P-ETC) SGLD SW 23.76 5 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10 6 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 20.65 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.08 7 ZKB Silver ETF ZSIL SW 19.75 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.05 8 UBS ETF (CH) Gold (USD) I-dis AUUSI SW 15.18 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.04 9 ZKB Gold ETF-H (CHF) ZGLDHC SW 14.78 9 Nomura Voltage Mid-Term Source ETF VOLT SW 0.00 10 UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW 14.72 10 Lyxor ETF Privex LYPVX SW 0.00 Page 52 Deutsche Bank AG/London
Figure 90: Top 10 ETPs by Turnover ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 951.66 1 Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP 738.93 2 Lyxor ETF Leverage CAC 40 LVC FP 507.97 2 Amundi ETF Euro Corporates UCITS ETF CC4 FP 426.60 3 Lyxor ETF XBear CAC 40 BX4 FP 413.22 3 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP 377.35 4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 381.15 4 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP 267.28 5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 257.82 5 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 256.57 6 Lyxor UCITS ETF MSCI Europe MEU FP 206.92 6 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 239.62 7 Lyxor ETF MSCI Emerging Markets - A LEM FP 198.44 7 Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP 171.85 8 Amundi ETF MSCI EMU UCITS ETF CMU FP 177.11 8 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 148.11 9 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 154.70 9 Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP 136.59 10 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP 129.02 10 Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF X13G FP 131.03 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB CRB FP 33.68 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.03 2 ETFS WTI Crude Oil CRUDP FP 8.38 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.03 3 Gold Bullion Securities GBS FP 7.75 3 Lyxor ETF Privex PVX FP 0.03 4 Lyxor ETF Commodities CRB Non-Energy CRN FP 4.48 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.02 5 ETFS Brent 1mnth Oil OILBP FP 2.34 6 ETFS All Commodities AIGCP FP 2.17 7 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 1.08 8 ETFS Natural Gas NGASP FP 0.87 9 ETFS Wheat WEATP FP 0.72 10 ETFS Precious Metals AIGPP FP 0.60 Figure 91: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 575.88 1 ishares Euro Government Bond 3-5yr UCITS ETF IBGX IM 82.91 2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 479.25 2 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 78.91 3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 327.91 3 db x-trackers II iboxx Germany 7-10 TR Index UCITS ETF XG71 IM 50.35 4 ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM 274.99 4 ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM 49.90 5 ishares FTSE MIB UCITS ETF (Inc) IMIB IM 246.52 5 ishares Emerging Markets Local Government Bond UCITS ETF SEML IM 48.45 6 Lyxor UCITS ETF Euro STOXX 50 MSE IM 138.04 6 Lyxor UCITS ETF Euro Cash LEONIA IM 46.46 7 Lyxor UCITS ETF DAX (DR) DAXX IM 135.12 7 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM 38.86 8 UBS-ETF MSCI EMU EMUEUA IM 116.56 8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 37.78 9 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 110.83 9 ishares Euro Corporate Bond UCITS ETF IEAC IM 30.42 10 Lyxor ETF MSCI Emerging Markets - A EMKT IM 99.73 10 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 IM 27.57 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 316.42 1 ETFS 3X Long USD Short EUR EUS3 IM 55.56 2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 118.88 2 ETFS 5X Long USD Short EUR EUS5 IM 29.08 3 ETFS WTI Crude Oil CRUD IM 114.70 3 ETFS 3X Short USD Long EUR USE3 IM 19.20 4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 109.39 4 ETFS 5X Short USD Long EUR USE5 IM 8.19 5 ETFS Daily Leveraged Crude Oil LOIL IM 77.81 5 Boost Long USD Short EUR 5x Daily ETP 5USE IM 7.24 6 Boost Natural Gas 3x Short Daily 3NGS IM 51.45 6 db-x trackers Portfolio Income UCITS ETF XS7W IM 5.82 7 ETFS Physical Gold PHAU IM 44.64 7 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 3.39 8 Gold Bullion Securities GBS IM 23.64 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 2.27 9 Boost Silver 3X Leverage Daily ETP 3SIL IM 21.96 9 ETFS Long USD Short EUR EUUS IM 1.94 10 Lyxor ETF Commodities CRB CRB IM 20.35 10 Boost Short USD Long EUR 5x Daily ETP 5EUS IM 1.64 Deutsche Bank AG/London Page 53
