European Equities Drive Surging Regional ETP Flows Data in this report is as of 27th February 2015

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 11 March 2015 European Equities Drive Surging Regional ETP Flows Data in this report is as of 27th February 2015 February European ETP Highlights As of the end of February 2015, global ETP assets were at $2.78 trillion with European ETP assets totalling to $496bn ( 443bn). In February, European ETPs continued the positive trend from previous month and registered net inflow of bn (+ 12.2bn in the prev. month). Equity and fixed income ETFs were the major contributors to inflows receiving + 6bn and + 4bn respectively. Commodity ETPs attracted inflows of over a billion (+ 1.1bn) in February supported by demand in gold and crude oil based ETPs. Preference for European equities over US equities continues in February Preference towards European equities over US equities continued in February when European equities benchmarked ETFs gathered over + 5bn of inflows as compared to - 672mn of outflows from US equities benchmarked ETFs. Demand for European equities exposure was also seen among US listed ETPs. Significant inflows into Broad European, German, financials and energy equities Europe listed ETFs tracking broad indices were major cash flows receivers of the month with inflows of + 4.1bn, primarily into Euro STOXX 50, MSCI Europe, STOXX Europe 600 and MSCI EMU based ETFs. On a country level, ETFs focusing on German equities collected notable inflows of + 1.3bn, more than double of the January total (+ 569mn). In the sector space, financials and energy ETFs gathered largest inflows over the last month. Popularity for Dividend ETFs persist in February Similar to previous month, investors allocated c.+ 600mn into Dividend based ETFs in February. Comparing the list of most popular products for the month of January and February we witnessed many of the ETFs continue to secure a place among top flows receivers. Fixed Income ETP flows dominated by Corporates with surge in High Yield flows Corporate bonds ETFs recorded highest inflows (+ 2.5bn) among all the fixed income segments, leaving behind sovereigns with + 1.5bn. It is interesting to see these differences given the expected European QE targets for sovereigns. Further within corporate bond ETFs, high yield flows spiked in February registering + 1.2bn in new creations. Authors Ari Rajendra Strategist (+44) ari.rajendra@db.com Anil Gademsetty, CFA Strategist (+44) anil-kumar.gademsetty@db.com Team Contacts Shan Lan Strategist (+852) shan.lan@db.com Sebastian Mercado Strategist (+1) 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) 148/04/2014.

2 11 February 2015 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 4 Product Launch Activity... 5 Other regions cash flow summary Investment Trends... 7 Cross-Asset Class ETPs... 7 Equity ETFs... 7 Fixed Income ETFs...10 Commodity ETPs Market Metrics ETF Industry Asset Evolution...11 ETFs vs. Cash Equities...14 ETFs vs. Unlisted Mutual Funds...16 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...18 Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis...22 Asset Class Cash Flow Analysis...22 Product Rankings Product Review New Products Launched in the Month...29 Average TERs Provider Rankings Global Provider Rankings...34 European Provider Rankings General...36 European Provider Rankings by Asset Class...40 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...44 Asset Class Analysis...44 Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class...56 Asset Class Analysis...56 Product Rankings ETF Broker rankings US ETP Broker Rankings...63 European ETP Broker Rankings...65 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 11 February 2015 European Investment Trends New money pours into European ETPs European ETPs have witnessed a stellar start to the year with aggregated inflows of bn so far. This breaks down to inflows of bn in January and bn in February. US listed ETPs which ended up into negative territory in January (-$4.2bn) bounced back with +$33.2bn of positive flows in February. In Europe, Equities and Fixed Income asset class received + 6bn and + 4bn of inflows respectively. Monthly inflows for Commodity ETPs totalled over + 1bn in February which is the first instance since October Preference for European equities over US equities continues in February We observed a shift in preference towards European equities over US equities in January as compared to the trend in the three months ending Dec 2014, where the flows were heavily skewed towards US equities. This preference continued in February when European equities benchmarked ETFs gathered over + 5bn of inflows as compared to - 672mn of outflows from US equities benchmarked ETFs. Demand for European equities exposure was also seen among US listed ETPs. Significant inflows into Broad European and German equities In continuation to the above mentioned trend, Europe listed ETFs tracking broad indices were major cash flows receiver of the month with inflows of + 4.1bn, primarily into Euro STOXX 50, MSCI Europe, STOXX Europe 600 and MSCI EMU based ETFs. On a country level, ETFs focusing on German equities collected notable inflows of + 1.3bn, more than double of the January total (+ 569mn). Cyclical sector ETFs benefitted in 2015 Among cyclicals, majority of the sectors attracted inflows of over + 100mn with financials (+ 179mn) and energy (+ 139mn) gathering largest inflows over the last month. We saw similar trend in January as well when inflows for both of these sectors totalled + 246mn and + 157mn respectively. Energy ETF investors continue to take the opportunity to buy energy stocks which are trading at relatively low levels. Popularity for Dividend ETFs persist in February Similar to previous month, investors allocated c.+ 600mn into Dividend based ETFs in February. The most popular products for the month of February are listed below in figure 1. We have also listed most popular products for January which indicates that three ETFs focusing on US (SPYD GY), Eurozone (SPYW GY) and global developed markets (SDGPEX GR) respectively were top flows receivers in both the months. Deutsche Bank AG/London Page 3

