Flows into EM broad, US & Japan and out of Gold ETPs in September

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1 Deutsche Bank Research Europe Synthetic Equity & Index Strategy Europe Monthly ETF Market Review Date 8 October 2014 Flows into EM broad, US & Japan and out of Gold ETPs in September Contributors Ari Rajendra Strategist (+44) ari.rajendra@db.com September European ETP Highlights As of the end of September 2014, global ETP assets was at $2.48 trillion rising by $220bn (+9.7%) year-to-date. In September, European ETPs reversed the previous month s trend by experiencing - 2.3bn of cash outflows (+ 6bn in the prev. month). The Equities segment was the main driver having registered outflows of - 1.7bn. Fixed income ETFs saw negligible inflows of + 85mn over the previous month. ETPs tracking commodities experienced outflows of - 0.6bn in September. EM broad, US and Japan benefited from inflows despite overall equity outflows European listed Emerging Markets broad ETFs received net inflows of + 392m which was in contrast to outflows observed in US listed ETFs (-$602m).This was surprising given the poor market performance in September (-7.4%). ETFs with exposure to US and Japanese equities also benefitted from inflows in September. We found that currency hedged Japan ETFs were popular amongst investors amid increased volatility in currency pairs recently. Sebastian Mercado Strategist (+1) sebastian.mercado@db.com Shan Lan Strategist (+852) shan.lan@db.com Anil Gademsetty, CFA Strategist (+44) anil-kumar.gademsetty@db.com Lyxor and Source launch JPX Nikkei 400 ETFs in Europe The JPX Nikkei 400 which has received significant attention recently given its focus on shareholder return and ease of replication has led to product launches by Lyxor and Source in Europe, both synthetically replicated. db x- Trackers is expected to launch a physically replicated version in the near future. Gold ETP led redemptions amongst commodity ETPs The recent US dollar strength has resulted in weakness in commodity prices and this was evidenced by significant redemptions in ETPs with exposure to precious metals, industrial metals and broad based commodity indices. Gold ETPs in particular saw - 350m of outflows. Smart Beta ETFs continue with explosive growth this year We briefly reviewed the growth of ETFs tracking smart beta indices and we found that 2014 has seen significant growth in this space. The total assets under management has risen from 2.1bn as of the end of 2013 to 4.6bn as of September 2014, more than doubling in assets. Inside we list the top 5 products by net inflows. 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 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 6 Product Launch Activity... 6 Other regions cash flow summary Investment Trends... 8 Cross-Asset Class ETPs... 8 Equity ETFs... 8 Fixed Income ETFs Commodity ETPs Market Metrics ETF Industry Asset Evolution ETFs vs. Cash Equities ETFs vs. Unlisted Mutual Funds European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis Asset Class Cash Flow Analysis Product Rankings Product Review New Products Launched in the Month Average TERs Provider Rankings Global Provider Rankings European Provider Rankings General European Provider Rankings by Asset Class European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Asset Class Analysis Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class Asset Class Analysis Product Rankings ETF Broker rankings US ETP Broker Rankings European ETP Broker Rankings Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 European Investment Trends Significant net outflows from Equity and Commodity ETPs Our analysis show that there was a net outflow of bn from European listed ETPs with equity exposure, which was a sharp contrast from the flows recorded in recent months. The commodities segment also experienced significant outflows where we observed bn of outflows. Flow for fixed income ETPs was relatively muted where we saw negligible inflows. The net flow for all segments was bn versus bn in August. EM broad, US and Japan benefitted from inflows while Europe experienced net outflows Despite equities in the Emerging Markets region having its worst month in 2014, both in absolute terms (-7.4%) and relative to DM (-4.7%), investors trading European listed ETPs were net buyers of broad emerging markets composite. We observed a net demand of 392m into the region in September, contrary to the outflows from US listed ETPs (-$602m). The three largest beneficiaries in Europe were ishares MSCI Emerging Markets UCITS ETF (IEEM LN), HSBC MSCI Emerging Markets UCITS ETF (HMEM LN) and Lyxor ETF MSCI Emerging Markets A (LEM FP). Figure 1 below compares the attributes of the three ETFs. Figure 1: Top three Emerging Markets ETFs for Sep 2014 ETF Ticker IEEM LN HMEM LN LEM FP Name ISHARES MSCI EME HSBC MSCI EMERGI LYXOR-EM MKT-A Replication Style Physical Physical Synthetic AuM (m) 3, ,778 Fund currency GBP USD EUR Sep 2014 Net Flow ( m) Replication Strategy Optimised Optimised Derivative Dividend Policy Dist Dist Dist Total Expense Ratio 0.75% 0.60% 0.55% Performance vs Index -1Y -0.53% -1.50% -0.86% Listing Currency GBP USD EUR Estimated Daily Traded 10,148,415 4,274,467 7,607,655 Average Bid-Ask Spread 0.18% 0.29% 0.09% Where developed European equity ETFs were concerned, we saw net outflows from the region. This was primarily driven by two products which contributed to a net outflow of - 4.0bn. They were the ishares Core DAX UCITS ETF (DAXEX GR) and ishares Euro STOXX 50 UCITS ETF (EUNE SW). Ignoring these two ETFs, we found that the total net flow for all segments for the European ETP market in September 2014 would have been in the positive territory instead (+ 1.7bn). ETF exposed to US equities continued to benefit this month where we think part of these flows may have been a shift towards more cost effective products. The net inflow into US only equities from investors trading European listed instruments was + 777m for the month. European ETF investors were also net buyers of Japanese equities in September (+ 374m) where currency hedged products were popular amid increased volatility in currency pairs recently. JPX Nikkei 400 ETF new launches in Europe It is worth noting that September saw the launch of two new ETFs in Europe that track the JPX Nikkei 400 Index. Lyxor (JPX4 FP) and Source (N400 LN) led the launches and db x-trackers is expected to follow suit in the near future with a physically replicated version. The Nikkei 400 has recently garnered significant attention given its focus on Deutsche Bank AG/London Page 3