Figure 92: Top 10 ETPs by Turnover ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT Bear 2 XABEAR2 SS 291.09 No Fixed Income ETFs 2 XACT Bull 2 XABULL2 SS 247.24 3 XACT OMXS30 XACTOMX SS 203.09 4 XACT Bear XACBEAR SS 91.29 5 XACT Bull XACBULL SS 65.31 6 XACT Nordic 30 XACTVINX SS 37.64 7 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 7.43 8 XACT OMXSB XACTSBX SS 4.36 9 SpotR OMXS30 SPOTROMX SS 3.26 10 db x-trackers S&P 500 UCITS ETF 1C XSPX SS 2.78 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI Europe UCITS ETF (Inc) IMEU NA 271.84 1 ishares Euro Corporate Bond UCITS ETF IEAC NA 65.50 2 ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 149.97 2 ishares Euro Aggregate Bond UCITS ETF IEAG NA 54.73 3 ishares AEX UCITS ETF IAEX NA 146.46 3 ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA 34.14 4 ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA 118.37 4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 27.13 5 ishares Core MSCI World UCITS ETF (Acc) IWDA NA 113.95 5 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 12.92 6 ishares MSCI World UCITS ETF (Inc) IWRD NA 103.10 6 ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA 11.99 7 Vanguard S&P 500 ETF VUSA NA 102.86 7 ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA 11.76 8 ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 94.88 8 ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA 10.64 9 ishares S&P 500 UCITS ETF (Inc) IUSA NA 63.49 9 ishares $ Corporate Bond UCITS ETF LQDA NA 9.48 10 Think AEX Tracker TDT NA 43.25 10 ishares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 9.07 Page 54 Deutsche Bank AG/London
7. European ETF Exchanges Figure 93: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Jun-15 Market Share % Jul-15 Market Share % Aug-15 Market Share % Sep-15 Market Share % Oct-15 Market Share % Deutche Boerse Deutsche Borse 18,540 27.6% 16,231 25.6% 17,074 24.3% 13,322 22.8% 12,502 22.1% LSE London SE 21,668 32.2% 21,210 33.5% 22,489 32.0% 19,046 32.6% 18,078 32.0% Borsa Italiana 6,869 10.2% 7,015 11.1% 6,848 9.7% 6,058 10.4% 6,124 10.8% Euronext 28,537 42.5% 28,225 44.6% 29,337 41.8% 25,104 43.0% 24,202 42.8% Paris 10,070 15.0% 8,922 14.1% 12,555 17.9% 11,080 19.0% 11,489 20.3% Amsterdam 2,569 3.8% 2,589 4.1% 2,472 3.5% 2,036 3.5% 2,009 3.6% Lisbon 19 0.0% 13 0.0% 12 0.0% 7 0.0% 9 0.0% Brussels 3 0.0% 7 0.0% 6 0.0% 2 0.0% 1 0.0% 12,662 18.8% 11,531 18.2% 15,045 21.4% 13,124 22.5% 13,508 23.9% Swiss SE 5,395 8.0% 5,527 8.7% 6,562 9.3% 4,388 7.5% 4,443 7.9% Stockholmborsen 1,048 1.6% 824 1.3% 1,300 1.8% 1,454 2.5% 967 1.7% Oslo Bors 370 0.6% 264 0.4% 497 0.7% 575 1.0% 425 0.8% BME 643 1.0% 673 1.1% 442 0.6% 456 0.8% 432 0.8% Others 10 0.0% 5 0.0% 10 0.0% 20 0.0% 15 0.0% Total 67,205 100.0% 63,281 100.0% 70,266 100.0% 58,444 100.0% 56,493 100.0% * Borse Stuttgart ETFs turnover totalled 0.9bn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETFs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETF listings from each country s major exchanges only in our analysis. Deutsche Bank AG/London Page 55
Figure 94: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Jun-15 Market Share % Jul-15 Market Share % Aug-15 Market Share % Sep-15 Market Share % Oct-15 Market Share % LSE London SE 1,419 2.1% 2,381 3.8% 1,719 2.4% 1,410 2.4% 1,785 3.2% Borsa Italiana 1,677 2.5% 1,682 2.7% 1,357 1.9% 1,257 2.2% 1,321 2.3% Deutche Boerse 3,096 4.6% 4,063 6.4% 3,076 4.4% 2,666 4.6% 3,106 5.5% Deutsche Borse 372 0.6% 425 0.7% 471 0.7% 270 0.5% 338 0.6% Euronext Amsterdam 13 0.0% 15 0.0% 14 0.0% 11 0.0% 16 0.0% Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 40 0.1% 61 0.1% 69 0.1% 39 0.1% 40 0.1% Others 29 0.0% 27 0.0% 15 0.0% 18 0.0% 32 0.1% Total 3,536 5.3% 4,577 7.2% 3,632 5.2% 2,994 5.1% 3,516 6.2% * Borse Stuttgart ETCs turnover totalled 92mn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETCs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETC listings from each country s major exchanges only in our analysis. Page 56 Deutsche Bank AG/London
Figure 95: Total ETP on-exchange Turnover by asset class and by exchange ETPs Europe Deutsche Borse London SE Euronext Paris Borsa Italiana Euronext Amsterdam Swiss SE Stockholm Borsen Total Total Turnover ( million) Turnover* Mkt Share % Equity Developed Markets 98,856.3 83,733.8 48,629.9 30,163.7 17,046.4 39,675.7 3,693.7 321,799.6 47.8% Emerging Markets 8,735.3 16,450.2 9,604.4 5,640.5 1,842.6 5,227.8 83.3 47,584.0 7.1% Global Markets 923.2 3,999.7 1,214.6 223.5 486.3 1,013.4 6.0 7,866.6 1.2% Sector 11,448.2 7,486.8 7,555.5 2,027.5 636.2 971.8 7.7 30,133.6 4.5% Capitalization 2,114.9 2,779.1 798.2 574.3 207.7 779.3 0.0 7,253.4 1.1% Style 4,423.1 7,159.6 810.4 1,206.3 1,221.4 1,340.4 0.0 16,161.1 2.4% Strategy 9,149.2 7,869.4 14,833.0 14,332.7 7.3 856.7 6,515.7 53,563.9 8.0% Thematic 1,018.6 