Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 March 2016 Gold ETP Assets Soar By Over 20% Data in this report is as of 29th February 2016 European ETP Highlights Global ETPs assets stood at $2.7 trillion at the end of February 16, 4.6% down from last year end levels ($2.9 trillion). European ETP assets reached $487bn ( 448bn) at the end of Feb 16. European ETPs had another good month in 2016 with net inflows of + 2.1bn (+ 2.2bn in the prev. month). Interestingly, Commodity ETPs dominated with inflows of + 2.5bn followed by + 1.6bn inflows in Fixed Income ETFs. Equity ETFs witness redemptions of - 1.9bn during February. Global ETPs flows totaled +$9bn for February led by Asia- Pacific listed ETPs recording +$5.6bn in monthly inflows while US listed ETPs returned to positive territory with inflows of +$1bn. Record flow of 2.2bn into European Gold ETPs European Commodity ETPs market saw inflows for the second consecutive month with particularly strong inflows of + 2.5bn in February (+ 0.7bn in Jan 16). This was almost entirely dominated by Gold ETPs. Flight to safety resulted in Gold ETPs receiving record inflows of + 2.2bn in Feb 16 (YTD + 2.7bn). A similar trend was also observed in US, where US Gold ETPs witnessed inflows of +$5.1bn. More inflows into the Smart Beta segment Europe listed smart beta ETFs registered inflows of + 0.8bn during February and assets reached at 9.6bn which is 8% higher than last year-end total assets ( 8.9bn) while total European ETPs assets decreased by -4% YTD ( 448bn in Feb 16 and 467bn in Dec 15). Within smart beta, we have seen investor s preference for minimum volatility products over other products during volatile markets. Net inflow into UK equity ETPs despite Brexit fears ETFs tracking broad and blue chip European equities experienced outflows of - 1.3bn. Investors favored UK focused ETFs (+ 0.4bn flows in Feb 16) despite fears of UK exit from the European Union intensified in Feb 16. US and Germany focused ETFs witnessed selling pressure in February and recorded outflows of - 0.8bn and - 0.6bn respectively. Fixed Income ETFs registered inflows dominated by Investment Grade Bonds European Fixed Income ETFs registered inflows of + 1.6bn during Feb 16 (+ 1.5bn YTD flows). A clear preference was shown for Investment Grade Bonds which recorded inflows of + 1.6bn (+ 1.5bn YTD) while High Yields Bonds was almost flat on a net basis (- 28mn in Feb and - 305mn in Jan). Author Ari Rajendra Strategist (+44) 20 754-52282 ari.rajendra@db.com Team Contacts Shan Lan Strategist (+852 ) 22036716 shan.lan@db.com Sebastian Mercado, CFA Strategist (+1) 212 250-8690 sebastian.mercado@db.com 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... 6 Product Launch Activity... 6 Other regions cash flow summary... 7 1. Investment Trends... 8 Cross-Asset Class ETPs... 8 Equity ETFs... 8 Fixed Income ETFs... 11 Commodity ETPs... 11 2. Market Metrics... 12 ETF Industry Asset Evolution... 12 ETFs vs. Cash Equities... 15 ETFs vs. Unlisted Mutual Funds... 17 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)... 19 Industry Growth Analysis... 21 3. Cash Flow Analysis... 23 Regional Cash Flow Analysis... 23 Asset Class Cash Flow Analysis... 23 Product Rankings... 28 4. Product Review... 30 New Products Launched in the Month... 30 Average TERs... 34 5. Provider Rankings... 37 Global Provider Rankings... 37 European Provider Rankings General... 39 European Provider Rankings by Asset Class... 43 European Provider Analysis by Replication Method... 46 6. Trading Perspective... 47 ETP Monthly Turnover Analysis by Asset Class, by Instrument... 47 Asset Class Analysis... 47 Product Rankings... 52 7. European ETF Exchanges... 57 8. Assets... 60 ETP Monthly AUM Analysis by Asset Class... 60 Asset Class Analysis... 60 Product Rankings... 65 9. ETF Broker rankings... 67 US ETP Broker Rankings... 67 European ETP Broker Rankings... 69 Appendix A: How we define ETPs... 71 Appendix B: The road from beta to alpha... 72 Page 2 Deutsche Bank AG/London
Cash Flows mn Gold Spot Rates ($) 10 March 2016 European Investment Trends European ETPs recorded inflows for the second consecutive month European domiciled ETPs continued the positive run in the month of February with inflows of + 2.1bn (+ 2.2bn of inflows in Jan 16). Interestingly, commodity ETPs took the lead with inflows of + 2.5bn followed by Fixed Income ETFs (+ 1.6bn) while Equity ETFs witnessed redemptions of - 1.9bn. US domiciled ETPs reversed the previous month trend and recorded inflows of +$1bn (-$1bn in Jan 16) in February 2016. Fixed Income ETFs continued the positive momentum throughout February with inflows of +$10.4bn (+$13.3 in Jan 16) while Equity ETFs remained in negative territory with outflows of - $14.7bn. In February, Commodity ETPs recorded inflows of +$6bn (YTD +$8.4bn) as investors turned to safe heaven assets like Gold amid volatile equity markets. Record flow of 2.2bn into European Gold ETPs European Commodity ETPs market saw inflows for the second consecutive month with particularly strong inflows of + 2.5bn in February (+ 0.7bn in Jan 16). This was almost entirely dominated by Gold ETPs. Physical gold based ETPs which had been under pressure in 2015 amid falling gold prices drew attention in 2016 benefitting from strong demand. Flight to safety resulted in gold ETPs receiving record inflows of + 2.2bn in Feb 16 (YTD + 2.7bn). A similar trend was also observed in US, where US Gold ETPs witnessed inflows of +$5.1bn. Figure 1: Gold ETPs Monthly Flows since Jan 15 ETPs Europe 2,500 2,000 1,500 1,000 500 - -500-1,000 1300 1250 1200 1150 1100 1050 1000 Gold ETPs Monthly Flows Gold Spot Rate (USD) More inflows into the Smart Beta segment European listed smart beta ETFs registered inflows of + 0.8bn during February and assets reached at 9.6bn at the end of Feb 16 which is 8% higher than last year end total assets ( 8.9bn) while total European ETPs assets decreased by - 4% YTD ( 448bn in Feb 16 and 467bn in Dec 15). Product count have crossed a 100 milestone and reached at 103 products at the end of last month. The compounded annual asset growth rate into Smart Beta ETFs has been reached Deutsche Bank AG/London Page 3
AUM mn Nu. of ETFs 10 March 2016 68% since the start of 2006 (from 83mn in 2006 to 9.6bn in Feb 16). Within smart beta, we have seen investor s preference for minimum volatility products over other products during volatile markets. ishares S&P 500 Minimum Volatility UCITS ETF (SPMV LN) benefitted most with inflows of + 329mn over the last month. Figure 2: Growth of Smart Beta ETFs in Europe ETFs Europe 10000 8000 120 100 6000 4000 2000 0 80 60 40 20 0 Assets Nu. of ETFs *Data as of 29-Feb-2016 Net inflow into UK equity ETPs despite Brexit fears ETFs tracking broad and blue chip European equities broke the positive momentum in Feb 16 and experienced outflows of - 1.3bn. US listed ETPs with exposure to Europe reflected the same pattern with outflows of -$2.6bn during February. European equity exposure ETFs had gained significant momentum both among European (+ 23bn total flows in 2015) and US (+$34bn total flows in 2015) investors during 2015. Figure 1 illustrates the monthly flows into developed European equity ETFs (Europe & US listed) since 2015. Page 4 Deutsche Bank AG/London
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Cash Flows mn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Cash Flows $mn 10 March 2016 Figure 3: Monthly Flows into Broad European Equity ETFs listed in Europe & US 8,000 6,000 4,000 2,000 - -2,000-4,000 Europe Listed ETFs US Listed ETFs Within Europe, Investors favored UK focused ETFs (+ 0.4bn flows in Feb 16) despite fears of UK exit from the European Union intensified in Feb 16. US and Germany focused ETFs witnessed selling pressure in February and recorded outflows of - 0.8bn and - 0.6bn. Fixed Income ETFs registered inflows dominated by Investment Grade Bonds European Fixed Income ETFs registered inflows of + 1.6bn during Feb 16 (+ 1.5bn YTD flows). A clear preference was shown for Investment Grade Bonds which recorded inflows of + 1.6bn (+ 1.5bn YTD) while High Yields Bonds was almost flat on a net basis (- 28mn in Feb and - 305mn in Jan). Figure 4: Monthly Flows into Investment Grade and High Yields Bonds ETFs 5,000 4,000 3,000 2,000 1,000 - -1,000-2,000 Investment Grade High Yield Deutsche Bank AG/London Page 5
ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 10.3% (from 11.3% in Jan 16) as of the end of February 2016. The equivalent number for the US market also decreased to 27.4% over the same period (from 30% in Jan 16). European ETFs comprised 3.6% of the continent s mutual fund industry as of December 2015. European domiciled ETFs registered inflows of + 9bn through December 2015, while UCITS mutual funds registered inflows totalling + 30.7bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 16% of the mutual fund industry as of the end of Jan 16. US domiciled ETFs registered outflows of -$3bn in Jan 16 and US mutual funds also experienced outflows of -$21bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in February: Busy month with 26 new launches The European ETP industry registered 26 new products launches during February including 17 Fixed Income, 8 Equity and 1 Commodity ETFs. Equity WisdomTree launched three equity ETFs on Six Swiss Exchange. These ETFs provides exposure to WisdomTree Europe CHF Hedged Equity Index (HEDD SW), WisdomTree Japan EUR Hedged Equity Index (DXJD SW). and WisdomTree Germany Hedged Equity Index (DXGD SW). Source listed two equity ETFs providing exposure US Financial Services (XFNS LN) and Real Estate (XRES LN) sector companies. These ETFs were listed on the London Stock Exchange. Amundi launched a new smart beta ETF (SMRE FP) providing exposure to Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy ERC. This ETF was listed on Euronext Paris. BNP Paribas listed an equity ETF (XU61 GY) on Deutsche Borse providing exposure to NMX30 Infrastructure Global TR Index. Xact Fonder AB listed an equity ETF (XACTSMAC SS) on Stockholm Stock Exchange providing exposure to Swedish Small Cap Index. Fixed Income State Street Launched eleven fixed income ETFs during February providing exposure to US Treasury, US Corporate, Euro Government and Euro Corporate Bonds with various maturity options. These ETFs were listed on the Deutsche Borse. 1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg Page 6 Deutsche Bank AG/London
Vanguard listed four fixed income ETFs on London Stock Exchange. Two of these ETFs provide exposure to Barclays Global Aggregate US Treasury Index (VDTY LN) and Barclays Global Aggregate Corporates US$ Index (VUCP LN). Further, another two ETFs provide exposure to Barclays Euro Aggregate Treasury Index (VETY LN) and Barclays Euro Aggregate Corporates Index (VECP LN). UBS listed one fixed income ETF (SBEM IM) on Borsa Italiana providing exposure to Barclays EM USD Sovereign and Agency 3% Country Capped Index. Xact Fonder AB listed one fixed income ETF (XACTBOND SS) providing exposure to Handelsbanken Sweden All Bond Tradable Index. This ETF was listed on Stockholm Stock Exchange. Commodity Xact Fonder AB listed one commodity ETF (XACTBOND SS) during February providing exposure to 15 different commodities through Handelsbanken Commodity Index Excess Return. This ETF was listed on Stockholm Stock Exchange. For additional information on new product launches and listings please refer to figures 64 to 66. Other regions cash flow summary US: Positive month for US ETPs US domiciled ETPs reversed the previous month trend and recorded inflows of +$1bn (-$1bn in Jan 16) in February 2016. Fixed Income ETFs continued the positive momentum throughout February with inflows of +$10.4bn (+$13.3 in Jan 16) while Equity ETFs remains in the negative territory with outflows of - $14.7bn. In February, Commodity ETPs recorded inflows of +$6bn (YTD +$8.4bn) as investors turned to safe heaven assets like Gold amid volatile equity markets. Within equities, the following segments and sub-segments saw significant activity: Segments: Strategy (+$3.5bn), Style (+$1bn), Sector (-$3.6bn), Developed Markets (-$5bn) and Size (-$8.8bn) Sub-segments: Quantitative (+$2.4bn), Dividend (+$1.6bn), Leverage Short (+$1.3bn), DM Europe Broad (-$2.6bn) and Large Cap (-$5.6bn). Within fixed income, major inflows were recorded by ETFs benchmarked to sovereign (+$4.6bn) and corporate bonds indices (+$3bn). Among commodity ETPs, Gold ETPs registered strong inflows of +$5.2bn followed by inflows into crude oil ETPs (+$0.6bn) during February 16. Asia: Japan, South Korea and China registered Inflows Asia-Pacific ETPs continued the positive trend during February with monthly inflows of +$5.6bn in January (+$15.9bn total flows in 2016). Equity ETFs had led the tally with inflows of +$3.6bn followed by +$1.4bn inflows in Fixed Income ETFs. Commodity ETPs listed in Asia-Pacific region also recorded inflows of +$0.6bn over the same period. Within equity, Japan, South Korea and China listed ETFs registered significant inflows last month recording +$2.5bn, +$0.6bn and +$0.5bn worth of new money. At sub segment level, leverage long strategy ETFs witness outflows of -$0.5bn during Feb 16. Within fixed income, Money Market ETFs recorded inflows of +$1.6bn while Sovereign bonds ETFs witness outflows of -$0.2bn over the last month. Commodity ETPs have gathered +$0.9bn in new money so far this year. Among these, crude oil and gold based ETPs received inflows of +$0.4bn and +$0.2bn respectively over the last month. Deutsche Bank AG/London Page 7
millions millions 10 March 2016 1. Investment Trends3 Cross-Asset Class ETPs Figure 5: Cash flows by asset class YTD ETPs Europe millions 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0-1,000-2,000 Figure 6: Cash flows by asset class Month ETPs Europe millions 5,000 4,000 3,000 2,000 1,000 0-1,000-2,000-3,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 7: Top 3 aggregate equity segments YTD 2,000 ETFs Europe Figure 8: Top 3 aggregate equity segments Month 1,500 ETFs Europe 1,500 1,000 1,000 500 500 - (500) - (1,000) (500) (1,500) (1,000) (1,500) (2,000) (2,500) (3,000) (2,000) (3,500) Strategy Emerging Markets Sector Developed Markets Strategy Capitalization 3 Investment trends as expressed by cumulative monthly and YTD cash flows Page 8 Deutsche Bank AG/London
millions millions millions millions millions millions 10 March 2016 Figure 9: Top 3 DM countries YTD ETFs Europe Figure 10: Top 3 DM countries Month ETFs Europe 4,000 500 3,000 2,000 1,000 0-1,000-2,000 0-500 -1,000-1,500-2,000-3,000-2,500 Japan UK US US Germany Japan Figure 11: Top 3 DM regions YTD Figure 12: Top 3 DM regions Month ETFs Europe ETFs Europe 3,000 500 2,500-2,000 1,500 (500) 1,000 500 - (500) (1,000) (1,500) (2,000) Global Europe North America Europe Global North America Figure 13: Top 3 EM countries YTD Figure 14: Top 3 EM countries Month 400 ETFs Europe 50 ETFs Europe 300 200 100 0-50 0-100 -200-300 -100-150 -200-400 -500-600 -250-300 -700-350 China India South Korea China India Brazil Deutsche Bank AG/London Page 9
millions millions millions millions millions millions 10 March 2016 Figure 15: Top 3 EM regions YTD Figure 16: Top 3 EM regions Month ETFs Europe ETFs Europe 600 250 400 200 200 150 - (200) 100 (400) 50 (600) - (800) (50) Global Asia Pacific Latin America Global Latin America Europe Figure 17: Top 3 sectors YTD Figure 18: Top 3 sectors Month 300 ETFs Europe 150 ETFs Europe 200 100-100 50 (100) (200) (300) (400) - (50) (100) (500) (600) (700) (150) (200) (800) (250) Financials Energy Consumer Staples Financials Energy Healthcare Figure 19: Top 3 strategy segments YTD ETFs Europe 1,800 1,600 1,400 1,200 1,000 800 600 400 200 - (200) Figure 20: Top 3 strategy segments Month ETFs Europe 1,200 1,000 800 600 400 200 - (200) Quantitative Leveraged Long Short Quantitative Leveraged Short Fundamental Page 10 Deutsche Bank AG/London
millions millions millions millions millions millions 10 March 2016 Fixed Income ETFs Figure 21: Top 3 aggregate fixed income segments YTD ETFs Europe 3,000 2,500 2,000 1,500 1,000 500 0-500 -1,000-1,500-2,000 Figure 22: Top 3 aggregate fixed income segments Month ETFs Europe 2,000 1,500 1,000 500 0-500 -1,000 Sovereign Corporates Money Market Sovereign Corporates Overall Commodity ETPs Figure 23: Top 3 aggregate commodity segments YTD ETPs Europe 3,500 3,000 2,500 2,000 1,500 1,000 500 0-500 Figure 24: Top 3 aggregate commodity segments Month ETPs Europe 3,000 2,500 2,000 1,500 1,000 500 0-500 Precious Metals Energy Industrial Metals Precious Metals Energy Overall Figure 25: Top 5 commodity sub-segments YTD ETPs Europe 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0-500 Figure 26: Top 5 commodity sub-segments Month ETPs Europe 3,000 2,500 2,000 1,500 1,000 500 0-500 Gold Crude Oil Commodity Overall Industrial Metals Overall Palladium Gold Crude Oil Commodity Overall Industrial Metals Overall Aluminium Deutsche Bank AG/London Page 11
