Portfolio & Index Strategy

Index Research Global Markets Research 3 January 2008 Nizam Hamid 44 20 7545 2955 nizam.hamid@db.com Yvonne Sandford 44 20 7545 1368 yvonne.sandford@db.com Portfolio & Index Strategy European Listed Exchange Traded Funds ETF Liquidity Trends ETF Volume European ETF turnover fell dramatically following the Christmas holiday period and ended the year with total monthly average daily turnover of E0.77bn (figure 9 on page 3 shows historic European ETF turnover). European fixed income ETF turnover fell to E85m with money market ETFs continuing to be the main focus. Total European ETF turnover is now over E0.93bn. There were 2 new ETFs launched during the past couple of weeks from AXA IM/BNP Paribas the EasyETF itraxx Europe HiVol and the EasyETF itraxx Crossover bond related ETFs on Deutsche Borse. (see table on page 2 for further details). European Country ETFs remain the leading product area with total turnover of E296m accounting for 38% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E114m across the four listed products and accounting for 15% of all Equity ETF volume. Euro STOXX 50 ETFs accounted for 26% of turnover trading E201m per day with liquidity split across nine ETFs and 29 different listings on 9 exchanges. Market Share The Deutsche Borse has the highest market share at 31.28% continuing to have leading market share in country and sector ETFs. Euronext follows with market share of 30.88% dominating flows in regional ETFs. The LSE s combined Italian Exchange and London market share has risen to 22.21%. Assets under Management (AUM) Total European Equity related AUM ended 2007 at E71.1bn. AUM for DJ Euro STOXX 50 ETFs were E15bn accounting for over 21% of total European AUM. Fixed Income ETF AUM rose by 3.3% on the previous week to E14.07bn. Figure 1: Top 10 by volume Figure 2: ETF Turnover by Index ETF Name Issuer Exch TER Daily Avg Vol (Em) ishares DAX (DE) BGI (DeutschlandDeutsche Borse 0.17% 81.49 Lyxor ETF DJ Euro STOXX 50 Lyxor Euronext Paris 0.25% 49.88 Lyxor ETF CAC 40 Lyxor Euronext Paris 0.25% 47.12 ishares FTSE 100 BGI London SE 0.40% 43.88 ishares DJ Euro STOXX 50 (DE) BGI (DeutschlandDeutsche Borse 0.17% 40.88 ishares DJ Euro STOXX 50 BGI Euronext Amsterdam 0.15% 30.51 XACT OMXSB Xact Fonder AB Stockholmborsen 0.30% 22.72 ishares DJ Euro STOXX 50 BGI Deutsche Borse 0.15% 20.64 Xact - Bear Xact Fonder AB Stockholmborsen 0.60% 14.79 ishares DJ Euro STOXX 50 BGI Euronext Paris 0.15% 14.04 Source: Deutsche Bank, Reuters (daily average volume over past month) DJ Euro STOXX 50 DAX CAC 40 FTSE 100 OMXS30 SBX S&P 500 SMI DJ STOXX 50 MSCI Emerging Markets Source: Deutsche Bank, Reuters 0 50 100 150 200 250 300 Volume ( m ) IMPORTANT: PLEASE READ DISCLAIMERS AT THE END OF THIS REPORT Deutsche Bank AG or one of its affiliates may make a market in one or more of the ETFs mentioned in this document. This document has been prepared for institutional investors only. This note is not intended to promote or offer any ETF in any jurisdiction in which an offer, solicitation, purchase or sale of such fund would be unlawful under the securities laws of such jurisdiction. Deutsche Bank AG/London All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. 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. Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access this IR at http://gm.db.com, or call 1-877-208-6300 to request that a copy of the IR be sent to them. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Contents Statistics 2 Turnover 3 Market Share 5 AUM 6 ETF Share Changes 8 Fixed Income stats 8 Tracking errors 10 Average volume/aum 11 Reuters/BBG Codes 23 TER definitions 40 Other information 41 ETF Statistics New listings during the past week ETF Nam e Issuer Exchange Bloom berg Reuters TER EasyETF Itraxx Europe Hivol AXA IM / BNP Paribas Deutsche Borse EIVEUR GR EIV.DE 0.30% EasyETF Itraxx Crossover AXA IM / BNP Paribas Deutsche Borse EICEUR GR EEIC.DE 0.30% Source: Deutsche Bank Sources Assets under Management - Bloomberg / Price and volume used to calculate turnover - Reuters Volume is daily average exchange reported volume. Daily average calculated using data from 01 December 2007 to 1 January 2008. Figure 3: Exchange market share summary Figure 4: ETF product market share summary 60.00% 40% 35% 50.00% 30% 25% 40.00% 20% 30.00% 15% 10% 20.00% 5% 0% 10.00% 0.00% Helsinki SE ISE Oslo Bors ATX Virt-X BME SWX Stockholm MTF LSE NextTrack XTF Euro Sector Other Sector Country Global Regional Global Market Share Style Pan-European Sector Pan-European Regional European Leveraged World Country Eurozone Regional European Country All Country Regional Sector Other Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters Figure 6: No of ETFs (excluding cross listing) Sector Country 5 Global 14 Global Regional 16 Euro Sector 14 Pan-European Regional 17 Other 27 European - Leveraged 21 Eurozone Regional 22 Style 45 World Country 46 European Country 46 Pan-European Sector 74 Equity Total 347 Figure 5: No of ETFs (including cross listing) 180 160 140 120 100 80 68 69 74 85 119 120 169 Bond / Commodity Commodity 23 European Listed ETC 55 Bond 56 Other Total 134 Total European ETFs 481 Source: Deutsche Bank 60 40 20 14 14 0 Euro Sector Sector Country Source: Deutsche Bank 33 European Leveraged 42 Global 49 Pan-European Regional Eurozone Regional European Country Global Regional Other Style Pan-European Sector World Country 2 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Turnover Table 7: Summary of Turnover Turnover (Euro m) All Country Regional Sector Other Helsinki SE 0.12 0.12 0.00 0.00 0.00 ISE 0.86 0.86 0.00 0.00 0.00 Oslo Bors 0.89 0.89 0.00 0.00 0.00 ATX 2.33 0.58 1.61 0.00 0.14 Virt-X 5.97 3.75 1.63 0.59 0.00 BME 11.10 7.77 3.29 0.01 0.04 SWX 43.38 30.81 9.35 0.47 2.75 Stockholm 56.74 29.46 0.00 0.00 27.28 MTF 78.58 39.86 19.81 7.34 11.56 LSE 93.98 75.81 7.73 0.14 10.30 NextTrack 239.87 82.36 126.96 8.20 22.35 XTF 242.96 120.84 84.51 17.25 20.36 Sum 776.78 393.10 254.89 34.00 94.78 Source: Deutsche Bank, Reuters Table 8: Summary of Market Share Turnover (Euro m) All Country Regional Sector Other Helsinki SE 0.02% 0.03% 0.00% 0.00% 0.00% ISE 0.11% 0.22% 0.00% 0.00% 0.00% Oslo Bors 0.11% 0.23% 0.00% 0.00% 0.00% ATX 0.30% 0.15% 0.63% 0.00% 0.15% Virt-X 0.77% 0.95% 0.64% 1.74% 0.00% BME 1.43% 1.98% 1.29% 0.03% 0.04% SWX 5.58% 7.84% 3.67% 1.38% 2.90% Stockholm 7.30% 7.49% 0.00% 0.00% 28.78% MTF 10.12% 10.14% 7.77% 21.59% 12.20% LSE 12.10% 19.28% 3.03% 0.41% 10.87% NextTrack 30.88% 20.95% 49.81% 24.12% 23.58% XTF 31.28% 30.74% 33.16% 50.74% 21.48% Sum 100.00% 100.00% 100.00% 100.00% 100.00% Source: Deutsche Bank, Reuters Figure 9: Historic European ETF turnover (Em) 1,800 1,600 1,400 ETF Volume (Em) 1,200 1,000 800 600 400 200 Source: Deutsche Bank, Reuters 0 May-03 Feb-04 Nov-04 Sep-05 Jun-06 Mar-07 Jan-08 Figure 10: Historic European ETF AUM (Em) 80,000 70,000 60,000 ETF AUM (Em) 50,000 40,000 30,000 20,000 10,000 0 M ay-03 Feb-04 Nov-04 Aug-05 M ay-06 Feb-07 Nov-07 Source: Deutsche Bank, Bloomberg Global Portfolio & Index Strategy 3

