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) 20 754-52282 ari.rajendra@db.com Sebastian Mercado Strategist (+1) 212 250-8690 sebastian.mercado@db.com Shan Lan Strategist (+852) 22036716 shan.lan@db.com 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.
Table Of Contents Market Snapshot... 3 Global ETF industry evolution... 3 Global ETF industry cash flows... 3 European ETP industry evolution... 4 1. Provider Rankings... 6 Assets - ETFs... 6 Assets - ETCs... 7 Cash and turnover - ETFs... 8 Cash and turnover - ETCs... 9 2. Cash Flow Winners & Laggards... 10 Top ten inflows by product... 10 Top ten outflows by product... 11 3. ETF Liquidity Monitor... 12 Deutsche Borse... 12 London Stock Exchange... 12 NYSE Euronext Paris... 13 SIX Swiss Stock Exchange... 13 Borsa Italiana... 14 Stockholmborsen and NYSE Euronext Amsterdam... 14 4. s Largest Products... 15 Equity ETFs... 15 Fixed income ETFs... 15 Commodity ETPs... 16 Appendix A: How we define ETPs... 17 Page 2
Market Snapshot Global ETF industry evolution Figure 1: Global ETF assets by region ETFs Global 2,500 3,500 $ billion 2,000 1,500 1,000 500 3,000 2,500 2,000 1,500 1,000 500 Number of ETFs 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 167.0 163.2 Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 395.2 US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,579.4 US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,176.6 2,137.7 Europe ( ) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 288.8 Number of ETFs* 257 310 415 677 1,116 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 1,479-219 -1,421-513 3,877 955 4,320 Fixed income -954 486 41-427 -129 1,742 139 1,752 Commodity 1-179 -4-182 1-400 -24-423 Currency 7 7 0 15 2 7 2 11 Multi Asset 0 4 0 5 40 7 0 47 Alternative 4-20 0-17 79 49-4 125 Total -3,622 1,777-182 -2,028-519 5,282 1,068 5,832 Page 3
European ETP industry evolution Figure 3: European ETF asset by asset class ETFs Europe million 350,000 300,000 250,000 200,000 150,000 100,000 50,000 1,600 1,400 1,200 1,000 800 600 400 200 Number of ETFs 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** Other - - - - 96 168 1,078 1,995 1,549 1,620 1,519 1,561 Commodity - - 340 1,402 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 65,473 110,599 147,534 139,723 171,522 210,251 210,020 Total 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,813 288,754 Number of ETFs* 100 114 163 267 419 615 819 1,060 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 60,000 450 50,000 360 million 40,000 30,000 20,000 270 180 Number of ETPs 10,000 90 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** Livestock - - 1 21 63 49 67 59 40 17 18 Industrial Metals - - 4 44 99 413 828 734 1,063 713 783 Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 882 Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,359 Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,669 Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,837 23,840 Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,637 30,552 Number of ETPs* 1 3 40 76 144 185 248 321 418 411 411 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Page 4
Figure 5: European ETP (ETF & ETC) assets by instrument ETPs Europe 350,000 2,000 million 300,000 250,000 200,000 150,000 100,000 50,000 1,600 1,200 800 400 Number of ETPs 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** ETCs 0 491.008 1077.38 1512.11 3161.07 5121.21 11847.5 19514 21586.6 26580.7 15414.6 16021.9 ETFs 16332.2 23849 42248.7 67801 86929.6 99088.9 158162 211376 208054 253487 286813 288754 Total 16332.2 24340 43326 69313.2 90090.7 104210 170009 230890 229640 280067 302227 304776 Number of ETPs* 100 115 165 299 476 739 995 1339 1570 1760 1793 1799 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Page 5