1,818.9 450.5 436.3 166.9 321.7 0.0 4,213.0 0.6% Total 136,669 131,297 83,896 54,605 21,615 50,187 10,306 488,575.3 72.5% Fixed Income Overall 788.8 2,321.3 9.7 216.7 612.1 237.0 0.0 4,185.5 0.6% Corporates 3,976.6 34,545.9 2,769.8 3,587.1 1,524.5 1,412.7 0.0 47,816.6 7.1% Covered Bonds 1,000.0 132.2 747.0 113.7 101.1 15.8 0.0 2,109.8 0.3% Credit Exposure 235.3 4.7 0.0 66.3 0.0 17.4 0.0 323.6 0.0% Sovereign 12,412.2 38,651.6 10,028.4 8,591.8 1,770.5 3,205.2 0.0 74,659.7 11.1% Money Market 1,496.5 1,722.9 1,132.2 1,552.1 0.0 79.7 0.0 5,983.4 0.9% Total 19,909 77,378 14,687 14,128 4,008 4,968-135,078.6 20.1% Commodity 0.0% Overall 787.9 1,305.6 368.5 362.0 46.9 703.0 0.0 3,573.8 0.5% Agriculture 219.0 977.4 13.4 1,091.5 0.7 20.2 0.0 2,322.2 0.3% Energy 1,369.2 5,163.7 225.3 10,083.5 0.0 149.5 0.0 16,991.1 2.5% Industrial Metals 127.2 1,378.2 21.9 274.1 0.1 7.4 0.0 1,808.9 0.3% Precious Metals 2,778.7 11,376.6 137.5 2,291.2 176.2 4,490.6 0.0 21,250.8 3.2% Livestock 8.1 31.2 0.0 19.6 0.0 0.0 0.0 58.8 0.0% Total 5,290 20,233 767 14,122 224 5,371-46,005.7 6.8% Other 0.0% Alternative 257.0 512.0 32.7 85.2 59.9 153.3 0.0 1,100.0 0.2% Currency 108.7 554.2 0.0 1,841.6 3.1 0.0 0.0 2,507.5 0.4% Multi Asset 189.5 42.1 0.0 35.0 10.9 1.5 0.0 279.0 0.0% Total 555 1,108 33 1,962 74 155-3,886.6 0.6% Grand Total 162,424 230,017 99,383 84,816 25,921 60,680 10,306 673,546 100% * Total turnover year to date (not daily average) Deutsche Bank AG/London Page 57
8. Assets ETP Monthly AUM Analysis by Asset Class Figure 96: AUM by asset class and instrument ( million) ETPs Europe Oct-15 Sep-15 End of 2014 Asset Class Beta Beta+ Alpha Total ETFs Equity 312,406 4,496 3,737 175 320,814 283,673 5,165 3,398 165 292,401 254,157 3,613 2,831 475 261,076 Fixed income 105,009 1,738 0 4,922 111,669 100,133 1,772 0 4,660 106,565 81,498 1,245 0 3,408 86,151 Commodity 13,248 0 48 0 13,296 12,741 0 46 0 12,787 13,363 0 49 0 13,412 Currency 0 0 0 0-0 0 0 0-13 0 0 0 13 Multi Asset 43 0 0 379 422 42 0 0 357 399 0 0 0 300 300 Alternative 565 0 64 446 1,074 530 0 64 450 1,043 453 0 97 547 1,097 Total 431,271 6,233 3,849 5,922 447,276 397,118 6,937 3,508 5,631 413,194 349,483 4,859 2,977 4,731 362,049 ETCs Commodity 16,529 759 0 0 17,288 15,681 743 0 0 16,424 15,780 643 0 0 16,423 Currency 110 236 0 0 347 112 242 0 0 354 144 246 0 0 390 Total 16,639 996 0 0 17,635 15,793 985 0 0 16,778 15,924 889 0 0 16,813 Total ETPs 447,910 7,229 3,849 5,922 464,911 412,911 7,922 3,508 5,631 429,972 365,407 5,748 2,977 4,731 378,862 Asset Class Analysis Figure 97: European Equity ETF AUM summary ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets 232,750 0 0 139 232,889 211,417 0 0 131 211,548 184,580 0 0 341 184,922 Emerging Markets 23,072 0 0 0 23,072 20,688 0 0 1 20,688 25,192 0 0 0 25,192 Global Markets 4,817 0 0 0 4,817 4,130 0 0 0 4,130 5,244 0 0 0 5,244 Sector 19,686 0 0 0 19,686 18,264 0 0 0 18,264 15,443 0 0 0 15,443 Capitalization 6,804 0 0 0 6,804 6,353 0 0 0 6,353 4,485 0 0 0 4,485 Strategy 5,001 4,496 3,737 36 13,270 4,451 5,165 3,398 34 13,047 2,849 3,613 2,831 134 9,428 Style 16,370 0 0 0 16,370 14,987 0 0 0 14,987 13,549 0 0 0 13,549 Thematic 3,907 0 0 0 3,907 3,383 0 0 0 3,383 2,814 0 0 0 2,814 Total Equities 312,406 4,496 3,737 175 320,814 283,673 5,165 3,398 165 292,401 254,157 3,613 2,831 475 261,076 Page 58 Deutsche Bank AG/London
Figure 97A: European Equity ETF AUM summary - A ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Sector 19,686 0 0 0 19,686 18,264 0 0 0 18,264 15,443 0 0 0 15,443 Consumer discretionary 901 0 0 0 901 720 0 0 0 720 624 0 0 0 624 Consumer staples 999 0 0 0 999 1,018 0 0 0 1,018 790 0 0 0 790 Energy 1,397 0 0 0 1,397 1,144 0 0 0 1,144 1,102 0 0 0 1,102 Financials 10,564 0 0 0 10,564 9,891 0 0 0 9,891 7,996 0 0 0 7,996 Healthcare 2,041 0 0 0 2,041 2,004 0 0 0 2,004 1,855 0 0 0 1,855 Industrials 476 0 0 0 476 484 0 0 0 484 436 0 0 0 436 Information Technology 1,286 0 0 0 1,286 1,146 0 0 0 1,146 1,027 0 0 0 1,027 Materials 754 0 0 0 754 723 0 0 0 723 670 0 0 0 670 Telecommunications 758 0 0 0 758 650 0 0 0 650 478 0 0 0 478 Utilities 511 0 0 0 511 484 0 0 0 484 466 0 0 0 466 Capitalization 6,804 0 0 0 6,804 6,353 0 0 0 6,353 4,485 0 0 0 4,485 Large Cap 412 0 0 0 412 375 0 0 0 375 408 0 0 0 408 Mid Cap 2,328 0 0 0 2,328 2,195 0 0 0 2,195 1,497 0 0 0 1,497 Small Cap 4,065 0 0 0 4,065 3,783 0 0 0 3,783 2,579 0 0 0 2,579 Strategy 5,001 4,496 3,737 36 13,270 4,451 5,165 3,398 34 13,047 2,849 3,613 2,831 134 9,428 Fundamental 1,237 0 1,355 0 2,591 1,152 0 1,233 0 2,385 1,000 0 892 0 1,893 Leveraged Long 0 2,010 0 0 2,010 0 1,903 0 0 1,903 0 1,583 0 0 1,583 Leveraged Short 0 896 0 0 896 0 1,088 0 0 1,088 0 789 0 0 789 Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Quantitative 