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 ETF Turnover Figure 11: Turnover by ETF Index Type European Country Eurozone Regional W orld Country European Leveraged Pan-European Regional Pan-European Sector Style Global Global Regional Sector Country Other Euro Sector 0 50 100 150 200 250 300 350 Source: Deutsche Bank, Reuters Volume (Em) Figure 12: Turnover by Regional Index Type Figure 13: Turnover Per Country Index DAX DJ Euro STOXX 50 CAC 40 FTSE 100 DJ STOXX 50 MSCI Europe MSCI Euro MSCI Europe ex UK SBX S&P 500 SMI FTSE / Xinhua China 25 MSCI Brazil FTSE 250 FTSE/JSE Top 40 Index Source: Deutsche Bank, Reuters 0 50 100 150 200 250 Volume (Em) Source: Deutsche Bank, Reuters 0 20 40 60 80 100 120 140 Volume (Em) Figure 14: ETF Turnover by Exchange Figure 15: Regional ETF Turnover by Exchange XTF NextTrack LSE 60% 50% MTF Stockholm 40% SWX BME Virt-X ATX Oslo Bors 30% 20% 10% ISE Helsinki SE 0 50 100 150 200 250 300 0% ATX Virt-X BME LSE SWX MTF XTF NextTrack Volume ( m) Market Share Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters Figure 16: Turnover by European Sector Figure 17: Turnover by Sector Index Provider European sectors classified using STOXX economic groups Financial Basic Mats STOXX Healthcare Telecoms Cons Goods Utilities EURO STOXX Technology Oil & Gas Industrial MSCI Cons Sers 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Volume ( 000's) Source: Deutsche Bank, Reuters 0 5 10 15 20 25 Source: Deutsche Bank, Reuters Volume (Em) 4 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Market Share Figure 18: Mkt Share of Country ETFs by Exchange 35% 30% 25% 20% 15% 10% 5% 0% Figure 19: Market Share by European Sector Helsinki SE ATX ISE Oslo Bors Virt-X BME Stockholm SWX MTF LSE NextTrack XTF Market Share Source: Deutsche Bank, Reuters Figure 20: Market Share of Sectors by Exchange 25% 20% 60% 50% 15% 40% 10% 30% 5% 20% 0% 10% Cons Sers Industrial Oil & Gas Technology Utilities Cons Goods Market Share Telecoms Healthcare Basic Mats Financial 0% LSE Virt-X SWX MTF NextTrack XTF Market Share Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters Figure 21: ETF fees versus Turnover (Em) Figure 22: Mkt Share of ETF Turnover by Exchange 250 200 150 100 50 35% 30% 25% 20% 15% 10% 5% 0% 0 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% Total Expense Ratio Helsinki SE ISE Oslo Bors ATX Virt-X BME SWX Stockholm Market Share MTF LSE NextTrack XTF Source: Deutsche Bank, Reuters Source: Deutsche Bank, Reuters This note is not intended to promote or offer any ETF in any jurisdiction in which an offer, solicitation, purchase or sale of such fund would be unlawful under the securities laws of such jurisdiction. This document is for general information purposes only and does not constitute an offer to sell any ETFs or an invitation or recommendation to enter into any transaction. The full terms and conditions of any ETFs can be obtained free of charge from your investment advisor. This document is issued by Deutsche Bank and the distribution of this document in certain jurisdictions may be restricted by law. ETFs may not be a suitable investment for you and can involve important legal and tax consequences and investment risks. We strongly recommend you to consult your financial advisor prior to investing in ETFs. Please consult the appropriate ETF Offering Circular for full details and before any investment is made. Global Portfolio & Index Strategy 5

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 ETF Assets under Management Figure 23: AUM per Underlying Index (Em) Figure 24: AUM per index type (Em) DJ Euro STOXX 50 CAC 40 DAX MSCI Emerging Markets FTSE 100 SMI S&P 500 DJ Euro STOXX Select Dividend MSCI World MSCI Japan 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Assets under Management (Em) European Country Eurozone Regional World Country Pan-European Sector Pan-European Regional Global Style Other Global Regional European Leveraged Euro Sector Sector Country 0 5,000 10,000 15,000 20,000 Assets under Management (Em) Source: Deutsche Bank, Bloomberg Source: Deutsche Bank, Bloomberg Figure 25: Top 15 by AUM ETF Name Issuer TER Domicile AUM (Em) Lyxor ETF DJ Euro STOXX 50 Lyxor 0.25% Fra 4,363.16 ishares DJ Euro STOXX 50 (DE) BGI (Deutschland) AG 0.17% Ger 4,199.44 ishares DJ Euro STOXX 50 BGI 0.15% Ire 4,122.80 ishares DAX (DE) BGI (Deutschland) AG 0.17% Ger 3,290.24 Lyxor ETF CAC 40 Lyxor 0.25% Fra 3,040.18 ishares FTSE 100 BGI 0.40% Ire 2,374.50 ishares S&P 500 Index Fund (IUSA) BGI 0.40% Ire 1,959.37 XMTCH on SMI Credit Suisse AM 0.38% Sw it 1,681.56 db x-trackers MSCI Emerging Markets TRN Index ETFdb x-trackers 0.65% Lux 1,523.29 ishares MSCI Japan BGI 0.59% Ire 1,275.61 EasyETF CAC 40 AXA IM / BNP Paribas 0.25% Fra 1,133.05 ishares Dow Jones Euro STOXX Select Dividend 30 BGI (Deutschland) AG 0.32% Ger 1,018.93 ishares MSCI Emerging Markets BGI 0.74% Ire 982.42 SPDR Europe 350 Credit Agricole AM 0.35% Ire 969.43 db x-trackers DJ Euro STX 50 db x-trackers 0.15% Lux 846.20 Source: Deutsche Bank, Bloomberg * Management fee as TER unavailable 6 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Assets under Management Figure 26: ETF volume versus AUM (Em) Figure 27: ETF Fees versus AUM (Em) 200.0 14,000 Turnover (m) 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 0 1,000 2,000 3,000 4,000 5,000 6,000 Assets Under