Asia-Pac Monthly ETF Insights · month. Within commodity, gold ETPs attracted notable inflows of +$435mn which were primarily gathered by China listed gold ETFs. New launches in Asia:

Deutsche Bank Markets Research

Asia

Synthetic Equity & Index Strategy

Asia-Pac Monthly ETF Insights

Date

10 August 2016

EM and Broad Asia Preferred while Japan and China Saw Outflows

Data in this report is as of 29th July 2016

________________________________________________________________________________________________________________

Deutsche Bank AG/Hong Kong

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 057/04/2016.

Author

Shan Lan

Strategist

(+852) 22036716

[email protected]

Team Contacts

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Sebastian Mercado

Strategist

(+1) 212 250-8690

[email protected]

Related recent research Date

ETF Annual Review & Outlook - Strong Growth to Continue Despite Volatile Markets

21 Jan 2016

Source: Deutsche Bank

Global ETP assets grow to $3.3 trillion amid rising markets and healthy inflows Global ETP AUM was up by 5% ($157bn) last month and reached $3.3tn (11.3% increase YTD), supported by bullish markets and strong inflows. Asia-Pac listed ETPs closed the month at record high assets of $306bn. ETPs listed globally (ex-RoW) received inflows of +$53.7bn over the last month with US ETPs bringing in largest inflows (+$45.7bn), followed by Europe (+$10.6bn) while Asia-Pac ETPs experienced outflows of -$2.6bn. Global ETP flows reached +$164.5bn in total YTD (5.7% of last year end AUM).

Global investor positioning: Broad EM and DM preferred, Europe continues to retreat, outflows from Japan and China Based on July flows to ETFs listed globally with regional focus, Broad (global) EM have been most favoured receiving major inflows, followed by Broad (global) DM, which was being preferred most during H1 period. Investors continued to be bearish on Europe and redeemed heavily.

Offshore equity ETFs listed globally with investment focus in Asia-Pac received first ever positive monthly flows in July this year, although totalled only +$156mn. However on country and sub-region level, net flow directions were divergent. China and Japan focused ETFs saw major outflows recording -$850mn and -$486mn in redemptions. While broad Asian benchmarked ETFs received notable inflows of +$741mn, followed by Australia (+$443mn). It is worth highlighting that Indonesia focused offshore ETFs attracted inflows in July totalling +$120mn which is 14.5% of last month’s total assets.

Asia-Pac listed ETP Flows: Japan and gold ETPs received inflows, outflows from Chinese equity and money market ETFs After amassing +$23.4bn inflows in H1 this year, net flows for Asia listed ETPs turned negative in July totaling -$2.6bn and bringing YTD total to +$20.8bn. Fixed income and equity ETFs saw outflows of -$2.5bn and -$684mn respectively, partially offset by inflows into commodity ETPs (+$474mn). Japan ETFs attracted strong inflows of +$2.6bn while China and Taiwan ETFs recorded outflows of -$1.3bn and -$963mn. Fixed income ETF outflows were driven by China money market ETFs recording outflows of -$2.7bn over the last month. Within commodity, gold ETPs attracted notable inflows of +$435mn which were primarily gathered by China listed gold ETFs.

New launches in Asia: International equities, healthcare sector, leveraged/inverse, India and China exposures It was another busy month for Asia-Pac region with 14 new ETFs launch including 12 equity and 2 fixed income ETFs. Equity ETF new launches were around international equities, healthcare sector, leveraged/inverse, India and China exposures. One RQFII ETF was launched in Europe.

Distributed on: 08/10/2016 13:38:02GMT

10 August 2016


Page 2 Deutsche Bank AG/Hong Kong

Table of Contents

1. Market and Industry Overview ................................................... 3 Market review: July proves to be bullish across the globe ..................................................... 3 Global ETP assets grow to $3.3 trillion amid rising markets and healthy inflows ................... 4 ETFs vs. Mutual Funds in Asia Pac ......................................................................................... 5

2. Global ETF Investment Trends .................................................... 6 Regional positioning: Broad EM and DM preferred, Europe continue to retreat .................... 6 Global Investor positioning in Asia: Inflows to broad ETFs while outflows from China and

Japan ...................................................................................................................................... 6 China ETF Market Insights: Redemptions in July .................................................................... 8 ETF investment trends in the US and European markets ....................................................... 9

3. Asia-Pac Listed ETF Activity Summary .................................... 10 Japan and gold ETPs received inflows, outflows from Chinese equity and money market

ETFs ...................................................................................................................................... 10

4. Product Insights ......................................................................... 11 New launches – 14 ETFs launched in Asia-Pac, 1 RQFII ETF in Europe................................ 11 Low Volatility ETF momentum continues ............................................................................. 11

5. Performance and Growth .......................................................... 13 Performance and growth for ETFs listed globally with investment focus in Asia-Pac .......... 13 Top ETPs – Asia-Pac listed .................................................................................................... 15 Top ETPs – Other regions with Asia-Pac focus ..................................................................... 18

6. Asia-Pac Listed ETPs –Statistics ............................................... 22 Country Breakdown .............................................................................................................. 23 Issuer Rankings..................................................................................................................... 24

7. ETP – Net Flows ......................................................................... 31 Investment Focus ................................................................................................................. 31 Sub Segment ........................................................................................................................ 32 Issuer .................................................................................................................................... 35 Index Provider ....................................................................................................................... 36 Underlying Index/Security ..................................................................................................... 37

8. ETP – Turnover ........................................................................... 38 Investment Focus ................................................................................................................. 38 Sub Segment ........................................................................................................................ 39 Exchange .............................................................................................................................. 41 Issuer .................................................................................................................................... 42 Index Provider ....................................................................................................................... 43 Underlying Index/Security ..................................................................................................... 43

9. ETP – Assets under Management ............................................. 44 Investment Focus ................................................................................................................. 44 Sub Segment ........................................................................................................................ 45 Issuer .................................................................................................................................... 47 Index Provider ....................................................................................................................... 48 Underlying Index/Security ..................................................................................................... 48

Appendix A: Glossary .................................................................... 50

Appendix B: How we define ETPs ................................................ 51

10 August 2016


Deutsche Bank AG/Hong Kong Page 3

1. Market and Industry Overview

Market review: July proves to be bullish across the globe

Post Brexit referendum in June, it was a bullish month across all the major equity markets globally in July. Within Asia-Pac region, equity markets in Japan and Australia witnessed robust return of over 6% on a month-over-month basis. Equity markets in Hong Kong, India, Taiwan and South Korea also saw notable returns. Outside Asia-Pac region, US and European markets also made a comeback with about 3.5% return last month.

Following is the snapshot of major benchmarks’ recent performance:

Benchmarks Jul - 16 (MoM)

Jun - 16 (MoM)

YTD TTM

Japan (Nikkei 225) 6.38% -9.63% -12.95% -19.51%

South Korea (KOSPI2) 3.01% 0.21% 4.62% 2.94%

China (CSI 300) 1.59% -0.49% -14.13% -16.05%

Taiwan (TWSE) 3.67% 1.53% 7.75% 3.68%

Hong Kong (HSI) 5.28% -0.10% -0.11% -11.14%

India (Sensex) 3.90% 1.24% 7.41% -0.22%

Singapore (FSSTI) 0.98% 1.79% -0.49% -10.42%

Australia (S&P/ASX 200) 6.29% -2.70% 5.03% -2.40%

US (S&P 500) 3.56% 0.09% 6.34% 3.32%

Europe (STOXX Europe 600) 3.64% -5.06% -6.54% -13.74% Source: Deutsche Bank, Bloomberg Finance LP

Figure 1: Jul-16 (MoM) benchmark performance Figure 2: YTD benchmark performance

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CSI 300

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TWSE

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S&P/ASX 200KOSPI2

HSI

FSSTI

STOXX Europe 600Nikkei 225

CSI 300

TWSE

CSI 300

Source: Deutsche Bank, Bloomberg Finance LP

10 August 2016



Global ETP assets grow to $3.3 trillion amid rising markets and healthy inflows

Global ETP assets closed the month at $3.3 trillion Global ETP AUM was up by 5% ($157bn) last month and reached $3.3 trillion, supported by bullish markets and strong inflows. On a year-to-date basis global ETP AUM is up by 11.3% ($335.4bn). Asia-Pac listed ETPs closed the month at record high assets of $306bn. ETPs listed globally (ex-RoW) received robust inflows of +$53.7bn over the last month with US ETPs bringing in largest inflows (+$45.7bn), followed by Europe (+$10.6bn) while Asia-Pac ETPs experienced outflows of -$2.6bn. Adding to +$110.8bn inflows collected during H1, global ETP flows total reached +$164.5bn by the end of July. On YTD basis, US ETPs brought in largest inflows (+$110.7bn), followed by Europe (+$32.9bn) and Asia-Pac (+$20.8bn). Amid market headwinds this year, risk-off assets are being preferred which is evident from fixed income (+$81.1bn) and commodity ETP flows (+$29.9bn), restricting equity ETFs at +$52.5bn.

Asia-Pac ETP AUM at a record high level Asia-Pac listed ETP assets closed the month at $306bn, highest on record level. After amassing +$23.4bn inflows in H1 this year, net flows for July turned negative totalling -$2.6bn, primarily because of China equity and money market ETFs.

Figure 3: Global ETP regional asset growth historically

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

RoW 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7 90.9

Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 283.9 306.0

Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 558.8

US 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,358.0

Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.8 1,444.3 1,491.5 1,913.6 2,338.9 2,721.3 2,978.2 3,313.7

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*As of last month except for RoW which is as of 3rd Aug 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 4: Global flows summary by region Figure 5: Regional flows as a % of AUM

Jul-16 Jun-16 YTD

Asia-Pac (2,592) 634 20,826

Europe 10,600 4,983 32,946

US 45,692 19,620 110,703

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Jul-16 Jun-16 YTD

US 2.0% 0.9% 5.2%

Europe 2.0% 0.9% 6.5%

Asia-Pac -0.9% 0.2% 7.3%

-2.0%

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Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



ETFs vs. Mutual Funds in Asia Pac

Asia-Pac ETPs comprised 6.5% of the continent’s mutual fund industry as of Q1 2016 according to mutual fund industry data published by the Investment Company Institute (ICI). This has steadily grown from 4.6% at the end of Q1 2014. US ETPs comprised 16.8% while Europe ETPs comprised 3.5% of respective region’s mutual fund industry as of Q1 2016. Within Asia-Pac, Taiwan is on the top with ETP assets accounting for 13.5% of mutual fund assets. Japan ETP assets account for 11.5% of mutual fund assets.

Figure 6: Asia-Pac ETP vs. mutual fund assets

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

ETP AUM 171,157 189,613 190,048 206,763 227,940 243,017 267,108 280,359 293,375

ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.6% 6.3% 6.5%

4.0%

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5.5%

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vs

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tual Fu

nd

s

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AU

M (

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Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

Figure 7: Asia-Pac ETP vs. mutual fund flows

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.5% 5.9% -0.3%

ETPs 5.8% -0.2% 1.0% 1.9% 2.0% 26.8% -1.6% 7.6%

-5.0%

0.0%

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10.0%

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20.0%

25.0%

30.0%

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Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

10 August 2016



2. Global ETF Investment Trends

Regional positioning: Broad EM and DM preferred, Europe continue to retreat

Based on July flows to ETFs listed globally with regional focus, Broad (global) EM have been most favored receiving major inflows, followed by Broad (global) DM. Unlike what we observed in July, Broad (global) DM was being preferred most during H1 period. Investors continued to be bearish on Europe and redeemed heavily.

Figure 8: Broad market flows movement – Jul 2016* Figure 9: Broad market flows movement – YTD*

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*These figures includes globally listed broad market focused ETFs from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Global Investor positioning in Asia: Inflows to broad ETFs while outflows from China and Japan

Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region closed the month at $118.4bn with a MoM increase of 5.4%.

Offshore equity ETFs received first ever positive monthly flows in July this year, although totaled only +$156mn. However, on country and sub-region level, net flow directions were divergent. China and Japan focused ETFs saw major outflows recording -$850mn and -$486mn in redemptions. While broad Asian benchmarked ETFs received notable inflows of +$741mn, followed by Australia (+$443mn). It is worth highlighting that Indonesia focused offshore ETFs attracted inflows in July totaling +$120mn which is 14.5% of last month’s total assets. Indonesia focused ETF assets have grown from half a billion dollar to $1bn this year supported by healthy inflows on YTD basis (+$368mn).