3,734 0 2,383 36 6,153 3,266 0 2,165 34 5,464 1,849 0 1,938 134 3,921 Short 30 1,590 0 0 1,620 33 2,173 0 0 2,206 0 1,241 0 0 1,241 Style 16,370 0 0 0 16,370 14,987 0 0 0 14,987 13,549 0 0 0 13,549 Dividend 14,810 0 0 0 14,810 13,678 0 0 0 13,678 12,456 0 0 0 12,456 Growth 291 0 0 0 291 258 0 0 0 258 158 0 0 0 158 Value 1,269 0 0 0 1,269 1,051 0 0 0 1,051 935 0 0 0 935 Thematic 3,907 0 0 0 3,907 3,383 0 0 0 3,383 2,814 0 0 0 2,814 Commodities 717 0 0 0 717 625 0 0 0 625 647 0 0 0 647 Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Faith 189 0 0 0 189 172 0 0 0 172 201 0 0 0 201 Other Theme 981 0 0 0 981 876 0 0 0 876 682 0 0 0 682 Sustainability 2,019 0 0 0 2,019 1,710 0 0 0 1,710 1,285 0 0 0 1,285 Total 51,768 4,496 3,737 36 60,037 47,438 5,165 3,398 34 56,035 39,140 3,613 2,831 134 45,719 Deutsche Bank AG/London Page 59
Figure 97B: European Equity ETF AUM summary - B ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets Europe 131,741 0 0 139 131,880 119,537 0 0 131 119,668 96,005 0 0 341 96,347 Austria 417 0 0 0 417 326 0 0 0 326 334 0 0 0 334 Belgium 42 0 0 0 42 38 0 0 0 38 35 0 0 0 35 Finland 174 0 0 0 174 151 0 0 0 151 144 0 0 0 144 France 5,004 0 0 0 5,004 4,529 0 0 0 4,529 3,756 0 0 0 3,756 Germany 20,734 0 0 0 20,734 18,165 0 0 0 18,165 16,129 0 0 0 16,129 Greece 229 0 0 0 229 206 0 0 0 206 211 0 0 0 211 Ireland 30 0 0 0 30 28 0 0 0 28 24 0 0 0 24 Italy 3,120 0 0 0 3,120 2,823 0 0 0 2,823 2,271 0 0 0 2,271 Netherlands 600 0 0 0 600 547 0 0 0 547 431 0 0 0 431 Norway 229 0 0 0 229 209 0 0 0 209 248 0 0 0 248 Portugal 88 0 0 0 88 81 0 0 0 81 58 0 0 0 58 Spain 1,863 0 0 0 1,863 1,812 0 0 0 1,812 1,792 0 0 0 1,792 Sweden 1,270 0 0 0 1,270 1,189 0 0 0 1,189 1,342 0 0 0 1,342 Switzerland 9,943 0 0 0 9,943 9,273 0 0 0 9,273 8,743 0 0 0 8,743 UK 13,781 0 0 0 13,781 12,790 0 0 0 12,790 12,023 0 0 0 12,023 Europe broad 74,216 0 0 139 74,355 67,369 0 0 131 67,500 48,465 0 0 341 48,806 Americas 60,525 0 0 0 60,525 55,348 0 0 0 55,348 54,952 0 0 0 54,952 US 57,288 0 0 0 57,288 52,427 0 0 0 52,427 51,463 0 0 0 51,463 Canada 846 0 0 0 846 805 0 0 0 805 907 0 0 0 907 North America 2,390 0 0 0 2,390 2,116 0 0 0 2,116 2,582 0 0 0 2,582 Asia 22,077 0 0 0 22,077 19,804 0 0 0 19,804 16,812 0 0 0 16,812 Australia 369 0 0 0 369 351 0 0 0 351 677 0 0 0 677 Hong Kong 284 0 0 0 284 257 0 0 0 257 149 0 0 0 149 Japan 19,978 0 0 0 19,978 17,866 0 0 0 17,866 14,404 0 0 0 14,404 Singapore 63 0 0 0 63 57 0 0 0 57 18 0 0 0 18 Asia Pacific broad 1,383 0 0 0 1,383 1,272 0 0 0 1,272 1,564 0 0 0 1,564 Global 18,408 0 0 0 18,408 16,729 0 0 0 16,729 16,812 0 0 0 16,812 Broad indices 18,408 0 0 0 18,408 16,729 0 0 0 16,729 16,812 0 0 0 16,812 DM Total 232,750 0 0 139 232,889 211,417 0 0 131 211,548 184,580 0 0 341 184,922 Page 60 Deutsche Bank AG/London
Figure 97C: European Equity ETF AUM summary - C ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Emerging Markets BRIC 6,290 0 0 0 6,290 5,828 0 0 1 5,828 7,842 0 0 0 7,842 Brazil 532 0 0 0 532 487 0 0 0 487 793 0 0 0 793 Russia 742 0 0 0 742 759 0 0 1 760 769 0 0 0 770 India 2,065 0 0 0 2,065 2,016 0 0 0 2,016 1,588 0 0 0 1,588 China 2,951 0 0 0 2,951 2,566 0 0 0 2,566 4,693 0 0 0 4,693 Latin America 542 0 0 0 542 494 0 0 0 494 685 0 0 0 685 Chile 15 0 0 0 15 14 0 0 0 14 19 0 0 0 19 Mexico 135 0 0 0 135 125 0 0 0 125 206 0 0 0 206 LATAM broad 392 0 0 0 392 355 0 0 0 355 460 0 0 0 460 Asia 3,634 0 0 0 3,634 3,466 0 0 0 3,466 3,566 0 0 0 3,566 Bangladesh 20 0 0 0 20 21 0 0 0 21 18 0 0 0 18 Indonesia 104 0 0 0 104 89 0 0 0 89 141 0 0 0 141 Malaysia 44 0 0 0 44 40 0 0 0 40 73 0 0 0 73 Pakistan 22 0 0 0 22 24 0 0 0 24 24 0 0 0 24 Philippines 43 0 0 0 43 41 0 0 0 41 63 0 0 0 63 South Korea 899 0 0 0 899 809 0 0 0 809 813 0 0 0 813 Taiwan 616 0 0 0 616 694 0 0 0 694 842 0 0 0 842 Thailand 37 0 0 0 37 35 0 0 0 35 66 0 0 0 66 Vietnam 352 0 0 0 352 320 0 0 0 320 310 0 0 0 310 Asia Pacific broad 1,497 0 0 0 1,497 1,393 0 0 0 1,393 1,216 0 0 0 1,216 EMEA 1,005 0 0 0 1,005 945 0 0 0 945 1,138 0 0 0 1,138 Kuwait 12 0 0 0 12 13 0 0 0 13 13 0 0 0 13 Poland 65 0 0 0 65 69 0 0 0 69 39 0 0 0 39 South Africa 87 0 0 0 87 75 0 0 0 75 87 0 0 0 87 Turkey 368 0 0 0 368 332 0 0 0 332 415 0 0 0 415 Europe broad 332 0 0 0 332 320 0 0 0 320 471 0 0 0 471 Middle East & Africa 141 0 0 0 141 136 0 0 0 136 114 0 0 0 114 Global Markets 11,601 0 0 0 11,601 9,955 0 0 0 9,955 11,960 0 0 0 11,960 Global 11,601 0 0 0 11,601 9,955 0 0 0 9,955 11,960 0 0 0 11,960 EM Total 23,072 0 0 0 23,072 20,688 0 0 1 20,688 25,192 0 0 0 25,192 Total (EM + DM) 255,822 0 0 139 255,961 232,105 0 0 132 232,236 209,772 0 0 341 210,113 Figure 98: European Fixed Income ETF AUM summary ( million) ETFs Europe Oct-15 Sep-15 End of 2014 Fixed Income AUM Beta Beta+ Alpha Total Overall 3,875 0 0 4,336 8,211 3,779 0 0 4,043 7,822 3,219 0 0 2,763 5,983 Corporates 40,747 0 0 187 40,934 38,532 0 0 181 38,713 29,657 0 0 15 29,672 Covered Bonds 2,739 0 0 356 3,095 2,868 0 0 391 3,259 3,065 0 0 423 3,488 Credit Exposure 253 78 0 0 331 246 87 0 0 334 184 61 0 0 245 Sovereign 54,370 1,660 0 43 56,073 51,645 1,685 0 45 53,374 43,658 1,185 0 206 45,049 Money Market 3,025 0 0 0 3,025 3,063 0 0 0 3,063 1,714 0 0 0 1,714 Total Fixed Income 105,009 1,738 0 4,922 111,669 100,133 1,772 0 4,660 106,565 81,498 1,245 0 3,408 86,151 Deutsche Bank AG/London Page 61