$ billion Number of ETPs $ billion Number of ETPs 10 March 2016 2. Market Metrics ETF Industry Asset Evolution Figure 27: Global ETP regional asset growth ETPs Global 3,500 5,000 4,500 3,000 4,000 2,500 3,500 2,000 3,000 2,500 1,500 2,000 1,000 1,500 1,000 500 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016** 0 Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 250.8 237.2 Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 507.3 486.8 US ($) 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,014.5 US, Europe & Asia Pacific ($) 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,871.5 2,738.6 Europe ( ) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 467.0 448.0 Number of ETPs* 269 324 432 737 1,213 1,666 2,041 2,580 3,124 3,492 3,711 4,019 4,420 4,480 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 28: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 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 2016** ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 17.8 22.7 ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 59.7 ETFs 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,805.6 2,656.2 Total 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,871.5 2,738.6 Number of ETPs* 269 324 432 737 1,213 1,666 2,041 2,580 3,124 3,492 3,711 4,019 4,420 4,480 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 - *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 ETFs $ billion Number of ETFs 10 March 2016 Figure 29: Global ETF regional asset growth ETFs Global 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 2016** Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 168.3 201.8 250.4 236.8 Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 489.9 464.5 US ($) 143.2 203.1 291.5 411.2 581.9 499.1 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 1,954.8 US, Europe & Asia Pacific ($) 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,805.6 2,656.2 Europe ( ) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 451.0 427.5 Number of ETFs* 257 310 415 677 1,116 1,481 1,802 2,231 2,696 3,003 3,270 3,483 3,881 3,941 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: 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 2016** Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,281 Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 13,671 Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 113,08 115,10 Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,54 147,27 139,31 170,82 209,80 261,39 324,18 297,47 Total 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 450,96 427,53 Number of ETFs* 100 114 163 267 419 614 818 1,052 1,214 1,310 1,350 1,439 1,517 1,548 1,800 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 Deutsche Bank AG/London Page 13
million Number of ETPs million Number of ETPs 10 March 2016 Figure 31: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50,000 40,000 30,000 20,000 10,000 450 360 270 180 90 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016** Livestock - - 1 21 63 49 67 59 40 17 19 14 12 Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 390 Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 706 Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,447 Overall - - 1,103 1,444 981 3,531 5,582 4,439 4,846 3,779 3,580 3,668 3,597 Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 26,646 Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,007 33,800 Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 398 399 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 32: 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 2016** ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,057 20,508 ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 450,96 427,53 Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,16 279,32 301,69 379,18 467,02 448,04 Number of ETPs 100 115 165 299 476 738 994 1,331 1,564 1,748 1,794 1,890 1,972 2,003 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 14 Deutsche Bank AG/London
billion ETFs vs cash equities $ billion ETFs vs cash equities 10 March 2016 ETFs vs. Cash Equities Figure 33: 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 34: ETFs vs. cash equities turnover European market ETFs Europe 900 12.0% 800 700 10.0% 600 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) Deutsche Bank AG/London Page 15
Figure 35: 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 56,825 656,663 8.7% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.5x Nov-15 56,105 606,329 9.3% 1,236,632 5,240,597 23.6% 2.6x 8.6x 22.0x Dec-15 66,047 609,111 10.8% 1,722,065 5,982,914 28.8% 2.7x 9.8x 26.1x Jan-16 73,739 651,717 11.3% 1,991,783 6,637,936 30.0% 2.7x 10.2x 27.0x Feb-16 74,154 721,680 10.3% 1,694,766 6,189,155 27.4% 2.7x 8.6x 22.9x Period 2,905,115 36,976,881 7.9% 83,212,956 320,893,212 25.9% 3.4x 8.7x 29.3x 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 765,396 8,308,442 9.2% 18,045,351 70,021,780 25.8% 2.8x 8.5x 23.6x Total 2016 147,893 1,373,397 10.8% 3,686,550 12,827,091 28.7% 2.7x 9.4x 24.9x 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 Page 16 Deutsche Bank AG/London
Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 10 March 2016 ETFs vs. Unlisted Mutual Funds Figure 36: 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 Q4-15 ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 16 ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 451 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% 3.3% 3.7% 3.6% 3.6% 3.7% 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% 3.6% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 37: European ETP vs mutual fund cash flows ETPs Europe 140 120 100 80 60 40 20 0-20 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 Nov-15 Dec-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 0.43-0.14 0.25 0.01-0.02 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 1.91 5.95 3.56 8.57 Mutual funds 52.00 24.10 2.20 39.50 30.00 28.80 84.10 59.70 51.60 76.50 51.20 29.80 74.70 48.70 7.20 60.00 43.30 3.60 105.00 108.80 87.80 98.40 56.70 2.10 71.00 15.30-5.50 63.80 64.90 30.70 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 17
Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 10 March 2016 Figure 38: 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 Q4-15 Q1-16* ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 51 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 2,065 1,964 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% 16.4% 16.3% 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% 16.0% 15.9% 1.7% *Data as of 29-Jan-2016. Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 39: US ETP vs mutual fund cash flows ETPs US 80 60 40 20 0-20 -40-60 -80-100 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 Nov-15 Dec-15 Jan-16 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 0.78 0.45-0.98 2.11 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 27.22 25.58 39.92-3.10 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 5.27-18.97-39.13-34.26-7.85-30.08-76.28-20.96 Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 18 Deutsche Bank AG/London
Number of ETFs AUM ( billion) 10 March 2016 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 40: 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 41: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 189,116 72,282 239,101 85,286 218,216 79,258 Fixed Income 67,089 19,062 87,026 26,050 90,493 24,615 Commodity 10,027 3,385 8,718 3,580 10,161 3,510 Others 344 1,065 396 1,003 373 908 Total 266,576 95,795 335,241 115,920 319,244 108,290 ETFs (number of products) Equity 477 544 557 531 562 536 Fixed Income 178 163 203 155 221 156 Commodity 22 27 22 28 22 29 Others 9 20 9 13 9 13 Total 686 754 791 727 814 734 Cash Flows ( million) Equity 22,933 3,503 36,258 9,398-2,054 112 Fixed Income 16,856 3,266 19,936 6,800 2,217-655 Commodity -1,577 160-815 958 153 74 Others -34-101 47-89 2-26 Total 38,178 6,829 55,426 17,068 317-494 2014 2015 Feb-16 Deutsche Bank AG/London Page 19
Figure 42: European ETF AUM by replication method ETFs Europe Figure 43: European ETF flows by replication method ETFs Europe Feb-16 319,244 108,290 Feb-16-494 317 2016-865 2,254 2015 335,241 115,920 2015 55,426 17,068 2014 266,576 95,795 2014 38,178 6,829 0% 20% 40% 60% 80% 100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 44: European ETFs product count by replication method ETFs Europe Figure 45: European Equity ETFs AUM by replication method ETFs Europe Feb-16 814 734 Feb-16 218,216 79,258 2015 791 727 2015 239,101 85,286 2014 686 754 2014 189,116 72,282 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 46: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 47: European Commodity ETFs AUM by replication method ETFs Europe Feb-16 90,493 24,615 Feb-16 10,161 3,510 2015 87,026 26,050 2015 8,718 3,580 2014 67,089 19,062 2014 10,027 3,385 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Page 20 Deutsche Bank AG/London
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) 10 March 2016 Industry Growth Analysis Figure 48: Global ETF Industry growth attribution ETFs Global 2.5% 10.0% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.0% 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 Nov-15 Dec-15 Jan-16 Feb-16 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% Fixed Income flows 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.5% 0.7% 0.1% 0.4% -0.1% -0.1% 0.4% 0.4% 0.6% 0.6% 0.0% 0.1% 0.5% 0.5% Equity flows -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% 0.0% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7% 0.9% 1.8% -0.1% -0.5% Price growth -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% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% Total growth -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% 0.4% -0.2% -4.9% -0.4% -8.0% Figure 49: US ETF Industry growth attribution ETFs US 3.0% 10.0% 2.5% 8.0% 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% 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 Nov-15 Dec-15 Jan-16 Feb-16 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% Fixed Income flows 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% 0.0% 0.1% 0.6% 0.5% Equity flows -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% 1.2% 1.8% -0.8% -0.7% Price growth -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% -0.2% -2.6% -4.8% -0.2% Total growth -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% 1.1% -0.7% -4.9% -0.5% -8.0% Figure 50: 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% 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 Nov-15 Dec-15 Jan-16 Feb-16 Other flows -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% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.2% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.1% 0.9% 0.2% 0.4% 0.0% 0.4% Equity flows 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% -0.3% 0.2% 0.6% 1.4% 1.7% 0.3% 0.6% 0.6% 1.5% 0.4% -0.4% Price growth -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% Total growth 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% 3.1% -2.2% -4.2% -1.1% -8.0% Deutsche Bank AG/London Page 21
ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 10 March 2016 Figure 51: European ETC Industry growth attribution ETCs Europe 16.0% 25.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -4.0% 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 Nov-15 Dec-15 Jan-16 Feb-16 Currency Flows 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.2% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.2% Commodity Flows -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% 1.6% 0.1% -0.2% 4.2% 13.3% Price growth 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% Total growth 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% -15.0% Page 22 Deutsche Bank AG/London
3. Cash Flow Analysis Regional Cash Flow Analysis Figure 52: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Feb-16 Jan-16 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity -14,726-2,143-1,942 3,625-13,244-15,803 1,737 1,587 10,557-3,509-30,529-406 -354 14,182-16,754 Fixed income 10,440 1,730 1,562 1,425 13,595 13,309-36 -25-560 12,714 23,750 1,694 1,537 865 26,309 Commodity 102 252 227 575 929-4 30 28 354 379 98 282 255 929 1,308 Currency -31 0 0-14 -45 19 0 0-16 3-12 0 0-30 -41 Multi Asset -147-4 -4 8-143 -627 0 0 0-627 -774-4 -4 8-770 Alternative -46-23 -20-7 -75 7-27 -24-41 -60-38 -49-45 -47-135 Total -4,407-188 -176 5,612 1,017-3,098 1,704 1,565 10,294 8,900-7,506 1,516 1,389 15,906 9,917 ETCs/ETVs Commodity 5,782 2,523 2,265 0 8,305 2,483 733 675 0 3,216 8,265 3,256 2,940 0 11,521 Currency -233 30 26 0-203 -214 8 7 0-207 -448 38 33 0-410 Alternative -150 0 0 0-150 -154 0 0 0-154 -304 0 0 0-304 Total 5,398 2,554 2,291 0 7,952 2,114 741 682 0 2,855 7,513 3,294 2,973 0 10,807 ETPs Equity -14,726-2,143-1,942 3,625-13,244-15,803 1,737 1,587 10,557-3,509-30,529-406 -354 14,182-16,754 Fixed income 10,440 1,730 1,562 1,425 13,595 13,309-36 -25-560 12,714 23,750 1,694 1,537 865 26,309 Commodity 5,884 2,775 2,492 575 9,234 2,478 763 703 354 3,595 8,362 3,538 3,195 929 12,829 Currency -264 30 26-14 -248-195 8 7-16 -203-459 38 33-30 -451 Multi Asset -147-4 -4 8-143 -627 0 0 0-627 -774-4 -4 8-770 Alternative -196-23 -20-7 -225-147 -27-24 -41-214 -343-49 -45-47 -439 Total 991 2,366 2,115 5,612 8,969-984 2,444 2,247 10,294 11,754 7 4,810 4,362 15,906 20,724 Asset Class Cash Flow Analysis Figure 53: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Feb-16 Jan-16 YTD All figures in million Beta Beta+ Developed Markets -2,543 0 0-1 -2,544 2,524 0 0 1 2,525-19 0 0 0-19 Emerging Markets -155 0 0 0-155 -946 0 0 0-946 -1,101 0 0 0-1,101 Global Markets 53 0 0 0 53-82 0 0 0-82 -29 0 0 0-29 Sector -15 0 0 0-15 -497 0 0 0-497 -512 0 0 0-512 Capitalization -334 0 0 0-334 25 0 0 0 25-308 0 0 0-308 Strategy 644 232 132 8 1,016 288 367-32 0 623 932 600 100 8 1,640 Style -41 0 0 0-41 -43 0 0 0-43 -85 0 0 0-85 Thematic 79 0 0 0 79-19 0 0 0-19 61 0 0 0 61 Total equities -2,313 232 132 7-1,942 1,251 367-32 1 1,587-1,062 600 100 8-354 Alpha Total Deutsche Bank AG/London Page 23
Figure 53A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector -15 0 0 0-15 -497 0 0 0-497 -512 0 0 0-512 Consumer discretionary 68 0 0 0 68-37 0 0 0-37 31 0 0 0 31 Consumer staples 13 0 0 0 13-84 0 0 0-84 -71 0 0 0-71 Energy 121 0 0 0 121 44 0 0 0 44 164 0 0 0 164 Financials -141 0 0 0-141 -502 0 0 0-502 -643 0 0 0-643 Healthcare -73 0 0 0-73 29 0 0 0 29-44 0 0 0-44 Industrials 2 0 0 0 2-37 0 0 0-37 -35 0 0 0-35 Information Technology -31 0 0 0-31 -15 0 0 0-15 -46 0 0 0-46 Materials -15 0 0 0-15 60 0 0 0 60 45 0 0 0 45 Telecommunications 26 0 0 0 26 28 0 0 0 28 53 0 0 0 53 Utilities 15 0 0 0 15 18 0 0 0 18 32 0 0 0 32 Capitalization -334 0 0 - -334 25 0 0 0 25-308 0 0 0-308 Large Cap 0 0 0 0 0 0 0 0 0 0-1 0 0 0-1 Mid Cap -128 0 0 0-128 -39 0 0 0-39 -167 0 0 0-167 Small Cap -205 0 0 0-205 65 0 0 0 65-140 0 0 0-140 Strategy 644 232 132 8 1,016 288 367-32 0 623 932 600 100 8 1,640 Fundamental -70 0 1 0-68 -78 0 1 0-76 -147 0 2 0-145 Leveraged Long 0 63 0 0 63 0 205 0 0 205 0 268 0 0 268 Leveraged Short 0 130 0 0 130 0-33 0 0-33 0 97 0 0 97 Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Quantitative 714 0 130 8 852 366 0-33 0 332 1,080 0 97 8 1,185 Short 0 39 0 0 39 0 196 0 0 196 0 235 0 0 235 Style -41 0 0 0-41 -43 0 0 0-43 -85 0 0 0-85 Dividend 32 0 0 0 32-19 0 0 0-19 13 0 0 0 13 Growth -33 0 0 0-33 -14 0 0 0-14 -46 0 0 0-46 Value -40 0 0 0-40 -11 0 0 0-11 -51 0 0 0-51 Thematic 79 0 0 0 79-19 0 0 0-19 61 0 0 0 61 Commodities 14 0 0 0 14 11 0 0 0 11 25 0 0 0 25 Faith -4 0 0 0-4 5 0 0 0 5 1 0 0 0 1 Other Theme 20 0 0 0 20 29 0 0 0 29 49 0 0 0 49 Sustainability 49 0 0 0 49-64 0 0 0-64 -15 0 0 0-15 Total 334 232 132 8 705-246 367-32 0 89 88 600 100 8 795 Feb-16 Jan-16 YTD Alpha Total Page 24 Deutsche Bank AG/London
Figure 53B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe -1,671 0 0-1 -1,671 2,805 0 0 1 2,806 1,135 0 0 0 1,135 Austria -26 0 0 0-26 -37 0 0 0-37 -63 0 0 0-63 Belgium -1 0 0 0-1 0 0 0 0 0-1 0 0 0-1 Finland -6 0 0 0-6 0 0 0 0 0-6 0 0 0-6 France 77 0 0 0 77 129 0 0 0 129 206 0 0 0 206 Germany -587 0 0 0-587 375 0 0 0 375-213 0 0 0-213 Greece -9 0 0 0-9 -6 0 0 0-6 -14 0 0 0-14 Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Italy -116 0 0 0-116 -136 0 0 0-136 -252 0 0 0-252 Netherlands -8 0 0 0-8 17 0 0 0 17 8 0 0 0 8 Norway 0 0 0 0 0 9 0 0 0 9 9 0 0 0 9 Portugal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Spain -25 0 0 0-25 -34 0 0 0-34 -60 0 0 0-60 Sweden -51 0 0 0-51 -143 0 0 0-143 -193 0 0 0-193 Switzerland 73 0 0 0 73 75 0 0 0 75 148 0 0 0 148 UK 355 0 0 0 355 738 0 0 0 738 1,093 0 0 0 1,093 Europe broad -1,347 0 0-1 -1,347 1,818 0 0 1 1,819 472 0 0 0 472 Americas -758 0 0 0-758 -79 0 0 0-79 -837 0 0 0-837 US -818 0 0 0-818 -34 0 0 0-34 -852 0 0 0-852 Canada 191 0 0 0 191 13 0 0 0 13 204 0 0 0 204 North America -131 0 0 0-131 -58 0 0 0-58 -190 0 0 0-190 Asia -458 0 0 0-458 -771 0 0 0-771 -1,229 0 0 0-1,229 Australia -3 0 0 0-3 34 0 0 0 34 31 0 0 0 31 Hong Kong -10 0 0 0-10 -1 0 0 0-1 -11 0 0 0-11 Japan -454 0 0 0-454 -824 0 0 0-824 -1,277 0 0 0-1,277 Singapore -4 0 0 0-4 -1 0 0 0-1 -5 0 0 0-5 Asia Pacific broad 13 0 0 0 13 20 0 0 0 20 33 0 0 0 33 Global 344 0 0 0 344 564 0 0 0 564 908 0 0 0 908 Broad indices 344 0 0 0 344 564 0 0 0 564 908 0 0 0 908 DM Total -2,543 0 0-1 -2,544 2,519 0 0 1 2,520-24 0 0 0-24 Feb-16 Jan-16 YTD Alpha Total Deutsche Bank AG/London Page 25