10 August 2016



Figure 10: Offshore equity ETFs listed globally with investment focus in Asia*

Investment Focus Jul-16% of

AUMJun-16 May-16 YTD

% of

AUMJul-16 Jun-16 Dec-15

Emerging Markets

Bangladesh 1 6.7% 1 0 0 1.4% 23 21 22

China -850 -2.8% 611 -1,377 -1,464 -4.2% 30,372 30,321 34,551

India 92 1.0% 23 -208 -208 -2.2% 9,777 9,165 9,479

Indonesia 120 14.5% 81 -92 368 74.4% 999 828 495

Malaysia -2 -0.6% -17 -21 94 34.5% 372 377 272

Pakistan 8 21.6% 5 1 13 46.3% 45 36 28

Philippines 16 3.7% 96 -43 93 30.7% 440 416 302

South Korea -9 -0.2% -121 -306 -314 -7.0% 4,569 4,324 4,500

Taiwan 101 3.5% 32 -224 -560 -16.4% 3,178 2,888 3,405

Thailand 58 14.7% 10 -33 153 59.9% 485 396 256

Vietnam 9 1.3% -6 -13 -49 -6.7% 706 682 733

EM Asia Broad 146 6.6% -17 85 461 24.4% 2,475 2,225 1,888

Total -312 -0.6% 700 -2,231 -1,412 -2.5% 53,441 51,680 55,930

Developed Markets

Australia 443 16.5% 35 -280 659 28.1% 3,352 2,684 2,347

Hong Kong -100 -4.5% 189 -194 -866 -28.4% 2,269 2,236 3,052

Japan -486 -1.2% -1,605 -1,891 -13,575 -22.2% 42,690 40,569 61,166

New Zealand 2 1.8% 4 12 40 54.3% 135 122 74

Singapore 13 2.2% -16 -25 -10 -1.6% 617 603 607

DM Asia Broad 486 5.9% 17 50 648 8.1% 9,303 8,244 8,053

Total 359 0.7% -1,376 -2,328 -13,104 -17.4% 58,366 54,458 75,300

Asia Broad Indices 108 1.8% -11 -124 -462 -6.9% 6,588 6,183 6,720

Grand Total 156 0.1% -687 -4,683 -14,978 -10.9% 118,395 112,320 137,950

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 11: Flows by DM country – Jul 2016* Figure 12: Flows by DM country – YTD*

-600 -400 -200 0 200 400 600

Japan

Hong Kong

New Zealand

Singapore

Australia

July Flows ($mn)

-17,000 -14,000 -11,000 -8,000 -5,000 -2,000 1,000

Japan

Hong Kong

Singapore

New Zealand

Australia

YTD Flows ($mn)


10 August 2016



Figure 13: Flows by EM country – Jul 2016* Figure 14: Flows by EM country – YTD*

-1,000 -800 -600 -400 -200 0 200

China

South Korea

Malaysia

Vietnam

Philippines

Thailand

India

Taiwan

Indonesia

July Flows ($mn)

-2,000 -1,500 -1,000 -500 0 500

China

Taiwan

South Korea

India

Vietnam

Philippines

Malaysia

Thailand

Indonesia

YTD Flows ($mn)


China ETF Market Insights: Redemptions in July

China focused offshore equity ETFs recorded net outflows of -$850mn in July. These outflows were attributed to both A-shares and H-shares which each recording over -$400mn worth of redemptions. RQFII equity ETF outflows contribution was about -$300mn among A-share ETFs. On YTD basis, divergence between A-share and H-share ETF flows, especially during H1 period. H-share ETFs saw redemptions of -$2.1bn while A-share ETFs registered inflows of +$558mn on YTD basis. A-share ETF inflows were driven by RQFII equity ETFs collecting +$747mn this year. China focused onshore equity ETFs experienced outflows of -$651mn in July but net inflows of +$1.2bn on YTD basis.

Figure 15: Offshore China ETF Flows – Jul 2016* Figure 16: Offshore China ETF Flows – YTD*

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A-share ETFs H-share & OthersCSI 300 (rhs) MSCI China (rhs)

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* As of 29 Jul 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



ETF investment trends in the US and European markets

Europe: EM Equity and Debt ETFs Benefit in July Europe domiciled ETPs registered strong inflows of +€9.6bn across all major asset classes (equity, fixed income and commodity). Fixed Income ETFs lead with inflows of +€4.9bn followed by Commodity ETPs (+€2.5bn) and Equity ETFs (+€2.1bn).

Global EM and S&P 500 exposed ETFs benefitted from inflows: Investors trading Europe listed ETPs were net buyers of Global Emerging Markets (+€1.2bn) focused ETFs. US focused ETFs listed in Europe also benefitted in July with monthly inflows of +€0.8bn (+€2.4bn YTD flows). ETFs tracking broad European indices experienced net outflows of -€1.7bn in July (-€9bn so far this year). Countrywise, Germany-focused ETFs suffered redemptions of -€0.4bn (YTD -€1.9bn). Robust inflows into Low volatility products, Dividend ETFs also benefit: Smart beta ETFs continued their positive run and registered +€1.8bn worth of new money in July, taking YTD inflows above +€6bn. Low volatility remains popular amongst investors where we observed inflows into a variety of Low Vol products which includes exposure to Europe, Global and US equities. Dividend ETFs also benefitted where two products in particular saw healthy inflows (SPDR S&P US Dividend Aristocrats and SPDR S&P Euro Dividend Aristocrats). EM Bond ETFs dominates within the Sovereign bond category: Both Corporate and Sovereign bond ETFs contributed significantly to the overall Fixed Income flows, attracting +€2.6bn and +€2.3bn respectively. Interestingly, Emerging Markets bond ETFs were popular taking up the top 3 ranks by net inflows into the Fixed Income asset class. Gold ETPs continue to draw investment: Commodity ETPs flows remained strong during the month of July with inflows of +€2.5bn (YTD +€9.4bn). This was primarily driven by inflows into Gold ETPs (+€1.5bn). Gold ETPs have now registered net inflows of +€7.3bn this year while Equities ETFs are in negative territory (-€0.7bn YTD flows).

US: Inflows across all asset classes US-domiciled ETPs recorded strong inflows of +$45.7bn in July (+$19.6bn in Jun’16) taking YTD flows to +$110.7bn. Equities attracted +$32.7bn in new money, followed by fixed income (+$10.8bn). On YTD basis, fixed income ETFs took the lead with +$60.5bn inflows while equity and commodity ETPs recorded inflows of +$31.3bn and +$18.2bn respectively.

EM preference continues: After receiving notable inflows in June, broad EM ETFs once again received strong inflows totaling +$6.2bn in July. These ETFs recovered from experiencing outflows in the previous months in 2016 taking YTD flows total to +$10.1bn. Seeking yield: During last month, ETFs tracking high dividend yielding stocks received notable inflows of +$3.5bn (+$12.2bn YTD). This suggests that investors are looking for yield in low interest rate scenario. Low Vol and Real Estate attracted inflows: Investors continue to allocate assets into low vol ETFs to manage volatility which resulted into +$2.6bn worth of new money into these ETFs. US Real Estate ETFs also attracted net inflows of +$1.2bn over the last month. Redemptions from Europe and Japan: Europe continued to experience significant and consistent outflows in July (-$5.3bn), suggesting that negative sentiment towards the region hasn’t tapered, despite the relief rally following the Brexit vote. Also Japan focused ETFs saw redemptions totaling -$587mn last month. IG corporate and EM bond ETFs benefitted: US based IG corporate bond ETFs received inflows of +$2.9bn in July followed by EM bond ETFs which attracted +$1.8bn.

10 August 2016



3. Asia-Pac Listed ETF Activity Summary

Japan and gold ETPs received inflows, outflows from Chinese equity and money market ETFs

After amassing +$23.4bn inflows in H1 this year, net flows for Asia-Pac listed ETPs turned negative in July totalling -$2.6bn and bringing YTD total to +$20.8bn. Fixed income and equity ETFs saw outflows of -$2.5bn and -$684mn respectively, partially offset by inflows into commodity ETPs (+$474mn).

Within equity, Japan-focused ETFs attracted strong inflows of +$2.6bn while China and Taiwan-focused ETFs recorded outflows of -$1.3bn and -$963mn. Further, leveraged/inverse ETFs saw -$1bn worth of redemptions in July.

Fixed income ETF outflows were driven by China money market ETFs recording outflows -$2.7bn over the last month. Within commodity, gold ETPs attracted notable inflows of +$435mn which were primarily gathered by China listed gold ETFs.

Figure 17: Major flow activity by country – Jul 2016 Figure 18: Major flow activity by country – YTD

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*Includes Asia listed equity and fixed income ETFs by investment focus country Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Wins and losses: At ETP level, largest inflows were received by Nikko Exchange Traded Index 225 (1330 JP), Yuanta/P-shares Taiwan Top 50 1X Bear ETF (00632R TT) and Samsung KODEX Inverse ETF (114800 KS) collecting +$688mn, +$655mn and +$635mn respectively. Largest redemptions were experienced by Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Yuanta/P-Shares Taiwan Top 50 ETF (0050 TT) and Fortune SGAM Xianjin Tianyi Money Market (511990 CH) with outflows of -$1.8bn, -$963mn and -$854mn respectively.

Turnover: Floor activity down by 15.3% in July Asia-Pac listed ETP turnover activity was down by 15.3% in July and totaled $164.6bn. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $85.1bn, followed by Japan ($49.6bn), South Korea ($14.5bn) and Hong Kong ($8.8bn).

At ETP level, Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Fortune SGAM Xianjin Tianyi Money Market (511990 CH) and Yinhua Traded Money Market Fund (511880 CH) were the most traded products of the month recording total turnovers of $31.5bn, $21.7bn and $17.1bn respectively.

AUM: Assets closed the month at $306bn Asia-Pac listed ETP assets closed the month at a record high level of $306bn with 2.6% or $7.9bn increase on MoM basis. On year-to-date basis assets are up by 7.8% or 22.1bn.

10 August 2016



4. Product Insights

New launches – 14 ETFs launched in Asia-Pac, 1 RQFII ETF in Europe

Asia-Pac listings: Issuance around international equities, healthcare sector, leveraged/inverse, India and China exposures It was another busy month for Asia-Pac region with 14 new ETFs launch including 12 equity and 2 fixed income ETFs. Mirae Asset MAPS Global Investments launched 4 equity ETFs on Korea Stock Exchange. These ETFs track US large caps, Eurozone high dividend yielding stocks, global healthcare sector and Japanese healthcare sector respectively. Cathay Securities Investment Trust listed 2 equity ETFs on Taiwan Stock Exchange providing leveraged long and inverse exposure, respectively, to broad Taiwanese equity market. Remaining 6 equity ETFs were launched by various ETF providers with exposures around Indian large caps, Indian mid caps, Vietnam, Eurozone large caps, Chinese growth stocks and global gold miners with currency hedging respectively. Reliance Capital Asset Management listed one ETF on National Stock Exchange (India) tracking long duration Indian government bonds. China Merchants Fund Management Company launched one money market ETF on Shanghai Stock Exchange.

Europe – RQFII ETF launch Wisdom Tree launched one RQFII equity ETF on London Stock Exchange tracking S&P China 500 Index. This was the eighth RQFII ETF launch in Europe.

Figure 19: New Launches in July

ETP Name BBG IssuerAsset Class

& StructureExchange TER

Asia-Pac

Mirae Asset Tiger Dow Jones 30 ETF 245340 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.35%

Mirae Asset Tiger Euro Stoxx Dividend 30 ETF 245350 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.35%

Mirae Asset Tiger Synth-Global Healthcare ETF 248270 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.40%

Mirae Asset Tiger Synth-Japan Healthcare ETF 248260 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.40%

Cathay TAIEX Daily Leveraged 2X ETF 00663L TT Cathay Securities Investment Trust Equity ETF Taiwan SE - TSEC 0.81%

Cathay TAIEX Daily Inversed ETF 00664R TT Cathay Securities Investment Trust Equity ETF Taiwan SE - TSEC 0.81%

ICICI Prudential Midcap Select ETF ICPMIDC IN Prudential ICICI Asset Management Equity ETF India - NSE na

KIM KINDEX Vietnam VN30 ETF Synth 245710 KS Korea Investment Trust Mg Equity ETF Korea SE - KSE 0.70%

ANZ ETFS Euro Stoxx 50 ETF ESTX AU ANZ Asset Management Equity ETF Australia - ASX 0.35%

Birla Sun Life Sensex ETF BSLSENX IN Birla Sun Life Asset Management Co Equity ETF India - Bombay na

Huaan ChiNext 50 ETF Fund 159949 CH Huaan Fund Management Equity ETF China - Shenzhen na

Betashares Global Gold Miners ETF-Currency Hedged MNRS AU BetaShares Capital Ltd Equity ETF Australia - ASX 0.57%

China Merchants Caifubao Traded Money Market Fund 511850 CH China Merchants Fund Management Co Fixed Income ETF China - Shanghai na

R*Shares Long Term Gilt ETF RELGILT IN Reliance Capital Asset Management Fixed Income ETF India - NSE na

Europe

ICBCCS WisdomTree S&P China 500 UCITS ETF CHIN LN WisdomTree Equity ETF London SE - LSE 0.75% * Europe listing is for Asia-Pac focus ETFs only Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Low Volatility ETF momentum continues

Low volatility ETFs track equities with lower volatility characteristics relative to the broader market. These ETFs may help to reduce losses during declining markets while still experiencing gains during rising markets. So, low volatility ETFs tend to attract attention when the volatility rises.

10 August 2016



This is evident since start of the year and especially in July these ETFs registered inflows of +$3.9bn taking YTD total to +$21.4bn globally amid high volatility period. On exchange trading activity also risen recording average monthly turnover of about $10.7bn this year which is more than two times of 2015 monthly average. Total assets of low volatility ETFs have reached to $54.8bn at the end of July which is just under double of the 2015 ending level of $28.9bn.

Figure 20: Low Volatility ETF Snapshot

Jul-16 2015 Jul-16 2015 Jul-16 YTD Avg 2015 Avg Jul-16 YTD Avg 2015 Avg

US 26 26 44,843 24,364 2,617 2,410 834 9,758 9,492 4,356

Europe 26 19 9,659 4,495 1,279 622 82 1,714 1,176 531

Asia-Pac 5 5 273 91 (11) 24 (1) 12 10 13

Global 57 50 54,775 28,951 3,885 3,056 915 11,484 10,678 4,900

Low Vol ETFs

Listing

Region

# of ETFs AUM ($mn) Monthly Flows ($mn) Monthly Turnover ($mn)


10 August 2016



5. Performance and Growth

Performance and growth for ETFs listed globally with investment focus in Asia-Pac

ETF Performance - Winners and losers Singapore-listed ETF tracking MSCI India index was the top performing ETF of the month while one ETF tracking S&P 500 VIX Short-term Futures Index was the least performer of the month, followed by crude oil based ETPs amid sharp fall in oil prices.