Figure 99: European Commodity ETP AUM summary ( million) ETPs Europe Oct-15 Sep-15 End of 2014 Commodity AUM Beta Beta+ Alpha Total Overall 3,819 10 48 0 3,877 3,629 11 46 0 3,686 3,523 8 49 0 3,580 Overall 3594 10 48 0 3,652 3406 11 46 0 3,462 3270 8 49 0 3,327 Overall ex Energy 218 0 0 0 218 217 0 0 0 217 246 0 0 0 246 Overall Light Energy 7 0 0 0 7 7 0 0 0 7 8 0 0 0 8 Overall Ultra Light Energy 0 0 0 0-0 0 0 0-0 0 0 0 - Agriculture 736 109 0 0 844 698 114 0 0 811 737 88 0 0 826 Overall 466 4 0 0 470 430 4 0 0 433 480 4 0 0 484 Cocoa 11 3 0 0 14 11 3 0 0 14 9 4 0 0 13 Coffee 43 34 0 0 77 43 32 0 0 75 21 12 0 0 33 Corn 32 8 0 0 40 31 9 0 0 40 36 9 0 0 45 Cotton 29 4 0 0 32 29 4 0 0 32 31 6 0 0 37 Grains 38 1 0 0 39 38 1 0 0 39 37 1 0 0 38 Softs 4 1 0 0 5 4 1 0 0 5 5 0 0 0 6 Soybean Oil 3 2 0 0 4 2 2 0 0 4 4 2 0 0 6 Soybeans 8 2 0 0 10 8 3 0 0 11 16 3 0 0 18 Sugar 35 19 0 0 54 37 22 0 0 59 24 15 0 0 38 Wheat 66 33 0 0 99 66 34 0 0 100 75 32 0 0 107 Energy 1,969 450 0 0 2,419 1,779 388 0 0 2,167 916 163 0 0 1,078 Overall 185 1 0 0 187 179 1 0 0 180 132 0 0 0 132 Carbon 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1 Crude Oil 1704 364 0 0 2,067 1515 302 0 0 1,817 708 84 0 0 793 Gasoline 9 2 0 0 11 9 2 0 0 11 5 1 0 0 6 Heating Oil 5 2 0 0 6 5 1 0 0 7 3 1 0 0 4 Natural Gas 64 81 0 0 146 68 82 0 0 150 67 76 0 0 142 Electricity 0 0 0 0-0 0 0 0-0 0 0 0 - Uranium 0 0 0 0-0 0 0 0-0 0 0 0 - Industrial Metals 445 50 0 0 496 480 86 0 0 566 682 95 0 0 777 Overall 187 2 0 0 189 191 3 0 0 194 267 18 0 0 285 Aluminium 82 5 0 0 87 96 4 0 0 100 85 5 0 0 91 Copper 81 27 0 0 108 94 60 0 0 154 174 58 0 0 233 Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2 Nickel 80 13 0 0 93 83 14 0 0 98 136 8 0 0 144 Tin 2 2 0 0 3 2 2 0 0 4 2 2 0 0 4 Zinc 12 1 0 0 14 13 1 0 0 14 17 2 0 0 18 Precious Metals 22,797 138 0 0 22,934 21,823 142 0 0 21,965 23,269 286 0 0 23,555 Overall 181 1 0 0 182 168 1 0 0 169 178 1 0 0 179 Gold 19050 54 0 0 19,104 18280 59 0 0 18,340 19347 156 0 0 19,503 Palladium 612 1 0 0 613 622 1 0 0 623 762 1 0 0 763 Platinum 781 6 0 0 786 722 6 0 0 727 973 5 0 0 978 Rhodium 67 0 0 0 67 68 0 0 0 68 107 0 0 0 107 Silver 2107 76 0 0 2,183 1964 75 0 0 2,038 1903 123 0 0 2,026 Livestock 11 3 0 0 14 12 4 0 0 16 15 3 0 0 19 Overall 6 0 0 0 6 6 0 0 0 6 9 0 0 0 10 Cattle 1 1 0 0 2 1 1 0 0 2 3 2 0 0 4 Lean Hogs 4 2 0 0 6 5 2 0 0 7 3 2 0 0 5 Total 29,777 759 48 0 30,584 28,422 743 46 0 29,211 29,143 643 49 0 29,835 Page 62 Deutsche Bank AG/London
Product Rankings Figure 100: Top 20 Products by AUM Equity ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 11,367.1 10,455.9 8,461.6 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 11,215.1 10,117.7 8,301.8 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 9,179.6 8,178.4 8,650.4 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9,163.0 8,452.7 11,426.2 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 8,158.5 7,457.9 5,193.6 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,760.7 6,924.9 5,949.9 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,524.5 6,187.9 5,153.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,859.2 5,159.0 3,681.6 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,565.1 5,015.2 3,923.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5,563.1 5,063.3 6,516.2 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5,399.7 4,803.5 2,879.5 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,210.3 4,770.1 4,927.9 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 5,062.2 4,303.3 2,972.9 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 4,374.3 4,052.2 2,072.6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,968.3 3,598.5 2,541.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,573.3 3,242.1 3,566.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 3,524.7 3,069.9 4,185.3 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 3,119.9 2,902.1 1,927.1 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,858.0 2,619.7 2,369.3 ishares SMI CH CSSMI SW BlackRock Beta 2,695.6 2,594.3 2,640.1 2014 AUM Figure 101: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6,058.6 5,826.0 4,912.