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 1,357 305 145,841 50.5% 261 145,010 50.6% 260-0.1% Deutsche Bank AG 25,276 8,772 811 877 35,737 12.4% 236 35,915 12.5% 235-0.1% Lyxor 25,938 5,103 818 61 31,920 11.1% 180 31,869 11.1% 180-0.1% UBS 10,117 265 1,478 90 11,950 4.1% 119 11,416 4.0% 119 0.2% Amundi 8,935 2,511 31 0 11,478 4.0% 101 11,352 4.0% 100 0.0% Source 6,796 2,822 143 170 9,932 3.4% 67 9,791 3.4% 65 0.0% Zuercher Kantonalbank 0 0 6,838 0 6,838 2.4% 4 6,566 2.3% 4 0.1% State Street GA 4,277 1,885 0 0 6,162 2.1% 54 6,151 2.1% 54 0.0% Deka Investment GmbH 2,937 2,372 0 0 5,309 1.8% 41 5,456 1.9% 41-0.1% ComStage 4,068 856 127 0 5,052 1.7% 95 5,038 1.8% 95 0.0% Vanguard 3,290 10 0 0 3,301 1.1% 9 3,075 1.1% 9 0.1% Xact Fonder AB 2,814 54 96 0 2,964 1.0% 22 3,020 1.1% 22 0.0% BNP Paribas 2,167 159 283 0 2,609 0.9% 38 2,529 0.9% 37 0.0% HSBC 2,539 0 0 0 2,539 0.9% 26 2,550 0.9% 26 0.0% Julius Baer Inv 71 0 2,381 0 2,452 0.8% 8 2,380 0.8% 8 0.0% PowerShares 1,179 79 0 35 1,294 0.4% 19 1,277 0.4% 19 0.0% Ossiam 806 0 22 0 828 0.3% 7 841 0.3% 7 0.0% ThinkCapital ETFs N.V. 222 404 0 5 631 0.2% 10 684 0.2% 10 0.0% Royal Bank of Scotland plc 232 0 238 0 470 0.2% 13 468 0.2% 13 0.0% BBVA Gestion SA SGIIC 372 3 0 0 374 0.1% 3 379 0.1% 3 0.0% ETF Securities Ltd 278 0 66 17 361 0.1% 16 329 0.1% 16 0.0% Seligson & Co Fund Man 149 0 0 0 149 0.1% 1 147 0.1% 1 0.0% Raiffeisen Schweiz Genossenschaft 0 0 131 0 131 0.0% 2 131 0.0% 2 0.0% SEB Investment Management AB 101 0 0 0 101 0.0% 3 93 0.0% 3 0.0% DnB Kapitalforvaltning 96 0 0 0 96 0.0% 1 113 0.0% 1 0.0% FinEx Fund Plc 0 33 28 0 61 0.0% 2 59 0.0% 2 0.0% Commerzbank AG 42 0 0 0 42 0.0% 1 42 0.0% 1 0.0% ESAF 36 0 0 0 36 0.0% 1 36 0.0% 1 0.0% NCB Stockbrokers 27 0 0 0 27 0.0% 1 26 0.0% 1 0.0% Alpha Asset Management 23 0 0 0 23 0.0% 1 22 0.0% 1 0.0% Swedbank Robur 18 0 0 0 18 0.0% 3 18 0.0% 3 0.0% First Trust Ad. 12 0 0 0 12 0.0% 3 12 0.0% 3 0.0% Avana Investment AG 7 0 0 0 7 0.0% 1 7 0.0% 1 0.0% NBG Asset Management MFMC 7 0 0 0 7 0.0% 2 7 0.0% 2 0.0% Alpcot Capital Management 1 0 0 0 1 0.0% 1 1 0.0% 1 0.0% Landsbankinn 0 0 0 0 0 0.0% 1 0 0.0% 1 0.0% Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0.0% 2 0.0% Total 210,020 62,324 14,850 1,561 288,754 100.0% 1,355 286,813 100.0% 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-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 6
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 10,234 320 10,554 65.9% 291 10,173 66.0% 291-0.1% Deutsche Bank AG 1,899 0 1,899 11.9% 39 1,837 11.9% 39-0.1% Deutsche Borse Commodities GmbH 1,491 0 1,491 9.3% 1 1,409 9.1% 1 0.2% Source 1,381 0 1,381 8.6% 11 1,307 8.5% 11 0.1% Royal Bank of Scotland plc 487 0 487 3.0% 10 494 3.2% 10-0.2% BlackRock 133 0 133 0.8% 4 125 0.8% 4 0.0% Borse Stuttgart Securities GmbH 62 0 62 0.4% 1 58 0.4% 1 0.0% Boost 15 0 15 0.1% 19 11 0.1% 19 0.0% Commerzbank AG 1 0 1 0.0% 68 1 0.0% 68 0.0% Total 15,702 320 16,022 100.0% 444 15,415 100.0% 444 *Number of ETCs at the end of the year is net of delistings for the period. Page 7
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 381 221-5 4 600 750 1,963 3,816 1,174 21 10 5,020 4,991 UBS 541 32-15 4 562 33 617 282 6 17 1 307 355 Amundi 82 36 0 0 118 38 224 237 45 0 0 282 278 Vanguard 67 0 0 0 67 138 273 144 2 0 0 146 285 ComStage 60 0 0 0 60-15 51 92 5 5 0 102 91 BNP Paribas 43 2 0 0 45 37 110 46 0 3 0 49 31 HSBC 14 0 0 0 14 13 51 73 0 0 0 73 112 Deutsche Bank AG 3 34-33 7 12 112 150 716 87 35 17 855 841 SEB Investment Management AB 8 0 0 0 8 0 8 11 0 0 0 11 12 ETF Securities Ltd 3 0 0 0 3 14 24 73 0 0 2 75 91 Source -42 44 0 0 2 83 212 103 39 0 13 155 163 Ossiam 2 0 0 0 2 0-8 12 0 0 0 12 5 FinEx Fund Plc 0 0 0 0 0 0 0 0 0 0 0 0 0 Alpha Asset Management 0 0 0 0 0 0 0 0 0 0 0 0 0 Swedbank Robur 0 0 0 0 0 0 0 1 0 0 0 1 0 Commerzbank AG 0 0 0 0 0 0 0 1 0 0 0 1 0 Avana Investment AG 0 0 0 0 0 0 0 0 0 0 0 0 0 First Trust Ad. 0 0 0 0 0 