Figure 53C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC -335 0 0 0-335 -137 0 0 0-137 -472 0 0 0-472 Brazil -23 0 0 0-23 14 0 0 0 14-9 0 0 0-9 Russia -18 0 0 0-18 2 0 0 0 2-16 0 0 0-16 India -110 0 0 0-110 -16 0 0 0-16 -126 0 0 0-126 China -184 0 0 0-184 -138 0 0 0-138 -322 0 0 0-322 Latin America 20 0 0 0 20 4 0 0 0 4 24 0 0 0 24 Chile 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mexico -3 0 0 0-3 6 0 0 0 6 3 0 0 0 3 LATAM broad 24 0 0 0 24-2 0 0 0-2 21 0 0 0 21 Asia -6 0 0 0-6 -300 0 0 0-300 -306 0 0 0-306 Bangladesh 0 0 0 0 0-1 0 0 0-1 -1 0 0 0-1 Indonesia 8 0 0 0 8-4 0 0 0-4 5 0 0 0 5 Malaysia 4 0 0 0 4-3 0 0 0-3 1 0 0 0 1 Pakistan 0 0 0 0 0-1 0 0 0-1 -2 0 0 0-2 Philippines 0 0 0 0 0 4 0 0 0 4 4 0 0 0 4 South Korea -2 0 0 0-2 -105 0 0 0-105 -107 0 0 0-107 Taiwan -9 0 0 0-9 -89 0 0 0-89 -98 0 0 0-98 Thailand 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 Vietnam -3 0 0 0-3 -10 0 0 0-10 -13 0 0 0-13 Asia Pacific broad -5 0 0 0-5 -92 0 0 0-92 -97 0 0 0-97 EMEA 2 0 0 0 2-12 0 0 0-12 -10 0 0 0-10 Kuwait 0 0 0 0 0-2 0 0 0-2 -2 0 0 0-2 Poland -4 0 0 0-4 5 0 0 0 5 0 0 0 0 0 South Africa 2 0 0 0 2-9 0 0 0-9 -7 0 0 0-7 Turkey -4 0 0 0-4 0 0 0 0 0-4 0 0 0-4 Europe broad 5 0 0 0 5-6 0 0 0-6 -1 0 0 0-1 Middle East & Africa 3 0 0 0 3 0 0 0 0 0 3 0 0 0 3 Global Markets 163 0 0 0 163-500 0 0 0-500 -337 0 0 0-337 Global 163 0 0 0 163-500 0 0 0-500 -337 0 0 0-337 EM Total -155 0 0 0-155 -946 0 0 0-946 -1,101 0 0 0-1,101 Total (EM + DM) -2,699 0 0-1 -2,700 1,574 0 0 1 1,575-1,125 0 0 0-1,125 Feb-16 Jan-16 YTD Alpha Total Figure 54: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Feb-16 Jan-16 YTD All figures in million Beta Beta+ Overall 23 0 0 53 76 128 0 0-139 -11 151 0 0-86 66 Corporates 281 0 0 6 287-840 0 0 1-839 -559 0 0 7-552 Covered Bonds 42 0 0-15 27 85 0 0-7 78 127 0 0-22 105 Credit Exposure -41-13 0 0-54 45-1 0 0 44 4-14 0 0-10 Sovereign 1,225 25 0-1 1,249 839 16 0 0 855 2,065 40 0-1 2,104 Money Market -24 0 0 0-24 -152 0 0 0-152 -176 0 0 0-176 Total Fixed Income 1,506 12 0 44 1,562 105 15 0-145 -25 1,612 27 0-102 1,537 Alpha Total Page 26 Deutsche Bank AG/London
Figure 55: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Feb-16 Jan-16 YTD All figures in million Beta Beta+ Overall 107 1 0 0 109-76 4 21 0-51 32 5 21 0 58 Overall 112 1 0 0 113-64 4 21 0-40 47 5 21 0 73 Overall ex Energy -5 0 0 0-5 -11 0 0 0-11 -16 0 0 0-16 Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Agriculture -14 4 0 0-10 -25-3 0 0-28 -39 1 0 0-37 Overall -8 0 0 0-8 -6 0 0 0-5 -13 0 0 0-13 Cocoa 0 1 0 0 1 0 0 0 0 0 0 1 0 0 1 Coffee 0 2 0 0 2 2 0 0 0 2 2 2 0 0 3 Corn -2 0 0 0-2 1 0 0 0 0-1 0 0 0-1 Cotton 0 0 0 0 0-19 0 0 0-19 -18 0 0 0-19 Grains -1 0 0 0-1 -1 0 0 0-1 -2 0 0 0-1 Softs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Soybean Oil 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Soybeans -2 1 0 0-1 0 0 0 0 0-2 1 0 0-1 Sugar -2 0 0 0-2 -3-1 0 0-4 -5-1 0 0-6 Wheat 0 2 0 0 1 1-2 0 0-1 1 0 0 0 1 Energy 183 53 0 0 237 277 91 0 0 368 461 144 0 0 604 Overall -10 0 0 0-10 -5-1 0 0-6 -15-1 0 0-15 Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Crude Oil 196 43 0 0 238 281 97 0 0 378 477 140 0 0 616 Gasoline -3 0 0 0-2 1 1 0 0 1-2 1 0 0-1 Heating Oil -2 0 0 0-2 1 0 0 0 1-1 0 0 0-1 Natural Gas 2 10 0 0 12 0-6 0 0-7 2 3 0 0 5 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 -50-4 0 0-54 -10-11 0 0-21 -61-15 0 0-75 Overall -31-1 0 0-31 -11 0 0 0-11 -41-1 0 0-42 Aluminium -15 0 0 0-15 0 0 0 0-1 -15 0 0 0-15 Copper -2-2 0 0-4 0-11 0 0-11 -2-12 0 0-15 Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nickel -1-1 0 0-2 1 0 0 0 1 0-1 0 0-1 Tin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Zinc -2 0 0 0-3 0 0 0 0 0-2 -1 0 0-2 Precious Metals 2,216-5 0 0 2,211 441-4 0 0 437 2,657-9 0 0 2,648 Overall 13 0 0 0 13-6 0 0 0-6 7 0 0 0 7 Gold 2,212 0 0 0 2,212 484-2 0 0 482 2,696-2 0 0 2,694 Palladium -7 0 0 0-6 -24 0 0 0-24 -31 0 0 0-31 Platinum 2-1 0 0 1-2 -1 0 0-4 0-2 0 0-2 Rhodium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Silver -5-4 0 0-9 -10-1 0 0-11 -16-5 0 0-20 Livestock 0 0 0 0 0-2 0 0 0-2 -2 0 0 0-2 Overall 0 0 0 0 0-2 0 0 0-2 -2 0 0 0-2 Cattle 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Lean Hogs 0 0 0 0 0-1 0 0 0 0 0 0 0 0 0 Total 2,442 51 0 0 2,492 606 76 21 0 703 3,048 126 21 0 3,195 Alpha Total Deutsche Bank AG/London Page 27
Product Rankings Figure 56: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 441.8 548.4 990.2 ishares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta 329.1 211.8 540.8 db x-trackers MSCI USA TRN Index UCITS ETF XMUS GR Deutsche AWM Beta 174.1 57.6 231.8 ishares FTSE 100 UCITS ETF Acc CSUKX SW BlackRock Beta 157.3 10.7 168.0 Amundi ETF MSCI Japan UCITS ETF CJ1 FP Amundi Beta 140.3-11.0 129.3 SPDR FTSE UK All Share ETF SPYF GY State Street Beta 139.1-2.3 136.8 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 130.4-84.1 46.3 STOXX Europe 600 THEAM Easy UCITS ETF ETZ FP BNP Paribas Beta 129.0 158.7 287.6 ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 127.1 80.7 207.8 S&P 500 THEAM Easy UCITS ETF ESE FP BNP Paribas Beta 126.6 23.4 150.1 YTD Flows Figure 57: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 222.3-28.1 194.2 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 157.6 40.2 197.8 ishares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta 143.9-63.4 80.5 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 137.1-26.7 110.4 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta 135.5 4.0 139.4 ishares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta 125.9 18.6 144.5 ishares $ Treasury Bond 20+yr UCITS ETF IDTL LN BlackRock Beta 119.8 8.7 128.4 db x-trackers II iboxx Euro Sovereigns Eurozone AAA Total Return Index UCITS ETF XBAT GR Deutsche AWM Beta 116.0 38.3 154.3 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 113.3 118.5 231.7 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 103.2 135.9 239.1 YTD Flows Figure 58: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Gold Bullion Securities GBS LN ETF Securities Beta 684.4 72.5 756.9 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 447.8 275.5 723.4 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 417.4 0.0 417.4 ETFS Physical Gold PHAU LN ETF Securities Beta 301.7 12.0 313.7 ishares Physical Gold ETC SGLN LN Blackrock Beta 159.6 24.7 184.3 ETFS WTI Crude Oil CRUD LN ETF Securities Beta 84.2 128.7 212.9 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 79.8 0.0 79.8 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 72.0 7.1 79.1 XACT RAVAROR UCITS ETF XACTCOMM SS Xact Fonder AB Beta 63.4 0.0 63.4 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 44.8 40.1 84.9 YTD Flows Page 28 Deutsche Bank AG/London
Figure 59: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta -309.9 137.4-172.5 UBS-ETF MSCI EMU EMUEUA GR UBS Beta -303.4 122.1-181.3 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta -297.0-65.7-362.7 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta -283.6-122.3-405.8 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta -258.3 305.1 46.8 Vanguard S&P 500 ETF VUSA LN Vanguard Beta -215.2-151.8-366.9 Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi Beta -200.0-3.7-203.8 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -187.4-245.6-433.0 Source STOXX Europe 600 UCITS ETF SDJ600 GR Source Beta -187.0-2.5-189.5 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta -162.3-25.1-187.3 YTD Flows Figure 60: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN Source Beta -198.4-15.0-213.4 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta -173.6-428.2-601.8 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta -158.4-61.3-219.6 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta -147.9-90.5-238.4 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta -129.8-81.5-211.3 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta -117.2-163.3-280.5 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta -105.4-8.3-113.7 Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Amundi Beta -96.8-57.4-154.2 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta -85.0 162.8 77.8 ishares Global Government Bond UCITS ETF SGLO LN BlackRock Beta -83.8 156.2 72.5 YTD Flows Figure 61: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta -53.7 12.1-41.6 ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta+ -35.3 11.3-24.1 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta -29.6 0.0-29.6 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta -23.4-92.9-116.3 ETFS Longer Dated Industrial Metals FIND LN ETF Securities Beta -22.4-6.4-28.8 ETFS Longer Dated Energy ENEF LN ETF Securities Beta -15.3-2.5-17.8 ETFS Aluminium ALUM LN ETF Securities Beta -14.6 0.1-14.5 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP Amundi Beta -10.4 0.8-9.6 ishares Gold CH CSGOLD SW BlackRock Beta -9.0-3.6-12.6 Market Access RICI-Agriculture Index Fund M9SB GR Royal Bank of Scotland plc Beta -8.9 9.2 0.3 YTD Flows Deutsche Bank AG/London Page 29
4. Product Review New Products Launched in the Month Figure 62: Number of ETPs by Asset Class ETPs Global Feb-16 Jan-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2,983 66.6% 2,969 14 66.8% 2,950 33 66.7% Fixed income 732 16.3% 713 19 16.0% 711 21 16.1% Commodity 111 2.5% 110 1 2.5% 110 1 2.5% Currency 16 0.4% 16-0.4% 16-0.4% Multi Asset 43 1.0% 42 1 0.9% 42 1 1.0% Alternative 55 1.2% 54 1 1.2% 52 3 1.2% Total 3,940 88.0% 3,904 36 87.9% 3,881 59 87.8% ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity 411 9.2% 411-9.3% 411-9.3% Currency 124 2.8% 124-2.8% 124-2.8% Alternative 4 0.1% 4-0.1% 4-0.1% Total 539 12.0% 539-12.1% 539-12.2% Total ETPs 4,479 100.0% 4,443 36 100.0% 4,420 59 100.0% Figure 63: Number of ETPs by Asset Class ETPs Europe Feb-16 Jan-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1,098 54.8% 1,091 7 0.4% 1,087 11 0.6% Fixed income 377 18.8% 360 17 0.9% 358 19 1.0% Commodity 51 2.5% 50 1 0.1% 50 1 0.1% Currency - 0.0% 0-0.0% 0-0.0% Multi Asset 8 0.4% 8-0.0% 8-0.0% Alternative 14 0.7% 14-0.0% 14-0.0% Total 1,548 77.3% 1,523 25 1.3% 1,517 31 1.6% ETCs Commodity 348 17.4% 348-0.0% 348-0.0% Currency 107 5.3% 107-0.0% 107-0.0% Total 455 22.7% 455-0.0% 455-0.0% Total ETPs 2,003 100.0% 1,978 25 1.3% 1,972 31 1.6% Page 30 Deutsche Bank AG/London
Deutsche Bank AG/London Page 31 Figure 64: 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 02-Feb-16 SMRE FP SMRE.PA Amundi Amundi ETF Europe Equity Multi Smart Allocation Scientific Beta UCITS ETF Equity Semi Active Quantitative DM Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy ERC 1L 0.40% Euronext Paris 04-Feb-16 HEDD SW HEDD.S WisdomTree WisdomTree Europe Equity UCITS ETF - CHF Hedged Acc Equity Beta Europe DM WisdomTree Europe CHF Hedged Equity Index 1L 0.35% Swiss SE 04-Feb-16 DXJD SW DXJD.S WisdomTree WisdomTree Japan Equity UCITS ETF - CHF Hedged Acc Equity Beta Developed non-europe DM WisdomTree Japan EUR Hedged Equity Index 1L 0.45% Swiss SE 04-Feb-16 DXGD SW DXGD.S WisdomTree WisdomTree Germany Equity UCITS ETF - CHF Acc Equity Beta European Developed DM WisdomTree Germany Hedged Equity Index 1L 0.35% Swiss SE 16-Feb-16 SBEM IM SBEM.MI UBS UBS ETF - Barclays USD Emerging Markets Sovereign UCITS ETF Fixed Income Beta Overall EM Barclays EM USD Sovereign and Agency 3% Country Capped Index 1L 0.42% Borsa Italiana 16-Feb-16 XU61 GY XU61.DE BNP Paribas BNP Paribas Easy NMX 30 Infractructure Global UCITS ETF Equity Beta Other Theme Overall NMX30 Infrastructure Global TR 1L 0.91% Deutsche Borse 18-Feb-16 SPPI GY SPPI.DE State Street SPDR Barclays 3-7 Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 3-7 Year Corporate Bond Index 1L 0.20% Deutsche Borse 18-Feb-16 SPP3 GY SPP3.DE State Street SPDR Barclays 3-5 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 3-5 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYBV GY SYBV.DE State Street SPDR Barclays 10+ Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 10+ Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYB7 GY SYB7.DE State Street SPDR Barclays 7-10 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7-10 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SPP7 GY SPP7.DE State Street SPDR Barclays 7-10 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 7-10 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SPPL GY SPPL.DE State Street SPDR Barclays 7+ Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7+ Year Corporate Bond Index 1L 0.20% Deutsche Borse 18-Feb-16 SYBR GY SYBR.DE State Street SPDR Barclays 3-10 Year U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 3-10 Year Corporate Bond Index 1L 0.20% Deutsche Borse 18-Feb-16 SPP5 GY SPP5.DE State Street SPDR Barclays 5-7 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 5-7 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SPPX GY SPPX.DE State Street SPDR Barclays 10 + Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 10+ Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYB6 GY SYB6.DE State Street SPDR Barclays 5-7 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 5-7 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYB1 GY SYB1.DE State Street SPDR Barclays U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Corporate Bond Index 1L 0.20% Deutsche Borse 19-Feb-16 XFNS LN XFNS.L Source Source Financial Services S&P US Select Sector UCITS ETF Equity Beta Other Sector DM S&P Select Sector Capped 20% Financial Services TR (Net) Index 1L 0.30% London SE 19-Feb-16 XRES LN XRES.L Source Source Real Estate S&P US Select Sector UCITS ETF Equity Beta Other Sector DM S&P Select Sector Capped 20% Real Estate TR (Net) Index 1L 0.30% London SE Exchange Listed 24-Feb-16 XACTCOMM SS XACTCOMM.ST Xact Fonder AB XACT RAVAROR UCITS ETF Commodity Beta Overall Handelsbanken Commodity Index Excess Return 1L 0.70% Stockholmborsen 24-Feb-16 XACTBOND SS XACTBOND.ST Xact Fonder AB XACT Obligation UCITS ETF Fixed Income Beta Overall DM Handelsbanken Sweden All Bond Tradable Index 1L 0.10% Stockholmborsen 24-Feb-16 XACTSMAC SS XACTSMAC.ST Xact Fonder AB XACT Svenska Smabolag UCITS ETF Equity Beta Small Cap DM Swedish Small Cap Index 1L 0.30% Stockholmborsen 25-Feb-16 VECP LN VECP.L Vanguard Vanguard EUR Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro Aggregate Corporates Index 1L 0.12% London SE 25-Feb-16 VDTY LN VDTY.L Vanguard Vanguard USD Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate US Treasury Index 1L 0.12% London SE 25-Feb-16 VUCP LN VUCP.L Vanguard Vanguard USD Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate Corporates US$ Index 1L 0.12% London SE 25-Feb-16 VETY LN VETY.L Vanguard Vanguard EUR Eurozone Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro Aggregate Treasury Index 1L 0.12% London SE Cross-Listings & share classes 01-Feb-16 EUHD IM EUHD.MI PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM istoxx High Dividend Low Volatility 50 Net TR Index 1L 0.30% Borsa Italiana 02-Feb-16 CBBB IM CBBB.MI Amundi Amundi ETF BBB Euro Corporate IG UCITS ETF - A Fixed Income Beta Overall DM Markit iboxx EUR Liquid Corporates BBB Top 60 1L 0.20% Borsa Italiana 02-Feb-16 ETSYH SW ETSYH.S UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% Swiss SE 02-Feb-16 EPVLH SW EPVLH.S UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% Swiss SE 02-Feb-16 ELOVH SW ELOVH.S UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% Swiss SE 02-Feb-16 EQLTH SW EQLTH.S UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% Swiss SE 02-Feb-16 UTSYH SW UTSYH.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Swiss SE 02-Feb-16 ULOVH SW ULOVH.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Swiss SE 02-Feb-16 UPVLH SW UPVLH.S UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Swiss SE 02-Feb-16 UQLTH SW UQLTH.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Swiss SE 03-Feb-16 SMARTU IM SMARTU.MI Lyxor Lyxor UCITS ETF Smart Cash C-USD Fixed Income Beta Overall DM Eonia compounded rate 1L 0.13% Borsa Italiana 03-Feb-16 ELOV LN ELOV.L UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% London SE 03-Feb-16 ETSY LN ETSY.L UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% London SE 03-Feb-16 EQLT LN EQLT.L UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% London SE 03-Feb-16 EPVL LN EPVL.L UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% London SE
Page 32 Deutsche Bank AG/London Figure 65: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 03-Feb-16 UQLT LN UQLT.L UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% London SE 03-Feb-16 UPVL LN UPVL.L UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% London SE 03-Feb-16 UTSY LN UTSY.L UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% London SE 03-Feb-16 ULOV LN ULOV.L UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% London SE 04-Feb-16 VMOM SW VMOM.S Vanguard Vanguard Global Momentum Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Swiss SE 04-Feb-16 VVAL SW VVAL.S Vanguard Vanguard Global Value Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Swiss SE 04-Feb-16 VMVL SW VMVL.S Vanguard Vanguard Global Minimum Volatility UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Swiss SE 04-Feb-16 DEMA SW DEMA.S WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Swiss SE 04-Feb-16 DXJP SW DXJP.S WisdomTree WisdomTree Japan Equity UCITS ETF - GBP Hedged Equity Beta Developed non-europe DM WisdomTree Japan GBP Hedged Equity Index 1L 0.45% Swiss SE 04-Feb-16 DXJZ SW DXJZ.S WisdomTree WisdomTree Japan Equity UCITS ETF - JPY Acc Equity Beta Developed non-europe DM WisdomTree Japan Equity Index 1L 0.40% Swiss SE 04-Feb-16 HEDP SW HEDP.S WisdomTree WisdomTree Europe Equity UCITS ETF - GBP Hedged Equity Beta Europe DM WisdomTree Europe Hedged Equity Index 1L 0.35% Swiss SE 04-Feb-16 DXGE SW DXGE.S WisdomTree WisdomTree Germany Equity UCITS ETF - USD Hedged Equity Beta European Developed DM WisdomTree Germany USD Hedged Equity Index 1L 0.48% Swiss SE 04-Feb-16 DXGP SW DXGP.S WisdomTree Wisdomtree Germany Equity UCITS ETF - GBP Hedged Equity Beta European Developed DM WisdomTree Germany GBP Hedged Equity Index 1L 0.35% Swiss SE 04-Feb-16 DXGY SW DXGY.S WisdomTree WisdomTree Germany Equity UCITS ETF - EUR Acc Equity Beta European Developed DM WisdomTree Germany Equity Index 1L 0.32% Swiss SE 04-Feb-16 DXJF SW DXJF.S WisdomTree WisdomTree Japan Equity UCITS ETF - EUR Hedged Acc Equity Beta Developed non-europe DM WisdomTree Japan EUR Hedged Equity Index 1L 0.45% Swiss SE 04-Feb-16 HEDF SW HEDF.S WisdomTree WisdomTree Europe Equity UCITS ETF - EUR Acc Equity Beta Europe DM WisdomTree Europe Equity Index 1L 0.32% Swiss SE 10-Feb-16 SBEM LN SBEM.L UBS UBS ETF - Barclays USD Emerging Markets Sovereign UCITS ETF Fixed Income Beta Overall EM Barclays EM USD Sovereign and Agency 3% Country Capped Index 1L 0.42% London SE 16-Feb-16 JPHC FP JPHC.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged CHF Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris 16-Feb-16 UST1F IM UST1F.MI UBS UBS-ETF Barclays Capital US 1-3 Year Treasury Bond ETF - Hedged to EUR Fixed Income Beta Overall DM Barclays Capital US 1-3 Year Treasury Bond Index 1L 0.25% Borsa Italiana 16-Feb-16 EHDV GY EHDV.DE PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM istoxx High Dividend Low Volatility 50 Net TR Index 1L 0.30% Deutsche Borse 19-Feb-16 XDNE IM XDNE.MI Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 3C EUR Hedged Equity Beta Developed non-europe DM JPX-nikkei 400 EUR Hedged Index 1L 0.30% Borsa Italiana 19-Feb-16 XWEH IM XWEH.MI Deutsche AWM db x-trackers MSCI World Index UCITS ETF 4C - EUR Hedged Equity Beta Global DM MSCI World Monthly EUR Hedged Index 1L 0.52% Borsa Italiana 19-Feb-16 XDGU IM XDGU.MI 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% Borsa Italiana 19-Feb-16 XDNY IM XDNY.MI Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 1D Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.20% Borsa Italiana 22-Feb-16 USCO LN USCO.L State Street SPDR Barclays U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Corporate Bond Index 1L 0.20% London SE 22-Feb-16 IUCB LN IUCB.L State Street SPDR Barclays 3-10 Year U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 3-10 Year Corporate Bond Index 1L 0.20% London SE 22-Feb-16 EU7L LN EU7L.L State Street SPDR Barclays 7-10 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7-10 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 TRSX LN TRSX.L State Street SPDR Barclays 7-10 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 7-10 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 EC37 LN EC37.L State Street SPDR Barclays 3-7 Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 3-7 Year Corporate Bond Index 1L 0.20% London SE 22-Feb-16 USCB LN USCB.L State Street SPDR Barclays U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Corporate Bond Index 1L 0.20% London SE 22-Feb-16 EU57 LN EU57.L State Street SPDR Barclays 5-7 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 5-7 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 LEUC LN LEUC.L State Street SPDR Barclays 7+ Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7+ Year Corporate Bond Index 1L 0.20% London SE 22-Feb-16 TRS5 LN TRS5.L State Street SPDR Barclays 3-5 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 3-5 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 LUTR LN LUTR.L State Street SPDR Barclays 10 + Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 10+ Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 LGOV LN LGOV.L State Street SPDR Barclays 10+ Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 10+ Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 TRS7 LN TRS7.L State Street SPDR Barclays 5-7 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 5-7 Year Treasury Bond Index 1L 0.15% London SE 23-Feb-16 CSWG LN CSWG.L Amundi Amundi ETF MSCI Switzerland UCITS ETF Equity Beta European Developed DM MSCI Switzerland 1L 0.25% London SE 23-Feb-16 CSWU LN CSWU.L Amundi Amundi ETF MSCI Switzerland UCITS ETF Equity Beta European Developed DM MSCI Switzerland 1L 0.25% London SE 23-Feb-16 CU2G LN CU2G.L Amundi Amundi ETF MSCI USA UCITS ETF Equity Beta Developed non-europe DM MSCI USA 1L 0.28% London SE 23-Feb-16 500G LN 500G.L Amundi Amundi ETF S&P 500 UCITS ETF Equity Beta Developed non-europe DM S&P 500 1L 0.15% London SE 23-Feb-16 LUXU LN LUXU.L Amundi Amundi ETF S&P Global Luxury UCITS ETF - B USD Equity Beta Global DM S&P Global Luxury 1L 0.25% London SE 23-Feb-16 CW8G LN CW8G.L Amundi Amundi ETF MSCI World UCITS ETF Equity Beta Global DM MSCI World 1L 0.38% London SE 23-Feb-16 ANXG LN ANXG.L Amundi Amundi ETF Nasdaq-100 UCITS ETF Equity Beta Developed non-europe DM NASDAQ 100 1L 0.23% London SE Exchange Listed
Deutsche Bank AG/London Page 33 Figure 66: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 23-Feb-16 CJ1G LN CJ1G.L Amundi Amundi ETF MSCI Japan UCITS ETF - JPY Equity Beta Developed non-europe DM MSCI Japan 1L 0.45% London SE 23-Feb-16 CJ1U LN CJ1U.L Amundi Amundi ETF MSCI Japan UCITS ETF - JPY Equity Beta Developed non-europe DM MSCI Japan 1L 0.45% London SE 23-Feb-16 SMRG LN SMRG.L Amundi Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF-B USD Equity Semi Active Quantitative DM Scientific Beta Developed Multi-Strategy Multi-ERC 1L 0.40% London SE 23-Feb-16 LUXG LN LUXG.L Amundi Amundi ETF S&P Global Luxury UCITS ETF - B USD Equity Beta Global DM S&P Global Luxury 1L 0.25% London SE 23-Feb-16 ALAG LN ALAG.L Amundi Amundi ETF MSCI EM LATIN AMERICA UCITS ETF Equity Beta Emerging Markets EM MSCI EM Latin America 1L 0.20% London SE 23-Feb-16 RS2U LN RS2U.L Amundi Amundi Russell 2000 UCITS ETF - B Equity Beta Developed non-europe DM Russell 2000 1L 0.35% London SE 23-Feb-16 RS2G LN RS2G.L Amundi Amundi Russell 2000 UCITS ETF - B Equity Beta Developed non-europe DM Russell 2000 1L 0.35% London SE 23-Feb-16 AASG LN AASG.L Amundi Amundi ETF MSCI EM ASIA UCITS ETF Equity Beta Emerging Markets EM MSCI EM Asia 1L 0.20% London SE 23-Feb-16 TRSY IM TRSY.MI State Street SPDR Barclays Capital US Treasury Bond ETF Fixed Income Beta Overall DM Barclays Capital U.S. Treasury Index 1L 0.15% Borsa Italiana 23-Feb-16 TIPS IM TIPS.MI State Street SPDR Barclays US TIPS UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Government Inflation Linked Bond index 1L 0.17% Borsa Italiana 23-Feb-16 EMH5 IM EMH5.MI State Street SPDR BofA Merrill Lynch 0-5 Yr EM USD Govt. Bond UCITS ETF Fixed Income Beta Overall EM BofA Merrill Lynch 0-5 Year EM USD Government Bond ex-144a Index 1L 0.42% Borsa Italiana 23-Feb-16 EURE IM EURE.MI State Street SPDR FTSE EPRA Europe EX UK Real Estate UCITS ETF Equity Beta European DM FTSE EPRA Europe Ex-UK Real Estate Index 1L 0.30% Borsa Italiana 23-Feb-16 TRS3 IM TRS3.MI State Street SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays US Treasury 1-3 Year Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLE IM SXL.MI 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% Borsa Italiana 23-Feb-16 JPEH IM JPEH.MI State Street SPDR MSCI Japan UCITS ETF EUR hedged Equity Beta Developed non-europe DM MSCI Japan 1L 0.35% Borsa Italiana 23-Feb-16 SXLU IM SXLU.MI 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% Borsa Italiana 23-Feb-16 SXLV IM SXLV.MI 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% Borsa Italiana 23-Feb-16 SXLK IM SXLK.MI 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% Borsa Italiana 23-Feb-16 SXLF IM SXLF.MI 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% Borsa Italiana 23-Feb-16 SXLB IM SXLB.MI 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% Borsa Italiana 23-Feb-16 SXLI IM SXLI.MI 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% Borsa Italiana 23-Feb-16 SXLY IM SXLY.MI 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% Borsa Italiana 23-Feb-16 SXLP IM SXLP.MI 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% Borsa Italiana 25-Feb-16 VUTY LN VUTY.L Vanguard Vanguard USD Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate US Treasury Index 1L 0.12% London SE 25-Feb-16 VDCP LN VDCP.L Vanguard Vanguard USD Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate Corporates US$ Index 1L 0.12% London SE Exchange Listed
Average TERs Figure 67: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.40% 6 1.48% 3 0.76% 9 Beta 0.38% 538 0.41% 438 0.40% 976 Beta+ 0.50% 2 0.55% 76 0.55% 78 Semi Active 0.54% 16 0.55% 19 0.54% 35 0.39% 562 0.44% 536 0.41% 1,098 Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10 Beta 0.24% 213 0.19% 135 0.22% 348 Beta+ NA NA 0.23% 19 0.23% 19 0.25% 221 0.20% 156 0.23% 377 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 0.62% 5 0.57% 6 0.006 3 0.65% 11 0.65% 14 Commodity Beta 0.49% 22 0.49% 28 0.49% 50 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% 1 0.45% 1 0.49% 22 0.49% 29 0.49% 51 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 0.64% 2 0.57% 7 0.52% 6 0.64% 2 0.57% 8 Total 0.36% 814 0.40% 734 0.38% 1,548 Page 34 Deutsche Bank AG/London
Figure 68: 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 0.50% 38 0.49% 38 Beta+ NA NA 0.92% 35 0.92% 35 Energy Beta NA NA 0.49% 51 0.47% 51 Beta+ NA NA 0.80% 53 0.80% 53 Industrial Metals Beta NA NA 0.50% 24 0.48% 24 Beta+ NA NA 0.90% 27 0.90% 27 Livestock Beta NA NA 0.49% 6 0.49% 6 Beta+ NA NA 0.98% 6 0.98% 6 Overall Beta NA NA 0.52% 10 0.47% 10 Beta+ NA NA 0.98% 4 0.98% 4 Precious Metals Beta 0.45% 31 0.44% 20 0.43% 51 Beta+ NA NA 0.76% 43 0.76% 43 Commodity 0.45% 31 0.67% 317 0.64% 348 Currency Currency Beta NA NA 0.41% 40 0.41% 40 Beta+ NA NA 0.82% 67 0.82% 67 Currency NA NA 0.67% 107 0.67% 107 Deutsche Bank AG/London Page 35
Figure 69: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.58% 6 0.95% 3 0.60% 9 Beta 0.30% 538 0.33% 438 0.31% 976 Beta+ 0.56% 2 0.49% 76 0.49% 78 Semi Active 0.56% 16 0.53% 19 0.54% 35 0.30% 562 0.35% 536 0.32% 1,098 Fixed Income Alpha 0.36% 8 0.39% 2 0.36% 10 Beta 0.25% 213 0.18% 135 0.24% 348 Beta+ NA NA 0.23% 19 0.23% 19 0.26% 221 0.18% 156 0.24% 377 Alternative Alpha NA NA 0.86% 4 0.86% 4 Beta 0.75% 2 0.70% 2 0.73% 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% 1 0.66% 5 0.52% 6 0.73% 3 0.81% 11 0.79% 14 Commodity Beta 0.41% 22 0.44% 28 0.42% 50 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% 1 0.45% 1 0.41% 22 0.44% 29 0.42% 51 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.59% 5 0.70% 2 0.69% 7 0.59% 6 0.70% 2 0.69% 7 Total 0.30% 814 0.32% 734 0.30% 1,548 Figure 70: 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% 38 0.53% 38 Beta+ NA NA 0.98% 35 0.98% 35 Energy Beta NA NA 0.51% 51 0.51% 51 Beta+ NA NA 0.96% 53 0.96% 53 Industrial Metals Beta NA NA 0.49% 24 0.49% 24 Beta+ NA NA 0.97% 27 0.97% 27 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% 10 0.50% 10 Beta+ NA NA 0.98% 4 0.98% 4 Precious Metals Beta 0.38% 31 0.37% 20 0.38% 51 Beta+ NA NA 0.96% 43 0.96% 43 Commodity 0.38% 31 0.52% 317 0.42% 348 Currency Currency Beta NA NA 0.39% 40 0.39% 40 Beta+ NA NA 0.90% 67 0.90% 67 Currency NA NA 0.78% 107 0.78% 107 Page 36 Deutsche Bank AG/London
5. Provider Rankings Global Provider Rankings Figure 71: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,008,447 38.0% 1,060,878 37.8% 633 1,314 489,192 1,809 2 Vanguard 488,562 18.4% 504,808 18.0% 108 2,671 93,139 6,952 3 State Street 397,968 15.0% 421,286 15.0% 265-2,766 820,823-2,623 4 PowerShares 85,016 3.2% 94,984 3.4% 154-2,021 107,048-4,026 5 Deutsche AWM 75,413 2.8% 81,274 2.9% 251-1,026 12,419-91 6 Nomura Asset Management 61,733 2.3% 63,783 2.3% 49 1,444 54,045 5,468 7 Lyxor 48,515 1.8% 51,862 1.8% 245-47 15,888 315 8 WisdomTree 43,686 1.6% 52,162 1.9% 113-1,937 16,814-3,695 9 Charles Schwab 39,107 1.5% 39,712 1.4% 21 494 7,411 1,350 10 First Trust 33,728 1.3% 42,877 1.5% 104-2,413 14,189-5,380 Total Top 10 2,282,175 85.9% 2,413,626 86.0% 1,943-4,287 1,630,968 79 Others 374,015 14.1% 391,956 14.0% 1,998 5,304 271,212 9,838 Global Total 2,656,190 100.0% 2,805,582 100.0% 3,941 1,017 1,902,180 9,917 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 72: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 30,851 37.5% 21,931 33.2% 1 4,186 36,452 5,145 2 ETF Securities 15,838 19.2% 13,113 19.9% 343 1,394 5,522 1,729 3 BlackRock 13,501 16.4% 10,702 16.2% 8 1,112 4,941 1,563 4 United States Commodity Funds 5,077 6.2% 4,416 6.7% 11 468 11,079 1,381 5 PowerShares 4,394 5.3% 4,792 7.3% 11-42 1,746-226 6 ProShares 3,185 3.9% 3,498 5.3% 19-85 38,162-119 7 Source 2,930 3.6% 1,798 2.7% 4 530 1,718 826 8 Deutsche AWM 2,444 3.0% 1,799 2.7% 18 416 367 446 9 Deutsche Borse Commodities GmbH 1,994 2.4% 1,715 2.6% 1 0 337 0 10 Guggenheim Investments 1,158 1.4% 1,192 1.8% 9-99 1,871-50 Total Top 10 81,372 98.8% 64,958 98.5% 425 7,879 102,194 10,695 Others 1,008 1.2% 1,002 1.5% 114 73 1,069 112 Global Total 82,380 100.0% 65,960 100.0% 539 7,952 103,263 10,807 YTD CF Deutsche Bank AG/London Page 37
Figure 73: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,021,949 37.3% 1,071,580 37.3% 641 2,426 494,133 3,372 2 Vanguard 488,562 17.8% 504,808 17.6% 108 2,671 93,139 6,952 3 State Street 428,819 15.7% 443,216 15.4% 266 1,419 857,276 2,522 4 PowerShares 89,411 3.3% 99,777 3.5% 165-2,063 108,793-4,252 5 Deutsche AWM 77,857 2.8% 83,073 2.9% 269-610 12,786 354 6 Nomura Asset Management 61,733 2.3% 63,783 2.2% 49 1,444 54,045 5,468 7 Lyxor 48,515 1.8% 51,862 1.8% 245-47 15,888 315 8 WisdomTree 43,893 1.6% 52,387 1.8% 115-1,942 16,912-3,706 9 Charles Schwab 39,107 1.4% 39,712 1.4% 21 494 7,411 1,350 10 First Trust 33,728 1.2% 42,877 1.5% 104-2,413 14,189-5,380 Total Top 10 2,333,573 85.2% 2,453,076 85.4% 1,983 1,379 1,674,572 6,996 Others 404,996 14.8% 418,466 14.6% 2,497 7,590 330,871 13,728 Global Total 2,738,570 100.0% 2,871,542 100.0% 4,480 8,969 2,005,443 20,724 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 38 Deutsche Bank AG/London
European Provider Rankings General Figure 74: 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 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 203,792 214,014-5% 539 701 1,240 31,550 31,254 1% 274 271 1% Deutsche AWM 53,079 56,512-6% -673 836 162 6,874 6,928-1% 216 216 0% Lyxor 44,650 47,742-6% -44 338 295 14,297 14,110 1% 245 244 0% UBS 23,145 24,949-7% -40-25 -65 2,256 2,283-1% 131 130 1% Amundi 17,920 20,408-12% -538-800 -1,338 5,493 6,189-11% 101 100 1% Vanguard 16,662 17,691-6% -14 49 35 2,055 2,444-16% 21 17 24% Source 14,627 16,286-10% -458-308 -766 1,958 1,751 12% 79 77 3% State Street 11,715 11,863-1% 184 119 303 2,224 1,780 25% 89 78 14% Deka Investment GmbH 6,850 7,027-3% 272 0 273 1,324 1,860-29% 46 46 0% ComStage 6,737 6,925-3% 39 124 163 929 708 31% 111 111 0% Zuercher Kantonalbank 6,191 5,400 15% 48 0 48 552 188 193% 4 4 0% HSBC 4,588 4,978-8% -15-20 -34 528 457 15% 28 28 0% BNP Paribas 4,395 4,466-2% 194 86 280 244 299-18% 29 29 0% Xact Fonder AB 2,471 2,522-2% 217-104 113 2,060 1,910 8% 13 10 30% ThinkCapital ETFs N.V. 2,064 1,623 27% 53 424 478 103 147-30% 13 13 0% Julius Baer Inv 1,882 1,640 15% 7 8 15 159 54 197% 4 4 0% Ossiam 1,672 1,707-2% 47-25 22 132 118 12% 10 9 11% PowerShares 1,640 1,766-7% -32 39 7 297 349-15% 22 21 5% ETF Securities 860 818 5% 34 46 80 814 662 23% 30 30 0% WisdomTree 450 478-6% -24 46 22 33 37-11% 22 19 16% BBVA Gestion SA SGIIC 425 483-12% -7 7-1 36 34 3% 2 2 0% Royal Bank of Scotland plc 356 331 8% -10 6-4 32 23 36% 10 10 0% Nomura Asset Management 236 251-6% 23 0 23 38 21 79% 3 3 0% Raiffeisen Schweiz Genossenschaft 180 152 18% 2 0 2 10 6 64% 3 3 0% Fundlogic Global Solutions plc 163 169-4% 0 2 2 3 5-48% 2 2 0% Seligson & Co Fund Man 161 178-10% -6 0-6 13 8 62% 1 1 0% First Trust 111 119-7% -1 0-1 17 9 88% 7 7 0% DnB Kapitalforvaltning 107 103 4% 0 7 7 15 31-50% 1 1 0% Van Eck Funds 105 76 39% 0 0 0 75 37 102% 3 3 0% BMO Global Asset Management 88 72 22% 20 0 20 6 4 68% 9 9 0% UniCredit Bank 65 61 6% 0 7 7 4 7-45% 1 1 0% Commerzbank AG 45 47-4% 0 0 0 1 0 134% 3 3 0% SEB Investment Management AB 42 45-7% 0 0 0 3 9-63% 3 3 0% FinEx Fund Plc 34 33 1% 0 0 0 0 0 41% 2 2 0% Boost 9 5 88% 5 1 5 18 7 158% 3 3 0% Alpha Asset Management 9 11-23% 0 0 0 0 0-22% 1 1 0% Sun Global Investments 5 5-4% 0 0 0 0 1-80% 1 1 0% NBG Asset Management MFMC 4 4-11% 0 0 0 0 0-54% 2 2 0% Landsbankinn 0 0 NA 0 0 0 1 9-89% 1 1 0% Nordea Investment Funds 0 0 NA 0 0 0 0 0-100% 2 2 0% PDR Services LLC 0 0 NA 0 0 0 0 0-94% 0 0 NA Total 427,534 450,965-5% -176 1,565 1,389 74,154 73,740 1% 1548 1,517 2% *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 ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. ETF Securities 12,427 10,148 22% 1,209 316 1,525 4,628 2,323 99% 322 322 0% Source 2,697 1,655 63% 478 272 751 1,536 609 152% 4 4 0% Deutsche AWM 2,249 1,656 36% 371 28 398 330 107 209% 18 18 0% Deutsche Borse Commodities GmbH 1,835 1,579 16% 0 0 0 303 117 158% 1 1 0% BlackRock 650 397 64% 160 25 185 344 45 657% 4 4 0% Boost 233 235-1% 55 27 82 831 753 10% 30 30 0% Royal Bank of Scotland plc 191 205-7% 0 0 0 1 2-41% 5 5 0% Borse Stuttgart Securities GmbH 137 109 26% 8 2 9 10 5 114% 1 1 0% Commerzbank AG 89 73 22% 10 13 23 13 13 6% 68 68 0% BNP Paribas 0 0 NA 0 0 0 0 0-55% 2 2 0% Total 20,508 16,057 28% 2,291 682 2,973 7,996 3,975 101% 455 455 0% AUM Cash Flow Turnover Products Page 40 Deutsche Bank AG/London
Figure 76: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products AUM Cash Flow Turnover Products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 204,442 214,411-5% 699 725 1,425 31,894 31,299 2% 278 275 1% Deutsche AWM 55,329 58,168-5% -303 863 561 7,204 7,035 2% 234 234 0% Lyxor 44,650 47,742-6% -44 338 295 14,297 14,110 1% 245 244 0% UBS 23,145 24,949-7% -40-25 -65 2,256 2,283-1% 131 130 1% Amundi 17,920 20,408-12% -538-800 -1,338 5,493 6,189-11% 101 100 1% Source 17,324 17,941-3% 21-36 -15 3,494 2,360 48% 83 81 2% Vanguard 16,662 17,691-6% -14 49 35 2,055 2,444-16% 21 17 24% ETF Securities 13,287 10,966 21% 1,243 362 1,605 5,442 2,985 82% 352 352 0% State Street 11,715 11,863-1% 184 119 303 2,224 1,780 25% 89 78 14% Deka Investment GmbH 6,850 7,027-3% 272 0 273 1,324 1,860-29% 46 46 0% ComStage 6,737 6,925-3% 39 124 163 929 708 31% 111 111 0% Zuercher Kantonalbank 6,191 5,400 15% 48 0 48 552 188 193% 4 4 0% HSBC 4,588 4,978-8% -15-20 -34 528 457 15% 28 28 0% BNP Paribas 4,395 4,466-2% 194 86 280 244 299-18% 31 31 0% Xact Fonder AB 2,471 2,522-2% 217-104 113 2,060 1,910 8% 13 10 30% ThinkCapital ETFs N.V. 2,064 1,623 27% 53 424 478 103 147-30% 13 13 0% Julius Baer Inv 1,882 1,640 15% 7 8 15 159 54 197% 4 4 0% Deutsche Borse Commodities GmbH 1,835 1,579 16% 0 0 0 303 117 158% 1 1 0% Ossiam 1,672 1,707-2% 47-25 22 132 118 12% 10 9 11% PowerShares 1,640 1,766-7% -32 39 7 297 349-15% 22 21 5% Royal Bank of Scotland plc 547 536 2% -10 6-4 33 25 30% 15 15 0% WisdomTree 450 478-6% -24 46 22 33 37-11% 22 19 16% BBVA Gestion SA SGIIC 425 483-12% -7 7-1 36 34 3% 2 2 0% Boost 241 240 1% 60 28 87 849 760 12% 33 33 0% Nomura Asset Management 236 251-6% 23 0 23 38 21 79% 3 3 0% Raiffeisen Schweiz Genossenschaft 180 152 18% 2 0 2 10 6 64% 3 3 0% Fundlogic Global Solutions plc 163 169-4% 0 2 2 3 5-48% 2 2 0% Seligson & Co Fund Man 161 178-10% -6 0-6 13 8 62% 1 1 0% Borse Stuttgart Securities GmbH 137 109 26% 8 2 9 10 5 114% 1 1 0% Commerzbank AG 134 120 12% 10 13 23 14 13 10% 71 71 0% First Trust 111 119-7% -1 0-1 17 9 88% 7 7 0% DnB Kapitalforvaltning 107 103 4% 0 7 7 15 31-50% 1 1 0% Van Eck Funds 105 76 39% 0 0 0 75 37 102% 3 3 0% BMO Global Asset Management 88 72 22% 20 0 20 6 4 68% 9 9 0% UniCredit Bank 65 61 6% 0 7 7 4 7-45% 1 1 0% SEB Investment Management AB 42 45-7% 0 0 0 3 9-63% 3 3 0% FinEx Fund Plc 34 33 1% 0 0 0 0 0 41% 2 2 0% Alpha Asset Management 9 11-23% 0 0 0 0 0-22% 1 1 0% Sun Global Investments 5 5-4% 0 0 0 0 1-80% 1 1 0% NBG Asset Management MFMC 4 4-11% 0 0 0 0 0-54% 2 2 0% Nordea Investment Funds 0 0 NA 0 0 0 0 0-100% 2 2 0% Landsbankinn 0 0 NA 0 0 0 1 9-89% 1 1 0% PDR Services LLC 0 0 NA 0 0 0 0 0-94% 0 0 NA Total 448,042 467,022-4% 2,115 2,247 4,362 82,150 77,715 6% 2,003 1,972 2% *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 ETP Providers tier market share ETPs Europe Feb-16 Q4 15 Q3 15 Q2 15 Q1 15 60% 65% 70% 75% 80% 85% 90% 95% 100% Q1 15 Q2 15 Q3 15 Q4 15 Feb-16 Tier 1 68.7% 68.3% 68.1% 73.9% 73.1% Tier 2 27.2% 27.6% 27.7% 23.1% 23.6% Tier 3 4.0% 4.1% 4.2% 3.2% 3.3% Page 42 Deutsche Bank AG/London
European Provider Rankings by Asset Class Figure 78: 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 131,970 70,386 1,166 271 203,792 47.7% 274 31,550 539 1,240 Deutsche AWM 39,032 12,911 323 813 53,079 12.4% 216 6,874-673 162 Lyxor 34,156 9,574 885 35 44,650 10.4% 245 14,297-44 295 UBS 19,260 1,951 1,850 84 23,145 5.4% 131 2,256-40 -65 Amundi 13,592 4,319 9 0 17,920 4.2% 101 5,493-538 -1,338 Vanguard 16,425 237 0 0 16,662 3.9% 21 2,055-14 35 Source 9,158 5,207 243 19 14,627 3.4% 79 1,958-458 -766 State Street 7,608 4,065 0 42 11,715 2.7% 89 2,224 184 303 Deka Investment GmbH 4,294 2,556 0 0 6,850 1.6% 46 1,324 272 273 ComStage 4,424 2,078 234 0 6,737 1.6% 111 929 39 163 Zuercher Kantonalbank 0 0 6,191 0 6,191 1.4% 4 552 48 48 HSBC 4,588 0 0 0 4,588 1.1% 28 528-15 -34 BNP Paribas 4,062 152 181 0 4,395 1.0% 29 244 194 280 Xact Fonder AB 2,362 43 65 0 2,471 0.6% 13 2,060 217 113 ThinkCapital ETFs N.V. 774 1,276 0 14 2,064 0.5% 13 103 53 478 Julius Baer Inv 0 0 1,882 0 1,882 0.4% 4 159 7 15 Ossiam 1,620 0 52 0 1,672 0.4% 10 132 47 22 PowerShares 1,575 62 0 3 1,640 0.4% 22 297-32 7 ETF Securities 502 122 235 0 860 0.2% 30 814 34 80 WisdomTree 450 0 0 0 450 0.1% 22 33-24 22 BBVA Gestion SA SGIIC 425 0 0 0 425 0.1% 2 36-7 -1 Royal Bank of Scotland plc 185 0 171 0 356 0.1% 10 32-10 -4 Nomura Asset Management 236 0 0 0 236 0.1% 3 38 23 23 Raiffeisen Schweiz Genossenschaft 0 0 180 0 180 0.0% 3 10 2 2 Fundlogic Global Solutions plc 163 0 0 0 163 0.0% 2 3 0 2 Seligson & Co Fund Man 161 0 0 0 161 0.0% 1 13-6 -6 First Trust 111 0 0 0 111 0.0% 7 17-1 -1 DnB Kapitalforvaltning 107 0 0 0 107 0.0% 1 15 0 7 Van Eck Funds 105 0 0 0 105 0.0% 3 75 0 0 BMO Global Asset Management 55 33 0 0 88 0.0% 9 6 20 20 UniCredit Bank 0 65 0 0 65 0.0% 1 4 0 7 Commerzbank AG 11 35 0 0 45 0.0% 3 1 0 0 SEB Investment Management AB 42 0 0 0 42 0.0% 3 3 0 0 FinEx Fund Plc 0 31 3 0 34 0.0% 2 0 0 0 Boost 8 0 0 0 9 0.0% 3 18 5 5 Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 0 Sun Global Investments 0 5 0 0 5 0.0% 1 0 0 0 NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0 Alpcot Capital Management 0 0 0 0 0 0.0% - 0 0 0 Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0 NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0 Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0 Landsbankinn 0 0 0 0 0 0.0% 1 1 0 0 PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0 Total 297,474 115,109 13,671 1,281 427,534 100.0% 1,548 74,154-176 1,389 *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 43
Figure 79: 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 12,052 375 12,427 60.6% 322 4,628 1209 1525 Source 2,697 0 2,697 13.2% 4 1,536 478 751 Deutsche AWM 2,249 0 2,249 11.0% 18 330 371 398 Deutsche Borse Commodities GmbH 1,835 0 1,835 8.9% 1 303 0 0 BlackRock 650 0 650 3.2% 4 344 160 185 Boost 229 4 233 1.1% 30 831 55 82 Royal Bank of Scotland plc 191 0 191 0.9% 5 1 0 0 Borse Stuttgart Securities GmbH 137 0 137 0.7% 1 10 8 9 Commerzbank AG 89 0 89 0.4% 68 13 10 23 BNP Paribas 0 0 0 0.0% 2 0 0 0 Total 20,129 379 20,508 100.0% 455 7,996 2,291 2,973 Page 44 Deutsche Bank AG/London
Figure 80: 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 YTD CF BlackRock 131,970 70,386 1,816 271 204,442 45.6% 278 31,894 699 1,425 Deutsche AWM 39,032 12,911 2,573 813 55,329 12.3% 234 7,204-303 561 Lyxor 34,156 9,574 885 35 44,650 10.0% 245 14,297-44 295 UBS 19,260 1,951 1,850 84 23,145 5.2% 131 2,256-40 -65 Amundi 13,592 4,319 9 0 17,920 4.0% 101 5,493-538 -1,338 Source 9,158 5,207 2,940 19 17,324 3.9% 83 3,494 21-15 Vanguard 16,425 237 0 0 16,662 3.7% 21 2,055-14 35 ETF Securities 502 122 12,287 375 13,287 3.0% 352 5,442 1,243 1,605 State Street 7,608 4,065 0 42 11,715 2.6% 89 2,224 184 303 Deka Investment GmbH 4,294 2,556 0 0 6,850 1.5% 46 1,324 272 273 ComStage 4,424 2,078 234 0 6,737 1.5% 111 929 39 163 Zuercher Kantonalbank 0 0 6,191 0 6,191 1.4% 4 552 48 48 HSBC 4,588 0 0 0 4,588 1.0% 28 528-15 -34 BNP Paribas 4,062 152 181 0 4,395 1.0% 31 244 194 280 Xact Fonder AB 2,362 43 65 0 2,471 0.6% 13 2,060 217 113 ThinkCapital ETFs N.V. 774 1,276 0 14 2,064 0.5% 13 103 53 478 Julius Baer Inv 0 0 1,882 0 1,882 0.4% 4 159 7 15 Deutsche Borse Commodities GmbH 0 0 1,835 0 1,835 0.4% 1 303 0 0 Ossiam 1,620 0 52 0 1,672 0.4% 10 132 47 22 PowerShares 1,575 62 0 3 1,640 0.4% 22 297-32 7 Royal Bank of Scotland plc 185 0 362 0 547 0.1% 15 33-10 -4 WisdomTree 450 0 0 0 450 0.1% 22 33-24 22 BBVA Gestion SA SGIIC 425 0 0 0 425 0.1% 2 36-7 -1 Boost 8 0 229 4 241 0.1% 33 849 60 87 Nomura Asset Management 236 0 0 0 236 0.1% 3 38 23 23 Raiffeisen Schweiz Genossenschaft 0 0 180 0 180 0.0% 3 10 2 2 Fundlogic Global Solutions plc 163 0 0 0 163 0.0% 2 3 0 2 Seligson & Co Fund Man 161 0 0 0 161 0.0% 1 13-6 -6 Borse Stuttgart Securities GmbH 0 0 137 0 137 0.0% 1 10 8 9 Commerzbank AG 11 35 89 0 134 0.0% 71 14 10 23 First Trust 111 0 0 0 111 0.0% 7 17-1 -1 DnB Kapitalforvaltning 107 0 0 0 107 0.0% 1 15 0 7 Van Eck Funds 105 0 0 0 105 0.0% 3 75 0 0 BMO Global Asset Management 55 33 0 0 88 0.0% 9 6 20 20 UniCredit Bank 0 65 0 0 65 0.0% 1 4 0 7 SEB Investment Management AB 42 0 0 0 42 0.0% 3 3 0 0 FinEx Fund Plc 0 31 3 0 34 0.0% 2 0 0 0 Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 0 Sun Global Investments 0 5 0 0 5 0.0% 1 0 0 0 NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0 Alpcot Capital Management 0 0 0 0 0 0.0% - 0 0 0 Swedbank Robur 0 0 0 0 0 0.0% - 0 0 0 NCB Stockbrokers 0 0 0 0 0 0.0% - 0 0 0 Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0 Landsbankinn 0 0 0 0 0 0.0% 1 1 0 0 PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0 Total 297,474 115,109 33,800 1,660 448,042 100.0% 2,003 82,150 2,115 4,362 *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 45
European Provider Analysis by Replication Method Figure 81: 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 131,844 181 70,386 87 675 3 271 1 203,175 100% 272 Synthetic 127 1 - - 490 1 - - 617 0% 2 Deutsche AWM Physical 25,471 52 97 4 - - 33 2 25,600 48% 58 Synthetic 13,561 83 12,814 69 323 3 780 3 27,479 52% 158 Lyxor Physical 881 15 4,777 21 - - - - 5,658 13% 36 Synthetic 33,275 171 4,797 25 885 6 35 7 38,992 87% 209 UBS Physical 16,830 71 1,871 23 1,230 7 - - 19,931 86% 101 Synthetic 2,431 19 80 1 620 8 84 2 3,214 14% 30 Amundi Physical 1,111 6 - - - - - - 1,111 6% 6 Synthetic 12,481 68 4,319 26 9 1 - - 16,810 94% 95 Vanguard Physical 16,425 16 237 5 - - - - 16,662 100% 21 Source Physical 1,447 13 4,972 12 - - 11 1 6,430 44% 26 Synthetic 7,711 49 235 2 243 1 9 1 8,198 56% 53 State Street Physical 7,608 52 4,065 36 - - 42 1 11,715 100% 89 Deka Investment GmbH Physical 4,281 26 2,556 19 - - - - 6,837 100% 45 Synthetic 13 1 - - - - - - 13 0% 1 ComStage Physical 199 6 - - - - - - 199 3% 6 Synthetic 4,225 75 2,078 28 234 2 - - 6,537 97% 105 Zuercher Kantonalbank Physical - - - - 6,191 4 - - 6,191 100% 4 HSBC Physical 4,588 28 - - - - - - 4,588 100% 28 BNP Paribas Physical 1,654 17 - - - - - - 1,654 38% 17 Synthetic 2,407 10 152 1 181 1 - - 2,741 62% 12 Xact Fonder AB Physical 1,853 4 - - - - - - 1,853 75% 4 Synthetic 509 7 43 1 65 1 - - 618 25% 9 ThinkCapital ETFs N.V. Physical 774 7 1,276 3 - - 14 3 2,064 100% 13 Julius Baer Inv Physical - - - - 1,882 4 - - 1,882 100% 4 Ossiam Physical 51 1 - - - - - - 51 3% 1 Synthetic 1,569 8 - - 52 1 - - 1,621 97% 9 PowerShares Physical 1,457 16 62 1 - - 3 1 1,522 93% 18 Synthetic 118 4 - - - - - - 118 7% 4 ETF Securities Synthetic 422 22 - - 235 1 - - 657 100% 23 Physical 80 3 122 4 - - - - 202 100% 7 WisdomTree Physical 450 22 - - - - - - 450 100% 22 BBVA Gestion SA Physical 425 2 - - - - - - 425 100% 2 RBS plc Synthetic 185 7 - - 171 3 - - 356 100% 10 Nomura Asset Management Physical 236 3 - - - - - - 236 100% 3 Raiffeisen Schweiz Physical - - - - 180 3 - - 180 100% 3 Fundlogic Global Solutions plc Synthetic 163 2 - - - - - - 163 100% 2 Seligson & Co Fund Mgmt. Physical 161 1 - - - - - - 161 100% 1 First Trust Physical 111 7 - - - - - - 111 100% 7 DnB Kapitalforvaltning Physical 107 1 - - - - - - 107 100% 1 Van Eck Funds Physical 105 3 - - - - - - 105 100% 3 BMO Global Asset Management Physical 55 5 33 4 - - - - 88 100% 9 UniCredit Bank Synthetic - - 65 1 - - - - 65 100% 1 Commerzbank AG Synthetic 9 1 - - - - - - 9 20% 1 Physical 2 1 35 1 - - - - 36 80% 2 SEB Investment Management AB Synthetic 42 3 - - - - - - 42 100% 3 FinEx Fund Plc Physical - - - - 3 1 - - 3 9% 1 Synthetic - - 31 1 - - - - 31 91% 1 Boost Synthetic 8 2 0 1 - - - - 9 100% 3 Alpha Asset Mgmt. Physical 9 1 - - - - - - 9 100% 1 Sun Global Investments Physical - - 5 1 - - - - 5 100% 1 NBG Asset Mgmt. Physical 2 1 - - - - - - 2 46% 1 Synthetic 2 1 - - - - - - 2 54% 1 Landsbankinn Physical - 1 - - - - - - - NA 1 Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2 Total 297,474 1,098 115,109 377 13,671 51 1,281 22 427,534 1,548 *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 46 Deutsche Bank AG/London
6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 82: Turnover by asset class and instrument ( million) ETPs Europe Feb-16 Jan-16 2015 YTD Asset Class Beta Beta+ Alpha Total Total ETFs Equity 47,123 7,785 189 10 55,106 49,503 6,979 188 12 56,683 43,615 5,258 208 13 49,094 111,789 Fixed income 17,397 342 0 85 17,824 15,878 375 0 119 16,372 13,480 339 0 110 13,929 34,196 Commodity 1,089 0 0 0 1,089 571 0 0 0 571 734 0 1 0 735 1,660 Currency 0 0 0 0-0 0 0 0-1 0 0 0 1 - Multi Asset 5 0 0 23 28 2 0 0 20 22 4 0 0 23 27 50 Alternative 43 0 3 60 107 59 0 7 25 92 50 0 13 45 108 199 Total 65,657 8,127 192 178 74,154 66,014 7,354 195 177 73,740 57,884 5,596 223 191 63,894 147,894 ETCs Commodity 6,318 1,420 0 0 7,738 2,432 1,311 0 0 3,742 2,520 1,125 0 0 3,646 11,480 Currency 21 237 0 0 258 19 213 0 0 232 26 213 0 0 238 490 Total 6,338 1,658 0 0 7,996 2,450 1,524 0 0 3,975 2,546 1,338 0 0 3,884 11,970 Total ETPs 71,995 9,784 192 178 82,150 68,464 8,879 195 177 77,715 60,430 6,934 223 191 67,777 159,864 Asset Class Analysis Figure 83: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Developed Markets 35,806 0 0 5 35,810 38,164 0 0 6 38,170 32,085 0 0 10 32,094 73,980 Emerging Markets 4,174 0 0 0 4,174 4,484 0 0 0 4,484 4,609 0 0 0 4,610 8,658 Global Markets 629 0 0 0 629 681 0 0 0 681 768 0 0 0 768 1,310 Sector 3,267 0 0 0 3,267 2,873 0 0 0 2,873 2,968 0 0 0 2,968 6,140 Capitalization 654 0 0 0 654 793 0 0 0 793 709 0 0 0 709 1,447 Strategy 589 7,785 189 5 8,568 901 6,979 188 6 8,074 519 5,258 208 3 5,988 16,642 Style 1,333 0 0 0 1,333 1,088 0 0 0 1,088 1,518 0 0 0 1,518 2,421 Thematic 670 0 0 0 670 520 0 0 0 520 440 0 0 0 440 1,190 Total Equities 47,123 7,785 189 10 55,106 49,503 6,979 188 12 56,683 43,615 5,258 208 13 49,094 111,789 Feb-16 Jan-16 2015 Deutsche Bank AG/London Page 47
Figure 83A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Sector 3,267 0 0 0 3,267 2,873 0 0 0 2,873 2,968 0 0 0 2,968 6,140 Consumer discretionary 140 0 0 0 140 136 0 0 0 136 166 0 0 0 166 276 Consumer staples 168 0 0 0 168 185 0 0 0 185 150 0 0 0 150 353 Energy 421 0 0 0 421 412 0 0 0 412 363 0 0 0 363 833 Financials 1781 0 0 0 1,781 1404 0 0 0 1,404 1,360 0 0 0 1,360 3,186 Healthcare 168 0 0 0 168 189 0 0 0 189 243 0 0 0 243 357 Industrials 78 0 0 0 78 115 0 0 0 115 146 0 0 0 146 193 Information Technology 148 0 0 0 148 160 0 0 0 160 165 0 0 0 165 309 Materials 164 0 0 0 164 132 0 0 0 132 191 0 0 0 191 296 Telecommunications 42 0 0 0 42 42 0 0 0 42 95 0 0 0 95 84 Utilities 157 0 0 0 157 97 0 0 0 97 90 0 0 0 90 254 Capitalization 654 0 0 0 654 793 0 0 0 793 709 0 0 0 709 1,447 Large Cap 56 0 0 0 56 43 0 0 0 43 38 0 0 0 38 99 Mid Cap 196 0 0 0 196 235 0 0 0 235 282 0 0 0 282 431 Small Cap 402 0 0 0 402 515 0 0 0 515 389 0 0 0 389 917 Strategy 589 7,785 189 5 8,568 901 6,979 188 6 8,074 519 5,258 208 3 5,988 16,642 Fundamental 21 0 30 0 51 31 0 22 0 53 51 0 51 0 101 104 Leveraged Long 0 3,015 0 0 3,015 0 3,195 0 0 3,195 0 2,801 0 0 2,801 6,210 Leveraged Short 0 3,505 0 0 3,505 0 2,699 0 0 2,699 0 1,815 0 0 1,815 6,203 Options Strategy 0 0 0 0-0 0 0 0-0 0 0 0-0 Quantitative 563 0 159 5 727 865 0 166 6 1,037 468 0 158 3 628 1764 Short 5 1265 0 0 1,270 4 1086 0 0 1,090 1 641 0 0 642 2,361 Style 1,333 0 0 0 1,333 1,088 0 0 0 1,088 1,518 0 0 0 1,518 2,421 Dividend 1,128 0 0 0 1,128 993 0 0 0 993 1,368 0 0 0 1,368 2,121 Growth 18 0 0 0 18 25 0 0 0 25 66 0 0 0 66 42 Value 187 0 0 0 187 71 0 0 0 71 84 0 0 0 84 258 Thematic 670 0 0 0 670 520 0 0 0 520 440 0 0 0 440 1,190 Commodities 390 0 0 0 390 153 0 0 0 153 122 0 0 0 122 543 Cyclical 0 0 0 0-0 0 0 0 - - 0 0 0-0 Faith 16 0 0 0 16 31 0 0 0 31 18 0 0 0 18 47 Other Theme 102 0 0 0 102 125 0 0 0 125 116 0 0 0 116 227 Sustainability 163 0 0 0 163 210 0 0 0 210 183 0 0 0 183 373 Total 6,514 7,785 189 5 14,493 6,174 6,979 188 6 13,347 6,154 5,258 208 3 11,622 27,840 Feb-16 Jan-16 2015 Page 48 Deutsche Bank AG/London
Figure 83B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets YTD Alpha Total Total Europe 22,712 0 0 5 22,717 22,805 0 0 6 22,812 20,375 0 0 10 20,385 45,537 Austria 4 0 0 0 4 11 0 0 0 11 13 0 0 0 13 15 Belgium 3 0 0 0 3 3 0 0 0 3 4 0 0 0 4 6 Finland 13 0 0 0 13 8 0 0 0 8 11 0 0 0 11 21 France 864 0 0 0 864 798 0 0 0 798 603 0 0 0 603 1,662 Germany 4,401 0 0 0 4,401 5,060 0 0 0 5,060 4,721 0 0 0 4,721 9,461 Greece 40 0 0 0 40 28 0 0 0 28 61 0 0 0 61 69 Ireland 1 0 0 0 1 3 0 0 0 3 3 0 0 0 3 4 Italy 1,336 0 0 0 1,336 1,271 0 0 0 1,271 934 0 0 0 934 2,606 Netherlands 305 0 0 0 305 345 0 0 0 345 237 0 0 0 237 651 Norway 18 0 0 0 18 36 0 0 0 36 27 0 0 0 27 54 Portugal 4 0 0 0 4 12 0 0 0 12 20 0 0 0 20 16 Iceland 1 0 0 0 1 0 0 0 0-0 0 0 0-10 Spain 255 0 0 0 255 272 0 0 0 272 327 0 0 0 327 526 Sweden 394 0 0 0 394 423 0 0 0 423 344 0 0 0 344 817 Switzerland 1,077 0 0 0 1,077 1,073 0 0 0 1,073 1,240 0 0 0 1,240 2,150 UK 3,708 0 0 0 3,708 2,378 0 0 0 2,378 2,491 0 0 0 2,491 6,086 Europe broad 10,287 0 0 5 10,292 11,085 0 0 6 11,091 9,339 0 0 10 9,349 21,383 Americas 7,060 0 0 0 7,060 8,006 0 0 0 8,006 6,037 0 0 0 6,037 15,067 US 6,648 0 0 0 6,648 7,644 0 0 0 7,644 5,759 0 0 0 5,759 14,291 Canada 191 0 0 0 191 121 0 0 0 121 82 0 0 0 82 313 North America 221 0 0 0 221 242 0 0 0 242 196 0 0 0 196 463 Asia 3,424 0 0 0 3,424 3,238 0 0 0 3,238 3,211 0 0 0 3,211 6,663 Australia 47 0 0 0 47 79 0 0 0 79 105 0 0 0 105 126 Hong Kong 23 0 0 0 23 25 0 0 0 25 54 0 0 0 54 48 Japan 3,183 0 0 0 3,183 3,001 0 0 0 3,001 2,895 0 0 0 2,895 6,184 Singapore 4 0 0 0 4 4 0 0 0 4 3 0 0 0 3 8 Asia Pacific broad 167 0 0 0 167 129 0 0 0 129 154 0 0 0 154 296 EMEA 2 0 0 0 2 5 0 0 0 5 0 0 0 0 0 7 Israel 2 0 0 0 2 5 0 0 0 5 0 0 0 0-7 Global 2,607 0 0 0 2,607 4,100 0 0 0 4,100 2,461 0 0 0 2,461 6,707 Broad indices 2,607 0 0 0 2,607 4,100 0 0 0 4,100 2,461 0 0 0 2,461 6,707 DM Total 35,806 0 0 5 35,810 38,150 0 0 6 38,156 32,084 0 0 10 32,094 73,973 Feb-16 Jan-16 2015 Deutsche Bank AG/London Page 49