4 shareholder returns and its ease of replication. It is considered a smart index where the construction of the index is not solely based on market capitalisation. Reports suggest that this index may be a potential investment target by the Government Pension Investment Fund (GPIF) of Japan who intends to increase its equity allocation in the near term. Figure 2 below highlights the attributes of both products. Figure 2: JPX Nikkei 400 new launches ETF Ticker JPX4 FP N400 LN Name LYXOR JPX-NIKKEI SOURCE JPX NIKKEI Replication Style Synthetic Synthetic AuM (m) 123 1,597 Fund currency EUR JPY Sep 2014 Net Flow ( m) Replication Strategy Derivative Derivative Dividend Policy Reinvest Reinvest Total Expense Ratio 0.25% 0.29% Average Bid-Ask Spread 0.25% 0.21% Compelling YTD growth rates for smart beta ETFs in Europe As we touched on the topic of smart beta in relation to the JPX Nikkei 400, we decided to investigate the status of ETPs tracking this segment of indices. We found that it continued with its explosive growth that we saw in 2013 with an increase of over 100% of ETF assets in As of end of 2013, total assets under management (aum) was at 2.1bn and as of September 2014, the total aum was at 4.6bn. Figure 3 below illustrates the cumulative cash flow trends for both 2013 and 2014 YTD where we observe the compelling growth of this strategy over the last two years. Figure 3: Cumulative cash flows for smart beta ETFs in 2013 and ,000 1,800 Da ily Cum. Cash Flows ( mn) 1,600 1,400 1,200 1, * (200) *Data upto 30-Sep We analysed further to isolate the popular products in this space and we list the top 5 ETFs that were recipients of inflows in 2014 in Figure 4 below: Page 4 Deutsche Bank AG/London