Management (m) Assets under Management (Em) 12,000 10,000 8,000 6,000 4,000 2,000 0 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% TER Source: Deutsche Bank, Bloomberg Source: Deutsche Bank, Bloomberg Weekly ETF Share Changes Figure 28: Top increases in Shares (ranked by Change in Em) ETF Name Share Change % change Change in Euro (m) db x-trackers MSCI Emerging Markets TRN Index ETF 11,100,000 27.75% 330.89 db x-trackers FTSE 250 ETF 10,000,000 131.41% 145.80 Lyxor ETF DJ Euro STOXX 50 3,100,000 3.23% 136.59 Lyxor ETF Euro Cash 750,000 12.40% 75.86 Lyxor ETF EuroMTS 7-10Y 600,000 60.00% 61.22 Lyxor ETF EuroMTS Global 500,000 5.41% 57.42 XMTCH (Lux) on MSCI Euro* 367,000 6.17% 49.07 Lyxor ETF EuroMTS Infl Link 450,000 15.25% 46.98 ishares Index-Linked Gilts 2,000,000 23.53% 28.94 Lyxor ETF DJ STOXX 600 Pers & Household Goods 509,300 81.49% 20.99 ishares MSCI AC Far East ex-japan 600,000 5.26% 20.10 ishares eb.rexx Government Germany 1.5-2.5 (DE) 200,000 4.16% 19.87 db x-trackers MSCI World TRN Index ETF 800,000 11.59% 19.81 db x-trackers MSCI USA TRN Index ETF 700,000 10.42% 15.87 db x-trackers II iboxx E Sovereigns Eurozone TR Index 100,000 8.69% 14.48 Source: Deutsche Bank, Bloomberg Figure 29: Top decreases in Shares (ranked by Change in Em) ETF Name Share Change % change Change in Euro (m) EasyETF DJ Euro STOXX -1,348,600-80.66% -585.09 ishares eb.rexx Government Germany 2.5-5.5 (DE) -1,550,000-19.37% -162.29 ishares DJ STOXX 600 (DE) -3,341,500-19.41% -122.97 XACT FTSE RAFI Fundamental Sw eden -15,800,000-42.88% -77.35 Lyxor ETF CAC 40-1,101,000-1.99% -61.87 Lyxor ETF IBEX 35-325,600-38.26% -49.56 Lyxor ETF Japan Topix -508,000-12.35% -45.01 ishares DJ Euro STOXX 50 (DE) -1,000,000-1.05% -44.62 db x-trackers DJ Euro STX 50-1,000,000-4.99% -44.42 Lyxor ETF MSCI EM Latin America -1,460,700-44.98% -44.23 ishares DAX (DE) -548,900-1.27% -42.24 Lyxor ETF DAXplus Protective Put -947,300-38.03% -40.59 ishares DJ Euro STOXX 50-900,000-0.95% -39.60 Lyxor ETF FTSE All-Share -7,896,200-26.31% -35.81 Lyxor ETF MSCI World -321,100-7.04% -34.99 Source: Deutsche Bank, Bloomberg Global Portfolio & Index Strategy 7

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Fixed Income ETF Statistics Figure 30: Top 10 European Bond ETFs by volume ETF Name Exchange Issuer TER Daily Avg Vol (Em) Lyxor ETF Euro Cash FR, IT Lyxor 0.15% 12.66 db x-trackers II EONIA TR Index ETF DE, IT db x-trackers 0.15% 12.56 ishares eb.rexx Government Germany 2.5-5.5 (DE) DE BGI (Deutschland) AG 0.15% 10.57 Lyxor ETF EuroMTS Global DE, FR, IT Lyxor 0.17% 7.01 Lyxor ETF EuroMTS 3-5Y DE, FR, IT Lyxor 0.17% 3.64 Lyxor ETF EuroMTS 1-3Y DE, FR, IT Lyxor 0.17% 3.24 Lyxor ETF EuroMTS Infl Link DE, FR, IT Lyxor 0.20% 3.21 ishares Corporate Bond CH, DE, IT, GB, MXBGI 0.20% 2.73 Lyxor ETF EuroMTS Covered Bond Aggregate ETF FR, DE Lyxor 0.17% 2.64 Lyxor ETF EuroMTS 10-15Y DE, FR, IT Lyxor 0.17% 2.54 Source: Deutsche Bank, Datastream Figure 31: Historic Eur Bond ETF turnover (Em) Figure 32: Historic Eur Bond ETF AUM (Ebn) 120.00 100.00 Trunover(Em) 80.00 60.00 40.00 20.00 0.00 Jun-03 Feb-04 Oct-04 Jun-05 Feb-06 Oct-06 Jun-07 Bond ETF Growth in Turnover Source: Deutsche Bank, Reuters AUM(Ebn) 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Bond ETF Growth in AUM Source: Deutsche Bank, Reuters Figure 33: Top 15 European Listed Bond ETFs by AUM ETF Name Issuer TER Domicile AUM (Em) ishares eb.rexx Government Germany 5.5-10.5 (DE)BGI (Deutschland) AG 0.15% Ger 1,423.19 db x-trackers II EONIA TR Index ETF db x-trackers 0.15% Lux 1,411.99 Lyxor ETF EuroMTS Global Lyxor 0.17% Fra 1,119.69 Lyxor ETF EuroMTS 1-3Y Lyxor 0.17% Fra 754.56 Lyxor ETF EuroMTS 3-5Y Lyxor 0.17% Fra 749.32 Lyxor ETF Euro Cash Lyxor 0.15% Fra 687.57 ishares eb.rexx Government Germany 2.5-5.5 (DE) BGI (Deutschland) AG 0.15% Ger 675.68 ishares Corporate Bond BGI 0.20% Ire 634.39 ishares eb.rexx Jumbo Pfandbriefe (DE) BGI (Deutschland) AG 0.09% Ger 554.33 ishares eb.rexx Government Germany (DE) BGI (Deutschland) AG 0.16% Ger 553.89 ishares eb.rexx Government Germany 1.5-2.5 (DE) BGI (Deutschland) AG 0.15% Ger 497.51 ishares eb.rexx Govt Germany 10.5+ (DE) BGI (Deutschland) AG 0.15% Ger 378.84 Lyxor ETF EuroMTS Infl Link Lyxor 0.20% Fra 354.93 ishares Government Bond 1-3 BGI 0.20% Ire 295.75 Xmtch on SBI Dom. Gov. 3-7 Credit Suisse AM 0.15% Sw it 292.50 Source: Deutsche Bank, Bloomberg * Management fee as TER unavailable 8 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank ETF Statistics by Issuer Figure 34: Top 10 European ETF Issuers by Volume Lyxor BGI B G I (D e uts c hla nd) AG Xact Fonder AB db x-trackers ETF Securities Ltd C re dit S uis s e A M SGAM AXA IM / BNP Paribas State Street Global Advisors 0 50 100 150 200 250 300 Volume (Em) Source: Deutsche Bank, Datastream Figure 35: Top 10 European ETF Issuers by AUM Lyxor BGI B G I (D e uts c hla nd) AG db x-trackers AX A IM / B N P P ariba s C re dit S uis s e AM Credit Agricole AM UBS Xact Fonder AB ETF Securities Ltd 0 5,000 10,000 15,000 20,000 25,000 AUM (Em) Source: Deutsche Bank, Datastream Figure 36: ETF Issuers Ranked by Daily Avg Volume Issuer Daily Avg Vol (Em) Mkt Share Lyxor 265.95 29.45% BGI 234.96 26.02% BGI (Deutschland) AG 185.90 20.59% Xact Fonder AB 57.19 6.33% db x-trackers 45.78 5.07% ETF Securities Ltd 24.70 2.74% Credit Suisse AM 21.21 2.35% SGAM 11.73 1.30% AXA IM / BNP Paribas 10.16 1.13% State Street Global Advisors 7.79 0.86% BBVA Gestion SA SGIIC 7.65 0.85% Gold Bullion Holdings Ltd 7.20 0.80% UBS 7.05 0.78% Nasdaq Fin Prod Services 3.96 0.44% Credit Agricole AM 3.29 0.36% Zuercher Kantonalbank 2.79 0.31% BNP Paribas 1.02 0.11% Santander 0.88 0.10% NCB Stockbrokers 0.86 0.10% JP Morgan 0.78 0.09% ABN Amro Bank NV 0.71 0.08% DnB NOR Kapitalforvaltning/Norw a 0.47 0.05% DVG 0.45 0.05% Beta Etfund PLC 0.21 0.02% Unico Asset Man 0.10 0.01% Pow ershares 0.10 0.01% Seligson & Co Fund Man 0.09 0.01% Erste Sparinvest KAG 0.03 0.00% SPA ETF Europe Ltd 0.02 0.00% PDR Services LLC 0.00 0.00% Dexia AM 0.00 0.00% Source: Deutsche Bank, Reuters Figure 37: ETF Issuers Ranked by AUM Issuer AUM (Em) Mkt Share Lyxor 21,793.83 23.98% BGI 20,449.56 22.50% BGI (Deutschland) AG 18,984.16 20.88% db x-trackers 7,319.38 8.05% AXA IM / BNP Paribas 4,438.36 4.88% Credit Suisse AM 3,410.89 3.75% Credit Agricole AM 2,072.82 2.28% UBS 1,767.37 1.94% Xact Fonder AB 1,722.18 1.89% ETF Securities Ltd 1,675.62 1.84% Gold Bullion Holdings Ltd 1,665.05 1.83% State Street Global Advisors 1,614.98 1.78% Zuercher Kantonalbank 717.72 0.79% SGAM 528.48 0.58% BBVA Gestion SA SGIIC 520.54 0.57% DVG 482.98 0.53% Santander 392.59 0.43% Nasdaq Fin Prod Services 345.35 0.38% Unico Asset Man 208.38 0.23% Seligson & Co Fund Man 149.69 0.16% BNP Paribas 144.04 0.16% Beta Etfund PLC 136.37 0.15% ABN Amro Bank NV 129.99 0.14% JP Morgan 90.04 0.10% NCB Stockbrokers 52.22 0.06% DnB NOR Kapitalforvaltning/Norw a 33.34 0.04% SPA ETF Europe Ltd 28.68 0.03% Pow ershares 25.54 0.03% Dexia AM 0.00 0.00% Erste Sparinvest KAG 0.00 0.00% Source: Deutsche Bank, Reuters Global Portfolio & Index Strategy 9

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Tracking Errors Figure 34: Regional ETFs and Tracking Errors (1 Year) Pan Europe Equivalent Benchmark ETF Index DJ STOXX MSCI Europe FTSE Europe DJ STOXX 50 2.56 2.47 7.03 FTSE Eurotop 100 1.98 1.76 6.80 MSCI Pan Euro Index 0.96 0.65 6.52 Eur ozone Equivalent Benchmark DJ EURO STOXX MSCI EMU FTSE Eurozone DJ Euro STOXX 50 2.38 2.35 13.16 FTSE Euro 100 1.29 1.13 12.85 MSCI Euro 0.92 0.64 0.67 FTSEurofirst 80 1.75 1.57 0.71 Source: Deutsche Bank, Datastream Figure 35: European Country Indices and Tracking Errors (1 Year) European Country Indices Equivalent Benchmark FTSE Ctry MSCI Ctry AEX 4.18 9.51 CAC 40 0.82 7.33 DAX 1.37 28.96 FTSE 100 7.77 0.65 HEX 25 9.49 49.49 MSCI UK 7.73 0.00 OMX 2.40 5.12 SMI 0.65 4.04 S&P MIB 1.09 4.22 Source: Deutsche Bank, Datastream 10 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank Eurozone ETFs 12 Pan-European ETFs 12 European Country ETFs 13 Regional ETFs 14 World Country ETFs 15 Country/Sector ETFs 15 Pan-European Sector ETFs 16 European Sector ETFs 18 Style ETFs 19 Other ETFs 20 Bond / Commodity ETFs 21 ETCs 24 Global Portfolio & Index Strategy 11

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Eurozone ETFs ETF Name Issuer Exchange Listings Total Expe ns e Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) EasyETF DJ Euro STOXX AXA IM / BNP Paribas FR, IT 0.35% Fra 0.79 140.3 ishares Dow Jones Euro STOXX (DE) BGI (Deutschland) AG DE 0.21% Ger 0.38 221.5 ishares DJ Euro STOXX 50 BGI CH, DE, FR, GB, IT, NL, VX 0.15% Ire 75.99 4,122.8 Lyxor ETF DJ Euro STOXX 50 Lyxor AT, CH, DE, ES, FR, IT 0.25% Fra 65.48 4,363.2 ishares DJ Euro STOXX 50 (DE) BGI (Deutschland) AG AT, CH, DE, FR 0.17% Ger 48.87 4,199.4 db x-trackers DJ Euro STX 50 db x-trackers CH, DE, IT 0.15% Lux 5.79 846.2 BBVA-Accion DJ Euro STOXX 50 BBVA Gestion SA SGIIC ES 0.15% Sp 2.62 170.6 UBS-ETF DJ Euro STOXX 50 UBS CH, DE, VX 0.35% Lux 1.89 372.6 EasyETF Euro STOXX 50-B AXA IM / BNP Paribas FR 0.25% Fra 0.36 295.2 UBS-ETF Euro STOXX 50 I UBS CH, DE, FR 0.15% Lux 0.34 206.8 Deutsche Bank Euro STOXX 50 DVG DVG DE 0.15% Ger 0.14 309.0 EasyETF Euro STOXX 50-A AXA IM / BNP Paribas FR 0.45% Fra 0.00 36.3 ishares DJ EuroSTOXX MidCap BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire 0.98 195.6 ishares DJ EuroSTOXX SmallCap BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire 1.13 220.8 Lyxor ETF FTSEurofirst 80 Lyxor FR 0.35% Fra 0.44 45.3 ishares FTSEurofirst 80 BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire 0.42 162.1 XMTCH (Lux) on MSCI EMU Mid Cap Credit Suisse AM CH 0.40% Lux 0.45 18.7 Lyxor ETF MSCI EMU Small Cap Lyxor CH, DE, ES, FR, IT 0.40% Fra 0.83 80.9 XMTCH (Lux) on MSCI Euro* Credit Suisse AM CH, DE 0.53% Lux 4.10 844.9 B1 - MSCI Euro Beta Etfund PLC IT 0.62% Ire 0.11 64.4 streettracks MSCI Eur SM Cap State Street Global Advisors FR 0.50% Fra 0.00 21.3 SPDR Euro Credit Agricole AM FR, IT, VX 0.35% Ire 0.34 270.5 Source: Deutsche Bank, Bloomberg, Reuters * Management fee as TER unavailable Pan Europe ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) ishares DJ STOXX 50 BGI CH, DE, FR, GB, IT, NL, VX 0.35% Ire 11.60 810.0 ishares DJ STOXX 50 (DE) BGI (Deutschland) AG CH, DE, FR 0.52% Ger 3.24 302.0 EasyETF STOXX 50-B AXA IM / BNP Paribas FR 0.30% Fra 0.05 46.4 EasyETF STOXX 50-A AXA IM / BNP Paribas FR 0.45% Fra 0.02 23.6 ishares DJ STOXX 600 (DE) BGI (Deutschland) AG DE 0.19% Ger 1.60 510.5 ishares DJ STOXX Large 200 (DE) BGI (Deutschland) AG DE 0.21% Ger 0.06 28.6 ishares DJ STOXX Mid 200 (DE) BGI (Deutschland) AG DE 0.21% Ger 0.08 207.2 ishares DJ STOXX Small 200 (DE) BGI (Deutschland) AG DE 0.21% Ger 0.14 48.7 ishares FTSEurofirst 100 BGI CH, DE, FR, GB, IT, NL, VX 0.40% Ire 0.42 100.0 Lyxor ETF MSCI Europe Lyxor CH, DE, FR, IT 0.35% Fra 3.48 436.4 streettracks MSCI Europe State Street Global Advisors FR 0.50% Fra 3.31 744.3 db x-trackers MSCI Europe TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.30% Lux 0.24 157.4 ishares MSCI Europe BGI CH, DE, FR, GB, NL 0.35% Ire 0.02 37.3 Unico-MSCI Europe Unico Asset Man DE 0.72% Lux 0.01 48.8 ishares MSCI Europe ex UK BGI CH, DE, FR, GB, IT, NL 0.40% Ire 3.03 236.5 B1 - MSCI Pan Euro Beta Etfund PLC IT 0.50% Ire 0.02 51.4 SPDR Europe 350 Credit Agricole AM FR, IT, VX 0.35% Ire 2.09 969.4 Source: Deutsche Bank, Bloomberg, Reuters 12 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank European Country ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) ishares AEX Tracker BGI GB, NL 0.30% Ire 3.07 102.9 streettracks AEX State Street Global Advisors NL 0.30% Fra 2.55 214.1 ishares ATX (DE) BGI (Deutschland) AG AT,DE 0.30% Ger 0.50 48.0 Lyxor ETF BEL 20 Lyxor BE 0.50% Fra 0.17 33.0 Lyxor ETF CAC 40 Lyxor FR 0.25% Fra 47.12 3,040.2 EasyETF CAC 40 AXA IM / BNP Paribas FR 0.25% Fra 1.98 1,133.1 CAC40 Indexis Credit Agricole AM FR 0.25% Fra 0.86 832.9 ishares DAX (DE) BGI (Deutschland) AG AT, DE 0.17% Ger 81.58 3,290.2 Lyxor ETF DAX Lyxor CH, DE, FR, IT 0.15% Lux 26.01 393.2 db x-trackers DAX ETF db x-trackers CH, DE 0.15% Lux 6.98 310.4 Deutsche Bank DAX DVG DVG DE 0.15% Ger 0.31 174.0 UBS-ETF DJ Germany Titans 30 UBS DE 0.55% Lux 0.10 26.6 Lyxor ETF FTSE 100 Lyxor GB 0.30% Fra 2.32 234.0 db x-trackers FTSE 100 ETF db x-trackers DE, GB 0.30% Lux 0.17 133.7 ishares FTSE 100 BGI GB, IT, NL, VX 0.40% Ire 44.51 2,374.5 UBS-ETF FTSE 100 UBS