0 0 1 0 0 0 1 0 NCB Stockbrokers 0 0 0 0 0 0 0 0 0 0 0 0 0 ESAF 0 0 0 0 0 0 0 1 0 0 0 1 0 PDR Services LLC 0 0 0 0 0 0 0 0 0 0 0 0 0 NBG Asset Management MFMC 0 0 0 0 0 0 0 0 0 0 0 0 1 C-QUADRAT 0 0 0 0 0 0 0 0 0 0 0 0 0 JP Morgan 0 0 0 0 0 0 0 0 0 0 0 0 0 Seligson & Co Fund Man 0 0 0 0 0 0 4 2 0 0 0 2 2 Landsbankinn 0 0 0 0 0 0 0 0 0 0 0 0 0 Nordea Investment Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 Alpcot Capital Management 0 0 0 0 0 0 0 0 0 0 0 0 0 BBVA Gestion SA SGIIC 0 0 0 0 0-4 -2 9 0 0 0 9 13 Raiffeisen Schweiz Genossenschaft 0 0-1 0-1 -6-7 0 0 1 0 1 6 Royal Bank of Scotland plc -5 0 0 0-5 -2-5 3 0 3 0 6 7 DnB Kapitalforvaltning -6 0 0 0-6 -12-18 8 0 0 0 8 1 PowerShares -3-3 0 0-6 8 23 37 1 0 1 39 38 Deka Investment GmbH -17 11 0 0-7 -28-114 239 29 0 0 267 271 ThinkCapital ETFs N.V. 10-23 0 0-13 -19-56 8 2 0 0 10 12 State Street GA -21 6 0 0-15 28 76 118 44 0 0 162 212 Julius Baer Inv 0 0-23 0-23 -10-49 0 0 31 0 31 29 Zuercher Kantonalbank 0 0-29 0-29 -38-123 0 0 75 0 75 105 Lyxor 8-3 -26-21 -42 545 528 1,869 134 12 2 2,016 2,291 Xact Fonder AB -43 0 0 0-43 0-53 463 0 0 0 463 337 Total 1,084 357-132 -7 1,303 1,664 3,878 8,364 1,567 204 46 10,181 10,580 *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical Cash and Turnover of Credit Suisse ETFs to Blackrock ETFs. Page 8
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 1 0 1 3 4 10 0 10 6 BlackRock 0 0 0 0 0 5 0 5 5 Borse Stuttgart Securities GmbH 0 0 0 0 1 3 0 3 2 Royal Bank of Scotland plc 0 0 0 0 0 0 0 0 0 Commerzbank AG 0 0 0 0 0 6 0 6 3 Deutsche Borse Commodities GmbH 0 0 0 0 0 19 0 19 32 Deutsche Bank AG 0 0 0-36 -21 37 0 37 29 Source -3 0-3 -10-4 5 0 5 7 ETF Securities Ltd -35 3-32 7-53 365 21 387 287 Total -36 3-33 -35-74 451 21 472 372 Page 9
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 120.1 0.0 120.1 ComStage ETF MSCI USA TRN CBNDDUUS GR ComStage 107.4 0.0 107.4 UBS ETF - MSCI United Kingdom hedged to CHF UCITS ETF A-acc UKCHBH SW UBS 104.0 0.0 104.0 Lyxor ETF FTSE 100 L100 LN Lyxor 92.5 7.5 101.1 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 85.0 24.3 176.3 Lyxor UCITS ETF Euro Stoxx Banks BNKE FP Lyxor 81.2 5.8 78.5 UBS ETF MSCI USA 100% hedged to CHF UCITS ETF A-acc USCHWH SW UBS 80.0 0.0 80.0 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS 73.5 3.6 77.1 UBS-ETF MSCI USA USACHA SW UBS 72.5 3.9 72.5 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 64.3-5.4 134.2 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 84.5 20.2 124.8 Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP Amundi 81.1 15.2 145.7 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock 42.0 0.0 42.0 ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock 40.6 0.0 66.7 ishares Euro Government Bond 7-10yr UCITS ETF IEGM LN BlackRock 28.9-3.6 18.2 PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN Source 25.8-0.3 62.5 UBS ETF - SBI Foreign AAA-BBB 1-5 UCITS ETF (CHF) UEFY GR UBS 23.2 0.0 23.2 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche Bank AG 17.2 28.6 109.8 db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche Bank AG 16.8-34.1-17.4 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor 14.7 6.6 27.2 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 13.1 1.5 14.5 UBS ETF PLC - DJUBS Commodity Index SF I acc USD DCUSIS SW UBS 3.7 0.0 3.7 ETFS Daily Leveraged Sugar LSUG LN ETF Securities Ltd 2.7 0.4 3.6 ETFS Coffee COFF LN ETF Securities Ltd 2.3-0.9 0.0 ETFS Daily Short Natural Gas SNGA LN ETF Securities Ltd 2.1-0.4 1.1 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock 2.0 3.6 6.6 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1.8-2.1-3.6 UBS Index Solutions - Platinum ETF A PTUSA SW UBS 1.7 0.0 0.3 ETFS Copper COPA LN ETF Securities Ltd 1.5 3.5 70.5 ETFS Daily Leveraged Silver LSIL LN ETF Securities Ltd 1.1-3.8-7.8 Prev. YTD Page 10