5 Figure 4: Top 5 Smart Beta ETF by 2014 Net Inflows ETF Ticker ETF Name TER Assets ( m) Net Cash Flow YTD ( m) HEWD LN HSBC ESI Worldwide Equity UCITS ETF 0.4% EFIW LN Source Goldman Sachs Equity Factor Index World UCITS ETF 0.7% XDEW GY db x-trackers S&P 500 Equal Weight UCITS ETF DR - 1C 0.3% OSX1 GY Ossiam ETF US Minimum Variance NR (USD) 0.7% GEF LN MS Scientific Beta Global Equity Factors UCITS ETF 0.4% Gold ETPs led the commodity sell off in September The strengthening of the US dollar has had an impact on commodities where we have seen a significant sell-off in precious metals in September. Correspondingly, within commodity ETPs, we observed net outflows from precious metals, industrial metals and broad commodity indices. Gold in particular had sizeable redemptions resulting in a net outflow of - 350m. However it is worth noting that gold ETPs make up 63% of the total commodity ETP market in Europe. The two ETPs that experienced most withdrawals were Source Physical Gold ETC (SGLD LN) and Gold Bullion Securities (GBS LN). Where are we at as of Q3 2014? Now that we have completed Q3 of 2014, we take a brief look at where we are versus the previous two quarters and the equivalent quarters in As we can see from Figure 5 below the total cash flow at each quarter this year has surpassed the equivalent quarter in However in Q saw a fall in cash inflows when compared to Q Traditionally, Q4 of each year tends to be the strongest and hence we anticipate 2014 to end strongly in terms of growth of European ETPs. Figure 5: Quarterly cash flows for 2014 vs 2013 Figure 6: Cash Inflows by Asset Class for each quarter 16,000 16,000 Quarterly Cashflows mn 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - (2,000) Quarterly Cashflows mn 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - (4,000) Q1 Q2 Q3 (2,000) Q Q Q Equity Fixed Income Commodity Others Deutsche Bank AG/London Page 5

6 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 7.2% (from 8.5% in Aug 14) as of the end of September The equivalent number for the US market decreased to 24.2% over the same period (from 24.6% in Aug 14). European ETFs comprised 3.3% of the continent s mutual fund industry as of July European domiciled ETFs registered inflows of + 7.6bn through July 2014, while UCITS mutual funds registered inflows totalling + 41bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 14.2% of the mutual fund industry as of the end of August US domiciled ETFs registered inflows of +$15bn in August 2014, while US mutual funds registered inflows of +$7.6bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in September: 26 new launches dominated by equity The European ETP industry registered 26 new product launches during September including 14 ETFs and 12 ETCs. ETF launches Equity Deutsche AWM listed four quantitative strategy based equity ETFs tracking Quality (XDEQ GY), Momentum (XDEM GY), Low Beta (XDEB GY) & Value (XDEV GY) strategies. Further, Deutsche AWM listed an equity ETF (XREA GY) which tracks the FTSE Developed Europe Ex UK capped Net Index. These ETFs were listed on the Deutsche Borse. UBS launches three thematic focused equity ETFs during September. Two of these ETFs were listed on the Deutsche Borse tracks MSCI EMU Defensive Sectors Capped Index (UBUP GY) and MSCI EMU Cyclical Sectors Capped TRN Index (UBUN GY). Another thematic ETFs was listed on the Six Swiss Exchange which tracks MSCI EM SRI 5% Issuer Capped index (MSRCHA SW). Further, UBS listed a style focused equity ETF (UC75 LN) tracking Dow Jones Global Select Dividend Index. This ETF was listed on the London Stock Exchange. Lyxor listed two equity ETFs during September. One of these ETFs (CNAA FP) is an RQFII ETF which provides access to China A-shares market and tracks MSCI China A index. Another equity ETF (JPX4 FP) was launched which tracks JPX-nikkei 400 TR Index. These ETFs were listed on the NYSE Euronext Paris. Blackrock listed an equity ETF (IS3U GY) tracking MSCI France Index. This ETF was listed on the Deutsche Borse. Source introduced an equity ETF (N400 LN) which provides exposure to JPX-Nikkei 400 TR Index. This ETF was listed on the London Stock Exchange. 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

