Portfolio & Index Strategy

Transcription

1 Index Research Global Markets Research 6 February 2008 Nizam Hamid nizam.hamid@db.com Yvonne Sandford yvonne.sandford@db.com Portfolio & Index Strategy European Listed Exchange Traded Funds ETF Liquidity Trends ETF Volume Exchange based European Equity ETF turnover rose by 4.9% on last week to a new all time high with total monthly average daily turnover of E1.78bn (figure 9 on page 3 shows historic European ETF turnover). European fixed income ETF turnover rose slightly on last week to E147m with money market ETFs continuing to be the main focus. Total European ETF turnover is now over E2bn. There were six new ETFs launched during the week from db x-trackers on a new selection of short fixed income ETFs (on Deutsche Borse) and two new money market ETFs linked to US$ and rates, listed on both the Deutsche Borse and Borse Italiana (see page 2 for details). European Country ETFs remain the leading product area with total turnover of E715m accounting for just over 40% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E295m across the four listed products and accounting for 16.5% of all Equity ETF volume. Euro STOXX 50 ETFs accounted for 31% of turnover trading E559m per day with liquidity split across nine ETFs and 29 different listings on 9 exchanges. Market Share The Euronext NextTrack platform continues to have the largest on exchange transaction market share with 37.53% of total turnover continuing to dominate flows in regional ETFs. Deutsche Borse market share is now 34.55% having leading market share in country and sector ETFs. The LSE s combined Italian Exchange and London market share has fallen to 16.11%. Assets under Management () Total European Equity related rose by 3% to E69.7bn. for DJ Euro STOXX 50 ETFs were almost E15.6bn accounting for over 22% of total European. Fixed Income ETF rose by 2.4% on the previous week to E16.66bn. Figure 1: Top 10 European Equity ETFs by volume Figure 2: ETF Equity Turnover by Index ETF Name Issuer Exch TER Daily Avg Vol ishares DAX (DE) BGI (DeutschlandDeutsche Bors 0.17% Lyxor ETF CAC 40 Lyxor Euronext Paris 0.25% Lyxor ETF DJ Euro STOXX 50 Lyxor Euronext Paris 0.25% ishares DJ Euro STOXX 50 (DE) BGI (DeutschlandDeutsche Bors 0.17% ishares FTSE 100 BGI London SE 0.40% ishares DJ Euro STOXX 50 BGI Deutsche Bors 0.15% Xact - Bear Xact Fonder AB Stockholmbors 0.60% ishares DJ Euro STOXX 50 BGI Euronext Paris 0.15% ishares DJ Euro STOXX 50 BGI Euronext Ams 0.15% XMTCH on SMI Credit Suisse AMSw iss SE 0.38% Source: Deutsche Bank, Reuters (daily average volume over past month) DJ Euro STOXX 50 DAX CAC 40 OMXS30 FTSE 100 SMI S&P 500 DJ STOXX 50 MSCI Brazil MSCI India Source: Deutsche Bank, Reuters Volume ( m ) IMPORTANT: PLEASE READ DISCLAIMERS AT THE END OF THIS REPORT Deutsche Bank AG or one of its affiliates may make a market in one or more of the ETFs mentioned in this document. This document has been prepared for institutional investors only. This note is not intended to promote or offer any ETF in any jurisdiction in which an offer, solicitation, purchase or sale of such fund would be unlawful under the securities laws of such jurisdiction. Deutsche Bank AG/London All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. 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. Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access this IR at or call to request that a copy of the IR be sent to them. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.

2 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Contents Statistics 2 Turnover 3 Market Share 5 6 ETF Share Changes 8 Fixed Income stats 8 Tracking errors 10 Average volume/aum 11 Reuters/BBG Codes 23 TER definitions 40 Other information 41 ETF Statistics New listings during the past week ETF Name Issuer Exchange Bloomberg Reuters TER db x-trackers II itraxx Europe 5-year Short TR Index ETF db x-trackers Deutsche Borse XTE5 GY XTE5.DE 0.18% db x-trackers II itraxx HiVol 5-year Short TR Index ETF db x-trackers Deutsche Borse XTH5 GY XTH5.DE 0.21% db x-trackers II itraxx Crossover 5-year Short TR Index ETdb x-trackers Deutsche Borse XTC5 GY XTC5.DE 0.24% db x-trackers II iboxx Euro Germany Covered TR Index ETFdb x-trackers Deutsche Borse XBCT GY XBCT.DE 0.15% db x-trackers II Fed Funds Effective Rate TR Index ETF db x-trackers Deutsche Borse XFFE GY XFFE.DE 0.15% db x-trackers II Sonia TR Index ETF db x-trackers Deutsche Borse XSTR GY XSTR.DE 0.15% db x-trackers II Sonia TR Index ETF db x-trackers Borsa Italiana XSTR IM XSTR.MI 0.15% db x-trackers II Fed Funds Effective Rate TR Index ETF db x-trackers Borsa Italiana XFFE IM XFFE.MI 0.15% Sources Assets under Management - Bloomberg / Price and volume used to calculate turnover - Reuters Volume is daily average exchange reported volume. Daily average calculated using 22 average, Source: Deutsche Bank Tables and charts below relate to Equity related ETFs only Figure 3: Exchange market share summary Figure 4: ETF product market share summary 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Virt-X BME SWX Stockholm LSE ETFplus XTF NextTrack 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Euro Sector Other Sector Country Global Regional Global Market Share Style Pan-European Sector Pan-European Regional European Leveraged World Country Eurozone Regional European Country Source: Deutsche Bank, Reuters All Country Regional Sector Other (showing exchanges with over 1% market share) Source: Deutsche Bank, Reuters Figure 6: No of ETFs (excluding cross listing) Sector Country 5 Global 14 Global Regional 16 Euro Sector 14 Pan-European Regional 17 Other 27 European - Leveraged 22 Eurozone Regional 22 Style 45 World Country 47 European Country 47 Pan-European Sector 74 Equity Total 350 Bond / Commodity Commodity 23 European Listed ETC 55 Bond 65 Other Total 143 Total European ETFs 493 Source: Deutsche Bank Figure 5: No of ETFs (including cross listing) Source: Deutsche Bank Euro Sector Sector Country European Leveraged Global Pan-European Regional Eurozone Regional European Country Global Regional 94 Other 120 Pan-European Sector 142 Style 172 World Country 2 Global Portfolio & Index Strategy