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,918.0 3,739.0 4,743.6 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,757.5 3,320.8 2,653.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,465.8 3,329.4 3,066.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3,302.0 2,923.0 1,758.5 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,827.5 2,607.5 1,612.1 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,489.6 2,213.4 1,003.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,271.3 2,117.9 1,730.0 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,991.3 1,905.3 1,612.8 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,945.5 1,799.6 1,306.5 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,905.0 1,859.9 1,641.1 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,844.4 1,388.0 1,563.8 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 1,843.4 1,788.3 2,084.6 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,833.8 1,961.9 2,260.1 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1,797.6 1,833.5 1,133.0 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,733.9 1,690.6 1,088.3 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,708.2 1,609.2 1,311.3 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,630.7 1,441.9 1,036.5 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta 1,479.1 1,380.7 980.9 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,447.9 1,374.8 1,582.3 2014 AUM Deutsche Bank AG/London Page 63
Figure 102: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4,514.6 4,393.2 4,550.0 ETFS Physical Gold PHAU LN ETF Securities Beta 3,463.6 3,304.2 3,896.5 Gold Bullion Securities GBS LN ETF Securities Beta 2,395.0 2,253.7 2,684.6 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,733.3 1,589.7 1,382.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,671.7 1,612.4 1,571.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,480.7 1,445.3 1,607.6 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,022.4 962.3 1,033.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta 750.9 699.5 618.9 ETFS WTI Crude Oil CRUD LN ETF Securities Beta 688.1 546.3 200.7 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 674.2 599.2 488.2 ETFS Physical Silver PHAG LN ETF Securities Beta 585.6 558.6 461.4 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 490.9 481.2 430.8 db Physical Gold ETC XGLD LN Deutsche AWM Beta 456.0 459.8 511.4 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 445.2 434.8 446.0 UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 422.5 429.7 312.8 ishares Physical Gold ETC SGLN LN Blackrock Beta 379.6 354.9 151.7 db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 377.9 364.7 284.2 ishares Gold CHF Hedged CH CSGLDC SW BlackRock Beta 299.1 286.1 309.6 ishares Gold CH CSGOLD SW BlackRock Beta 296.7 290.4 670.2 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 291.2 288.3 517.6 2014 AUM Page 64 Deutsche Bank AG/London
Deutsche Bank AG/London Page 65 9. ETF Broker rankings US ETP Broker Rankings Figure 103: Top 20 US ETF Brokers ETFs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (KCG) KCG HOLDINGS, INC. 182,341 17.66% 284,478 1,630,284 14.38% 2,354,136 (MLCO) MERRILL LYNCH 3,212 18.54% 49,232 37,386 21.82% 483,573 2 (MLCO) MERRILL LYNCH 172,844 16.74% 49,229 2,803,622 24.73% 483,552 (KCG) KCG HOLDINGS, INC. 2,929 16.91% 284,478 26,078 15.22% 2,354,169 3 (UBS) UBS INVESTMENT BANK 101,658 9.85% 41,568 989,496 8.73% 406,946 (UBS) UBS INVESTMENT BANK 1,697 9.79% 41,568 16,163 9.43% 406,949 4 (CSFB) CREDIT SUISSE 90,707 8.79% 21,667 939,778 8.29% 211,034 (CSFB) CREDIT SUISSE 1,492 8.61% 21,765 14,559 8.50% 211,899 5 (JPM) JP MORGAN 65,438 6.34% 8,618 493,943 4.36% 81,699 (CITI) CITIGROUP GLOBAL MARKE 988 5.70% 19,091 9,574 5.59% 190,033 6 (CITI) CITIGROUP GLOBAL MARKE 55,458 5.37% 19,091 573,834 5.06% 190,031 (DBAB) DEUTSCHE BANK SECURITI 960 5.54% 24,030 8,038 4.69% 204,769 7 (DBAB) DEUTSCHE BANK SECURITI 53,580 5.19% 24,030 447,472 3.95% 204,765 (JPM) JP MORGAN 953 5.50% 8,618 6,693 3.91% 81,700 8 (MSCO) MORGAN STANLEY 41,134 3.98% 15,246 375,852 3.32% 144,751 (GSHT) GOLDMAN, SACHS & CO. 754 4.35% 51,974 6,644 3.88% 666,318 9 (GSHT) GOLDMAN, SACHS & CO. 40,166 3.89% 51,974 370,840 3.27% 666,314 (MSCO) MORGAN STANLEY 619 3.57% 15,246 4,886 2.85% 144,753 10 (GSLT) GOLDMAN SACHS ELECTRON 31,152 3.02% 124,825 334,286 2.95% 1,373,331 (GSLT) GOLDMAN SACHS ELECTRON 411 2.37% 124,825 4,178 2.44% 1,373,339 11 (BCET) BARCLAYS CAPITAL INC. 22,777 2.21% 39,684 184,581 1.63% 327,475 (BCET) BARCLAYS CAPITAL INC. 377 2.18% 39,684 2,824 1.65% 327,475 12 (BCAP) BARCLAYS CAPITAL 21,368 2.07% 19,832 220,070 1.94% 175,173 (BNPP) BNP PARIBAS 358 