7 Fixed Income The only fixed income ETF (AFRN FP) of the month was listed by Amundi benchmarked to Markit iboxx EUR Floating Rate Notes Inv Grade 1-3 Y Index. This ETF was listed on the NYSE Euronext Paris. ETC launches ETF Securities Ltd launched twelve currency ETFs on the Borsa Italiana with six ETFs providing long and another six ETFs short exposure to EUR relative to AUD, USD, CHF, GBP, CAD & JPY. For additional information on new product launches and listings please refer to Figures 66 to 68. Other regions cash flow summary US: Equities registered strong inflows US domiciled ETPs recorded inflows of +$16.5bn (+$14.8bn) for September (Aug 14) taking YTD flows total to +$121bn. Equity ETFs had the lion s share in total US ETPs flows with +$19.8bn (+$6.1bn in Aug 14). Unlike the previous month, fixed income ETFs took a back seat and experienced outflows of -$2.2bn (+$8.3bn in Aug 14). Commodity ETPs remains in negative territory with outflows of -$1bn over the month of September. Within equities, the following segments and sub-segments saw significant activity: Segments: Size (+$10.4bn), Strategy (+$2.9bn), Style (+$2.4bn), Country (+$2.3bn), and Developed Markets (+$1.8bn). Sub-segments: Large caps (+$10bn), Leveraged long (+$1.7bn), Mid caps (+$1.6bn), Global DM broad (+$1.5bn), Energy (-$1.3bn) and Small caps (-$1.2bn). Within fixed income, major outflows were recorded from the ETFs benchmarked to sovereigns (-$5.5bn) while broad indices benchmarked ETFs registered inflows of +$2.3bn. Among commodity ETPs, gold ETPs registered cash outflows of -$1.1bn for the same period. Asia: Taiwan and Japan saw outflows while Hong Kong witness inflows Asia-Pacific ETPs registered -$2.5bn of outflows during last month (+$2.3bn in August), taking YTD flows total to +$19.1bn. Within equity, emerging markets ETFs reversed the previous month s trend and registered -$2.2bn of monthly outflows (+$0.6bn in Aug 14) where Taiwan and South Korea focused ETFs experienced -$1.4bn and -$0.6bn of outflows respectively. Developed markets benchmarked ETFs recorded -$0.4bn of negative flows, where Japan focused ETFs witnessed outflows of -$0.8bn partially offset by inflows in Hong Kong focused ETFs (+$0.3bn).Among other sub-segments, Leverage long ETFs registered outflows of -$0.3bn over the same period. Deutsche Bank AG/London Page 7

8 1. Investment Trends3 Cross-Asset Class ETPs Figure 7: Cash flows by asset class YTD ETPs Europe millions 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,000 Figure 8: Cash flows by asset class Month ETPs Europe millions 1, ,000-1,500-2,000-2,500-3,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 9: Top 3 aggregate equity segments YTD ETFs Europe millions 25,000 20,000 15,000 10,000 5,000 - (5,000) Figure 10: Top 3 aggregate equity segments Month ETFs Europe millions 1,500 1, (500) (1,000) (1,500) (2,000) (2,500) (3,000) (3,500) Developed Markets Emerging Markets Strategy Developed Markets Emerging Markets Sector 3 Investment trends as expressed by cumulative monthly and 2014 cash flows Page 8 Deutsche Bank AG/London

9 Figure 11: Top 3 DM countries YTD ETFs Europe Figure 12: Top 3 DM countries Month ETFs Europe millions 10,000 8,000 6,000 4,000 2, ,000-4,000 millions 1,500 1, ,000-1,500-2,000-2,500-3,000-3,500 US Germany Japan Germany US Japan Figure 13: Top 3 DM regions YTD Figure 14: Top 3 DM regions Month ETFs Europe ETFs Europe 5, ,000-3,000 millions 2,000 1,000 millions (500) (1,000) - (1,000) (1,500) (2,000) (2,000) Europe Global Asia Pacific Europe Global Asia Pacific Figure 15: Top 3 EM countries YTD Figure 16: Top 3 EM countries Month 700 ETFs Europe 250 ETFs Europe millions millions China Taiwan Russia India South Korea Russia Deutsche Bank AG/London Page 9

10 Figure 17: Top 3 EM regions YTD Figure 18: Top 3 EM regions Month ETFs Europe ETFs Europe 3, , ,000 1,500 millions 1, (500) millions (1,000) - (1,500) (100) Global Asia Pacific Latin America Global Asia Pacific Europe Figure 19: Top 3 sectors YTD Figure 20: Top 3 sectors Month 2,000 ETFs Europe 500 ETFs Europe 1, millions 1, (500) millions (100) (200) Financials Healthcare Industrials Healthcare Financials Consumer Staples Figure 21: Top 3 strategy segments YTD ETFs Europe millions 2,500 2,000 1,500 1, (500) (1,000) Figure 22: Top 3 strategy segments Month ETFs Europe millions (50) (100) (150) (200) Fundamental Quantitative Leveraged Long Quantitative Leveraged Long Leveraged Short Page 10 Deutsche Bank AG/London