4 11 February 2015 Figure 1: Top 5 Dividend ETFs by net inflows for January & February Ticker Name TER Net Flows ( mn) AUM ( mn) February 2015 SPYD GY SPDR S&P US Dividend Aristocrats ETF 0.35% ,263 SPYW GY SPDR S&P Euro Dividend Aristocrats UCITS ETF 0.30% IDVY LN ishares EURO Dividend UCITS ETF 0.40% SDGPEX GR ishares STOXX Global Select Dividend 100 (DE) 0.46% SD3PEX GR ishares STOXX Select Dividend 30 (DE) 0.31% January 2015 IWDP LN ishares Developed Markets Property Yield UCITS ETF 0.59% ,834 SPYD GY SPDR S&P US Dividend Aristocrats ETF 0.35% ,026 SPYW GY SPDR S&P Euro Dividend Aristocrats UCITS ETF 0.30% XGSD GR db x-trackers STOXX Global Select Dividend 100 UCITS ETF 0.50% SDGPEX GR ishares STOXX Global Select Dividend 100 (DE) 0.46% Fixed Income ETP flows dominated by Corporates with surge in High Yield flows Corporate bonds ETFs recorded highest inflows (+ 2.5bn) among all the fixed income segments, leaving behind sovereigns with + 1.5bn. It is interesting to see these differences given the expected European QE targets for sovereigns. Further within corporate bond ETFs, investment grade ETFs continue to bring inflows (+ 1.2bn) while high yield ETFs flows spiked in February registering + 1.2bn in new creations. ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 8.9% (from 9.5% in Jan 15) as of the end of February The equivalent number for the US market also decreased to 23.3% over the same period (from 28.1% in Jan 15). European ETFs comprised 3.2% of the continent s mutual fund industry as of December European domiciled ETFs registered inflows of bn through December 2014, while UCITS mutual funds registered inflows totalling bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 14.5% of the mutual fund industry as of the end of January US domiciled ETFs registered outflows of -$7.9bn in January 2015, while US mutual funds registered inflows of +$24.9bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). 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 4 Deutsche Bank AG/London

