Fixed Income ETFs dominate cash flows in Europe

Transcription

1 Deutsche Bank Research Europe Synthetic Equity & Index Strategy Europe Monthly ETF Market Review Date 7 October 2013 Fixed Income ETFs dominate cash flows in Europe Data in this report is as of 30 September 2013 Global Summary Markets across the globe reacted positively in September after Federal Reserve s surprise decision to continue with the $85bn monthly bond buying program. Global ETP AUM was favourably impacted by this and rose by $105bn to $2.1 trillion (+14.1% YTD) last month. The European ETP industry ended the month at 289.2bn, +3.2% year-to-date. Global ETP industry observed very strong monthly cash flows recording +$34.1bn of inflows in September. US domiciled ETFs remain major contributor receiving +$32.4bn of positive flows, followed by Europe with +$1.6bn and Asia with negligible flows. Inflows were seen across the board, except commodities, primarily in equities (+$28.1bn) and fixed income (+$6.7bn). Contributors Ari Rajendra Strategist (+44) ari.rajendra@db.com Sebastian Mercado Strategist (+1) sebastian.mercado@db.com Shan Lan Strategist (+852) shan.lan@db.com European cash flow summary Europe: Another 1bn+ mark for fixed income ETFs, equities moderate and commodities recede European domiciled ETPs witnessed positive cash flows in September recording + 1.2bn of inflows. Fixed income ETFs had the largest share in total flows registering + 1.2bn of inflows followed by equity ETFs (+ 0.3bn), while commodity ETPs experienced outflows of - 0.3bn. Within equity segments, developed markets (DM) and emerging markets (EM) ETFs remain largest movers of the month although in opposite directions. DM ETFs saw close to - 1bn of redemptions while EM ETFs recorded positive flows for the first time since Jan 13 with + 0.4bn of inflows. Similar to previous month, strategy (+ 0.3n), capitalization (+ 0.2bn) and sector (+ 0.2bn) segments had a positive month in terms of cash flows. Fixed income ETFs collected healthy inflows of + 1.2bn in September, surpassing + 1bn monthly inflows mark for the third occurrence in Prior to this fixed income ETFs recorded inflows of + 1bn in January and + 1.7bn in April this year. ETFs tracking sovereign bonds had the lion s share collecting + 1.1bn in cash flows, followed by corporate bonds benchmarked ETFs with + 0.2bn inflows. Commodity ETPs continue to shrink and recorded outflows of - 0.3bn over the month of September taking YTD total to - 7.9bn. Gold ETPs led the commodity outflows with - 0.4bn of withdrawals (- 7.5bn YTD). After 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.MICA(P) 054/04/2013.

2 Cash flows ( mn) 7 October 2013 monthly gains for two consecutive months (+6.9% in Jul 13 and 6.84% in Aug 13), gold prices fell in September (-4.73%), resulting in another month of outflows for gold ETP. Figure 1: DM vs. EM Equity ETF Monthly Cash flows ETFs Europe 4,000 3,000 EM DM 2,000 1,000 - (1,000) (2,000) Other regions cash flow summary US: Equity and fixed income ETFs make strong come back US domiciled ETPs witnessed strong monthly cash flows during September with +$32.4bn of inflows. Reversing previous month s trend, equities with majority share collected +$27.5bn in new money and fixed income collected +$5.2bn. Commodity ETPs continued its negative trend and totalled -$0.5mn of outflows. Within equities, cash inflows were witnessed across the board in September. Primary drivers of the month were ETFs providing exposure to large caps (+$9.1bn), broad global EM (+$4.8bn), broad Europe DM (+$3.5bn), small caps (+$2.7bn), commodity theme (+$2bn), industrials sector (+$1.2bn), and Japan (+$1.2bn). Leveraged long strategy (-$1.4bn) and mid caps (-$1.4bn) ETFs were among the largest cash outflows sub-segments. Fixed income ETFs recorded cash inflows of +$5.2bn over the month of September. On a segment level, largest movement observed in sovereign and corporate bond ETFs receiving +$2.8bn and +$2.7bn inflows respectively. Outflows from commodity ETPs were mainly driven by redemptions from gold ETPs. In total -$0.6bn of outflows recorded by gold ETPs taking YTD total to - $23.1bn. Asia: Overall fund flows flat, Japan and South Korea focused ETFs witness healthy inflows Last month, Asia-Pacific ETP market observed negligible flows (+$12mn) and the YTD monthly flows average remains at +$1.4bn (+$13bn YTD in total flows). Equity ETFs collected inflows of +$240mn and majority of that offset by outflows from fixed income ETFs (-$224mn). Within equity, on segment level, developed market (DM) benchmarked ETFs led the tally receiving inflows of +$1.3bn, while strategy based ETFs experienced -$1.2bn Page 2 Deutsche Bank AG/London