3 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Turnover - Equity related ETFs Table 7: Summary of Turnover Turnover (Euro m) All Country Regional Sector Other ISE Athex Helsinki SE ATX Oslo Bors Virt-X BME SWX Stockholm LSE ETFplus XTF NextTrack Sum Source: Deutsche Bank, Reuters Table 8: Summary of Market Share Turnover (Euro m) All Country Regional Sector Other ISE 0.04% 0.08% 0.00% 0.00% 0.00% Athex 0.05% 0.10% 0.00% 0.00% 0.00% Helsinki SE 0.11% 0.22% 0.00% 0.00% 0.00% ATX 0.14% 0.12% 0.20% 0.00% 0.11% Oslo Bors 0.14% 0.30% 0.00% 0.00% 0.00% Virt-X 0.44% 0.39% 0.53% 1.56% 0.00% BME 1.00% 1.42% 0.84% 0.02% 0.01% SWX 4.73% 6.92% 2.78% 2.20% 2.50% Stockholm 5.16% 2.58% 0.00% 0.00% 33.83% LSE 7.82% 12.84% 1.98% 0.14% 7.53% ETFplus 8.30% 8.58% 6.46% 13.84% 11.22% XTF 34.55% 35.37% 35.12% 57.99% 22.12% NextTrack 37.53% 31.08% 52.09% 24.25% 22.69% Sum % % % % % Source: Deutsche Bank, Reuters Figure 9: Historic European ETF turnover 2,000 1,800 1,600 1,400 ETF Volume 1,200 1, May-03 Feb-04 Nov-04 Sep-05 Jun-06 M ar-07 Jan-08 Source: Deutsche Bank, Reuters Figure 10: Historic European ETF 80,000 70,000 60,000 ETF 50,000 40,000 30,000 20,000 10,000 0 M ay-03 Feb-04 Nov-04 Aug-05 M ay-06 Feb-07 Nov-07 Source: Deutsche Bank, Bloomberg Global Portfolio & Index Strategy 3

4 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 ETF Turnover - Equity related ETFs Figure 11: Turnover by ETF Index Type European Country Eurozone Regional W orld Country European Leveraged Pan-European Regional Pan-European Sector Style Global Global Regional Sector Country Other Euro Sector Source: Deutsche Bank, Reuters Volume Figure 12: Turnover by Regional Index Type Figure 13: Turnover Per Country Index DAX DJ Euro STOXX 50 CAC 40 FTSE 100 DJ STOXX 50 MSCI Europe MSCI Euro DJ STOXX 600 SMI S&P 500 OMXS30 MSCI Brazil MSCI India FTSE / Xinhua China 25 MSCI Japan Source: Deutsche Bank, Reuters Volume Source: Deutsche Bank, Reuters Volume Figure 14: ETF Turnover by Exchange Figure 15: Regional ETF Turnover by Exchange XTF ETFplus LSE 60% 50% Stockholm SWX 40% BME Virt-X Oslo Bors ATX Helsinki SE 30% 20% 10% Athex ISE % ATX Virt-X BME LSE SWX ETFplus XTF NextTrack Volume ( m) Market Share Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters Figure 16: Turnover by European Sector Figure 17: Turnover by Sector Index Provider European sectors classified using STOXX economic groups Financial Basic Mats STOXX Healthcare Utilities Oil & Gas Telecoms EURO STOXX Cons Goods Technology Industrial MSCI Cons Sers 0 2,000 4,000 6,000 8,000 10,000 12,000 Volume ( 000's) Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters Volume 4 Global Portfolio & Index Strategy

5 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Market Share - Equity related ETFs Figure 18: Mkt Share of Country ETFs by Exchange 40% 35% 30% 25% 20% 15% 10% 5% 0% Figure 19: Market Share by European Sector Figure 20: Market Share of Sectors by Exchange 25% 60% 20% 50% 15% ISE Athex ATX Helsinki SE Oslo Bors Virt-X BME Stockholm SWX ETFplus LSE NextTrack XTF Market Share Source: Deutsche Bank, Reuters 40% 10% 30% 5% 20% 0% 10% Cons Sers Industrial Technology Cons Goods Telecoms Oil & Gas Market Share Utilities Healthcare Basic Mats Financial 0% LSE Virt-X SWX ETFplus NextTrack XTF Market Share Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters Figure 21: ETF fees versus Turnover Figure 22: Mkt Share of ETF Turnover by Exchange % 35% 30% % % % % 0.20% 0.40% 0.60% 0.80% 1.00% Total Expense Ratio 10% 5% 0% ISE Athex Helsinki SE ATX Oslo Bors Virt-X BME SWX Market Share Stockholm LSE ETFplus XTF NextTrack Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters This note is not intended to promote or offer any ETF in any jurisdiction in which an offer, solicitation, purchase or sale of such fund would be unlawful under the securities laws of such jurisdiction. This document is for general information purposes only and does not constitute an offer to sell any ETFs or an invitation or recommendation to enter into any transaction. The full terms and conditions of any ETFs can be obtained free of charge from your investment advisor. This document is issued by Deutsche Bank and the distribution of this document in certain jurisdictions may be restricted by law. ETFs may not be a suitable investment for you and can involve important legal and tax consequences and investment risks. We strongly recommend you to consult your financial advisor prior to investing in ETFs. Please consult the appropriate ETF Offering Circular for full details and before any investment is made. Global Portfolio & Index Strategy 5

6 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 ETF Assets under Management- Equity related ETFs Figure 23: per Underlying Index Figure 24: per index type DJ Euro STOXX 50 CAC 40 DAX MSCI Emerging Markets FTSE 100 SMI S&P 500 DJ Euro STOXX Select Dividend MSCI World MSCI Europe 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Assets under Management European Country Eurozone Regional World Country Pan-European Sector Pan-European Regional Style Global Other Global Regional European Leveraged Euro Sector Sector Country 0 5,000 10,000 15,000 20,000 Assets under Management Source: Deutsche Bank, Bloomberg Source: Deutsche Bank, Bloomberg Figure 25: Top 15 European Listed Equity ETFs by ETF Name Issuer TER Domicile Lyxor ETF DJ Euro STOXX 50 Lyxor 0.25% Fra 4, ishares DJ Euro STOXX 50 (DE) BGI (Deutschland) AG 0.17% Ger 3, ishares DJ Euro STOXX 50 BGI 0.15% Ire 3, ishares DAX (DE) BGI (Deutschland) AG 0.17% Ger 3, Lyxor ETF CAC 40 Lyxor 0.25% Fra 3, ishares FTSE 100 BGI 0.40% Ire 2, ishares S&P 500 Index Fund (IUSA) BGI 0.40% Ire 1, db x-trackers DJ Euro STX 50 db x-trackers 0.15% Lux 1, XMTCH on SMI Credit Suisse AM 0.38% Sw it 1, db x-trackers MSCI Emerging Markets TRN Index ETFdb x-trackers 0.65% Lux 1, ishares MSCI Japan BGI 0.59% Ire 1, EasyETF CAC 40 AXA IM / BNP Paribas 0.25% Fra 1, ishares Dow Jones Euro STOXX Select Dividend 30 BGI (Deutschland) AG 0.32% Ger ishares MSCI Emerging Markets BGI 0.74% Ire SPDR Europe 350 Credit Agricole AM 0.35% Ire Source: Deutsche Bank, Bloomberg * Management fee as TER unavailable 6 Global Portfolio & Index Strategy