5 11 February 2015 Product Launch Activity ETP launch calendar in February: 17 new launches, dominated by equities European ETP industry registered 17 new product launches during February including 13 equity and 4 fixed income ETFs. ETF launches: Equity ETFs led the tally providing exposure to new avenues Equity State Street launched four equity ETFs tracking fundamentally weighted versions of MSCI USA (UVAL LN), MSCI USA Small Cap (USSC LN), MSCI Europe (EVAL LN) and MSCI Europe Small Cap (EUSV LN) respectively. These ETFs were listed on the London Stock Exchange. ComStage listed four equity ETFs on the Deutsche Borse. Two of these ETFs track MSCI Spain (C033 GY) and MSCI Italy (C032 GY) indices respectively. Out of the remaining two ETFs, one provides 2x returns on DAX (E043 GY), while the other provides inverse exposure to MDAX (E044 GY). Deutsche AWM listed one equity ETF (XGLF GY) on the Deutsche Borse providing exposure to Middle Eastern Gulf States by tracking MSCI GCC Countries ex Select Securities Index. This is the first ETF in Europe providing exposure to all the Gulf Cooperation Council countries. Lyxor listed one currency hedged ETF (MSEX LN) tracking Euro Stoxx 50 Index with GBP hedging. This ETF was listed on the London Stock Exchange. Deka Investment GmbH launched an equity ETF (ELF5 GY) on the Deutsche Borse tracking MSCI Europe ex EMU Index. Amundi listed an equity ETF (BYBE FP) on the Euronext Paris providing exposure to the performance of top 100 stocks in the S&P 500 Index with the highest buyback ratio. BlackRock listed one equity ETF (BACS LN) on the London Stock Exchange tracking performance of the Nasdaq US Select Buyback Achievers Index. Fixed Income UBS launched two fixed income ETFs on the SIX Swiss Exchange. One of these ETFs provides exposure to short-term US corporate bonds (CBUS5S SW) with CHF hedging, while the other focuses on short-term Euro corporate bonds (CBEU5U SW) with USD hedging. Lyxor listed one fixed income ETF (FLOT FP) focusing on Euro floating rate bonds of short to medium term duration. This ETF was listed on the Euronext Paris. BlackRock listed one fixed income ETF (ISBB LN) on the London Stock Exchange tracking Markit iboxx EUR Corporates BBB-BB (5% Issuer Cap) Index. For additional information on new product launches and listings please refer to Figures 61 and 62. Deutsche Bank AG/London Page 5

6 11 February 2015 Other regions cash flow summary US: Equity bounced back with strong inflows, fixed income follows US domiciled ETPs registered strong inflows of +$33.2bn (-$4.2bn in Jan 15) during February. Equity ETFs took the lead with +$17.4bn (-$15.8bn in Jan 15) of positive flows, followed by Fixed Income ETFs with inflows of +$14bn. Commodity ETPs experienced another good month with inflows of +$1.5bn (+$3.6bn in Jan 15) supported by demand in gold and crude oil based ETPs. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$12.6bn), Size (+$4bn), Style (+$2bn) and Sector (-$3.6bn). Sub-segments: Europe DM broad (+$4.6bn), Large Caps (+$3.1bn), Global DM broad (+$3.1bn), Quantitative (+$1.7bn), US (+$1.5bn), Growth (+$1.5bn), Information Technology (-$2bn) and Financials (-$1.8bn). Within fixed income, corporate, sovereign and broad indices benchmarked ETFs registered inflows of +$7.4bn, +$3.5bn and +$2.4bn respectively over the last month. Among commodity ETPs, gold and crude oil based ETPs registered inflows of +$0.6bn and +$0.5bn respectively. Asia: Japan and China ETFs were investors favourites of the month Asia-Pacific ETPs continued the positive trend in February and registered inflows of +$2.3bn (+$1bn in January), taking YTD flows total to +$3.4bn. Majority of the region s inflows came from equity ETFs recording +$2.2bn in new money. Within equity, Japan and China focused ETFs were the primary contributors collecting +$2.2bn and +$1.2bn of inflows. During previous month (January), Japan focused ETFs added +$3bn while China ETFs experienced redemptions worth of -$4.6bn. Among other equity segments, financial sector and leveraged short strategy ETFs saw major activity bringing in positive flows of +$526mn and +$402mn respectively. However, leveraged long strategy ETFs saw heavy redemptions losing -$2.1bn over the last month. Within commodities, crude oil based ETPs attracted +$235mn of inflows (+$338mn in January) amid low level of oil prices. Investors continue to buy these ETPs in expectation of rise in oil prices in future. Page 6 Deutsche Bank AG/London