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 -132.4-28.4-167.0 UBS-ETF FTSE 100 SF A GBP F1GBAS SW UBS -87.2-11.3-97.2 UBS ETFs plc - MSCI Canada TRN Index SF (CAD) A-acc CACDAS SW UBS -84.7 1.5-83.2 XACT OMXS30 XACTOMX SS Xact Fonder AB -83.3 0.0-93.0 ComStage ETF DAX TR CBDAX GR ComStage -52.1 0.0-52.1 db x-trackers DAX UCITS ETF XDAX GR Deutsche Bank AG -43.2-14.1-62.0 UBS-ETF SMI SMICHA SW UBS -37.6-3.4-41.0 Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor -36.4-28.1-13.5 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock -36.0-110.3-167.3 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock -31.7 0.0-130.7 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 -37.9-0.5-38.4 ishares Euro Corporate Bond IBCS GR BlackRock -15.0 5.1 0.3 ishares Global Inflation Linked Government Bond UCITS ETF SGIL LN BlackRock -12.7 17.0 0.0 Think iboxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. -12.5 0.0-5.4 Think iboxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. -10.5-11.8-48.6 Lyxor ETF Euro Corporate Bond CRP FP Lyxor -10.0 12.0 2.0 Amundi ETF EuroMTS Cash 3 Months UCITS ETF C3M FP Amundi -9.1 0.0 0.6 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock -8.6 0.0-8.6 ishares eb.rexx Money Market (DE) EBMMEX GR BlackRock -8.6 5.1-13.7 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock -8.3 2.8-16.4 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 -29.4-18.5-47.9 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank -28.6-36.0-115.1 Lyxor ETF Commodities CRB CRB FP Lyxor -26.2 0.0-44.0 ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd -23.5-3.0-27.1 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv -22.9-10.4-51.0 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS -16.3 0.1-16.2 ETFS Physical Gold PHAU LN ETF Securities Ltd -14.0 11.2-9.7 ETFS All Commodities Dow Jones UBSCI SM AIGC LN ETF Securities Ltd -6.9-1.8-8.2 ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Ltd -4.3 1.4-1.2 UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW UBS -4.3 0.0-5.7 Prev. YTD Page 11
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 286.47 1 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 23.54 2 Deka DAX UCITS ETF ETFDAX GR 147.75 2 ishares eb.rexx Government Germany (DE) RXRGEX GR 21.14 3 ishares Euro STOXX 50 (DE) SX5EEX GR 125.87 3 ishares eb.rexx Government Germany 1.5-2.5 (DE) RXP1EX GR 18.14 4 db x-trackers DAX UCITS ETF XDAX GR 107.86 4 ishares eb.rexx Government Germany 5.5-10.5 (DE) RXP5EX GR 13.36 5 Lyxor ETF LevDAX LYXLEDAX GR 74.38 5 Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF KX1G GY 10.50 6 ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 63.48 6 ishares Barclays Euro Corporate Bond EUN5 GR 10.29 7 ishares MDAX (DE) MDAXEX GR 62.32 7 Lyxor ETF SGI Daily Double Short Bund ETF LYQK GR 10.20 8 ishares STOXX 600 (DE) SXXPIEX GR 60.04 8 ishares Markit iboxx Euro High Yield EUNW GR 9.08 9 ishares MSCI Japan Monthly EUR Hedged IBCG GR 49.08 9 ishares Barclays Euro Corporate Bond ex-financials 1-5 EUNS GR 8.87 10 ishares S&P 500 Index Fund (IUSA) IUSA GR 40.57 10 ishares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR 7.94 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR 19.16 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 3.64 2 db Physical Gold Euro Hedged ETC XAD1 GR 10.01 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 3.23 3 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 8.64 3 db x-trackers Currency Returns UCITS ETF XCCR GR 2.84 4 db x-trackers DBLCI - OY Balanced UCITS ETF XDBC GR 6.51 4 db x-trackers - db Hedge Fund UCITS ETF XHFI GR 2.72 5 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 5.24 5 ETFX Bofaml IVSTOXX ETF VHTX GR 1.67 6 ETFS Physical Gold VZLD GR 4.21 6 ETFS Long CAD Short EUR XBJL GR 0.90 7 db Physical Gold ETC (EUR) XAD5 GR 3.40 7 ishares S&P