New Record Monthly Inflow into European ETPs (Revised)

Transcription

1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 11 February 2015 New Record Monthly Inflow into European ETPs (Revised) Contributors Ari Rajendra Strategist (+44) Correction to last paragraph on Page 5. January European ETP Highlights As of the end of January 2015, global ETP assets were at $2.6 trillion. In January, European ETPs registered a record cash flow of bn (+ 130mn in the prev. month). Equity and fixed income ETFs were the major contributors of inflows receiving + 7.1bn and + 4.6bn respectively. ETPs tracking commodities experienced 0.7bn of net inflows in January supported by demand in gold and crude oil focused ETFs. During this month, the proportion of ETF trading versus cash equities trading rose in Europe (9.6% in Jan 15 vs. 9.4% in Dec 14) while declined in US (28.1% in Jan 15 vs. 28.5% in Dec 14). European Equities were preferred over US equities in January January saw a change in trend from the previous three months where European equities were favoured over US equities based on flows observed into European ETPs. This is evident from the net inflows of + 6bn into European equities as compared to + 889mn for US equities. A similar preference was also seen for US listed ETPs. 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 Significant inflows into UK equities, German equities and Financials Although a large portion of cash inflows went into broad based European indices, UK and German equities were also a major investment target for European ETF investors where we observed + 935mn and 514m inflows respectively. In the sector space, Financials was the standout recipient of inflows amongst all sectors. Dividend ETFs were also popular in January The low bond yield environment has led to further allocation into Dividend based strategies. Dividend based ETFs accumulated over + 600mn of cash inflows in January. This is a great start to the year considering the total inflow in Dividend ETFs for all of 2013 and 2014 was just over + 2bn each year. Corporate and Sovereign bonds dominated fixed income ETP flows Corporate and sovereign bonds were most popular in the fixed income space attracting + 2.2bn and + 1.8bn respectively. Despite the QE announcement which has helped boost flows into both of these categories within the European bond space, we also saw significant flows into European listed ETPs with exposure to US Treasuries and $ Corporate Bonds. 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... 5 Product Launch Activity... 5 Other regions cash flow summary Investment Trends... 7 Cross-Asset Class ETPs... 7 Equity ETFs... 7 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 European ETPs receives all time record monthly inflow of bn 2015 has started strongly for European ETPs with record inflows of bn in January. In contrast, US ETPs experienced - 4.2bn of outflows for the same month. In Europe, Equities and Fixed Income asset class received + 7.1bn and + 4.6bn of inflows respectively. Figure 1 highlights the significance of this month inflows compared to monthly flows over the last three years. The highest inflow prior to Jan 2015 was c.+ 6bn in mid-2014, which was approximately half of this month s net inflow. Figure 1: Net Monthly inflows into European ETPs Monthly Cashflows ( mn) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - (2,000) (4,000) (6,000) European ETP Flows Source: Deutsche Bank, Bloomberg Finance LP, Reuters European equities were preferred over US equities in January Taking a closer look into equities asset class, there has been a clear change in preference towards European equities (+ 6bn) over US equities (+ 889mn) which may have been boosted by the announcement of QE by the ECB recently. This is a significant change when compared to the trend in the three months ending Dec 2014 where the flows were heavily skewed towards US equities (Figure 2). A similar regional preference was also observed for US listed ETPs in January. Figure 2: Monthly inflows into European ETPs with exposure to European and US equities 8,000 6,000 Monthly Flows ( mn) 4,000 2,000 - (2,000) (4,000) (6,000) 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 Europe US Source: Deutsche Bank, Bloomberg Finance LP, Reuters Deutsche Bank AG/London Page 3

4 Significant inflows into UK and German equities We found that the majority of the inflows were channelled into broad and large cap European ETFs tracking indices such as Euro STOXX 50, MSCI EMU and MSCI Europe. Our flow numbers suggest that + 3.2bn went into ETFs tracking broad European indices. From a country perspective, the UK and Germany were the largest recipients of inflows receiving + 934mn and + 514mn respectively. It also worth noting that we saw a net inflow of + 267mn into Swiss equities despite the Swiss National Bank lifting the peg on CHF-EUR which had resulted in a sell-off in the Swiss equity market. Financials was the standout sector by ETF inflows From a sector perspective, Financials was the standout sector receiving + 538mn of inflows while the next highest was the Energy sector with inflows of + 158mn. This may be a case of investors taking the opportunity to buy energy stocks which are trading at relatively low levels. Utilities and Industrials were the only sectors that had experienced outflows in January. Dividend ETFs were also popular in January The low bond yield environment has led to further allocation into Dividend based strategies. Dividend based ETFs accumulated over + 600mn of cash inflows in January. This is a great start to the year considering the total inflow in Dividend ETFs for all of 2013 and 2014 was just over + 2bn each year. Figure 3: Yearly net cash flows into European listed Dividend ETFs Cash Flows ( mn) * Europe listed Dividend ETFs 549 1, ,421 2,224 2, * As of 30th Jan 2015 Source: Deutsche Bank, Bloomberg Finance LP, Reuters The most popular products for the month of January are listed in Figure 4 below. DB SYNDEX recently published a comprehensive Equity Income report 1 which looks into how various dividend strategies behaved through separate market regimes by analysing the commonly used dividend screens. This report is aimed to help guide the investor to understand the product they are investing in. Figure 4: Top 5 Dividend ETFs by net inflows for January 2015 Ticker Name TER Net Flow ( m) AUM ( m) IWDP LN ishares Developed Markets Property Yield UCITS ETF 0.59% ,800 SPYD GY SPDR S&P US Dividend Aristocrats ETF 0.35% ,097 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% Source: Deutsche Bank, Bloomberg Finance LP Corporate and Sovereign bonds dominated fixed income ETP flows Corporate and sovereign bonds were most popular in the fixed income space attracting + 2.2bn and + 1.8bn respectively. Despite the QE announcement which has helped boost flows into both of these categories within the European bond space, we also saw significant flows into European listed ETPs with exposure to US Treasuries and $ corporate bonds. 1 DB SYNDEX: DIVinci Code: Dividend and Income Investing Unraveled Ari Rajendra, Mehmet Beceren Page 4 Deutsche Bank AG/London

5 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 2 as a percentage of the region s cash equities turnover 3, increased to 9.6% (from 9.4% in Dec 14) as of the end of January The equivalent number for the US market decreased to 28.1% over the same period (from 28.5% in Dec 14). European ETFs comprised 3.2% of the continent s mutual fund industry as of November European domiciled ETFs registered inflows of + 4.1bn through November 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 14.6% of the mutual fund industry as of the end of December US domiciled ETFs registered inflows of +$51.5bn in December 2014, while US mutual funds registered outflows of -$47bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in January: 14 new launches dominated by equities The European ETP industry registered 14 new product launches during January including 9 equity and 5 fixed income ETFs. ETF launches: Smart Beta products keeps on increasing Equity BlackRock listed four quantitative strategy based equity ETFs tracking Europe s Size (IESZ LN), Quality (IEFQ LN), Momentum (IEFM LN) & Value (IEFV LN) strategies respectively. These ETFs were listed on the London Stock Exchange. Further, Blackrock listed an equity ETF during January providing exposure to MSCI IMI USA Liquid Real Estate Index. This ETF was listed on the Deutsche Borse. Source listed a two strategy based equity ETF tracking Risk-Based European Equity Index (REQR LN) and Goldman Sachs Equity Factor Index Europe Net TR (SMLU GY) respectively. These ETFs were listed on the London Stock Exchange and Deutsche Borse respectively. Nomura, a Japanese ETF provider, made its debut into the European ETF market by launching an equity ETF on the London Stock Exchange providing exposure to Nikkei 225 Index (EUR and USD hedged). Lyxor listed an equity ETF (MSEU LN 4 ) tracking Euro Stoxx 50 Index (USD hedged). This ETF was listed on the London Stock Exchange. Fixed Income Deutsche AWM 5 launched three fixed income ETFs on the Deutsche Borse last month. One ETF tracks the performance of Markit iboxx EUR Liquid High Yield Index (XHYG GY) while another tracks the Markit iboxx EUR Liquid High Yield 1-3 Index (XHY1 GY). Third ETF provides exposure to short term Euro liquid high yields bonds (XHYS GY). 2 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 3 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg 4 ETF ticker corrected from FINE FP to MSEU LN in this revised issue. 5 ETF provider name corrected from UBS to Deutsche AWM in this revised issue. Deutsche Bank AG/London Page 5

6 Blackrock launched two fixed income ETFs on the London Stock Exchange with one ETF providing exposure to 20+yrs US treasuries and another ETF to 20+yr Euro government bonds. For additional information on new product launches and listings please refer to Figure 64. Other regions cash flow summary US: Fixed income registered strong inflows, equities saw outflows US domiciled ETPs started the year with net outflows of -$4.2bn (+$51.6bn in Dec 14) during January. Fixed income ETFs took the lead with +$8bn (+$3.3bn in Dec 14) of positive flows. Equity ETFs flows went into negative territory with outflows of -$15.8bn. Commodity ETPs registered healthy inflows of +$3.6bn supported by demand in gold and crude oil focused ETFs. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$6.9bn), Style (+$4.1bn) and Strategy (+$2.8bn), Size (-$30.7bn). Sub-segments: Europe DM broad (+$3.6bn), Quantitative (+$2.3bn), US (+$2.1bn), Healthcare (+$2.1bn), Dividend (+$1.9bn), Global DM broad (+$1.6bn), Energy (+$1.3bn), Value (+$1.3bn), Large caps (-$31.2bn), Financials (-$2.2bn) and Global EM broad (-$1.4bn). Within fixed income, corporate, sovereign and broad indices benchmarked ETFs registered inflows of +$3.6bn, +$2.1bn and +$1.1bn respectively over the last month. Among commodity ETPs, gold and crude oil based ETPs registered inflows of +$2.3bn and +$1.8bn respectively. Asia: Japan ETFs shine while China ETFs continue to recede, Fixed income ETFs gain traction In January, Asia-Pacific ETPs registered close to +$420mn of inflows driven by fixed income ETFs registering +$1.4bn in new money, partially offset by outflows from equity ETFs (-$1.2bn). Fixed income ETF flows were primarily contributed by one product (Yinhua Traded Money Market Fund CH) collecting +$1.2bn of inflows. In contrast to January flows, Asia-Pac listed ETPs recorded healthy inflows of +$6.8bn in December Within equity, China focused ETFs continue to see outflows and recorded -$4.2bn in net redemptions (-$1.9bn in Dec 14). These outflows were offset by Japan and Korea focused ETFs (to some extent) witnessing positive flows of +$2.3bn and +$0.8bn respectively. Among other equity segments, financial sector and leveraged long strategy ETFs saw major activity registering inflows of +$211mn and outflows of -$459mn respectively. Within commodities, crude oil based ETPs attracted +$259mn of new money amid falling oil prices. Probably, investors are buying these ETPs in expectation of rise in oil prices in future. Page 6 Deutsche Bank AG/London

7 1. Investment Trends6 Cross-Asset Class ETPs Figure 5: Cash flows by asset class 2014 ETPs Europe millions 50,000 40,000 30,000 20,000 10, ,000 Figure 6: Cash flows by asset class Month ETPs Europe millions 14,000 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 7: Top 3 aggregate equity segments 2014 ETFs Europe millions 25,000 20,000 15,000 10,000 5,000 - (5,000) Figure 8: Top 3 aggregate equity segments Month ETFs Europe millions 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) Developed Markets Strategy Sector Developed Markets Emerging Markets Sector 6 Investment trends as expressed by cumulative monthly and 2014 cash flows Deutsche Bank AG/London Page 7

8 Figure 9: Top 3 DM countries 2014 ETFs Europe Figure 10: Top 3 DM countries Month ETFs Europe 20,000 2,000 millions 15,000 10,000 5, ,000 millions 1,500 1, , US Germany Japan UK Germany US Figure 11: Top 3 DM regions 2014 Figure 12: Top 3 DM regions Month ETFs Europe ETFs Europe 7,000 4,000 6,000 3,500 millions 5,000 4,000 3,000 2,000 1,000 - millions 3,000 2,500 2,000 1,500 1,000 (1,000) 500 (2,000) - Europe Global Asia Pacific Europe Global North America Figure 13: Top 3 EM countries 2014 Figure 14: Top 3 EM countries Month 1,200 ETFs Europe 300 ETFs Europe 1, millions millions China Taiwan Turkey China India Taiwan Page 8 Deutsche Bank AG/London

9 Figure 15: Top 3 EM regions 2014 Figure 16: Top 3 EM regions Month ETFs Europe ETFs Europe 3, ,500-2,000 1,500 millions 1, (500) millions (100) (200) (300) (400) (500) (600) (700) (1,000) (800) (1,500) (900) Global Asia Pacific Europe Global Europe Asia Pacific Figure 17: Top 3 sectors 2014 Figure 18: Top 3 sectors Month 3,500 ETFs Europe 900 ETFs Europe millions 3,000 2,500 2,000 1,500 1, millions (500) (100) Financials Healthcare Energy Financials Energy Information Technology Figure 19: Top 3 strategy segments 2014 ETFs Europe millions 4,000 3,500 3,000 2,500 2,000 1,500 1, (500) Figure 20: Top 3 strategy segments Month ETFs Europe millions (100) (200) (300) Quantitative Fundamental Short Quantitative Leveraged Long Leveraged Short Deutsche Bank AG/London Page 9

10 Fixed Income ETFs Figure 21: Top 3 aggregate fixed income segments 2014 ETFs Europe 25,000 20,000 millions 15,000 10,000 5,000 0 Figure 22: Top 3 aggregate fixed income segments Month ETFs Europe millions 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Corporates Sovereign Overall Corporates Sovereign Overall Commodity ETPs Figure 23: Top 3 aggregate commodity segments 2014 ETPs Europe 1, Figure 24: Top 3 aggregate commodity segments Month ETPs Europe 1, millions ,000-1,500-2,000 millions Precious Metals Overall Energy Energy Precious Metals Industrial Metals Figure 25: Top 5 commodity sub-segments 2014 ETPs Europe 1, Figure 26: Top 5 commodity sub-segments Month ETPs Europe 1, millions ,000-1,500-2,000 millions Gold Crude Oil Commodity Overall Agriculture Overall Coffee Crude Oil Silver Commodity Overall Agriculture Overall Gold Page 10 Deutsche Bank AG/London

11 2. Market Metrics ETF Industry Asset Evolution Figure 27: Global ETP regional asset growth ETPs Global 3,000 4,500 $ billion 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, Number of ETPs ** Asia Pacific ($) Europe ($) US ($) , , , , ,957.8 US, Europe & Asia Pacific ($) , , , , , , ,639.6 Europe ( ) Number of ETPs* ,213 1,666 2,042 2,582 3,128 3,502 3,713 3,993 3,993 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 28: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global $ 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 , , , , , ,555.2 Total , , , , , , ,639.6 Number of ETPs* ,213 1,666 2,042 2,582 3,128 3,502 3,713 3,993 3,993 - *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 Figure 29: 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 ($) , , , ,895.9 US, Europe & Asia Pacific ($) , , , , , ,555.2 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,233 2,700 3,004 3,183 3,457 3,457 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: European ETF asset growth by asset class ETFs Europe 450,000 1, , ,000 1,200 million 300, , , , , Number of ETFs 50, ** Other ,078 1,995 1,549 1,620 1,516 1,410 1,534 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,617 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,169 94,089 Equity 15,532 21,815 37,907 57,029 70,776 65, ,59 147,53 139,72 171,52 210,35 261,59 293,32 Total 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,58 403,57 Number of ETFs* ,053 1,215 1,319 1,350 1,418 1,417 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London

13 Figure 31: 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 1,079 1,712 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,580 3,737 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 26,740 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 33,693 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 32: European ETPs (ETF & ETC) asset growth ETPs Europe 450,000 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 16,822 19,501 ETFs 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,58 403,57 Total 16,332 24,340 43,326 69,313 90, ,21 170,00 230,89 229,64 280,06 302,24 379,40 423,07 Number of ETPs ,332 1,565 1,757 1,794 1,869 1,868 - *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 ETFs vs. Cash Equities Figure 33: 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 34: ETFs vs. cash equities turnover European market ETFs Europe 1, % billion % 8.0% 6.0% 4.0% 2.0% 0.0% ETFs vs cash equities Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 14 Deutsche Bank AG/London

15 Figure 35: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-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 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 70, , % 1,718,582 6,112, % 2.9x 8.3x 24.4x Period 2,888,713 42,936, % 96,939, ,624, % 4.1x 8.4x 34.5x 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 ,362 7,727, % 17,900,144 71,559, % 3.2x 9.3x 30.1x Total , , % 1,718,582 6,112, % 2.9x 8.3x 24.4x 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 ETFs vs. Unlisted Mutual Funds Figure 36: European ETP vs mutual fund assets ETPs Europe % ETP AUM ( billion) % 3.1% 2.9% 2.7% 2.5% 2.3% 2.1% 1.9% 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 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% 1.7% *Data as of Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 37: 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 Aug-14 Sep-14 Oct-14 Nov-14 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Page 16 Deutsche Bank AG/London

17 Figure 38: US ETP vs mutual fund assets ETPs US 2, % 15.7% 2, % ETP AUM ($ billion) 1,500 1, % 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 Q4-14 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 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% 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% 1.7% Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 39: 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 Sep-14 Oct-14 Nov-14 Dec-14 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Deutsche Bank AG/London Page 17

18 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 40: Historical Composition by ETF Structure ETFs Europe Number of ETFs AUM ( billion) Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 41: European AUM ETF market historical asset class analysis by replication technique ETFs Europe Physical Synthetic Physical Synthetic Physical Synthetic AUM ( million) Jan-15 Equity 135,822 74, ,495 73, ,022 78,306 Fixed Income 45,672 14,773 67,114 19,062 73,587 20,502 Commodity 10,892 3,620 10,027 3,385 11,081 3,536 Others 352 1, , ,126 Total 192,737 94, ,980 96, , ,471 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 18,302-3,209 22,993 3,072 6, Fixed Income 7, ,880 3,265 3,545 1,024 Commodity -4, , Others Total 21,764-3,810 38,263 6,398 9,557 1,910 Page 18 Deutsche Bank AG/London

19 Figure 42: European ETF AUM by replication method ETFs Europe Figure 43: European ETF flows by replication method ETFs Europe Jan , ,471 Jan-15 9,557 1, ,557 1, ,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 44: European ETFs product count by replication method ETFs Europe Figure 45: European Equity ETFs AUM by replication method ETFs Europe Jan Jan ,022 78, ,495 73, ,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 46: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 47: European Commodity ETFs AUM by replication method ETFs Europe Jan-15 73,587 20,502 Jan-15 11,081 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 Industry Growth Analysis Figure 48: 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-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 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% 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% 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% 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% 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% -4.0% Figure 49: 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-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-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% 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% 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% 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% 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% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% ETF asset price growth contribution (Line) Page 20 Deutsche Bank AG/London

21 Figure 50: European ETF Industry growth attribution ETFs Europe ETF cash flows growth contribution (Bars) 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -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 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% 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% 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% 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% 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% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% ETF asset price growth contribution (Line) Figure 51: European ETC Industry growth attribution ETCs Europe 8.0% 20.0% ETC cash flows growth contribution (Bars) 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% ETC asset price growth contribution (line) -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-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% 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% 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% 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% -20.0% Deutsche Bank AG/London Page 21

22 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 52: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Jan-15 Dec-14 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity -15,773 8,212 7,116-1,240-8,801 47,811-1,322-1,033 5,067 51,556-15,773 8,212 7,116-1,240-8,801 Fixed income 7,968 5,325 4,569 1,423 14,716 3,295 1,599 1,297 1,607 6,501 7,968 5,325 4,569 1,423 14,716 Commodity Currency Multi Asset Alternative Total -7,875 13,280 11, ,824 51, ,825 58,373-7,875 13,280 11, ,824 ETCs/ETVs Commodity 3,570 1, , ,570 1, ,645 Currency Alternative Total 3,674 1, , ,674 1, ,725 ETPs Equity -15,773 8,212 7,116-1,240-8,801 47,811-1,322-1,033 5,067 51,556-15,773 8,212 7,116-1,240-8,801 Fixed income 7,968 5,325 4,569 1,423 14,716 3,295 1,599 1,297 1,607 6,501 7,968 5,325 4,569 1,423 14,716 Commodity 3, , , ,651 Currency Multi Asset Alternative Total -4,201 14,330 12, ,549 51, ,818 58,504-4,201 14,330 12, ,549 Asset Class Cash Flow Analysis Figure 53: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Jan-15 Dec-14 YTD All figures in million Beta Beta+ Developed Markets 6, , , ,156 Emerging Markets -1, ,232-1, ,719-1, ,232 Global Markets Sector Capitalization Strategy Style Thematic Total equities 7, ,116-1, ,033 7, ,116 Alpha Total Page 22 Deutsche Bank AG/London

23 Figure 53A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector 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 Dividend Growth Value Thematic Commodities Faith Other Theme Sustainability Total 2, , , ,217 Jan-15 Dec-14 YTD Alpha Total Deutsche Bank AG/London Page 23

24 Figure 53B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe 4, , , ,885 Austria Belgium Finland France Germany , , Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad 3, ,222 1, ,368 3, ,222 Americas , , US , , Canada North America Asia Australia Hong Kong Japan Singapore Asia Pacific broad Global Broad indices DM Total 6, , , ,156 Jan-15 Dec-14 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 53C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Jan-15 Dec-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 Global EM Total -1, ,232-1, ,719-1, ,232 Total (EM + DM) 4, , , ,924 Alpha Total Figure 54: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Jan-15 Dec-14 YTD All figures in million Beta Beta+ Overall Corporates 2, , , ,179 Covered Bonds Credit Exposure Sovereign 1, , , ,823 Money Market Total Fixed Income 4, ,569 1, ,303 4, ,569 Alpha Total Deutsche Bank AG/London Page 25

26 Figure 55: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Jan-15 Dec-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 Page 26 Deutsche Bank AG/London