3 of withdrawals. On a sub-segment level, major inflows were recorded by ETFs providing exposure to Japan (+$1.4bn), South Korea (+$0.7bn), healthcare sector (+$0.1bn) and financial sector (+$0.1bn). Leveraged long strategy ETFs saw significant outflows (-$1.5bn) followed by ETFs focused on Taiwan (-$0.4bn), China (-$0.4bn) and Hong Kong (-$0.2bn). Fixed income ETFs recorded -$224mn of outflows in September. Among fixed income ETFs, sovereign ETFs experience largest outflows of -$252mn. Deutsche Bank AG/London Page 3

4 Table Of Contents Global Summary... 1 European cash flow summary... 1 Other regions cash flow summary Top ETF investment trends for the month... 5 ETF Comparatives: Mutual Funds, cash equity turnover... 6 Product Launch Activity 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 4 Deutsche Bank AG/London

5 Cash flows ( mn) 7 October Top ETF investment trends for the month EM equities rebound while DM equities experience withdrawals All the major European equity indices rallied over the month of Sep 13 following Federal Reserve s announcement to continue $85bn-a-month bond buying program: Euro Stoxx 50 [+6.31%], DAX [+6.06%], CAC [+5.33%] and FTSE 100 [+0.77%]. European equity ETFs closed the month with + 267mn of cash inflows. At segment level, emerging markets benchmarked ETFs were the largest beneficiary bringing in + 408mn of new money while developed markets (DM) ETFs saw outflows of - 987mn. Strategy, capitalization, sector and style ETFs witnessed positive cash flows recording + 303mn, + 201mn, + 169mn and + 108mn of inflows respectively. Within EM, inflows were primarily contributed by global broad and China focused ETFs with + 157mn and + 143mn flows. Among DM benchmarked ETFs, Germany focused ETFs saw significant redemptions of - 1.6bn, followed by France (- 130mn). In the meanwhile, ETFs providing exposure to Europe DM broad, UK and Japan received inflows of + 491mn, - 220mn and + 136mn respectively. Among other equity segments, leveraged short, dividend, small caps and industrials sector ETFs collected inflows of + 177mn, + 163mn, + 158mn and + 115mn respectively. Investors took money out of leveraged long ETFs with - 102mn of outflows. Fixed income ETFs record healthy cash flows Fixed income ETFs amassed above 1bn monthly inflows for the third time this year recording + 1.2bn flows for September. Fixed income flows were driven by sovereign bonds benchmarked ETFs collecting + 1.1bn monthly flows. Corporate bonds based ETFs also received + 228mn of cash flows. Figure 2: Fixed Income ETF Monthly Cash flows ETFs Europe 2,000 1,500 1, (500) (1,000) Deutsche Bank AG/London Page 5

6 Outflows from commodity ETPs continued for eighth consecutive month Cash outflows continued from commodity ETPs for the eighth consecutive month with - 333mn of cash flows during September (- 0.2bn in Aug 13, - 1.2bn in Jul 13, - 1.8bn in Jun 13, - 1.9bn in May 13, - 1bn in Apr 13, - 0.8bn in Mar 13 and - 0.9bn in Feb 13). Gold ETPs lost - 0.4bn in cash outflows amid sharp fall in gold prices over the last month. ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 6.4% (from 6.9% in Aug 13) as of the end of September The equivalent number for the US market decreased to 25.5% for the same period (from 25.6% in Aug 13). European ETFs comprised 2.8% of the continent s mutual fund industry as of July European domiciled ETFs registered inflows of + 3.2bn through July 2013, 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 12.4% of the mutual fund industry as of the end of August US domiciled ETFs registered outflows of -$18.3bn in August 2013, while US mutual funds registered outflows of -$17.9bn 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: Maximum number of listings since January 2013 The European ETP industry registered 27 new product launches during September including 15 equity, 11 fixed income and one commodity ETF. European region witnessed the highest number of listings in September since January 2013 when total product launch count was 35. ETF launches: Launches across major asset classes, Equities led the tally Equity Deutsche Bank launched three equity ETFs on the Deutsche Borse. These ETFs are benchmarked to MSCI s World monthly Euro Hedged, Nordic and Turkey indices respectively. Lyxor listed three equity ETFs on the NYSE Euronext Paris. These ETFs provide exposure to European equities distributing high level dividends, US with EUR hedging and Poland respectively. Blackrock listed two equity ETFs tracking MSCI EMU Mid Cap and MSCI EMU Large Cap indices respectively. These ETFs were listed on the London Stock Exchange. BNP Paribas launched two equity ETFs benchmarked to S&P 500 and STOXX Europe 600 indices respectively. These ETF were listed on the NYSE Euronext Paris. 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 Source launched two fundamental strategy based equity ETFs on the London Stock Exchange. These ETFs focus on Europe ex- UK and Asia ex-japan regions respectively. Nordea Investment Funds entered the European ETF market with the launch of two actively-managed equity ETFs. One of these ETFs provide exposure to emerging markets equities while the other tracks equities with stable returns. These ETFs were listed on the Stockholm Stock Exchange. HSBC listed one equity ETFs providing exposure to the MSCI AC Far East Ex Japan Index. This ETF was listed on the Deutsche Borse. Fixed Income Deutsche Bank launched six fixed income ETFs on the Deutsche Borse. Among these, five ETFs focused on sovereign bonds from Eurozone, Italy (1-3Y & 3-5Y) and Spain (1-3Y & broad) respectively. One ETF provides exposure to Canadian money markets. Blackrock listed two corporate bond ETFs on the London Stock Exchange. One focuses on USD bonds and the other focuses on EUR bonds. Lyxor and Amundi each launched one fixed income ETF on the NYSE Euronext Paris. These ETFs are benchmarked to MTS Italy Government and Markit iboxx EUR Liquid High Yield 30 Ex-Financial Indices respectively. Strate Street GA listed one fixed income ETF providing exposure to short term high yield US corporate bonds. Commodity Ossiam listed one broad commodity ETF on the Deutsche Borse tracking Risk Weighted Enhanced Commodity ex-grains Index. For additional information on new product launches and listings please refer to Figures 62 to 65. Deutsche Bank AG/London Page 7

8 millions millions 7 October Investment Trends3 Cross-Asset Class ETPs Figure 3: Cash flows by asset class YTD 20,000 ETPs Europe Figure 4: Cash flows by asset class Month 2,500 ETPs Europe 15,000 2,000 10,000 1,500 millions 5,000 millions 1, , , Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 5: Top 3 aggregate equity segments YTD ETFs Europe 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - (2,000) (4,000) (6,000) Figure 6: Top 3 aggregate equity segments Month ETFs Europe 1, (200) (400) (600) (800) (1,000) (1,200) Developed Markets Emerging Markets Style Developed Markets Emerging Markets Strategy 3 Investment trends as expressed by cumulative monthly and year-to-date (YTD) cash flows Page 8 Deutsche Bank AG/London

9 millions millions millions millions millions millions 7 October 2013 Figure 7: Top 3 DM countries YTD ETFs Europe Figure 8: Top 3 DM countries Month ETFs Europe 10,000 8,000 6,000 4, , ,000-4,000-1,000-1,500-2,000 US Japan Germany Germany UK Japan Figure 9: Top 3 DM regions YTD Figure 10: Top 3 DM regions Month ETFs Europe ETFs Europe 2, ,500 1, (500) (1,000) (1,500) (2,000) (2,500) (100) (200) Global Europe Asia Pacific Europe Global Asia Pacific Figure 11: Top 3 EM countries YTD Figure 12: Top 3 EM countries Month 600 ETFs Europe 300 ETFs Europe , ,200 0 China Russia Brazil China Russia South Korea Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 7 October 2013 Figure 13: Top 3 EM regions YTD Figure 14: Top 3 EM regions Month ETFs Europe ETFs Europe 1, , (500) (1,000) 100 (1,500) (2,000) (2,500) (3,000) 50 - (50) (3,500) (100) Global Asia Pacific Latin America Global Europe Asia Pacific Figure 15: Top 3 sectors YTD Figure 16: Top 3 sectors Month 1,000 ETFs Europe 200 ETFs Europe (50) (200) (100) Financials Industrials Healthcare Industrials Healthcare Materials Figure 17: Top 3 strategy segments YTD ETFs Europe 1,200 1, (200) (400) (600) (800) (1,000) Figure 18: Top 3 strategy segments Month ETFs Europe (100) (200) Leveraged Long Quantitative Leveraged Short ource: Deutsche Bank, Bloomberg Finance LP, Reuters. Fundamental Leveraged Short Leveraged Long Page 10 Deutsche Bank AG/London

11 millions millions millions millions millions millions 7 October 2013 Fixed Income ETFs Figure 19: Top 3 aggregate fixed income segments YTD ETFs Europe 7,000 6,000 5,000 4,000 3,000 2,000 1, ,000-2,000 Figure 20: Top 3 aggregate fixed income segments Month ETFs Europe 1,600 1,400 1,200 1, Sovereign Overall Money Market Sovereign Corporates Money Market Commodity ETPs Figure 21: Top 3 aggregate commodity segments YTD ETPs Europe 1, ,000-2,000-3,000-4,000-5,000-6,000-7,000-8,000-9,000 Figure 22: Top 3 aggregate commodity segments Month ETPs Europe Precious Metals Overall Energy Precious Metals Overall Agriculture Figure 23: Top 5 commodity sub-segments YTD ETPs Europe 1, ,000-2,000-3,000-4,000-5,000-6,000-7,000-8,000-9,000 Figure 24: Top 5 commodity sub-segments Month ETPs Europe Gold Commodity Overall Silver Copper Industrial Metals Overall Gold Commodity Overall Coffee Silver Industrial Metals Overall Deutsche Bank AG/London Page 11

12 $ billion Number of ETPs $ billion Number of ETPs 7 October Market Metrics ETF Industry Asset Evolution Figure 25: Global ETP regional asset growth ETPs Global 2,500 2,000 4,000 3,500 3,000 1,500 1, ,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , ,543.7 US, Europe & Asia Pacific ($) , , , , ,098.7 Europe ( ) Number of ETPs* ,213 1,668 2,042 2,590 3,134 3,507 3,654 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 26: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 2,500 2,000 4,000 3,500 3,000 1,500 2,500 2,000 1, ** ETCs ETVs ETFs , , , ,997.7 Total , , , , ,098.7 Number of ETPs* ,213 1,668 2,042 2,590 3,134 3,507 3,654 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London

13 million Number of ETFs $ billion Number of ETFs 7 October 2013 Figure 27: Global ETF regional asset growth ETFs Global 2,500 2,000 3,500 3,000 2,500 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , ,467.3 US, Europe & Asia Pacific ($) , , , ,997.7 Europe ( ) Number of ETFs* ,116 1,483 1,803 2,241 2,706 2,978 3,107 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 28: European ETF asset growth by asset class ETFs Europe 300,000 1, , , , ,000 1, , ** Other ,722 1,309 1,282 1,041 Commodity ,725 2,314 3,591 10,570 19,310 23,057 26,152 17,111 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 58,551 Equity 15,532 21,815 37,907 57,029 70,873 65, , , , , ,630 Total 16,332 23,849 42,249 69,124 86,930 99, , , , , ,334 Number of ETFs* ,060 1,220 1,324 1,336 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 million Number of ETPs million Number of ETPs 7 October 2013 Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50, ,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1,093 1,010 Energy ,918 2,056 1,494 1,547 1,485 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,917 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 27,344 Total ,914 5,475 8,712 22,395 38,612 44,610 52,475 34,606 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: European ETPs (ETF & ETC) asset growth ETPs Europe 350,000 2, , ,000 1, ,000 1, , ,000 50, ** ETCs ,077 1,512 3,161 5,121 11,847 19,521 21,587 26,581 17,832 ETFs 16,332 23,849 42,249 69,124 86,930 99, , , , , ,334 Total 16,332 24,340 43,326 70,636 90, , , , , , ,165 Number of ETPs ,339 1,570 1,762 1,792 - *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 billion ETFs vs cash equities $ billion ETFs vs cash equities 7 October 2013 ETFs vs. Cash Equities Figure 31: ETFs vs. cash equities turnover US market ETFs US 9, % 8,000 7,000 6,000 5,000 4,000 3, % 30.0% 25.0% 20.0% 15.0% 2,000 1, % 5.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 32: ETFs vs. cash equities turnover European market ETFs Europe 1, % % 8.0% 7.0% % % 4.0% 3.0% 2.0% 1.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Deutsche Bank AG/London Page 15

16 Figure 33: 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 26, , % 1,635,645 4,534, % 6.9x 8.9x 60.7x Feb-09 27, , % 1,671,616 4,551, % 6.7x 9.2x 61.5x Mar-09 32, , % 1,915,339 5,333, % 6.2x 9.6x 59.6x Apr-09 30, , % 1,562,168 4,852, % 5.9x 8.6x 51.1x May-09 31, , % 1,446,803 4,743, % 5.9x 7.7x 45.8x Jun-09 31, , % 1,421,831 4,744, % 5.6x 8.1x 45.4x Jul-09 31, , % 1,290,761 4,404, % 5.1x 8.2x 41.5x Aug-09 29, , % 1,238,575 4,209, % 5.4x 7.8x 41.7x Sep-09 33, , % 1,240,912 4,580, % 5.4x 6.8x 37.1x Oct-09 40, , % 1,487,690 5,230, % 5.0x 7.3x 36.5x Nov-09 35, , % 1,224,433 4,141, % 4.9x 6.9x 34.3x Dec-09 30, , % 1,028,721 4,060, % 4.2x 7.9x 33.5x 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, % 4.6x 7.5x 34.2x 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 29.1x 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 33.8x Period 2,208,231 33,669, % 74,336, ,068, % 4.3x 8.2x 34.9x Total ,263 6,898, % 17,164,494 55,388, % 5.6x 8.1x 45.7x Total ,246 8,029, % 16,574,904 59,079, % 4.8x 7.4x 35.5x Total ,118 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,624 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,981 4,702, % 10,543,887 41,584, % 3.4x 8.8x 30.3x 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 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 7 October 2013 ETFs vs. Unlisted Mutual Funds Figure 34: European ETP vs mutual fund assets ETPs Europe % % % % 2.5% 2.3% % % 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* 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% 3.0% 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% 2.8% 1.7% *As of 31st July 2013 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 35: European ETP vs mutual fund cash flows ETPs Europe Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 17

18 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 7 October 2013 Figure 36: US ETP vs mutual fund assets ETPs US 1, % 1, % 1,200 1, % % % % 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* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,386 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% 13.1% 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% 12.4% 1.7% *As of 31st August 2013 Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 37: US ETP vs mutual fund cash flows ETPs US Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 18 Deutsche Bank AG/London

19 Number of ETFs AUM ( billion) 7 October 2013 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 38: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 39: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 80,456 59, ,494 70, ,250 73,380 Fixed Income 29,660 14,065 39,796 14,397 44,146 14,405 Commodity 18,621 4,436 21,321 4,830 13,370 3,741 Others 163 1, , ,023 Total 128,901 79, ,630 90, ,786 92,548 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 12, ,615 2,513 1,413-1,146 Fixed Income , Commodity 3, , Others Total 16,590-1,170 18,748 3,113 2, Sep-13 Deutsche Bank AG/London Page 19

20 Figure 40: European ETF AUM by replication method ETFs Europe Figure 41: European ETF flows by replication method ETFs Europe Sep ,786 92,548 Sep , ,123 12, ,630 90, ,748 3, ,901 79, ,170 16,590 0% 20% 40% 60% 80% 100% -50% 0% 50% 100% Physical Synthetic Physical Synthetic Figure 42: European ETFs product count by replication method ETFs Europe Figure 43: European Equity ETFs AUM by replication method ETFs Europe Sep Sep ,250 73, ,494 70, ,456 59,506 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 44: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 45: European Commodity ETFs AUM by replication method ETFs Europe Sep-13 44,146 14,405 Sep-13 13,370 3, ,796 14, ,321 4, ,660 14, ,621 4,436 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Page 20 Deutsche Bank AG/London

21 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 7 October 2013 Industry Growth Analysis Figure 46: Global ETF Industry growth attribution ETFs Global 3.0% 10.0% 2.5% 8.0% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Other flows 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% -0.1% 0.0% 0.0% 0.0% Fixed Income flows 0.6% 0.3% 0.4% 0.4% 0.8% 0.4% 0.2% 0.4% 0.2% 0.5% 0.4% 0.1% 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% Equity flows 1.7% 0.4% 0.4% -0.4% 0.9% 0.8% 1.4% 0.0% 2.4% 0.2% 1.0% 2.2% 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% Price growth 5.6% 3.7% 0.0% -0.9% -7.0% 3.1% 0.7% 1.7% 2.3% -0.7% 0.7% 1.6% 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% Total growth 8.0% 4.5% 0.9% -0.8% -5.4% 4.3% 2.3% 2.1% 4.9% 0.0% 2.1% 4.0% 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% Figure 47: US ETF Industry growth attribution ETFs US 3.5% 10.0% 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% -4.0% -6.0% -1.5% Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 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 0.8% 0.4% 0.5% 0.5% 0.8% 0.5% 0.1% 0.4% 0.3% 0.5% 0.5% 0.0% 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% Equity flows 2.1% 0.5% 0.7% -0.1% -0.3% 0.6% 1.5% -0.2% 2.8% -0.4% 1.2% 2.4% 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% Price growth 5.3% 3.4% 0.4% -0.6% -6.2% 2.9% 1.1% 1.6% 2.0% -0.9% 0.5% 0.9% 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% Total growth 8.2% 4.3% 1.6% -0.2% -5.6% 4.0% 2.7% 1.8% 5.1% -0.8% 2.2% 3.3% 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% -8.0% Deutsche Bank AG/London Page 21

22 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) 7 October 2013 Figure 48: European ETF Industry growth attribution ETFs Europe 3.0% 8.0% 2.0% 6.0% 1.0% 0.0% -1.0% -2.0% 4.0% 2.0% 0.0% -2.0% -4.0% -3.0% Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Other flows 0.2% 0.1% 0.4% 0.1% -0.3% 0.2% 0.1% 0.2% 0.0% 0.1% 0.1% 0.0% -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.2% -0.2% Fixed Income flows 0.2% -0.1% 0.2% 0.1% 0.7% 0.1% 0.4% 0.6% 0.1% 0.6% 0.2% 0.5% 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.1% 0.1% Equity flows 0.7% 0.6% 0.0% -1.9% 0.9% 0.4% 0.7% 0.3% 0.9% 0.5% 0.1% 1.6% 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 1.3% 1.3% Price growth 5.1% 2.4% -0.5% -1.3% -3.3% 1.9% 3.4% 0.7% 1.3% -0.7% 1.0% 0.8% 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% 2.3% 2.3% Total growth 6.2% 3.1% 0.0% -3.0% -2.1% 2.6% 4.5% 1.7% 2.3% 0.5% 1.4% 2.9% 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% 3.5% 3.5% -6.0% Figure 49: European ETC Industry growth attribution ETCs Europe 6.0% 15.0% 4.0% 10.0% 2.0% 0.0% -2.0% 5.0% 0.0% -5.0% -10.0% -4.0% -15.0% -6.0% Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Currency Flows 0.0% 0.3% 0.0% 0.0% 0.0% -0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.1% Commodity Flows 0.7% 1.6% 1.2% 0.3% -1.7% 2.2% 1.2% 3.6% 5.2% 2.9% 1.5% 0.0% 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% 0.1% Price growth 8.5% 0.1% -5.4% -0.2% -0.7% 0.0% 5.3% 0.1% 4.7% -4.3% 0.4% -4.8% -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% 6.5% Total growth 9.3% 1.9% -4.2% 0.0% -2.4% 1.9% 6.5% 3.7% 9.9% -1.4% 1.9% -4.9% -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% 6.7% -20.0% Page 22 Deutsche Bank AG/London

23 4. Cash Flow Analysis Regional Cash Flow Analysis Figure 50: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Sep-13 Aug-13 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 27, ,122-10, ,192-9, ,657 11,720 8,913 11, ,126 Fixed income 5,237 1,657 1, ,670-7, ,359 13,673 7,826 5,956 1,204 22,703 Commodity ,214-3, ,252 Currency Multi Asset , ,291 Alternative Total 32,852 1,799 1, ,663-18, ,561-16, ,040 14,062 10,689 13, ,130 ETCs/ETVs Commodity ,967-5,105-3, ,149 Currency Alternative Total ,630-4,986-3, ,694 ETPs Equity 27, ,122-10, ,192-9, ,657 11,720 8,913 11, ,126 Fixed income 5,237 1,657 1, ,670-7, ,359 13,673 7,826 5,956 1,204 22,703 Commodity ,967-10,319-7, ,402 Currency Multi Asset , ,291 Alternative , Total 32,443 1,608 1, ,063-18, ,548-16, ,410 9,076 6,858 12, ,437 Asset Class Cash Flow Analysis Figure 51: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Sep-13 Aug-13 YTD All figures in million Beta Beta+ Developed Markets , ,550 Emerging Markets , ,462 Global Markets Sector Capitalization Strategy Style , ,136 Thematic Total equities , ,913 Alpha Total Deutsche Bank AG/London Page 23

24 Figure 51A: 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 , ,136 Dividend , ,018 Growth Value Thematic Commodities Faith Other Theme Sustainability Total , ,442 Sep-13 Aug-13 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 51B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe , ,253 Austria Belgium Finland France Germany -1, , , ,004 Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad Americas , ,595 US , ,322 Canada North America Asia , ,116 Australia Hong Kong Japan , ,091 Singapore Asia Pacific broad Global , ,092 Broad indices , ,092 DM Total , ,550 Sep-13 Aug-13 YTD Alpha Total Deutsche Bank AG/London Page 25

26 Figure 51C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC Brazil Russia India China Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets , ,189 Global , ,189 EM Total , ,462 Total (EM + DM) , ,088 Sep-13 Aug-13 YTD Alpha Total Figure 52: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Sep-13 Aug-13 YTD All figures in million Beta Beta+ Overall ,342 1,547 Corporates , ,216 Covered Bonds Credit Exposure Sovereign 1, , , ,149 Money Market , ,237 Total Fixed Income 1, , , ,487 5,956 Alpha Total Page 26 Deutsche Bank AG/London

27 Figure 53: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Sep-13 Aug-13 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 , ,294 Overall Gold , ,456 Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total , ,895 Alpha Total Deutsche Bank AG/London Page 27

28 Product Rankings Figure 54: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Vanguard S&P 500 ETF VUSA LN Vanguard Beta STOXX Europe 600 THEAM Easy UCITS ETF ETZ FP BNP Paribas Beta ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta Source Man GLG Asia Plus UCITS ETF MPAS LN Source Semi Active ishares MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta Lyxor ETF SG Global Quality Income NTR D-EUR SGQI FP Lyxor Beta db x-trackers CSI300 Index UCITS ETF 1C XCSI LX Deutsche Bank AG Beta S&P 500 THEAM Easy UCITS ETF ESE FP BNP Paribas Beta YTD Flows Figure 55: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche Bank AG Beta Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP Amundi Beta ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street GA Beta ishares Corporate Bond 1-5yr UCITS ETF IS15 LN Blackrock Beta Lyxor ETF EuroMTS 3-5Y MTB FP Lyxor Beta Amundi ETF Euro Corporates UCITS ETF CC4 FP Amundi Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta YTD Flows Figure 56: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db Physical Gold ETC (EUR) XAD5 GR Deutsche Bank AG Beta ETFS Coffee COFF LN ETF Securities Ltd Beta ETFS All Commodities Dow Jones UBSCI SM AIGC LN ETF Securities Ltd Beta UBS ETFs plc - CMCI Composite SF A acc USD CCUSAS SW UBS Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS Copper COPA LN ETF Securities Ltd Beta Ossiam Risk Weighted Enhanced Commodity Ex Grains UCITS ETF (EUR) OSXC GY Ossiam Semi Active ETFS Daily Leveraged Gold LBUL LN ETF Securities Ltd Beta ETFS Brent Crude BRNT LN ETF Securities Ltd Beta YTD Flows Page 28 Deutsche Bank AG/London

29 Figure 57: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db x-trackers DAX UCITS ETF XDAX GR Deutsche Bank AG Beta -1, ,621.4 EasyETF Stoxx Europe 600 ETZEUR FP BNP Paribas Beta Lyxor ETF Euro STOXX 50 MSE FP Lyxor Beta ishares DAX (DE) DAXEX GR BlackRock Beta db x-trackers MSCI USA TRN Index UCITS ETF XMUS GR Deutsche Bank AG Beta ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,508.3 EasyETF CAC 40 E40 FP BNP Paribas Beta Lyxor ETF MSCI USA USA FP Lyxor Beta UBS-ETF MSCI World WRDCHA SW UBS Beta EasyETF S&P 500 (EUR) ESEEUR FP BNP Paribas Beta YTD Flows Figure 58: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Euro Corporate Bond IBCS GR BlackRock Beta Lyxor ETF MTS Spain Government Bond All Maturity ES10 FP Lyxor Beta ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche Bank AG Beta Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Amundi Beta Lyxor ETF Euro Cash CSH FP Lyxor Beta ishares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta XACT Sweden REPO XACTREPO SS Xact Fonder AB Beta YTD Flows Figure 59: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Gold Bullion Securities GBS LN ETF Securities Ltd Beta ,097.5 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,674.9 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta ,161.7 ETFS Physical Gold PHAU LN ETF Securities Ltd Beta ,523.8 EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta ETFS Physical Silver PHAG LN ETF Securities Ltd Beta ETFS Physical Swiss Gold SGBS LN ETF Securities Ltd Beta Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,045.3 ETFS Longer Dated Energy Dow Jones UBSCI-F3SM ENEF LN ETF Securities Ltd Beta ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta YTD Flows Deutsche Bank AG/London Page 29