7 millions millions 11 February Investment Trends3 Cross-Asset Class ETPs Figure 2: Cash flows by asset class YTD ETPs Europe millions 25,000 20,000 15,000 10,000 5, ,000 Figure 3: Cash flows by asset class Month ETPs Europe millions 12,000 10,000 8,000 6,000 4,000 2, ,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 4: Top 3 aggregate equity segments YTD ETFs Europe 14,000 12,000 Figure 5: Top 3 aggregate equity segments Month ETFs Europe 6,000 5,000 10,000 8,000 6,000 4,000 2,000 - (2,000) 4,000 3,000 2,000 1,000 - (1,000) Developed Markets Style Sector Developed Markets Style Strategy 3 Investment trends as expressed by cumulative monthly and YTD cash flows Deutsche Bank AG/London Page 7

8 millions millions millions millions millions millions 11 February 2015 Figure 6: Top 3 DM countries YTD ETFs Europe Figure 7: Top 3 DM countries Month ETFs Europe 3,500 3,000 2,500 2,000 2,000 1,500 1,000 1,500 1, ,000 Germany UK Japan Germany US Japan Figure 8: Top 3 DM regions YTD Figure 9: Top 3 DM regions Month ETFs Europe ETFs Europe 7,000 3,500 6,000 3,000 5,000 2,500 4,000 3,000 2,000 1,500 1,000 2, , (500) Europe Global North America Europe Global North America Figure 10: Top 3 EM countries YTD Figure 11: Top 3 EM countries Month 600 ETFs Europe 250 ETFs Europe , China India Russia China India Russia Page 8 Deutsche Bank AG/London

9 millions millions millions millions millions millions 11 February 2015 Figure 12: Top 3 EM regions YTD Figure 13: Top 3 EM regions Month ETFs Europe ETFs Europe (200) (400) 200 (600) 100 (800) - (1,000) (100) Global Asia Pacific Europe Global Asia Pacific Europe Figure 14: Top 3 sectors YTD Figure 15: Top 3 sectors Month 1,200 ETFs Europe 600 ETFs Europe 1, (100) (200) (200) (300) Financials Energy Consumer Discretionary Financials Energy Industrials Figure 16: Top 3 strategy segments YTD ETFs Europe 1, Figure 17: Top 3 strategy segments Month ETFs Europe (200) (400) (100) Quantitative Leveraged Long Leveraged Short Quantitative Fundamental Short Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 11 February 2015 Fixed Income ETFs Figure 18: Top 3 aggregate fixed income segments YTD ETFs Europe 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Figure 19: Top 3 aggregate fixed income segments Month ETFs Europe 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,000 Corporates Sovereign Overall Corporates Sovereign Money Market Commodity ETPs Figure 20: Top 3 aggregate commodity segments YTD ETPs Europe 2,500 Figure 21: Top 3 aggregate commodity segments Month ETPs Europe 1,200 2,000 1,000 1, , Energy Precious Metals Overall Precious Metals Energy Overall Figure 22: Top 5 commodity sub-segments YTD ETPs Europe 2,500 2,000 Figure 23: Top 5 commodity sub-segments Month ETPs Europe 1,200 1,000 1,500 1, Crude Oil Gold Commodity Overall Silver Agriculture Overall Gold Crude Oil Commodity Overall Energy Overall Precious Metals Overall Page 10 Deutsche Bank AG/London