CH, DE, VX 0.55% Lux 0.33 107.2 ishares FTSE 100 (DE) BGI (Deutschland) AG DE 0.51% Ger 0.15 84.5 ishares FTSE 250 BGI GB 0.40% Ire 7.80 306.9 Lyxor ETF FTSE 250 Lyxor GB 0.35% Fra 0.07 63.1 db x-trackers FTSE 250 ETF db x-trackers DE, GB 0.35% Lux 0.00 256.8 Lyxor ETF FTSE All-Share Lyxor GB 0.40% Fra 1.46 100.3 db x-trackers FTSE All Share ETF db x-trackers DE 0.40% Lux 0.00 29.4 BBVA-Accion IBEX ETF BBVA Gestion SA SGIIC ES 0.33% Sp 4.70 230.7 Lyxor ETF IBEX 35 Lyxor ES 0.30% Fra 1.82 80.0 Flame ETF IBEX 35 Santander ES 0.30% Sp 0.88 64.2 Flame ETF IBEX Mid Caps Santander ES 0.40% Sp 0.00 261.1 Flame ETF IBEX Small Cap Santander ES 0.40% Sp 0.00 67.3 ISEQ 20 ETF NCB Stockbrokers IE 0.50% Ire 0.86 52.2 ishares MDAX (DE) BGI (Deutschland) AG DE 0.52% Ger 6.23 151.3 Lyxor ETF MSCI Greece Lyxor DE, FR, IT 0.45% Fra 0.16 20.8 DNB NOR OBX DnB NOR Kapitalforvaltning/Norw a NO 0.60% Nor 0.47 33.3 XACT OBX Xact Fonder AB NO 0.30% Nor 0.43 59.6 Seligson & Co OMX Helsinki 25 ETF Seligson & Co Fund Man FI 0.23% Fin 0.09 149.7 XACT OMXH25 Xact Fonder AB FI 0.25% Fin 0.03 2.3 XACT OMXS30 Xact Fonder AB SE 0.31% Sw ed 6.73 279.8 Lyxor ETF S&P/MIB Lyxor IT 0.35% Fra 4.07 367.9 db x-trackers S&P/MIB ETF db x-trackers CH, DE, IT 0.30% Lux 0.17 19.2 ishares S&P/MIB BGI GB 0.35% Ire 0.00 6.8 XACT OMXSB Xact Fonder AB SE 0.30% Sw ed 22.72 775.5 UBS-ETF SLI UBS CH 0.35% Sw it 0.20 35.2 XMTCH on SMI Credit Suisse AM CH, DE 0.38% Sw it 13.03 1,681.6 UBS-ETF SMI UBS CH 0.35% Sw it 1.25 307.6 ishares SMI (DE) BGI (Deutschland) AG CH, DE 0.52% Ger 0.93 51.5 db x-trackers SMI ETF db x-trackers CH, DE, IT 0.30% Lux 0.59 144.4 XMTCH on SMIM Credit Suisse AM CH 0.51% Sw it 1.53 346.9 SMTCH on SLI Credit Suisse AM CH 0.40% Sw it 1.12 91.1 Source: Deutsche Bank, Bloomberg, Reuters * Management fee as TER unavailable Global Portfolio & Index Strategy 13

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 World ETFs ETF Name Issuer Exchange Listings Total Expe ns e Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) ishares DJ Global Titans 50 (DE) BGI (Deutschland) AG DE 0.52% Ger 0.26 63.3 Lyxor ETF DJ Global Titans 50 Lyxor AT, DE, FR, IT 0.40% Fra 0.08 50.8 EasyETF Global Titans 50 AXA IM / BNP Paribas FR 0.45% Fra 0.01 8.9 BBVA-Accion FTSE Latibex Top ETF BBVA Gestion SA SGIIC ES 0.55% Sp 0.02 6.5 ishares MSCI Emerging Markets BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 7.15 982.4 Lyxor ETF MSCI Emerging Markets Lyxor DE, ES, FR, IT 0.65% Fra 1.08 172.7 db x-trackers MSCI Emerging Markets TRN Index ETFdb x-trackers CH, DE, GB, GB$, IT 0.65% Lux 0.75 1,523.3 XMTCH Lux on MSCI Emerging Markets Credit Suisse AM CH 0.75% Lux 0.11 96.4 ishares MSCI World BGI CH, DE, FR, GB, GB$, IT, NL 0.50% Ire 6.22 664.0 Lyxor ETF MSCI World Lyxor DE, FR, IT 0.45% Fra 0.98 461.8 db x-trackers MSCI World TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.45% Lux 0.62 190.7 Lyxor ETF MSCI World (USD) Lyxor CH 0.45% Fra 0.15 26.2 Unico-MSCI World Unico Asset Man DE 0.72% Lux 0.09 159.6 ESPA Stock NTX Erste Sparinvest KAG AT 0.90% Austria 0.03 0.0 Source: Deutsche Bank, Bloomberg, Reuters Regional ETFs ETF Name Issuer Exchange Listings Total Expe ns e Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) Lyxor ETF Eastern Europe (CECE EUR) Lyxor AT, CH, DE, ES, FR, IT 0.50% Fra 2.61 341.5 Market Access DAXglobal Asia Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux 0.01 1.6 Market Access DAXglobal BRIC Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux 0.07 2.6 ishares DJ STOXX EU Enlarged 15 (DE) BGI (Deutschland) AG AT, DE 0.51% Ger 0.27 56.7 ishares FTSE BRIC 50 Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 1.37 78.4 Lyxor ETF MSCI AC Asia Pacific ex Japan Lyxor DE, FR, IT 0.65% Fra 1.33 148.2 Lyxor ETF MSCI AC Asia Pacific ex Japan Lyxor GB, GB$ 0.65% Fra 0.01 0.0 ishares MSCI AC Far East ex-japan BGI CH, DE, FR, GB, GB$, IT, NL 0.50% Ire 2.65 402.0 db x-trackers MSCI EM Asia TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux 0.14 27.5 ishares MSCI Eastern Europe BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 2.47 226.9 db x-trackers MSCI EM EMEA TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux 0.09 14.3 db x-trackers MSCI EM Latam TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux 0.64 25.4 ishares MSCI Latin America BGI GB, GB$ 0.74% Ire 0.07 5.4 Lyxor ETF MSCI EM Latin America Lyxor DE, ES, FR, IT 0.65% Fra 1.32 54.1 ishares MSCI North America BGI CH, DE, FR, GB, GB$, IT, NL 0.40% Ire 0.95 221.9 Market Access South-East Europe Traded Index FunABN Amro Bank NV AT, CH, DE, NL 0.70% Lux 0.01 1.3 Source: Deutsche Bank, Bloomberg, Reuters 14 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank World Country ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) BBVA-Accion FTSE Latibex Brasil ETF BBVA Gestion SA SGIIC ES 0.55% Sp 0.09 112.7 Lyxor ETF Brazil (Ibovespa) Lyxor CH, DE, IT, FR 0.65% Fra 3.18 180.8 Lyxor ETF Brazil Lyxor GB, GB$ 0.65% Fra 0.01 0.0 ishares MSCI Brazil BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 6.71 414.0 db x-trackers MSCI Brazil TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux 1.72 127.6 ishares Dow Jones China Offshore 50 (DE) BGI (Deutschland) AG DE 0.60% Ger 0.47 27.7 ishares FTSE / Xinhua China 25 Fund BGI CH, DE, FR, GB, GB$, IT, NL, V 0.74% Ire 8.68 600.2 db x-trackers FTSE/Xinhua China 25 ETF db x-trackers CH, DE, GB, GB$, IT 0.60% Lux 1.48 115.0 Lyxor ETF China Enterprise Lyxor DE, ES, FR, IT 0.65% Fra 7.67 619.9 Lyxor ETF China Enterprise (HSCEI) (GBP) Lyxor GB, GB$ 0.65% Fra 0.02 0.0 Lyxor ETF Hong Kong (HSI) Lyxor DE, FR, IT 0.65% Fra 0.93 94.0 Lyxor ETF MSCI India Lyxor DE, ES, FR, IT 0.85% Fra 6.30 701.0 Lyxor ETF MSCI India (USD) Lyxor CH 0.85% Fra 0.31 47.4 db x-trackers S&P CNX Nifty ETF db x-trackers CH, DE, GB, GB$, IT 0.85% Lux 0.31 83.8 Lyxor ETF India (S&P CNX Nifty) (GBP) Lyxor GB, GB$ 0.85% Fra 0.23 42.2 UBS-ETF DJ Japan Titans 100 UBS CH, DE, VX 0.55% Lux 1.11 306.2 UBS ETF DJ Japan Titans 100 I UBS CH 0.20% Lux 0.01 220.0 ishares MSCI Japan BGI CH, DE, FR, GB, IT, NL, VX 0.59% Ire 5.23 1,275.6 db x-trackers MSCI Japan TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.50% Lux 1.51 168.7 ishares Nikkei 225 (DE) BGI (Deutschland) AG