Figure 21: Top 10 best performance

ETF Name Bloomberg Underlying Index 29-Jul-16 30-Jun-16 31-May-16 YTD

iShares MSCI India ETF INDIA SP MSCI India 11.4% 1.0% 2.4% 15.2%

China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index 9.0% 3.6% 3.0% 2.9%

iShares Asia Pacific Dividend UCITS ETF IAPD LN DJ Asia Pacific Select Dividend 9.0% 10.7% -2.1% 31.6%

iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia 8.1% 10.3% -1.7% 23.3%

iShares MSCI New Zealand Capped ETF ENZL US MSCI New Zealand IMI 25/50 8.1% 2.5% 0.4% 24.1%

iShares Dow Jones Asia Pacific Select Dividend 30 (DE) APSDEX GR DJ Asia Pacific Select Dividend 8.0% 1.9% 0.1% 14.7%

iShares MSCI Thailand Capped ETF THD US MSCI Thailand IMI 25/50 7.9% 1.8% -0.4% 26.8%

Yuanta/P-Shares PS Taiwan Dividend Plus ETF 0056 TT Taiwan Dividend Index 7.8% 3.0% 1.6% 11.5%

GS CPSE BeES CPSEBE IN CPSE Index 7.7% 4.7% -1.1% 4.9%

db x-trackers S&P/ASX 200 UCITS ETF (DR) XAUS GR S&P/ASX 200 7.7% 1.1% 0.9% 3.5%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 22: Top 3 ETFs by performance in Jul – Daily performance -YTD

-30%

-20%

-10%

0%

10%

20%

30%

40%

Daily P

erf

orm

an

ce

INDIA SP 159928 CH IAPD LN


10 August 2016



Figure 23: Top 10 least performance

ETF Name Bloomberg Underlying Index 29-Jul-16 30-Jun-16 31-May-16 YTD

Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -25.1% -2.9% -13.3% -53.2%

Next Funds NOMURA Crude Oil 1699 JP Nomura Crude Oil Long Index -17.0% -9.3% 10.5% -23.8%

WTI Crude Oil Price Linked ETF 1671 JP UBS Bloomberg Constant Maturity Commodity Index -16.8% -8.9% 10.3% -20.5%

Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index -13.7% 0.4% na 1.5%

Mirae Asset MAPS TIGER WTI Futures ETF 130680 KS S&P GSCI Crude Oil Enhanced Index -13.2% 0.2% 5.9% 0.4%

Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index -5.1% -3.9% -0.3% -16.2%

E Fund ChiNext Price Index ETF 159915 CH ChiNext Index -4.7% 3.0% 1.8% -20.0%

Mirae Asset MAPS Tiger Consumer Staples ETF 139280 KS KOSPI 200 Consumer Staples Sector Index -4.1% -0.4% 3.2% -0.7%

Fubon SZSE 100 ETF 00639 TT SZSE 100 Index -2.9% 1.8% 0.0% -18.7%

Yuanta/P-Shares CSI 300 Fund 0061 TT CSI 300 Index -1.7% -0.5% 0.2% -13.8%


Figure 24: Bottom 3 ETFs by performance in Jul – Daily performance - YTD

-60%

-40%

-20%

0%

20%

40%

60%

Daily P

erf

orm

an

ce

1552 JP 1699 JP 1671 JP


ETP flow growth - Winners and losers One Chinese money market ETF led the table as largest fund flow receiver as a percentage of AUM during last month, whereas another Chinese money market ETF saw the largest outflows as a percentage of AUM during last month.

Figure 25: Top 10 Inflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

Harvest Institution Express Money Market Fund 511960 CH Other 278.5% 419.3 571.1 -41.4% -106.8 -6.0% -16.7 0.0% 572.6

Next Funds Nikkei 225 Double Inverse Index ETF 1357 JP Nikkei 225 Double Inverse Index 100.5% 429.1 803.1 -40.1% -196.8 -18.1% -123.2 120.2% 364.1

iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia 81.2% 435.5 1,021.0 -2.5% -13.7 -30.3% -250.8 44.1% 293.3

Samsung KODEX Inverse ETF 114800 KS F-KOSPI200 Index 72.4% 634.5 1,512.2 4.6% 37.1 -24.6% -273.3 245.3% 1,055.3

E Fund Gold Tradable Open-end Securities Investment Fund 159934 CH Commodity Gold 68.2% 98.7 245.0 116.0% 74.0 67.4% 27.0 1322.0% 219.3

iShares MSCI Emerging Markets Asia ETF EEMA US MSCI Emerging Markets Asia 66.9% 81.3 208.6 0.0% 0.0 0.0% 0.0 67.9% 81.3

Nikkei Average Bear Double Exchange Trade Fund / Simplex 1360 JP Nikkei Average Double Inverse Index 65.6% 97.1 227.7 -36.5% -60.6 -9.2% (18.8) 72.0% 77.2

Daiwa ETF MSCI Japan Human and Physical Investment Index 1479 JP MSCI Japan Human and physical Index 61.1% 186.5 517.9 8.9% 25.4 0.0% 279.1 0.0% 491.0

Bosera Gold Exchange Traded Open-End Fund 159937 CH Commodity Gold 52.7% 71.7 209.5 36.2% 33.9 8.3% 7.5 127.7% 106.9

UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF A-acc JPEUBH SW MSCI Japan 100% hedged to EUR 44.4% 65.9 224.9 0.0% 0.0 -2.6% (4.3) -18.7% -60.3

Jul-16 Jun-16 May-16 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



Figure 26: Top 10 outflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

Invesco Great Wall Traded Money Market Fund 511890 CH Other -62.2% (224.7) 135.2 83.9% 165.7 -13.2% (30.6) -64.0% (256.3)

Zhongrong Daily Earning Transactional Money Market Fund 511930 CH Other -61.7% (269.1) 165.3 313.5% 333.3 39.8% 30.7 -19.8% (42.6)

Daiwa ETF Japan Nikkei 225 Inverse Index 1456 JP Nikkei 225 Inverse Index -55.7% (215.0) 169.4 534.3% 295.6 -14.2% (10.0) -83.6% (408.9)

Fubon TOPIX Leveraged 2X Index ETF 00640L TT TOPIX Leveraged (2x) Index -43.7% (44.9) 71.2 140.7% 64.2 -2.4% (1.0) 105.0% 35.5

Yuanta/P-Shares Taiwan Top 50 ETF 0050 TT TSEC Taiwan 50 Index -38.4% (963.0) 1,690.6 2.5% 57.3 7.9% 168.3 -47.1% (1,159.6)

Bosera Security Deposit Real-time Traded Money Market Fund 511860 CH Other -38.1% (734.6) 1,187.1 43.4% 586.7 15.5% 184.6 1.5% 17.6

KB KSTAR 200 ETF 148020 KS KOSPI 200 Index -29.7% (225.5) 569.7 35.1% 191.3 -7.2% (44.9) -27.6% (192.7)

Next Funds Nikkei 225 Leveraged Index ETF 1570 JP Nikkei 225 Leveraged Index -28.8% (1,791.0) 5,158.3 17.0% 1,013.6 7.1% 373.6 -4.3% (264.3)

Topix Bull 2x ETF 1568 JP TOPIX Leveraged (2x) Index -28.7% (87.1) 250.0 25.0% 67.0 1.3% 3.3 -10.2% (34.8)

Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -28.5% (124.4) 365.6 18.6% 77.0 2.0% 7.8 -1.2% (5.0)

Jul-16 Jun-16 May-16 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Top ETPs – Asia-Pac listed

Figure 27: Top 20 ETPs by AUM (US$ Million)

ETP Name Issuer BBG TickerAsset Class

& StructureTER

AUM

US$ MM

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 31,156.4

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 26,900.8

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 15,882.8

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 15,850.9

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 14,432.8

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 12,674.0

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 12,370.9

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 10,043.8

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 7,709.6

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 7,620.0

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 6,071.0

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 5,424.3

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 5,158.3

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,167.6

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,079.7

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 4,067.7

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,928.7

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 3,733.0

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 3,395.9

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 3,172.5


10 August 2016



Figure 28: Top 20 ETPs by AUM change(US$ Million)


& StructureTER

AUM

Change

US$ MM


TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 1,525.0

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 1,397.9

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 1,077.9

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (1,057.5)

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (885.2)

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 830.2

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (815.7)

Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (739.6)

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 648.9

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 635.3

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 627.4

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 565.6

China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (426.2)

Harvest Institution Express Money Market Fund Harvest Fund Management Co 511960 CH Fixed Income ETF 0.60% 420.6

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (379.3)

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 379.3

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 376.3

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 357.1

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 352.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 29: Top 20 ETPs by inflow (US$ Million)


& StructureTER

Net Flow

US$ MM

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 687.8

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 654.7

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 634.5

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 495.9

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 492.7

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 441.9



ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 364.8

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 331.8

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 262.7

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 251.8

Daiwa ETF MSCI Japan Human and Physical Investment Index Daiwa Asset Management 1479 JP Equity ETF 0.43% 186.5

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 182.4

Maxis JPX- Nikkei index 400 ETF Mitsubishi UFJ Asset Mg 1593 JP Equity ETF 0.13% 169.2

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 143.2

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 132.7

DIAM ETF JPX/S&P CAPEX & Human Capital Index DIAM Asset Management 1484 JP Equity ETF 0.17% 109.1

E Fund Gold Tradable Open-end Securities Investment Fund E Fund Management 159934 CH Commodity ETF 0.50% 98.7

Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% 97.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



Figure 30: Top 20 ETPs by outflow (US$ Million)


& StructureTER

Net Flow

US$ MM


Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (963.0)

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (854.0)

Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (734.6)

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (448.0)

China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (419.4)

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (374.5)

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (343.8)

Zhongrong Daily Earning Transactional Money Market Fund Zhongrong Fund Management Co Ltd 511930 CH Fixed Income ETF 0.61% (269.1)

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (253.2)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (229.2)

KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% (225.5)

Invesco Great Wall Traded Money Market Fund Invesco Great Wall Fund Management Co. Ltd 511890 CH Fixed Income ETF 0.30% (224.7)

Daiwa ETF Japan Nikkei 225 Inverse Index Daiwa Asset Management 1456 JP Equity ETF 0.75% (215.0)

E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (194.7)

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (180.5)

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (180.3)

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% (164.7)

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (150.1)

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (143.6) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 31: Top 20 ETPs by Monthly Turnover (US$ Million)


& StructureTER

Turnover

US$ MM

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 31,478.4

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 21,732.4

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 17,136.9

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 7,633.6

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 7,407.4

China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% 6,346.5

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 6,309.9

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% 4,891.4


Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 3,695.6

Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% 3,442.5

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 3,320.6

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 2,386.0


Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 2,194.5

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 2,074.0

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 1,760.7

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 1,649.3

Harvest Institution Express Money Market Fund Harvest Fund Management Co 511960 CH Fixed Income ETF 0.60% 1,615.2

Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% 1,600.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



Figure 32: Top 20 ETPs by Monthly Turnover change (US$ Million)


& StructureTER

Turnover

Change

US$ MM

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (8,568.7)


Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (5,077.1)

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (2,748.8)

China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (2,600.8)


Guangfa Money Market Fund GF Fund Management Co Ltd 511920 CH Fixed Income ETF 0.00% (1,044.7)


China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% (734.3)

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (721.2)


Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (552.0)

E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (513.8)

Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% (476.1)

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% (472.8)

China Merchants Caifubao Traded Money Market Fund China Merchants Fund Management Co 511850 CH Fixed Income ETF 0.00% 438.7

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (431.1)

Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% (430.6)

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (415.9)

Zhongrong Daily Earning Transactional Money Market Fund Zhongrong Fund Management Co Ltd 511930 CH Fixed Income ETF 0.61% (415.1) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Top ETPs – Other regions with Asia-Pac focus

Figure 33: Top 20 ETPs by AUM (US$ Million)

ETP Name Issuer BBG TickerAsset Class &

StructureTER

AUM

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 13,967.5

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 7,751.5

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 3,990.8

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 3,586.5

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,387.1

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 2,956.1

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,602.8

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,415.7

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 2,367.8

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 2,350.5

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 2,149.3

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 1,952.9

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 1,783.1

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,738.1

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 1,709.6

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,572.3

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 1,445.6

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 1,405.3

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,355.7

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 1,332.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



Figure 34: Top 20 ETPs by AUM change (US$ Million)


StructureTER

AUM

Change

US$ MM

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 979.4

iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 484.7

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (435.3)

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 350.9

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 341.4

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 320.8

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 304.2

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 236.3

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 225.7

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 215.6

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 192.0

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 177.9

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 127.1

iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 126.0

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 119.5

Lyxor MSCI Pacific ex Japan UCITS ETF Lyxor PAXJ FP Equity ETF 0.30% 105.4

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 101.2

Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 90.0

iShares MSCI Emerging Markets Asia ETF BlackRock EEMA US Equity ETF 0.49% 87.1

iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% 83.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 35: Top 20 ETPs by inflow (US$ Million)


StructureTER

Net Flow

US$ MM


WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 414.3

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 239.7





Lyxor MSCI Pacific ex Japan UCITS ETF Lyxor PAXJ FP Equity ETF 0.30% 104.9



iShares MSCI Emerging Markets Asia ETF BlackRock EEMA US Equity ETF 0.49% 81.3

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 80.4


UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF A-acc UBS JPEUBH SW Equity ETF 0.45% 65.9


iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% 56.7

Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 52.1

iShares Dow Jones Asia Pacific Select Dividend 30 (DE) BlackRock APSDEX GR Equity ETF 0.31% 41.1

Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% 37.3

db x-trackers CSI300 Index UCITS ETF 1C Deutsche AM XCHA LN Equity ETF 0.50% 35.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



Figure 36: Top 20 ETPs by outflow (US$ Million)


StructureTER

Net Flow

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (1,302.0)

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% (121.5)

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (87.5)

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (77.1)

UBS-ETF MSCI Japan "A" UBS JPNCHA SW Equity ETF 0.35% (66.4)

Lyxor UCITS ETF China Enterprise (HSCEI) Lyxor ASI FP Equity ETF 0.65% (57.8)

Lyxor UCITS ETF Japan Topix -D-EUR Lyxor JPN FP Equity ETF 0.45% (57.1)

Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% (34.9)

iShares JPX-Nikkei 400 ETF BlackRock JPXN US Equity ETF 0.48% (30.2)

Amundi JPX-Nikkei 400 UCITS ETF - EUR Amundi JPNK FP Equity ETF 0.18% (26.4)

Source JPX-Nikkei 400 UCITS ETF Source N400 LN Equity ETF 0.20% (24.3)

Deutsche X-trackers MSCI South Korea Hedged Equity ETF Deutsche AM DBKO US Equity ETF 0.58% (24.2)

db x-trackers FTSE China 50 UCITS ETF Deutsche AM XX25 GR Equity ETF 0.60% (23.8)

iShares NIKKEI 225 (DE) BlackRock NKYEX GR Equity ETF 0.51% (23.1)

HSBC MSCI China UCITS ETF HSBC HMCH LN Equity ETF 0.60% (21.3)

Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% (19.0)

Lyxor UCITS ETF MSCI Taiwan-C-EUR Lyxor TWN FP Equity ETF 0.65% (16.4)

Deka MSCI Japan MC UCITS ETF Deka Investment GmbH ETFJPMC GR Equity ETF 0.50% (13.8)