11 Fixed Income ETFs Figure 23: Top 3 aggregate fixed income segments YTD ETFs Europe 16,000 14,000 12,000 10,000 millions 8,000 6,000 4,000 2,000 0 Figure 24: Top 3 aggregate fixed income segments Month ETFs Europe millions Sovereign Corporates Overall Overall Money Market Covered Bonds Commodity ETPs Figure 25: Top 3 aggregate commodity segments YTD ETPs Europe millions 1, ,000 Figure 26: Top 3 aggregate commodity segments Month ETPs Europe millions Precious Metals Overall Industrial Metals Precious Metals Overall Industrial Metals Figure 27: Top 5 commodity sub-segments YTD ETPs Europe millions ,000-1,200 Figure 28: Top 5 commodity sub-segments Month ETPs Europe millions Gold Commodity Overall Agriculture Overall Coffee Wheat Gold Commodity Overall Copper Silver Crude Oil Deutsche Bank AG/London Page 11

12 2. Market Metrics ETF Industry Asset Evolution Figure 29: Global ETP regional asset growth ETPs Global $ billion 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Number of ETPs ** Asia Pacific ($) Europe ($) US ($) , , , ,836.8 US, Europe & Asia Pacific ($) , , , , , ,483.5 Europe ( ) Number of ETPs* ,213 1,667 2,042 2,583 3,129 3,502 3,713 3,943 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global $ billion 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Number of ETPs ** ETCs ETVs ETFs , , , , ,400.7 Total , , , , , ,483.5 Number of ETPs* ,213 1,667 2,042 2,583 3,129 3,502 3,713 3,943 - *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 Figure 31: Global ETF regional asset growth ETFs Global $ billion 3,000 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, Number of ETFs ** Asia Pacific ($) Europe ($) US ($) , , ,775.7 US, Europe & Asia Pacific ($) , , , , ,400.7 Europe ( ) Number of ETFs* ,116 1,482 1,803 2,234 2,701 3,004 3,183 3,395 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 32: European ETF asset growth by asset class ETFs Europe 400, , ,000 1,500 1,200 million 250, , , ,000 50, Number of ETFs ** Other ,078 1,995 1,549 1,620 1,516 1,511 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 14,334 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 79,154 Equity 15,532 21,815 37,907 57,029 70,776 65, , , , , , ,494 Total 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,493 Number of ETFs* ,053 1,215 1,319 1,350 1,396 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

14 Figure 33: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60, , million 40,000 30,000 20,000 10, Number of ETPs ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,415 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 4,138 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,509 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 30,811 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 34: European ETPs (ETF & ETC) asset growth ETPs Europe 400,000 2,000 million 350, , , , , ,000 50,000 1,600 1, Number of ETPs ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,861 ETFs 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,493 Total 16,332 24,340 43,326 69,313 90, , , , , , , ,353 Number of ETPs ,332 1,565 1,757 1,794 1,858 - *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

15 ETFs vs. Cash Equities Figure 35: ETFs vs. cash equities turnover US market ETFs US 9, % $ billion 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, % 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ETFs vs cash equities Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 36: ETFs vs. cash equities turnover European market ETFs Europe 1, % billion % 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% ETFs vs cash equities Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Deutsche Bank AG/London Page 15