11 $ billion Number of ETPs $ billion Number of ETPs 11 February Market Metrics ETF Industry Asset Evolution Figure 24: Global ETP regional asset growth ETPs Global 3,000 4,500 2,500 4,000 3,500 2,000 3,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,066.5 US, Europe & Asia Pacific ($) , , , , , , ,777.3 Europe ( ) Number of ETPs* ,213 1,666 2,042 2,581 3,127 3,501 3,713 3,994 4,026 2,500 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 25: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,000 2,500 2,000 4,500 4,000 3,500 3,000 1,500 1, ** ETCs ETVs ETFs , , , , , ,692.4 Total , , , , , , ,777.3 Number of ETPs* ,213 1,666 2,042 2,581 3,127 3,501 3,713 3,994 4,026 2,500 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 11

12 million Number of ETFs $ billion Number of ETFs 11 February 2015 Figure 26: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 4,000 3,500 3,000 2,500 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , ,004.5 US, Europe & Asia Pacific ($) , , , , , ,692.4 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,232 2,699 3,004 3,183 3,458 3,491 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 27: European ETF asset growth by asset class ETFs Europe 450, , , , ,000 1,500 1, , , ,000 50, ** Other ,078 1,995 1,549 1,620 1,516 1,410 1,541 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,559 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 97,812 Equity 15,532 21,815 37,907 57,029 70,776 65, ,59 147,53 139,72 171,52 210,35 261,59 308,69 Total 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,56 422,60 Number of ETFs* ,052 1,214 1,318 1,350 1,418 1, *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

13 million Number of ETPs million Number of ETPs 11 February 2015 Figure 28: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50, ,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,079 2,268 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,580 4,044 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 26,367 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 34,193 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 29: European ETPs (ETF & ETC) asset growth ETPs Europe 500,000 2, , ,000 1, , ,000 1, , , , , , ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,822 20,019 ETFs 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,56 422,60 Total 16,332 24,340 43,326 69,313 90, ,21 170,00 230,89 229,64 280,06 302,24 379,39 442,62 Number of ETPs ,331 1,564 1,756 1,794 1,869 1,871 - *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

14 billion ETFs vs cash equities $ billion ETFs vs cash equities 11 February 2015 ETFs vs. Cash Equities Figure 30: ETFs vs. cash equities turnover US market ETFs US 9, % 8,000 7, % 30.0% 6,000 5,000 4,000 3,000 2,000 1, % 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 31: ETFs vs. cash equities turnover European market ETFs Europe 1, % % 8.0% 7.0% % % 4.0% 3.0% 2.0% 1.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 14 Deutsche Bank AG/London

15 11 February 2015 Figure 32: 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, , % 1,139,729 4,891, % 3.5x 7.2x 25.5x Feb-11 39, , % 1,111,786 4,644, % 4.1x 6.9x 28.0x Mar-11 56, , % 1,651,335 5,817, % 4.0x 7.3x 29.2x Apr-11 37, , % 1,077,243 4,638, % 3.6x 8.0x 28.9x May-11 43, , % 1,306,334 5,163, % 4.0x 7.5x 30.2x Jun-11 40, , % 1,521,226 5,323, % 4.5x 8.5x 37.8x Jul-11 49, , % 1,319,878 4,868, % 3.5x 7.6x 26.7x Aug-11 78, , % 2,607,718 7,953, % 3.5x 9.4x 33.2x Sep-11 60, , % 1,829,995 5,775, % 3.5x 8.7x 30.4x Oct-11 47, , % 1,766,121 5,688, % 3.8x 9.7x 37.3x Nov-11 48, , % 1,518,554 4,881, % 3.7x 8.3x 31.1x Dec-11 37, , % 1,222,458 4,126, % 3.7x 8.8x 32.4x Jan-12 38, , % 1,058,682 4,325, % 3.4x 8.1x 27.3x Feb-12 38, , % 1,098,599 4,534, % 3.6x 8.1x 28.7x Mar-12 40, , % 1,208,186 4,916, % 3.7x 8.1x 29.8x Apr-12 35, , % 1,127,926 4,511, % 3.9x 8.2x 31.7x May-12 40, , % 1,371,490 5,127, % 3.8x 9.0x 34.1x Jun-12 34, , % 1,227,990 4,568, % 4.2x 8.4x 35.5x Jul-12 34, , % 1,008,950 4,115, % 3.6x 8.0x 29.1x Aug-12 33, , % 905,592 3,908, % 3.1x 8.9x 27.4x Sep-12 35, , % 938,537 4,047, % 3.4x 7.8x 26.3x Oct-12 33, , % 1,015,281 4,273, % 3.7x 8.3x 30.5x Nov-12 31, , % 1,102,650 4,300, % 3.7x 9.4x 34.6x Dec-12 29, , % 1,043,483 4,035, % 3.3x 10.4x 34.8x Jan-13 41, , % 1,050,769 4,571, % 2.9x 8.8x 25.4x Feb-13 38, , % 1,014,370 4,333, % 3.2x 8.3x 26.6x Mar-13 37, , % 1,005,941 4,211, % 3.5x 7.8x 27.2x Apr-13 43, , % 1,282,375 4,988, % 3.2x 9.4x 29.6x May-13 41, , % 1,273,888 5,101, % 3.3x 9.3x 30.4x Jun-13 45, , % 1,548,668 5,079, % 3.7x 9.2x 34.1x Jul-13 36, , % 1,130,701 4,533, % 3.5x 9.0x 31.1x Aug-13 32, , % 1,110,628 4,343, % 3.7x 9.4x 34.6x Sep-13 33, , % 1,126,546 4,420, % 4.0x 8.5x 33.9x Oct-13 35, , % 1,389,248 5,458, % 4.0x 9.6x 38.7x Nov-13 32, , % 1,034,383 4,422, % 3.7x 8.5x 31.4x Dec-13 35, , % 1,152,234 4,694, % 3.3x 10.0x 32.7x Jan-14 47, , % 1,363,583 5,725, % 3.1x 9.3x 28.7x Feb-14 40, , % 1,318,969 5,440, % 3.4x 9.5x 32.6x Mar-14 41, , % 1,448,238 5,675, % 3.9x 9.0x 35.1x Apr-14 37, , % 1,387,681 5,746, % 3.6x 10.4x 36.9x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.6x Jun-14 36, , % 1,027,002 4,772, % 3.1x 9.1x 28.2x Jul-14 39, , % 1,171,060 5,149, % 3.1x 9.6x 29.5x Aug-14 41, , % 1,112,387 4,529, % 2.9x 9.3x 27.0x Sep-14 40, , % 1,283,754 5,295, % 3.4x 9.3x 31.4x Oct-14 65, , % 2,181,253 7,491, % 3.4x 9.8x 33.1x Nov-14 46, , % 1,058,826 4,755, % 2.9x 7.8x 23.0x Dec-14 55, , % 1,733,218 6,081, % 3.0x 10.3x 31.4x Jan-15 69, , % 1,718,582 6,112, % 3.0x 8.3x 24.7x Feb-15 59, , % 1,221,851 5,242, % 2.6x 7.9x 20.7x Total ,074 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,623 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,065 6,264, % 14,119,751 56,159, % 3.5x 9.0x 31.3x Total ,660 8,392, % 19,121,994 76,801, % 3.2x 9.2x 29.5x Total ,595 1,401, % 2,940,433 11,354, % 2.6x 7.9x 20.7x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Deutsche Bank AG/London Page 15

16 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 11 February 2015 ETFs vs. Unlisted Mutual Funds Figure 33: European ETP vs mutual fund assets ETPs Europe % % 3.1% % 2.7% 2.5% 2.3% Q1-10 Q2-10 Q3-10 Q4-10 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 ETCs ETFs ETPs vs mutual funds 2.5% 2.6% 2.6% 2.8% 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% ETFs vs mutual funds 2.3% 2.4% 2.4% 2.6% 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% 2.1% 1.9% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 34: European ETP vs mutual fund cash flows ETPs Europe Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 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 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Page 16 Deutsche Bank AG/London