Nomura JPX-Nikkei 400 USD Hedged Index UCITS ETF Nomura Asset Management NJXU LN Equity ETF 0.30% (13.2)

iShares MSCI Japan - B UCITS ETF BlackRock CSJP SW Equity ETF 0.48% (12.2) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 37: Top 20 ETPs by Monthly Turnover (US$ Million)


StructureTER

Turnover

US$ MM

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 12,240.6

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 8,654.4

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 7,087.1

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 2,069.2

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 1,649.3

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 1,394.5

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,067.2

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,001.2



iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 841.1

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 748.7







Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.80% 420.4

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 374.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



Figure 38: Top 20 ETPs by Monthly Turnover change (US$ Million)


StructureTER

Turnover Change

US$ MM

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% (7,836.2)

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (1,638.4)

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% (1,092.2)

iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% (960.8)

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% (815.6)

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (689.4)

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% (571.0)

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% (565.2)


WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (398.4)

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (371.5)

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.80% (253.4)

iShares MSCI Philippines ETF BlackRock EPHE US Equity ETF 0.62% (176.9)

Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% (165.9)

Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% (165.4)

PowerShares India Portfolio PowerShares PIN US Equity ETF 0.81% (164.6)


iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 143.8

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 131.7

KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 128.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

10 August 2016



6. Asia-Pac Listed ETPs –Statistics

Figure 39: Number of ETPs by Asset Class

Prev. Month End of 2015

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 740 82.2% 728 12 1.6% 679 61 9.0%

Fixed income 82 9.1% 80 2 2.5% 74 8 10.8%

Commodity 62 6.9% 62 - 0.0% 68 (6) -8.8%

Currency 8 0.9% 8 - 0.0% 8 - 0.0%

Multi Asset 6 0.7% 6 - 0.0% 2 4 200.0%

Alternative 2 0.2% 2 - 0.0% 2 - 0.0%

Total 900 100% 886 14 1.6% 833 67 8.0%

Current Month MoM Change YTD Change


Figure 40: ETP Net Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity (684) -0.3% 7,009 3.0% 22,081 9.8%

Fixed income (2,475) -4.4% (6,482) -10.4% (2,871) -5.2%

Commodity 474 9.1% 73 1.5% 1,222 34.5%

Currency 38 7.6% 52 11.6% 95 21.6%

Multi Asset (1) -1.0% - 0.0% 49 183.3%

Alternative 56 21.8% (33) -12.1% 234 180.1%

Total (2,592) -0.9% 619 0.2% 20,811 7.3%

YTDCurrent Month Prev. Month


Figure 41: ETP Turnover (US$ Million) by Asset Class

Prev. Month Year 2015

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 84,227 51.2% 93,379 (9,152) -9.8% 128,130 (43,903) -34.3%

Fixed income 76,992 46.8% 97,666 (20,674) -21.2% 103,201 (26,208) -25.4%

Commodity 2,829 1.7% 2,398 431 18.0% 906 1,922 212.1%

Currency 196 0.1% 230 (34) -14.8% 87 110 126.5%

Multi Asset 23 0.0% 23 (0) -1.0% 2 21 1054.3%

Alternative 291 0.2% 591 (300) -50.7% 237 54 22.8%

Total 164,558 100% 194,287 (29,729) -15.3% 232,563 (68,005) -29.2%

Current Month MoM Change Change from 2015


10 August 2016



Figure 42: ETP AUM (US$ Million) by Asset Class


Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 245,967 80.4% 236,151 9,816 4.2% 224,945 21,023 9.3%

Fixed income 53,604 17.5% 55,929 (2,326) -4.2% 54,778 (1,175) -2.1%

Commodity 5,542 1.8% 5,191 351 6.8% 3,544 1,998 56.4%

Currency 537 0.2% 499 38 7.6% 442 95 21.5%

Multi Asset 81 0.0% 80 2 2.1% 27 55 202.9%

Alternative 246 0.1% 255 (10) -3.8% 130 116 88.7%

Total 305,977 100% 298,106 7,871 2.6% 283,865 22,112 7.8%



Country Breakdown

Figure 43: ETF Summary by Country

Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) AUM (US$m)Mkt Share

(AUM)

Australia 101 126 136 -5.2% 1,311 0.8% 11,472 3.7%

China 134 134 (2,890) 111.5% 85,081 51.7% 67,128 21.9%

Hong Kong 107 188 (430) 16.6% 8,774 5.3% 37,380 12.2%

India 64 64 11 -0.4% 402 0.2% 2,428 0.8%

Indonesia 8 8 (18) 0.7% 0 0.0% 112 0.0%

Japan 156 204 1,481 -57.1% 49,553 30.1% 154,596 50.5%

Philippines 1 1 (2) 0.1% 1 0.0% 19 0.0%

Korea 221 221 (404) 15.6% 14,489 8.8% 20,847 6.8%

Vietnam 1 1 - 0.0% 0 0.0% 16 0.0%

Malaysia 8 8 46 -1.8% 1 0.0% 604 0.2%

New Zealand 23 23 (4) 0.1% 15 0.0% 1,170 0.4%

Singapore 9 84 33 -1.3% 204 0.1% 1,784 0.6%

Taiwan 51 54 (546) 21.0% 4,715 2.9% 8,268 2.7%

Thailand 16 16 (7) 0.3% 12 0.0% 153 0.1%

Total 900 1132 (2,592) 100.0% 164,558 100.0% 305,977 100.0%


Figure 44: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy Thematic Equity TotalFixed

IncomeComdty Other Equity Total

Fixed

IncomeComdty

Australia 4,793 578 1,340 245 1,366 358 161 8,840 1,720 484 428 80.0% 15.6% 4.4%

China 22,347 - 1,465 109 1,068 92 217 25,299 40,335 1,494 - 37.7% 60.1% 2.2%

Hong Kong 31,566 329 86 33 242 62 3 32,321 4,879 180 - 86.5% 13.1% 0.5%

India 338 - 30 6 6 4 580 964 80 1,384 - 39.7% 3.3% 57.0%

Indonesia 67 - 19 - - - 25 112 - - - 100.0% 0.0% 0.0%

Japan 136,397 259 5,334 113 799 8,724 1,203 152,828 134 1,388 246 99.0% 0.1% 0.9%

Philippines 19 - - - - - - 19 - - - 100.0% 0.0% 0.0%

Korea 9,207 59 948 37 478 3,699 1,008 15,436 4,884 336 191 74.7% 23.6% 1.6%

Vietnam 16 - - - - - - 16 - - - 100.0% 0.0% 0.0%

Malaysia 4 1 - - - - 103 108 496 - - 17.9% 82.1% 0.0%

New Zealand 335 137 99 155 112 - - 838 332 - - 71.6% 28.4% 0.0%

Singapore 995 30 - - 16 - - 1,040 743 - - 58.3% 41.7% 0.0%

Taiwan 3,464 14 63 25 244 4,207 13 8,029 - 239 - 97.1% 0.0% 2.9%

Thailand 103 - 12 - 2 - - 117 - 36 - 76.3% 0.0% 23.7%

Total 209,651 1,406 9,397 721 4,332 17,146 3,314 245,967 53,604 5,542 864 80.6% 17.6% 1.8%

Equity Product Type Asset Class Mkt Share by country


10 August 2016



Figure 45: ETF Turnover (US$ Million) by Country Figure 46: ETF AUM (US$ Million) by Country

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

Indonesia

Vietnam

Malaysia

Philippines

Thailand

New Zealand

Singapore

India

Australia

Taiwan

Hong Kong

Korea

Japan

China

TO (US$ Million)

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000

Vietnam

Philippines

Indonesia

Thailand

Malaysia

New Zealand

Singapore

India

Taiwan

Australia

Korea

Hong Kong

China

Japan

AUM (US$ Million)


Issuer Rankings

Net Flows

Figure 47: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

Nikko Asset Management 851 45 - - 896 4,461

Daiwa Asset Management 711 - - - 711 3,425

Huaan Fund Management 57 - 263 - 320 811

Mitsubishi UFJ Asset Mg 288 - - - 288 1,505

Harvest Fund Management Co (141) 419 - - 278 493

Samsung Asset Management 336 (134) (8) - 195 736

Yinhua Fund Management (0) 182 - - 182 104

State Street (228) 369 - - 141 1,224

China Merchants Fund Management Co - 130 - - 130 (168)

BetaShares Capital Ltd 3 58 1 7 69 341

Total Top 10 (Inflows) 1,877 1,070 257 7 3,210 12,934

Current Month inflows (US$ Million)


Figure 48: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

Fortune SGAM Fund Management (1) (854) - - (855) (3,307)

Bosera Fund Management Co Ltd (2) (735) 72 - (665) 118

Yuanta Securities Inv trust Co Ltd. (460) - 29 - (431) 1,004

China Universal Asset Management Co (11) (413) - - (423) 1,564

Hang Seng Investment Management (384) - - - (384) 249

Penghua Fund Management Co Ltd (1) (374) - - (375) 35

Nomura Asset Management (312) - 6 - (306) 6,750

KB Asset Management (233) (44) - 0 (278) 161

CSOP Asset Management (231) (53) 8 - (276) 596

Huatai-PineBridge Fund Management Co (256) (15) - - (271) (181)

Total Top 10 (Outflows) (1,891) (2,488) 114 0 (4,264) 6,990

Current Month outflows (US$ Million)


10 August 2016



Turnover

Turnover information

Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure.

Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Figure 49: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Nomura Asset Management 41,613.2 - 73.8 - 41,687.0 25.3%

Fortune SGAM Fund Management 0.7 21,732.4 - - 21,733.1 13.2%

Yinhua Fund Management 0.1 17,136.9 - - 17,137.0 10.4%

Samsung Asset Management 9,914.2 72.8 32.9 17.3 10,037.1 6.1%

China Southern Fund Management Co Ltd 771.1 7,407.4 - - 8,178.4 5.0%

Fullgoal Fund Management Co 0.1 7,633.6 - - 7,633.7 4.6%

China Universal Asset Management Co 5.3 6,673.7 - - 6,679.0 4.1%

Penghua Fund Management Co Ltd 1.9 4,891.4 - - 4,893.4 3.0%

Simplex Asset Management Co Ltd 4,651.2 - 63.1 - 4,714.3 2.9%

E Fund Management 3,036.4 1,368.2 305.4 - 4,709.9 2.9%

State Street 4,051.5 8.5 101.8 - 4,161.8 2.5%

Bosera Fund Management Co Ltd 4.5 3,442.9 340.1 - 3,787.5 2.3%

Yuanta Securities Inv trust Co Ltd. 2,850.8 - 201.5 - 3,052.3 1.9%

China Asset Management 2,532.2 - - - 2,532.2 1.5%

Mirae Asset MAPS Global Investments 2,034.2 14.5 53.1 3.7 2,105.5 1.3%

Huatai-PineBridge Fund Management Co 1,526.2 505.2 - - 2,031.5 1.2%

Hang Seng Investment Management 1,775.4 - 0.3 - 1,775.6 1.1%

Harvest Fund Management Co 123.2 1,615.3 - - 1,738.5 1.1%

CSOP Asset Management 1,665.4 3.4 9.3 - 1,678.1 1.0%

China Merchants Fund Management Co 0.4 1,329.1 - - 1,329.5 0.8%

Huaan Fund Management 138.1 - 1,172.3 - 1,310.4 0.8%

Fubon Securities Investment Trust Co 1,296.0 - - - 1,296.0 0.8%

BlackRock 1,140.9 42.6 - - 1,183.6 0.7%

Woori Asset Management 214.6 881.0 - 54.9 1,150.5 0.7%

Daiwa Asset Management 1,105.7 - - - 1,105.7 0.7%

Zhongrong Fund Management Co Ltd - 910.9 - - 910.9 0.6%

Guotai Asset Management Co Ltd 12.3 511.6 229.9 - 753.7 0.5%

Korea Investment Trust Mg 649.9 1.2 12.4 - 663.6 0.4%

Nikko Asset Management 642.1 5.5 - - 647.7 0.4%

Rakuten Investment Management 580.1 - - - 580.1 0.4%

Goldman Sachs 26.0 333.4 16.5 - 375.8 0.2%

Vanguard 304.8 46.8 - - 351.6 0.2%

BetaShares Capital Ltd 115.8 178.7 9.5 43.2 347.3 0.2%

KB Asset Management 311.1 4.5 - 1.6 317.2 0.2%

Kokusai Asset Management Co Ltd - - - 291.5 291.5 0.2%

Cathay Securities Investment Trust 284.4 - - - 284.4 0.2%

Mitsubishi UFJ Asset Mg 268.5 - - - 268.5 0.2%

Invesco Great Wall Fund Management Co. Ltd 7.9 203.0 - - 210.9 0.1%

Mitsubishi UFJ Trust and Banking Corporation - - 129.8 - 129.8 0.1%

Kiwoom Asset Management Co Ltd 0.0 - - 98.1 98.1 0.1%

Total (Top 40) 83,656 76,954 2,752 510 163,873 99.6%

Current Month Turnover (US$ Million)


10 August 2016



Figure 50: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Hanwha Investment Trust Management 93.51 1.89 - 0.05 95.45 0.06%