16 Figure 37: 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-09 25, , % 1,635,645 4,534, % 7.3x 8.9x 64.7x Feb-09 25, , % 1,671,616 4,551, % 7.1x 9.3x 65.9x Mar-09 30, , % 1,915,339 5,333, % 6.6x 9.6x 63.1x Apr-09 29, , % 1,562,168 4,852, % 6.1x 8.6x 52.9x May-09 30, , % 1,446,803 4,743, % 6.2x 7.7x 48.1x Jun-09 28, , % 1,421,831 4,744, % 6.0x 8.1x 49.1x Jul-09 29, , % 1,290,761 4,404, % 5.3x 8.2x 43.6x Aug-09 28, , % 1,238,575 4,209, % 5.6x 7.8x 44.0x Sep-09 30, , % 1,240,912 4,580, % 5.9x 6.8x 40.1x Oct-09 38, , % 1,487,690 5,230, % 5.3x 7.4x 39.0x Nov-09 34, , % 1,224,433 4,141, % 5.2x 6.9x 35.9x Dec-09 28, , % 1,028,721 4,060, % 4.5x 7.9x 35.9x Jan-10 35, , % 1,277,114 4,663, % 4.8x 7.5x 36.2x Feb-10 38, , % 1,343,804 4,510, % 5.3x 6.6x 35.3x Mar-10 34, , % 1,306,882 5,025, % 5.2x 7.4x 38.2x Apr-10 38, , % 1,444,588 5,416, % 5.1x 7.3x 37.4x May-10 60, , % 2,239,290 6,826, % 5.2x 7.2x 37.1x Jun-10 40, , % 1,645,317 5,588, % 4.9x 8.2x 40.2x Jul-10 35, , % 1,355,677 4,731, % 5.1x 7.6x 38.5x Aug-10 33, , % 1,264,192 4,379, % 4.7x 8.0x 37.4x Sep-10 34, , % 1,201,799 4,291, % 5.1x 6.9x 35.1x Oct-10 35, , % 1,201,568 4,680, % 4.5x 7.5x 34.1x Nov-10 45, , % 1,289,901 4,781, % 4.1x 6.9x 28.5x Dec-10 36, , % 1,004,773 4,183, % 3.8x 7.4x 27.8x 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 Period 2,651,334 40,241, % 90,247, ,183, % 4.2x 8.4x #DIV/0! Total ,205 6,876, % 17,164,494 55,388, % 5.9x 8.1x 48.5x Total ,384 8,030, % 16,574,904 59,079, % 4.8x 7.4x 35.5x 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 ,982 5,031, % 11,208,264 47,118, % 3.3x 9.4x #DIV/0! 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

17 ETFs vs. Unlisted Mutual Funds Figure 38: European ETP vs mutual fund assets ETPs Europe % % ETP AUM ( billion) % 2.9% 2.7% 2.5% 2.3% 2.1% ETP vs mutual funds % 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* 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% 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% 1.7% *Data as of Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 39: European ETP vs mutual fund cash flows ETPs Europe Cash Flows ( billion) 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 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 17

18 Figure 40: US ETP vs mutual fund assets ETPs US ETP AUM ($ billion) 2,000 1,800 1,600 1,400 1,200 1, % 13.7% 11.7% 9.7% 7.7% 5.7% 3.7% ETP vs mutual funds 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* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,819 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% 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% 1.7% *As of Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 41: US ETP vs mutual fund cash flows ETPs US Cash flows ($ billion) 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 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 18 Deutsche Bank AG/London

19 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 42: Historical Composition by ETF Structure ETFs Europe Number of ETFs AUM ( billion) Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 43: European AUM ETF market historical asset class analysis by replication technique ETFs Europe Physical Synthetic Physical Synthetic Physical Synthetic AUM ( million) Sep-14 Equity 101,343 70, ,790 74, ,247 75,246 Fixed Income 37,319 16,874 45,672 14,773 60,913 18,241 Commodity 21,321 4,830 10,892 3,620 10,353 3,981 Others 219 1, , ,144 Total 160,202 93, ,705 93, ,880 98,613 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 8,654 2,353 18,302-3,209-2, Fixed Income 8, , Commodity 1, , Others Total 18,933 2,839 21,764-3,810-2,885 1,096 Deutsche Bank AG/London Page 19

20 Figure 44: European ETF AUM by replication method ETFs Europe Figure 45: European ETF flows by replication method ETFs Europe Sep ,880 98,613 Sep-14-2, ,344 7, ,705 93, ,810 21, ,202 93, ,933 2,839 0% 20% 40% 60% 80% 100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 46: European ETFs product count by replication method ETFs Europe Figure 47: European Equity ETFs AUM by replication method ETFs Europe Sep Sep ,247 75, ,790 74, ,343 70,180 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 48: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 49: European Commodity ETFs AUM by replication method ETFs Europe Sep-14 60,913 18,241 Sep-14 10,353 3, ,672 14, ,892 3, ,319 16, ,321 4,830 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Page 20 Deutsche Bank AG/London