7 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Assets under Management - Equity related ETFs Figure 26: ETF volume versus Figure 27: ETF Fees versus 14,000 Turnover (m) Assets under Management 12,000 10,000 8,000 6,000 4,000 2, ,000 2,000 3,000 4,000 5,000 6,000 Assets Under Management (m) % 0.10 % 0.20 % 0.30 % 0.40 % 0.50 % TER 0.60 % 0.70 % 0.80 % 0.90 % 1.00 % Source: Deutsche Bank, Bloomberg Source: Deutsche Bank, Bloomberg Weekly ETF Share Changes Figure 28: Top increases in Shares (ranked by Change in Em) ETF Name Share Change % change Change in Euro (m) Lyxor ETF CAC 40 5,985, % db x-trackers II EONIA TR Index ETF 1,500, % Lyxor ETF DJ Euro STOXX 50 4,223, % ishares DJ Euro STOXX 50 3,500, % db x-trackers MSCI Emerging Markets TRN Index ETF 4,500, % ishares S&P 500 Index Fund (IUSA) 11,750, % EasyETF Euro STOXX 50-B 2,379, % ishares DJ Euro STOXX 50 (DE) 1,800, % db x-trackers II iboxx E Sovereigns Eurozone 1-3 TR In 400, % db x-trackers MSCI Europe TRN Index ETF 1,500, % ishares MSCI World 1,600, % ishares eb.rexx Jumbo Pfandbriefe (DE) 325, % XACT OMXS30 2,950, % ishares eb.rexx Government Germany (DE) 300, % ishares MSCI North America 1,400, % Source: Deutsche Bank, Bloomberg Figure 29: Top decreases in Shares (ranked by Change in Em) ETF Name Share Change % change Change in Euro (m) ishares DAX (DE) -3,497, % db x-trackers DJ Euro STX 50-5,500, % Lyxor ETF FTSE ,374, % Lyxor ETF DAX -1,450, % Lyxor ETF MSCI USA -855, % Lyxor ETF LevDAX -1,080, % db x-trackers SHORTDAX ETF -1,000, % Lyxor ETF MSCI Europe -442, % Lyxor ETF S&P/MIB -1,453, % Lyxor ETF Nasdaq ,040, % Lyxor ETF China Enterprise -409, % SGAM ETF XBear CAC , % Lyxor ETF Dow Jones Industrial Average -472, % Lyxor ETF Japan Topix -472, % EasyETF CAC , % Source: Deutsche Bank, Bloomberg Global Portfolio & Index Strategy 7

8 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Fixed Income ETF Statistics Figure 30: Top 10 European Bond ETFs by volume ETF Name Exchange Issuer TER Daily Avg Vol Accion AFI Monetario Euro ETF ES BBVA Gestion SA SGIIC 0.06% Lyxor ETF Euro Cash FR, IT Lyxor 0.15% db x-trackers II EONIA TR Index ETF DE, IT db x-trackers 0.15% Lyxor ETF EuroMTS Global DE, FR, IT Lyxor 0.17% 8.88 Lyxor ETF EuroMTS 1-3Y DE, FR, IT Lyxor 0.17% 8.41 ishares eb.rexx Jumbo Pfandbriefe (DE) DE BGI (Deutschland) AG 0.09% 7.15 Lyxor ETF EuroMTS 3-5Y DE, FR, IT Lyxor 0.17% 5.07 Lyxor ETF EuroMTS 5-7Y DE, FR, IT Lyxor 0.17% 3.84 ishares eb.rexx Government Germany (DE) DE BGI (Deutschland) AG 0.15% 3.81 ishares Corporate Bond CH, DE, IT, GB, MX, NL BGI 0.20% 3.19 Source: Deutsche Bank, Datastream Figure 31: Historic Eur Bond ETF turnover Figure 32: Historic Eur Bond ETF (Ebn) Trunover Jun-03 Feb-04 Oct-04 Jun-05 Feb-06 Oct-06 Jun-07 Feb-08 Bond ETF Growth in Turnover Source: Deutsche Bank, Reuters (Ebn) Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Bond ETF Growth in Source: Deutsche Bank, Reuters Figure 33: Top 15 European Listed Bond ETFs by ETF Name Issuer TER Domicile db x-trackers II EONIA TR Index ETF db x-trackers 0.15% Lux 1, ishares eb.rexx Government Germany (DE)BGI (Deutschland) AG 0.15% Ger 1, Accion AFI Monetario Euro ETF BBVA Gestion SA SGIIC 0.06% Sp 1, Lyxor ETF EuroMTS Global Lyxor 0.17% Fra 1, Lyxor ETF Euro Cash Lyxor 0.15% Fra 1, Lyxor ETF EuroMTS 3-5Y Lyxor 0.17% Fra Lyxor ETF EuroMTS 1-3Y Lyxor 0.17% Fra ishares eb.rexx Government Germany (DE) BGI (Deutschland) AG 0.15% Ger ishares Corporate Bond BGI 0.20% Ire ishares eb.rexx Government Germany (DE) BGI (Deutschland) AG 0.16% Ger ishares eb.rexx Jumbo Pfandbriefe (DE) BGI (Deutschland) AG 0.09% Ger ishares eb.rexx Government Germany (DE) BGI (Deutschland) AG 0.15% Ger ishares eb.rexx Govt Germany (DE) BGI (Deutschland) AG 0.15% Ger Lyxor ETF EuroMTS Infl Link Lyxor 0.20% Fra db x-trackers II iboxx E Sovereigns Eurozone 3-5 TRdb x-trackers 0.15% Lux Source: Deutsche Bank, Bloomberg * Management fee as TER unavailable 8 Global Portfolio & Index Strategy

9 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Statistics by Issuer - Equity & Fixed Income Figure 34: Top 10 European ETF Issuers by Volume Lyxor B G I (D e utsc hla nd) AG BGI db x-trackers Xact Fonder AB ETF Securities Ltd C re dit S uis s e AM B B VA G e s tio n S A S G IIC SGAM G o ld B u llio n H o ld in g s L td Volume Source: Deutsche Bank, Datastream Figure 35: Top 10 European ETF Issuers by Lyxor BGI BGI (Deutschland) AG db x-trackers AXA IM / BNP Paribas C re dit S uis s e A M BBVA Gestion SA SGIIC ETF Securities Ltd Credit Agricole AM G old Bullion Holdings Ltd 0 5,000 10,000 15,000 20,000 25,000 Source: Deutsche Bank, Datastream Figure 36: ETF Issuers Ranked by Daily Avg Volume Issuer Daily Avg Vol Mkt Share Lyxor % BGI (Deutschland) AG % BGI % db x-trackers % Xact Fonder AB % ETF Securities Ltd % Credit Suisse AM % BBVA Gestion SA SGIIC % SGAM % Gold Bullion Holdings Ltd % AXA IM / BNP Paribas % UBS % State Street Global Advisors % Credit Agricole AM % Zuercher Kantonalbank % Pow ershares % DVG % ABN Amro Bank NV % Seligson & Co Fund Man % DnB NOR Kapitalforvaltning/Norw a % JP Morgan % Alpha Asset Man % NCB Stockbrokers % Santander % Unico Asset Man % Beta Etfund PLC % BNP Paribas % SPA ETF Europe Ltd % Erste Sparinvest KAG % Dexia AM % PDR Services LLC % Source: Deutsche Bank, Reuters Figure 37: ETF Issuers Ranked by Issuer Mkt Share Lyxor 22, % BGI 19, % BGI (Deutschland) AG 18, % db x-trackers 9, % AXA IM / BNP Paribas 4, % Credit Suisse AM 3, % BBVA Gestion SA SGIIC 2, % ETF Securities Ltd 2, % Credit Agricole AM 1, % Gold Bullion Holdings Ltd 1, % Xact Fonder AB 1, % UBS 1, % State Street Global Advisors 1, % Zuercher Kantonalbank % SGAM % DVG % Pow ershares % Santander % Unico Asset Man % ABN Amro Bank NV % BNP Paribas % Seligson & Co Fund Man % Beta Etfund PLC % JP Morgan % NCB Stockbrokers % DnB NOR Kapitalforvaltning/Norw a % SPA ETF Europe Ltd % Alpha Asset Man % Erste Sparinvest KAG % Dexia AM % Source: Deutsche Bank, Reuters Global Portfolio & Index Strategy 9