Deutsche AM 89.02 0.31 - - 89.32 0.05%

GF Fund Management Co Ltd 61.23 16.06 - - 77.29 0.05%

Van Eck Funds 69.46 - - - 69.46 0.04%

ETF Securities - - 46.08 - 46.08 0.03%

Fuh-Hwa Securities Investment Trust 42.65 - - - 42.65 0.03%

CSC Investment Trust 36.53 - - - 36.53 0.02%

Kyobo AXA Investment Mg Co Ltd 27.94 2.72 - - 30.65 0.02%

Enhanced Investment Products Limited 15.29 - - - 15.29 0.01%

Russell Investments 9.09 5.86 - - 14.95 0.01%

Smartshares Ltd 14.35 0.43 - - 14.78 0.01%

Value Partners 5.46 - 7.75 - 13.21 0.01%

HFT Investment Management Co Ltd 0.30 10.14 - - 10.43 0.01%

BOCI - Prudential Asset Man Ltd 10.16 - - - 10.16 0.01%

ICBC Credit Suisse Asset Management 9.57 - - - 9.57 0.01%

Dacheng Fund Management Co Ltd 8.71 - - - 8.71 0.01%

China Life AMP Asset Management Co 7.96 - - - 7.96 0.00%

ANZ Asset Management 6.36 - 1.21 0.04 7.60 0.00%

Bangkok Capital Asset Management 6.79 - - - 6.79 0.00%

SBI Funds Management 0.12 0.00 6.44 - 6.56 0.00%

CIMB-GK Securities Pte Ltd 6.27 - - - 6.27 0.00%

Lyxor 5.79 - 0.12 - 5.91 0.00%

Kotak Mahindra Asset Man 4.02 - 1.77 - 5.79 0.00%

Reliance Capital Asset Management 1.74 0.00 3.25 - 4.99 0.00%

UBS 4.63 - - - 4.63 0.00%

Amundi 4.57 - - - 4.57 0.00%

UTI Asset Management 0.10 - 4.22 - 4.32 0.00%

Horizons ETFs 4.19 - - - 4.19 0.00%

DIAM Asset Management 2.86 - - - 2.86 0.00%

SinoPac Securities Investment Trust Co 2.67 - - - 2.67 0.00%

BMO Global Asset Management 2.33 0.28 - - 2.61 0.00%

Krung Thai Asset Management 1.11 - 0.95 - 2.06 0.00%

HDFC Asset Management Co Ltd 0.09 - 1.81 - 1.90 0.00%

Yurie Asset Management 1.84 - - - 1.84 0.00%

Yuanda Chinese Holdings Ltd 1.57 - - - 1.57 0.00%

One Asset Management Ltd 1.50 - - - 1.50 0.00%

Lion Fund Management Co Ltd 1.08 - - - 1.08 0.00%

Daishin Investment Trust Mg 0.97 - - - 0.97 0.00%

UOB Asset Management Ltd 0.97 - - - 0.97 0.00%

Kasikorn Asset Management - - 0.89 - 0.89 0.00%

BOCOM Schroders 0.81 - - - 0.81 0.00%

First Metro Asset Management 0.65 - - - 0.65 0.00%

Heungkuk Asset Management 0.62 - - - 0.62 0.00%

Motilal Oswal Mutual Fund 0.53 - - - 0.53 0.00%

Midas Asset Management Co 0.52 - - - 0.52 0.00%

IDBI Asset Management - - 0.47 - 0.47 0.00%

Viet Fund Management 0.47 - - - 0.47 0.00%

Passive Funds Management Ltd 0.45 - - - 0.45 0.00%

i-VCAP Management 0.44 - - - 0.44 0.00%

Haitong International 0.43 - - - 0.43 0.00%

Bank of China Investment Management 0.42 - - - 0.42 0.00%

Canara Robeco - - 0.40 - 0.40 0.00%

Quantum Asset Management 0.05 - 0.34 - 0.40 0.00%

CCB Principal Asset Management Co Ltd. 0.39 - - - 0.39 0.00%

Total 84,225 76,992 2,827 510 164,555 100.00%



10 August 2016



Figure 51: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Sumitomo Mitsui Asset Management 0.32 - - - 0.32 0.0%

Prudential ICICI Asset Management 0.11 - 0.18 - 0.30 0.0%

BNP Paribas 0.24 - 0.04 - 0.28 0.0%

NZAM 0.27 - - - 0.27 0.0%

Thanachart Fund Management - - 0.27 - 0.27 0.0%

Axis Asset Management - - 0.26 - 0.26 0.0%

GTJA Allianze Fund Management Co 0.23 - - - 0.23 0.0%

KDB Asset Management Co Ltd/Korea 0.21 - - - 0.21 0.0%

Wanjia Asset Management 0.19 - - - 0.19 0.0%

Ping An of China Asset Management 0.18 - - - 0.18 0.0%

HSBC Inv Funds Ltd/Hong Kong - 0.17 - - 0.17 0.0%

Mizuho Asset Management Co Ltd - - 0.12 - 0.12 0.0%

BBL Asset Management Co - - 0.12 - 0.12 0.0%

Edelweiss Asset Management 0.11 - - - 0.11 0.0%

Birla Sun Life Asset Management Co 0.01 - 0.10 - 0.10 0.0%

Religare Mutual Fund 0.00 - 0.07 - 0.07 0.0%

ComStage 0.06 - - - 0.06 0.0%

Indo Premier Securities 0.06 - - - 0.06 0.0%

Dongbu Asset Management 0.06 - - - 0.06 0.0%

UBS Hana Asset Management Co Ltd 0.03 - - - 0.03 0.0%

AmInvestment Services Berhad/Malaysia 0.00 0.01 - - 0.01 0.0%

Lippo Investments Management 0.01 - - - 0.01 0.0%

TMB Asset Management 0.00 - - - 0.00 0.0%

LIC Nomura MF Asset Management Co 0.00 - - - 0.00 0.0%

Total ( All Local Issuers) 84,227 76,992 2,829 510 164,558 100.0%



10 August 2016



AUM

AUM information

Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.

AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 55 for a detail of Foreign Issuer's AUMs

Figure 52: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Nomura Asset Management 70,429 - 386 - 70,815 23.1%

Nikko Asset Management 30,945 745 - - 31,690 10.4%

Daiwa Asset Management 29,525 - - - 29,525 9.6%

State Street 14,090 4,096 - - 18,187 5.9%

Fortune SGAM Fund Management 29 15,883 - - 15,912 5.2%

Mitsubishi UFJ Asset Mg 13,302 - - - 13,302 4.3%

Hang Seng Investment Management 11,544 - 10 - 11,554 3.8%

Samsung Asset Management 8,532 2,189 95 17 10,834 3.5%

BlackRock 9,541 510 - - 10,052 3.3%

China Asset Management 9,055 - - - 9,055 3.0%

Yinhua Fund Management 14 7,710 - - 7,724 2.5%

China Southern Fund Management Co Ltd 3,231 2,990 - - 6,221 2.0%

Yuanta Securities Inv trust Co Ltd. 5,660 - 239 - 5,900 1.9%

E Fund Management 3,684 1,584 245 - 5,514 1.8%

Mirae Asset MAPS Global Investments 3,389 759 256 19 4,423 1.4%

Huaan Fund Management 2,636 - 957 - 3,593 1.2%

CSOP Asset Management 3,238 209 29 - 3,475 1.1%

Harvest Fund Management Co 2,856 604 - - 3,460 1.1%

Fullgoal Fund Management Co 22 3,396 - - 3,418 1.1%

China Universal Asset Management Co 222 3,126 - - 3,348 1.1%

Huatai-PineBridge Fund Management Co 3,126 180 - - 3,306 1.1%

Vanguard 2,859 425 - - 3,283 1.1%

DIAM Asset Management 2,467 - - - 2,467 0.8%

Penghua Fund Management Co Ltd 25 1,984 - - 2,009 0.7%

BetaShares Capital Ltd 765 734 77 427 2,003 0.7%

Fubon Securities Investment Trust Co 1,804 - - - 1,804 0.6%

Simplex Asset Management Co Ltd 1,304 - 370 - 1,674 0.5%

KB Asset Management 700 823 - 38 1,561 0.5%

Bosera Fund Management Co Ltd 113 1,205 210 - 1,527 0.5%

Goldman Sachs 758 80 459 - 1,297 0.4%

Korea Investment Trust Mg 1,011 134 18 - 1,163 0.4%

Smartshares Ltd 773 332 - - 1,105 0.4%

Hanwha Investment Trust Management 672 376 - 7 1,055 0.3%

HFT Investment Management Co Ltd 12 937 - - 950 0.3%

NZAM 915 - - - 915 0.3%

Woori Asset Management 468 378 - 47 893 0.3%

GF Fund Management Co Ltd 725 15 - - 740 0.2%

Kyobo AXA Investment Mg Co Ltd 512 226 - - 738 0.2%

Guotai Asset Management Co Ltd 475 101 83 - 660 0.2%

Mitsubishi UFJ Trust and Banking Corporation - - 630 - 630 0.2%

Total (Top 40) 241,431 51,731 4,063 556 297,782 97.3%

Current Month AUM (US$ Million)


10 August 2016



Figure 53: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

BOCI - Prudential Asset Man Ltd 569 - - - 569 0.19%

AmInvestment Services Berhad/Malaysia 1 496 - - 497 0.16%

Sumitomo Mitsui Asset Management 493 - - - 493 0.16%

HSBC Inv Funds Ltd/Hong Kong - 479 - - 479 0.16%

Reliance Capital Asset Management 20 - 444 - 463 0.15%

ETF Securities - - 424 - 424 0.14%

Russell Investments 254 165 - - 419 0.14%

China Merchants Fund Management Co 32 326 - - 358 0.12%

Van Eck Funds 316 - - - 316 0.10%

Invesco Great Wall Fund Management Co. Ltd 146 135 - - 281 0.09%

Kokusai Asset Management Co Ltd - - - 246 246 0.08%

Cathay Securities Investment Trust 236 - - - 236 0.08%

UBS 217 - - - 217 0.07%

Fuh-Hwa Securities Investment Trust 210 - - - 210 0.07%

Kotak Mahindra Asset Man 36 - 168 - 205 0.07%

BMO Global Asset Management 92 105 - - 197 0.06%

Zhongrong Fund Management Co Ltd - 165 - - 165 0.05%

Value Partners 56 - 89 - 145 0.05%

Horizons ETFs 130 - - - 130 0.04%

Dacheng Fund Management Co Ltd 126 - - - 126 0.04%

Indo Premier Securities 112 - - - 112 0.04%

Prudential ICICI Asset Management 92 - 19 - 111 0.04%

CSC Investment Trust 109 - - - 109 0.04%

BOCOM Schroders 108 - - - 108 0.04%

Rakuten Investment Management 107 - - - 107 0.03%

i-VCAP Management 103 - - - 103 0.03%

HDFC Asset Management Co Ltd - - 88 - 88 0.03%

UTI Asset Management - - 86 - 86 0.03%

Kiwoom Asset Management Co Ltd 10 - - 62 72 0.02%

Enhanced Investment Products Limited 69 - - - 69 0.02%

Passive Funds Management Ltd 65 - - - 65 0.02%

One Asset Management Ltd 64 - - - 64 0.02%

ICBC Credit Suisse Asset Management 64 - - - 64 0.02%

Yurie Asset Management 59 - - - 59 0.02%

CIMB-GK Securities Pte Ltd 50 - - - 50 0.02%

China Life AMP Asset Management Co 44 - - - 44 0.01%

Birla Sun Life Asset Management Co 30 - 13 - 42 0.01%

Lion Fund Management Co Ltd 42 - - - 42 0.01%

SBI Funds Management 4 - 37 - 41 0.01%

Haitong International 39 - - - 39 0.01%

Axis Asset Management - - 35 - 35 0.01%

Bangkok Capital Asset Management 34 - - - 34 0.01%

ANZ Asset Management 29 - 3 0 32 0.01%

Midas Asset Management Co 32 - - - 32 0.01%

Dongbu Asset Management 32 - - - 32 0.01%

CCB Principal Asset Management Co Ltd. 29 - - - 29 0.01%

Krung Thai Asset Management 17 - 10 - 27 0.01%

Amundi 27 - - - 27 0.01%

UOB Asset Management Ltd 24 - - - 24 0.01%

GTJA Allianze Fund Management Co 22 - - - 22 0.01%

Motilal Oswal Mutual Fund 22 - - - 22 0.01%

UBS Hana Asset Management Co Ltd 20 - - - 20 0.01%

First Metro Asset Management 19 - - - 19 0.01%

Ping An of China Asset Management 19 - - - 19 0.01%

Total 245,860 53,604 5,480 864 305,808 100%



10 August 2016



Figure 54: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Heungkuk Asset Management 18 - - - 18 0.01%

Yuanda Chinese Holdings Ltd 18 - - - 18 0.01%

IDBI Asset Management - - 17 - 17 0.01%

Viet Fund Management 16 - - - 16 0.01%

BNP Paribas 14 - - - 14 0.00%

BBL Asset Management Co - - 11 - 11 0.00%

Quantum Asset Management 1 - 10 - 10 0.00%

Daishin Investment Trust Mg 10 - - - 10 0.00%

Lippo Investments Management 9 - - - 9 0.00%

Kasikorn Asset Management - - 9 - 9 0.00%

SinoPac Securities Investment Trust Co 9 - - - 9 0.00%

Religare Mutual Fund 0 - 7 - 8 0.00%

Thanachart Fund Management - - 6 - 6 0.00%

Bank of China Investment Management 4 - - - 4 0.00%

KDB Asset Management Co Ltd/Korea 3 - - - 3 0.00%

TMB Asset Management 2 - - - 2 0.00%

Edelweiss Asset Management 2 - - - 2 0.00%

Canara Robeco - - 2 - 2 0.00%

China International Fund Mgmt 1 - - - 1 0.00%

Wanjia Asset Management 1 - - - 1 0.00%

Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

Total ( All Local Issuers) 245,967 53,604 5,542 864 305,977 100%



Figure 55: ETP AUM (US$ Million) ranking by Foreign Issuer

Issuer EquityFixed

IncomeCommodity Other Total

Mkt

Share %

State Street 211,208 - 41,325 - 252,533 40.8%

BlackRock 229,023 6,246 - - 235,268 38.1%

Vanguard 77,509 - - - 77,509 12.5%

Deutsche AM 24,400 2,839 - - 27,239 4.4%

ETF Securities - - 9,905 - 9,905 1.6%

Lyxor 7,180 - 1,080 - 8,260 1.3%

UBS 7,368 - - - 7,368 1.2%

BNP Paribas - - 108 - 108 0.0%

ComStage 66 - - - 66 0.0%

Total ( All Foreign Issuers) 556,754 9,085 52,418 - 618,256 100%



The Foreign Issuer AUM

ranking includes the AUM of

all products cross listed in the

Asia-Pacific Region, with a

domicile region outside Asia-

Pacific (e.g. the US or

Europe).