17 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 11 February 2015 Figure 35: US ETP vs mutual fund assets ETPs US 2, % 15.7% 2, % 1, % 9.7% 1, % % 3.7% 0 Q1-10 Q2-10 Q3-10 Q4-10 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* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 1,896 ETPs vs mutual funds 9.9% 10.1% 10.5% 11.0% 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% 15.0% ETFs vs mutual funds 9.0% 9.0% 9.4% 9.9% 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% 14.5% 1.7% *Data as of 31-Jan Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 36: US ETP vs mutual fund cash flows ETPs US Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 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 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Deutsche Bank AG/London Page 17

18 Number of ETFs AUM ( billion) 11 February 2015 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 37: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 38: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 135,822 74, ,495 73, ,966 84,730 Fixed Income 45,672 14,773 67,114 19,062 76,730 21,082 Commodity 10,892 3,620 10,027 3,385 10,662 3,897 Others 352 1, , ,143 Total 192,737 94, ,980 96, , ,852 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 18,302-3,209 22,993 3,072 4,361 1,664 Fixed Income 7, ,880 3,265 3, Commodity -4, , Others Total 21,764-3,810 38,263 6,398 7,765 2, Feb-15 Page 18 Deutsche Bank AG/London

19 11 February 2015 Figure 39: European ETF AUM by replication method ETFs Europe Figure 40: European ETF flows by replication method ETFs Europe Feb , ,852 Feb-15 7,765 2, ,120 4, ,980 96, ,263 6, ,737 94, ,810 21,764 0% 20% 40% 60% 80% 100% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 41: European ETFs product count by replication method ETFs Europe Figure 42: European Equity ETFs AUM by replication method ETFs Europe Feb Feb ,966 84, ,495 73, ,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 43: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 44: European Commodity ETFs AUM by replication method ETFs Europe Feb-15 76,730 21,082 Feb-15 10,662 3, ,114 19, ,027 3, ,672 14, ,892 3,620 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Deutsche Bank AG/London Page 19

20 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 11 February 2015 Industry Growth Analysis Figure 45: Global ETF Industry growth attribution ETFs Global 3.0% 8.0% 2.5% 2.0% 6.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 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% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% Equity flows 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% Price growth 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% Total growth 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 4.0% 2.0% 0.0% -2.0% -4.0% Figure 46: US ETF Industry growth attribution ETFs US 3.5% 8.0% 3.0% 2.5% 2.0% 6.0% 4.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% Equity flows 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% Price growth 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% Total growth 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 2.0% 0.0% -2.0% -4.0% -6.0% Page 20 Deutsche Bank AG/London

21 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) 11 February 2015 Figure 47: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 12.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -0.5% -1.0% Jan-13 Feb-13Mar-13 Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14 Feb-14Mar-14 Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15 Feb-15 Other flows -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% Fixed Income flows 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% Equity flows 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% Price growth 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% Total growth 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% -4.0% -6.0% Figure 48: European ETC Industry growth attribution ETCs Europe 8.0% 20.0% 6.0% 15.0% 4.0% 2.0% 0.0% -2.0% -4.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -6.0% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15 Currency Flows 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% Commodity Flows 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% Price growth -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% Total growth -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -20.0% Deutsche Bank AG/London Page 21