Listed Private Equity Fund IQQL GR 0.82 8 Coba ETC 4x Silber Daily Long X0CN GY 3.09 8 ETFS Long AUD Short EUR XBJJ GR 0.68 9 db ETC Brent Crude Oil Euro Hedged ETC XETC GR 2.39 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.41 10 ETFS Physical Platinum VZLA GR 2.11 10 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 308.33 1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN 128.37 2 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 99.55 2 ishares $ High Yield Corporate Bond UCITS ETF IHYU LN 108.85 3 ishares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN 86.29 3 ishares $ Corporate Bond UCITS ETF LQDE LN 41.32 4 Lyxor ETF MSCI World (USD) WLDD LN 74.42 4 ishares UK Gilts 0-5yr UCITS ETF IGLS LN 39.72 5 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN 74.26 5 PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN 35.16 6 ishares S&P 500 UCITS ETF (Inc) IUSA LN 64.45 6 ishares Global Inflation Linked Government Bond UCITS ETF IGIL LN 33.75 7 ishares S&P 500 UCITS ETF (Acc) IACC LN 53.54 7 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 28.28 8 ishares S&P 500 UCITS ETF (Inc) IDUS LN 50.70 8 ishares Corporate Bond UCITS ETF SLXX LN 27.69 9 ishares MSCI World UCITS ETF (Inc) IWRD LN 42.20 9 ishares GBP Ultrashort Bond UCITS ETF ERNS LN 19.42 10 ishares FTSE 250 UCITS ETF MIDD LN 42.08 10 ishares Corporate Bond 1-5yr UCITS ETF IS15 LN 19.05 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN 76.54 1 J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 3.94 2 db x-trackers DBLCI - OY Balanced UCITS ETF- 2C XBCU LN 26.43 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 2.69 3 Gold Bullion Securities GBS LN 18.55 3 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN 1.93 4 ETFS Physical Gold GBP PHGP LN 11.22 4 ETFS 3x Short EUR Long USD SEU3 LN 1.85 5 ETFS Copper COPA LN 10.14 5 db x-trackers - db Hedge Fund Index UCITS ETF - 2C XHFD LN 1.21 6 ETFS Physical Platinum PHPT LN 9.27 6 ishares Listed Private Equity UCITS ETF IPRV LN 1.11 7 ETFS Natural Gas NGAS LN 5.21 7 Powershares Global Listed Private Equity Fund PSSP LN 0.83 8 ETFS Crude Oil CRUD LN 5.06 8 ETFS 3x Short GBP Long USD SGB3 LN 0.76 9 ETFS Daily Leveraged Silver LSIL LN 5.05 9 ETFS 3x Short JPY Long USD SJP3 LN 0.61 10 Source Physical Gold ETC (P-ETC) SGLD LN 4.88 10 ETFS 3x Short AUD Long USD SAU3 LN 0.55 Page 12
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 137.96 1 Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP 9.19 2 Lyxor ETF DAX DAX FP 85.63 2 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 8.72 3 Lyxor ETF Leverage CAC 40 LVC FP 78.63 3 Lyxor ETF EuroMTS 1-3Y MTA FP 4.52 4 Lyxor ETF XBear CAC 40 BX4 FP 56.48 4 Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP 3.28 5 Lyxor ETF STOXX 600 Banks BNK FP 46.69 5 Lyxor ETF EuroMTS 10-15Y MTE FP 3.01 6 Lyxor ETF CAC 40 CAC FP 41.67 6 Lyxor ETF EuroMTS AAA Macro-Weighted Government 5-7Y MA57 FP 3.00 7 ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA 37.36 7 Lyxor ETF Euro Cash CSH FP 2.48 8 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 28.56 8 Lyxor ETF EuroMTS AAA Macro-Weighted Government Bond MAA FP 2.41 9 Lyxor ETF LevDAX LVD FP 26.91 9 Lyxor ETF Euro Corporate Bond CRP FP 1.94 10 Lyxor ETF MSCI Emerging Markets - A LEM FP 26.50 10 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 4.88 1 Lyxor ETF Privex PVX FP 0.32 2 Gold Bullion Securities GBS FP 3.44 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.04 3 Lyxor ETF Commodities CRB CRB FP 0.83 3 Powershares Global Listed Private Equity Fund PSP FP 0.00 4 ETFS Natural Gas NGASP FP 0.57 4 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.00 5 ETFS All Commodities Dow Jones UBSCI SM AIGCP FP 0.34 5 ishares Listed Private Equity UCITS ETF PRV FP - 6 ETFS Gold BULLP FP 0.24 7 ETFS Crude Oil CRUDP FP 0.17 8 