DE 0.50% Ger 0.55 95.5 Lyxor ETF Japan Topix Lyxor DE, FR, IT 0.50% Fra 1.96 319.6 Lyxor ETF Japan Topix (YEN) Lyxor CH 0.50% Fra 0.18 68.0 Lyxor ETF Japan Topix (GPB) Lyxor GB, GB$ 0.50% Fra 0.01 26.9 ishares MSCI Korea BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 1.67 124.3 Lyxor ETF MSCI Korea Lyxor DE, FR, HK, IT 0.65% Fra 1.20 92.1 db x-trackers MSCI Korea TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux 0.81 37.4 Market Access DAXglobal Russia Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux 0.02 3.0 Lyxor ETF Russia (DJ Rus Index Titans 10) (EUR) Lyxor DE, ES, FR, IT 0.65% Fra 4.73 449.4 Lyxor ETF Russia (DJ Rus Index Titans 10) (GBP) Lyxor GB, GB$ 0.65% Fra 0.03 30.5 Lyxor ETF Russia (DJ Rus Index Titans 10) (USD) Lyxor CH 0.65% Fra 0.23 55.8 Market Access FTSE/JSE Africa Top 40 Index Fund ABN Amro Bank NV AT, CH, DE, NL 0.70% Lux 0.04 1.4 Lyxor ETF South Africa (FTSE JSE Top40) (GBP) Lyxor GB, GB$ 0.65% Fra 7.02 31.3 Lyxor ETF South Africa (FTSE JSE Top40) Lyxor DE, FR, IT 0.65% Fra 0.68 48.6 ishares MSCI Taiw an BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 2.08 192.2 db x-trackers MSCI Taiw an TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.65% Lux 0.20 76.8 Lyxor ETF Turkey Titans 20 Lyxor CH, DE, FR, IT 0.65% Fra 1.99 178.7 Market Access DJ Turkey Titans 20 Index Fund ABN Amro Bank NV AT, CH, DE 0.60% Lux 0.00 0.0 ishares MSCI Turkey BGI CH, DE, FR, GB, GB$, IT, NL 0.74% Ire 1.03 122.3 UBS-ETF DJ US (Large Cap) UBS CH, DE, VX 0.35% Lux 0.25 59.2 ishares DJ Industrial Average (DE) BGI (Deutschland) AG DE 0.52% Ger 1.97 116.2 UBS-ETF DJ Industrial Average UBS CH, DE, VX 0.55% Lux 1.10 97.3 Lyxor ETF Dow Jones Industrial Average Lyxor AT, CH, DE, ES, FR, IT 0.50% Fra 1.08 362.4 DJIA Diamonds ("Diamond") PDR Services LLC NL 0.18% USA 0.00 0.0 Lyxor ETF MSCI USA Lyxor DE, FR, IT 0.35% Fra 0.74 224.3 db x-trackers MSCI USA TRN Index ETF db x-trackers CH, DE, GB, GB$, IT 0.30% Lux 0.58 168.2 Lyxor ETF MSCI USA (USD) Lyxor CH 0.35% Fra 0.05 29.1 ishares S&P 500 Index Fund (IUSA) BGI CH, DE, FR, GB, GB$, IT, NL, V 0.40% Ire 20.90 1,959.4 Source: Deutsche Bank, Bloomberg, Reuters Country / Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) UBS-ETF DJ US Technology UBS CH, DE, VX 0.65% Lux 0.48 28.9 Pow ershares EQQQ Fund Nasdaq Fin Prod Services CH, DE, GB, IT, VX 0.20% Ire 3.96 345.4 Lyxor ETF Nasdaq 100 Lyxor DE, ES, FR, IT 0.30% Fra 1.78 188.4 ishares NASDAQ-100 (DE) BGI (Deutschland) AG DE 0.30% Ger 0.35 113.6 ishares TecDAX (DE) BGI (Deutschland) AG DE 0.52% Ger 1.33 83.3 Source: Deutsche Bank, Bloomberg, Reuters Global Portfolio & Index Strategy 15

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Pan-European Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Dom icile Total Daily Avg Vol (Em) AUM (Euro m) Automobiles & Parts Lyxor ETF DJ STOXX 600 Automobiles & Parts Lyxor DE, FR, IT 0.30% Fra 0.33 42.0 ishares DJ STOXX 600 Automobiles & Parts (DE) BGI (Deutschland) AG DE 0.52% Ger 0.28 34.4 ishares DJ STOXX 600 Automobiles & Parts Sw ap ( BGI (Deutschland) AG DE 0.32% Ger 0.38 35.4 Banks ishares DJ STOXX 600 Banks (DE) BGI (Deutschland) AG DE 0.52% Ger 4.13 118.8 Lyxor ETF DJ STOXX 600 Banks Lyxor DE, FR, IT 0.30% Fra 1.60 138.3 db x-trackers DJ STOXX 600 Banks ETF db x-trackers DE, IT 0.30% Lux 0.58 24.2 ishares DJ STOXX 600 Banks Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.49 105.9 Basic Resources ishares DJ STOXX 600 Basic Resources (DE) BGI (Deutschland) AG DE 0.52% Ger 3.99 247.1 db x-trackers DJ STOXX 600 Basic Resources ETF db x-trackers DE, IT 0.30% Lux 3.02 17.3 Lyxor ETF DJ STOXX 600 Basic Resources Lyxor DE, FR, IT 0.30% Fra 1.82 127.0 ishares DJ STOXX 600 Resources Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 1.95 184.7 Chem icals Lyxor ETF DJ STOXX 600 Chemicals Lyxor DE, FR, IT 0.30% Fra 0.21 72.7 ishares DJ STOXX 600 Chemicals (DE) BGI (Deutschland) AG DE 0.52% Ger 0.16 36.4 ishares DJ STOXX 600 Chemicals Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.07 15.8 Construction & Materials ishares DJ STOXX 600 Construction & Materials (DEBGI (Deutschland) AG DE 0.52% Ger 0.41 31.0 Lyxor ETF DJ STOXX 600 Construction & Materials Lyxor DE, FR, IT 0.30% Fra 0.18 40.2 ishares DJ STOXX 600 Construction & Materials Sw BGI (Deutschland) AG DE 0.32% Ger 0.16 12.7 streettracks MSCI EU Materials State Street Global Advisors FR 0.50% Fra 0.57 64.8 Financial Services Lyxor ETF DJ STOXX 600 Financial Services Lyxor DE, FR, IT 0.30% Fra 0.72 43.0 ishares DJ STOXX 600 Financial Services (DE) BGI (Deutschland) AG DE 0.53% Ger 0.38 37.2 ishares DJ STOXX 600 Financial Services Sw ap (DEBGI (Deutschland) AG DE 0.32% Ger 0.07 21.0 ishares DJ STOXX 600 Insurance Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.07 140.3 streettracks MSCI Eu Financials State Street Global Advisors FR 0.50% Fra 0.53 80.8 Food & Beverage Lyxor ETF DJ STOXX 600 Food & Beverage Lyxor DE, FR, IT 0.30% Fra 0.62 92.9 ishares DJ STOXX 600 Food & Beverage (DE) BGI (Deutschland) AG DE 0.52% Ger 0.19 69.4 db x-trackers DJ STOXX 600 Food & Beverage ETF db x-trackers DE, IT 0.30% Lux 0.00 3.4 ishares DJ STOXX 600 Food & Beverage Sw ap (DE BGI (Deutschland) AG DE 0.32% Ger 0.12 24.1 Health Care ishares DJ STOXX 600 Health Care (DE) BGI (Deutschland) AG DE 0.52% Ger 0.65 234.4 Lyxor ETF DJ STOXX 600 Healthcare Lyxor DE, FR, IT 0.30% Fra 0.51 84.4 db x-trackers DJ STOXX 600 Health Care ETF db x-trackers DE, IT 0.30% Lux 0.08 3.0 ishares DJ STOXX 600 Health Care Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.15 88.3 streettracks MSCI Eu Healthcare State Street Global Advisors FR 0.50% Fra 0.13 123.7 Industrial Goods & Services db x-trackers DJ STOXX 600 Industrial Goods ETF db x-trackers DE, IT 0.30% Lux 0.12 18.9 ishares DJ STOXX 600 Ind Goods & Services (DE) BGI (Deutschland) AG DE 0.52% Ger 0.32 52.5 Lyxor ETF DJ STOXX 600 Ind Goods & Services Lyxor DE, FR, IT 0.30% Fra 0.18 44.5 ishares DJ STOXX 600 Ind Goods & Services Sw ap BGI (Deutschland) AG DE 0.32% Ger 0.13 26.4 streettracks MSCI EU Industrials State Street Global Advisors FR 0.50% Fra 0.30 72.0 Insurance ishares DJ STOXX 600 Insurance (DE) BGI (Deutschland) AG DE 0.52% Ger 0.77 193.2 Lyxor ETF DJ STOXX 600 Insurance