2.07% 5,412 2,364 1.38% 59,925 13 (FCM) FIDELITY CAPITAL MARKET 17,018 1.65% 15,855 326,236 2.88% 417,200 (BCAP) BARCLAYS CAPITAL 357 2.06% 19,832 3,503 2.04% 175,175 14 (CVGX) CONVERGEX 16,753 1.62% 26,306 138,821 1.22% 235,977 (FCM) FIDELITY CAPITAL MARKET 280 1.62% 15,855 5,893 3.44% 417,200 15 (INCA) INSTINET 15,887 1.54% 7,633 193,649 1.71% 123,539 (CVGX) CONVERGEX 276 1.59% 26,306 2,328 1.36% 235,978 16 (JEFF) JEFFERIES & CO., INC. 15,515 1.50% 15,713 136,223 1.20% 133,529 (RBC) ROYAL BANK OF CANADA 210 1.21% 14,172 736 0.43% 117,192 17 (BNPP) BNP PARIBAS 11,651 1.13% 5,412 98,769 0.87% 59,925 (JEFF) JEFFERIES & CO., INC. 207 1.20% 15,713 1,754 1.02% 133,529 18 (RBC) ROYAL BANK OF CANADA 10,701 1.04% 14,172 41,848 0.37% 117,192 (INCA) INSTINET 173 1.00% 7,633 2,157 1.26% 123,544 19 (CANT) CANTOR FITZGERALD L.P. 9,184 0.89% 5,258 125,745 1.11% 75,374 (CANT) CANTOR FITZGERALD L.P. 164 0.95% 5,259 2,280 1.33% 75,381 20 (BTIG) BTIG LLC 4,271 0.41% 1,402 32,349 0.29% 13,327 (WBET) WALLACHBETH CAPITAL LL 78 0.45% 248 1,111 0.65% 3,223 Other 52,872 5.12% 113,074 879,157 7.75% 1,421,290 Other 829 4.79% 114,228 12,214 7.13% 1,431,479 Total 1,032,475 100.00% 905,067 11,336,856 100.00% 9,216,560 Total 17,326 100.00% 905,169 171,363 100.00% 9,217,603 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
Page 66 Deutsche Bank AG/London Figure 104: Top 20 US ETV Brokers ETVs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (KCG) KCG HOLDINGS, INC. 9,346 27.26% 25,492 84,453 21.81% 212,114 (KCG) KCG HOLDINGS, INC. 320 26.84% 25,492 2,798 21.10% 212,114 2 (UBS) UBS INVESTMENT BANK 5,499 16.04% 2,276 49,336 12.74% 23,089 (UBS) UBS INVESTMENT BANK 218 18.28% 2,276 1,767 13.33% 23,089 3 (CITI) CITIGROUP GLOBAL MARKE 4,195 12.23% 1,053 36,950 9.54% 10,673 (MLCO) MERRILL LYNCH 145 12.15% 2,175 2,538 19.13% 25,019 4 (MLCO) MERRILL LYNCH 4,085 11.91% 2,175 69,411 17.93% 25,019 (CITI) CITIGROUP GLOBAL MARKE 107 8.98% 1,053 1,243 9.38% 10,673 5 (CSFB) CREDIT SUISSE 2,621 7.65% 1,071 29,564 7.64% 10,674 (CSFB) CREDIT SUISSE 91 7.60% 1,072 993 7.49% 10,709 6 (BCET) BARCLAYS CAPITAL INC. 1,376 4.01% 3,515 8,041 2.08% 28,232 (BCET) BARCLAYS CAPITAL INC. 39 3.27% 3,515 275 2.07% 28,232 7 (DBAB) DEUTSCHE BANK SECURITI 943 2.75% 856 8,287 2.14% 7,979 (DBAB) DEUTSCHE BANK SECURITI 37 3.08% 856 259 1.96% 7,979 8 (JPM) JP MORGAN 801 2.33% 379 9,622 2.48% 4,150 (JPM) JP MORGAN 26 2.16% 379 282 2.12% 4,150 9 (GSHT) GOLDMAN, SACHS & CO. 707 2.06% 2,501 7,454 1.93% 29,234 (MSCO) MORGAN STANLEY 25 2.10% 741 263 1.98% 8,837 10 (GSLT) GOLDMAN SACHS ELECTRON 601 1.75% 7,353 10,446 2.70% 93,378 (GSHT) GOLDMAN, SACHS & CO. 23 1.90% 2,501 206 1.55% 29,234 11 (MSCO) MORGAN STANLEY 589 1.72% 741 6,803 1.76% 8,837 (FCM) FIDELITY CAPITAL MARKET 21 1.79% 1,270 818 6.17% 44,274 12 (FCM) FIDELITY CAPITAL MARKET 485 1.42% 1,270 19,780 5.11% 44,274 (RBC) ROYAL BANK OF CANADA 20 1.71% 366 76 0.57% 10,464 13 (CVGX) CONVERGEX 452 1.32% 1,256 4,909 1.27% 12,074 (GSLT) GOLDMAN SACHS ELECTRON 20 1.65% 7,353 293 2.21% 93,378 14 (INCA) INSTINET 425 1.24% 502 6,492 1.68% 7,506 (BCAP) BARCLAYS CAPITAL 17 1.41% 1,345 136 1.03% 9,669 15 (BCAP) BARCLAYS CAPITAL 411 1.20% 1,345 3,654 0.94% 9,669 (CVGX) CONVERGEX 13 1.06% 1,256 165 1.24% 12,074 16 (RBC) ROYAL BANK OF CANADA 354 1.03% 366 2,705 0.70% 10,464 (INCA) INSTINET 11 0.96% 502 191 1.44% 7,506 17 (ITGI) INVESTMENT TECHNOLOGY 171 0.50% 307 662 0.17% 5,458 (BNPP) BNP PARIBAS 7 0.56% 215 77 0.58% 3,942 18 (BNPP) BNP PARIBAS 168 0.49% 215 2,219 0.57% 3,942 (ITGI) INVESTMENT TECHNOLOGY 6 0.48% 307 17 0.13% 5,458 19 (CANT) CANTOR FITZGERALD L.P. 118 0.34% 192 1,365 0.35% 3,036 (BMOC) BMO CAPITAL MARKETS 6 0.48% 112 25 0.19% 1,283 20 (JEFF) JEFFERIES & CO., INC. 118 0.34% 475 1,572 0.41% 6,035 (CANT) CANTOR FITZGERALD L.P. 6 0.47% 192 57 0.43% 3,036 Other 820 2.39% 4,371 23,485 6.07% 59,778 Other 36 3.06% 4,734 784 5.91% 64,533 Total 34,288 100.00% 57,711 387,211 100.00% 615,615 Total 1,193 100.00% 57,712 13,263 100.00% 615,653 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