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 0.09 9 ETFS Wheat WEATP FP 0.09 10 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 70.97 1 ishares Euro Government Bond 1-3 UCITS ETF CSBGE3 SW 16.10 2 ishares SMI CH CSSMI SW 56.77 2 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 10.24 3 ishares MSCI Japan - B UCITS ETF CSJP SW 53.06 3 ishares USD Government Bond 1-3 UCITS ETF CSBGU3 SW 9.39 4 ishares Euro STOXX 50 (DE) SX5EEX SW 50.39 4 ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 7.81 5 UBS-ETF SMI SMICHA SW 44.43 5 ishares Swiss Domestic Government Bond 1-3 CH CSBGC3 SW 7.66 6 ishares MSCI EMU Small Cap UCITS ETF CSEMUS SW 37.02 6 ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 4.82 7 ishares NASDAQ 100 UCITS ETF CSNDX SW 32.11 7 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 4.25 8 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 31.82 8 ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 3.40 9 ishares MSCI EMU UCITS ETF CSEMU SW 30.18 9 ishares USD Inflation Linked Bond UCITS ETF CSBILU SW 2.65 10 Lyxor ETF Euro STOXX 50 MSE SW 29.89 10 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 23.99 1 ishares Listed Private Equity UCITS ETF IPRV SW 5.60 2 Julius Baer Physical Gold Fund (CHF) A JBGOCA SW 14.37 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 2.40 3 ZKB Silver ETF ZSIL SW 10.89 3 db x-trackers - db Hedge Fund UCITS ETF XHFI SW 1.50 4 ZKB Gold ETF-H (CHF) ZGLDHC SW 10.80 4 J.P.Morgan Macro Hedge US TR Source ETF MHUU SW 1.20 5 ZKB Gold ETF-A USD ZGLDUS SW 9.88 5 db x-trackers - db Hedge Fund Index 5C UCITS ETF XHFC SW 1.18 6 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 8.99 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.52 7 ishares Gold CH CSGOLD SW 8.66 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.38 8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 7.67 8 db x-trackers - db Hedge Fund Index UCITS ETF - 2C XHFD SW 0.13 9 ZKB Gold ETF-A EUR ZGLDEU SW 7.42 9 Nomura Voltage Mid-Term Source ETF VOLT SW 0.12 10 Julius Baer Physical Gold Fund (EUR) A JBGOEA SW 3.26 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.11 Page 13
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 156.17 1 ishares Euro Government Bond 1-3yr UCITS ETF IBGS IM 17.02 2 Lyxor ETF XBear FTSE/MIB XBRMIB IM 138.69 2 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 16.44 3 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 138.59 3 ishares Euro Corporate Bond UCITS ETF IEAC IM 11.75 4 ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM 58.87 4 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 10.28 5 Lyxor ETF LevDAX DAXLEV IM 46.83 5 SPDR Barclays Capital Emerging Market Local Bond ETF EMLD IM 9.65 6 ishares S&P 500 UCITS ETF (Inc) IUSA IM 43.73 6 ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM 8.74 7 ishares MSCI Japan EUR Hedged UCITS ETF IJPE IM 31.75 7 Lyxor ETF Euro Cash LEONIA IM 7.86 8 ishares FTSE MIB UCITS ETF (Inc) IMIB IM 29.39 8 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 6.68 9 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 24.76 9 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 6.46 10 ishares FTSE 100 UCITS ETF (Inc) ISF IM 20.44 10 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 50.40 1 ETFS 3X Long USD Short EUR EUS3 IM 9.43 2 ETFS Physical Gold PHAU IM 7.27 2 ETFS 3X Short JPY Long EUR JPE3 IM 0.78 3 ETFS Daily Short Natural Gas SNGA IM 7.25 3 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 0.69 4 db Physical Gold ETC (EUR) XAD5 IM 6.50 4 ETFS 3X Short USD Long EUR USE3 IM 0.44 5 ETFS Daily Leveraged Crude Oil LOIL IM 5.67 5 ETFS 3X Short AUD Long EUR AUE3 IM 0.36 6 ETFS Daily Leveraged Silver LSIL IM 5.61 6 ETFS 3X Long JPY Short EUR EJP3 IM 0.29 7 Boost Natural Gas 3x Short Daily 3NGS IM 5.26 7 ETFS 3X Short CHF Long EUR CHE3 IM 0.27 8 db Physical Gold Euro Hedged ETC XAD1 IM 5.23 8 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 0.24 9 Gold Bullion Securities GBS IM 4.45 9 ETFS 3X Short CAD Long EUR CAE3 IM 0.23 10 ETFS Natural Gas NGAS IM 4.14 10 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 103.12 1 XACT Sweden All Bond XACTOBLI SS 0.17 2 XACT Bull 2 XABULL2 SS 97.05 2 XACT Sweden REPO XACTREPO SS 0.05 3 XACT Bear 2 XABEAR2 SS 80.90 4 XACT VINX30 XACTVINX SS 55.77 5 XACT Bull XACBULL SS 21.01 6 XACT Bear XACBEAR SS 18.22 7 XACT OMXSB XACTSBX SS 10.46 8 SpotR Bear OMXS30 SPBEAOMX SS 6.23 9 SpotR OMXS30 SPOTROMX SS 4.28 10 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 62.70 1 ishares Euro Corporate Bond UCITS ETF IEAC NA 18.34 2 ishares S&P 500 UCITS ETF (Inc) IUSA NA 53.55 2 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 9.35 3 Vanguard S&P 500 ETF VUSA NA 48.58 3 ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA 7.51 4 ishares MSCI World UCITS ETF (Inc) IWRD NA 37.22 4 ishares Euro Aggregate Bond UCITS ETF IEAG NA 6.47 5 ishares MSCI Europe UCITS ETF (Inc) IMEU NA 21.84 5 ishares Euro Covered Bond UCITS ETF ICOV NA 4.32 6 ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 9.60 6 ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA 3.70 7 ishares AEX UCITS ETF IAEX NA 9.14 7 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 3.17 8 ishares EURO STOXX 50 UCITS ETF (Acc) IEUA NA 7.52 8 ishares $ TIPS UCITS ETF TPSA NA 1.66 9 ishares MSCI Japan UCITS ETF (Inc) IJPN NA 7.00 9 Think iboxx AAA-AA Government Bond Tracker TAT NA 1.15 10 ishares FTSE 100 UCITS ETF (Inc) ISFA NA 6.55 10 ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA 1.04 Page 14
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 16,388.9 17,019.2 16,720.5 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 9,882.0 10,176.7 9,927.2 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 6,016.6 6,267.3 6,139.4 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 5,312.2 5,491.2 5,293.9 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock 5,000.5 5,189.9 5,173.1 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock 4,684.7 4,910.3 4,921.7 Lyxor ETF Euro STOXX 50 MSE FP Lyxor 4,640.6 4,832.8 4,619.6 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock 3,701.3 3,829.9 3,873.7 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 3,210.8 3,211.7 3,145.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock 3,168.4 3,276.2 3,153.6 Lyxor ETF CAC 40 CAC FP Lyxor 2,878.4 3,008.5 2,984.6 ishares SMI CH CSSMI SW BlackRock 2,852.8 2,921.2 2,831.9 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 2,432.6 2,531.0 2,466.4 db x-trackers MSCI World TRN Index UCITS ETF XMWO GR Deutsche Bank AG 2,415.8 2,483.2 2,451.3 db x-trackers Euro STOXX 50 UCITS ETF 1D XESX GR Deutsche Bank AG 2,373.2 2,495.6 2,565.1 db x-trackers DAX UCITS ETF XDAX GR Deutsche Bank AG 2,180.3 2,305.2 2,278.1 ishares MSCI North America UCITS ETF INAA LN BlackRock 2,037.9 2,101.4 1,965.8 Vanguard S&P 500 ETF VUSA LN Vanguard 2,027.8 2,047.9 1,851.6 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche Bank AG 1,980.3 2,056.2 2,109.5 ishares MSCI Japan UCITS ETF (Inc) IJPN LN BlackRock 1,831.2 1,866.9 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 2,834.9 2,746.4 2,681.6 ishares Euro Corporate Bond IBCS GR BlackRock 2,716.2 2,725.6 2,688.2 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock 2,664.3 2,675.2 2,504.8 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock 2,037.2 2,072.3 1,975.1 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock 1,816.1 1,812.1 1,764.7 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 1,749.9 1,742.9 1,683.4 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 1,640.3 1,650.9 1,635.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche Bank AG 1,285.6 1,271.8 1,157.5 ishares Corporate Bond UCITS ETF SLXX LN BlackRock 1,191.4 1,192.8 1,151.6 Amundi ETF Ex AAA Government Bond EuroMTS UCITS ETF X1G FP Amundi 1,119.5 1,038.6 954.3 ishares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock 1,069.5 1,072.2 1,051.7 ishares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR BlackRock 1,039.2 1,037.5 1,014.8 ishares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock 1,025.2 1,025.6 979.5 PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source 1,018.8 1,025.3 1,015.4 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock 994.3 964.8 936.8 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 976.6 969.7 878.2 ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock 963.3 960.7 948.7 ishares UK Gilts UCITS ETF IGLT LN BlackRock 911.3 912.5 886.4 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock 911.2 922.9 881.1 PIMCO Euro Enhanced Short Maturity Source ETF PJS1 GR Source 883.7 875.1 879.2 Page 15
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 5,126.7 5,123.4 4,904.9 ETFS Physical Gold PHAU LN ETF Securities Ltd 3,167.8 3,169.1 2,993.6 Gold Bullion Securities GBS LN ETF Securities Ltd 2,833.9 2,826.5 2,727.4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv 1,940.7 1,940.5 1,888.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH 1,490.9 1,492.9 1,409.1 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1,225.0 1,259.6 1,197.1 Source Physical Gold ETC (P-ETC) SGLD LN Source 1,127.5 1,125.5 1,065.7 db x-trackers DBLCI - OY Balanced UCITS ETF XDBC GR Deutsche Bank AG 706.8 738.7 767.2 Lyxor ETF Commodities CRB CRB FP Lyxor 598.2 621.0 637.0 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche Bank AG 520.8 513.9 479.4 ishares Gold CH CSGOLD SW BlackRock 504.1 503.9 485.4 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS 493.6 500.0 485.0 ETFS Physical Silver PHAG LN ETF Securities Ltd 458.3 459.8 472.3 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock 412.5 410.8 405.6 db Physical Gold ETC XGLD LN Deutsche Bank AG 412.2 410.5 388.3 ishares Gold CHF Hedged CH CSGLDC SW BlackRock 350.3 347.1 338.4 ETFS Physical Platinum PHPT LN ETF Securities Ltd 344.9 348.2 320.3 ZKB Platinum ETF ZPLA SW Zuercher Kantonalbank 332.8 343.7 316.3 db Physical Gold ETC (EUR) XAD5 GR Deutsche Bank AG 300.2 299.0 293.1 ETFS Agriculture Dow Jones UBSCI SM AIGA LN ETF Securities Ltd 297.0 302.6 303.3 Page 16
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 2013. 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 1,677,878 72.3% 1,261 1,614,367 69.5% 71 63,511 2.7% Europe 1,806 397,209 17.1% 1,360 376,028 16.2% 446 21,181 0.9% Asia Pacific 585 167,898 7.2% 570 167,445 7.2% 15 453 0.0% RoW 392 78,231 3.4% 390 75,388 3.2% 2 2,843 0.1% Global 4,115 2,321,215 100.0% 3,581 2,233,227 96.2% 534 87,988 3.8% 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 1940. 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 11 2010 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
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
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 http://gm.db.com/ger/disclosure/disclosuredirectory.eqsr 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 400 350 300 250 200 150 100 50 0 55 % 36 % 51 % 38 % 9 % 32 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship European Universe Page 19
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 1-877-369-4617 or by visiting www.dbxus.com. 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 https://gm.db.com/equities 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 http://gm.db.com. 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 http://www.globalmarkets.db.com/riskdisclosures. 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. 117. 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
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