Lyxor DE, FR, IT 0.30% Fra 0.11 51.6 db x-trackers DJ STOXX 600 Insurance ETF db x-trackers DE, IT 0.30% Lux 0.04 3.1 Source: Deutsche Bank, Bloomberg, Reuters 16 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank Pan-European Sector ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) Media ishares DJ STOXX 600 Media (DE) BGI (Deutschland) AG DE 0.52% Ger 0.81 13.0 Lyxor ETF DJ STOXX 600 Media Lyxor DE, FR, IT 0.30% Fra 0.24 22.9 ishares DJ STOXX 600 Media Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.03 43.6 Oil & Gas Lyxor ETF DJ STOXX 600 Oil & Gas Lyxor DE, FR, IT 0.30% Fra 1.33 177.9 ishares DJ STOXX 600 Oil & Gas (DE) BGI (Deutschland) AG DE 0.52% Ger 0.93 198.3 db x-trackers DJ STOXX 600 Oil & Gas ETF db x-trackers DE, IT 0.30% Lux 0.07 3.4 ishares DJ STOXX 600 Oil & Gas Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.50 198.5 streettracks MSCI Eu Energy State Street Global Advisors FR 0.50% Fra 0.83 116.3 Oil & Gas Lyxor ETF DJ STOXX 600 Oil & Gas Lyxor DE, FR, IT 0.30% Fra 1.33 177.9 ishares DJ STOXX 600 Oil & Gas (DE) BGI (Deutschland) AG DE 0.52% Ger 0.93 198.3 db x-trackers DJ STOXX 600 Oil & Gas ETF db x-trackers DE, IT 0.30% Lux 0.07 3.4 ishares DJ STOXX 600 Oil & Gas Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.50 198.5 streettracks MSCI Eu Energy State Street Global Advisors FR 0.50% Fra 0.83 116.3 Personal & Household Goods ishares DJ STOXX 600 Pers & Household Goods (DEBGI (Deutschland) AG DE 0.52% Ger 0.10 26.8 Lyxor ETF DJ STOXX 600 Pers & Household Goods Lyxor DE, FR, IT 0.30% Fra 0.10 26.2 ishares DJ STOXX 600 Pers & Household Goods SwBGI (Deutschland) AG DE 0.32% Ger 0.04 12.6 streettracks MSCI Eu Cons Discretionary State Street Global Advisors FR 0.50% Fra 0.48 41.9 Re tail ishares DJ STOXX 600 Retail (DE) BGI (Deutschland) AG DE 0.53% Ger 0.26 35.5 Lyxor ETF DJ STOXX 600 Retail Lyxor DE, FR, IT 0.30% Fra 0.16 48.4 ishares DJ STOXX 600 Retail Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.00 70.9 Technology ishares DJ STOXX 600 Technology (DE) BGI (Deutschland) AG DE 0.52% Ger 0.84 121.8 Lyxor ETF DJ STOXX 600 Technology Lyxor DE, FR, IT 0.30% Fra 0.59 109.2 db x-trackers DJ STOXX 600 Technology ETF db x-trackers DE, IT 0.30% Lux 0.01 6.1 ishares DJ STOXX 600 Technology Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.13 91.9 streettracks MSCI Eu Technology State Street Global Advisors FR 0.50% Fra 0.09 31.4 Telecommunications Lyxor ETF DJ STOXX 600 Telecoms Lyxor DE, FR, IT 0.30% Fra 0.75 134.1 ishares DJ STOXX 600 Telecoms (DE) BGI (Deutschland) AG DE 0.52% Ger 0.52 134.7 db x-trackers DJ STOXX 600 Telecoms ETF db x-trackers DE, IT 0.30% Lux 0.01 7.9 ishares DJ STOXX 600 Telecoms Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 1.23 104.7 streettracks MSCI Eu Telecommunication State Street Global Advisors FR 0.50% Fra 0.35 66.7 Travel & Leisure Lyxor ETF DJ STOXX 600 Travel & Leisure Lyxor DE, FR, IT 0.30% Fra 0.07 13.4 ishares DJ STOXX 600 Travel & Leisure (DE) BGI (Deutschland) AG DE 0.53% Ger 0.00 7.9 ishares DJ STOXX 600 Travel & Leisure Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.00 10.3 streettracks MSCI Eu Consumer Staples State Street Global Advisors FR 0.50% Fra 0.14 48.5 Utilities Lyxor ETF DJ STOXX 600 Utilities Lyxor DE, FR, IT 0.30% Fra 0.84 60.0 ishares DJ STOXX 600 Utilities (DE) BGI (Deutschland) AG DE 0.52% Ger 0.34 78.3 db x-trackers DJ STOXX 600 Utilities ETF db x-trackers DE, IT 0.30% Lux 0.06 3.9 ishares DJ STOXX 600 Utilities Sw ap (DE) BGI (Deutschland) AG DE 0.32% Ger 0.61 145.4 streettracks MSCI EU Utilities State Street Global Advisors FR 0.50% Fra 0.22 55.5 Source: Deutsche Bank, Bloomberg, Reuters Global Portfolio & Index Strategy 17

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Euro Sector ETFs ETF Name Issuer Exchange Listings Total Expe ns e Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) Automobiles & Parts EasyETF Euro Automobile AXA IM / BNP Paribas FR 0.30% Fra 0.07 50.1 Bank s EasyETF Euro Bank AXA IM / BNP Paribas FR 0.30% Fra 0.90 225.6 ishares DJ Euro STOXX Banks (DE) BGI (Deutschland) AG DE 0.52% Ger 0.37 111.3 Construction & Materials EasyETF Euro Construction AXA IM / BNP Paribas FR 0.30% Fra 0.04 16.1 Health Care EasyETF Euro Healthcare AXA IM / BNP Paribas FR 0.30% Fra 0.28 81.1 ishares DJ Euro STOXX Health Care (DE) BGI (Deutschland) AG DE 0.53% Ger 0.00 12.7 Insurance EasyETF Euro Insurance AXA IM / BNP Paribas FR 0.30% Fra 0.05 81.7 Media EasyETF Euro Media AXA IM / BNP Paribas FR 0.30% Fra 0.03 20.4 Oil & Gas EasyETF Euro Energy AXA IM / BNP Paribas FR 0.30% Fra 0.14 54.7 Technology EasyETF Euro Technology AXA IM / BNP Paribas FR 0.30% Fra 0.26 35.7 ishares DJ Euro STOXX Technology (DE) BGI (Deutschland) AG DE 0.52% Ger 0.18 20.3 Telecommunications EasyETF Euro Telecom AXA IM / BNP Paribas FR 0.30% Fra 0.35 161.4 ishares DJ Euro STOXX Telecommunication (DE) BGI (Deutschland) AG DE 0.52% Ger 0.29 205.2 Utilities EasyETF Euro Utilities AXA IM / BNP Paribas FR 0.30% Fra 0.57 59.5 Source: Deutsche Bank, Bloomberg, Reuters 18 Global Portfolio & Index Strategy

3 January 2008 Weekly Guide to ETF Liquidity Trends Deutsche Bank Style ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) ishares DivDAX (DE) BGI (Deutschland) AG AT, DE 0.30% Ger 1.18 232.5 ishares DJ Asia/Pacific Select Dividend BGI CH, DE, FR, GB, GB$, IT, NL 0.59% Ire 0.79 87.5 Lyxor ETF DJ Euro STOXX 50 BuyWrite Lyxor CH, DE, FR, IT 0.40% Fra 0.21 71.7 ishares DJ EuroSTOXX Grow th BGI CH, DE, FR, GB, IT, NL 0.40% Ire 1.40 327.4 ishares DJ EuroSTOXX Value BGI CH, DE, FR, GB, IT, NL 0.40% Ire 0.48 65.3 ishares Dow Jones Euro STOXX Select Dividend 30 BGI (Deutschland) AG AT, DE 0.32% Ger 2.45 1,018.9 ishares DJ EuroSTOXX Select Dividends BGI CH, DE, FR, GB, IT, NL 0.40% Ire 2.09 666.2 db x-trackers DJ Euro STOXX Select Dividend 30 ET db x-trackers CH, DE, GB, IT 0.30% Lux 0.06 22.5 db x-trackers DJ STOXX Global Select Dividend 100 db x-trackers CH, DE, GB, IT 0.50% Lux 0.10 35.5 ishares DJ STOXX Select Dividend 30 (DE) BGI (Deutschland) AG AT, DE 0.32% Ger 0.55 124.4 Lyxor ETF DJ STOXX Select Dividend 30 Lyxor CH, FR, DE, IT 0.30% Fra 0.38 95.6 ishares Dow Jones U.S. Select Dividend (DE) BGI (Deutschland) AG DE 0.30% Ger 