European Weekly ETF Market Review

Transcription

1 Deutsche Bank Research Europe Synthetic Equity & Index Strategy Date 29 January 2014 European ly ETF Market Review 4 Data in this report is as of 24 January 2014 Contributors Ari Rajendra Strategist (+44) [email protected] Sebastian Mercado Strategist (+1) [email protected] Shan Lan Strategist (+852) [email protected] 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 Table Of Contents Market Snapshot... 3 Global ETF industry evolution... 3 Global ETF industry cash flows... 3 European ETP industry evolution Provider Rankings... 6 Assets - ETFs... 6 Assets - ETCs... 7 Cash and turnover - ETFs... 8 Cash and turnover - ETCs Cash Flow Winners & Laggards Top ten inflows by product Top ten outflows by product ETF Liquidity Monitor Deutsche Borse London Stock Exchange NYSE Euronext Paris SIX Swiss Stock Exchange Borsa Italiana Stockholmborsen and NYSE Euronext Amsterdam s Largest Products Equity ETFs Fixed income ETFs Commodity ETPs Appendix A: How we define ETPs Page 2

3 Market Snapshot Global ETF industry evolution Figure 1: Global ETF assets by region ETFs Global 2,500 3,500 $ billion 2,000 1,500 1, ,000 2,500 2,000 1,500 1, Number of ETFs ** Asia Pacific ($) Europe ($) US ($) , , ,579.4 US, Europe & Asia Pacific ($) , , , , ,137.7 Europe ( ) Number of ETFs* ,116 1,483 1,803 2,241 2,706 2,976 3,181 3,214 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Global ETF industry cash flows Figure 2: Global ETF cash flows by region and by asset class ETFs Global All figures in $ million except where otherwise stated Current YTD Asset Class US EU Asia Total US EU Asia Total Equity -2,681 1, , , ,320 Fixed income , ,752 Commodity Currency Multi Asset Alternative Total -3,622 1, , ,282 1,068 5,832 Page 3

4 European ETP industry evolution Figure 3: European ETF asset by asset class ETFs Europe million 350, , , , , ,000 50,000 1,600 1,400 1,200 1, Number of ETFs ** Other ,078 1,995 1,549 1,620 1,519 1,561 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,535 14,850 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,507 62,324 Equity 15,532 21,815 37,907 57,029 70,776 65, , , , , , ,020 Total 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,754 Number of ETFs* ,060 1,220 1,322 1,349 1,355 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Figure 4: European Commodity ETP (ETF & ETC) assets by commodity segment ETPs Europe 60, , million 40,000 30,000 20, Number of ETPs 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,359 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,669 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,837 23,840 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,637 30,552 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Page 4

5 Figure 5: European ETP (ETF & ETC) assets by instrument ETPs Europe 350,000 2,000 million 300, , , , ,000 50,000 1,600 1, Number of ETPs ** ETCs ETFs Total Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Page 5

6 1. Provider Rankings Assets - ETFs Figure 6: European ETF Providers Ranking ETFs Europe All figures in million except products Current 2013 Year end Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. AUM Mkt Share % Nu. Mkt Share change (%) BlackRock 107,184 36,994 1, , % , % % Deutsche Bank AG 25,276 8, , % , % % Lyxor 25,938 5, , % , % % UBS 10, , , % , % % Amundi 8,935 2, , % , % % Source 6,796 2, , % 67 9, % % Zuercher Kantonalbank 0 0 6, , % 4 6, % 4 0.1% State Street GA 4,277 1, , % 54 6, % % Deka Investment GmbH 2,937 2, , % 41 5, % % ComStage 4, , % 95 5, % % Vanguard 3, , % 9 3, % 9 0.1% Xact Fonder AB 2, , % 22 3, % % BNP Paribas 2, , % 38 2, % % HSBC 2, , % 26 2, % % Julius Baer Inv , , % 8 2, % 8 0.0% PowerShares 1, , % 19 1, % % Ossiam % % 7 0.0% ThinkCapital ETFs N.V % % % Royal Bank of Scotland plc % % % BBVA Gestion SA SGIIC % % 3 0.0% ETF Securities Ltd % % % Seligson & Co Fund Man % % 1 0.0% Raiffeisen Schweiz Genossenschaft % % 2 0.0% SEB Investment Management AB % % 3 0.0% DnB Kapitalforvaltning % % 1 0.0% FinEx Fund Plc % % 2 0.0% Commerzbank AG % % 1 0.0% ESAF % % 1 0.0% NCB Stockbrokers % % 1 0.0% Alpha Asset Management % % 1 0.0% Swedbank Robur % % 3 0.0% First Trust Ad % % 3 0.0% Avana Investment AG % % 1 0.0% NBG Asset Management MFMC % % 2 0.0% Alpcot Capital Management % % 1 0.0% Landsbankinn % % 1 0.0% Nordea Investment Funds % % 2 0.0% Total 210,020 62,324 14,850 1, , % 1, , % 1,349 *Number of ETFs at the end of the year is net of delistings for the period. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 6

7 Assets - ETCs Figure 7: European ETC Providers Ranking ETCs Europe All figures in million except products Current 2013 Year end Issuer Commodity Currency Total AUM Mkt Share % Nu. AUM Mkt Share % Nu. Mkt Share change (%) ETF Securities Ltd 10, , % , % % Deutsche Bank AG 1, , % 39 1, % % Deutsche Borse Commodities GmbH 1, , % 1 1, % 1 0.2% Source 1, , % 11 1, % % Royal Bank of Scotland plc % % % BlackRock % % 4 0.0% Borse Stuttgart Securities GmbH % % 1 0.0% Boost % % % Commerzbank AG % % % Total 15, , % , % 444 *Number of ETCs at the end of the year is net of delistings for the period. Page 7

8 Cash and turnover - ETFs Figure 8: European ETF Providers Ranking ETFs Europe All figures in million except products Cash Turnover Fixed Commodity Curr. Prev. Fixed Comm- ly Prev. Issuer Equity Income Others YTD Equity Income odity Others Total BlackRock ,963 3,816 1, ,020 4,991 UBS Amundi Vanguard ComStage BNP Paribas HSBC Deutsche Bank AG SEB Investment Management AB ETF Securities Ltd Source Ossiam FinEx Fund Plc Alpha Asset Management Swedbank Robur Commerzbank AG Avana Investment AG First Trust Ad NCB Stockbrokers ESAF PDR Services LLC NBG Asset Management MFMC C-QUADRAT JP Morgan Seligson & Co Fund Man Landsbankinn Nordea Investment Funds Alpcot Capital Management BBVA Gestion SA SGIIC Raiffeisen Schweiz Genossenschaft Royal Bank of Scotland plc DnB Kapitalforvaltning PowerShares Deka Investment GmbH ThinkCapital ETFs N.V State Street GA Julius Baer Inv Zuercher Kantonalbank Lyxor , ,016 2,291 Xact Fonder AB Total 1, ,303 1,664 3,878 8,364 1, ,181 10,580 *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical Cash and Turnover of Credit Suisse ETFs to Blackrock ETFs. Page 8

9 Cash and turnover - ETCs Figure 9: European ETC Providers Ranking ETCs Europe All figures in million except products Cash Turnover Issuer Commodity Currency Curr. Prev. YTD Commodity Currency Curr. Prev. Boost BlackRock Borse Stuttgart Securities GmbH Royal Bank of Scotland plc Commerzbank AG Deutsche Borse Commodities GmbH Deutsche Bank AG Source ETF Securities Ltd Total Page 9

10 2. Cash Flow Winners & Laggards Top ten inflows by product Figure 10: Top 10 equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Current UBS ETF - MSCI United Kingdom UCITS ETF A-acc UKCHFB SW UBS ComStage ETF MSCI USA TRN CBNDDUUS GR ComStage UBS ETF - MSCI United Kingdom hedged to CHF UCITS ETF A-acc UKCHBH SW UBS Lyxor ETF FTSE 100 L100 LN Lyxor ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Lyxor UCITS ETF Euro Stoxx Banks BNKE FP Lyxor UBS ETF MSCI USA 100% hedged to CHF UCITS ETF A-acc USCHWH SW UBS UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS UBS-ETF MSCI USA USACHA SW UBS ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Source: Deutsche Bank, Bloomberg Finance LP, Reuters Prev. YTD Figure 11: Top 10 fixed income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Current ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP Amundi ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock ishares Euro Government Bond 7-10yr UCITS ETF IEGM LN BlackRock PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN Source UBS ETF - SBI Foreign AAA-BBB 1-5 UCITS ETF (CHF) UEFY GR UBS db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche Bank AG db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche Bank AG Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Prev. YTD Figure 12: Top 10 commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Current ETFS Nickel NICK LN ETF Securities Ltd UBS ETF PLC - DJUBS Commodity Index SF I acc USD DCUSIS SW UBS ETFS Daily Leveraged Sugar LSUG LN ETF Securities Ltd ETFS Coffee COFF LN ETF Securities Ltd ETFS Daily Short Natural Gas SNGA LN ETF Securities Ltd ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock ZKB Silver ETF ZSIL SW Zuercher Kantonalbank UBS Index Solutions - Platinum ETF A PTUSA SW UBS ETFS Copper COPA LN ETF Securities Ltd ETFS Daily Leveraged Silver LSIL LN ETF Securities Ltd Prev. YTD Page 10

11 Top ten outflows by product Figure 13: Top 10 equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Current Lyxor ETF STOXX 600 Basic Resources BRE FP Lyxor UBS-ETF FTSE 100 SF A GBP F1GBAS SW UBS UBS ETFs plc - MSCI Canada TRN Index SF (CAD) A-acc CACDAS SW UBS XACT OMXS30 XACTOMX SS Xact Fonder AB ComStage ETF DAX TR CBDAX GR ComStage db x-trackers DAX UCITS ETF XDAX GR Deutsche Bank AG UBS-ETF SMI SMICHA SW UBS Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Prev. YTD Figure 14: Top 10 fixed income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Current Amundi ETF EONIA UCITS ETF CE3 FP Amundi ishares Euro Corporate Bond IBCS GR BlackRock ishares Global Inflation Linked Government Bond UCITS ETF SGIL LN BlackRock Think iboxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V Think iboxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V Lyxor ETF Euro Corporate Bond CRP FP Lyxor Amundi ETF EuroMTS Cash 3 Months UCITS ETF C3M FP Amundi ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock ishares eb.rexx Money Market (DE) EBMMEX GR BlackRock ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Prev. YTD Figure 15: Top 10 commodity ETP outflows ( million) ETP Name BBG Ticker Issuer Current ETPs Europe db x-trackers DBLCI - OY Balanced UCITS ETF XDBC GR Deutsche Bank AG ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Lyxor ETF Commodities CRB CRB FP Lyxor ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFS Physical Gold PHAU LN ETF Securities Ltd ETFS All Commodities Dow Jones UBSCI SM AIGC LN ETF Securities Ltd ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Ltd UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW UBS Prev. YTD Page 11

12 3. ETF Liquidity Monitor Deutsche Borse Figure 16: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares DAX (DE) DAXEX GR Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka DAX UCITS ETF ETFDAX GR ishares eb.rexx Government Germany (DE) RXRGEX GR ishares Euro STOXX 50 (DE) SX5EEX GR ishares eb.rexx Government Germany (DE) RXP1EX GR db x-trackers DAX UCITS ETF XDAX GR ishares eb.rexx Government Germany (DE) RXP5EX GR Lyxor ETF LevDAX LYXLEDAX GR Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF KX1G GY ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares Barclays Euro Corporate Bond EUN5 GR ishares MDAX (DE) MDAXEX GR Lyxor ETF SGI Daily Double Short Bund ETF LYQK GR ishares STOXX 600 (DE) SXXPIEX GR ishares Markit iboxx Euro High Yield EUNW GR ishares MSCI Japan Monthly EUR Hedged IBCG GR ishares Barclays Euro Corporate Bond ex-financials 1-5 EUNS GR ishares S&P 500 Index Fund (IUSA) IUSA GR ishares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR 7.94 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers Portfolio TR Index UCITS ETF XQUI GR db Physical Gold Euro Hedged ETC XAD1 GR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR db x-trackers Currency Returns UCITS ETF XCCR GR db x-trackers DBLCI - OY Balanced UCITS ETF XDBC GR db x-trackers - db Hedge Fund UCITS ETF XHFI GR ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ETFX Bofaml IVSTOXX ETF VHTX GR ETFS Physical Gold VZLD GR ETFS Long CAD Short EUR XBJL GR db Physical Gold ETC (EUR) XAD5 GR ishares S&P Listed Private Equity Fund IQQL GR Coba ETC 4x Silber Daily Long X0CN GY ETFS Long AUD Short EUR XBJJ GR db ETC Brent Crude Oil Euro Hedged ETC XETC GR UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR ETFS Physical Platinum VZLA GR ETFS Long USD Short EUR XBJP GR 0.19 London Stock Exchange Figure 17: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares FTSE 100 UCITS ETF (Inc) ISF LN ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN ishares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN ishares $ Corporate Bond UCITS ETF LQDE LN Lyxor ETF MSCI World (USD) WLDD LN ishares UK Gilts 0-5yr UCITS ETF IGLS LN ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN ishares S&P 500 UCITS ETF (Inc) IUSA LN ishares Global Inflation Linked Government Bond UCITS ETF IGIL LN ishares S&P 500 UCITS ETF (Acc) IACC LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN ishares S&P 500 UCITS ETF (Inc) IDUS LN ishares Corporate Bond UCITS ETF SLXX LN ishares MSCI World UCITS ETF (Inc) IWRD LN ishares GBP Ultrashort Bond UCITS ETF ERNS LN ishares FTSE 250 UCITS ETF MIDD LN ishares Corporate Bond 1-5yr UCITS ETF IS15 LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN J.P.Morgan Macro Hedge US TR Source ETF MHUU LN db x-trackers DBLCI - OY Balanced UCITS ETF- 2C XBCU LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN Gold Bullion Securities GBS LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN ETFS Physical Gold GBP PHGP LN ETFS 3x Short EUR Long USD SEU3 LN ETFS Copper COPA LN db x-trackers - db Hedge Fund Index UCITS ETF - 2C XHFD LN ETFS Physical Platinum PHPT LN ishares Listed Private Equity UCITS ETF IPRV LN ETFS Natural Gas NGAS LN Powershares Global Listed Private Equity Fund PSSP LN ETFS Crude Oil CRUD LN ETFS 3x Short GBP Long USD SGB3 LN ETFS Daily Leveraged Silver LSIL LN ETFS 3x Short JPY Long USD SJP3 LN Source Physical Gold ETC (P-ETC) SGLD LN ETFS 3x Short AUD Long USD SAU3 LN 0.55 Page 12

13 NYSE Euronext Paris Figure 18: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Euro STOXX 50 MSE FP Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP Lyxor ETF DAX DAX FP Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor ETF Leverage CAC 40 LVC FP Lyxor ETF EuroMTS 1-3Y MTA FP Lyxor ETF XBear CAC 40 BX4 FP Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP Lyxor ETF STOXX 600 Banks BNK FP Lyxor ETF EuroMTS 10-15Y MTE FP Lyxor ETF CAC 40 CAC FP Lyxor ETF EuroMTS AAA Macro-Weighted Government 5-7Y MA57 FP ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA Lyxor ETF Euro Cash CSH FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Lyxor ETF EuroMTS AAA Macro-Weighted Government Bond MAA FP Lyxor ETF LevDAX LVD FP Lyxor ETF Euro Corporate Bond CRP FP Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor ETF MTS Spain Government Bond All Maturity ES10 FP 1.85 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor ETF Privex PVX FP Gold Bullion Securities GBS FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP Lyxor ETF Commodities CRB CRB FP Powershares Global Listed Private Equity Fund PSP FP ETFS Natural Gas NGASP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP ETFS All Commodities Dow Jones UBSCI SM AIGCP FP ishares Listed Private Equity UCITS ETF PRV FP - 6 ETFS Gold BULLP FP ETFS Crude Oil CRUDP FP Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP ETFS Wheat WEATP FP ETFS Copper COPAP FP 0.04 SIX Swiss Stock Exchange Figure 19: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares Euro Government Bond 1-3 UCITS ETF CSBGE3 SW ishares SMI CH CSSMI SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW ishares MSCI Japan - B UCITS ETF CSJP SW ishares USD Government Bond 1-3 UCITS ETF CSBGU3 SW ishares Euro STOXX 50 (DE) SX5EEX SW ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW UBS-ETF SMI SMICHA SW ishares Swiss Domestic Government Bond 1-3 CH CSBGC3 SW ishares MSCI EMU Small Cap UCITS ETF CSEMUS SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW ishares NASDAQ 100 UCITS ETF CSNDX SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares MSCI EMU UCITS ETF CSEMU SW ishares USD Inflation Linked Bond UCITS ETF CSBILU SW Lyxor ETF Euro STOXX 50 MSE SW ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 2.38 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF ZGLD SW ishares Listed Private Equity UCITS ETF IPRV SW Julius Baer Physical Gold Fund (CHF) A JBGOCA SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW ZKB Silver ETF ZSIL SW db x-trackers - db Hedge Fund UCITS ETF XHFI SW ZKB Gold ETF-H (CHF) ZGLDHC SW J.P.Morgan Macro Hedge US TR Source ETF MHUU SW ZKB Gold ETF-A USD ZGLDUS SW db x-trackers - db Hedge Fund Index 5C UCITS ETF XHFC SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW ishares Gold CH CSGOLD SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW db x-trackers - db Hedge Fund Index UCITS ETF - 2C XHFD SW ZKB Gold ETF-A EUR ZGLDEU SW Nomura Voltage Mid-Term Source ETF VOLT SW Julius Baer Physical Gold Fund (EUR) A JBGOEA SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.11 Page 13

14 Borsa Italiana Figure 20: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF FTSE/MIB ETFMIB IM ishares Euro Government Bond 1-3yr UCITS ETF IBGS IM Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM ishares Euro Corporate Bond UCITS ETF IEAC IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM Lyxor ETF LevDAX DAXLEV IM SPDR Barclays Capital Emerging Market Local Bond ETF EMLD IM ishares S&P 500 UCITS ETF (Inc) IUSA IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM ishares MSCI Japan EUR Hedged UCITS ETF IJPE IM Lyxor ETF Euro Cash LEONIA IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM ishares FTSE 100 UCITS ETF (Inc) ISF IM ishares Emerging Markets Local Government Bond UCITS ETF SEML IM 6.22 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Daily Leveraged Natural Gas LNGA IM ETFS 3X Long USD Short EUR EUS3 IM ETFS Physical Gold PHAU IM ETFS 3X Short JPY Long EUR JPE3 IM ETFS Daily Short Natural Gas SNGA IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM db Physical Gold ETC (EUR) XAD5 IM ETFS 3X Short USD Long EUR USE3 IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 3X Short AUD Long EUR AUE3 IM ETFS Daily Leveraged Silver LSIL IM ETFS 3X Long JPY Short EUR EJP3 IM Boost Natural Gas 3x Short Daily 3NGS IM ETFS 3X Short CHF Long EUR CHE3 IM db Physical Gold Euro Hedged ETC XAD1 IM db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM Gold Bullion Securities GBS IM ETFS 3X Short CAD Long EUR CAE3 IM ETFS Natural Gas NGAS IM ishares Listed Private Equity UCITS ETF IPRV IM 0.22 Stockholmborsen and NYSE Euronext Amsterdam Figure 21: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT OMXS30 XACTOMX SS XACT Sweden All Bond XACTOBLI SS XACT Bull 2 XABULL2 SS XACT Sweden REPO XACTREPO SS XACT Bear 2 XABEAR2 SS XACT VINX30 XACTVINX SS XACT Bull XACBULL SS XACT Bear XACBEAR SS XACT OMXSB XACTSBX SS SpotR Bear OMXS30 SPBEAOMX SS SpotR OMXS30 SPOTROMX SS XACT Nordic 120 XACTNORD SS 4.24 NYSE Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA Vanguard S&P 500 ETF VUSA NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Aggregate Bond UCITS ETF IEAG NA ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Covered Bond UCITS ETF ICOV NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA ishares AEX UCITS ETF IAEX NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares EURO STOXX 50 UCITS ETF (Acc) IEUA NA ishares $ TIPS UCITS ETF TPSA NA ishares MSCI Japan UCITS ETF (Inc) IJPN NA Think iboxx AAA-AA Government Bond Tracker TAT NA ishares FTSE 100 UCITS ETF (Inc) ISFA NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA 1.04 Page 14

15 4. s Largest Products Equity ETFs Figure 22: Top 20 equity ETFs by assets ( million) ETFs Europe ETF Name BBG Ticker Issuer Current AUM Prev. AUM 2013 AUM ishares DAX (DE) DAXEX GR BlackRock 16, , ,720.5 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 9, , ,927.2 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 6, , ,139.4 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 5, , ,293.9 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock 5, , ,173.1 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock 4, , ,921.7 Lyxor ETF Euro STOXX 50 MSE FP Lyxor 4, , ,619.6 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock 3, , ,873.7 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 3, , ,145.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock 3, , ,153.6 Lyxor ETF CAC 40 CAC FP Lyxor 2, , ,984.6 ishares SMI CH CSSMI SW BlackRock 2, , ,831.9 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 2, , ,466.4 db x-trackers MSCI World TRN Index UCITS ETF XMWO GR Deutsche Bank AG 2, , ,451.3 db x-trackers Euro STOXX 50 UCITS ETF 1D XESX GR Deutsche Bank AG 2, , ,565.1 db x-trackers DAX UCITS ETF XDAX GR Deutsche Bank AG 2, , ,278.1 ishares MSCI North America UCITS ETF INAA LN BlackRock 2, , ,965.8 Vanguard S&P 500 ETF VUSA LN Vanguard 2, , ,851.6 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche Bank AG 1, , ,109.5 ishares MSCI Japan UCITS ETF (Inc) IJPN LN BlackRock 1, , ,891.9 Fixed income ETFs Figure 23: Top 20 fixed income ETFs by assets ( million) ETFs Europe ETF Name BBG Ticker Issuer Current AUM Prev. AUM 2013 AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 2, , ,681.6 ishares Euro Corporate Bond IBCS GR BlackRock 2, , ,688.2 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock 2, , ,504.8 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock 2, , ,975.1 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock 1, , ,764.7 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 1, , ,683.4 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 1, , ,635.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche Bank AG 1, , ,157.5 ishares Corporate Bond UCITS ETF SLXX LN BlackRock 1, , ,151.6 Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP Amundi 1, , ishares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock 1, , ,051.7 ishares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR BlackRock 1, , ,014.8 ishares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock 1, , PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source 1, , ,015.4 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock ishares UK Gilts UCITS ETF IGLT LN BlackRock ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock PIMCO Euro Enhanced Short Maturity Source ETF PJS1 GR Source Page 15

16 Commodity ETPs Figure 24: Top 20 commodity ETP s by assets ( million) ETPs Europe ETP Name BBG Ticker Issuer Current AUM Prev. AUM 2013 AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank 5, , ,904.9 ETFS Physical Gold PHAU LN ETF Securities Ltd 3, , ,993.6 Gold Bullion Securities GBS LN ETF Securities Ltd 2, , ,727.4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv 1, , ,888.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH 1, , ,409.1 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1, , ,197.1 Source Physical Gold ETC (P-ETC) SGLD LN Source 1, , ,065.7 db x-trackers DBLCI - OY Balanced UCITS ETF XDBC GR Deutsche Bank AG Lyxor ETF Commodities CRB CRB FP Lyxor db Physical Gold Euro Hedged ETC XAD1 GR Deutsche Bank AG ishares Gold CH CSGOLD SW BlackRock UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFS Physical Silver PHAG LN ETF Securities Ltd ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock db Physical Gold ETC XGLD LN Deutsche Bank AG ishares Gold CHF Hedged CH CSGLDC SW BlackRock ETFS Physical Platinum PHPT LN ETF Securities Ltd ZKB Platinum ETF ZPLA SW Zuercher Kantonalbank db Physical Gold ETC (EUR) XAD5 GR Deutsche Bank AG ETFS Agriculture Dow Jones UBSCI SM AIGA LN ETF Securities Ltd Page 16

17 Appendix A: How we define ETPs Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US). Figure below gives a summary of our current coverage universe by region and structure type as on 31 December The vast majority of instruments are ETFs (96.2%, 3,581 products, $2,233.2bn) with the remainder being ETCs (0.9%, 446 products, $21.2bn) in Europe and ETVs (2.7%, 71 products, $63.5bn) in the US. Figure 25: ETP Coverage Universe Summary ETPs ETFs ETCs (Europe), ETVs (US) Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,332 1,677, % 1,261 1,614, % 71 63, % Europe 1, , % 1, , % , % Asia Pacific , % , % % RoW , % , % 2 2, % Global 4,115 2,321, % 3,581 2,233, % , % Exchange-Traded Funds (ETFs, 96%) US (70%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices. Asia (7%): Both European and US ETFs are cross sold into the Asian market. Exchange-Traded Collateralized Instruments (4%) Exchange-Traded Commodities (ETCs, 1%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physicallybacked ETCs are fully backed with securities that closely resemble the composition of a product s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March titled The race for assets in the European Exchange-Traded Products Market. Exchange-traded vehicles (ETVs, 3%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act. Page 17

18 The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services. Page 18

19 Appendix 1 Important Disclosures Additional information available upon request For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra/Sebastian Mercado/Shan Lan Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ), we recommend that investors buy the stock. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period % 36 % 51 % 38 % 9 % 32 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship European Universe Page 19

20 Regulatory Disclosures 1.Additional Information Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling or by visiting Read prospectuses carefully before investing. Past performance is not necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates. Aside from within this report, important conflict disclosures can also be found at under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2. Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at 3. Country-Specific Disclosures Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) securities, including in relation to Deutsche Bank. The compensation of the equity research analyst(s) is indirectly affected by revenues deriving from the business and financial transactions of Deutsche Bank. In cases where at least one Brazil based analyst (identified by a phone number starting with +55 country code) has taken part in the preparation of this research report, the Brazil based analyst whose name appears first assumes primary responsibility for its content from a Brazilian regulatory perspective and for its compliance with CVM Instruction # 483. EU countries: Disclosures relating to our obligations under MiFiD can be found at Japan: Disclosures under the Financial Instruments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity.reports on Japanese listed companies not written by analysts of Deutsche Securities Inc. (DSI) are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Page 20

21 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) Deutsche Bank AG Große Gallusstraße Frankfurt am Main Germany Tel: (49) Deutsche Bank AG Filiale Hongkong International Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) Deutsche Securities Inc Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: (81) Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) Deutsche Bank Securities Inc. 60 Wall Street New York, NY United States of America Tel: (1) Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). 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