21 Industry Growth Analysis Figure 50: Global ETF Industry growth attribution ETFs Global ETF cash flow growth contribution (Bars) 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% ETF asset price growth contribution (line) -1.5% 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 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% 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% 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% 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% 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% -4.0% Figure 51: US ETF Industry growth attribution ETFs US 3.5% 8.0% ETF cash flows growth contribution (Bars) 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% 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 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% 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% 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% 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% 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% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% ETF asset price growth contribution (Line) Deutsche Bank AG/London Page 21

22 Figure 52: European ETF Industry growth attribution ETFs Europe 3.0% 6.0% ETF cash flows growth contribution (Bars) 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 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 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% 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% 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% 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% 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% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% ETF asset price growth contribution (Line) Figure 53: European ETC Industry growth attribution ETCs Europe 3.0% 10.0% ETC cash flows growth contribution (Bars) 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% 5.0% 0.0% -5.0% -10.0% -15.0% ETC asset price growth contribution (line) -5.0% 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 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% 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% 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% 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% -20.0% Page 22 Deutsche Bank AG/London

23 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 54: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Sep-14 Aug-14 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 19,789-2,142-1,655-2,759 14,887 6,064 5,049 3,794 2,054 13,166 89,131 28,742 21,080 17, ,451 Fixed income -2, ,821 8,318 2,931 2, ,432 31,200 19,741 14,469 1,412 52,353 Commodity , Currency Multi Asset , ,572 Alternative Total 17,656-2,308-1,789-2,492 12,856 14,917 7,961 5,976 2,258 25, ,928 47,399 34,739 19, ,427 ETCs/ETVs Commodity -1, , Currency Alternative Total -1, , , ETPs Equity 19,789-2,142-1,655-2,759 14,887 6,064 5,049 3,794 2,054 13,166 89,131 28,742 21,080 17, ,451 Fixed income -2, ,821 8,318 2,931 2, ,432 31,200 19,741 14,469 1,412 52,353 Commodity -1, , ,098 Currency , ,163 Multi Asset , ,572 Alternative Total 16,465-2,901-2,250-2,492 11,071 14,814 8,059 6,048 2,258 25, ,819 47,886 35,069 19, ,783 Asset Class Cash Flow Analysis Figure 55: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Sep-14 Aug-14 YTD All figures in million Beta Beta+ Developed Markets -3, ,040 2, ,729 11, ,530 Emerging Markets , ,105 Global Markets Sector , ,941 Capitalization Strategy , ,123 Style , ,482 Thematic Total equities -1, ,655 3, ,794 20, ,080 Alpha Total Deutsche Bank AG/London Page 23

24 Figure 55A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector , ,941 Consumer discretionary Consumer staples Energy Financials , ,370 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization Large Cap Mid Cap Small Cap Strategy , ,123 Fundamental ,120 Leveraged Long Leveraged Short Options Strategy Quantitative Short Style , ,482 Dividend , ,337 Growth Value Thematic Commodities Faith Other Theme Sustainability Total , ,657 Sep-14 Aug-14 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 55B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe -4, , , ,023 Austria Belgium Finland France Germany -2, , , ,707 Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad -1, , , ,588 Americas , ,675 7, ,924 US , ,547 7, ,042 Canada North America Asia , ,410 Australia Hong Kong Japan , ,084 Singapore Asia Pacific broad Global , ,173 Broad indices , ,173 DM Total -3, ,040 2, ,729 11, ,530 Sep-14 Aug-14 YTD Alpha Total Deutsche Bank AG/London Page 25

26 Figure 55C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sep-14 Aug-14 YTD 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 , ,182 Global , ,182 EM Total , ,105 Total (EM + DM) -2, ,285 3, ,362 14, ,635 Alpha Total Figure 56: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Sep-14 Aug-14 YTD All figures in million Beta Beta+ Overall ,205 1,764 Corporates , ,584 Covered Bonds Credit Exposure Sovereign , ,554 7, ,995 Money Market Total Fixed Income , ,196 12, ,645 14,469 Alpha Total Page 26 Deutsche Bank AG/London

27 Figure 57: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Sep-14 Aug-14 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 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 Alpha Total Deutsche Bank AG/London Page 27