Deutsche Bank AG/London Page 67 European ETP Broker Rankings Figure 105: Top 20 European ETF brokers ETFs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (CBK) COMMERZBANK 9,473 12.22% 18,863 132,893 14.82% 204,466 (CBK) COMMERZBANK 235 11.01% 18,863 3,343 13.20% 206,065 2 (CITI) CITIGROUP GLOBAL MARKE 6,286 8.11% 3,035 61,219 6.83% 29,650 (SIS) SUSQUEHANNA INTERNATION 198 9.26% 2,987 2,309 9.12% 31,998 3 (FLOW) FLOW TRADERS 6,245 8.05% 3,983 65,250 7.28% 40,618 (FLOW) FLOW TRADERS 176 8.21% 4,209 1,895 7.48% 41,535 4 (SIS) SUSQUEHANNA INTERNATION 5,987 7.72% 2,983 75,032 8.37% 31,945 (CITI) CITIGROUP GLOBAL MARKE 138 6.45% 3,035 1,598 6.31% 29,660 5 (BNPP) BNP PARIBAS 4,721 6.09% 4,622 56,497 6.30% 45,900 (KCG) KCG HOLDINGS, INC. 116 5.41% 5,585 993 3.92% 51,617 6 (JPMH) JPMORGAN CHASE BANK, N 3,936 5.08% 2,533 41,489 4.63% 26,302 (CSFB) CREDIT SUISSE 93 4.35% 2,965 1,016 4.01% 30,714 7 (UNIC) UNICREDIT 3,535 4.56% 1,139 31,393 3.50% 10,126 (WINS) WINTERFLOOD SECURITIES 87 4.05% 5,895 873 3.45% 60,651 8 (DBK) DEUTSCHE BANK AG 3,175 4.09% 1,391 46,396 5.18% 15,141 (UNIC) UNICREDIT 86 4.04% 1,146 654 2.58% 10,148 9 (CSFB) CREDIT SUISSE 3,146 4.06% 2,912 38,752 4.32% 30,031 (JPMH) JPMORGAN CHASE BANK, N 86 4.02% 2,533 871 3.44% 26,328 10 (BCAP) BARCLAYS CAPITAL 2,973 3.83% 2,649 31,527 3.52% 24,963 (BNPP) BNP PARIBAS 85 3.99% 4,642 1,060 4.19% 46,090 11 (SGSA) SOCIETE GENERALE 2,939 3.79% 2,490 8,098 0.90% 6,340 (SGSA) SOCIETE GENERALE 75 3.49% 2,490 215 0.85% 6,340 12 (UBS) UBS INVESTMENT BANK 2,742 3.54% 406 30,426 3.39% 7,647 (UBS) UBS INVESTMENT BANK 72 3.37% 406 1,042 4.11% 7,649 13 (KCG) KCG HOLDINGS, INC. 2,673 3.45% 5,584 21,526 2.40% 51,614 (BCAP) BARCLAYS CAPITAL 70 3.27% 2,649 862 3.40% 24,976 14 (GSHT) GOLDMAN, SACHS & CO. 2,292 2.96% 5,789 25,726 2.87% 51,002 (MSCO) MORGAN STANLEY 61 2.87% 1,545 840 3.32% 18,122 15 (MSCO) MORGAN STANLEY 2,167 2.79% 1,545 30,352 3.39% 18,118 (DBK) DEUTSCHE BANK AG 58 2.70% 1,393 1,073 4.24% 15,155 16 (BFIN) BLUEFIN EUROPE LLP 1,964 2.53% 398 15,907 1.77% 2,236 (MLCE) BANK OF AMERICA MERRIL 58 2.69% 2,988 676 2.67% 26,504 17 (WINS) WINTERFLOOD SECURITIES 1,891 2.44% 5,877 19,666 2.19% 60,620 (MLCO) MERRILL LYNCH 41 1.91% 904 368 1.45% 6,986 18 (MLCO) MERRILL LYNCH 1,364 1.76% 904 12,647 1.41% 6,986 (KEPL) KEPLER CAPITAL MARKETS 39 1.81% 1,981 394 1.55% 25,208 19 (KEPL) KEPLER CAPITAL MARKETS 1,280 1.65% 1,981 11,220 1.25% 25,206 (GSHT) GOLDMAN, SACHS & CO. 37 1.75% 5,789 469 1.85% 51,008 20 (CANT) CANTOR FITZGERALD L.P. 1,032 1.33% 1,701 18,721 2.09% 20,395 (CANT) CANTOR FITZGERALD L.P. 32 1.50% 1,702 615 2.43% 20,410 Other 7,727 9.96% 29,084 121,746 13.58% 336,415 Other 296 13.84% 26,557 4,157 16.42% 312,560 Total 77,549 100.00% 99,869 896,483 100.00% 1,045,721 Total 2,139 100.00% 100,264 25,323 100.00% 1,049,724 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
Page 68 Deutsche Bank AG/London Figure 106: Top 20 European ETC brokers ETCs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Oct-15 YTD Oct-15 YTD 1 (CBK) COMMERZBANK 209 10.84% 690 1,862 7.29% 7,590 (CSFB) CREDIT SUISSE 91 21.81% 126 153 3.49% 1,478 2 (CITI) CITIGROUP GLOBAL MARKE 197 10.21% 302 1,779 6.96% 3,244 (WINS) WINTERFLOOD SECURITIES 86 20.61% 1,648 1,095 25.03% 17,251 3 (KCG) KCG HOLDINGS, INC. 185 9.57% 598 862 3.37% 4,442 (SIS) SUSQUEHANNA INTERNATION 31 7.36% 16 80 1.83% 162 4 (MSCO) MORGAN STANLEY 162 8.37% 194 2,450 9.59% 2,504 (CITI) CITIGROUP GLOBAL MARKE 28 6.75% 302 225 5.15% 3,245 5 (FLOW) FLOW TRADERS 161 8.33% 159 1,419 5.55% 1,722 (HSBC) HSBC GROUP PLC 17 4.09% 83 41 0.94% 1,530 6 (WINS) WINTERFLOOD SECURITIES 152 7.89% 1,648 1,842 7.21% 17,251 (UBS) UBS INVESTMENT BANK 16 3.83% 79 194 4.44% 1,156 7 (UBS) UBS INVESTMENT BANK 113 5.84% 79 1,131 4.43% 1,156 (FLOW) FLOW TRADERS 15 3.70% 167 117 2.68% 1,782 8 (MACQ) MACQUARIE SECURITIES 110 5.68% 78 1,810 7.08% 520 (KCG) KCG HOLDINGS, INC. 15 3.63% 598 98 2.24% 4,442 9 (HSBC) HSBC GROUP PLC 81 4.19% 83 785 3.07% 1,530 (KEPL) KEPLER CAPITAL MARKETS 15 3.48% 171 143 3.27% 2,402 10 (SGSA) SOCIETE GENERALE 71 3.66% 91 124 0.48% 182 (DBKE) DEUTSCHE BANK AG, AUTO 14 3.25% 247 313 7.15% 3,898 11 (CANT) CANTOR FITZGERALD L.P. 54 2.80% 300 884 3.46% 3,686 (MSCO) MORGAN STANLEY 12 2.89% 194 71 1.63% 2,504 12 (BFIN) BLUEFIN EUROPE LLP 51 2.64% 43 982 3.84% 511 (CANT) CANTOR FITZGERALD L.P. 11 2.67% 300 309 7.07% 3,686 13 (SIS) SUSQUEHANNA INTERNATION 38 1.99% 16 450 1.76% 161 (CBK) COMMERZBANK 9 2.18% 690 100 2.29% 7,611 14 (DBK) DEUTSCHE BANK AG 38 1.99% 41 1,468 5.74% 375 (BFIN) BLUEFIN EUROPE LLP 9 2.14% 43 216 4.94% 511 15 (CSFB) CREDIT SUISSE 36 1.88% 126 1,405 5.50% 1,468 (INCA) INSTINET 8 1.91% 85 147 3.37% 919 16 (MLCE) BANK OF AMERICA MERRIL 29 1.50% 419 387 1.51% 3,977 (MLCE) BANK OF AMERICA MERRIL 6 1.50% 419 165 3.77% 3,978 17 (BNPP) BNP PARIBAS 28 1.43% 22 640 2.50% 252 (MACQ) MACQUARIE SECURITIES 6 1.50% 78 172 3.93% 520 18 (INTM) INTERMONTE SIM SPA 26 1.37% 11 40 0.15% 18 (MED) MEDIOBANCA SPA 5 1.20% 904 62 1.41% 9,065 19 (MLCO) MERRILL LYNCH 22 1.16% 25 840 3.29% 304 (SGSA) SOCIETE GENERALE 4 0.92% 91 7 0.17% 182 20 (ITGE) ITG EUROPE 21 1.07% 3 113 0.44% 40 (CVGX) CONVERGEX 3 0.76% 287 47 1.07% 3,117 Other 147 7.60% 2,618 4,280 16.75% 30,343 Other 16 3.82% 1,028 618 14.12% 11,967 Total 1,932 100.00% 7,546 25,553 100.00% 81,276 Total 417 100.00% 7,556 4,374 100.00% 81,406 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP