European Weekly ETF Market Review

Transcription

1 Deutsche Bank Research Europe Synthetic Equity & Index Strategy Date 24 December 2014 European ly ETF Market Review 51 Data in this report is as of 19 December Contributors Ari Rajendra Strategist (+44) Sebastian Mercado Strategist (+1) Shan Lan Strategist (+852) 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 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 Euronext Paris SIX Swiss Stock Exchange Borsa Italiana Stockholmborsen and Euronext Amsterdam s Largest Products Equity ETFs Fixed income ETFs Commodity ETPs Appendix A: How we define ETPs Page 2 Deutsche Bank AG/London

3 $ billion Number of ETFs 24 December 2014 Market Snapshot Global ETF industry evolution Figure 1: Global ETF assets by region ETFs Global 3,000 3,500 2,500 2,000 1,500 1, ,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , ,906.1 US, Europe & Asia Pacific ($) , , , , ,542.8 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,233 2,700 2,973 3,183 3,456 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 7, ,723 13, ,636 32,462 13, ,917 Fixed income 5, ,766 57,111 26,928 3,483 87,522 Commodity , ,500 Currency Multi Asset , ,667 Alternative Total 13, ,745 19, ,880 57,403 17, ,821 Deutsche Bank AG/London Page 3

4 million Number of ETPs million Number of ETFs 24 December 2014 European ETP industry evolution Figure 3: European ETF asset by asset class ETFs Europe 400, , , ,000 1,600 1,400 1,200 1, , , ,000 50, ** Other ,078 1,995 1,549 1,620 1,516 1,386 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,376 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 85,568 Equity 15,532 21,815 37,907 57,029 70,776 65, , , , , , ,003 Total 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,334 Number of ETFs* ,053 1,215 1,319 1,350 1, *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, ,000 40,000 30,000 20, , ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,396 1,060 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,639 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,066 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,613 29,434 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 Deutsche Bank AG/London

5 million Number of ETPs 24 December 2014 Figure 5: European ETP (ETF & ETC) assets by instrument ETPs Europe 400, , ,000 2,000 1, ,000 1, , , ,000 50, ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,414 16,469 ETFs 16,332 23,849 42,249 67,801 86,930 99, , , , , , ,334 Total 16,332 24,340 43,326 69,313 90, , , , , , , ,803 Number of ETPs* ,332 1,565 1,757 1,794 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Deutsche Bank AG/London Page 5

6 1. Provider Rankings Assets - ETFs Figure 6: European ETF Providers Ranking ETFs Europe All figures in million except products Issuer Equity Fixed Income Current Commodity Others Total AUM Mkt Share % Nu. AUM Mkt Share % Nu. Mkt Share change (%) BlackRock 119,117 51,226 1, , % , % % Deutsche AWM 32,235 10, , % , % % Lyxor 30,173 7, , % , % % UBS 14, , , % , % % Amundi 11,445 3, , % 98 11, % % Source 8,372 4, , % 76 9, % % Vanguard 11, , % 13 3, % 9 2.3% State Street 6,060 3, , % 61 6, % % Deka Investment GmbH 3,754 2, , % 42 5, % % Zuercher Kantonalbank 0 0 5, , % 4 6, % 4-0.6% ComStage 3,990 1, , % 98 5, % % HSBC 5, , % 28 2, % % BNP Paribas 3, , % 38 2, % % Xact Fonder AB 2, , % 10 3, % % Julius Baer Inv , , % 8 2, % 8-0.3% Ossiam 1, , % % 7 0.1% PowerShares 1, , % 19 1, % % ThinkCapital ETFs N.V , % % % ETF Securities Ltd % % % BBVA Gestion SA SGIIC % % 3 0.0% Royal Bank of Scotland plc % % % Seligson & Co Fund Man % % 1 0.0% Raiffeisen Schweiz Genossenschaft % % 2 0.0% DnB Kapitalforvaltning % % 1 0.0% Fundlogic Global Solutions plc % % 0 0.0% SEB Investment Management AB % % 3 0.0% First Trust % % 3 0.0% Commerzbank AG % % 1 0.0% FinEx Fund Plc % % 2 0.0% NCB Stockbrokers % % 1 0.0% Swedbank Robur % % 3 0.0% Alpha Asset Management % % 1 0.0% WisdomTree % % 0 0.0% NBG Asset Management MFMC % % 2 0.0% Boost % % 0 0.0% Avana Investment AG % % 1 0.0% Alpcot Capital Management % % 1 0.0% Nordea Investment Funds % % 2 0.0% Landsbankinn % % 1 0.0% ESAF % % 1 0.0% Total 257,003 85,568 13,376 1, , % 1, , % 1,350 *Number of ETFs at the end of the year is net of delistings for the period. *New entrant in 2014 is highlighted in light grey. *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 Year end Page 6 Deutsche Bank AG/London

7 Assets - ETCs Figure 7: European ETC Providers Ranking ETCs Europe All figures in million except products Current Issuer Commodity Currency Total AUM Mkt Share % Nu. AUM 2013 Year end Mkt Share % Nu. Mkt Share change (%) ETF Securities Ltd 10, , % , % % Deutsche AWM 1, , % 39 1, % % Deutsche Borse Commodities GmbH 1, , % 1 1, % 1 0.5% Source 1, , % 4 1, % % Royal Bank of Scotland plc % % % BlackRock % % 4 0.3% Borse Stuttgart Securities GmbH % % 1 0.2% Boost % % % Commerzbank AG % % % Total 16, , % , % 444 *Number of ETCs at the end of the year is net of delistings for the period. Deutsche Bank AG/London Page 7

8 Cash and turnover - ETFs Figure 8: European ETF Providers Ranking ETFs Europe All figures in million except products Issuer Equity Fixed Income Others Curr. Prev. YTD Equity Fixed Income Commodity Commodity Vanguard , Lyxor ,575 2, ,249 2,685 HSBC , Amundi , Deka Investment GmbH , , UBS , BNP Paribas State Street , ThinkCapital ETFs N.V PowerShares ComStage Ossiam Xact Fonder AB First Trust Julius Baer Inv Raiffeisen Schweiz Genossenschaft Seligson & Co Fund Man Alpha Asset Management Royal Bank of Scotland plc WisdomTree FinEx Fund Plc Alpcot Capital Management Fundlogic Global Solutions plc Commerzbank AG Swedbank Robur ESAF PDR Services LLC NBG Asset Management MFMC C-QUADRAT JP Morgan Landsbankinn Nordea Investment Funds DnB Kapitalforvaltning Avana Investment AG BBVA Gestion SA SGIIC SEB Investment Management AB NCB Stockbrokers Boost ETF Securities Ltd Zuercher Kantonalbank Source , ABN AMRO Investment Management BlackRock ,506 6,436 2, ,542 5,476 Deutsche AWM ,665 1, ,189 1,402 Total ,606 42,643 16,941 3, ,182 13,332 *New entrant in 2014 is highlighted in light grey. Cash Turnover Others ly Total Prev. Page 8 Deutsche Bank AG/London

9 Cash and turnover - ETCs Figure 9: European ETC Providers Ranking ETCs Europe All figures in million except products Issuer Commodity Currency Curr. Prev. YTD Commodity Currency ETF Securities Ltd Deutsche AWM Boost Borse Stuttgart Securities GmbH Commerzbank AG Deutsche Borse Commodities GmbH Royal Bank of Scotland plc BlackRock Source Total Cash Turnover Curr. Prev. Deutsche Bank AG/London 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 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Vanguard S&P 500 ETF VUSA LN Vanguard ,917.1 HSBC S&P 500 ETF HSPX LN HSBC Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF-A EUR SMRT FP Amundi ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock ,140.2 Lyxor ETF DAX LYXDAX GR Lyxor S&P 500 THEAM Easy UCITS ETF ESE FP BNP Paribas ishares Core DAX UCITS ETF DE DAXEX GR BlackRock ,354.5 Source Goldman Sachs Equity Factor Index World UCITS ETF EFIW LN Source UBS ETF MSCI Switzerland 20/35 100% hedged to GBP UCITS ETF A-acc UC69 LN UBS Source: Deutsche Bank, Bloomberg Finance LP, Reuters Current Prev. YTD Figure 11: Top 10 fixed income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock Lyxor ETF Euro Cash CSH FP Lyxor ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock ,010.8 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Deka iboxx EUR Liquid Sovereign Diversified 5-7 UCITS ETF ETFES57 GR Deka Investment GmbH ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Lyxor ETF EuroMTS Global MTX FP Lyxor db x-trackers II iboxx Eur Liquid Covered Index UCITS ETF XLIQ GY Deutsche AWM ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock Current Prev. YTD Figure 12: Top 10 commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer ETFS Physical Gold PHAU LN ETF Securities Ltd ETFS WTI Crude Oil CRUD LN ETF Securities Ltd db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Ossiam Risk Weighted Enhanced Commodity Ex Grains UCITS ETF (EUR) OSXC GY Ossiam ETFS All Commodities AIGC LN ETF Securities Ltd ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Ltd ETFS Copper COPA LN ETF Securities Ltd db Physical Silver ETC (EUR) XAD6 GR Deutsche AWM Gold Bullion Securities GBS LN ETF Securities Ltd ETFS Physical Palladium PHPD LN ETF Securities Ltd Current Prev. YTD Page 10 Deutsche Bank AG/London

11 Top ten outflows by product Figure 13: Top 10 equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock ishares MSCI North America UCITS ETF INAA LN BlackRock ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock ,332.9 Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AWM ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock db x-trackers CSI300 Index UCITS ETF 1C XCHA LN Deutsche AWM db x-trackers IBEX 35 UCITS ETF (DR) - 1C DXIBX SM Deutsche AWM db x-trackers MSCI Europe Small Cap Index UCITS ETF (DR) - 1C XXSC GR Deutsche AWM Source STOXX Europe 600 Optimised Banks UCITS ETF X7PS GR Source Current Prev. YTD Figure 14: Top 10 fixed income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock ishares Spain Government Bond UCITS ETF SESP LN BlackRock ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock ishares Italy Government Bond UCITS ETF SITB LN BlackRock ishares Index-Linked Gilts UCITS ETF INXG LN BlackRock ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock ,830.0 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock db x-trackers II iboxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR Deutsche AWM Current Prev. YTD Figure 15: Top 10 commodity ETP outflows ( million) ETP Name BBG Ticker Issuer ETPs Europe ZKB Gold ETF ZGLD SW Zuercher Kantonalbank ETFS Daily Leveraged Wheat LWEA LN ETF Securities Ltd Source Physical Gold ETC (P-ETC) SGLD LN Source ETFS Agriculture AIGA LN ETF Securities Ltd ishares Gold CH CSGOLD SW BlackRock ETFS Physical Silver PHAG LN ETF Securities Ltd ETFS EUR Daily Hedged WTI Crude Oil 00XM GY ETF Securities Ltd UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Market Access RICI-Agriculture Index Fund M9SB GR Royal Bank of Scotland plc Market Access ABN Amro RICI M9SA GR Royal Bank of Scotland plc Current Prev. YTD Deutsche Bank AG/London 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 Deka DAX UCITS ETF ETFDAX GR ishares Barclays Capital Emerging Market Local Govt Bond IUSP GY ishares Core DAX UCITS ETF DE DAXEX GR db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR ishares Euro STOXX 50 (DE) SX5EEX GR db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY ishares STOXX 600 (DE) SXXPIEX GR ishares eb.rexx Government Germany (DE) RXPXEX GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR ishares JPMorgan USD Emerging Markets Bond IUS7 GR Deka EURO STOXX 50 UCITS ETF ETFSX5E GR db x-trackers II EONIA TR Index UCITS ETF XEON GR ComStage ETF DAX TR UCITS ETF CBDAX GR ishares Barclays Euro Corporate Bond EUN5 GR ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares Barclays Euro Aggregate Bond EUN4 GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR Deka Deutsche Borse EUROGOV Germany Money Market UCITS ETF ETFGSMM GR 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 - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR ETFS Brent Oil OESA GR ETFS Short USD Long EUR XBJQ GR ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR ETFS WTI Crude Oil OD7F GR UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc UEQ1 GY ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR db x-trackers Currency Returns UCITS ETF 1C EUR - Hedged XCCR GR ETFS Wheat OD7S GR UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR ETFS Physical Gold VZLD GR ETFX Bofaml IVSTOXX ETF VHTX GR Lyxor ETF Commodities CRB LYXCRB GR db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR db Physical Silver ETC (EUR) XAD6 GR ETFS Long USD Short EUR XBJP GR 0.15 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 Index-Linked Gilts UCITS ETF INXG LN Vanguard S&P 500 ETF VUSD LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN Vanguard FTSE 100 ETF VUKE LN ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN ishares S&P 500 UCITS ETF (Inc) IUSA LN ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN ishares MSCI World UCITS ETF (Inc) IDWR LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN ishares MSCI World UCITS ETF (Inc) IWRD LN ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF IEX5 LN ishares Core S&P 500 UCITS ETF CSPX LN ishares $ Corporate Bond UCITS ETF LQDE LN HSBC Worldwide Equity UCITS ETF HWWD LN ishares Euro Corporate Bond UCITS ETF IEAC LN ishares S&P 500 UCITS ETF (Inc) IDUS LN ishares $ High Yield Corporate Bond UCITS ETF SHYU LN SPDR S&P 500 UCITS ETF SPY5 LN ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN ETFS 3x Short EUR Long USD SEU3 LN ETFS Brent Crude BRNT LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ETFS WTI Crude Oil CRUD LN ishares Listed Private Equity UCITS ETF IPRV LN Source Physical Gold ETC (P-ETC) SGLD LN ETFS Short JPY Long USD SJPY LN Gold Bullion Securities GBS LN db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN ETFS Physical Gold GBP PHGP LN J.P.Morgan Macro Hedge US TR Source ETF MHUE LN ETFS Agriculture AIGA LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Copper COPA LN PowerShares Global Listed Private Equity UCITS ETF PSSP LN Source Physical Silver P-ETC SSLV LN S&P 500 VIX Source ETF VIXS LN ETFS Brent 1mnth Oil OILB LN J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 0.96 Page 12 Deutsche Bank AG/London

13 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 Lyxor ETF Euro Cash CSH FP Lyxor ETF Leverage CAC 40 LVC FP Lyxor ETF EuroMTS Global MTX FP Lyxor ETF XBear CAC 40 BX4 FP Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Lyxor ETF CAC 40 CAC FP Lyxor ETF EuroMTS 1-3Y MTA FP Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor ETF EuroMTS 7-10Y MTD FP Lyxor ETF DAX DAX FP Amundi ETF Govt Bond Lowest Rated EuroMTS IG Capped 1-3 X13G FP Lyxor ETF MSCI Europe MEU FP Lyxor ETF EuroMTS AAA Macro-Weighted Government 3-5Y MA35 FP Lyxor ETF Leveraged Euro STOXX 50 LVE FP Lyxor ETF EuroMTS AAA Macro-Weighted Government Bond MAA FP Amundi ETF MSCI EMU UCITS ETF CMU FP Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor ETF Russia (Dow Jones Rus Index Titans 10) (EUR) RUS FP Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 5.23 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS FP Lyxor ETF Privex PVX FP Lyxor ETF Commodities CRB CRB FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP Lyxor ETF Commodities CRB Non-Energy CRN FP PowerShares Global Listed Private Equity UCITS ETF PSP FP ETFS WTI Crude Oil CRUDP FP ishares Listed Private Equity UCITS ETF PRV FP - 5 ETFS Wheat WEATP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP - 6 ETFS Brent 1mnth Oil OILBP FP ETFS All Commodities AIGCP FP ETFS Natural Gas NGASP FP ETFS WTI 2mth Oil OILWP FP ETFS Silver SLVRP FP 0.08 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 SMI CH CSSMI SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares CHF Corporate Bond (CH) CHCORP SW ishares Core S&P 500 UCITS ETF CSSPX SW ishares Euro Government Bond 1-3yr UCITS ETF IBGS SW UBS-ETF SMI SMICHA SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW ishares MSCI EMU UCITS ETF CSEMU SW ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW UBS ETF MSCI Switzerland 20/35 100% hedged to GBP UCITS ETF A-dis S2GBAH SW UBS-Index Solutions- SBI Domestic 3-7 ETF A SB3CHA SW ishares SMIM CH CSSMIM SW ishares Euro Government Bond 5-7yr UCITS ETF IEGY SW ishares MSCI Japan CHF Hedged UCITS ETF IJPC SW ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW ishares MSCI Japan UCITS ETF (Acc) SJPA SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares MSCI World UCITS ETF (Inc) IWRD SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 4.17 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 UBS ETF (CH) Gold (USD) I-dis AUUSI SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW ZKB Gold ETF-A USD ZGLDUS SW J.P.Morgan Macro Hedge US TR Source ETF MHUU SW ishares Gold CH CSGOLD SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW ZKB Gold ETF ZGLD SW ishares Listed Private Equity UCITS ETF IPRV SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW ZKB Gold ETF-H (CHF) ZGLDHC SW UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW ZKB Gold ETF-A EUR ZGLDEU SW db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW Julius Baer Physical Gold Fund (CHF) A JBGOCA SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW UBS-IS CMCI Oil ETF (USD) A OILUSA SW db x-trackers DB Equity Strategies Hedge Fund Index UCITS ETF XHFH SW - 10 ZKB Platinum ETF ZPLA SW Nomura Voltage Mid-Term Source ETF VOLT SW - Deutsche Bank AG/London 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 XBear FTSE/MIB XBRMIB IM Lyxor ETF Euro Cash LEONIA IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM Lyxor ETF FTSE/MIB ETFMIB IM Lyxor ETF EuroMTS 3-5Y EM35 IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU IM ishares Euro Corporate Bond UCITS ETF IEAC IM ishares S&P 500 UCITS ETF (Inc) IUSA IM ishares Euro Aggregate Bond UCITS ETF IEAG IM ishares MSCI Europe UCITS ETF (Inc) IMEU IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM ishares MSCI World UCITS ETF (Inc) IWRD IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares MSCI Japan EUR Hedged UCITS ETF IJPE IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM ishares Core S&P 500 UCITS ETF CSSPX IM db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS WTI Crude Oil CRUD IM ETFS 3X Long USD Short EUR EUS3 IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 3X Short USD Long EUR USE3 IM ETFS Daily Leveraged Natural Gas LNGA IM ETFS 3X Short AUD Long EUR AUE3 IM ETFS Daily Leveraged Wheat LWEA IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS 3X Long AUD Short EUR EAU3 IM Lyxor ETF Commodities CRB CRB IM Lyxor ETF Dynamic Long VIX Futures Index - EUR DLVO IM Boost Wti Oil 3X Short Daily ETP 3OIS IM ishares Listed Private Equity UCITS ETF IPRV IM ETFS Daily Short WTI Crude Oil SOIL IM ETFS 5X Long USD Short EUR EUS5 IM Boost Wti Oil 3X Leverage Daily ETP 3OIL IM ETFS 3X Short JPY Long EUR JPE3 IM ETFS Physical Gold PHAU IM db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 0.39 Stockholmborsen and 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 No Fixed Income ETFs 2 XACT Bull 2 XABULL2 SS XACT Bear 2 XABEAR2 SS XACT Bear XACBEAR SS XACT Bull XACBULL SS XACT OMXSB XACTSBX SS XACT Nordic 30 XACTVINX SS SpotR OMXS30 SPOTROMX SS db x-trackers MSCI World Index UCITS ETF 1C XMWO SS SpotR Bear OMXS30 SPBEAOMX SS 1.29 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 Aggregate Bond UCITS ETF IEAG NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares Euro Corporate Bond UCITS ETF IEAC NA Vanguard S&P 500 ETF VUSA NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA ishares MSCI North America UCITS ETF INAA NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares AEX UCITS ETF IAEX NA ishares Euro Covered Bond UCITS ETF ICOV NA Think AEX Tracker TDT NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares France Government Bond UCITS ETF IFRB NA 3.66 Page 14 Deutsche Bank AG/London

15 4. s Largest Products Equity ETFs Figure 22: Top 20 equity ETFs by assets ( million) ETF Name BBG Ticker Issuer Current AUM ETFs Europe Prev. AUM ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 11, , ,927.2 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock 8, , ,720.5 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock 8, , ,057.0 Vanguard S&P 500 ETF VUSA LN Vanguard 7, , ,851.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 6, , ,293.9 Lyxor ETF Euro STOXX 50 MSE FP Lyxor 5, , ,619.6 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock 5, , ,921.7 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 4, , ,139.4 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock 4, , ,173.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock 4, , ,873.7 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 3, , ,466.4 ishares STOXX 600 (DE) SXXPIEX GR BlackRock 3, , ,153.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 3, , ,145.8 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM 2, , ,278.1 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM 2, , ,565.1 Lyxor ETF CAC 40 CAC FP Lyxor 2, , ,984.6 ishares SMI CH CSSMI SW BlackRock 2, , ,831.9 ishares MSCI North America UCITS ETF INAA LN BlackRock 2, , ,965.8 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock 2, , ,639.2 Vanguard FTSE 100 ETF VUKE LN Vanguard 2, , AUM Fixed income ETFs Figure 23: Top 20 fixed income ETFs by assets ( million) ETF Name BBG Ticker Issuer Current AUM ETFs Europe Prev. AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 4, , ,681.6 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock 4, , ,688.2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock 3, , ,975.1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock 2, , ,504.8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 2, , ,635.3 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock 2, , ,764.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock 1, , db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM 1, , ,157.5 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source 1, , ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 1, , ishares Corporate Bond UCITS ETF SLXX LN BlackRock 1, , ,151.6 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi 1, , ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock 1, , ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock 1, , db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM 1, , ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 1, , ,683.4 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock 1, , ishares UK Gilts UCITS ETF IGLT LN BlackRock 1, , ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock 1, , SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street 1, , AUM Deutsche Bank AG/London 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 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank 4, , ,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 Source Physical Gold ETC (P-ETC) SGLD LN Source 1, , ,065.7 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1, , ,197.1 ishares Gold CH CSGOLD SW BlackRock Lyxor ETF Commodities CRB CRB FP Lyxor db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM db Physical Gold ETC XGLD LN Deutsche AWM ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock ETFS Physical Silver PHAG LN ETF Securities Ltd db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFS Physical Platinum PHPT LN ETF Securities Ltd UBS ETFs plc - CMCI Composite SF A acc USD CCUSAS SW UBS ETFS Physical Palladium PHPD LN ETF Securities Ltd ishares Gold CHF Hedged CH CSGLDC SW BlackRock ETFS Agriculture AIGA LN ETF Securities Ltd AUM Page 16 Deutsche Bank AG/London

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. Deutsche Bank AG/London 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 Deutsche Bank AG/London

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 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 Equity rating dispersion and banking relationships % 39 % 47 % 36 % 6 % 26 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship European Universe Deutsche Bank AG/London 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. 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21 West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority. 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. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no ) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box , Faisaliah Tower - 17th Floor, Riyadh, Saudi Arabia. United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no ) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box , Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority. Deutsche Bank AG/London Page 21

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