22 11 February Cash Flow Analysis Regional Cash Flow Analysis Figure 49: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Feb-15 Jan-15 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 17,388 6,858 6,025 2,181 26,428-15,775 8,098 7, ,309 1,613 14,956 13,051 1,550 18,119 Fixed income 13,981 4,508 3, ,328 7,968 5,196 4,455 1,364 14,528 21,949 9,704 8,436 1,204 32,857 Commodity Currency Multi Asset Alternative Total 31,786 11,656 10,261 2,324 45,766-7,875 13,037 11,262 1,042 6,203 23,911 24,692 21,523 3,366 51,969 ETCs/ETVs Commodity 1, ,078 3,570 1, ,639 4,677 2,050 1, ,717 Currency Alternative Total 1, ,330 3,674 1, ,719 5,081 1,979 1, ,050 ETPs Equity 17,388 6,858 6,025 2,181 26,428-15,775 8,098 7, ,309 1,613 14,956 13,051 1,550 18,119 Fixed income 13,981 4,508 3, ,328 7,968 5,196 4,455 1,364 14,528 21,949 9,704 8,436 1,204 32,857 Commodity 1,457 1,247 1, ,948 3, ,721 5,054 2,076 1, ,669 Currency Multi Asset Alternative Total 33,193 12,589 11,082 2,314 48,096-4,201 14,081 12,168 1,042 10,923 28,992 26,671 23,250 3,356 59,019 Asset Class Cash Flow Analysis Figure 50: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Feb-15 Jan-15 YTD All figures in million Beta Beta+ Developed Markets 3, ,099 6, ,219 9, ,318 Emerging Markets , , Global Markets Sector , ,009 Capitalization Strategy Style , ,581 Thematic Total equities 5, ,025 6, ,026 12, ,051 Alpha Total Page 22 Deutsche Bank AG/London

23 11 February 2015 Figure 50A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector , ,009 Consumer discretionary Consumer staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization Large Cap Mid Cap Small Cap Strategy Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative Short Style , ,581 Dividend , ,194 Growth Value Thematic Commodities Faith Other Theme Sustainability Total 1, ,272 1, ,878 3, ,151 Feb-15 Jan-15 YTD Alpha Total Deutsche Bank AG/London Page 23

24 11 February 2015 Figure 50B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe 3, ,422 4, ,882 8, ,305 Austria Belgium Finland France Germany 1, , , ,637 Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK , ,013 Europe broad 2, ,506 3, ,199 5, ,705 Americas US Canada North America Asia Australia Hong Kong Japan Singapore Asia Pacific broad Global Broad indices DM Total 3, ,099 6, ,219 9, ,318 Feb-15 Jan-15 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 11 February 2015 Figure 50C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC Brazil Russia India China Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets Global EM Total , , Total (EM + DM) 3, ,642 5, ,166 8, ,808 Feb-15 Jan-15 YTD Alpha Total Figure 51: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Feb-15 Jan-15 YTD All figures in million Beta Beta+ Overall Corporates 2, ,457 2, ,129 4, ,586 Covered Bonds Credit Exposure Sovereign 1, ,545 1, ,759 3, ,304 Money Market Total Fixed Income 3, ,981 4, ,455 8, ,436 Alpha Total Deutsche Bank AG/London Page 25

26 11 February 2015 Figure 52: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Feb-15 Jan-15 YTD All figures in million Beta Beta+ Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy ,025 Overall Carbon Crude Oil Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals Overall Gold Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 1, , , ,821 Alpha Total Page 26 Deutsche Bank AG/London

27 11 February 2015 Product Rankings Figure 53: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta Lyxor ETF MSCI Europe MEU FP Lyxor Beta ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta ,141.3 Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi Beta Lyxor ETF Euro STOXX 50 MSE FP Lyxor Beta ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta YTD Flows Figure 54: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,052.2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta ishares Global Corporate Bond EUR Hedged UCITS ETF CRPH LN BlackRock Beta ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta YTD Flows Figure 55: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ETFS WTI Crude Oil CRUD LN ETF Securities Ltd Beta Gold Bullion Securities GBS LN ETF Securities Ltd Beta ishares Physical Gold ETC SGLN LN Blackrock Beta UBS ETFs plc - CMCI Composite SF A acc USD CCUSAS SW UBS Beta db ETC Brent Crude Oil Euro Hedged ETC XETC GR Deutsche AWM Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta YTD Flows Deutsche Bank AG/London Page 27