Figure 83C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets YTD Alpha Total Total BRIC 993 0 0 0 993 971 0 0 0 971 1,664 0 0 0 1,664 1,964 Brazil 166 0 0 0 166 120 0 0 0 120 165 0 0 0 165 286 Russia 149 0 0 0 149 145 0 0 0 145 238 0 0 0 238 294 India 190 0 0 0 190 203 0 0 0 203 358 0 0 0 358 393 China 488 0 0 0 488 503 0 0 0 503 903 0 0 0 903 991 Latin America 110 0 0 0 110 74 0 0 0 74 115 0 0 0 115 184 Chile 0 0 0 0-0 0 0 0-6 0 0 0 6 0 Mexico 51 0 0 0 51 23 0 0 0 23 33 0 0 0 33 74 LATAM broad 59 0 0 0 59 51 0 0 0 51 76 0 0 0 76 110 Asia 505 0 0 0 505 514 0 0 0 514 665 0 0 0 665 1,019 Bangladesh 1 0 0 0 1 4 0 0 0 4 1 0 0 0 1 5 Indonesia 34 0 0 0 34 32 0 0 0 32 34 0 0 0 34 67 Malaysia 15 0 0 0 15 18 0 0 0 18 21 0 0 0 21 33 Pakistan 3 0 0 0 3 3 0 0 0 3 2 0 0 0 2 5 Philippines 3 0 0 0 3 4 0 0 0 4 12 0 0 0 12 7 South Korea 97 0 0 0 97 115 0 0 0 115 173 0 0 0 173 212 Taiwan 85 0 0 0 85 101 0 0 0 101 105 0 0 0 105 186 Thailand 6 0 0 0 6 17 0 0 0 17 14 0 0 0 14 23 Vietnam 20 0 0 0 20 39 0 0 0 39 33 0 0 0 33 59 Asia Pacific broad 239 0 0 0 239 181 0 0 0 181 270 0 0 0 270 421 EMEA 186 0 0 0 186 208 0 0 0 208 240 0 0 0 240 393 Kuwait 0 0 0 0 0 2 0 0 0 2 2 0 0 0 2 2 Poland 16 0 0 0 16 13 0 0 0 13 12 0 0 0 12 29 South Africa 15 0 0 0 15 26 0 0 0 26 24 0 0 0 24 41 Turkey 44 0 0 0 44 53 0 0 0 53 108 0 0 0 108 97 Europe broad 99 0 0 0 99 92 0 0 0 92 83 0 0 0 83 191 Middle East & Africa 11 0 0 0 11 23 0 0 0 23 12 0 0 0 12 34 Global Markets 2,381 0 0 0 2,381 2,717 0 0 0 2,717 1,925 0 0 0 1,925 5,098 Global 2,381 0 0 0 2,381 2,717 0 0 0 2,717 1,925 0 0 0 1,925 5,098 EM Total 4,174 0 0 0 4,174 4,484 0 0 0 4,484 4,609 0 0 0 4,610 8,658 Total (EM + DM) 39,980 0 0 5 39,984 42,634 0 0 6 42,640 36,694 0 0 10 36,704 82,631 Feb-16 Jan-16 2015 Figure 84: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ YTD Alpha Total Total Overall 397 0 0 71 468 397 0 0 106 504 336 0 0 81 417 972 Corporates 6,695 0 0 11 6,706 6,200 0 0 7 6,206 4,948 0 0 9 4,957 12,912 Covered Bonds 123 0 0 2 125 70 0 0 3 73 193 0 0 4 198 198 Credit Exposure 38 8 0 0 45 24 6 0 0 30 21 13 0 0 34 76 Sovereign 9,511 335 0 1 9,847 8,470 369 0 3 8,841 7,348 325 0 15 7,688 18,688 Money Market 633 0 0 0 633 717 0 0 0 717 634 0 0 0 634 1,350 Total Fixed Income 17,397 342 0 85 17,824 15,878 375 0 119 16,372 13,480 339 0 110 13,929 34,196 Feb-16 Jan-16 2015 Page 50 Deutsche Bank AG/London
Figure 85: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ YTD Alpha Total Total Overall 187 3 0 0 189 244 14 0 0 258 334 2 1 0 337 447 Overall 181 3 0 0 184 233 14 0 0 247 312 2 1 0 315 431 Overall ex Energy 6 0 0 0 6 11 0 0 0 11 22 0 0 0 22 16 Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Overall Ultra Light Energy 0 0 0 0-0 0 0 0-0 0 0 0-0 Agriculture 67 40 0 0 107 64 47 0 0 110 116 98 0 0 214 217 Overall 35 0 0 0 35 17 0 0 0 17 42 1 0 0 42 52 Cocoa 3 6 0 0 9 2 2 0 0 4 3 2 0 0 5 13 Coffee 6 10 0 0 16 11 19 0 0 30 15 36 0 0 51 46 Corn 3 1 0 0 4 2 2 0 0 4 6 6 0 0 12 7 Cotton 1 1 0 0 2 6 1 0 0 7 3 3 0 0 6 9 Grains 0 0 0 0 1 2 0 0 0 2 4 0 0 0 5 3 Softs 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 Soybean Oil 2 1 0 0 3 0 0 0 0 1 2 3 0 0 5 4 Soybeans 1 1 0 0 2 1 1 0 0 3 3 2 0 0 5 4 Sugar 10 10 0 0 20 12 9 0 0 21 12 14 0 0 26 41 Wheat 6 10 0 0 16 11 12 0 0 23 25 32 0 0 56 39 Energy 937 1,239 0 0 2,176 862 1,169 0 0 2,032 755 889 0 0 1,644 4,208 Overall 58 1 0 0 58 24 1 0 0 25 52 0 0 0 53 83 Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Crude Oil 855 1103 0 0 1,958 815 998 0 0 1,813 653 673 0 0 1,327 3771 Gasoline 13 14 0 0 27 6 6 0 0 12 4 5 0 0 9 39 Heating Oil 1 3 0 0 4 1 3 0 0 4 2 2 0 0 3 9 Natural Gas 10 118 0 0 129 17 161 0 0 178 44 208 0 0 252 306 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 162 13 0 0 175 73 32 0 0 105 135 37 0 0 172 280 Overall 85 1 0 0 86 18 2 0 0 19 37 2 0 0 40 106 Aluminium 2 1 0 0 2 3 2 0 0 4 22 2 0 0 24 7 Copper 63 8 0 0 70 43 23 0 0 66 55 23 0 0 78 136 Lead 0 1 0 0 1 2 1 0 0 3 0 0 0 0 1 4 Nickel 6 2 0 0 8 5 3 0 0 8 17 6 0 0 23 17 Tin 0 0 0 0 0 1 1 0 0 2 0 2 0 0 2 3 Zinc 6 0 0 0 6 2 1 0 0 3 4 1 0 0 5 9 Precious Metals 6,053 125 0 0 6,178 1,758 47 0 0 1,805 1,912 96 0 0 2,007 7,878 Overall 23 0 0 0 23 12 0 0 0 12 36 0 0 0 37 35 Gold 5695 82 0 0 5,777 1594 23 0 0 1,618 1623 42 0 0 1,665 7290 Palladium 36 1 0 0 37 43 1 0 0 44 50 1 0 0 51 81 Platinum 32 3 0 0 35 29 3 0 0 32 68 3 0 0 71 66 Rhodium 1 0 0 0 1 1 0 0 0 1 2 0 0 0 2 2 Silver 265 40 0 0 305 79 21 0 0 100 132 50 0 0 182 404 Livestock 1 1 0 0 2 2 2 0 0 4 2 4 0 0 6 6 Overall 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Cattle 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 Lean Hogs 1 1 0 0 2 1 2 0 0 3 1 3 0 0 4 5 Total 7,406 1,420 0 0 8,827 3,003 1,311 0 0 4,314 3,254 1,125 1 0 4,381 13,036 Feb-16 Jan-16 2015 Deutsche Bank AG/London Page 51
Product Rankings Figure 86: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,860.6 1,257.9 3,118.5 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,732.8 1,751.2 3,484.0 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,289.4 1,410.5 2,700.0 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,193.3 1,473.3 2,666.6 Lyxor Euro Stoxx 50 (DR) UCITS ETF MSED FP Lyxor Beta 1,066.3 466.7 1,533.0 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 1,066.2 928.5 1,994.7 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 998.9 943.9 1,942.8 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 986.9 2,348.1 3,335.0 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 906.0 1,635.1 2,541.0 Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 891.7 801.7 1,693.4 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 841.3 1,149.8 1,991.1 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 837.5 1,201.8 2,039.3 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 712.8 461.0 1,173.8 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 711.7 657.6 1,369.2 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 703.5 745.9 1,449.3 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 697.2 855.3 1,552.6 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 694.4 857.7 1,552.1 SPDR FTSE UK All Share ETF SPYF GY State Street Beta 635.2 35.5 670.7 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 624.4 539.0 1,163.4 Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor Beta+ 624.2 387.8 1,012.0 YTD TO Figure 87: 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 1,162.9 832.5 1,995.4 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 811.3 150.6 961.9 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 726.0 793.6 1,519.6 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 652.3 921.8 1,574.2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 539.8 677.7 1,217.5 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 390.8 133.0 523.8 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 384.9 366.6 751.5 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 381.1 432.2 813.2 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 327.1 243.1 570.2 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 324.2 309.0 633.2 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 320.4 244.7 565.1 Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 317.0 391.4 708.5 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 311.4 271.5 583.0 PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN Source Beta 308.4 74.3 382.7 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 265.4 155.3 420.6 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta 257.6 606.5 864.1 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 255.5 340.2 595.8 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta 239.9 531.2 771.1 ishares Index-Linked Gilts UCITS ETF INXG LN BlackRock Beta 237.7 108.4 346.0 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor Beta 217.5 161.0 378.5 YTD TO Page 52 Deutsche Bank AG/London
Figure 88: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,506.3 577.4 2,083.7 Gold Bullion Securities GBS LN ETF Securities Beta 1,322.8 230.1 1,552.9 ETFS Physical Gold PHAU LN ETF Securities Beta 1,049.1 215.5 1,264.6 ETFS WTI Crude Oil CRUD LN ETF Securities Beta 551.5 515.9 1,067.4 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 506.6 166.8 673.4 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 427.7 370.2 798.0 ishares Physical Gold ETC SGLN LN Blackrock Beta 341.3 43.6 384.9 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 302.7 117.3 420.0 Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 216.8 189.5 406.4 ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta+ 209.6 185.9 395.5 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 164.3 183.1 347.4 ETFS Physical Silver PHAG LN ETF Securities Beta 161.5 47.0 208.4 ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 161.0 157.2 318.2 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 151.0 33.0 184.0 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 114.1 44.6 158.7 db Physical Gold ETC XGLD LN Deutsche AWM Beta 83.4 11.3 94.7 Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 63.5 86.2 149.7 UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta 62.5 39.0 101.6 ETFS Copper COPA LN ETF Securities Beta 62.5 42.4 104.9 ETFS Longer Dated Industrial Metals FIND LN ETF Securities Beta 60.0 0.0 60.0 YTD TO Figure 89: 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 1,719.97 1 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 84.72 2 ishares Euro STOXX 50 (DE) SX5EEX GR 995.18 2 db x-trackers II EONIA TR Index UCITS ETF XEON GR 80.48 3 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR 678.96 3 ishares Markit iboxx Euro High Yield EUNW GR 68.39 4 ishares STOXX 600 (DE) SXXPIEX GR 636.81 4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 54.21 5 Deka DAX UCITS ETF ETFDAX GR 617.33 5 ishares Barclays Euro Corporate Bond EUN5 GR 39.33 6 db x-trackers ShortDAX UCITS ETF XSDX GR 376.23 6 ishares Markit iboxx $ High Yield Capped Bond IS0R GY 33.50 7 ishares Euro STOXX Banks (DE) SX7EEX GR 353.33 7 ishares eb.rexx Government Germany 5.5-10.5 (DE) RXP5EX GR 30.96 8 ComStage ETF DAX TR UCITS ETF CBDAX GR 339.94 8 db x-trackers II itraxx Crossover 5-Year TR Index UCITS ETF XTXC GR 30.26 9 ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 320.79 9 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 29.94 10 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR 297.79 10 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR 28.51 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR 302.73 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 20.49 2 db Physical Gold Euro Hedged ETC XAD1 GR 91.67 2 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 18.96 3 Source Physical Gold ETC (P-ETC) 8PSG GY 85.72 3 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 10.81 4 ETFS Brent Oil OESA GR 37.96 4 ETFS Short USD Long EUR XBJQ GR 3.01 5 ETFS WTI Crude Oil OD7F GR 34.80 5 ETFS 5X Short USD Long EUR 5CH6 GY 2.13 6 db Physical Gold ETC (EUR) XAD5 GR 34.28 6 ishares S&P Listed Private Equity Fund IQQL GR 1.83 7 Gold Bullion Securities GG9B GR 34.24 7 ETFS 5X Long USD Short EUR 5CH5 GY 1.46 8 ETFS Physical Gold VZLD GR 26.57 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 1.04 9 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 14.24 9 ETFS Long USD Short EUR XBJP GR 0.56 10 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 7.70 10 db-x trackers Portfolio Income UCITS ETF XS7W GR 0.43 Deutsche Bank AG/London Page 53
Figure 90: 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 1,838.00 1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN 983.59 2 Lyxor Euro Stoxx 50 (DR) UCITS ETF MSED LN 1,044.03 2 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN 629.11 3 ishares Core S&P 500 UCITS ETF CSPX LN 742.22 3 ishares Euro Corporate Bond UCITS ETF IEAC LN 518.01 4 Vanguard S&P 500 ETF VUSD LN 713.38 4 ishares $ High Yield Corporate Bond UCITS ETF IHYU LN 490.30 5 SPDR FTSE UK All Share ETF FTAL LN 634.63 5 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 377.80 6 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 495.05 6 ishares Euro Government Bond UCITS ETF IEGA LN 341.12 7 ishares Core MSCI World UCITS ETF (Acc) IWDA LN 331.50 7 ishares $ Corporate Bond UCITS ETF LQDE LN 330.45 8 Vanguard FTSE 100 ETF VUKE LN 305.50 8 ishares UK Gilts UCITS ETF IGLT LN 306.62 9 Vanguard S&P 500 ETF VUSA LN 303.02 9 PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN 300.25 10 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN 238.49 10 ishares Corporate Bond UCITS ETF SLXX LN 264.74 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Source Physical Gold ETC (P-ETC) SGLD LN 1,342.85 1 ETFS Short CNY Long USD SCNY LN 49.64 2 Gold Bullion Securities GBS LN 1,151.84 2 ETFS 3x Short JPY Long USD SJP3 LN 40.27 3 ETFS Physical Gold PHAU LN 694.31 3 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 21.80 4 ETFS WTI Crude Oil CRUD LN 354.98 4 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 12.38 5 ishares Physical Gold ETC IGLN LN 268.71 5 ETFS 3x Short EUR Long USD SEU3 LN 10.59 6 ETFS Daily Short WTI Crude Oil SOIL LN 191.54 6 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 4.53 7 ETFS Physical Gold GBP PHGP LN 161.91 7 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 3.78 8 ETFS Physical Silver PHAG LN 118.48 8 ETFS Short GBP Long USDGBP USD2 LN 3.07 9 db Physical Gold ETC XGLD LN 78.51 9 ETFS 3x Short GBP Long USD SGB3 LN 2.42 10 ishares Physical Gold ETC SGLN LN 72.58 10 ETFS 3x Long GBP Short USD LGB3 LN 2.22 Figure 91: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares SMI CH CSSMI SW 318.39 1 ishares $ TIPS UCITS ETF ITPS SW 121.21 2 ishares S&P 500 UCITS ETF (Inc) IUSA SW 163.76 2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 66.03 3 ishares Core S&P 500 UCITS ETF CSSPX SW 153.49 3 ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 53.77 4 ishares SPI (CH) CHSPI SW 146.40 4 ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 49.11 5 ishares Nikkei 225 UCITS ETF CSNKY SW 126.60 5 ishares CHF Corporate Bond (CH) CHCORP SW 48.57 6 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 110.88 6 ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 46.91 7 UBS ETF (CH) - SPI (CHF) A-dis SPICHA SW 107.78 7 ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 22.23 8 ishares Core MSCI World UCITS ETF (Acc) SWDA SW 97.99 8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 20.58 9 ishares SMIM CH CSSMIM SW 90.75 9 ishares $ Treasury Bond 20+yr UCITS ETF IDTL SW 18.01 10 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 88.06 10 ishares $ Corporate Bond UCITS ETF LQDE SW 16.07 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF-A USD ZGLDUS SW 148.47 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 10.27 2 ZKB Gold ETF-H (CHF) ZGLDHC SW 124.69 2 ishares Listed Private Equity UCITS ETF IPRV SW 2.16 3 ZKB Gold ETF ZGLD SW 119.16 3 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 1.41 4 UBS ETF (CH) Gold (USD) I-dis AUUSI SW 61.61 4 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 0.97 5 ZKB Gold ETF-A EUR ZGLDEU SW 57.85 5 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW 0.37 6 ZKB Gold ETF-H (EUR) ZGLDHE SW 53.15 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.19 7 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 48.85 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW 0.08 8 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 35.27 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.03 9 ishares Gold CH CSGOLD SW 35.07 9 Lyxor ETF Privex LYPVX SW 0.00 10 Source Physical Gold ETC (P-ETC) SGLD SW 33.51 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW - Page 54 Deutsche Bank AG/London