0.14 39.0 ishares Dow Jones Asia Pacific Select Dividend 30 BGI (Deutschland) AG DE 0.30% Ger 0.26 79.0 EasyETF DJ Islamic Market Titans 100 AXA IM / BNP Paribas CH 0.50% Fra 0.04 34.8 Pow ershares Dynamic US Market Fund Pow ershares DE, GB 0.75% Ire 0.01 3.4 Pow ershares FTSE RAFI Developed Markets ex US Pow ershares DE, GB, IT 0.75% Ire 0.01 0.0 Lyxor ETF FTSE RAFI Europe Lyxor DE, FR, IT 0.75% Fra 0.12 91.5 Pow ershares FTSE RAFI Europe Fund Pow ershares DE, GB, IT 0.75% Ire 0.00 4.0 Pow ershares FTSE RAFI Small-Mid Fund Pow ershares DE, GB 0.75% Ire 0.01 0.0 XACT FTSE RAFI Fundamental Euro Xact Fonder AB SE 0.65% Sw ed 0.25 112.1 Lyxor ETF FTSE RAFI Eurozone Lyxor DE, FR, IT 0.75% Fra 0.03 31.4 Pow ershares FTSE RAFI Italy Fund Pow ershares IT 0.75% Ire 0.01 0.0 Lyxor ETF FTSE RAFI Japan Lyxor DE, FR, IT 0.75% Fra 0.34 14.0 XACT FTSE RAFI Fundamental Sw eden Xact Fonder AB SE 0.50% Sw ed 4.11 103.1 Pow ershares FTSE RAFI UK Pow ershares GB 0.75% Ire 0.00 0.0 Lyxor ETF FTSE RAFI US 1000 Lyxor DE, FR, IT 0.75% Fra 0.08 20.2 Pow ershares FTSE RAFI US 1000 Fund Pow ershares DE, GB, IT 0.75% Ire 0.01 3.3 ishares FTSE UK Dividend Plus BGI CH, DE, GB, IT 0.40% Ire 1.14 333.8 Accion IBEX Top Divienddo ETF BBVA Gestion SA SGIIC ES 0.40% Sp 0.01 0.0 SPA MarketGrader 100 SPA ETF Europe Ltd GB, GB$ 0.85% Ire 0.01 6.9 SPA MarketGrader 200 SPA ETF Europe Ltd GB, GB$ 0.85% Ire 0.00 3.5 SPA MarketGrader 40 SPA ETF Europe Ltd GB, GB$ 0.85% Ire 0.02 6.5 SPA MarketGrader Large Cap SPA ETF Europe Ltd GB, GB$ 0.85% Ire 0.00 5.3 SPA MarketGrader Mid Cap SPA ETF Europe Ltd GB, GB$ 0.85% Ire 0.00 3.4 SPA MarketGrader Small Cap SPA ETF Europe Ltd GB, GB$ 0.85% Ire 0.00 3.3 ishares MSCI Emerging Markets Islamic ( listing) BGI GB, GB$ 0.85% Ire 0.00 10.4 Lyxor ETF MSCI EMU Grow th Lyxor CH, DE, FR, IT 0.40% Fra 1.90 263.2 Lyxor ETF MSCI EMU Value Lyxor CH, DE, FR, IT 0.40% Fra 1.02 160.4 ishares MSCI USA Islamic ( listing) BGI GB, GB$ 0.50% Ire 0.00 21.1 ishares MSCI World Islamic ( listing) BGI GB, GB$ 0.60% Ire 0.00 24.5 Pow ershares Dynamic Europe Fund Pow ershares DE, GB 0.75% Ire 0.00 3.8 Pow ershares Dynamic Global Developed Markets FuPow ershares DE, GB 0.75% Ire 0.00 3.3 Pow ershares Dynamic UK Fund Pow ershares GB 0.75% Ire 0.00 0.0 Lyxor ETF Wise Quantitative Strategy Lyxor FR 0.75% Fra 0.01 0.0 Pow ershares Global Clean Energy Pow ershares DE, GB 0.75% Ire 0.03 0.0 Source: Deutsche Bank, Bloomberg, Reuters Global Portfolio & Index Strategy 19

Deutsche Bank Weekly Guide to ETF Liquidity Trends 3 January 2008 Other ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) ishares Dow Jones Euro STOXX Sustainability 40 (DBGI (Deutschland) AG DE 0.40% Ger 0.06 24.9 ishares DJ STOXX 600 Real Estate (DE) BGI (Deutschland) AG DE 0.45% Ger 0.04 15.8 ishares DJ STOXX Americas 600 Real Estate (DE) BGI (Deutschland) AG DE 0.70% Ger 0.03 2.2 ishares DJ STOXX Asia Pacific 600 Real Estate (DE) BGI (Deutschland) AG DE 0.70% Ger 0.17 19.7 EasyETF EPRA Eurozone AXA IM / BNP Paribas DE, FR, IT 0.45% Lux 0.54 504.6 B1 - Ethical Index Euro Beta Etfund PLC IT 0.92% Ire 0.08 20.5 ishares FTSE EPRA/NAREIT Asia Property Yield Fun BGI CH, DE, FR, GB, GB$, IT, NL 0.59% Ire 0.69 74.8 ishares FTSE EPRA/NAREIT US Property Yield Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.40% Ire 0.16 12.2 ishares FTSE/EPRA European Property BGI CH, DE, FR, GB, IT, NL 0.40% Ire 0.71 257.6 ishares FTSE EPRA/NAREIT Global Property Yield FuBGI CH, DE, FR, GB, GB$, IT, NL 0.59% Ire 0.35 30.5 EasyETF FTSE EPRA Europe AXA IM / BNP Paribas DE, FR 0.45% Lux 0.18 219.0 ishares FTSE EPRA/NAREIT UK Property Fund BGI CH, GB, IT 0.40% Ire 0.27 18.4 Pow ershares Listed Private Equity Pow ershares DE, GB 0.75% Ire 0.00 3.8 SGAM ETF Private Equity LPX50 SGAM FR 0.70% Fra 0.08 17.1 ishares FTSE/Macquarie Global Infrastructure 100 BGI CH, DE, FR, GB, GB$, IT, NL 0.65% Ire 1.36 256.4 Pow ershares Palisades Global Water Fund Pow ershares DE, GB 0.75% Ire 0.02 3.9 Lyxor ETF Privex Lyxor CH, DE, FR, IT 0.95% Fra 0.13 37.8 Lyxor ETF Private Equity (GBP) Lyxor GB, GB$ 0.95% Fra 0.00 26.8 ishares S&P Global Clean Energy BGI CH, DE, FR, GB, GB$, NL 0.65% Ire 0.39 39.4 ishares S&P Global Timber & Forestry BGI GB, GB$ 0.65% Ire 0.18 8.1 ishares S&P Global Water 50 BGI CH, DE, FR, GB, GB$, IT, NL 0.65% Ire 0.28 68.2 ishares S&P Listed Private Equity Fund BGI CH, DE, FR, GB, GB$, IT, NL 0.75% Ire 0.04 8.8 EasyETF ASPI Eurozone AXA IM / BNP Paribas FR 0.45% Fra 0.02 35.1 XACT VINX30 Xact Fonder AB SE 0.40% Sw ed 0.00 91.0 Lyxor ETF New Energy Lyxor FR 0.60% Fra 0.17 25.1 Lyxor ETF World Water Lyxor FR 0.60% Fra 0.09 19.8 EasyETF FTSE EPRA NAREIT Global AXA IM / BNP Paribas FR 0.50% Lux 0.00 38.4 Source: Deutsche Bank, Bloomberg, Reuters Other - Managed ETFs ETF Name Issuer Exchange Listings Total Expense Ratio Domicile Total Daily Avg Vol (Em) AUM (Euro m) SGAM ETF XBear CAC 40 SGAM FR 0.60% Fra 3.99 108.5 SGAM ETF Leveraged CAC 40 SGAM FR 0.60% Fra 3.67 87.7 SGAM ETF Bear CAC 40 SGAM FR 0.60% Fra 0.55 23.1 SGAM ETF Flexible CAC 40-Mini SGAM FR 1.00% Fra 0.06 22.2 SGAM ETF Flexible CAC 40-Size SGAM FR 0.50% Fra 0.01 22.3 db x-trackers SHORTDAX ETF db x-trackers CH, DE, IT 0.40% Lux 3.70 207.8 Lyxor ETF DAXplus Covered Call Lyxor DE, FR, IT 0.40% Lux 0.21 63.8 Lyxor ETF DAXplus Protective Put Lyxor DE, IT 0.40% Lux 0.02 66.2 db x-trackers DJ EURO STOXX 50 SHORT ETF db x-trackers CH, DE, IT 0.40% Lux 2.81 75.8 SGAM ETF Leveraged DJ Euro STOXX 50 SGAM DE, FR 0.60% Fra 1.80 45.2 SGAM ETF Bear DJ Euro STOXX 50 SGAM FR 0.60% Fra 0.52 12.5 SGAM ETF XBear DJ Euro STOXX 50 SGAM FR 0.60% Fra 0.00 23.3 Lyxor ETF Leveraged DJ Euro STOXX 50 Lyxor DE, FR, IT 0.40% Fra 2.57 42.8 SGAM ETF Flex DJ STOXX 50 SGAM FR 0.60% Fra 0.68 114.8 SGAM ETF Flexible FTSEurofirst 80 SGAM FR 0.60% Fra 0.23 12.0 SGAM ETF Flexible FTSEurofirst 80 Size SGAM FR 0.60% Fra 0.01 11.0 SGAM ETF Flexible FTSEurofirst 80 Mini SGAM FR 0.60% Fra 0.00 11.0 Lyxor ETF LevDAX Lyxor DE, FR, IT 0.40% Lux 8.07 144.1 SGAM ETF Leveraged Nasdaq-100 SGAM FR 0.60% Fra 0.15 17.7 Xact - Bear Xact Fonder AB SE 0.60% Sw ed 14.79 234.2 Xact - Bull Xact Fonder AB SE 0.60% Sw ed 8.14 64.8 Source: Deutsche Bank, Bloomberg, Reuters 20 Global Portfolio & Index Strategy