10 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Tracking Errors Figure 34: Regional ETFs and Tracking Errors (1 Year) Pan Europe Equivalent Benchmark ETF Index DJ STOXX MSCI Europe FTSE Europe DJ STOXX FTSE Eurotop MSCI Pan Euro Index Eur ozone Equivalent Benchmark DJ EURO STOXX MSCI EMU FTSE Eurozone DJ Euro STOXX FTSE Euro MSCI Euro FTSEurofirst Source: Deutsche Bank, Datastream Figure 35: European Country Indices and Tracking Errors (1 Year) European Country Indices Equivalent Benchmark FTSE Ctry MSCI Ctry AEX CAC DAX FTSE HEX MSCI UK OMX SMI S&P MIB Source: Deutsche Bank, Datastream 10 Global Portfolio & Index Strategy

11 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank Eurozone ETFs 12 Pan-European ETFs 12 European Country ETFs 13 Regional ETFs 14 World Country ETFs 15 Country/Sector ETFs 15 Pan-European Sector ETFs 16 European Sector ETFs 18 Style ETFs 19 Other ETFs 20 Bond / Commodity ETFs 21 ETCs 24 Global Portfolio & Index Strategy 11

12 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Eurozone ETFs ETF Name Issuer Exchange Listings Total Expe ns e Ratio Dom icile Total Daily Avg Vol (Euro m) EasyETF DJ Euro STOXX AXA IM / BNP Paribas FR, IT 0.35% Fra ishares Dow Jones Euro STOXX (DE) BGI (Deutschland) AG DE 0.21% Ger Lyxor ETF DJ Euro STOXX 50 Lyxor AT, CH, DE, ES, FR, IT 0.25% Fra ,869.3 ishares DJ Euro STOXX 50 BGI CH, DE, FR, GB, IT, NL, VX 0.15% Ire ,802.4 ishares DJ Euro STOXX 50 (DE) BGI (Deutschland) AG AT, CH, DE, FR 0.17% Ger ,827.7 db x-trackers DJ Euro STX 50 db x-trackers CH, DE, IT 0.15% Lux ,619.2 UBS-ETF DJ Euro STOXX 50 UBS CH, DE, VX 0.35% Lux BBVA-Accion DJ Euro STOXX 50 BBVA Gestion SA SGIIC ES 0.15% Sp UBS-ETF Euro STOXX 50 I UBS CH, DE, FR 0.15% Lux Deutsche Bank Euro STOXX 50 DVG DVG DE 0.15% Ger EasyETF Euro STOXX 50-B AXA IM / BNP Paribas FR 0.25% Fra EasyETF Euro STOXX 50-A AXA IM / BNP Paribas FR 0.45% Fra ishares DJ EuroSTOXX MidCap BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire ishares DJ EuroSTOXX SmallCap BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire ishares FTSEurofirst 80 BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire Lyxor ETF FTSEurofirst 80 Lyxor FR 0.35% Fra XMTCH (Lux) on MSCI EMU Mid Cap Credit Suisse AM CH 0.40% Lux Lyxor ETF MSCI EMU Small Cap Lyxor CH, DE, ES, FR, IT 0.40% Fra XMTCH (Lux) on MSCI Euro* Credit Suisse AM CH, DE 0.53% Lux B1 - MSCI Euro Beta Etfund PLC IT 0.62% Ire streettracks MSCI Eur SM Cap State Street Global AdvisorFR 0.50% Fra SPDR Euro Credit Agricole AM FR, IT, VX 0.35% Ire Source: Deutsche Bank, Bloomberg, Reuters * Management fee as TER unavailable Pan Europe ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Euro m) ishares DJ STOXX 50 BGI CH, DE, FR, GB, IT, NL, VX 0.35% Ire ishares DJ STOXX 50 (DE) BGI (Deutschland) AG CH, DE, FR 0.52% Ger EasyETF STOXX 50-B AXA IM / BNP Paribas FR 0.30% Fra EasyETF STOXX 50-A AXA IM / BNP Paribas FR 0.45% Fra ishares DJ STOXX 600 (DE) BGI (Deutschland) AG DE 0.19% Ger ishares DJ STOXX Large 200 (DE) BGI (Deutschland) AG DE 0.21% Ger ishares DJ STOXX Mid 200 (DE) BGI (Deutschland) AG DE 0.21% Ger ishares DJ STOXX Small 200 (DE) BGI (Deutschland) AG DE 0.21% Ger ishares FTSEurofirst 100 BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire streettracks MSCI Europe State Street Global AdvisorFR 0.50% Fra db x-trackers MSCI Europe TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.30% Lux Lyxor ETF MSCI Europe Lyxor CH, DE, FR, IT 0.35% Fra ishares MSCI Europe BGI CH, DE, FR, GB, NL 0.35% Ire Unico-MSCI Europe Unico Asset Man DE 0.72% Lux ishares MSCI Europe ex UK BGI CH, DE, FR, GB, IT, NL 0.40% Ire B1 - MSCI Pan Euro Beta Etfund PLC IT 0.50% Ire SPDR Europe 350 Credit Agricole AM FR, IT, VX 0.35% Ire Source: Deutsche Bank, Bloomberg, Reuters 12 Global Portfolio & Index Strategy

13 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank European Country ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Euro m) streettracks AEX State Street Global AdvisorNL 0.30% Fra ishares AEX Tracker BGI GB, NL 0.30% Ire ishares ATX (DE) BGI (Deutschland) AG AT,DE 0.30% Ger Lyxor ETF BEL 20 Lyxor BE 0.50% Fra Lyxor ETF CAC 40 Lyxor FR 0.25% Fra ,234.6 EasyETF CAC 40 AXA IM / BNP Paribas FR 0.25% Fra ,052.3 CAC40 Indexis Credit Agricole AM FR 0.25% Fra ishares DAX (DE) BGI (Deutschland) AG AT, DE 0.17% Ger ,373.0 Lyxor ETF DAX Lyxor CH, DE, FR, IT 0.15% Lux db x-trackers DAX ETF db x-trackers CH, DE 0.15% Lux Deutsche Bank DAX DVG DVG DE 0.15% Ger UBS-ETF DJ Germany Titans 30 UBS DE 0.55% Lux Lyxor ETF FTSE 100 Lyxor GB 0.30% Fra db x-trackers FTSE 100 ETF db x-trackers DE, GB 0.30% Lux ishares FTSE 100 BGI GB, IT, NL, VX 0.40% Ire ,175.2 ishares FTSE 100 (DE) BGI (Deutschland) AG DE 0.51% Ger UBS-ETF FTSE 100 UBS CH, DE, VX 0.55% Lux ishares FTSE 250 BGI GB 0.40% Ire db x-trackers FTSE 250 ETF db x-trackers DE, GB 0.35% Lux Lyxor ETF FTSE 250 Lyxor GB 0.35% Fra Lyxor ETF FTSE All-Share Lyxor GB 0.40% Fra db x-trackers FTSE All Share ETF db x-trackers DE 0.40% Lux Alpha ETF FTSE Athex 20 Domestic Equities Fund Alpha Asset Man. GR 0.38% Gr BBVA-Accion IBEX ETF BBVA Gestion SA SGIIC ES 0.33% Sp Lyxor ETF IBEX 35 Lyxor ES 0.30% Fra Flame ETF IBEX 35 Santander ES 0.30% Sp Flame ETF IBEX Mid Caps Santander ES 0.40% Sp Flame ETF IBEX Small Cap Santander ES 0.40% Sp ISEQ 20 ETF NCB Stockbrokers IE 0.50% Ire ishares MDAX (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF MSCI Greece Lyxor DE, FR, IT 0.45% Fra DNB NOR OBX DnB NOR Kapitalf orvaltningno 0.60% Nor XACT OBX Xact Fonder AB NO 0.30% Nor Seligson & Co OMX Helsinki 25 ETF Seligson & Co Fund Man FI 0.23% Fin XACT OMXH25 Xact Fonder AB FI 0.25% Fin XACT OMXS30 Xact Fonder AB SE 0.31% Sw ed Lyxor ETF S&P/MIB Lyxor IT 0.35% Fra db x-trackers S&P/MIB ETF db x-trackers CH, DE, IT 0.30% Lux ishares S&P/MIB BGI GB 0.35% Ire XACT OMXSB Xact Fonder AB SE 0.30% Sw ed UBS-ETF SLI UBS CH 0.35% Sw it XMTCH on SMI Credit Suisse AM CH, DE 0.38% Sw it ,577.6 UBS-ETF SMI UBS CH 0.35% Sw it db x-trackers SMI ETF db x-trackers CH, DE, IT 0.30% Lux ishares SMI (DE) BGI (Deutschland) AG CH, DE 0.52% Ger XMTCH on SMIM Credit Suisse AM CH 0.51% Sw it SMTCH on SLI Credit Suisse AM CH 0.40% Sw it Source: Deutsche Bank, Bloomberg, Reuters * Management fee as TER unavailable Global Portfolio & Index Strategy 13

14 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 World ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) ishares DJ Global Titans 50 (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ Global Titans 50 Lyxor AT, DE, FR, IT 0.40% Fra EasyETF Global Titans 50 AXA IM / BNP Paribas FR 0.45% Fra BBVA-Accion FTSE Latibex Top ETF BBVA Gestion SA SGIIC ES 0.55% Sp ishares MSCI Emerging Markets BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire Lyxor ETF MSCI Emerging Markets Lyxor DE, ES, FR, GB, IT 0.65% Fra db x-trackers MSCI Emerging Markets TRN Index ETF db x-trackers CH, DE, FR, GB, GB$, IT 0.65% Lux ,564.9 XMTCH Lux on MSCI Emerging Markets Credit Suisse AM CH 0.75% Lux ishares MSCI World BGI CH, DE, FR, GB, GB$, IT, NL 0.50% Ire Lyxor ETF MSCI World Lyxor DE, FR, IT 0.45% Fra db x-trackers MSCI World TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.45% Lux Unico-MSCI World Unico Asset Man DE 0.72% Lux Lyxor ETF MSCI World (USD) Lyxor CH 0.45% Fra ESPA Stock NTX Erste Sparinvest KAG AT 0.90% Austria Source: Deutsche Bank, Bloomberg, Reuters Regional ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Euro m) Lyxor ETF Eastern Europe (CECE EUR) Lyxor AT, CH, DE, ES, FR, IT 0.50% Fra Market Access DAXglobal Asia Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux Market Access DAXglobal BRIC Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux ishares DJ STOXX EU Enlarged 15 (DE) BGI (Deutschland) AG AT, DE 0.51% Ger ishares FTSE BRIC 50 Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire Lyxor ETF MSCI AC Asia Pacific ex Japan Lyxor DE, FR, IT 0.65% Fra Lyxor ETF MSCI AC Asia Pacific ex Japan Lyxor GB, GB$ 0.65% Fra ishares MSCI AC Far East ex-japan BGI CH, DE, FR, GB, GB$, IT, NL 0.50% Ire db x-trackers MSCI EM Asia TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux ishares MSCI Eastern Europe BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire db x-trackers MSCI EM EMEA TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux db x-trackers MSCI EM Latam TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux ishares MSCI Latin America BGI GB, GB$, NL 0.74% Ire Lyxor ETF MSCI EM Latin America Lyxor DE, ES, FR, GB, IT 0.65% Fra ishares MSCI North America BGI CH, DE, FR, GB, GB$, IT, NL 0.40% Ire Market Access South-East Europe Traded Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux Source: Deutsche Bank, Bloomberg, Reuters 14 Global Portfolio & Index Strategy

15 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank World Country ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Euro m) BBVA-Accion FTSE Latibex Brasil ETF BBVA Gestion SA SGIIC ES 0.55% Sp Lyxor ETF Brazil (Ibovespa) Lyxor CH, DE, IT, FR 0.65% Fra Lyxor ETF Brazil Lyxor GB, GB$ 0.65% Fra ishares MSCI Brazil BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire db x-trackers MSCI Brazil TRN Index ETF db x-trackers CH, DE, FR, GB, GB$, IT 0.65% Lux ishares Dow Jones China Offshore 50 (DE) BGI (Deutschland) AG DE 0.60% Ger ishares FTSE / Xinhua China 25 Fund BGI CH, DE, FR, GB, GB$, IT, NL, VX 0.74% Ire db x-trackers FTSE/Xinhua China 25 ETF db x-trackers CH, DE, FR, GB, GB$, IT 0.60% Lux Lyxor ETF China Enterprise Lyxor DE, ES, FR, IT 0.65% Fra Lyxor ETF China Enterprise (HSCEI) (GBP) Lyxor GB, GB$ 0.65% Fra Lyxor ETF Hong Kong (HSI) Lyxor DE, FR, IT 0.65% Fra Lyxor ETF MSCI India Lyxor DE, ES, FR, IT 0.85% Fra Lyxor ETF MSCI India (USD) Lyxor CH 0.85% Fra db x-trackers S&P CNX Nifty ETF db x-trackers CH, DE, GB, GB$, IT 0.85% Lux Lyxor ETF India (S&P CNX Nifty) (GBP) Lyxor GB, GB$ 0.85% Fra UBS-ETF DJ Japan Titans 100 UBS CH, DE, VX 0.55% Lux UBS ETF DJ Japan Titans 100 I UBS CH 0.20% Lux ishares MSCI Japan BGI CH, DE, FR, GB, IT, NL, VX 0.59% Ire ,199.5 db x-trackers MSCI Japan TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.50% Lux ishares Nikkei 225 (DE) BGI (Deutschland) AG DE 0.50% Ger Lyxor ETF Japan Topix Lyxor DE, FR, IT 0.50% Fra Lyxor ETF Japan Topix (YEN) Lyxor CH 0.50% Fra Lyxor ETF Japan Topix (GPB) Lyxor GB, GB$ 0.50% Fra ishares MSCI Korea BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire db x-trackers MSCI Korea TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux Lyxor ETF MSCI Korea Lyxor DE, FR, HK, IT 0.65% Fra Market Access DAXglobal Russia Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux Lyxor ETF Russia (DJ Rus Index Titans 10) (EUR) Lyxor DE, ES, FR, IT 0.65% Fra Lyxor ETF Russia (DJ Rus Index Titans 10) (GBP) Lyxor GB, GB$ 0.65% Fra Lyxor ETF Russia (DJ Rus Index Titans 10) (USD) Lyxor CH 0.65% Fra db x-trackers MSCI Russia Capped Index ETF db x-trackers DE 0.45% Lux Market Access FTSE/JSE Africa Top 40 Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux Lyxor ETF South Africa (FTSE JSE Top40) (GBP) Lyxor GB, GB$ 0.65% Fra Lyxor ETF South Africa (FTSE JSE Top40) Lyxor DE, FR, IT 0.65% Fra ishares MSCI Taiw an BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire db x-trackers MSCI Taiw an TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux Lyxor ETF Turkey Titans 20 Lyxor CH, DE, FR, IT 0.65% Fra Market Access DJ Turkey Titans 20 Index Fund ABN Amro Bank NV AT, CH, DE 0.60% Lux ishares MSCI Turkey BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire UBS-ETF DJ US (Large Cap) UBS CH, DE, VX 0.35% Lux ishares DJ Industrial Average (DE) BGI (Deutschland) AG DE 0.52% Ger UBS-ETF DJ Industrial Average UBS CH, DE, VX 0.55% Lux Lyxor ETF Dow Jones Industrial Average Lyxor AT, CH, DE, ES, FR, IT 0.50% Fra DJIA Diamonds ("Diamond") PDR Services LLC NL 0.18% USA Lyxor ETF MSCI USA Lyxor DE, FR, IT 0.35% Fra db x-trackers MSCI USA TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.30% Lux Lyxor ETF MSCI USA (USD) Lyxor CH 0.35% Fra ishares S&P 500 Index Fund (IUSA) BGI CH, DE, FR, GB, GB$, IT, NL, VX 0.40% Ire ,869.7 Source: Deutsche Bank, Bloomberg, Reuters Country / Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) UBS-ETF DJ US Technology UBS CH, DE, VX 0.65% Lux Pow ershares EQQQ Fund Pow ershares CH, DE, FR, GB, IT, VX 0.20% Ire Lyxor ETF Nasdaq 100 Lyxor DE, ES, FR, IT 0.30% Fra ishares NASDAQ-100 (DE) BGI (Deutschland) AG DE 0.30% Ger ishares TecDAX (DE) BGI (Deutschland) AG DE 0.52% Ger Source: Deutsche Bank, Bloomberg, Reuters Global Portfolio & Index Strategy 15

16 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Pan-European Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) Automobiles & Parts Lyxor ETF DJ STOXX 600 Automobiles & Parts Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Automobiles & Parts (DE) BGI (Deutschland) AG DE 0.52% Ger ishares DJ STOXX 600 Automobiles & Parts Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Banks ishares DJ STOXX 600 Banks (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Banks Lyxor DE, FR, IT 0.30% Fra db x-trackers DJ STOXX 600 Banks ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Banks Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Basic Resources ishares DJ STOXX 600 Basic Resources (DE) BGI (Deutschland) AG DE 0.52% Ger db x-trackers DJ STOXX 600 Basic Resources ETF db x-trackers DE, IT 0.30% Lux Lyxor ETF DJ STOXX 600 Basic Resources Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Resources Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Chemicals Lyxor ETF DJ STOXX 600 Chemicals Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Chemicals (DE) BGI (Deutschland) AG DE 0.52% Ger ishares DJ STOXX 600 Chemicals Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Construction & Materials ishares DJ STOXX 600 Construction & Materials (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Construction & Materials Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Construction & Materials Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI EU Materials State Street Global AdvisorFR 0.50% Fra Financial Services Lyxor ETF DJ STOXX 600 Financial Services Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Financial Services (DE) BGI (Deutschland) AG DE 0.53% Ger ishares DJ STOXX 600 Financial Services Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger ishares DJ STOXX 600 Insurance Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Financials State Street Global AdvisorFR 0.50% Fra Food & Beverage Lyxor ETF DJ STOXX 600 Food & Beverage Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Food & Beverage (DE) BGI (Deutschland) AG DE 0.52% Ger db x-trackers DJ STOXX 600 Food & Beverage ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Food & Beverage Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Health Care ishares DJ STOXX 600 Health Care (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Healthcare Lyxor DE, FR, IT 0.30% Fra db x-trackers DJ STOXX 600 Health Care ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Health Care Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Healthcare State Street Global AdvisorFR 0.50% Fra Industrial Goods & Services db x-trackers DJ STOXX 600 Industrial Goods ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Ind Goods & Services (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Ind Goods & Services Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Ind Goods & Services Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI EU Industrials State Street Global AdvisorFR 0.50% Fra Insurance ishares DJ STOXX 600 Insurance (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Insurance Lyxor DE, FR, IT 0.30% Fra db x-trackers DJ STOXX 600 Insurance ETF db x-trackers DE, IT 0.30% Lux Source: Deutsche Bank, Bloomberg, Reuters 16 Global Portfolio & Index Strategy

17 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank Pan-European Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) Media ishares DJ STOXX 600 Media (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Media Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Media Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Oil & Gas Lyxor ETF DJ STOXX 600 Oil & Gas Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Oil & Gas (DE) BGI (Deutschland) AG DE 0.52% Ger db x-trackers DJ STOXX 600 Oil & Gas ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Oil & Gas Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Energy State Street Global AdvisorFR 0.50% Fra Oil & Gas Lyxor ETF DJ STOXX 600 Oil & Gas Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Oil & Gas (DE) BGI (Deutschland) AG DE 0.52% Ger db x-trackers DJ STOXX 600 Oil & Gas ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Oil & Gas Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Energy State Street Global AdvisorFR 0.50% Fra Personal & Household Goods ishares DJ STOXX 600 Pers & Household Goods (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Pers & Household Goods Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Pers & Household Goods Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Cons Discretionary State Street Global AdvisorFR 0.50% Fra Retail ishares DJ STOXX 600 Retail (DE) BGI (Deutschland) AG DE 0.53% Ger Lyxor ETF DJ STOXX 600 Retail Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Retail Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger Technology ishares DJ STOXX 600 Technology (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Technology Lyxor DE, FR, IT 0.30% Fra db x-trackers DJ STOXX 600 Technology ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Technology Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Technology State Street Global AdvisorFR 0.50% Fra Telecommunications Lyxor ETF DJ STOXX 600 Telecoms Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Telecoms (DE) BGI (Deutschland) AG DE 0.52% Ger db x-trackers DJ STOXX 600 Telecoms ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Telecoms Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Telecommunication State Street Global AdvisorFR 0.50% Fra Travel & Leisure ishares DJ STOXX 600 Travel & Leisure (DE) BGI (Deutschland) AG DE 0.53% Ger Lyxor ETF DJ STOXX 600 Travel & Leisure Lyxor DE, FR, IT 0.30% Fra ishares DJ STOXX 600 Travel & Leisure Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI Eu Consumer Staples State Street Global AdvisorFR 0.50% Fra Utilities ishares DJ STOXX 600 Utilities (DE) BGI (Deutschland) AG DE 0.52% Ger Lyxor ETF DJ STOXX 600 Utilities Lyxor DE, FR, IT 0.30% Fra db x-trackers DJ STOXX 600 Utilities ETF db x-trackers DE, IT 0.30% Lux ishares DJ STOXX 600 Utilities Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger streettracks MSCI EU Utilities State Street Global AdvisorFR 0.50% Fra Source: Deutsche Bank, Bloomberg, Reuters Global Portfolio & Index Strategy 17

18 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Euro Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) Automobiles & Parts EasyETF Euro Automobile AXA IM / BNP Paribas FR 0.30% Fra Bank s EasyETF Euro Bank AXA IM / BNP Paribas FR 0.30% Fra ishares DJ Euro STOXX Banks (DE) BGI (Deutschland) AG DE 0.52% Ger Construction & Materials EasyETF Euro Construction AXA IM / BNP Paribas FR 0.30% Fra Health Care EasyETF Euro Healthcare AXA IM / BNP Paribas FR 0.30% Fra ishares DJ Euro STOXX Health Care (DE) BGI (Deutschland) AG DE 0.53% Ger Insurance EasyETF Euro Insurance AXA IM / BNP Paribas FR 0.30% Fra Media EasyETF Euro Media AXA IM / BNP Paribas FR 0.30% Fra Oil & Gas EasyETF Euro Energy AXA IM / BNP Paribas FR 0.30% Fra Technology EasyETF Euro Technology AXA IM / BNP Paribas FR 0.30% Fra ishares DJ Euro STOXX Technology (DE) BGI (Deutschland) AG DE 0.52% Ger Telecommunications EasyETF Euro Telecom AXA IM / BNP Paribas FR 0.30% Fra ishares DJ Euro STOXX Telecommunication (DE) BGI (Deutschland) AG DE 0.52% Ger Utilities EasyETF Euro Utilities AXA IM / BNP Paribas FR 0.30% Fra Source: Deutsche Bank, Bloomberg, Reuters 18 Global Portfolio & Index Strategy

19 6 February 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank Style ETFs ETF Name Issuer Exchange Listings Total Expe ns e Ratio Domicile Total Daily Avg Vol (Euro m) ishares DivDAX (DE) BGI (Deutschland) AG AT, DE 0.30% Ger ishares DJ Asia/Pacific Select Dividend BGI CH, DE, FR, GB, GB$, IT, NL 0.59% Ire Lyxor ETF DJ Euro STOXX 50 BuyWrite Lyxor CH, DE, FR, IT 0.40% Fra ishares DJ EuroSTOXX Grow th BGI CH, DE, FR, GB, IT, NL 0.40% Ire ishares DJ EuroSTOXX Value BGI CH, DE, FR, GB, IT, NL 0.40% Ire ishares Dow Jones Euro STOXX Select Dividend 30 (DE) BGI (Deutschland) AG AT, DE 0.32% Ger ishares DJ EuroSTOXX Select Dividends BGI CH, DE, FR, GB, IT, NL 0.40% Ire db x-trackers DJ Euro STOXX Select Dividend 30 ETF db x-trackers CH, DE, GB, IT 0.30% Lux db x-trackers DJ STOXX Global Select Dividend 100 ETF db x-trackers CH, DE, GB, IT 0.50% Lux ishares DJ STOXX Select Dividend 30 (DE) BGI (Deutschland) AG AT, DE 0.32% Ger Lyxor ETF DJ STOXX Select Dividend 30 Lyxor CH, FR, DE, IT 0.30% Fra ishares Dow Jones U.S. Select Dividend (DE) BGI (Deutschland) AG DE 0.30% Ger ishares Dow Jones Asia Pacific Select Dividend 30 (DE) BGI (Deutschland) AG DE 0.30% Ger EasyETF DJ Islamic Market Titans 100 AXA IM / BNP Paribas CH 0.50% Fra Pow ershares Dynamic US Market Fund Pow ershares DE, FR, GB, IT 0.75% Ire Pow ershares FTSE RAFI Developed Markets ex US Portfolio Pow ershares DE, FR, GB, IT 0.75% Ire Lyxor ETF FTSE RAFI Europe Lyxor DE, FR, GB, IT 0.75% Fra Pow ershares FTSE RAFI Europe Fund Pow ershares DE, FR, GB, IT 0.75% Ire Pow ershares FTSE RAFI Small-Mid Fund Pow ershares DE, FR, GB 0.75% Ire XACT FTSE RAFI Fundamental Euro Xact Fonder AB SE 0.65% Sw ed Lyxor ETF FTSE RAFI Eurozone Lyxor DE, FR, IT 0.75% Fra Pow ershares FTSE RAFI Italy Fund Pow ershares IT 0.75% Ire Lyxor ETF FTSE RAFI Japan Lyxor DE, FR, GB, IT 0.75% Fra XACT FTSE RAFI Fundamental Sw eden Xact Fonder AB SE 0.50% Sw ed Pow ershares FTSE RAFI UK Pow ershares GB 0.75% Ire Lyxor ETF FTSE RAFI US 1000 Lyxor DE, FR, GB, IT 0.75% Fra Pow ershares FTSE RAFI US 1000 Fund Pow ershares DE, FR, GB, IT 0.75% Ire ishares FTSE UK Dividend Plus BGI CH, DE, GB, IT 0.40% Ire Accion IBEX Top Divienddo ETF BBVA Gestion SA SGIIC ES 0.40% Sp SPA MarketGrader 100 SPA ETF Europe Ltd GB, GB$, IT 0.85% Ire SPA MarketGrader 200 SPA ETF Europe Ltd GB, GB$, IT 0.85% Ire SPA MarketGrader 40 SPA ETF Europe Ltd GB, GB$, IT 0.85% Ire SPA MarketGrader Large Cap SPA ETF Europe Ltd GB, GB$, IT 0.85% Ire SPA MarketGrader Mid Cap SPA ETF Europe Ltd GB, GB$, IT 0.85% Ire SPA MarketGrader Small Cap SPA ETF Europe Ltd GB, GB$, IT 0.85% Ire ishares MSCI Emerging Markets Islamic ( listing) BGI GB, GB$, NL 0.85% Ire Lyxor ETF MSCI EMU Grow th Lyxor CH, DE, FR, IT 0.40% Fra Lyxor ETF MSCI EMU Value Lyxor CH, DE, FR, IT 0.40% Fra ishares MSCI USA Islamic ( listing) BGI GB, GB$, NL 0.50% Ire ishares MSCI World Islamic ( listing) BGI GB, GB$, NL 0.60% Ire Pow ershares Dynamic Europe Fund Pow ershares DE, FR, GB 0.75% Ire Pow ershares Dynamic Global Developed Markets Fund Pow ershares DE, FR, GB, IT 0.75% Ire Pow ershares Dynamic UK Fund Pow ershares GB 0.75% Ire Lyxor ETF Wise Quantitative Strategy Lyxor FR 0.75% Fra Pow ershares Global Clean Energy Pow ershares DE, FR, GB, IT 0.75% Ire Source: Deutsche Bank, Bloomberg, Reuters Global Portfolio & Index Strategy 19

20 Deutsche Bank Weekly Guide to ETF Liquidity Trends 6 February 2008 Other ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) ishares Dow Jones Euro STOXX Sustainability 40 (DE) BGI (Deutschland) AG DE 0.40% Ger ishares DJ STOXX 600 Real Estate (DE) BGI (Deutschland) AG DE 0.45% Ger ishares DJ STOXX Americas 600 Real Estate (DE) BGI (Deutschland) AG DE 0.70% Ger ishares DJ STOXX Asia Pacific 600 Real Estate (DE) BGI (Deutschland) AG DE 0.70% Ger B1 - Ethical Index Euro Beta Etfund PLC IT 0.92% Ire ishares FTSE EPRA/NAREIT Asia Property Yield Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.59% Ire ishares FTSE EPRA/NAREIT US Property Yield Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.40% Ire ishares FTSE/EPRA European Property BGI CH, DE, FR, GB, IT, NL 0.40% Ire EasyETF EPRA Eurozone AXA IM / BNP Paribas DE, FR, IT 0.45% Lux ishares FTSE EPRA/NAREIT Global Property Yield Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.59% Ire EasyETF FTSE EPRA Europe AXA IM / BNP Paribas DE, FR 0.45% Lux ishares FTSE EPRA/NAREIT UK Property Fund BGI CH, GB, IT 0.40% Ire Pow ershares Listed Private Equity Pow ershares DE, FR, GB, IT 0.75% Ire SGAM ETF Private Equity LPX50 SGAM FR 0.70% Fra ishares FTSE/Macquarie Global Infrastructure 100 BGI CH, DE, FR, GB, GB$, IT, NL 0.65% Ire Pow ershares Palisades Global Water Fund Pow ershares DE, FR, GB, IT 0.75% Ire Lyxor ETF Privex Lyxor CH, DE, FR, IT 0.95% Fra Lyxor ETF Private Equity (GBP) Lyxor GB, GB$ 0.95% Fra ishares S&P Global Clean Energy BGI CH, DE, FR, GB, GB$, NL 0.65% Ire ishares S&P Global Timber & Forestry BGI GB, GB$, NL 0.65% Ire ishares S&P Global Water 50 BGI CH, DE, FR, GB, GB$, IT, NL 0.65% Ire ishares S&P Listed Private Equity Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.75% Ire EasyETF ASPI Eurozone AXA IM / BNP Paribas FR 0.45% Fra XACT VINX30 Xact Fonder AB SE 0.40% Sw ed Lyxor ETF New Energy Lyxor DE, FR, IT 0.60% Fra Lyxor ETF World Water Lyxor DE, FR, IT 0.60% Fra EasyETF FTSE EPRA NAREIT Global AXA IM / BNP Paribas FR 0.50% Lux Source: Deutsche Bank, Bloomberg, Reuters Other - Managed ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Euro m) SGAM ETF XBear CAC 40 SGAM FR 0.60% Fra SGAM ETF Leveraged CAC 40 SGAM FR 0.60% Fra SGAM ETF Bear CAC 40 SGAM FR 0.60% Fra SGAM ETF Flexible CAC 40-Mini SGAM FR 1.00% Fra SGAM ETF Flexible CAC 40-Size SGAM FR 0.50% Fra db x-trackers SHORTDAX ETF db x-trackers CH, DE, IT 0.40% Lux Lyxor ETF DAXplus Covered Call Lyxor DE, FR, IT 0.40% Lux Lyxor ETF DAXplus Protective Put Lyxor DE, IT 0.40% Lux db x-trackers DJ EURO STOXX 50 SHORT ETF db x-trackers CH, DE, FR, IT 0.40% Lux SGAM ETF Leveraged DJ Euro STOXX 50 SGAM DE, FR 0.60% Fra SGAM ETF XBear DJ Euro STOXX 50 SGAM FR 0.60% Fra SGAM ETF Bear DJ Euro STOXX 50 SGAM FR 0.60% Fra Lyxor ETF Leveraged DJ Euro STOXX 50 Lyxor DE, FR, IT 0.40% Fra SGAM ETF Flex DJ STOXX 50 SGAM FR 0.60% Fra SGAM ETF Flexible FTSEurofirst 80 SGAM FR 0.60% Fra SGAM ETF Flexible FTSEurofirst 80 Size SGAM FR 0.60% Fra SGAM ETF Flexible FTSEurofirst 80 Mini SGAM FR 0.60% Fra Lyxor ETF LevDAX Lyxor DE, FR, IT 0.40% Lux SGAM ETF Leveraged Nasdaq-100 SGAM FR 0.60% Fra Xact - Bear Xact Fonder AB SE 0.60% Sw ed Xact - Bull Xact Fonder AB SE 0.60% Sw ed XACT Derivat Bull Xact Fonder AB NO Nor Source: Deutsche Bank, Bloomberg, Reuters 20 Global Portfolio & Index Strategy