Figure 92: Top 10 ETPs by Turnover ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Leverage CAC 40 LVC FP 615.65 1 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP 242.66 2 Lyxor UCITS ETF Euro STOXX 50 MSE FP 590.31 2 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP 238.89 3 Lyxor ETF XBear CAC 40 BX4 FP 517.10 3 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP 228.51 4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 502.77 4 Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP 202.60 5 Lyxor ETF XBear Euro STOXX 50 BXX FP 300.97 5 Amundi ETF Euro Corporates UCITS ETF CC4 FP 197.92 6 Lyxor UCITS ETF MSCI Europe MEU FP 273.83 6 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 166.11 7 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 251.92 7 Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP 160.03 8 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 233.55 8 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 148.98 9 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 226.34 9 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 139.49 10 Lyxor UCITS ETF MSCI USA D-EUR USA FP 198.05 10 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP 111.80 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS FP 35.93 1 Lyxor ETF Privex PVX FP 0.30 2 ETFS Brent 1mnth Oil OILBP FP 21.87 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.14 3 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 9.83 3 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.04 4 ETFS WTI Crude Oil CRUDP FP 9.04 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.01 5 Lyxor ETF Commodities CRB CRB FP 8.94 5 ishares Listed Private Equity UCITS ETF PRV FP - 6 Lyxor ETF Commodities CRB Non-Energy CRN FP 2.83 7 ETFS WTI 2mth Oil OILWP FP 0.95 8 ETFS Natural Gas NGASP FP 0.85 9 ETFS Gold BULLP FP 0.85 10 ETFS All Commodities AIGCP FP 0.63 Figure 93: 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 738.64 1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM 102.48 2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 624.39 2 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 59.21 3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 624.18 3 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 58.37 4 ishares FTSE MIB UCITS ETF (Inc) IMIB IM 254.85 4 Lyxor UCITS ETF Euro Cash LEONIA IM 55.73 5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 254.01 5 ishares Euro Government Bond 1-3yr UCITS ETF IBGS IM 49.96 6 ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM 250.85 6 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM 47.91 7 ishares STOXX 600 (DE) SXXPIEX IM 200.60 7 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 46.34 8 ishares MSCI Europe UCITS ETF (Inc) IMEU IM 188.38 8 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G IM 45.30 9 ishares Core MSCI World UCITS ETF (Acc) SWDA IM 138.82 9 UBS-ETF Barclays Capital US 1-3 Year Treasury Bond A UT1EUA IM 43.35 10 ishares Core S&P 500 UCITS ETF CSSPX IM 134.18 10 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 36.78 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 348.98 1 ETFS 3X Short USD Long EUR USE3 IM 38.74 2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 166.87 2 ETFS 3X Long USD Short EUR EUS3 IM 32.12 3 ETFS WTI Crude Oil CRUD IM 152.71 3 ETFS 5X Long USD Short EUR EUS5 IM 17.39 4 ETFS Physical Gold PHAU IM 141.47 4 db x-trackers Portfolio TR Index UCITS ETF XQUI IM 6.59 5 ETFS Daily Leveraged Crude Oil LOIL IM 101.41 5 ETFS 5X Short USD Long EUR USE5 IM 4.92 6 db Physical Gold Euro Hedged ETC XAD1 IM 58.35 6 ETFS Short USD Long EUR USEU IM 2.51 7 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 56.81 7 ETFS Short GBP Long EUR GBEU IM 2.43 8 Gold Bullion Securities GBS IM 50.00 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 2.23 9 ETFS Brent 1mnth Oil OILB IM 30.52 9 ETFS 3X Long JPY Short EUR EJP3 IM 1.95 10 Boost Natural Gas 3x Short Daily 3NGS IM 25.25 10 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 1.91 Deutsche Bank AG/London Page 55
Figure 94: 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 486.78 No Fixed Income ETFs 2 XACT OMXS30 XACTOMX SS 325.05 3 XACT Bull 2 XABULL2 SS 312.94 4 XACT Bear XACBEAR SS 162.62 5 XACT Bull XACBULL SS 95.55 6 XACT OMXSB XACTSBX SS 66.70 7 XACT Nordic 30 XACTVINX SS 4.64 8 db x-trackers CNX Nifty UCITS ETF XNIF SS 4.61 9 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS 3.84 10 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 3.22 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core MSCI World UCITS ETF (Acc) IWDA NA 251.37 1 ishares Euro Corporate Bond UCITS ETF IEAC NA 128.93 2 ishares AEX UCITS ETF IAEX NA 214.73 2 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 58.05 3 ishares MSCI Europe UCITS ETF (Inc) IMEU NA 202.75 3 ishares Euro Aggregate Bond UCITS ETF IEAG NA 45.29 4 Vanguard S&P 500 ETF VUSA NA 168.06 4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 35.37 5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 133.90 5 ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA 31.09 6 ishares MSCI World UCITS ETF (Inc) IWRD NA 129.16 6 ishares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 16.57 7 ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 112.42 7 ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA 14.97 8 ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA 107.47 8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS NA 14.36 9 Think AEX Tracker TDT NA 64.41 9 ishares Euro Covered Bond UCITS ETF ICOV NA 8.20 10 ishares S&P 500 UCITS ETF (Inc) IUSA NA 52.24 10 ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA 7.61 Page 56 Deutsche Bank AG/London
7. European ETF Exchanges Figure 95: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Oct-15 Market Share % Nov-15 Market Share % Dec-15 Market Share % Jan-16 Market Share % Feb-16 Market Share % Deutche Boerse Deutsche Borse 12,545 22.1% 12,558 22.4% 16,388 24.8% 17,333 23.5% 15,713 21.2% LSE London SE 18,082 31.8% 17,790 31.7% 19,855 30.1% 23,889 32.4% 27,562 37.2% Borsa Italiana 6,297 11.1% 6,368 11.4% 6,465 9.8% 7,950 10.8% 8,489 11.4% 24,379 42.9% 24,158 43.1% 26,320 39.9% 31,839 43.2% 36,051 48.6% Euronext Paris 11,564 20.4% 11,124 19.8% 13,281 20.1% 12,987 17.6% 11,315 15.3% Amsterdam 2,037 3.6% 2,110 3.8% 2,781 4.2% 3,098 4.2% 2,456 3.3% Lisbon 9 0.0% 12 0.0% 8 0.0% 8 0.0% 4 0.0% Brussels 1 0.0% 2 0.0% 2 0.0% 3 0.0% 3 0.0% 13,611 24.0% 13,249 23.6% 16,072 24.3% 16,096 21.8% 13,777 18.6% Swiss SE 4,452 7.8% 4,416 7.9% 5,112 7.7% 6,018 8.2% 5,998 8.1% Stockholmborsen 967 1.7% 964 1.7% 1,309 2.0% 1,385 1.9% 1,481 2.0% Oslo Bors 425 0.7% 287 0.5% 274 0.4% 582 0.8% 620 0.8% BME 432 0.8% 455 0.8% 550 0.8% 469 0.6% 499 0.7% Others 15 0.0% 11 0.0% 15 0.0% 18 0.0% 15 0.0% Total 56,825 100.0% 56,098 100.0% 66,040 100.0% 73,740 100.0% 74,154 100.0% Deutsche Bank AG/London Page 57
Figure 96: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Oct-15 Market Share % Nov-15 Market Share % Dec-15 Market Share % Jan-16 Market Share % Feb-16 Market Share % LSE London SE 1,785 3.1% 1,376 2.5% 1,339 2.0% 2,168 2.9% 5,451 7.4% Borsa Italiana 1,325 2.3% 1,174 2.1% 1,180 1.8% 1,338 1.8% 1,632 2.2% 3,110 5.5% 2,550 4.5% 2,519 3.8% 3,507 4.8% 7,083 9.6% Deutche Boerse Deutsche Borse 337 0.6% 277 0.5% 285 0.4% 389 0.5% 758 1.0% Euronext Amsterdam 16 0.0% 8 0.0% 16 0.0% 12 0.0% 31 0.0% Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 40 0.1% 40 0.1% 63 0.1% 50 0.1% 102 0.1% Others 32 0.1% 27 0.0% 23 0.0% 28 0.0% 53 0.1% Total 3,519 6.2% 2,894 5.2% 2,890 4.4% 3,975 5.4% 7,996 10.8% Page 58 Deutsche Bank AG/London
Figure 97: 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 21,159.6 22,992.1 9,137.5 7,937.9 3,811.0 7,444.8 887.7 73,370.5 46.5% Emerging Markets 1,590.0 3,816.5 1,431.5 756.1 401.3 646.8 15.2 8,657.3 5.5% Global Markets 147.7 750.0 133.0 31.2 100.0 148.2 0.1 1,310.2 0.8% Sector 2,469.7 1,610.5 1,290.5 430.0 107.4 229.3 2.4 6,139.8 3.9% Capitalization 453.6 391.9 194.3 85.9 49.7 269.8 0.0 1,445.3 0.9% Style 623.7 1,075.4 209.3 167.1 150.6 195.1 0.0 2,421.2 1.5% Strategy 2,783.9 2,064.4 4,134.6 3,846.2 0.5 245.5 1,959.8 15,034.9 9.5% Thematic 356.1 485.7 64.6 82.2 50.4 151.0 0.0 1,190.0 0.8% Total 29,584 33,187 16,595 13,337 4,671 9,331 2,865 109,569.1 69.5% Fixed Income Overall 181.6 596.9 6.6 32.4 105.5 48.8 0.0 971.7 0.6% Corporates 827.2 8,345.6 1,931.0 928.4 480.1 399.9 0.0 12,912.2 8.2% Covered Bonds 127.3 16.5 25.0 16.1 9.3 3.7 0.0 197.9 0.1% Credit Exposure 66.3 0.0 0.0 9.4 0.0 0.0 0.0 75.7 0.0% Sovereign 1,768.2 8,618.7 5,505.8 1,700.2 272.3 821.8 0.0 18,687.1 11.9% Money Market 287.4 529.2 195.3 333.3 0.0 4.9 0.0 1,350.1 0.9% Total 3,258 18,107 7,664 3,020 867 1,279-34,194.7 21.7% Commodity 0.0% Overall 103.6 143.5 32.1 54.1 4.2 109.3 0.3 447.1 0.3% Agriculture 20.7 92.0 0.5 100.5 0.3 3.2 0.0 217.3 0.1% Energy 252.9 1,773.5 61.5 2,083.5 0.0 36.5 0.0 4,207.9 2.7% Industrial Metals 10.7 221.9 10.2 36.8 0.0 0.4 0.0 280.0 0.2% Precious Metals 849.0 5,190.6 46.5 543.8 40.3 1,298.2 0.0 7,968.5 5.1% Livestock 0.9 2.1 0.0 2.6 0.0 0.0 0.0 5.6 0.0% Total 1,238 7,424 151 2,821 45 1,448 0 13,126.5 8.3% Other 0.0% Alternative 78.0 72.2 2.2 16.7 6.0 23.5 0.0 198.6 0.1% Currency 13.3 275.5 0.0 198.6 2.4 0.0 0.0 489.9 0.3% Multi Asset 22.0 6.0 0.0 16.4 4.9 0.7 0.0 50.1 0.0% Total 113 354 2 232 13 24-738.5 0.5% Grand Total 34,193 59,071 24,412 19,409 5,596 12,082 2,866 157,629 100% * Total turnover year to date (not daily average) Deutsche Bank AG/London Page 59
8. Assets ETP Monthly AUM Analysis by Asset Class Figure 98: AUM by asset class and instrument ( million) ETPs Europe Feb-16 Jan-16 End of 2015 Asset Class Beta Beta+ Alpha Total ETFs Equity 288,895 4,718 3,669 193 297,474 296,908 4,592 3,552 189 305,240 315,879 4,364 3,745 199 324,187 Fixed income 109,082 1,575 0 4,452 115,109 107,277 1,601 0 4,419 113,297 106,859 1,661 0 4,563 113,082 Commodity 13,619 0 52 0 13,671 12,507 0 51 0 12,558 12,268 0 30 0 12,298 Currency 0 0 0 0-0 0 0 0-0 0 0 0 - Multi Asset 42 0 0 367 409 42 0 0 357 399 42 0 0 381 423 Alternative 427 0 28 417 871 451 0 27 420 899 512 0 28 435 975 Total 412,065 6,293 3,748 5,428 427,534 417,185 6,193 3,631 5,385 432,393 435,560 6,025 3,802 5,578 450,965 ETCs Commodity 19,411 718 0 0 20,129 15,970 732 0 0 16,701 14,977 732 0 0 15,709 Currency 86 293 0 0 379 105 255 0 0 359 107 240 0 0 347 Total 19,497 1,010 0 0 20,508 16,074 986 0 0 17,061 15,084 973 0 0 16,057 Total ETPs 431,562 7,303 3,748 5,428 448,042 433,259 7,179 3,631 5,385 449,454 450,644 6,997 3,802 5,578 467,022 Asset Class Analysis Figure 99: European Equity ETF AUM summary ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Developed Markets 216,095 0 0 104 216,199 223,694 0 0 108 223,802 236,476 0 0 113 236,589 Emerging Markets 19,417 0 0 0 19,417 19,791 0 0 0 19,791 22,316 0 0 0 22,316 Global Markets 4,514 0 0 0 4,514 4,499 0 0 0 4,499 4,913 0 0 0 4,913 Sector 17,155 0 0 0 17,155 17,575 0 0 0 17,575 19,569 0 0 0 19,569 Capitalization 6,235 0 0 0 6,235 6,649 0 0 0 6,649 7,137 0 0 0 7,137 Strategy 5,849 4,718 3,669 88 14,323 5,171 4,592 3,552 81 13,395 5,072 4,364 3,745 86 13,267 Style 15,605 0 0 0 15,605 15,744 0 0 0 15,744 16,478 0 0 0 16,478 Thematic 4,024 0 0 0 4,024 3,786 0 0 0 3,786 3,918 0 0 0 3,918 Total Equities 288,895 4,718 3,669 193 297,474 296,908 4,592 3,552 189 305,240 315,879 4,364 3,745 199 324,187 Page 60 Deutsche Bank AG/London
Figure 99A: European Equity ETF AUM summary - A ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Sector 17,155 0 0 0 17,155 17,575 0 0 0 17,575 19,569 0 0 0 19,569 Consumer discretionary 841 0 0 0 841 773 0 0 0 773 890 0 0 0 890 Consumer staples 877 0 0 0 877 886 0 0 0 886 986 0 0 0 986 Energy 1,630 0 0 0 1,630 1,505 0 0 0 1,505 1,522 0 0 0 1,522 Financials 8,352 0 0 0 8,352 8,819 0 0 0 8,819 10,303 0 0 0 10,303 Healthcare 1,768 0 0 0 1,768 1,893 0 0 0 1,893 2,020 0 0 0 2,020 Industrials 473 0 0 0 473 461 0 0 0 461 534 0 0 0 534 Information Technology 1,256 0 0 0 1,256 1,321 0 0 0 1,321 1,410 0 0 0 1,410 Materials 719 0 0 0 719 668 0 0 0 668 669 0 0 0 669 Telecommunications 789 0 0 0 789 790 0 0 0 790 787 0 0 0 787 Utilities 452 0 0 0 452 459 0 0 0 459 448 0 0 0 448 Capitalization 6,235 0 0 0 6,235 6,649 0 0 0 6,649 7,137 0 0 0 7,137 Large Cap 346 0 0 0 346 354 0 0 0 354 379 0 0 0 379 Mid Cap 2,023 0 0 0 2,023 2,180 0 0 0 2,180 2,376 0 0 0 2,376 Small Cap 3,866 0 0 0 3,866 4,114 0 0 0 4,114 4,381 0 0 0 4,381 Strategy 5,849 4,718 3,669 88 14,323 5,171 4,592 3,552 81 13,395 5,072 4,364 3,745 86 13,267 Fundamental 867 0 426 0 1,292 942 0 426 0 1,369 1,095 0 448 0 1,543 Leveraged Long 0 1,991 0 0 1,991 0 2,046 0 0 2,046 0 2,183 0 0 2,183 Leveraged Short 0 1,019 0 0 1,019 0 883 0 0 883 0 799 0 0 799 Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Quantitative 4,950 0 3,243 88 8,282 4,196 0 3,126 81 7,403 3,947 0 3,297 86 7,330 Short 32 1,708 0 0 1,740 32 1,663 0 0 1,695 30 1,382 0 0 1,412 Style 15,605 0 0 0 15,605 15,744 0 0 0 15,744 16,478 0 0 0 16,478 Dividend 14,204 0 0 0 14,204 14,232 0 0 0 14,232 14,825 0 0 0 14,825 Growth 233 0 0 0 233 273 0 0 0 273 300 0 0 0 300 Value 1,169 0 0 0 1,169 1,240 0 0 0 1,240 1,353 0 0 0 1,353 Thematic 4,024 0 0 0 4,024 3,786 0 0 0 3,786 3,918 0 0 0 3,918 Commodities 938 0 0 0 938 719 0 0 0 719 675 0 0 0 675 Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Faith 180 0 0 0 180 185 0 0 0 185 189 0 0 0 189 Other Theme 902 0 0 0 902 903 0 0 0 903 895 0 0 0 895 Sustainability 2,004 0 0 0 2,004 1,979 0 0 0 1,979 2,159 0 0 0 2,159 Total 48,869 4,718 3,669 88 57,343 48,924 4,592 3,552 81 57,148 52,173 4,364 3,745 86 60,368 Deutsche Bank AG/London Page 61
Figure 99B: European Equity ETF AUM summary - B ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Developed Markets Europe 121,154 0 0 104 121,258 126,154 0 0 108 126,262 132,716 0 0 113 132,829 Austria 295 0 0 0 295 323 0 0 0 323 397 0 0 0 397 Belgium 39 0 0 0 39 41 0 0 0 41 43 0 0 0 43 Finland 161 0 0 0 161 172 0 0 0 172 178 0 0 0 178 France 4,948 0 0 0 4,948 4,930 0 0 0 4,930 5,037 0 0 0 5,037 Germany 18,961 0 0 0 18,961 20,152 0 0 0 20,152 21,629 0 0 0 21,629 Greece 136 0 0 0 136 159 0 0 0 159 197 0 0 0 197 Ireland 30 0 0 0 30 29 0 0 0 29 31 0 0 0 31 Italy 2,198 0 0 0 2,198 2,456 0 0 0 2,456 2,964 0 0 0 2,964 Netherlands 637 0 0 0 637 650 0 0 0 650 649 0 0 0 649 Norway 224 0 0 0 224 219 0 0 0 219 222 0 0 0 222 Portugal 67 0 0 0 67 72 0 0 0 72 76 0 0 0 76 Spain 1,448 0 0 0 1,448 1,539 0 0 0 1,539 1,696 0 0 0 1,696 Sweden 1,111 0 0 0 1,111 1,152 0 0 0 1,152 1,405 0 0 0 1,405 Switzerland 9,502 0 0 0 9,502 9,644 0 0 0 9,644 10,297 0 0 0 10,297 UK 13,288 0 0 0 13,288 13,081 0 0 0 13,081 13,129 0 0 0 13,129 Europe broad 68,109 0 0 104 68,213 71,535 0 0 108 71,643 74,764 0 0 113 74,877 Americas 57,186 0 0 0 57,186 58,337 0 0 0 58,337 61,445 0 0 0 61,445 US 54,477 0 0 0 54,477 55,714 0 0 0 55,714 58,657 0 0 0 58,657 Canada 998 0 0 0 998 767 0 0 0 767 772 0 0 0 772 North America 1,711 0 0 0 1,711 1,857 0 0 0 1,857 2,016 0 0 0 2,016 Asia 18,846 0 0 0 18,846 20,418 0 0 0 20,418 22,980 0 0 0 22,980 Australia 752 0 0 0 752 765 0 0 0 765 795 0 0 0 795 Hong Kong 217 0 0 0 217 234 0 0 0 234 262 0 0 0 262 Japan 16,472 0 0 0 16,472 18,014 0 0 0 18,014 20,400 0 0 0 20,400 Singapore 54 0 0 0 54 56 0 0 0 56 63 0 0 0 63 Asia Pacific broad 1,352 0 0 0 1,352 1,349 0 0 0 1,349 1,460 0 0 0 1,460 EMEA 5 0 0 0 5 5 0 0 0 5 0 0 0 0 0 Israel 5 0 0 0 5 5 0 0 0 5 0 0 0 0 - Global 18,905 0 0 0 18,905 18,780 0 0 0 18,780 19,335 0 0 0 19,335 Broad indices 18,905 0 0 0 18,905 18,780 0 0 0 18,780 19,335 0 0 0 19,335 DM Total 216,095 0 0 104 216,199 223,689 0 0 108 223,797 236,476 0 0 113 236,589 Page 62 Deutsche Bank AG/London
Figure 99C: European Equity ETF AUM summary - C ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Emerging Markets BRIC 4,668 0 0 0 4,668 5,184 0 0 0 5,184 5,953 0 0 0 5,953 Brazil 510 0 0 0 510 506 0 0 0 506 524 0 0 0 524 Russia 662 0 0 0 662 673 0 0 0 673 680 0 0 0 680 India 1,422 0 0 0 1,422 1,666 0 0 0 1,666 1,807 0 0 0 1,807 China 2,073 0 0 0 2,073 2,339 0 0 0 2,339 2,941 0 0 0 2,941 Latin America 550 0 0 0 550 516 0 0 0 516 532 0 0 0 532 Chile 0 0 0 0-0 0 0 0-0 0 0 0 - Mexico 151 0 0 0 151 153 0 0 0 153 151 0 0 0 151 LATAM broad 399 0 0 0 399 363 0 0 0 363 381 0 0 0 381 Asia 2,870 0 0 0 2,870 2,895 0 0 0 2,895 3,373 0 0 0 3,373 Bangladesh 19 0 0 0 19 19 0 0 0 19 20 0 0 0 20 Indonesia 133 0 0 0 133 118 0 0 0 118 119 0 0 0 119 Malaysia 51 0 0 0 51 48 0 0 0 48 50 0 0 0 50 Pakistan 18 0 0 0 18 19 0 0 0 19 21 0 0 0 21 Philippines 41 0 0 0 41 41 0 0 0 41 39 0 0 0 39 South Korea 651 0 0 0 651 671 0 0 0 671 815 0 0 0 815 Taiwan 454 0 0 0 454 446 0 0 0 446 563 0 0 0 563 Thailand 32 0 0 0 32 31 0 0 0 31 29 0 0 0 29 Vietnam 297 0 0 0 297 303 0 0 0 303 325 0 0 0 325 Asia Pacific broad 1,174 0 0 0 1,174 1,199 0 0 0 1,199 1,392 0 0 0 1,392 EMEA 861 0 0 0 861 834 0 0 0 834 875 0 0 0 875 Kuwait 5 0 0 0 5 5 0 0 0 5 7 0 0 0 7 Poland 62 0 0 0 62 64 0 0 0 64 64 0 0 0 64 South Africa 58 0 0 0 58 56 0 0 0 56 69 0 0 0 69 Turkey 296 0 0 0 296 290 0 0 0 290 284 0 0 0 284 Europe broad 306 0 0 0 306 299 0 0 0 299 319 0 0 0 319 Middle East & Africa 133 0 0 0 133 121 0 0 0 121 133 0 0 0 133 Global Markets 10,468 0 0 0 10,468 10,363 0 0 0 10,363 11,583 0 0 0 11,583 Global 10,468 0 0 0 10,468 10,363 0 0 0 10,363 11,583 0 0 0 11,583 EM Total 19,417 0 0 0 19,417 19,791 0 0 0 19,791 22,316 0 0 0 22,316 Total (EM + DM) 235,512 0 0 104 235,616 243,480 0 0 108 243,588 258,793 0 0 113 258,906 Figure 100: European Fixed Income ETF AUM summary ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Fixed Income AUM Beta Beta+ Alpha Total Overall 4,259 0 0 3,841 8,100 4,203 0 0 3,801 8,004 4,042 0 0 3,941 7,984 Corporates 42,486 0 0 235 42,721 42,171 0 0 229 42,400 43,248 0 0 228 43,476 Covered Bonds 2,863 0 0 335 3,198 2,804 0 0 348 3,152 2,698 0 0 352 3,050 Credit Exposure 232 32 0 0 264 276 44 0 0 321 237 44 0 0 282 Sovereign 56,485 1,543 0 41 58,069 55,035 1,557 0 41 56,632 53,692 1,616 0 41 55,349 Money Market 2,756 0 0 0 2,756 2,787 0 0 0 2,787 2,941 0 0 0 2,941 Total Fixed Income 109,082 1,575 0 4,452 115,109 107,277 1,601 0 4,419 113,297 106,859 1,661 0 4,563 113,082 Deutsche Bank AG/London Page 63
Figure 101: European Commodity ETP AUM summary ( million) ETPs Europe Feb-16 Jan-16 End of 2015 Commodity AUM Beta Beta+ Alpha Total Overall 3,529 16 52 0 3,597 3,458 15 51 0 3,524 3,627 11 30 0 3,668 Overall 3327 16 52 0 3,395 3253 15 51 0 3,319 3406 11 30 0 3,446 Overall ex Energy 196 0 0 0 196 199 0 0 0 199 215 0 0 0 215 Overall Light Energy 6 0 0 0 6 6 0 0 0 6 6 0 0 0 6 Overall Ultra Light Energy 0 0 0 0-0 0 0 0-0 0 0 0 - Agriculture 614 92 0 0 706 647 92 0 0 740 684 103 0 0 787 Overall 404 3 0 0 407 424 4 0 0 427 434 4 0 0 437 Cocoa 9 4 0 0 13 9 3 0 0 11 10 3 0 0 13 Coffee 44 30 0 0 74 46 30 0 0 76 48 35 0 0 83 Corn 27 7 0 0 33 30 8 0 0 38 28 7 0 0 36 Cotton 8 3 0 0 10 8 3 0 0 11 28 3 0 0 31 Grains 29 1 0 0 30 31 1 0 0 32 31 1 0 0 32 Softs 4 0 0 0 5 4 0 0 0 5 5 0 0 0 5 Soybean Oil 2 1 0 0 3 2 1 0 0 3 2 1 0 0 3 Soybeans 6 2 0 0 8 8 2 0 0 10 8 2 0 0 10 Sugar 23 14 0 0 37 23 12 0 0 35 30 17 0 0 47 Wheat 58 27 0 0 86 63 29 0 0 92 60 30 0 0 91 Energy 2,037 410 0 0 2,447 1,947 434 0 0 2,380 1,796 417 0 0 2,213 Overall 124 1 0 0 125 148 1 0 0 149 165 1 0 0 166 Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 Crude Oil 1858 357 0 0 2,215 1725 357 0 0 2,082 1555 328 0 0 1,883 Gasoline 6 2 0 0 8 9 2 0 0 11 10 2 0 0 11 Heating Oil 2 1 0 0 4 4 1 0 0 6 4 1 0 0 5 Natural Gas 46 49 0 0 95 59 73 0 0 132 61 85 0 0 145 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 340 51 0 0 390 383 55 0 0 438 398 69 0 0 467 Overall 114 2 0 0 115 141 2 0 0 143 153 2 0 0 156 Aluminium 67 4 0 0 71 80 3 0 0 83 80 4 0 0 83 Copper 70 29 0 0 100 70 31 0 0 101 73 45 0 0 118 Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2 Nickel 73 11 0 0 85 75 13 0 0 89 76 13 0 0 90 Tin 2 2 0 0 4 2 2 0 0 4 2 2 0 0 3 Zinc 12 2 0 0 14 14 2 0 0 15 13 2 0 0 15 Precious Metals 26,501 146 0 0 26,646 22,033 134 0 0 22,167 20,730 129 0 0 20,859 Overall 132 1 0 0 133 110 1 0 0 111 113 1 0 0 114 Gold 23231 67 0 0 23,298 18894 56 0 0 18,950 17549 54 0 0 17,603 Palladium 403 1 0 0 404 416 1 0 0 418 487 1 0 0 489 Platinum 735 5 0 0 740 690 6 0 0 696 698 7 0 0 705 Rhodium 62 0 0 0 62 59 0 0 0 59 56 0 0 0 56 Silver 1938 71 0 0 2,009 1863 70 0 0 1,933 1826 66 0 0 1,892 Livestock 9 3 0 0 12 9 3 0 0 12 11 3 0 0 14 Overall 4 0 0 0 4 4 0 0 0 4 6 0 0 0 6 Cattle 1 0 0 0 2 1 0 0 0 2 1 1 0 0 2 Lean Hogs 4 2 0 0 6 4 2 0 0 6 4 2 0 0 6 Total 33,030 718 52 0 33,800 28,477 732 51 0 29,260 27,245 732 30 0 28,007 Page 64 Deutsche Bank AG/London
Product Rankings Figure 102: 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 10,941.2 11,314.9 11,936.4 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10,534.7 10,819.5 11,503.5 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,369.2 8,909.3 9,433.1 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7,793.8 8,039.0 8,688.2 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,408.1 7,648.2 7,522.2 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7,324.0 7,656.5 7,872.2 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 5,831.8 6,128.0 6,258.4 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,648.1 5,774.5 6,193.4 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 5,499.6 5,106.1 4,832.1 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,443.2 5,615.0 5,957.6 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5,198.1 5,354.3 5,536.2 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,949.8 5,166.1 5,517.9 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,713.0 4,738.6 4,986.1 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,475.5 4,948.0 5,275.4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,860.8 3,853.1 4,009.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 2,913.8 2,925.9 3,324.6 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2,680.0 2,804.0 3,017.9 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,532.9 2,711.0 2,837.9 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,452.1 2,464.7 2,463.2 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 2,434.1 3,005.0 3,373.6 2015 AUM Figure 103: 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 6,049.3 6,095.5 6,385.3 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,802.5 3,770.1 4,026.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,789.6 3,845.1 4,002.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3,566.8 3,455.8 3,449.8 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,500.7 3,585.3 3,758.0 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,881.4 2,631.8 2,689.8 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,437.9 2,365.1 2,456.8 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 2,395.2 2,369.7 2,329.8 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,141.0 2,262.0 2,308.4 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2,050.7 1,924.8 1,725.7 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,983.9 1,901.4 1,982.0 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,969.6 2,008.6 1,952.5 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,906.6 1,827.0 1,779.5 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 1,850.7 1,744.1 1,630.5 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,758.5 1,830.3 1,701.7 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,728.1 1,647.7 1,627.2 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1,684.2 1,554.8 1,407.8 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 1,631.8 1,721.8 1,734.9 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,614.5 1,595.8 1,581.9 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,581.6 1,421.0 1,371.1 2015 AUM Deutsche Bank AG/London Page 65
Figure 104: 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 4,908.7 4,349.9 4,148.5 ETFS Physical Gold PHAU LN ETF Securities Beta 4,083.1 3,408.0 3,232.5 Gold Bullion Securities GBS LN ETF Securities Beta 3,296.6 2,332.1 2,150.5 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 2,525.6 1,862.8 1,508.2 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,834.8 1,667.6 1,578.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,593.7 1,416.5 1,347.2 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 951.9 942.9 913.9 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 870.1 405.9 388.4 ETFS WTI Crude Oil CRUD LN ETF Securities Beta 704.7 664.5 594.8 Lyxor ETF Commodities CRB CRB FP Lyxor Beta 683.8 690.2 713.2 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 658.3 511.7 491.0 ishares Physical Gold ETC SGLN LN Blackrock Beta 626.1 418.3 374.4 ETFS Physical Silver PHAG LN ETF Securities Beta 526.5 506.7 505.9 db Physical Gold ETC XGLD LN Deutsche AWM Beta 500.7 452.8 431.0 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 490.5 524.7 622.8 UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 406.9 405.6 423.7 UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta 392.1 319.2 262.5 db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 372.4 387.3 357.1 ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 371.8 294.3 245.2 ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 321.1 304.7 260.0 2015 AUM Page 66 Deutsche Bank AG/London
Deutsche Bank AG/London Page 67 9. ETF Broker rankings US ETP Broker Rankings Figure 105: 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 Feb-16 YTD Feb-16 YTD 1 (KCG) KCG HOLDINGS, INC. 196,000 19.85% 183,061 431,000 20.07% 388,350 (KCG) KCG HOLDINGS, INC. 3,755 20.78% 183,063 7,686 20.58% 388,352 2 (UBS) UBS INVESTMENT BANK 119,000 12.05% 39,585 251,000 11.69% 79,226 (UBS) UBS INVESTMENT BANK 2,257 12.49% 39,587 4,611 12.35% 79,229 3 (CSFB) CREDIT SUISSE 89,101 9.02% 19,771 223,000 10.39% 40,975 (CSFB) CREDIT SUISSE 1,597 8.84% 19,828 3,863 10.35% 41,109 4 (JPM) JP MORGAN 73,361 7.43% 97,524 147,000 6.85% 179,505 (GS ) GOLDMAN SACHS & CO. 1,411 7.81% 171,046 2,795 7.49% 342,039 5 (GS ) GOLDMAN SACHS & CO. 67,247 6.81% 171,046 152,000 7.08% 342,039 (MLCO) MERRILL LYNCH 1,245 6.89% 35,861 2,474 6.63% 71,757 6 (MLCO) MERRILL LYNCH 66,594 6.74% 35,854 141,000 6.57% 71,744 (JPM) JP MORGAN 1,099 6.08% 97,524 2,119 5.68% 179,505 7 (CITI) CITIGROUP GLOBAL MARKETS 55,818 5.65% 16,442 122,000 5.68% 34,071 (CITI) CITIGROUP GLOBAL MARKETS 1,085 6.00% 16,442 2,280 6.11% 34,071 8 (BARC) BARCLAYS CAPITAL 47,684 4.83% 61,328 96,433 4.49% 122,374 (DBAB) DEUTSCHE BANK SECURITIES INC 926 5.12% 22,425 1,895 5.08% 45,292 9 (DBAB) DEUTSCHE BANK SECURITIES INC 47,086 4.77% 22,425 99,306 4.62% 45,292 (FCM) FIDELITY CAPITAL MARKETS 886 4.90% 51,693 1,756 4.70% 104,450 10 (FCM) FIDELITY CAPITAL MARKETS 44,925 4.55% 51,693 96,723 4.50% 104,450 (BARC) BARCLAYS CAPITAL 802 4.44% 61,328 1,640 4.39% 122,374 11 (MSCO) MORGAN STANLEY 44,119 4.47% 16,362 92,068 4.29% 31,189 (MSCO) MORGAN STANLEY 738 4.08% 16,362 1,358 3.64% 31,189 12 (INCA) INSTINET 19,143 1.94% 8,664 46,484 2.16% 17,936 (RBC) ROYAL BANK OF CANADA 336 1.86% 46,284 694 1.86% 91,545 13 (RBC) ROYAL BANK OF CANADA 17,335 1.76% 46,284 36,420 1.70% 91,545 (CVGX) CONVERGEX 326 1.80% 25,098 722 1.93% 50,850 14 (JEFF) JEFFERIES & CO., INC. 17,190 1.74% 10,689 33,960 1.58% 22,200 (JEFF) JEFFERIES & CO., INC. 220 1.22% 10,689 434 1.16% 22,200 15 (CVGX) CONVERGEX 17,124 1.73% 25,098 36,636 1.71% 50,850 (INCA) INSTINET 204 1.13% 8,664 464 1.24% 17,936 16 (WBET) WALLACHBETH CAPITAL LLC 10,333 1.05% 411 12,736 0.59% 601 (WBET) WALLACHBETH CAPITAL LLC 180 1.00% 411 224 0.60% 601 17 (BNYM) BANK OF NEW YORK, THE 5,239 0.53% 7,206 5,780 0.27% 8,125 (BNYM) BANK OF NEW YORK, THE 96 0.53% 7,206 106 0.29% 8,125 18 (BTIG) BTIG LLC 3,094 0.31% 1,397 6,789 0.32% 2,757 (CANT) CANTOR FITZGERALD L.P. 60 0.33% 1,731 230 0.62% 6,595 19 (CANT) CANTOR FITZGERALD L.P. 2,785 0.28% 1,728 11,132 0.52% 6,582 (ITGI) INVESTMENT TECHNOLOGY GROUP 48 0.26% 18,401 89 0.24% 29,395 20 (JONE) JONESTRADING 2,581 0.26% 6,667 4,571 0.21% 13,771 (BMOC) BMO CAPITAL MARKETS 45 0.25% 3,276 90 0.24% 5,951 Other 41,636 4.22% 113,923 101,259 4.72% 220,954 Other 757 4.19% 100,319 1,806 4.84% 202,181 Total 987,393 100.00% 937,158 2,147,298 100.00% 1,874,536 Total 18,072 100.00% 937,238 37,337 100.00% 1,874,746 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 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 Feb-16 YTD Feb-16 YTD 1 (KCG) KCG HOLDINGS, INC. 12,716 24.86% 16,154 24,500 26.07% 32,875 (KCG) KCG HOLDINGS, INC. 458 23.55% 16,154 905 23.79% 32,875 2 (UBS) UBS INVESTMENT BANK 8,458 16.53% 2,212 15,646 16.65% 4,316 (UBS) UBS INVESTMENT BANK 388 19.98% 2,212 731 19.21% 4,316 3 (CITI) CITIGROUP GLOBAL MARKETS 4,844 9.47% 913 8,634 9.19% 1,855 (CSFB) CREDIT SUISSE 144 7.39% 1,041 302 7.93% 2,064 4 (CSFB) CREDIT SUISSE 4,355 8.51% 1,039 8,237 8.76% 2,060 (FCM) FIDELITY CAPITAL MARKETS 133 6.85% 5,446 251 6.59% 10,256 5 (JPM) JP MORGAN 3,598 7.03% 6,228 5,569 5.93% 10,608 (CITI) CITIGROUP GLOBAL MARKETS 129 6.64% 913 278 7.30% 1,855 6 (FCM) FIDELITY CAPITAL MARKETS 3,263 6.38% 5,446 6,271 6.67% 10,256 (JPM) JP MORGAN 106 5.43% 6,228 205 5.38% 10,608 7 (GS ) GOLDMAN SACHS & CO. 2,822 5.52% 12,150 4,092 4.35% 23,609 (GS ) GOLDMAN SACHS & CO. 105 5.41% 12,150 169 4.44% 23,609 8 (DBAB) DEUTSCHE BANK SECURITIES INC 1,845 3.61% 1,113 3,064 3.26% 1,968 (MLCO) MERRILL LYNCH 82 4.21% 1,753 169 4.45% 3,374 9 (MLCO) MERRILL LYNCH 1,789 3.50% 1,753 3,781 4.02% 3,373 (BARC) BARCLAYS CAPITAL 72 3.73% 5,289 139 3.64% 10,452 10 (BARC) BARCLAYS CAPITAL 1,426 2.79% 5,289 2,856 3.04% 10,452 (DBAB) DEUTSCHE BANK SECURITIES INC 72 3.70% 1,113 128 3.38% 1,968 11 (MSCO) MORGAN STANLEY 1,363 2.66% 852 2,344 2.49% 1,636 (MSCO) MORGAN STANLEY 62 3.18% 852 118 3.11% 1,636 12 (CVGX) CONVERGEX 1,009 1.97% 1,363 2,237 2.38% 2,973 (RBC) ROYAL BANK OF CANADA 39 1.99% 1,924 99 2.61% 4,573 13 (ITGI) INVESTMENT TECHNOLOGY GROUP 1,007 1.97% 2,383 1,257 1.34% 2,984 (CVGX) CONVERGEX 38 1.97% 1,363 89 2.34% 2,973 14 (RBC) ROYAL BANK OF CANADA 513 1.00% 1,924 1,331 1.42% 4,573 (ITGI) INVESTMENT TECHNOLOGY GROUP 21 1.10% 2,383 29 0.76% 2,984 15 (INCA) INSTINET 470 0.92% 521 869 0.93% 998 (BNYM) BANK OF NEW YORK, THE 17 0.88% 442 18 0.46% 486 16 (BNYM) BANK OF NEW YORK, THE 312 0.61% 442 320 0.34% 486 (INCA) INSTINET 17 0.86% 521 39 1.01% 998 17 (JEFF) JEFFERIES & CO., INC. 244 0.48% 263 396 0.42% 931 (BMOC) BMO CAPITAL MARKETS 8 0.40% 243 13 0.35% 417 18 (BMOC) BMO CAPITAL MARKETS 135 0.26% 243 289 0.31% 417 (JEFF) JEFFERIES & CO., INC. 5 0.26% 263 15 0.39% 931 19 (HSBC) HSBC GROUP PLC 85 0.17% 259 173 0.18% 512 (CGCC) CANACCORD GENUITY CORP CANADA 5 0.23% 332 5 0.13% 363 20 (JONE) JONESTRADING 79 0.15% 978 169 0.18% 2,128 (HSBC) HSBC GROUP PLC 4 0.22% 259 9 0.23% 512 Other 824 1.61% 3,720 1,949 2.07% 7,814 Other 39 2.03% 4,366 95 2.50% 9,579 Total 51,157 100.00% 65,245 93,983 100.00% 126,824 Total 1,944 100.00% 65,247 3,806 100.00% 126,829 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 69 European ETP Broker Rankings Figure 107: 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 Feb-16 YTD Feb-16 YTD 1 (BNPP) BNP PARIBAS 11,365 13.18% 8,797 19,519 11.03% 15,840 (SIS) SUSQUEHANNA INTERNATIONAL GRP 325 11.07% 4,205 683 11.65% 8,580 2 (CBK) COMMERZBANK 9,845 11.41% 18,757 20,670 11.68% 36,560 (FLOW) FLOW TRADERS 288 9.80% 5,017 513 8.74% 9,318 3 (FLOW) FLOW TRADERS 8,635 10.01% 4,795 15,527 8.78% 8,925 (CBK) COMMERZBANK 284 9.69% 18,764 565 9.64% 36,573 4 (SIS) SUSQUEHANNA INTERNATIONAL GRP 8,218 9.53% 4,191 18,131 10.25% 8,560 (BNPP) BNP PARIBAS 260 8.85% 8,828 468 7.98% 15,893 5 (CITI) CITIGROUP GLOBAL MARKETS 4,805 5.57% 3,216 10,649 6.02% 6,205 (KCG) KCG HOLDINGS, INC. 186 6.33% 6,506 353 6.02% 12,927 6 (CSFB) CREDIT SUISSE 4,329 5.02% 3,142 9,639 5.45% 6,370 (CITI) CITIGROUP GLOBAL MARKETS 155 5.28% 3,216 315 5.38% 6,205 7 (SG ) SG SECURITIES 3,576 4.15% 5,118 7,111 4.02% 8,132 (CSFB) CREDIT SUISSE 129 4.38% 3,179 273 4.66% 6,448 8 (DBK ) DEUTSCHE BANK AG 3,454 4.00% 4,249 8,279 4.68% 8,675 (SG ) SG SECURITIES 125 4.27% 5,118 229 3.90% 8,132 9 (JPMS) JP MORGAN 3,368 3.90% 2,457 5,451 3.08% 4,942 (WINS) WINTERFLOOD SECURITIES 109 3.70% 6,773 200 3.41% 13,309 10 (KCG) KCG HOLDINGS, INC. 2,984 3.46% 6,506 6,101 3.45% 12,927 (MLCO) MERRILL LYNCH 106 3.60% 2,905 197 3.36% 5,756 11 (GS ) GOLDMAN SACHS & CO. 2,618 3.04% 4,916 4,119 2.33% 8,674 (BARC) BARCLAYS CAPITAL 97 3.30% 3,348 198 3.38% 6,640 12 (BARC) BARCLAYS CAPITAL 2,608 3.02% 3,343 5,952 3.36% 6,635 (DBK ) DEUTSCHE BANK AG 90 3.08% 4,251 216 3.69% 8,684 13 (WINS) WINTERFLOOD SECURITIES 2,144 2.49% 6,746 4,165 2.35% 13,253 (KEPL) KEPLER CAPITAL MARKETS 70 2.40% 2,726 127 2.17% 5,293 14 (UNIC) UNICREDIT 1,975 2.29% 494 4,381 2.48% 1,295 (JPMS) JP MORGAN 70 2.39% 2,457 115 1.96% 4,942 15 (MSCO) MORGAN STANLEY 1,821 2.11% 1,630 4,349 2.46% 3,207 (MSCO) MORGAN STANLEY 68 2.33% 1,630 160 2.73% 3,207 16 (KEPL) KEPLER CAPITAL MARKETS 1,685 1.95% 2,723 4,131 2.33% 5,289 (UNIC) UNICREDIT 54 1.85% 494 117 1.99% 1,295 17 (UBS) UBS INVESTMENT BANK 1,443 1.67% 436 4,934 2.79% 853 (UBS) UBS INVESTMENT BANK 50 1.72% 436 202 3.44% 853 18 (MLCO) MERRILL LYNCH 1,360 1.58% 2,905 3,166 1.79% 5,756 (NRD) NORDEA BANK AB 43 1.48% 2,081 92 1.57% 4,001 19 (BFIN) BLUEFIN EUROPE LLP 1,044 1.21% 260 2,614 1.48% 589 (GS ) GOLDMAN SACHS & CO. 41 1.40% 4,916 66 1.13% 8,674 20 (HSBC) HSBC GROUP PLC 898 1.04% 1,864 1,691 0.96% 3,588 (MAKO) MAKO FINANICAL MARKETS 36 1.24% 465 74 1.26% 971 Other 8,083 9.37% 18,074 16,369 9.25% 36,239 Other 348 11.84% 17,727 700 11.94% 35,788 Total 86,259 100.00% 104,619 176,947 100.00% 202,514 Total 2,936 100.00% 105,042 5,863 100.00% 203,489 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 70 Deutsche Bank AG/London Figure 108: 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 Feb-16 YTD Feb-16 YTD 1 (KEPL) KEPLER CAPITAL MARKETS 694 10.80% 291 708 7.86% 481 (WINS) WINTERFLOOD SECURITIES 223 24.07% 2,030 335 21.06% 3,877 2 (GS ) GOLDMAN SACHS & CO. 623 9.69% 91 638 7.08% 113 (BNPP) BNP PARIBAS 132 14.24% 181 210 13.19% 326 3 (HSBC) HSBC GROUP PLC 559 8.70% 128 564 6.26% 228 (KCG) KCG HOLDINGS, INC. 105 11.30% 657 160 10.04% 1,217 4 (CITI) CITIGROUP GLOBAL MARKETS 488 7.59% 438 783 8.69% 777 (CITI) CITIGROUP GLOBAL MARKETS 66 7.16% 438 111 6.98% 777 5 (FLOW) FLOW TRADERS 485 7.55% 338 613 6.80% 535 (FLOW) FLOW TRADERS 44 4.80% 341 82 5.17% 557 6 (CBK) COMMERZBANK 397 6.18% 609 509 5.65% 1,116 (MLCO) MERRILL LYNCH 43 4.69% 493 70 4.38% 845 7 (WINS) WINTERFLOOD SECURITIES 389 6.05% 2,030 611 6.77% 3,877 (INCA) INSTINET 40 4.28% 142 137 8.62% 272 8 (BNPP) BNP PARIBAS 300 4.67% 181 450 4.99% 326 (DBK ) DEUTSCHE BANK AG 39 4.23% 439 57 3.60% 834 9 (KCG) KCG HOLDINGS, INC. 269 4.18% 657 378 4.20% 1,217 (MSCO) MORGAN STANLEY 27 2.95% 289 56 3.54% 539 10 (MINT) MINT PARTNERS 246 3.82% 19 319 3.54% 26 (PEEL) PEEL HUNT LLP 26 2.81% 453 53 3.36% 827 11 (CSFB) CREDIT SUISSE 211 3.29% 175 322 3.57% 306 (BARC) BARCLAYS CAPITAL 22 2.33% 247 32 2.01% 419 12 (DBK ) DEUTSCHE BANK AG 186 2.90% 439 292 3.24% 834 (KEPL) KEPLER CAPITAL MARKETS 18 1.93% 291 33 2.05% 481 13 (MACQ) MACQUARIE SECURITIES 183 2.85% 78 285 3.16% 162 (UBS) UBS INVESTMENT BANK 17 1.87% 66 25 1.59% 128 14 (BFIN) BLUEFIN EUROPE LLP 182 2.83% 43 240 2.66% 85 (CSFB) CREDIT SUISSE 16 1.71% 176 27 1.71% 307 15 (SIS) SUSQUEHANNA INTERNATIONAL GRP 159 2.47% 46 209 2.32% 60 (GS ) GOLDMAN SACHS & CO. 12 1.29% 91 14 0.89% 113 16 (BARC) BARCLAYS CAPITAL 157 2.44% 247 185 2.06% 419 (CBK) COMMERZBANK 12 1.29% 609 19 1.19% 1,116 17 (SG ) SG SECURITIES 134 2.08% 141 189 2.10% 233 (MED) MEDIOBANCA SPA 10 1.05% 1,244 14 0.87% 2,172 18 (MSCO) MORGAN STANLEY 116 1.80% 289 364 4.04% 539 (SG ) SG SECURITIES 9 1.01% 141 13 0.81% 233 19 (MLCO) MERRILL LYNCH 98 1.53% 493 198 2.20% 845 (BFIN) BLUEFIN EUROPE LLP 9 0.93% 43 14 0.91% 85 20 (PEEL) PEEL HUNT LLP 93 1.45% 453 144 1.60% 827 (NATI) NATIXIS SECURITIES 8 0.89% 186 27 1.68% 343 Other 459 7.14% 2,855 1,011 11.22% 5,436 Other 48 5.19% 1,500 101 6.34% 3,028 Total 6,428 100.00% 10,041 9,011 100.00% 18,442 Total 926 100.00% 10,057 1,590 100.00% 18,496 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