10 August 2016



7. ETP – Net Flows

Investment Focus

Figure 56: ETP Net Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets 2,325 1.6% 2,843 1.9% 16,026 11.4%

Emerging Markets (2,507) -4.8% 1,023 2.0% (201) -0.4%

Global Markets 19 4.8% 19 5.3% 194 93.3%

Sectors 181 2.0% 267 3.2% 826 10.6%

Capitalization (5) -0.7% 5 0.8% 26 3.9%

Strategy (1,037) -6.0% 2,439 16.0% 3,241 23.2%

Style 22 0.5% (55) -1.3% 812 22.9%

Thematic 317 11.2% 467 20.1% 1,158 54.1%

Total (684) -0.3% 7,009 3.0% 22,081 9.8%

Current Month Prev. Month YTD


Figure 57: ETP Net Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 386 5.4% 951 15.9% 1,434 24.8%

Corporates 4 0.3% 11 0.7% 148 10.7%

Money Market (2,906) -6.3% (7,471) -13.8% (4,636) -9.9%

Overall 41 4.2% 28 3.0% 182 22.8%

Total (2,475) -4.4% (6,482) -10.4% (2,871) -5.2%



Figure 58: ETP Net Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals 433.8 11.5% 189.9 5.7% 1,168.2 47.7%

Overall - n.a - 0.0% (0.1) -1.5%

Energy 38.5 2.9% (114.7) -8.0% 52.1 5.0%

Agriculture 2.2 4.6% (2.5) -5.1% 1.2 2.9%

Industrial Metals (0.8) -6.2% 0.4 3.1% 0.6 4.9%

Total 474 9.1% 73 1.5% 1,222 34.5%



10 August 2016



Sub Segment

Figure 59: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets

Investment Focus

Developed Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Australia (103) -2.2% (128) -2.7% (91) -2.0%

Hong Kong (201) -1.3% 247 1.6% 862 5.8%

Japan 2,586 2.0% 2,668 2.1% 14,933 12.5%

New Zealand (10) -4.9% (7) -3.7% (9) -4.8%

Singapore (1) -0.3% 11 2.5% 87 24.4%

Asia Pacific 2,271 1.5% 2,791 1.9% 15,783 11.3%

US (4) -1.5% 40 18.1% 54 26.8%

UK - 0.0% 8 n.a 8 n.a

Germany 1 3.1% 9 23.5% 8 20.2%

Global broad indices 56 7.7% (3) -0.5% 173 27.4%

DM Total 2,325 1.6% 2,843 1.9% 16,026 11.4%



Figure 60: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets

Investment Focus

Emerging Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

China (1,282) -3.2% 490 1.2% 1,393 3.2%

India 19 2.0% (2) -0.2% 92 9.3%

Indonesia (10) -12.3% (3) -3.7% (4) -6.6%

Malaysia - 0.0% - 0.0% - 0.0%

Philippines (2) -7.9% (2) -8.6% (12) -40.0%

South Korea (272) -3.2% 434 5.5% (539) -6.3%

Taiwan (963) -37.2% 73 3.0% (1,147) -45.4%

Thailand (6) -5.8% 34 49.3% 4 4.7%

Vietnam 9 56.3% (1) -5.8% 7 45.9%

Asia Pacific broad (1) -6.5% - 0.0% (1) -6.7%

Asia Pacific (2,508) -4.8% 1,023 2.0% (207) -0.4%

Brazil (0) 0.0% 0 0.0% 1 4.3%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America (0) 0.0% 0 0.0% 1 4.0%

Russia (0) 0.0% 0 0.0% 2 10.2%

South Africa 0 0.0% (0) -0.1% (0) 0.0%

Global broad indices 1 1.0% 0 0.1% 3 2.7%

EM Total (2,507) -4.8% 1,023 2.0% (201) -0.4%

YTDCurrent Month Prev. Month


10 August 2016



Figure 61: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Others

Investment Focus

Sub segments - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Consumer Discretionary (20) -7.7% 4 1.6% (29) -9.5%

Consumer Staples (5) -0.9% (28) -5.0% (189) -26.4%

Energy 18 30.0% 1 2.5% 17 29.3%

Financials 164 2.3% 293 4.5% 923 16.2%

Healthcare 35 10.4% (5) -1.5% 99 30.5%

Industrials (6) -7.1% 2 3.1% 1 1.8%

Information Technology (2) -0.8% (1) -0.3% (6) -2.4%

Materials 2 1.4% 2 1.5% (2) -1.5%

Telecommunication Services (1) -5.8% 0 0.9% 4 30.5%

Utilities 0 0.0% (0) -0.7% 4 72.0%

Overall (4) -2.7% (3) -1.7% 5 2.6%

Sector 181 2.0% 267 3.2% 826 10.6%

Large Cap (3) -0.7% 5 1.3% 20 5.3%

Mid Cap (0) -0.4% (0) -0.2% 0 0.0%

Small Cap (2) -1.0% (0) 0.0% 6 3.7%

Capitalization (5) -0.7% 5 0.8% 26 3.9%

Short 1,201 29.5% 1,262 47.5% 2,778 128.9%

Leveraged (2,838) -24.8% 1,402 12.8% (259) -2.5%

Leveraged Short 615 83.9% (336) -39.8% 477 87.6%

Quantitative (32) -5.6% 79 15.6% 174 45.2%

Fundamental 18 4.3% 33 8.7% 70 19.4%

Strategy (1,037) -6.0% 2,439 16.0% 3,241 23.2%

Growth 46 4.6% (142) -12.8% 358 43.3%

Value (11) -5.3% 7 3.6% 22 11.4%

Dividend (13) -0.4% 79 2.8% 431 17.1%

Style 22 0.5% (55) -1.3% 812 22.9%

Sustainability (2) -3.6% 7 17.4% 15 41.2%

Commodities 1 3.0% - 0.0% 1 4.9%

Other Theme 318 11.5% 460 20.4% 1,142 55.0%

Thematic 317 11.2% 467 20.1% 1,158 54.1%

Total (521) -1.5% 3,123 10.1% 6,063 21.6%



10 August 2016



Figure 62: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Commodity

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall - 0.0% - 0.0% (0) -1.5%

Agriculture

Overall 2 5.2% (2) -5.6% 2 4.9%

Corn - n.a - n.a - n.a

Soybeans - 0.0% - 0.0% - 0.0%

Wheat - n.a - n.a (0) -97.5%

Grains - n.a - n.a (1) -101.2%

Energy

Overall - n.a - n.a (0) -93.8%

Crude Oil 39 2.9% (115) -8.0% 52 5.1%

Oil & Gas - n.a - n.a - n.a

Natural Gas - n.a - n.a (0) -79.4%

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper (1) -7.5% 0 3.8% 1 6.1%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold 435 12.3% 189 6.1% 1,161 51.5%

Palladium - 0.0% - 0.0% 0 6.9%

Platinum (0) 0.0% (0) -0.2% 6 7.2%

Silver (1) -1.0% 1 0.8% 0 0.3%

Total 474 9.1% 73 1.5% 1,222 34.5%

YTDPrev. MonthCurrent Month


10 August 2016



Issuer

Figure 63: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUMNikko Asset Management 896 3.0% 1,097 3.8% 4,461 16.8%

Daiwa Asset Management 711 2.6% 1,086 4.0% 3,425 13.3%

Huaan Fund Management 320 10.0% 21 0.7% 811 25.9%

Mitsubishi UFJ Asset Mg 288 2.3% 188 1.5% 1,505 13.0%

Harvest Fund Management Co 278 8.9% (122) -3.7% 493 14.2%

Samsung Asset Management 195 1.9% 444 4.8% 736 7.9%

Yinhua Fund Management 182 2.4% (2,509) -24.8% 104 1.3%

State Street 141 0.8% 417 2.5% 1,224 7.6%

China Merchants Fund Management Co 130 57.7% (153) -40.1% (168) -31.2%

BetaShares Capital Ltd 69 3.6% 43 2.4% 341 21.0%

Total Top 10 (Inflows) 3,210 2.8% 513 0.5% 12,934 12.2%



Figure 64: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Fortune SGAM Fund Management (855) -5.1% (4,141) -19.6% (3,307) -16.8%

Bosera Fund Management Co Ltd (665) -30.4% 619 39.3% 118 8.3%

Yuanta Securities Inv trust Co Ltd. (431) -6.9% 774 14.5% 1,004 22.3%

China Universal Asset Management Co (423) -11.2% (793) -17.3% 1,564 83.8%

Hang Seng Investment Management (384) -3.3% 181 1.6% 249 2.1%

Penghua Fund Management Co Ltd (375) -15.7% (32) -1.3% 35 108.1%

Nomura Asset Management (306) -0.5% 2,128 3.2% 6,750 10.6%

KB Asset Management (278) -15.6% 475 37.8% 161 12.4%

CSOP Asset Management (276) -7.6% 593 19.1% 596 18.7%

Huatai-PineBridge Fund Management Co (271) -7.7% (424) -10.7% (181) -4.5%

Total Top 10 (Outflows) (4,264) -3.5% (620) -0.5% 6,990 5.6%



10 August 2016



Index Provider

Figure 65: ETP Net Flows (US$ Million) by Index Provider – Equity

(1,000) (800) (600) (400) (200) - 200 400 600 800

Commodity

KRX

FTSE

Nasdaq OMX

UBS

Markit iBoxx

S&P Dow Jones

Reuters/Jefferies

Maekyung FnGuide

Nikkei

MSCI

HSIL

Topix

Deutsche Borse

Net Cashflow (US$ Million)

Figure 66: ETP Net Flows (US$ Million) by Index Provider – Fixed Income

(3,000) (2,500) (2,000) (1,500) (1,000) (500) - 500 1,000

CSI

Markit iBoxx

KRX

Commodity

Deutsche Bank

S&P Dow Jones

Other

SSE

Weiner Borse


Figure 67: ETP Net Flows (US$ Million) by Index Provider – Commodity

(100) - 100 200 300 400 500

Other

UBS

Commodity

IISL

HSIL



10 August 2016



Underlying Index/Security

Figure 68: ETP inflows (US$ Million) by Underlying Index

– Equity (Top 10)

Figure 69: ETP outflows (US$ Million) by Underlying

Index – Equity (Top 10)

- 500 1,000 1,500 2,000

JPX Nikkei Index 400

Nikkei Average Double …

TSE REIT Index

JPX/S&P Capex & Human …

MSCI Japan Human and …

Nikkei 225 Double Inverse Index

Taiwan Top 50 Index

F-KOSPI200 Index

TOPIX

Nikkei 225

Inflow (US$ Million)

(2,500) (2,000) (1,500) (1,000) (500) -

S&P/ASX 200

TOPIX Leveraged (2x) Index

Nikkei 225 Inverse Index

Hang Seng Index

FTSE China A50 Index

Hang Seng China Enterprise Index

CSI 300 Index

KOSPI 200 Index

TSEC Taiwan 50 Index

Nikkei 225 Leveraged Index

Outflow (US$ Million)

Figure 70: ETP inflows (US$ Million) by Underlying Index

– Fixed Income (Top 10)


Index – Fixed Income

- 100 200 300 400

S&P/ASX Australian Fixed Interest …

UBS Government Inflation Index

MK Korea Monetary Stabilization …

KAP Short-Term Bond Index

iBoxx ABF Malaysia Bond Index

Bloomberg AusBond Composite …

iBoxx ABF Singapore Bond Index

iBoxx ABF Hong Kong Index

30 day Bank Bill Swap Rate

iBoxx ABF Pan-Asia Index


-3000 -2500 -2000 -1500 -1000 -500 0

KIS MSB Short Term Index

MaeKyung Money Market TR Index

KAP Money Market Index

KIS MSB 5M Index

China Bond 5-year Treasurey Bond Index

KIS MSB 3M Index

KRW Cash Index TR

KRW Cash Plus Index

China PBOC Benchmark Notice Deposit 7 Day

Other


Figure 72: ETP inflows (US$ Million) by Underlying

Index/Security – Commodity


Index/Security – Commodity

0 100 200 300 400 500

S&P GSCI Agriculture

Enhanced Select Index

S&P GSCI Gold Excess Return

Index

S&P GSCI Crude Oil Enhanced

Index

Nomura Crude Oil Long Index

BofA merril Lynch Commodity

Index eXtra CLA Index

S&P GSCI Crude Oil Excess

Reurn Index

Commodity Gold


-6 -5 -4 -3 -2 -1 0

Nikkei-TOCOM Platinum Index

S&P GSCI North American Copper Index TR

S&P GSCI Sliver TR Index

S&P GSCI Crude Oil Index

UBS Bloomberg Constant Maturity Commodity

Index

S&P GSCI Gold Index



10 August 2016



8. ETP – Turnover

Turnover information

Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure.

Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Investment Focus

Figure 74: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity


Investment Focus - Equity TurnoverMkt


%


%

Turnover

Size 128 0.2% 155 (28) -17.7% 606 (478) -78.9%

Regional 172 0.2% 323 (151) -46.8% 280 (108) -38.5%

Style 2,460 2.9% 2,966 (506) -17.1% 4,443 (1,983) -44.6%

Sector 686 0.8% 608 78 12.8% 3,597 (2,911) -80.9%

Country 25,507 30.3% 26,684 (1,177) -4.4% 73,649 (48,142) -65.4%

Strategy 55,174 65.5% 62,545 (7,371) -11.8% 44,251 10,923 24.7%

Thematic 100 0.1% 97 3 3.1% 1,305 (1,205) -92.3%

Total 84,227 100% 93,379 (9,152) -9.8% 128,130 (43,903) -34.3%


Source: Deutsche Bank, Bloomberg Finance LP.

Figure 75: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed

IncomeTurnover

Mkt


%


%

Turnover

Sovereign 1,416 1.8% 913 502 55.0% 2,351 (935) -39.8%

Corporates 23 0.0% 26 (3) -12.0% 24 (1) -3.9%

Money Market 75,484 98.0% 96,672 (21,187) -21.9% 100,764 (25,279) -25.1%

Overall 69 0.1% 55 14 25.5% 63 7 11.0%

Total 76,992 100% 97,666 (20,674) -21.2% 103,201 (26,208) -25.4%

Change from 2015MoM ChangeCurrent Month


Figure 76: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity


Investment Focus -

CommodityTurnover

Mkt


%


%

Turnover

Precious Metals 2,446 86.5% 1,954 491 25.1% 401 2,044 509.5%

Overall 0 0.0% 0 (0) -25.7% 1 (1) -74.3%

Energy 369 13.1% 428 (59) -13.7% 494 (124) -25.2%

Agriculture 10 0.4% 12 (1) -9.7% 9 2 21.6%

Industrial Metals 3 0.1% 4 (1) -22.9% 1 1 107.3%

Total 2,829 100% 2,398 431 18.0% 906 1,922 212.1%

MoM ChangeCurrent Month Change from 2015


10 August 2016



Sub Segment

Figure 77: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 9,275 11.0% 8,741 534 6.1% 9,120 155 1.7%

Developed non-Asia Pac 92 0.1% 101 (9) -8.6% 353 (261) -74.0%

Emerging Country 16,140 19.2% 17,842 (1,702) -9.5% 64,175 (48,035) -74.9%

Regional

Asia Pacific 14 0.0% 10 3 32.7% 17 (4) -21.9%

Asia Pacific ex-Japan 15 0.0% 28 (14) -48.1% 17 (3) -15.0%

Emerging Markets 20 0.0% 25 (4) -17.0% 76 (55) -72.9%

Eurozone 0 0.0% 0 (0) -19.8% 0 (0) -57.6%

Europe 41 0.0% 98 (56) -57.6% 54 (12) -22.9%

Global 81 0.1% 162 (81) -50.1% 113 (33) -28.7%

Greater China 1 0.0% 0 0 92.5% 2 (1) -59.6%

Sector

Global 45 0.1% 19 26 135.1% 30 15 48.4%

Other Sector 107 0.1% 84 23 27.4% 337 (231) -68.4%

Asian Country 534 0.6% 505 29 5.7% 3,230 (2,695) -83.5%

Size

Large Cap 115 0.1% 138 (23) -16.5% 389 (274) -70.4%

Mid Cap 4 0.0% 4 0 2.7% 204 (200) -98.2%

Small Cap 9 0.0% 14 (5) -35.3% 12 (3) -26.9%

Style

Growth 2,197 2.6% 2,701 (503) -18.6% 3,590 (1,393) -38.8%

Value 43 0.1% 26 17 64.8% 223 (180) -80.7%

Dividend 220 0.3% 240 (20) -8.2% 630 (410) -65.1%

Strategy

Short 5,159 6.1% 5,706 (547) -9.6% 2,831 2,329 82.3%

Leveraged 41,221 48.9% 48,019 (6,798) -14.2% 37,855 3,366 8.9%

Quantitative 37 0.0% 28 9 32.1% 342 (305) -89.2%

Fundamental 38 0.0% 31 7 22.5% 49 (11) -21.8%

Thematic

Sustainability 0 0.0% 0 0 102.7% 2 (2) -79.5%

Commodities 12 0.0% 11 1 9.9% 289 (277) -95.7%

Other Theme 87 0.1% 85 2 2.0% 1,013 (926) -91.4%

Total 84,227 100% 93,379 (9,152) -9.8% 128,130 (43,903) -34.3%



10 August 2016



Figure 78: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity Prev. Month Year 2015

Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 0.28 0.0% 0.38 (0.10) -27.0% 1.19 (0.91) -76.5%

Overall ex Energy 0.05 0.0% 0.06 (0.01) -17.5% 0.09 (0.04) -43.2%

Overall Light Energy - 0.0% - - n.a. 0.00 (0.00) -100.0%

Agriculture

Overall 8.13 0.3% 8.40 (0.27) -3.2% 7.66 0.47 6.2%

Corn 0.64 0.0% 0.31 0.33 108.6% 0.09 0.54 576.9%

Soybeans 0.36 0.0% 1.57 (1.21) -76.9% 0.62 (0.25) -41.1%

Wheat 1.34 0.0% 1.31 0.04 2.9% 0.23 1.11 484.7%

Grains 0.01 0.0% 0.02 (0.01) -66.5% 0.02 (0.01) -61.2%

Energy

Overall 0.01 0.0% 0.11 (0.09) -88.1% 0.00 0.01 195.8%

Crude Oil 369.12 13.1% 427.30 (58.18) -13.6% 493.56 (124.45) -25.2%

Oil & Gas - 0.0% - - n.a. - - n.a

Gasoline 0.03 0.0% 0.05 (0.02) -43.5% 0.00 0.02 565.4%

Natural Gas 0.20 0.0% 0.41 (0.21) -50.6% 0.28 (0.08) -28.0%

Industrial Metals

Overall 0.13 0.0% 0.23 (0.09) -41.8% 0.12 0.01 5.6%

Copper 2.68 0.1% 3.42 (0.74) -21.8% 1.23 1.45 117.4%

Nickel 0.01 0.0% 0.01 0.00 8.2% 0.00 0.01 628.8%

Precious Metals

Overall 1.93 0.1% 1.47 0.46 31.1% 0.43 1.50 351.0%

Gold 2,364.59 83.6% 1,910.99 453.60 23.7% 369.62 1,994.97 539.7%

Palladium 0.79 0.0% 0.39 0.39 99.7% 1.05 (0.26) -25.0%

Platinum 30.26 1.1% 16.15 14.11 87.4% 13.65 16.61 121.6%

Silver 48.05 1.7% 25.29 22.76 90.0% 16.52 31.53 190.8%

Total 2,829 100% 2,398 431 18.0% 906 1,922 212.1%



10 August 2016



Exchange

Figure 79: ETP Monthly Turnover (US$ Million) by Exchange


Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 79,701.51 48.4% 99,439.23 (19,737.72) -19.8% 134,888.58 (55,187.07) -40.9%

Japan - Osaka 34,712.48 21.1% 40,902.00 (6,189.52) -15.1% 31,468.99 3,243.49 10.3%

Japan - Tokyo SE 14,840.10 9.0% 15,589.58 (749.48) -4.8% 9,031.96 5,808.14 64.3%

Korea - KSE 14,489.17 8.8% 16,321.04 (1,831.87) -11.2% 12,708.77 1,780.40 14.0%

Hong Kong - HKE 8,774.40 5.3% 8,288.34 486.06 5.9% 23,301.45 (14,527.05) -62.3%

China - Shenzhen 5,379.54 3.3% 6,503.34 (1,123.80) -17.3% 15,195.41 (9,815.87) -64.6%

Taiwan - TSEC 4,714.95 2.9% 4,799.60 (84.64) -1.8% 4,197.63 517.32 12.3%

Australia - ASX 1,311.29 0.8% 1,764.35 (453.07) -25.7% 1,294.32 16.97 1.3%

India - NSE 401.93 0.2% 449.06 (47.13) -10.5% 284.94 116.99 41.1%

Singapore - SGX 204.14 0.1% 195.73 8.41 4.3% 171.67 32.47 18.9%

New Zealand - NZ 15.23 0.0% 20.10 (4.87) -24.3% 9.19 6.03 65.6%

Thailand - SET 11.62 0.0% 11.88 (0.26) -2.2% 7.08 4.54 64.1%

Philippines - PSE 0.65 0.0% 1.21 (0.57) -46.7% 1.58 (0.93) -59.1%

Malaysia - Kuala Lumpur 0.59 0.0% 0.26 0.33 123.7% 0.72 (0.13) -17.9%

Vietnam - HOSE 0.47 0.0% 1.06 (0.59) -55.6% 0.68 (0.21) -30.5%

India - Bombay 0.10 0.0% 0.22 (0.11) -52.6% 0.10 0.00 2.8%

Indonesia - Jakarta 0.06 0.0% 0.04 0.01 28.7% 0.09 (0.03) -35.7%

Japan - Nagoya 0.02 0.0% 0.04 (0.02) -56.1% 0.15 (0.13) -88.6%

Total 164,558 100% 194,287 (29,729) -15.3% 232,563 (68,005) -29.2%



10 August 2016



Issuer

Figure 80: ETP Monthly Turnover (US$ Million) by Top 40 Issuer Prev. Month Year 2015

Issuer TurnoverMkt


%


%

Turnover

Nomura Asset Management 41,687 25.3% 47,042 (5,355) -11.4% 34,451 7,236 21.0%

Fortune SGAM Fund Management 21,733 13.2% 30,302 (8,569) -28.3% 68,670 (46,937) -68.4%

Yinhua Fund Management 17,137 10.4% 22,214 (5,077) -22.9% 16,134 1,003 6.2%

Samsung Asset Management 10,037 6.1% 11,743 (1,706) -14.5% 9,268 769 8.3%

China Southern Fund Management Co Ltd 8,178 5.0% 10,929 (2,750) -25.2% 6,784 1,394 20.6%

Fullgoal Fund Management Co 7,634 4.6% 7,769 (135) -1.7% 324 7,310 2257.6%

China Universal Asset Management Co 6,679 4.1% 10,013 (3,334) -33.3% 1,672 5,007 299.4%

Penghua Fund Management Co Ltd 4,893 3.0% 4,821 72 1.5% 103 4,790 4641.4%

Simplex Asset Management Co Ltd 4,714 2.9% 5,907 (1,193) -20.2% 3,436 1,278 37.2%

E Fund Management 4,710 2.9% 5,919 (1,209) -20.4% 12,735 (8,025) -63.0%

State Street 4,162 2.5% 2,980 1,182 39.7% 4,156 6 0.1%

Bosera Fund Management Co Ltd 3,788 2.3% 3,907 (120) -3.1% 1,047 2,740 261.7%

Yuanta Securities Inv trust Co Ltd. 3,052 1.9% 3,125 (73) -2.3% 1,893 1,159 61.2%

China Asset Management 2,532 1.5% 2,738 (206) -7.5% 17,095 (14,563) -85.2%

Mirae Asset MAPS Global Investments 2,105 1.3% 2,261 (156) -6.9% 1,805 300 16.6%

Huatai-PineBridge Fund Management Co 2,031 1.2% 2,038 (7) -0.3% 11,965 (9,933) -83.0%

Hang Seng Investment Management 1,776 1.1% 1,921 (146) -7.6% 3,459 (1,684) -48.7%

Harvest Fund Management Co 1,739 1.1% 801 937 117.0% 2,452 (713) -29.1%

CSOP Asset Management 1,678 1.0% 1,970 (292) -14.8% 6,832 (5,153) -75.4%

China Merchants Fund Management Co 1,330 0.8% 818 511 62.5% 1,706 (376) -22.1%

Huaan Fund Management 1,310 0.8% 1,076 234 21.8% 4,130 (2,819) -68.3%

Fubon Securities Investment Trust Co 1,296 0.8% 1,383 (87) -6.3% 2,002 (705) -35.2%

BlackRock 1,184 0.7% 1,659 (475) -28.6% 7,865 (6,681) -85.0%

Woori Asset Management 1,150 0.7% 1,143 7 0.7% 673 477 70.9%

Daiwa Asset Management 1,106 0.7% 1,077 29 2.6% 1,037 68 6.6%

Zhongrong Fund Management Co Ltd 911 0.6% 1,326 (415) -31.3% 13 898 6918.0%

Guotai Asset Management Co Ltd 754 0.5% 377 377 99.9% 4,097 (3,343) -81.6%

Korea Investment Trust Mg 664 0.4% 483 180 37.3% 498 166 33.3%

Nikko Asset Management 648 0.4% 683 (36) -5.2% 769 (121) -15.8%

Rakuten Investment Management 580 0.4% 660 (80) -12.2% 141 439 310.2%

Goldman Sachs 376 0.2% 424 (48) -11.3% 264 111 42.1%

Vanguard 352 0.2% 463 (111) -24.0% 235 116 49.4%

BetaShares Capital Ltd 347 0.2% 325 23 7.0% 266 81 30.5%

KB Asset Management 317 0.2% 443 (126) -28.4% 325 (8) -2.3%

Kokusai Asset Management Co Ltd 291 0.2% 591 (300) -50.7% 237 54 22.8%

Cathay Securities Investment Trust 284 0.2% 189 95 50.2% 139 145 104.8%

Mitsubishi UFJ Asset Mg 269 0.2% 266 3 1.0% 248 20 8.1%

Invesco Great Wall Fund Management Co. Ltd 211 0.1% 401 (190) -47.4% 600 (389) -64.8%

Mitsubishi UFJ Trust and Banking Corporation 130 0.1% 94 35 37.5% 59 71 119.4%

Kiwoom Asset Management Co Ltd 98 0.1% 86 13 14.7% 8 90 1060.1%

Total Top 40 163,873 99.6% 192,369 (28,496) -14.8% 229,594 (65,721) -28.6%

MoM Change Change from 2015Current Month


10 August 2016



Index Provider Underlying Index/Security

Figure 81: ETP Monthly Turnover (US$ Million) by Index

Provider – Equity (Top 10)

Figure 82: ETP Monthly Turnover (US$ Million) by

Underlying Index – Equity (Top 10)

- 7,000 14,000 21,000 28,000 35,000 42,000 49,000

MSCI

S&P Dow Jones

SSE

Topix

CSI

FTSE

Other

HSIL

KRX

Nikkei

Turnover (US$ Million)

0 10000 20000 30000 40000

ChiNext Index


CSI 300 Index

Hang Seng China Enterprise …

Nikkei 225

F-KOSPI200 Index

Hang Seng Index

Nikkei 225 Double Inverse Index

KOSPI 200 Index




Provider – Fixed Income


Underlying Index – Fixed Income

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

CSI

Citigroup

S&P Dow Jones

Deutsche Bank

Markit iBoxx

UBS

Maekyung FnGuide

SSE

KRX

Other


- 20,000 40,000 60,000 80,000

Bloomberg AusBond Composite Index

MaeKyung Money Market TR Index

Bloomberg AusBond 0+ Yr Composite Index

KRW Cash Index TR


Active

SSE 5-Year China Treasury Note Index

MK Korea Monetary Stabilization Index

China PBOC Benchmark Notice Deposit 7 …

Other



Provider – Commodity


Underlying Index/Security – Commodity (Top 10)

- 500 1,000 1,500 2,000 2,500

Reuters/Jefferies

Reuters/Jefferies

Nikkei

UBS

Other

S&P Dow Jones

Commodity


- 400 800 1,200 1,600 2,000 2,400 2,800

S&P WCI Gold Excess Return Index

S&P GSCI Gold Index

S&P GSCI Gold Excess Return Index

Commodity Platinum

Commodity Silver

S&P GSCI Crude Oil Enhanced Index

UBS Bloomberg Constant Maturity …


S&P GSCI Crude Oil Excess Reurn Index

Commodity Gold



10 August 2016



9. ETP – Assets under Management

AUM information

Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.

AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 55 for a detail of Foreign Issuer's AUMs.

Investment Focus

Figure 87: ETP AUM (US$ Million) by Investment Focus – Equity


Investment Focus - Equity AUMMkt


Size 721 0.3% 686 35 5.1% 659 62 9.4%

Regional 1,406 0.6% 1,267 139 10.9% 973 433 44.5%

Style 4,332 1.8% 4,143 189 4.6% 3,541 791 22.3%

Sector 9,397 3.8% 8,948 450 5.0% 7,771 1,627 20.9%

Country 209,651 85.2% 201,049 8,602 4.3% 195,868 13,783 7.0%

Strategy 17,146 7.0% 17,224 (78) -0.5% 13,990 3,156 22.6%

Thematic 3,314 1.3% 2,833 480 17.0% 2,142 1,171 54.7%

Total 245,967 100% 236,151 9,816 4.2% 224,945 21,023 9.3%



Figure 88: ETP AUM (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income AUMMkt


Sovereign 7,534 14.1% 7,093 441 6.2% 5,788 1,746 30.2%

Corporates 1,547 2.9% 1,518 29 1.9% 1,388 160 11.5%

Money Market 43,475 81.1% 46,326 (2,852) -6.2% 46,802 (3,328) -7.1%

Overall 1,048 2.0% 992 56 5.6% 801 248 30.9%

Total 53,604 100% 55,929 (2,326) -4.2% 54,778 (1,175) -2.1%



Figure 89: ETP AUM (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity AUMMkt


Precious Metals 4,299 77.6% 3,785 514 13.6% 2,448 1,850 75.6%

Overall 6 0.1% 6 (0) -5.1% 6 0 -105.5%

Energy 1,177 21.2% 1,339 (162) -12.1% 1,034 143 13.8%

Agriculture 47 0.8% 48 (1) -2.6% 43 4 8.6%

Industrial Metals 13 0.2% 14 (0) -3.5% 12 1 11.4%

Total 5,542 100% 5,191 351 6.8% 3,544 1,998 56.4%



10 August 2016



Sub Segment

Figure 90: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 157,782 64.1% 148,405 9,378 6.3% 139,597 18,186 13.0%

Developed non-Asia Pac 327 0.1% 308 19 6.3% 241 86 35.8%

Emerging Country 51,541 21.0% 52,337 (795) -1.5% 56,030 (4,489) -8.0%

Regional

Asia Pacific 63 0.0% 66 (3) -5.3% 64 (2) -3.0%

Asia Pacific ex-Japan 264 0.1% 227 37 16.5% 44 220 503.6%

Emerging Markets 150 0.1% 140 9 6.5% 132 17 12.9%

Global 745 0.3% 661 84 12.6% 598 147 24.7%

Greater China 42 0.0% 40 2 4.9% 36 6 15.5%

Sector

Other Sector 481 0.2% 478 4 0.8% 485 (4) -0.8%

Asian Country 8,905 3.6% 8,468 437 5.2% 7,285 1,619 22.2%

Size

Large Cap 427 0.2% 408 18 4.5% 384 43 11.2%

Mid Cap 120 0.0% 114 6 5.2% 123 (3) -2.2%

Small Cap 174 0.1% 164 11 6.4% 153 22 14.3%

Style

Growth 996 0.4% 993 4 0.4% 827 170 20.5%

Value 217 0.1% 216 1 0.3% 196 20 10.5%

Dividend 3,119 1.3% 2,934 185 6.3% 2,518 601 23.9%

Strategy

Short 5,129 2.1% 4,073 1,056 25.9% 2,155 2,974 138.0%

Leveraged 9,740 4.0% 11,429 (1,689) -14.8% 10,541 (802) -7.6%

Quantitative 578 0.2% 582 (5) -0.8% 385 192 50.0%

Fundamental 443 0.2% 407 35 8.7% 363 79 21.8%

Thematic

Sustainability 51 0.0% 50 2 3.2% 35 16 44.6%

Commodities 29 0.0% 27 2 8.7% 30 (1) -2.2%

Other Theme 3,233 1.3% 2,757 476 17.3% 2,077 1,156 55.6%

Total 245,967 100% 236,151 9,816 4.2% 224,945 21,023 9.3%



10 August 2016



Figure 91: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 6 0.1% 6 (0) n.a 6 0 2.8%

Agriculture

Overall 42 0.8% 43 (1) -1.6% 38 4 9.3%

Corn - 0.0% - - n.a - - n.a

Soybeans 5 0.1% 6 (1) -9.6% 4 1 18.2%

Wheat - 0.0% - - n.a 0 (0) -100.0%

Grains - 0.0% - - n.a 1 (1) -100.0%

Energy

Overall - 0.0% - - n.a 0 (0) -100.0%

Oil & Gas - 0.0% - - n.a - - n.a

Crude Oil 1,177 21.3% 1,339 (162) -12.1% 1,034 143 13.8%

Natural Gas - 0.0% - - n.a 0 (0) -100.0%

Industrial Metals

Overall 2 0.0% 2 0 3.2% 2 0 8.3%

Copper 11 0.2% 11 (1) -4.9% 10 1 12.2%

Precious Metals

Overall 8 0.2% 8 0 5.6% 6 2 31.7%

Gold 4,028 72.8% 3,541 487 13.8% 2,256 1,772 78.6%

Palladium 9 0.2% 8 1 18.0% 7 2 34.4%

Platinum 116 2.1% 103 13 12.8% 86 31 35.7%

Silver 137 2.5% 125 12 9.4% 94 43 45.9%

Total 5,542 100.1% 5,191 351 6.8% 3,544 1,998 56.4%

YTD ChangeCurrent Month MoM Change


10 August 2016



Issuer

Figure 92: ETP AUM (US$ Million) by Top 40 Local Issuer


Issuer AUMMkt


Nomura Asset Management 70,815 23.1% 67,846 2,969 4.4% 63,510 7,305 11.5%

Nikko Asset Management 31,690 10.4% 29,502 2,188 7.4% 26,557 5,134 19.3%

Daiwa Asset Management 29,525 9.6% 27,566 1,959 7.1% 25,671 3,854 15.0%

State Street 18,187 5.9% 17,254 932 5.4% 16,197 1,990 12.3%

Fortune SGAM Fund Management 15,912 5.2% 16,797 (886) -5.3% 19,659 (3,747) -19.1%

Mitsubishi UFJ Asset Mg 13,302 4.3% 12,353 949 7.7% 11,588 1,714 14.8%

Hang Seng Investment Management 11,554 3.8% 11,477 77 0.7% 11,624 (71) -0.6%

Samsung Asset Management 10,834 3.5% 10,115 719 7.1% 9,274 1,560 16.8%

BlackRock 10,052 3.3% 9,702 349 3.6% 10,655 (603) -5.7%

China Asset Management 9,055 3.0% 9,030 26 0.3% 9,899 (843) -8.5%

Yinhua Fund Management 7,724 2.5% 7,537 187 2.5% 7,712 12 0.1%

China Southern Fund Management Co Ltd 6,221 2.0% 6,393 (172) -2.7% 5,577 644 11.6%

Yuanta Securities Inv trust Co Ltd. 5,900 1.9% 6,227 (327) -5.3% 4,502 1,398 31.0%

E Fund Management 5,514 1.8% 5,629 (115) -2.0% 11,773 (6,260) -53.2%

Mirae Asset MAPS Global Investments 4,423 1.4% 4,419 4 0.1% 4,324 99 2.3%

Huaan Fund Management 3,593 1.2% 3,181 413 13.0% 3,138 456 14.5%

CSOP Asset Management 3,475 1.1% 3,638 (162) -4.5% 3,193 282 8.8%

Harvest Fund Management Co 3,460 1.1% 3,114 346 11.1% 3,470 (10) -0.3%

Fullgoal Fund Management Co 3,418 1.1% 3,603 (186) -5.2% 1,059 2,359 222.8%

China Universal Asset Management Co 3,348 1.1% 3,766 (418) -11.1% 1,867 1,482 79.4%

Huatai-PineBridge Fund Management Co 3,306 1.1% 3,499 (193) -5.5% 4,066 (760) -18.7%

Vanguard 3,283 1.1% 3,037 247 8.1% 2,484 799 32.2%

DIAM Asset Management 2,467 0.8% 2,285 182 8.0% 1,750 717 41.0%

Penghua Fund Management Co Ltd 2,009 0.7% 2,388 (379) -15.9% 33 1,976 6053.2%

BetaShares Capital Ltd 2,003 0.7% 1,895 108 5.7% 1,627 376 23.1%

Fubon Securities Investment Trust Co 1,804 0.6% 1,869 (64) -3.5% 1,391 413 29.7%

Simplex Asset Management Co Ltd 1,674 0.5% 1,808 (134) -7.4% 1,574 101 6.4%

KB Asset Management 1,561 0.5% 1,777 (216) -12.2% 1,299 262 20.2%

Bosera Fund Management Co Ltd 1,527 0.5% 2,190 (663) -30.3% 1,428 99 6.9%

Goldman Sachs 1,297 0.4% 1,237 60 4.9% 1,174 123 10.4%

Korea Investment Trust Mg 1,163 0.4% 1,216 (52) -4.3% 1,011 152 15.0%

Smartshares Ltd 1,105 0.4% 1,050 56 5.3% 946 159 16.9%

Hanwha Investment Trust Management 1,055 0.3% 1,074 (19) -1.7% 1,049 6 0.6%

HFT Investment Management Co Ltd 950 0.3% 940 9 1.0% 973 (24) -2.4%

NZAM 915 0.3% 870 45 5.2% 696 219 31.5%

Woori Asset Management 893 0.3% 853 39 4.6% 553 340 61.4%

GF Fund Management Co Ltd 740 0.2% 769 (30) -3.9% 685 54 7.9%

Kyobo AXA Investment Mg Co Ltd 738 0.2% 731 6 0.9% 863 (125) -14.5%

Guotai Asset Management Co Ltd 660 0.2% 637 23 3.6% 741 (81) -10.9%

Mitsubishi UFJ Trust and Banking Corporation 630 0.2% 600 30 5.0% 457 173 37.8%

Total Top 40 297,782 97.3% 289,874 7,907 2.7% 276,048 21,734 7.9%



10 August 2016



Index Provider Underlying Index/Security

Figure 93: ETP AUM (US$ Million) by Index Provider –

Equity (Top 10)

Figure 94: ETP AUM (US$ Million) by Underlying Index –

Equity (Top 10)

- 20,000 40,000 60,000 80,000 100,000

MSCI

S&P …

SSE

FTSE

KRX

Other

CSI

HSIL

Topix

Nikkei

AUM (US$ Million)

- 15,000 30,000 45,000 60,000 75,000

SSE 50 Index


JPX Nikkei Index 400


Hang Seng China Enterprise Index

KOSPI 200 Index

CSI 300 Index

Hang Seng Index

TOPIX

Nikkei 225

AUM (US$ Million)


Fixed Income

Figure 96: ETP AUM (US$ Million) by Underlying Index –

Fixed Income (Top 10)

- 10,000 20,000 30,000 40,000 50,000

Barclays

CSI

Citigroup

SSE

UBS

Deutsche Bank

Maekyung FnGuide

KRX

Markit iBoxx

Other

AUM (US$ Million)

- 10,000 20,000 30,000 40,000

iBoxx ABF Singapore Bond Index

KIS MSB 5M Index

KIS MSB 3M Index


KRW Cash Plus Index

Pledgeable urban Investment Bond Index

KRW Cash Index TR

China PBOC Benchmark Notice Deposit 7 …

iBoxx ABF Pan-Asia Index

Other

AUM (US$ Million)


Commodity

Figure 98: ETP AUM (US$ Million) by Underlying

Index/Security – Commodity (Top 10)

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)

- 700 1,400 2,100 2,800 3,500 4,200

S&P GSCI Gold Excess Return Index

S&P GSCI Agriculture Enhanced Select Index

S&P GSCI Gold Index

Commodity Silver

Commodity Platinum

S&P GSCI Crude Oil Excess Reurn Index

S&P GSCI Crude Oil Enhanced Index


UBS Bloomberg Constant Maturity …

Commodity Gold

AUM (US$ Million)


10 August 2016



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.

10 August 2016



Appendix A: Glossary

ETF Glossary

Term Definition

Cross Listing A Cross Listing is an additional listing of a previously existing ETF on a trading venue different from the ETF’s Primary Listing Exchange. A Cross Listing is a symbol of the number of investment options available in the local market.

Primary Listing ETFs may trade on multiple exchanges but they always have one primary exchange. The listing on the primary exchange is referred as the primary listing, which usually corresponds also to the first/oldest listing. A primary listing offers access to a new product which was not available for trading before. The number of primary listings is a symbol of the distinct investment options available across different markets.

TER Total Expense Ratio or TER is the overall cost borne by a fund’s share holder for a 1 year ownership period. It usually includes the management fee and other expenses paid by the fund. TER is, in general, expressed as a percentage of the amount invested and it is proportionally discounted according to the actual holding period.

10 August 2016



Appendix B: 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).

The figure below provides a summary of our current coverage universe by region and structure type as on 31 December

2014.

The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451

products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US.

Figure 99: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1%

Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7%

Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0%

RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1%

Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0%

ETPs ETFs ETC/Vs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Exchange-Traded Funds (ETFs, 97%)

US (71%): 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 (3%)

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. Physically-backed 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, 2%)

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.

10 August 2016



Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. 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. 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 share-holder 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.

Newly issued research recommendations and target prices supersede previously published research.

53 %

36 %

11 %15 % 15 % 19 %

050

100150200250300350400450500

Buy Hold Sell

Asia-Pacific Universe

Companies Covered Cos. w/ Banking Relationship

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

10 August 2016



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.

http://www.dbxus.com/

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10 August 2016



Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this

report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche

Bank may act as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

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Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

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Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank research

analysts sometimes have shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing

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make their own informed investment decisions. Prices and availability of financial instruments are subject to change

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financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may

adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise

indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via

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Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

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10 August 2016



loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

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convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

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Research

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Equity Research

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Equity Research

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Equity Derivatives Research

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Documents

Asia-Pac Monthly ETF Insights · month. Within commodity, gold ETPs attracted notable inflows of +$435mn which were primarily gathered by China listed gold ETFs. New launches in Asia: