Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
Deutsche Bank Markets Research
Europe
Synthetic Equity & Index Strategy
European Monthly ETF Market Review
Date
11 February 2016
Inflows into European ETPs Despite Weak Markets
Data in this report is as of 29th January 2016
________________________________________________________________________________________________________________
Deutsche Bank AG/London
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.
Author
Ari Rajendra
Strategist
(+44) 20 754-52282
Team Contacts
Shan Lan
Strategist
(+852) 22036716
Sebastian Mercado
Strategist
(+1) 212 250-8690
European ETP Highlights
Global ETPs assets stood at $2.7 trillion at the end of January’16, -4.7% down
from last year end levels ($2.9 trillion). European ETP assets reached $486bn
(€449bn) at the end of Jan’16. During January, European ETPs continued its
positive flow trend despite volatile markets and ended the month with net
inflows of +€2.1bn (+€8.5bn in the prev. month). Equity ETFs led the charge
with inflows of +€1.6bn while Fixed Income ETFs witness outflows of -€0.2bn.
Commodity ETPs in Europe started the year with inflows of +€0.7bn. Global
ETPs flows totalled +$11.8bn for January led by Asia-Pacific listed ETPs
recording +$10.5bn in monthly inflows while US listed ETPs started the year
on a negative note (-$0.1bn).
Broad European, UK, and Germany focused ETFs benefitted from inflows, Japan experienced net outflows
Despite bearish equity markets in Jan’16, ETFs tracking broad and blue chip
European indices attracted inflows. We observed a net demand of +€1.8bn
into developed European equities focused ETFs. Within Europe, UK and
Germany focused ETFs remained favorites among investors with inflows of
+€0.8bn and +€0.4bn respectively.
Japan focused ETFs which had a strong 2015 (+€3.8bn) started 2016 with
redemptions where we observed outflows of -€0.8bn from Japanese equities
during January.
Sovereign Bonds recorded inflows while Corporate Bonds saw selling pressure
European Fixed Income ETFs witnessed outflows of -€0.2bn during the first
month of 2016. Segment wise, we found that European investors showed
interest in Sovereign ETFs with inflows of +€0.7bn while corporate bonds saw
redemptions, witnessing outflows of -€0.8bn.
Commodity ETPs gained momentum through Gold and Crude oil based ETPs
In January, European Commodity ETPs market saw inflows of +€0.7bn which
was more than 50% of last year total net flows (+€1.2bn). Within commodity,
physical gold based ETPs (+€0.5bn) were favoured. Further, crude oil based
ETPs also gained traction among investors with inflows of +€0.4bn as oil
prices have rebound at the end of January.
11 February 2016
European Monthly ETF Market Review
Page 2 Deutsche Bank AG/London
Table of Contents
European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 4 Product Launch Activity ........................................................................................... 4 Other regions’ cash flow summary.......................................................................... 5
1. Investment Trends .......................................................... 6 Cross-Asset Class ETPs ........................................................................................... 6 Equity ETFs .............................................................................................................. 6 Fixed Income ETFs .................................................................................................. 9 Commodity ETPs ..................................................................................................... 9
2. Market Metrics .......................................................... 10 ETF Industry Asset Evolution ..................................................................................10 ETFs vs. Cash Equities ............................................................................................13 ETFs vs. Unlisted Mutual Funds .............................................................................15 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
................................................................................................................................17 Industry Growth Analysis ........................................................................................19
3. Cash Flow Analysis ................................................... 21 Regional Cash Flow Analysis ..................................................................................21 Asset Class Cash Flow Analysis .............................................................................21 Product Rankings ....................................................................................................26
4. Product Review ......................................................... 28 New Products Launched in the Month ...................................................................28 Average TERs .........................................................................................................31
5. Provider Rankings ..................................................... 34 Global Provider Rankings ........................................................................................34 European Provider Rankings – General ...................................................................36 European Provider Rankings – by Asset Class ........................................................40 European Provider Analysis by Replication Method ...............................................43
6. Trading Perspective .................................................. 44 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................44 Asset Class Analysis ...............................................................................................44 Product Rankings ....................................................................................................49
7. European ETF Exchanges ................................................ 54
8. Assets ......................................................................... 56 ETP Monthly AUM Analysis by Asset Class ...........................................................56 Asset Class Analysis ...............................................................................................56 Product Rankings ....................................................................................................61
9. ETF Broker rankings .................................................. 63 US ETP Broker Rankings .........................................................................................63 European ETP Broker Rankings ..............................................................................65
Appendix A: How we define ETPs ..................................... 67
Appendix B: The road from beta to alpha ......................... 68
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 3
European Investment Trends
European ETPs recorded inflows despite weak markets
Amid volatile equity markets in January’16, European domiciled ETPs started
the year with inflows of +€2.1bn (+€8.5bn of inflows in Dec’15). Equity ETFs
took the lead with inflows of +€1.6bn while Fixed Income ETFs witnessed
outflows of -€0.2bn. Commodity ETPs which had been under pressure during
2015 amid falling crude oil prices recorded +€0.7bn inflows in January’16.
US domiciled ETPs recorded outflows of -$0.1bn (+$39bn in Dec’15) in
January’2016. Although Fixed Income ETFs registered inflows of +$13.3bn
(+$2.1bn in Dec’15), Equity ETFs suffered outflows of -$15.8bn. Commodity
ETPs was in positive territory with inflows of +$2.5bn during Jan’16.
Broad European, UK, and Germany focused ETFs benefitted from inflows, Japan experienced net outflows
Despite bearish equity markets in Jan’16, ETFs tracking broad and blue chip
European indices attracted inflows. We observed a net demand of +€1.8bn for
developed European equities focused ETFs. US listed ETPs with exposure to
Europe recorded outflows of -$0.1bn during January. During 2015, ETFs with
European equity exposure had gained significant momentum both among
European (+€23bn total flows) and US (+$34bn total flows) investors and this
trend has continued at the start of 2016. Figure 1 illustrates the top 3
developed European equity ETFs (Europe & US listed) by net flows for January
2016.
Figure 1: Top three Developed European equity ETFs by net flows for Jan’16
ETP Name Bloomberg Issuer TER BenchmarkJan'16 Net Flows $mn
2015 Net Flows $mn
Europe Listed
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor 0.2% Euro STOXX 50 675 1,627 iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock 0.2% Euro STOXX 50 378 2,839 iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 0.4% Euro STOXX 50 306 1,011 US Listed
iShares MSCI Eurozone ETF EZU US BlackRock 0.5% MSCI EMU 332 7,520 iShares Currency Hedged MSCI Eurozone ETF HEZU US BlackRock 0.5% MSCI EMU 100% USD Hedged 285 2,687 Vanguard FTSE Europe ETF VGK US Vanguard 0.1% FTSE Developed Europe 123 4,711
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Within Europe, UK and Germany focused ETFs remained favorites among
investors with inflows of +€0.8bn and +€0.4bn respectively. Japan focused
ETFs which have been in positive momentum throughout 2015 (+€3.8bn)
started 2016 on a negative note with outflows of -€0.8bn from Japanese
equities during January.
Sovereign Bonds recorded inflows while Corporate Bonds saw selling pressure
European Fixed Income ETFs witnessed outflows of -€0.2bn during the first
month of 2016. Segment wise, during January, we found that European
investors showed interest in Sovereign ETFs with inflows of +€0.7bn while
corporate bonds saw redemptions, witnessing outflows of -€0.8bn. Two
sovereign ETFs that benefitted from most of the flows were; Think iBoxx
Government Bond Tracker (TGBT NA, +€234mn) and iShares Emerging
Markets Local Government Bond UCITS ETF (SEML LN, +€163mn).
Commodity ETPs gained momentum through Gold and Crude oil based ETPs
In January, European Commodity ETPs market saw inflows of +€0.7bn which
is more than 50% of last year total flows (+€1.2bn). Within commodity,
physical gold based ETPs (+€0.5bn) were favoured. This may have been
contributed by investors turning towards a safe heaven during weak equity
11 February 2016
European Monthly ETF Market Review
Page 4 Deutsche Bank AG/London
markets. Further, crude oil based ETPs also gained traction among investors
with inflows of +€0.4bn as oil prices have rebound at the end of January.
ETF Comparatives: Mutual Funds, cash equity turnover
European ETF turnover1 as a percentage of the region’s cash equities
turnover2, increased to 11.3% (from 10.8% in Dec’15) as of the end of
January 2016. The equivalent number for the US market also increased to
30% over the same period (from 28.8% in Dec’15).
European ETFs comprised 3.6% of the continent’s mutual fund industry as
of November 2015. European domiciled ETFs registered inflows of
+€3.4bn through November 2015, while UCITS mutual funds registered
inflows totalling +€65bn in the same period, according to mutual fund
industry data published by the European Fund and Asset Management
Association (EFAMA).
US ETFs comprised 16% of the mutual fund industry as of the end of
Dec’15. US domiciled ETFs registered inflows of +$40bn in Dec’15, while
US mutual funds experienced outflows of -$76bn over the same period,
according to mutual fund industry data published by the Investment
Company Institute (ICI).
Product Launch Activity
ETP launch calendar in January: Quiet month with 6 new launches
The European ETP industry registered 6 new products launches during January
including 4 Equity and 2 Fixed Income ETFs.
ETF launches:
Equity
Lyxor listed one equity ETF (DSP5 FP) on Euronext Paris provides 2x
inverse exposure to S&P 500 Index.
Powershares listed one equity ETF (HDEU LN) providing exposure to
iSTOXX High Dividend Low Volatility 50 Net TR Index. This ETF was listed
on the London Stock Exchange.
Ossiam launched an equity ETF (OSXJ GY) providing exposure to Japan
Minimum Variance Index. This ETF was listed on Deutsche Borse.
BlackRock listed an equity (QDVM GY) on Deutsche Borse providing
exposure to TA-25 Index. This is the first ETF in Europe providing exposure
to Israel’s stock market. Fixed Income
BlackRock listed two Fixed income ETF during January tracking
performance of Barclays MSCI Euro Corporate 0-3 yr Sustainability ex
Controversial Weapons Index (SUSE LN) and Markit iBoxx EUR Liquid High
1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently
reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as
reported by Bloomberg
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 5
Yield BB-B (5% Issuer Cap) Index (BBEB LN) respectively. These ETFs were
listed on the London Stock Exchange.
For additional information on new product launches and listings please refer to
figures 61 & 62.
Other regions’ cash flow summary
US: US ETPs started the year with negative note
US domiciled ETPs recorded outflows of -$0.1bn (+$39bn in Dec’15) in
January’2016. Fixed Income ETFs took the lead with +$13.3bn (+$2.1bn in
Dec’15) of positive flows while Equity ETFs took the negative turn with
outflows of -$15.8bn. Commodity ETPs comes in the positive territory with
inflows of +$2.5bn during Jan’16.
Within equities, the following segments and sub-segments saw significant
activity:
Segments: Developed Markets (+$0.1bn), Thematic (+$0.1bn), Size (-$2.2bn),
Emerging Markets (-$3.5bn), Sector (-$3.7bn) and Style (-$5.3bn)
Sub-segments: DM broad (+$1.6bn), Financials (-$1.6bn), EM Broad (-$2.3bn),
Information Technology (-$2.5bn) and Growth (-$2.9bn).
Within fixed income, major inflows were recorded by ETFs benchmarked to
sovereign (+$9.1bn) and broad bonds indices (+$2.5bn). Among commodity
ETPs, Gold and crude oil based ETPs registered inflows of +$1.4bn and
+$1.2bn during January’16.
Asia: Strong Inflows into Asia Pacific ETPs despite weak markets
Asia-Pacific ETPs started the year with strong monthly inflows of +$10.5bn in
January (+$41.4bn total flows in 2015). Equity ETFs had a lion share in overall
flows with +$10.6mn inflows while fixed income ETFs witness -$0.4bn
outflows over the last month.
Within equity, leveraged long strategy, Japan and China ETFs saw significant
inflows last month recording +$4.4bn, +$4.2bn and +$1.6bn worth of new
money.
During January, fixed income ETFs had mild outflows. Sovereign and Money
Market ETFs recorded outflows of -$0.3bn and -$0.2bn over the last month.
This is contrast to money market ETFs which had strong inflows in 2015
(+$9bn).
Commodity ETPs have gathered +$0.4bn in new money so far this year.
Among these, crude oil received inflows of +$0.3bn over the last month.
11 February 2016
European Monthly ETF Market Review
Page 6 Deutsche Bank AG/London
1. Investment Trends3
Cross-Asset Class ETPs
Figure 2: Cash flows by asset class – 2015
| ETPs | Europe |
Figure 3: Cash flows by asset class – Month
| ETPs | Europe |
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
€m
illio
ns
Equity Commodity Fixed Income Others
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
€m
illio
ns
Equity Commodity Fixed Income Others
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Equity ETFs
Figure 4: Top 3 aggregate equity segments – 2015
| ETFs | Europe |
Figure 5: Top 3 aggregate equity segments – Month
| ETFs | Europe |
(5,000)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
€m
illio
ns
Developed Markets Sector Strategy
(2,000)
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
€m
illio
ns
Developed Markets Emerging Markets Strategy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
3 Investment trends as expressed by cumulative monthly and YTD cash flows
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 7
Figure 6: Top 3 DM countries – 2015 | ETFs | Europe | Figure 7: Top 3 DM countries – Month | ETFs | Europe |
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
€m
illio
ns
Japan Germany US
-1,000
-500
0
500
1,000
1,500
€m
illio
ns
Japan UK Germany
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 8: Top 3 DM regions – 2015
| ETFs | Europe |
Figure 9: Top 3 DM regions – Month
| ETFs | Europe |
(5,000)
-
5,000
10,000
15,000
20,000
25,000
30,000
€m
illio
ns
Europe Global North America
(500)
-
500
1,000
1,500
2,000
2,500
€m
illio
ns
Europe Global North America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 10: Top 3 EM countries – 2015
| ETFs | Europe |
Figure 11: Top 3 EM countries – Month
| ETFs | Europe |
-3,000
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
€m
illio
ns
China Taiwan India
-400
-350
-300
-250
-200
-150
-100
-50
0
50
€m
illio
ns
China South Korea Taiwan
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 8 Deutsche Bank AG/London
Figure 12: Top 3 EM regions – 2015
| ETFs | Europe |
Figure 13: Top 3 EM regions – Month
| ETFs | Europe |
(2,000)
(1,500)
(1,000)
(500)
-
500
1,000
€m
illio
ns
Global Asia Pacific Europe
(800)
(600)
(400)
(200)
-
200
400
600
€m
illio
ns
Global Asia Pacific Europe
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 14: Top 3 sectors – 2015
| ETFs | Europe |
Figure 15: Top 3 sectors – Month
| ETFs | Europe |
(500)
-
500
1,000
1,500
2,000
2,500
3,000
€m
illio
ns
Financials Energy Telecommunication Services
(700)
(600)
(500)
(400)
(300)
(200)
(100)
-
100
200
€m
illio
ns
Financials Consumer Staples Materials
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 16: Top 3 strategy segments – 2015
| ETFs | Europe |
Figure 17: Top 3 strategy segments – Month
| ETFs | Europe |
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
€m
illio
ns
Quantitative Leveraged Long Short
(200)
(100)
-
100
200
300
400
500
600
700
800
€m
illio
ns
Quantitative Leveraged Long Short
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 9
Fixed Income ETFs
Figure 18: Top 3 aggregate fixed income segments –
2015 | ETFs | Europe |
Figure 19: Top 3 aggregate fixed income segments –
Month | ETFs | Europe |
0
5,000
10,000
15,000
20,000
25,000
30,000
€m
illio
ns
Corporates Sovereign Overall
-1,200
-1,000
-800
-600
-400
-200
0
200
400
600
800
€m
illio
ns
Corporates Sovereign Money Market
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Commodity ETPs
Figure 20: Top 3 aggregate commodity segments –
2015 | ETPs | Europe |
Figure 21: Top 3 aggregate commodity segments –
Month | ETPs | Europe |
-2,000
-1,000
0
1,000
2,000
3,000
4,000
€m
illio
ns
Energy Precious Metals Overall
-100
0
100
200
300
400
500
600
700
800
900
€m
illio
ns
Precious Metals Energy Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 22: Top 5 commodity sub-segments – 2015
| ETPs | Europe |
Figure 23: Top 5 commodity sub-segments – Month
| ETPs | Europe |
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
€m
illio
ns
Crude Oil Gold Commodity Overall Palladium Natural Gas
-200
0
200
400
600
800
1,000
€m
illio
ns
Gold Crude Oil Commodity Overall Palladium Overall ex Energy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 10 Deutsche Bank AG/London
2. Market Metrics
ETF Industry Asset Evolution
Figure 24: Global ETP regional asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 250.2 235.7
Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 507.2 486.1
US ($) 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 2,014.7
US, Europe & Asia Pacific ($) 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,870.9 2,736.5
Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 467.0 449.2
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,581 3,125 3,493 3,712 4,020 4,421 4,440
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Num
ber
of
ETP
s
$ b
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 25: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.8 21.7 20.7 17.7 18.7
ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 51.0
ETFs 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,805.1 2,666.7
Total 199.8 278.7 391.9 567.6 805.3 734.5 1,094.3 1,390.3 1,435.3 1,838.0 2,262.4 2,640.2 2,870.9 2,736.5
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,581 3,125 3,493 3,712 4,020 4,421 4,440
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Num
ber
of
ETP
s
$ b
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 11
Figure 26: Global ETF regional asset growth | ETFs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 168.3 201.8 249.9 235.4
Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 489.9 467.7
US ($) 143.2 203.1 291.5 411.2 581.9 499.1 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 1,963.7
US, Europe & Asia Pacific ($) 198.6 275.3 384.4 549.8 770.3 689.4 999.9 1,260.0 1,299.4 1,682.9 2,177.2 2,562.7 2,805.1 2,666.7
Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 451.0 432.3
Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,232 2,697 3,004 3,271 3,484 3,882 3,901
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETFs
$ b
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 27: European ETF asset growth by asset class | ETFs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,296
Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 12,558
Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 113,08 113,16
Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,54 147,27 139,31 170,82 209,80 261,39 324,18 305,23
Total 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 450,96 432,25
Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,351 1,440 1,518 1,524
0
300
600
900
1,200
1,500
1,800
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Num
ber
of
ETFs
€m
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
11 February 2016
European Monthly ETF Market Review
Page 12 Deutsche Bank AG/London
Figure 28: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
Livestock - - 1 21 63 49 67 59 40 17 19 14 12
Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 464 435
Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 786 748
Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,152 2,315
Overall - - 1,103 1,444 981 3,531 5,582 4,439 4,846 3,779 3,580 3,668 3,524
Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,851 22,157
Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 27,936 29,192
Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 398 398
-
90
180
270
360
450
0
10,000
20,000
30,000
40,000
50,000
60,000
Num
ber
of
ETP
s
€m
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 29: European ETPs (ETF & ETC) asset growth | ETPs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016**
ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 15,985 16,993
ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 450,96 432,25
Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,16 279,32 301,69 379,18 466,95 449,24
Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,795 1,891 1,973 1,979
-
400
800
1,200
1,600
2,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Num
ber
of
ETP
s
€m
illion
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 13
ETFs vs. Cash Equities
Figure 30: ETFs vs. cash equities turnover – US market | ETFs | US |
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
ETFs v
s c
ash e
quitie
s
$ b
illion
Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Source: Deutsche Bank , Bloomberg Finance LP, Reuters
Figure 31: ETFs vs. cash equities turnover – European market | ETFs | Europe |
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
100
200
300
400
500
600
700
800
900
ETFs v
s c
ash e
quitie
s
€billion
Cash Equities ETF Turnover ETFs vs Cash Equities (right axis)
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
11 February 2016
European Monthly ETF Market Review
Page 14 Deutsche Bank AG/London
Figure 32: Turnover Comparatives – ETF vs. Cash equities | ETFs | Global |
Region:
Statistic: ETFs Cash Equities1
ETFs vs CEs3 ETFs Cash Equities
2ETFs vs CEs
3 ETFs vs
CEsCEs ETFs
Date (A) (B) A/B (C) (D) C/D
Jan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x
Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x
Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x
Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x
May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x
Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x
Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x
Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x
Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x
Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x
Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x
Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x
Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x
Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x
Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x
Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x
May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x
Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x
Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x
Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x
Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x
Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x
Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x
Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x
Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x
Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x
Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x
Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x
May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x
Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x
Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x
Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x
Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x
Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x
Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x
Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x
Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x
Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x
Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x
Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x
May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x
Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x
Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x
Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x
Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x
Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x
Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x
Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x
Jan-15 69,583 734,963 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.7x
Feb-15 58,143 665,512 8.7% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x
Mar-15 75,698 796,097 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x
Apr-15 65,644 718,989 9.1% 1,297,812 5,518,235 23.5% 2.6x 7.7x 19.8x
May-15 57,277 668,610 8.6% 1,197,595 5,111,824 23.4% 2.7x 7.6x 20.9x
Jun-15 67,201 766,139 8.8% 1,420,153 5,762,644 24.6% 2.8x 7.5x 21.1x
Jul-15 63,279 702,931 9.0% 1,465,731 6,025,688 24.3% 2.7x 8.6x 23.2x
Aug-15 71,128 708,169 10.0% 1,971,994 6,731,171 29.3% 2.9x 9.5x 27.7x
Sep-15 58,466 674,930 8.7% 1,692,334 6,003,237 28.2% 3.3x 8.9x 28.9x
Oct-15 56,825 656,663 8.7% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.5x
Nov-15 56,105 606,329 9.3% 1,236,632 5,240,597 23.6% 2.6x 8.6x 22.0x
Dec-15 66,047 609,111 10.8% 1,722,065 5,982,914 28.8% 2.7x 9.8x 26.1x
Jan-16 73,739 651,717 11.3% 1,991,783 6,637,936 30.0% 2.7x 10.2x 27.0x
Period 2,830,961 36,255,202 7.8% 81,518,190 314,704,057 25.9% 3.4x 8.7x 29.4x
Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x
Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x
Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x
Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.7% 3.3x 9.4x 30.6x
Total 2015 839,134 8,960,159 9.4% 20,037,135 76,659,716 26.1% 2.8x 8.6x 23.9x
Total 2016 73,739 651,717 11.3% 1,991,783 6,637,936 30.0% 2.7x 10.2x 27.0x1As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe.
2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange.
Europe (€ million) USA ($ million)
Turnover
US vs Europe comparatives
3 On-exchange turnover comparision between ETFs and Cash Equities.
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 15
ETFs vs. Unlisted Mutual Funds
Figure 33: European ETP vs mutual fund assets | ETPs | Europe |
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15*
ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 17
ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 462
ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.3% 3.7% 3.6% 3.6% 3.7%
ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.6%
1.7%
2.2%
2.7%
3.2%
3.7%
4.2%
0
100
200
300
400
500
600
ETP
vs m
utu
al fu
nds
ETP
AU
M (
€billion)
*Data as of 30-Nov-2015. Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Figure 34: European ETP vs mutual fund cash flows | ETPs | Europe |
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
ETCs -0.77 -0.03 -0.11 -0.13 -0.13 -0.68 -0.13 0.18 0.40 0.13 -0.16 -0.08 0.38 0.07 -0.46 -0.12 0.24 0.06 0.90 0.82 -0.48 0.07 0.00 -0.31 -0.51 0.43 -0.14 0.25 0.01
ETFs 3.16 0.39 0.99 2.93 2.78 1.64 3.69 3.36 0.88 6.20 4.68 4.20 7.57 5.98 -1.78 5.68 4.13 0.06 11.26 10.26 7.18 4.18 0.28 1.68 7.94 9.73 1.91 5.95 3.56
Mutual funds 52.00 24.10 2.20 39.50 30.00 28.80 84.10 59.70 51.60 76.50 51.20 29.80 74.70 48.70 7.20 60.00 43.30 3.60 105.00 108.80 87.80 98.40 56.70 2.10 71.00 15.30 -5.50 63.80 64.90
-20
0
20
40
60
80
100
120
140
Cash F
low
s (
€billion)
Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
11 February 2016
European Monthly ETF Market Review
Page 16 Deutsche Bank AG/London
Figure 35: US ETP vs mutual fund assets | ETPs | US |
Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48
ETFs 954 976 848 939 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,065
ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 16.4%
ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 16.0%
1.7%
3.7%
5.7%
7.7%
9.7%
11.7%
13.7%
15.7%
17.7%
0
500
1,000
1,500
2,000
2,500
ETP
vs m
utu
al fu
nds
ETP
AU
M (
$ b
illion)
Source: Deutsche Bank, Bloomberg Finance LP, ICI
Figure 36: US ETP vs mutual fund cash flows | ETPs | US |
-100
-80
-60
-40
-20
0
20
40
60
80
Cash flo
ws (
$ b
illion)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15
ETVs -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56 -0.76 0.67 -0.42 0.78 0.45 -0.98
ETFs 41.32 -18.25 32.85 28.33 14.22 23.19 -14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51 -7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36 27.22 25.58 39.92
Mutual funds 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76 -3.00 13.76 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.26 -7.85 -30.08 -76.25
Source: Deutsche Bank, Bloomberg Finance LP, ICI
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 17
European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
Figure 37: Historical Composition by ETF Structure | ETFs | Europe |
0
100
200
300
400
500
600
700
800
900
-
50
100
150
200
250
300
350
400
450
500
Num
ber
of
ETFs
AU
M (
€billion)
Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 38: European AUM ETF market historical asset class analysis by replication
technique | ETFs | Europe |
Physical Synthetic Physical Synthetic Physical Synthetic
AUM (€ million)
Equity 189,116 72,282 239,101 85,286 224,645 80,589
Fixed Income 67,089 19,062 87,026 26,050 87,999 25,165
Commodity 10,027 3,385 8,718 3,580 9,089 3,469
Others 344 1,065 396 1,003 372 924
Total 266,576 95,795 335,241 115,920 322,105 110,147
Equity 477 544 557 531 559 533
Fixed Income 178 163 203 155 205 155
Commodity 22 27 22 28 22 28
Others 9 20 9 13 9 13
Total 686 754 791 727 795 729
Equity 22,933 3,503 36,258 9,398 964 618
Fixed Income 16,856 3,266 19,936 6,800 867 -1,029
Commodity -1,577 160 -815 958 46 -18
Others -34 -101 47 -89 0 -25
Total 38,178 6,829 55,426 17,068 1,878 -454
ETFs (number of products)
Cash Flows (€ million)
Jan-162014 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 18 Deutsche Bank AG/London
Figure 39: European ETF AUM by replication method
| ETFs | Europe |
Figure 40: European ETF flows by replication method
| ETFs | Europe |
€266,576
€335,241
€322,105
€95,795
€115,920
€110,147
0% 20% 40% 60% 80% 100%
2014
2015
Jan-16
Physical Synthetic
€38,178
€55,426
€1,878
€1,878
€6,829
€17,068
-€454
-€454
-20% 0% 20% 40% 60% 80% 100%
2014
2015
2016
Jan-16
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 41: European ETFs product count by replication
method | ETFs | Europe |
Figure 42: European Equity ETFs AUM by replication
method | ETFs | Europe |
686
791
795
754
727
729
0% 20% 40% 60% 80% 100%
2014
2015
Jan-16
Physical Synthetic
€189,116
€239,101
€224,645
€72,282
€85,286
€80,589
0% 20% 40% 60% 80% 100%
2014
2015
Jan-16
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 43: European Fixed Income ETFs AUM by
replication method | ETFs | Europe |
Figure 44: European Commodity ETFs AUM by
replication method | ETFs | Europe |
€67,089
€87,026
€87,999
€19,062
€26,050
€25,165
0% 20% 40% 60% 80% 100%
2014
2015
Jan-16
Physical Synthetic
€10,027
€8,718
€9,089
€3,385
€3,580
€3,469
0% 20% 40% 60% 80% 100%
2014
2015
Jan-16
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 19
Industry Growth Analysis
Figure 45: Global ETF Industry growth attribution | ETFs | Global |
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
ETF a
sset pri
ce g
row
th c
ontr
ibution (l
ine)
ETF c
ash flo
w g
row
th c
ontr
ibuti
on (B
ars
)
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16
Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fixed Income flows 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.5% 0.7% 0.1% 0.4% -0.1% -0.1% 0.4% 0.4% 0.6% 0.6% 0.0% 0.1% 0.5%
Equity flows -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.0% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7% 0.9% 1.8% -0.1%
Price growth -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3%
Total growth -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% 0.4% -0.2% -4.9%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 46: US ETF Industry growth attribution | ETFs | US |
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16
Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fixed Income flows 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% 0.3% 0.3% 0.5% 0.6% 0.0% 0.1% 0.6%
Equity flows -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% 0.8% -0.2% 0.6% 0.8% 1.2% 1.8% -0.8%
Price growth -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% -0.2% -2.6% -4.8%
Total growth -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% 1.1% -0.7% -4.9%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 47: European ETF Industry growth attribution | ETFs | Europe |
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16
Other flows -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fixed Income flows 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.2% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.1% 0.9% 0.2% 0.4% 0.0%
Equity flows 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.3% 0.2% 0.6% 1.4% 1.7% 0.3% 0.6% 0.6% 1.5% 0.4%
Price growth -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5%
Total growth 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% 3.1% -2.2% -4.2%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 20 Deutsche Bank AG/London
Figure 48: European ETC Industry growth attribution | ETCs | Europe |
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
ETC
asset pri
ce g
row
th c
ontr
ibution (l
ine)
ETC
cash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16
Currency Flows 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.2% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% 0.0%
Commodity Flows -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% -2.7% 2.5% -0.7% 1.6% 0.1% -0.2% 4.2%
Price growth 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1%
Total growth 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 21
3. Cash Flow Analysis
Regional Cash Flow Analysis
Figure 49: Global ETP cash flows by region and asset class | ETPs | Global |
Asset Class US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total
ETFs
Equity -15,797 1,731 1,582 10,587 -3,480 36,947 7,667 7,055 5,128 49,742 -15,797 1,731 1,582 10,587 -3,480
Fixed income 13,309 -175 -161 -409 12,726 2,130 1,770 1,631 164 4,065 13,309 -175 -161 -409 12,726
Commodity -4 30 28 353 378 197 -118 -109 248 327 -4 30 28 353 378
Currency 19 0 0 -16 3 -31 0 0 10 -21 19 0 0 -16 3
Multi Asset -627 0 0 0 -627 642 8 8 2 652 -627 0 0 0 -627
Alternative 3 -27 -24 -41 -65 36 -21 -19 -6 9 3 -27 -24 -41 -65
Total -3,097 1,559 1,424 10,474 8,936 39,922 9,307 8,566 5,545 54,774 -3,097 1,559 1,424 10,474 8,936
ETCs/ETVs
Commodity 2,483 729 671 0 3,211 -520 -30 -27 0 -550 2,483 729 671 0 3,211
Currency -214 8 7 0 -207 -528 -5 -4 0 -533 -214 8 7 0 -207
Alternative -154 0 0 0 -154 71 0 0 0 71 -154 0 0 0 -154
Total 2,114 736 678 0 2,850 -977 -36 -32 0 -1,012 2,114 736 678 0 2,850
ETPs
Equity -15,797 1,731 1,582 10,587 -3,480 36,947 7,667 7,055 5,128 49,742 -15,797 1,731 1,582 10,587 -3,480
Fixed income 13,309 -175 -161 -409 12,726 2,130 1,770 1,631 164 4,065 13,309 -175 -161 -409 12,726
Commodity 2,478 759 699 353 3,590 -323 -149 -136 248 -224 2,478 759 699 353 3,590
Currency -195 8 7 -16 -203 -558 -5 -4 10 -554 -195 8 7 -16 -203
Multi Asset -627 0 0 0 -627 642 8 8 2 652 -627 0 0 0 -627
Alternative -151 -27 -24 -41 -219 108 -21 -19 -6 80 -151 -27 -24 -41 -219
Total -983 2,295 2,102 10,474 11,786 38,945 9,271 8,534 5,545 53,762 -983 2,295 2,102 10,474 11,786
All figures in $ million except where otherwise stated
Jan-16 Dec-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Cash Flow Analysis
Figure 50: European Equity ETF cash flow summary (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets 2,550 0 0 1 2,551 6,314 0 0 -2 6,311 2,550 0 0 1 2,551
Emerging Markets -951 0 0 0 -951 281 0 0 0 281 -951 0 0 0 -951
Global Markets -82 0 0 0 -82 101 0 0 0 101 -82 0 0 0 -82
Sector -500 0 0 0 -500 182 0 0 0 182 -500 0 0 0 -500
Capitalization 25 0 0 0 25 158 0 0 0 158 25 0 0 0 25
Strategy 243 364 -22 0 584 62 -309 9 50 -189 243 364 -22 0 584
Style -43 0 0 0 -43 141 0 0 0 141 -43 0 0 0 -43
Thematic -2 0 0 0 -2 69 0 0 0 69 -2 0 0 0 -2
Total equities 1,240 364 -22 1 1,582 7,308 -309 9 47 7,055 1,240 364 -22 1 1,582
Jan-16 Dec-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 22 Deutsche Bank AG/London
Figure 50A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Sector -500 0 0 0 -500 182 0 0 0 182 -500 0 0 0 -500
Consumer discretionary -35 0 0 0 -35 22 0 0 0 22 -35 0 0 0 -35
Consumer staples -84 0 0 0 -84 -7 0 0 0 -7 -84 0 0 0 -84
Energy 44 0 0 0 44 138 0 0 0 138 44 0 0 0 44
Financials -507 0 0 0 -507 -113 0 0 0 -113 -507 0 0 0 -507
Healthcare 29 0 0 0 29 -21 0 0 0 -21 29 0 0 0 29
Industrials -37 0 0 0 -37 17 0 0 0 17 -37 0 0 0 -37
Information Technology -15 0 0 0 -15 44 0 0 0 44 -15 0 0 0 -15
Materials 60 0 0 0 60 25 0 0 0 25 60 0 0 0 60
Telecommunications 28 0 0 0 28 77 0 0 0 77 28 0 0 0 28
Utilities 18 0 0 0 18 -1 0 0 0 -1 18 0 0 0 18
Capitalization 25 0 0 - 25 158 0 0 0 158 25 0 0 0 25
Large Cap 0 0 0 0 0 -15 0 0 0 -15 0 0 0 0 0
Mid Cap -39 0 0 0 -39 48 0 0 0 48 -39 0 0 0 -39
Small Cap 65 0 0 0 65 125 0 0 0 125 65 0 0 0 65
Strategy 243 364 -22 0 584 62 -309 9 50 -189 243 364 -22 0 584
Fundamental -78 0 1 0 -76 -26 0 -5 0 -31 -78 0 1 0 -76
Leveraged Long 0 201 0 0 201 0 268 0 0 268 0 201 0 0 201
Leveraged Short 0 -33 0 0 -33 0 -226 0 0 -226 0 -33 0 0 -33
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 320 0 -24 0 296 88 0 14 50 151 320 0 -24 0 296
Short 0 196 0 0 196 0 -351 0 0 -351 0 196 0 0 196
Style -43 0 0 0 -43 141 0 0 0 141 -43 0 0 0 -43
Dividend -19 0 0 0 19- 15 0 0 0 15 -19 0 0 0 19-
Growth -14 0 0 0 14- 13 0 0 0 13 -14 0 0 0 14-
Value -11 0 0 0 11- 113 0 0 0 113 -11 0 0 0 11-
Thematic -2 0 0 0 -2 69 0 0 0 69 -2 0 0 0 -2
Commodities 11 0 0 0 11 8 0 0 0 8 11 0 0 0 11
Faith 5 0 0 0 5 5 0 0 0 5 5 0 0 0 5
Other Theme 39 0 0 0 39 0 0 0 0 0- 39 0 0 0 39
Sustainability -58 0 0 0 58- 57 0 0 0 57 -58 0 0 0 58-
Total -278 364 -22 0 64 612 -309 9 50 362 -278 364 -22 0 64
YTDJan-16 Dec-15
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 23
Figure 50B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets
Europe 2,783 0 0 1 2,784 4,666 0 0 -2 4,664 2,783 0 0 1 2,784
Austria -37 0 0 0 -37 -23 0 0 0 -23 -37 0 0 0 -37
Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Finland 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0
France 129 0 0 0 129 287 0 0 0 287 129 0 0 0 129
Germany 375 0 0 0 375 866 0 0 0 866 375 0 0 0 375
Greece -6 0 0 0 -6 0 0 0 0 0 -6 0 0 0 -6
Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Italy -141 0 0 0 -141 17 0 0 0 17 -141 0 0 0 -141
Netherlands 16 0 0 0 16 62 0 0 0 62 16 0 0 0 16
Norway 1 0 0 0 1 3 0 0 0 3 1 0 0 0 1
Portugal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Spain -34 0 0 0 -34 24 0 0 0 24 -34 0 0 0 -34
Sweden -143 0 0 0 -143 7 0 0 0 7 -143 0 0 0 -143
Switzerland 75 0 0 0 75 317 0 0 0 317 75 0 0 0 75
UK 765 0 0 0 765 -40 0 0 0 -40 765 0 0 0 765
Europe broad 1,781 0 0 1 1,782 3,143 0 0 -2 3,141 1,781 0 0 1 1,782
Americas -75 0 0 0 -75 426 0 0 0 426 -75 0 0 0 -75
US -30 0 0 0 -30 705 0 0 0 705 -30 0 0 0 -30
Canada 13 0 0 0 13 20 0 0 0 20 13 0 0 0 13
North America -58 0 0 0 -58 -298 0 0 0 -298 -58 0 0 0 -58
Asia -738 0 0 0 -738 545 0 0 0 545 -738 0 0 0 -738
Australia 34 0 0 0 34 409 0 0 0 409 34 0 0 0 34
Hong Kong -1 0 0 0 -1 -16 0 0 0 -16 -1 0 0 0 -1
Japan -790 0 0 0 -790 141 0 0 0 141 -790 0 0 0 -790
Singapore -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1
Asia Pacific broad 20 0 0 0 20 11 0 0 0 11 20 0 0 0 20
Global 575 0 0 0 575 676 0 0 0 676 575 0 0 0 575
Broad indices 575 0 0 0 575 676 0 0 0 676 575 0 0 0 575
DM Total 2,545 0 0 1 2,546 6,314 0 0 -2 6,311 2,545 0 0 1 2,546
Jan-16 Dec-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 24 Deutsche Bank AG/London
Figure 50C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Emerging Markets
BRIC -134 0 0 0 -134 29 0 0 0 29 -134 0 0 0 -134
Brazil 14 0 0 0 14 55 0 0 0 55 14 0 0 0 14
Russia 2 0 0 0 2 -65 0 0 0 -65 2 0 0 0 2
India -13 0 0 0 -13 -11 0 0 0 -11 -13 0 0 0 -13
China -138 0 0 0 -138 50 0 0 0 50 -138 0 0 0 -138
Latin America 4 0 0 0 4 0 0 0 0 0 4 0 0 0 4
Chile 0 0 0 0 0 -11 0 0 0 -11 0 0 0 0 0
Mexico 6 0 0 0 6 15 0 0 0 15 6 0 0 0 6
LATAM broad -2 0 0 0 -2 -3 0 0 0 -3 -2 0 0 0 -2
Asia -285 0 0 0 -285 -16 0 0 0 -16 -285 0 0 0 -285
Bangladesh -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1
Indonesia -4 0 0 0 -4 5 0 0 0 5 -4 0 0 0 -4
Malaysia -3 0 0 0 -3 3 0 0 0 3 -3 0 0 0 -3
Pakistan -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1
Philippines 4 0 0 0 4 0 0 0 0 0 4 0 0 0 4
South Korea -105 0 0 0 -105 -4 0 0 0 -4 -105 0 0 0 -105
Taiwan -89 0 0 0 -89 -34 0 0 0 -34 -89 0 0 0 -89
Thailand 0 0 0 0 0 -5 0 0 0 -5 0 0 0 0 0
Vietnam -10 0 0 0 -10 -6 0 0 0 -6 -10 0 0 0 -10
Asia Pacific broad -76 0 0 0 -76 26 0 0 0 26 -76 0 0 0 -76
EMEA -10 0 0 0 -10 -24 0 0 0 -24 -10 0 0 0 -10
Kuwait -2 0 0 0 -2 -2 0 0 0 -2 -2 0 0 0 -2
Poland 5 0 0 0 5 1 0 0 0 1 5 0 0 0 5
South Africa -9 0 0 0 -9 3 0 0 0 3 -9 0 0 0 -9
Turkey 0 0 0 0 0 -32 0 0 0 -32 0 0 0 0 0
Europe broad -4 0 0 0 -4 7 0 0 0 7 -4 0 0 0 -4
Middle East & Africa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Global Markets -525 0 0 0 -525 291 0 0 0 291 -525 0 0 0 -525
Global -525 0 0 0 -525 291 0 0 0 291 -525 0 0 0 -525
EM Total -951 0 0 0 -951 281 0 0 0 281 -951 0 0 0 -951
Total (EM + DM) 1,594 0 0 1 1,595 6,595 0 0 -2 6,592 1,594 0 0 1 1,595
Jan-16 Dec-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 51: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |
Fixed Income Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 128 0 0 -139 -11 116 0 0 -297 -182 128 0 0 -139 -11
Corporates -807 0 0 1 -806 1,267 0 0 24 1,291 -807 0 0 1 -806
Covered Bonds 85 0 0 -7 78 -19 0 0 -4 -22 85 0 0 -7 78
Credit Exposure 45 -1 0 0 44 -21 -5 0 0 -26 45 -1 0 0 44
Sovereign 670 16 0 0 686 507 -56 0 -2 450 670 16 0 0 686
Money Market -152 0 0 0 -152 120 0 0 0 120 -152 0 0 0 -152
Total Fixed Income -31 15 0 -145 -161 1,970 -61 0 -278 1,631 -31 15 0 -145 -161
YTDJan-16 Dec-15
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 25
Figure 52: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |
Commodity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall -76 4 21 0 -51 38 -1 -15 0 22 -76 4 21 0 -51
Overall -64 4 21 0 -40 47 -1 -15 0 30 -64 4 21 0 -40
Overall ex Energy -11 0 0 0 -11 -9 0 0 0 -9 -11 0 0 0 -11
Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Agriculture -16 -3 0 0 -19 -16 0 0 0 -16 -16 -3 0 0 -19
Overall -6 0 0 0 -5 -5 0 0 0 -5 -6 0 0 0 -5
Cocoa 0 0 0 0 0 -1 0 0 0 -1 0 0 0 0 0
Coffee 2 0 0 0 2 0 -1 0 0 0 2 0 0 0 2
Corn 1 0 0 0 0 -1 0 0 0 -1 1 0 0 0 0
Cotton -10 0 0 0 -11 -1 0 0 0 -1 -10 0 0 0 -11
Grains -1 0 0 0 -1 -6 0 0 0 -6 -1 0 0 0 -1
Softs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Soybean Oil 0 0 0 0 0 0 -1 0 0 -1 0 0 0 0 0
Soybeans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sugar -3 -1 0 0 -4 -3 -1 0 0 -5 -3 -1 0 0 -4
Wheat 1 -2 0 0 -1 1 3 0 0 4 1 -2 0 0 -1
Energy 274 81 0 0 355 142 65 0 0 207 274 81 0 0 355
Overall -5 -1 0 0 -6 26 0 0 0 26 -5 -1 0 0 -6
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Crude Oil 277 88 0 0 365 114 57 0 0 172 277 88 0 0 365
Gasoline 1 1 0 0 1 0 0 0 0 0 1 1 0 0 1
Heating Oil 1 0 0 0 1 0 -1 0 0 -1 1 0 0 0 1
Natural Gas 0 -6 0 0 -7 1 9 0 0 10 0 -6 0 0 -7
Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Industrial Metals -10 -11 0 0 -21 0 8 0 0 8 -10 -11 0 0 -21
Overall -11 0 0 0 -11 1 1 0 0 2 -11 0 0 0 -11
Aluminium 0 0 0 0 -1 -3 -1 0 0 -4 0 0 0 0 -1
Copper 0 -10 0 0 -11 0 7 0 0 7 0 -10 0 0 -11
Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Nickel 1 0 0 0 1 1 1 0 0 2 1 0 0 0 1
Tin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Zinc 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0
Precious Metals 441 -4 0 0 438 -356 0 0 0 -356 441 -4 0 0 438
Overall -6 0 0 0 -6 -47 0 0 0 -47 -6 0 0 0 -6
Gold 484 -2 0 0 482 -283 -1 0 0 -284 484 -2 0 0 482
Palladium -24 0 0 0 -24 -10 0 0 0 -10 -24 0 0 0 -24
Platinum -2 -1 0 0 -4 -1 2 0 0 1 -2 -1 0 0 -4
Rhodium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Silver -10 -1 0 0 -11 -16 -1 0 0 -17 -10 -1 0 0 -11
Livestock -2 0 0 0 -2 0 0 0 0 0 -2 0 0 0 -2
Overall -2 0 0 0 -2 0 0 0 0 0 -2 0 0 0 -2
Cattle 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Lean Hogs -1 0 0 0 0 0 0 0 0 0 -1 0 0 0 0
Total 611 67 21 0 699 -193 72 -15 0 -136 611 67 21 0 699
Jan-16 Dec-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 26 Deutsche Bank AG/London
Product Rankings
Figure 53: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 622.1 82.6 622.1
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 548.4 369.0 548.4
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 348.4 450.3 348.4
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 305.1 388.4 305.1
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 282.1 130.1 282.1
db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AWM Beta 239.6 175.6 239.6
UBS ETF - MSCI United Kingdom UCITS ETF A-acc UKCHFB SW UBS Beta 228.2 -4.0 228.2
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 225.8 289.0 225.8
iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta 211.8 56.2 211.8
Lyxor ETF S&P 500 LYPS GR Lyxor Beta 159.1 6.4 159.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 54: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
Think iBoxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. Beta 233.8 133.4 233.8
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 162.8 3.7 162.8
iShares Global Government Bond UCITS ETF SGLO LN BlackRock Beta 156.2 36.4 156.2
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 135.9 -26.7 135.9
Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta 125.8 33.5 125.8
db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 118.5 29.0 118.5
iShares eb.rexx Government Germany 1.5-2.5 (DE) RXP1EX GR BlackRock Beta 100.4 5.5 100.4
Think iBoxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. Beta 97.1 41.5 97.1
Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka Investment GmbH Beta 86.7 0.0 86.7
ComStage ETF iBoxx Euro Liquid Sovereigns Diversified 1-3 TR CBOXES1 GR ComStage Beta 84.1 0.0 84.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 55: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 275.5 -23.9 275.5
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 128.7 21.7 128.7
Gold Bullion Securities GBS LN ETF Securities Beta 72.5 -29.7 72.5
ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 53.8 33.0 53.8
UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 42.6 -2.4 42.6
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 40.1 44.3 40.1
ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 36.4 0.5 36.4
ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 32.1 27.2 32.1
UBS Index Solutions - CMCI Oil ETF (CHF) SF-A OILCHA SW UBS Beta 28.3 3.6 28.3
db ETC Brent Crude Oil Euro Hedged ETC XETC GR Deutsche AWM Beta 26.0 5.3 26.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 27
Figure 56: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta -285.2 43.4 -285.2
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -245.6 -115.1 -245.6
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta -218.1 11.1 -218.1
UBS ETF - MSCI Japan 100% hedged to USD UCITS ETF A-acc JPUSBH SW UBS Beta -184.3 -10.0 -184.3
UBS ETF - MSCI Japan 100% hedged to CHF UCITS ETF A-acc JPCHBH SW UBS Beta -169.8 20.4 -169.8
UBS ETF - MSCI EMU 100% hedged to GBP UCITS ETF A-acc EUGBBH SW UBS Beta -152.2 3.2 -152.2
Vanguard S&P 500 ETF VUSA LN Vanguard Beta -151.8 158.0 -151.8
Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor Beta -142.6 -62.0 -142.6
UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta -134.0 -57.9 -134.0
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta -122.3 -186.3 -122.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 57: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta -487.7 180.9 -487.7
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta -279.4 -32.5 -279.4
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta -209.3 -223.4 -209.3
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta -185.1 78.1 -185.1
iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta -184.3 14.4 -184.3
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta -163.3 205.4 -163.3
Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta -145.2 175.9 -145.2
LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta -140.1 51.9 -140.1
Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -126.6 -10.7 -126.6
Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta -105.1 -48.4 -105.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 58: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta -92.9 -7.6 -92.9
db Physical Palladium ETC XPAL LN Deutsche AWM Beta -17.9 0.0 -17.9
ETFS All Commodities AIGC LN ETF Securities Beta -17.2 -0.9 -17.2
EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta -13.8 6.9 -13.8
ETFS Longer Dated Agriculture FAGR LN ETF Securities Beta -11.4 0.1 -11.4
Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor Beta -11.1 -8.6 -11.1
ETFS Physical Silver PHAG LN ETF Securities Beta -10.5 -6.5 -10.5
ETFS Cotton COTN LN ETF Securities Beta -10.3 -0.4 -10.3
Boost Copper 3X Leverage Daily ETP 3HCL LN Boost Beta+ -8.2 10.1 -8.2
ETFS Longer Dated Industrial Metals FIND LN ETF Securities Beta -6.4 0.2 -6.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 28 Deutsche Bank AG/London
4. Product Review
New Products Launched in the Month
Figure 59: Number of ETPs by Asset Class | ETPs | Global |
Jan-16 Dec-15 End of 2015
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 2,968 66.8% 2,951 17 66.7% 2,951 17 66.7%
Fixed income 713 16.1% 711 2 16.1% 711 2 16.1%
Commodity 110 2.5% 110 - 2.5% 110 - 2.5%
Currency 16 0.4% 16 - 0.4% 16 - 0.4%
Multi Asset 42 0.9% 42 - 1.0% 42 - 1.0%
Alternative 52 1.2% 52 - 1.2% 52 - 1.2%
Total 3,901 87.9% 3,882 19 87.8% 3,882 19 87.8%
ETC/Vs
Equity - 0.0% 0 - 0.0% 0 - 0.0%
Commodity 411 9.3% 411 - 9.3% 411 - 9.3%
Currency 124 2.8% 124 - 2.8% 124 - 2.8%
Alternative 4 0.1% 4 - 0.1% 4 - 0.1%
Total 539 12.1% 539 - 12.2% 539 - 12.2%
Total ETPs 4,440 100.0% 4,421 19 100.0% 4,421 19 100.0%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 60: Number of ETPs by Asset Class | ETPs | Europe |
Jan-16 Dec-15 End of 2015
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 1,092 55.2% 1,088 4 0.2% 1,088 4 0.2%
Fixed income 360 18.2% 358 2 0.1% 358 2 0.1%
Commodity 50 2.5% 50 - 0.0% 50 - 0.0%
Currency - 0.0% 0 - 0.0% 0 - 0.0%
Multi Asset 8 0.4% 8 - 0.0% 8 - 0.0%
Alternative 14 0.7% 14 - 0.0% 14 - 0.0%
Total 1,524 77.0% 1,518 6 0.3% 1,518 6 0.3%
ETCs
Commodity 348 17.6% 348 - 0.0% 348 - 0.0%
Currency 107 5.4% 107 - 0.0% 107 - 0.0%
Total 455 23.0% 455 - 0.0% 455 - 0.0%
Total ETPs 1,979 100.0% 1,973 6 0.3% 1,973 6 0.3%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
11
Feb
ruary
20
16
Deu
tsch
e B
an
k A
G/L
on
do
n
Pag
e 2
9
Figure 61: New ETF launches & cross listings | ETFs | Europe |
Launch/ cross
listing dateBBG Ticker
Reuters
CodeIssuer ETF Name Asset class
Invest.
StrategyFocus
Market
flagBenchmark
Long
/Short/
Leverage
TER Exchange Listed
New Launches
8-Jan-16 HDEU LN HDEU.L PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM iSTOXX High Dividend Low Volatility 50 Net TR Index 1L 0.30% London SE
11-Jan-16 SUSE LN SUSEL BlackRock iShares Euro Corporate Bond Sustainability Screened 0-3yr UCITS ETF Fixed Income Beta Overall DM Barclays MSCI Euro Corporate 0-3 yr Sustainability ex Controversial Weapons Index 1L 0.25% London SE
11-Jan-16 BBEB LN BBEB.L BlackRock iShares Euro Corporate Bond BB-B UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Liquid High Yield BB-B (5% Issuer Cap) Index 1L 0.50% London SE
19-Jan-16 DSP5 FP DSP5.PA Lyxor Lyxor Daily Double Short S&P 500 UCITS ETF Equity Beta+ Leveraged Short DM S&P 500 2x Inverse Daily Index 2S 0.60% Euronext Paris
21-Jan-16 QDVM GY QDVM.DE BlackRock iShares TA-25 Israel UCITS ETF Equity Beta Developed non-Europe DM TA-25 Index 1L 0.60% Deutsche Borse
28-Jan-16 OSXJ GY OSXJ.DE Ossiam Ossiam Japan Minimum Variance NR - UCITS ETF 1C Equity Beta Quantitative DM Japan Minimum Variance Index 1L 0.65% Deutsche Borse
Cross-Listings & share classes
8-Jan-16 EUHD LN EUHD.L PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM iSTOXX High Dividend Low Volatility 50 Net TR Index 1L 0.30% London SE
11-Jan-16 ETSYS SW ETSYS.S UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% Swiss SE
11-Jan-16 ULOVE SW ULOVE.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Swiss SE
11-Jan-16 UPVLE SW UPVLE.S UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Swiss SE
11-Jan-16 EQLTS SW EQLTS.S UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% Swiss SE
11-Jan-16 UTSYE SW UTSYE.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Swiss SE
11-Jan-16 UQLTS SW UQLTS.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Swiss SE
11-Jan-16 ACWIE IM ACWIE.MI UBS UBS ETFs PLC - MSCI ACWI SF UCITS ETF - EUR Equity Beta Global Overall MSCI ACWI 1L 0.31% Borsa Italiana
11-Jan-16 BBSB LN BBSB.L BlackRock iShares Euro Corporate Bond BB-B UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Liquid High Yield BB-B (5% Issuer Cap) Index 1L 0.50% London SE
11-Jan-16 UPVLS SW UPVLS.S UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Swiss SE
11-Jan-16 EPVLS SW EPVLS.S UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% Swiss SE
11-Jan-16 UQLTE SW UQLTE.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Swiss SE
11-Jan-16 EPVLU SW EPVLU.S UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% Swiss SE
11-Jan-16 SUSS LN SUSS.L BlackRock iShares Euro Corporate Bond Sustainability Screened 0-3yr UCITS ETF Fixed Income Beta Overall DM Barclays MSCI Euro Corporate 0-3 yr Sustainability ex Controversial Weapons Index 1L 0.25% London SE
11-Jan-16 ETSYU SW ETSYU.S UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% Swiss SE
11-Jan-16 EQLTU SW EQLTU.S UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% Swiss SE
11-Jan-16 ULOVS SW ULOVS.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Swiss SE
11-Jan-16 UTSYS SW UTSYS.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Swiss SE
11-Jan-16 ELOVS SW ELOVS.S UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - CHF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% Swiss SE
11-Jan-16 ELOVU SW ELOVU.S UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - USD Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% Swiss SE
12-Jan-16 BBEU IM BBEU.MI Amundi Amundi ETF MSCI Europe Buyback UCITS ETF Equity Beta Other Theme DM MSCI Europe Equal Weighted Buyback Yield Index 1L 0.30% Borsa Italiana
12-Jan-16 36B1 GY 36B1.DE BlackRock iShares Euro Corporate Bond BB-B UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Liquid High Yield BB-B (5% Issuer Cap) Index 1L 0.50% Deutsche Borse
12-Jan-16 UBUW GY UBUW.DE UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Deutsche Borse
12-Jan-16 QDVL GY QDVL.DE BlackRock iShares Euro Corporate Bond Sustainability Screened 0-3yr UCITS ETF Fixed Income Beta Overall DM Barclays MSCI Euro Corporate 0-3 yr Sustainability ex Controversial Weapons Index 1L 0.25% Deutsche Borse
12-Jan-16 UBUV GY UBUV.DE UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Deutsche Borse
12-Jan-16 UBUX GY UBUX.DE UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Deutsche Borse
14-Jan-16 VMOM NA VMOM.AS Vanguard Vanguard Global Momentum Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Euronext Amsterdam
14-Jan-16 VMVL NA VMVL.AS Vanguard Vanguard Global Minimum Volatility UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Euronext Amsterdam
14-Jan-16 VVAL NA VVAL.AS Vanguard Vanguard Global Value Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Euronext Amsterdam
15-Jan-16 STHS SW STHS.S Source PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - GBP Hgd Inc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.60% Swiss SE
19-Jan-16 UQLTE IM UQLTE.MI UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Borsa Italiana
19-Jan-16 UTSYE IM UTSYE.MI UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Borsa Italiana
19-Jan-16 CAB3 GY CAB3.DE Amundi Amundi ETF BBB Euro Corporate IG UCITS ETF - A Fixed Income Beta Overall DM Markit iBoxx EUR Liquid Corporates BBB Top 60 1L 0.20% Deutsche Borse
19-Jan-16 CSWC FP CSWC.PA Amundi Amundi ETF MSCI Switzerland UCITS ETF Equity Beta European Developed DM MSCI Switzerland 1L 0.25% Euronext Paris Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
11
Feb
ruary
20
16
Pag
e 3
0
Deu
tsch
e B
an
k A
G/L
on
do
n
Figure 62: New ETF launches & cross listings | ETFs | Europe |
Launch/ cross
listing dateBBG Ticker
Reuters
CodeIssuer ETF Name Asset class
Invest.
StrategyFocus
Market
flagBenchmark
Long
/Short/
Leverage
TER Exchange Listed
Cross-Listings & share classes
20-Jan-16 CNAA IM CNAA.MI Lyxor Lyxor Fortune SG UCITS ETF MSCI China A DR C-USD Equity Beta Emerging Country EM MSCI China A TR Net Index 1L 0.65% Borsa Italiana
20-Jan-16 ISRL LN ISRL.L BlackRock iShares TA-25 Israel UCITS ETF Equity Beta Developed non-Europe DM TA-25 Index 1L 0.60% London SE
20-Jan-16 TASE LN TASE.L BlackRock iShares TA-25 Israel UCITS ETF Equity Beta Developed non-Europe DM TA-25 Index 1L 0.60% London SE
21-Jan-16 XDCH SW XDCH.S Deutsche AWM db x-trackers DAX UCITS ETF (DR) - Income 4C (CHF- Hedged) Equity Beta European Developed DM DAX Monthly CHF Hedged Index 1L 0.19% Swiss SE
21-Jan-16 XDUD SW XDUD.S Deutsche AWM db x-trackers DAX UCITS ETF (DR) - Income 2C (USD- Hedged) Equity Beta European Developed DM DAX Monthly USD Hedged Index 1L 0.19% Swiss SE
25-Jan-16 CJ1Y FP CJ1Y.PA Amundi Amundi ETF MSCI Japan UCITS ETF - JPY Equity Beta Developed non-Europe DM MSCI Japan 1L 0.45% Euronext Paris
26-Jan-16 TPXG LN TPXG.L Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE
26-Jan-16 TPXU LN TPXU.L Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE
26-Jan-16 TPHU LN TPHU.L Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE
26-Jan-16 TPHG LN TPHG.L Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP Equity Beta Developed non-Europe DM TOPIX 1L 0.48% London SE
27-Jan-16 UE25 NA UE25.AS UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable TR Index 1L 0.20% Euronext Amsterdam
27-Jan-16 UE32 NA UE32.AS UBS UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF Equity Beta Developed non-Europe DM MSCI Japan 100% hedged to EUR 1L 0.45% Euronext Amsterdam
27-Jan-16 UE26 NA UE26.AS UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - EUR Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Euronext Amsterdam
27-Jan-16 UIM2 NA UIM2.AS UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Euronext Amsterdam
27-Jan-16 XUTD GY XUTD.DE Deutsche AWM db x-trackers II iBoxx $ Treasuries UCITS ETF Fixed Income Beta Overall DM iBoxx USD Treasuries TR INDEX 1L 0.15% Deutsche Borse Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 31
Average TERs
Figure 63: ETF TERs using simple average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.40% 6 1.48% 3 0.76% 9
Beta 0.38% 535 0.41% 436 0.40% 971
Beta+ 0.50% 2 0.55% 76 0.55% 78
Semi Active 0.54% 16 0.56% 18 0.55% 34
0.39% 559 0.44% 533 0.41% 1,092
Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10
Beta 0.25% 197 0.19% 134 0.22% 331
Beta+ NA NA 0.23% 19 0.23% 19
0.26% 205 0.20% 155 0.23% 360
Alternative Alpha NA NA 0.67% 4 0.67% 4
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.62% 5 0.57% 6
0.006 3 0.65% 11 0.65% 14
Commodity Beta 0.49% 22 0.49% 27 0.49% 49
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.49% 22 0.49% 28 0.49% 50
Currency Beta NA NA NA NA NA NA
NA NA NA NA NA NA
Multi Asset Beta NA 1 NA NA NA 1
Alpha 0.52% 5 0.64% 2 0.57% 7
0.52% 6 0.64% 2 0.57% 8
Total 0.37% 795 0.40% 729 0.38% 1,524
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 32 Deutsche Bank AG/London
Figure 64: ETC TERs using simple average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.50% 38 0.49% 38
Beta+ NA NA 0.92% 35 0.92% 35
Energy Beta NA NA 0.49% 51 0.47% 51
Beta+ NA NA 0.80% 53 0.80% 53
Industrial Metals Beta NA NA 0.50% 24 0.48% 24
Beta+ NA NA 0.90% 27 0.90% 27
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.52% 10 0.47% 10
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.45% 31 0.44% 20 0.43% 51
Beta+ NA NA 0.76% 43 0.76% 43
Commodity 0.45% 31 0.67% 317 0.64% 348
Currency Currency Beta NA NA 0.41% 40 0.41% 40
Beta+ NA NA 0.82% 67 0.82% 67
Currency NA NA 0.67% 107 0.67% 107
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 33
Figure 65: ETF TERs using AUM weighted average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.60% 6 0.95% 3 0.61% 9
Beta 0.30% 535 0.33% 436 0.31% 971
Beta+ 0.56% 2 0.48% 76 0.48% 78
Semi Active 0.56% 16 0.53% 18 0.55% 34
0.31% 559 0.35% 533 0.32% 1,092
Fixed Income Alpha 0.36% 8 0.39% 2 0.36% 10
Beta 0.26% 197 0.18% 134 0.24% 331
Beta+ NA NA 0.22% 19 0.22% 19
0.26% 205 0.18% 155 0.24% 360
Alternative Alpha NA NA 0.86% 4 0.86% 4
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.65% 5 0.52% 6
0.73% 3 0.81% 11 0.78% 14
Commodity Beta 0.41% 22 0.43% 27 0.42% 49
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.41% 22 0.43% 28 0.42% 50
Currency Beta NA NA NA NA NA NA
NA NA NA - NA -
Multi Asset Beta 0.40% 1 NA NA 0.40% 1
Alpha 0.59% 5 0.70% 2 0.69% 7
0.59% 6 0.70% 2 0.69% 7
Total 0.30% 795 0.31% 729 0.30% 1,524
Synthetic TotalPhysical
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 66: ETC TERs using AUM weighted average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.53% 38 0.53% 38
Beta+ NA NA 0.98% 35 0.98% 35
Energy Beta NA NA 0.51% 51 0.51% 51
Beta+ NA NA 0.98% 53 0.98% 53
Industrial Metals Beta NA NA 0.49% 24 0.49% 24
Beta+ NA NA 0.98% 27 0.98% 27
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.50% 10 0.50% 10
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.38% 31 0.37% 20 0.38% 51
Beta+ NA NA 0.97% 43 0.97% 43
Commodity 0.38% 31 0.52% 317 0.43% 348
Currency Currency Beta NA NA 0.39% 40 0.39% 40
Beta+ NA NA 0.94% 67 0.94% 67
Currency NA NA 0.78% 107 0.78% 107
TotalPhysical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 34 Deutsche Bank AG/London
5. Provider Rankings
Global Provider Rankings
Figure 67: Global Top 10 ETF Providers ($ million) | ETFs | Global |
Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,010,716 37.9% 1,060,878 37.8% 632 435 573,738 435
2 Vanguard 487,230 18.3% 504,808 18.0% 104 4,282 115,914 4,282
3 State Street 401,115 15.0% 421,286 15.0% 254 122 1,002,680 122
4 PowerShares 87,778 3.3% 94,984 3.4% 154 -2,055 124,948 -2,055
5 Deutsche AWM 77,694 2.9% 81,274 2.9% 251 935 13,547 935
6 Nomura Asset Management 62,255 2.3% 63,783 2.3% 49 4,024 54,064 4,024
7 Lyxor 49,308 1.8% 51,862 1.8% 245 362 15,322 362
8 WisdomTree 47,409 1.8% 52,162 1.9% 109 -1,759 19,065 -1,759
9 Charles Schwab 38,597 1.4% 39,712 1.4% 21 856 9,473 856
10 First Trust 36,297 1.4% 42,877 1.5% 104 -2,968 11,069 -2,968
Total Top 10 2,298,400 86.2% 2,413,626 86.0% 1,923 4,234 1,939,819 4,234
Others 368,333 13.8% 391,438 14.0% 1,978 4,702 267,807 4,702
Global Total 2,666,732 100.0% 2,805,064 100.0% 3,901 8,936 2,207,627 8,936 Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 68: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |
Rank Issuer Current AUM Mkt. Share 2015 AUM
2015 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 State Street 23,914 34.3% 21,931 33.3% 1 959 14,745 959
2 ETF Securities 13,609 19.5% 13,113 19.9% 343 344 2,734 344
3 BlackRock 11,463 16.4% 10,702 16.2% 8 451 3,412 451
4 United States Commodity Funds 4,958 7.1% 4,416 6.7% 11 913 12,963 913
5 PowerShares 4,470 6.4% 4,792 7.3% 11 -183 2,019 -183
6 ProShares 3,350 4.8% 3,498 5.3% 19 -34 45,269 -34
7 Source 2,165 3.1% 1,798 2.7% 4 296 660 296
8 Deutsche AWM 1,879 2.7% 1,799 2.7% 18 30 116 30
9 Deutsche Borse Commodities GmbH 1,804 2.6% 1,715 2.6% 1 0 127 0
10 Guggenheim Investments 1,222 1.8% 1,192 1.8% 9 49 2,575 49
Total Top 10 68,833 98.7% 64,958 98.6% 425 2,825 84,619 2,825
Others 890 1.3% 925 1.4% 114 25 881 25
Global Total 69,723 100.0% 65,882 100.0% 539 2,850 85,500 2,850
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 35
Figure 69: Global Top 10 ETP Providers ($ million) | ETPs | Global |
Rank Issuer Current AUM Mkt. Share 2015 AUM
2015 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,022,179 37.4% 1,071,580 37.3% 640 886 577,150 886
2 Vanguard 487,230 17.8% 504,808 17.6% 104 4,282 115,914 4,282
3 State Street 425,029 15.5% 443,216 15.4% 255 1,081 1,017,424 1,081
4 PowerShares 92,248 3.4% 99,777 3.5% 165 -2,238 126,967 -2,238
5 Deutsche AWM 79,573 2.9% 83,073 2.9% 269 965 13,664 965
6 Nomura Asset Management 62,255 2.3% 63,783 2.2% 49 4,024 54,064 4,024
7 Lyxor 49,308 1.8% 51,862 1.8% 245 362 15,322 362
8 WisdomTree 47,623 1.7% 52,387 1.8% 111 -1,764 19,086 -1,764
9 Charles Schwab 38,597 1.4% 39,712 1.4% 21 856 9,473 856
10 First Trust 36,297 1.3% 42,877 1.5% 104 -2,968 11,069 -2,968
Total Top 10 2,340,339 85.5% 2,453,076 85.4% 1,963 5,485 1,960,132 5,485
Others 396,117 14.5% 417,870 14.6% 2,477 6,302 332,995 6,302
Global Total 2,736,456 100.0% 2,870,946 100.0% 4,440 11,786 2,293,127 11,786
Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 36 Deutsche Bank AG/London
European Provider Rankings – General
Figure 70: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe | All figures in € million except
products
Issuer Current
Month
End of
2015 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2015 Diff.
BlackRock 205,641 214,014 -4% 659 4,804 659 31,254 27,277 15% 274 271 1%
Deutsche AWM 54,518 56,512 -4% 836 978 836 6,928 6,081 14% 216 216 0%
Lyxor 45,569 47,742 -5% 338 1,151 338 14,110 13,157 7% 245 244 0%
UBS 23,447 24,949 -6% -25 600 -25 2,283 1,932 18% 130 130 0%
Amundi 18,738 20,408 -8% -851 791 -851 6,189 6,327 -2% 100 100 0%
Vanguard 16,835 17,691 -5% 49 439 49 2,444 2,067 18% 17 17 0%
Source 15,306 16,286 -6% -285 -277 -285 1,751 1,702 3% 78 78 0%
State Street 11,573 11,863 -2% 99 92 99 1,780 1,198 49% 78 78 0%
ComStage 6,733 6,925 -3% 124 -244 124 708 655 8% 111 111 0%
Deka Investment GmbH 6,680 7,027 -5% 0 -24 0 1,860 1,885 -1% 46 46 0%
Zuercher Kantonalbank 5,613 5,400 4% 0 -12 0 188 187 1% 4 4 0%
HSBC 4,652 4,978 -7% -20 14 -20 457 426 7% 28 28 0%
BNP Paribas 4,291 4,466 -4% 86 -52 86 299 287 4% 29 29 0%
Xact Fonder AB 2,263 2,522 -10% -104 -44 -104 1,909 1,529 25% 10 10 0%
ThinkCapital ETFs N.V. 2,015 1,623 24% 424 316 424 147 213 -31% 13 13 0%
Julius Baer Inv 1,699 1,640 4% 8 -35 8 54 50 8% 4 4 0%
PowerShares 1,653 1,766 -6% -6 -7 -6 349 191 83% 22 21 5%
Ossiam 1,628 1,707 -5% -25 -18 -25 118 77 54% 10 9 11%
ETF Securities 823 818 1% 46 3 46 662 558 19% 30 30 0%
WisdomTree 494 478 3% 46 95 46 37 62 -40% 19 19 0%
BBVA Gestion SA SGIIC 456 483 -6% 7 14 7 34 60 -42% 2 2 0%
Royal Bank of Scotland plc 335 331 1% 6 -7 6 23 16 47% 10 10 0%
Nomura Asset Management 235 251 -7% 0 11 0 21 18 18% 3 3 0%
Seligson & Co Fund Man 172 178 -4% 0 1 0 8 13 -39% 1 1 0%
Fundlogic Global Solutions plc 162 169 -4% 2 -8 2 5 2 144% 2 2 0%
Raiffeisen Schweiz Genossenschaft 158 152 4% 0 5 0 6 4 70% 3 3 0%
First Trust 112 119 -6% 0 12 0 9 21 -59% 7 7 0%
DnB Kapitalforvaltning 97 103 -6% 0 0 0 31 10 205% 1 1 0%
Van Eck Funds 78 76 3% 0 0 0 37 20 83% 3 3 0%
BMO Global Asset Management 68 72 -5% 0 4 0 4 2 48% 9 9 0%
UniCredit Bank 66 61 8% 7 0 7 7 1 932% 1 1 0%
Commerzbank AG 46 47 -3% 0 0 0 0 1 -65% 3 3 0%
SEB Investment Management AB 42 45 -7% 0 -36 0 9 6 41% 3 3 0%
FinEx Fund Plc 34 33 1% 0 0 0 0 0 -12% 2 2 0%
Alpha Asset Management 9 11 -16% 0 0 0 0 0 11% 1 1 0%
Sun Global Investments 5 5 -2% 0 0 0 1 0 194% 1 1 0%
Boost 5 5 -1% 1 0 1 7 4 76% 3 3 0%
NBG Asset Management MFMC 4 4 -7% 0 0 0 0 0 157% 2 2 0%
Alpcot Capital Management 0 0 NA 0 0 0 0 0 NA 0 0 NA
Swedbank Robur 0 0 NA 0 0 0 0 0 NA 0 0 NA
Landsbankinn 0 0 NA 0 0 0 9 1 1127% 1 1 0%
PDR Services LLC 0 0 NA 0 0 0 0 1 -55% 0 0 NA
Nordea Investment Funds 0 0 NA 0 0 0 0 0 -65% 2 2 0%
NCB Stockbrokers 0 0 NA 0 0 0 0 0 NA 0 0 NA
Total 432,252 450,965 -4% 1,424 8,566 1,424 73,739 66,040 12% 1524 1,518 0%
AUM Cash Flow Turnover Products
*Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 37
Figure 71: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2015 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2015 Diff.
ETF Securities 10,617 10,148 5% 325 -31 325 2,323 1,884 23% 322 322 0%
Source 2,001 1,655 21% 272 -28 272 609 201 203% 4 4 0%
Deutsche AWM 1,736 1,656 5% 28 -22 28 107 99 8% 18 18 0%
Deutsche Borse Commodities GmbH 1,668 1,579 6% 0 0 0 117 72 64% 1 1 0%
BlackRock 441 397 11% 25 6 25 45 20 128% 4 4 0%
Boost 216 235 -8% 27 49 27 753 601 25% 30 30 0%
Royal Bank of Scotland plc 196 205 -5% 0 -6 0 2 1 265% 5 5 0%
Borse Stuttgart Securities GmbH 117 109 7% 2 0 2 5 3 40% 1 1 0%
Commerzbank AG 1 1 -5% 0 0 0 13 11 19% 68 68 0%
BNP Paribas 0 0 NA 0 0 0 0 0 NA 2 2 0%
Total 16,993 15,985 6% 678 -32 678 3,975 2,890 38% 455 455 0%
AUM Cash Flow Turnover Products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 38 Deutsche Bank AG/London
Figure 72: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2015 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2015 Diff.
BlackRock 206,081 214,411 -4% 684 4,810 684 31,299 27,297 15% 278 275 1%
Deutsche AWM 56,254 58,168 -3% 863 956 863 7,035 6,180 14% 234 234 0%
Lyxor 45,569 47,742 -5% 338 1,151 338 14,110 13,157 7% 245 244 0%
UBS 23,447 24,949 -6% -25 600 -25 2,283 1,932 18% 130 130 0%
Amundi 18,738 20,408 -8% -851 791 -851 6,189 6,327 -2% 100 100 0%
Source 17,307 17,941 -4% -12 -306 -12 2,360 1,902 24% 82 82 0%
Vanguard 16,835 17,691 -5% 49 439 49 2,444 2,067 18% 17 17 0%
State Street 11,573 11,863 -2% 99 92 99 1,780 1,198 49% 78 78 0%
ETF Securities 11,439 10,966 4% 371 -27 371 2,985 2,442 22% 352 352 0%
ComStage 6,733 6,925 -3% 124 -244 124 708 655 8% 111 111 0%
Deka Investment GmbH 6,680 7,027 -5% 0 -24 0 1,860 1,885 -1% 46 46 0%
Zuercher Kantonalbank 5,613 5,400 4% 0 -12 0 188 187 1% 4 4 0%
HSBC 4,652 4,978 -7% -20 14 -20 457 426 7% 28 28 0%
BNP Paribas 4,291 4,466 -4% 86 -52 86 299 287 4% 31 31 0%
Xact Fonder AB 2,263 2,522 -10% -104 -44 -104 1,909 1,529 25% 10 10 0%
ThinkCapital ETFs N.V. 2,015 1,623 24% 424 316 424 147 213 -31% 13 13 0%
Julius Baer Inv 1,699 1,640 4% 8 -35 8 54 50 8% 4 4 0%
Deutsche Borse Commodities GmbH 1,668 1,579 6% 0 0 0 117 72 64% 1 1 0%
PowerShares 1,653 1,766 -6% -6 -7 -6 349 191 83% 22 21 5%
Ossiam 1,628 1,707 -5% -25 -18 -25 118 77 54% 10 9 11%
Royal Bank of Scotland plc 531 536 -1% 6 -13 6 25 16 54% 15 15 0%
WisdomTree 494 478 3% 46 95 46 37 62 -40% 19 19 0%
BBVA Gestion SA SGIIC 456 483 -6% 7 14 7 34 60 -42% 2 2 0%
Nomura Asset Management 235 251 -7% 0 11 0 21 18 18% 3 3 0%
Boost 221 240 -8% 28 49 28 760 605 26% 33 33 0%
Seligson & Co Fund Man 172 178 -4% 0 1 0 8 13 -39% 1 1 0%
Fundlogic Global Solutions plc 162 169 -4% 2 -8 2 5 2 144% 2 2 0%
Raiffeisen Schweiz Genossenschaft 158 152 4% 0 5 0 6 4 70% 3 3 0%
Borse Stuttgart Securities GmbH 117 109 7% 2 0 2 5 3 40% 1 1 0%
First Trust 112 119 -6% 0 12 0 9 21 -59% 7 7 0%
DnB Kapitalforvaltning 97 103 -6% 0 0 0 31 10 205% 1 1 0%
Van Eck Funds 78 76 3% 0 0 0 37 20 83% 3 3 0%
BMO Global Asset Management 68 72 -5% 0 4 0 4 2 48% 9 9 0%
UniCredit Bank 66 61 8% 7 0 7 7 1 932% 1 1 0%
Commerzbank AG 47 48 -3% 0 0 0 13 12 11% 71 71 0%
SEB Investment Management AB 42 45 -7% 0 -36 0 9 6 41% 3 3 0%
FinEx Fund Plc 34 33 1% 0 0 0 0 0 -12% 2 2 0%
Alpha Asset Management 9 11 -16% 0 0 0 0 0 11% 1 1 0%
Sun Global Investments 5 5 -2% 0 0 0 1 0 194% 1 1 0%
NBG Asset Management MFMC 4 4 -7% 0 0 0 0 0 157% 2 2 0%
Alpcot Capital Management 0 0 NA 0 0 0 0 0 NA 0 0 NA
Swedbank Robur 0 0 NA 0 0 0 0 0 NA 0 0 NA
NCB Stockbrokers 0 0 NA 0 0 0 0 0 NA 0 0 NA
PDR Services LLC 0 0 NA 0 0 0 0 1 -55% 0 0 NA
Nordea Investment Funds 0 0 NA 0 0 0 0 0 -65% 2 2 0%
Landsbankinn 0 0 NA 0 0 0 9 1 1127% 1 1 0%
Total 449,245 466,950 -4% 2,102 8,534 2,102 77,713 68,931 13% 1,979 1,973 0%
ProductsAUM Cash Flow Turnover
*Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 39
Figure 73: European ETP Providers tier market share | ETPs | Europe |
60% 65% 70% 75% 80% 85% 90% 95% 100%
Q1 15
Q2 15
Q3 15
Q4 15
Jan-16
Q1 15 Q2 15 Q3 15 Q4 15 Jan-16
Tier 1 68.7% 68.3% 68.1% 73.9% 73.8%
Tier 2 27.2% 27.6% 27.7% 23.1% 23.1%
Tier 3 4.0% 4.1% 4.2% 3.2% 3.1%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 40 Deutsche Bank AG/London
European Provider Rankings – by Asset Class
Figure 74: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |
Issuer Equity
Fixed
Income
Comm-
odity Others
Total
AUM
Mkt Share
% Nu.
Current
TO
Current
CF YTD CF
BlackRock 135,721 68,500 1,149 271 205,641 47.6% 274 31,254 659 659
Deutsche AWM 40,292 13,077 319 830 54,518 12.6% 216 6,928 836 836
Lyxor 35,142 9,497 895 35 45,569 10.5% 245 14,110 338 338
UBS 19,949 1,831 1,584 83 23,447 5.4% 130 2,283 -25 -25
Amundi 13,945 4,775 19 0 18,738 4.3% 100 6,189 -851 -851
Vanguard 16,668 167 0 0 16,835 3.9% 17 2,444 49 49
Source 9,670 5,381 235 20 15,306 3.5% 78 1,751 -285 -285
State Street 7,757 3,774 0 42 11,573 2.7% 78 1,780 99 99
ComStage 4,450 2,049 234 0 6,733 1.6% 111 708 124 124
Deka Investment GmbH 4,261 2,419 0 0 6,680 1.5% 46 1,860 0 0
Zuercher Kantonalbank 0 0 5,613 0 5,613 1.3% 4 188 0 0
HSBC 4,652 0 0 0 4,652 1.1% 28 457 -20 -20
BNP Paribas 3,961 151 180 0 4,291 1.0% 29 299 86 86
Xact Fonder AB 2,263 0 0 0 2,263 0.5% 10 1,909 -104 -104
ThinkCapital ETFs N.V. 770 1,233 0 12 2,015 0.5% 13 147 424 424
Julius Baer Inv 0 0 1,699 0 1,699 0.4% 4 54 8 8
PowerShares 1,609 40 0 3 1,653 0.4% 22 349 -6 -6
Ossiam 1,577 0 51 0 1,628 0.4% 10 118 -25 -25
ETF Securities 482 101 240 0 823 0.2% 30 662 46 46
WisdomTree 494 0 0 0 494 0.1% 19 37 46 46
BBVA Gestion SA SGIIC 456 0 0 0 456 0.1% 2 34 7 7
Royal Bank of Scotland plc 155 0 180 0 335 0.1% 10 23 6 6
Nomura Asset Management 235 0 0 0 235 0.1% 3 21 0 0
Seligson & Co Fund Man 172 0 0 0 172 0.0% 1 8 0 0
Fundlogic Global Solutions plc 162 0 0 0 162 0.0% 2 5 2 2
Raiffeisen Schweiz Genossenschaft 0 0 158 0 158 0.0% 3 6 0 0
First Trust 112 0 0 0 112 0.0% 7 9 0 0
DnB Kapitalforvaltning 97 0 0 0 97 0.0% 1 31 0 0
Van Eck Funds 78 0 0 0 78 0.0% 3 37 0 0
BMO Global Asset Management 35 33 0 0 68 0.0% 9 4 0 0
UniCredit Bank 0 66 0 0 66 0.0% 1 7 7 7
Commerzbank AG 11 35 0 0 46 0.0% 3 0 0 0
SEB Investment Management AB 42 0 0 0 42 0.0% 3 9 0 0
FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0
Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 0
Sun Global Investments 0 5 0 0 5 0.0% 1 1 0 0
Boost 4 0 0 0 5 0.0% 3 7 1 1
NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0
Alpcot Capital Management 0 0 0 0 0 0.0% - 0 0 0
Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0
NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 9 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 305,234 113,164 12,558 1,296 432,252 100.0% 1,524 73,739 1,424 1,424
All figures in € million except products
*Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 41
Figure 75: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |
Issuer Commodity Currency Total AUM
Mkt
Share % Nu. Current TO Current CF YTD CF
ETF Securities 10,262 355 10,617 62.5% 322 2,323 325 325
Source 2,001 0 2,001 11.8% 4 609 272 272
Deutsche AWM 1,736 0 1,736 10.2% 18 107 28 28
Deutsche Borse Commodities GmbH 1,668 0 1,668 9.8% 1 117 0 0
BlackRock 441 0 441 2.6% 4 45 25 25
Boost 212 4 216 1.3% 30 753 27 27
Royal Bank of Scotland plc 196 0 196 1.2% 5 2 0 0
Borse Stuttgart Securities GmbH 117 0 117 0.7% 1 5 2 2
Commerzbank AG 1 0 1 0.0% 68 13 0 0
BNP Paribas 0 0 0 0.0% 2 0 0 0
Total 16,633 359 16,993 100.0% 455 3,975 678 678
All figures in € million except products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 42 Deutsche Bank AG/London
Figure 76: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
Issuer Equity
Fixed
Income Commodity Others
Total
AUM
Mkt Share
% Nu.
Current
TO
Current
CF YTD CF
BlackRock 135,721 68,500 1,589 271 206,081 45.9% 278 31,299 684 684
Deutsche AWM 40,292 13,077 2,055 830 56,254 12.5% 234 7,035 863 863
Lyxor 35,142 9,497 895 35 45,569 10.1% 245 14,110 338 338
UBS 19,949 1,831 1,584 83 23,447 5.2% 130 2,283 -25 -25
Amundi 13,945 4,775 19 0 18,738 4.2% 100 6,189 -851 -851
Source 9,670 5,381 2,236 20 17,307 3.9% 82 2,360 -12 -12
Vanguard 16,668 167 0 0 16,835 3.7% 17 2,444 49 49
State Street 7,757 3,774 0 42 11,573 2.6% 78 1,780 99 99
ETF Securities 482 101 10,502 355 11,439 2.5% 352 2,985 371 371
ComStage 4,450 2,049 234 0 6,733 1.5% 111 708 124 124
Deka Investment GmbH 4,261 2,419 0 0 6,680 1.5% 46 1,860 0 0
Zuercher Kantonalbank 0 0 5,613 0 5,613 1.2% 4 188 0 0
HSBC 4,652 0 0 0 4,652 1.0% 28 457 -20 -20
BNP Paribas 3,961 151 180 0 4,291 1.0% 31 299 86 86
Xact Fonder AB 2,263 0 0 0 2,263 0.5% 10 1,909 -104 -104
ThinkCapital ETFs N.V. 770 1,233 0 12 2,015 0.4% 13 147 424 424
Julius Baer Inv 0 0 1,699 0 1,699 0.4% 4 54 8 8
Deutsche Borse Commodities GmbH 0 0 1,668 0 1,668 0.4% 1 117 0 0
PowerShares 1,609 40 0 3 1,653 0.4% 22 349 -6 -6
Ossiam 1,577 0 51 0 1,628 0.4% 10 118 -25 -25
Royal Bank of Scotland plc 155 0 376 0 531 0.1% 15 25 6 6
WisdomTree 494 0 0 0 494 0.1% 19 37 46 46
BBVA Gestion SA SGIIC 456 0 0 0 456 0.1% 2 34 7 7
Nomura Asset Management 235 0 0 0 235 0.1% 3 21 0 0
Boost 4 0 212 4 221 0.0% 33 760 28 28
Seligson & Co Fund Man 172 0 0 0 172 0.0% 1 8 0 0
Fundlogic Global Solutions plc 162 0 0 0 162 0.0% 2 5 2 2
Raiffeisen Schweiz Genossenschaft 0 0 158 0 158 0.0% 3 6 0 0
Borse Stuttgart Securities GmbH 0 0 117 0 117 0.0% 1 5 2 2
First Trust 112 0 0 0 112 0.0% 7 9 0 0
DnB Kapitalforvaltning 97 0 0 0 97 0.0% 1 31 0 0
Van Eck Funds 78 0 0 0 78 0.0% 3 37 0 0
BMO Global Asset Management 35 33 0 0 68 0.0% 9 4 0 0
UniCredit Bank 0 66 0 0 66 0.0% 1 7 7 7
Commerzbank AG 11 35 1 0 47 0.0% 71 13 0 0
SEB Investment Management AB 42 0 0 0 42 0.0% 3 9 0 0
FinEx Fund Plc 0 30 3 0 34 0.0% 2 0 0 0
Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 0
Sun Global Investments 0 5 0 0 5 0.0% 1 1 0 0
NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 0 0 0
Alpcot Capital Management 0 0 0 0 0 0.0% 0 0 0 0
Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 0
NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 0
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 9 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 305,234 113,164 29,192 1,655 449,245 100.0% 1,979 77,713 2,102 2,102
All figures in € million except products
*Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 43
European Provider Analysis by Replication Method
Figure 77: European ETF Providers list by replication | ETFs | Europe|
AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs
European Providers
BlackRock Physical 135,585 181 68,500 87 624 3 271 1 204,980 100% 272
Synthetic 136 1 - - 525 1 - - 660 0% 2
Deutsche AWM Physical 26,909 52 96 4 - - 33 2 27,038 50% 58
Synthetic 13,382 83 12,982 69 319 3 796 3 27,480 50% 158
Lyxor Physical 841 15 4,620 21 - - - - 5,461 12% 36
Synthetic 34,302 171 4,877 25 895 6 35 7 40,108 88% 209
UBS Physical 17,434 71 1,825 22 992 7 - - 20,251 86% 100
Synthetic 2,514 19 6 1 592 8 83 2 3,196 14% 30
Amundi Physical 1,091 6 - - - - - - 1,091 6% 6
Synthetic 12,854 67 4,775 26 19 1 - - 17,647 94% 94
Vanguard Physical 16,668 16 167 1 - - - - 16,835 100% 17
Source Physical 1,414 13 5,152 12 - - 10 1 6,577 43% 26
Synthetic 8,256 48 229 2 235 1 9 1 8,730 57% 52
State Street Physical 7,757 52 3,774 25 - - 42 1 11,573 100% 78
ComStage Physical 205 6 - - - - - - 205 3% 6
Synthetic 4,245 75 2,049 28 234 2 - - 6,528 97% 105
Deka Investment GmbH Physical 4,248 26 2,419 19 - - - - 6,667 100% 45
Synthetic 13 1 - - - - - - 13 0% 1
Zuercher Kantonalbank Physical - - - - 5,613 4 - - 5,613 100% 4
HSBC Physical 4,652 28 - - - - - - 4,652 100% 28
BNP Paribas Physical 1,782 17 - - - - - - 1,782 42% 17
Synthetic 2,179 10 151 1 180 1 - - 2,509 58% 12
Xact Fonder AB Physical 1,900 4 - - - - - - 1,900 84% 4
Synthetic 363 6 - - - - - - 363 16% 6
ThinkCapital ETFs N.V. Physical 770 7 1,233 3 - - 12 3 2,015 100% 13
Julius Baer Inv Physical - - - - 1,699 4 - - 1,699 100% 4
PowerShares Physical 1,566 16 40 1 - - 3 1 1,610 97% 18
Synthetic 43 4 - - - - - - 43 3% 4
Ossiam Physical 51 1 - - - - - - 51 3% 1
Synthetic 1,526 8 - - 51 1 - - 1,577 97% 9
ETF Securities Synthetic 402 22 - - 240 1 - - 642 100% 23
Physical 80 3 101 4 - - - - 181 100% 7
WisdomTree Physical 494 19 - - - - - - 494 100% 19
BBVA Gestion SA Physical 456 2 - - - - - - 456 100% 2
RBS plc Synthetic 155 7 - - 180 3 - - 335 100% 10
Nomura Asset Management Physical 235 3 - - - - - - 235 100% 3
Seligson & Co Fund Mgmt. Physical 172 1 - - - - - - 172 100% 1
Fundlogic Global Solutions plc Synthetic 162 2 - - - - - - 162 100% 2
Raiffeisen Schweiz
Genossenschaft
Physical - - - - 158 3 - - 158 100% 3
First Trust Physical 112 7 - - - - - - 112 100% 7
DnB Kapitalforvaltning Physical 97 1 - - - - - - 97 100% 1
Van Eck Funds Physical 78 3 - - - - - - 78 100% 3
BMO Global Asset Management Physical 35 5 33 4 - - - - 68 100% 9
UniCredit Bank Synthetic - - 66 1 - - - - 66 100% 1
Commerzbank AG Synthetic 9 1 - - - - - - 9 20% 1
Physical 2 1 35 1 - - - - 36 80% 2
SEB Investment Management AB Synthetic 42 3 - - - - - - 42 100% 3
FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1
Synthetic - - 30 1 - - - - 30 90% 1
Alpha Asset Mgmt. Physical 9 1 - - - - - - 9 100% 1
Sun Global Investments Physical - - 5 1 - - - - 5 100% 1
Boost Synthetic 4 2 0 1 - - - - 5 100% 3
NBG Asset Mgmt. Physical 2 1 - - - - - - 2 48% 1
Synthetic 2 1 - - - - - - 2 52% 1
Landsbankinn Physical - 1 - - - - - - - NA 1
Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2
Total 305,234 1,092 113,164 360 12,558 50 1,296 22 432,252 1,524
Total
All figures in € million except products
Replication
Method Equity Fixed Income Commodity Other
*Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 44 Deutsche Bank AG/London
6. Trading Perspective
ETP Monthly Turnover Analysis by Asset Class, by Instrument
Figure 78: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD
Asset Class Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
ETFs
Equity 49,502 6,979 188 12 56,681 44,403 5,299 225 13 49,940 43,615 5,258 208 13 49,094 56,681
Fixed income 15,878 375 0 119 16,372 15,001 412 0 81 15,494 13,480 339 0 110 13,929 16,372
Commodity 571 0 0 0 571 506 0 1 0 507 734 0 1 0 735 571
Currency 0 0 0 0 - 0 0 0 0 - 1 0 0 0 1 -
Multi Asset 2 0 0 20 22 4 0 0 15 19 4 0 0 23 27 22
Alternative 59 0 7 25 92 45 0 5 30 81 50 0 13 45 108 92
Total 66,012 7,354 195 177 73,739 59,959 5,711 231 140 66,040 57,884 5,596 223 191 63,894 73,739
ETCs
Commodity 2,432 1,311 0 0 3,742 1,808 899 0 0 2,707 2,520 1,125 0 0 3,646 3,742
Currency 19 213 0 0 232 18 165 0 0 183 26 213 0 0 238 232
Total 2,450 1,524 0 0 3,975 1,826 1,064 0 0 2,890 2,546 1,338 0 0 3,884 3,975
Total ETPs 68,462 8,879 195 177 77,713 61,785 6,775 231 140 68,931 60,430 6,934 223 191 67,777 77,713
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 79: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Developed Markets 38,162 0 0 6 38,168 34,200 0 0 7 34,207 32,085 0 0 10 32,094 38,168
Emerging Markets 4,484 0 0 0 4,484 3,722 0 0 0 3,722 4,609 0 0 0 4,610 4,484
Global Markets 681 0 0 0 681 768 0 0 0 768 768 0 0 0 768 681
Sector 2,873 0 0 0 2,873 3,026 0 0 0 3,026 2,968 0 0 0 2,968 2,873
Capitalization 793 0 0 0 793 605 0 0 0 605 709 0 0 0 709 793
Strategy 901 6,979 188 6 8,074 589 5,299 225 6 6,119 519 5,258 208 3 5,988 8,074
Style 1,088 0 0 0 1,088 961 0 0 0 961 1,518 0 0 0 1,518 1,088
Thematic 520 0 0 0 520 532 0 0 0 532 440 0 0 0 440 520
Total Equities 49,502 6,979 188 12 56,681 44,403 5,299 225 13 49,940 43,615 5,258 208 13 49,094 56,681
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 45
Figure 79A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Sector 2,873 0 0 0 2,873 3,026 0 0 0 3,026 2,968 0 0 0 2,968 2,873
Consumer discretionary 136 0 0 0 136 116 0 0 0 116 166 0 0 0 166 136
Consumer staples 185 0 0 0 185 162 0 0 0 162 150 0 0 0 150 185
Energy 412 0 0 0 412 417 0 0 0 417 363 0 0 0 363 412
Financials 1404 0 0 0 1,404 1534 0 0 0 1,534 1,360 0 0 0 1,360 1,404
Healthcare 189 0 0 0 189 157 0 0 0 157 243 0 0 0 243 189
Industrials 115 0 0 0 115 116 0 0 0 116 146 0 0 0 146 115
Information Technology 160 0 0 0 160 166 0 0 0 166 165 0 0 0 165 160
Materials 132 0 0 0 132 211 0 0 0 211 191 0 0 0 191 132
Telecommunications 42 0 0 0 42 96 0 0 0 96 95 0 0 0 95 42
Utilities 97 0 0 0 97 51 0 0 0 51 90 0 0 0 90 97
Capitalization 793 0 0 0 793 605 0 0 0 605 709 0 0 0 709 793
Large Cap 43 0 0 0 43 50 0 0 0 50 38 0 0 0 38 43
Mid Cap 235 0 0 0 235 215 0 0 0 215 282 0 0 0 282 235
Small Cap 515 0 0 0 515 339 0 0 0 339 389 0 0 0 389 515
Strategy 901 6,979 188 6 8,074 589 5,299 225 6 6,119 519 5,258 208 3 5,988 8,074
Fundamental 31 0 22 0 53 28 0 96 0 124 51 0 51 0 101 53
Leveraged Long 0 3,195 0 0 3,195 0 2,878 0 0 2,878 0 2,801 0 0 2,801 3,195
Leveraged Short 0 2,699 0 0 2,699 0 1,794 0 0 1,794 0 1,815 0 0 1,815 2,699
Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Quantitative 865 0 166 6 1,037 560 0 128 6 695 468 0 158 3 628 1037
Short 4 1086 0 0 1,090 0 627 0 0 627 1 641 0 0 642 1,090
Style 1,088 0 0 0 1,088 961 0 0 0 961 1,518 0 0 0 1,518 1,088
Dividend 993 0 0 0 993 873 0 0 0 873 1,368 0 0 0 1,368 993
Growth 25 0 0 0 25 22 0 0 0 22 66 0 0 0 66 25
Value 71 0 0 0 71 66 0 0 0 66 84 0 0 0 84 71
Thematic 520 0 0 0 520 532 0 0 0 532 440 0 0 0 440 520
Commodities 153 0 0 0 153 102 0 0 0 102 122 0 0 0 122 153
Cyclical 0 0 0 0 - 0 0 0 0 - - 0 0 0 - 0
Faith 31 0 0 0 31 14 0 0 0 14 18 0 0 0 18 31
Other Theme 126 0 0 0 126 76 0 0 0 76 116 0 0 0 116 126
Sustainability 210 0 0 0 210 340 0 0 0 340 183 0 0 0 183 210
Total 6,174 6,979 188 6 13,348 5,713 5,299 225 6 11,243 6,154 5,258 208 3 11,622 13,348
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 46 Deutsche Bank AG/London
Figure 79B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Developed Markets
Europe 22,813 0 0 6 22,819 22,243 0 0 7 22,249 20,375 0 0 10 20,385 22,819
Austria 11 0 0 0 11 8 0 0 0 8 13 0 0 0 13 11
Belgium 3 0 0 0 3 2 0 0 0 2 4 0 0 0 4 3
Finland 8 0 0 0 8 13 0 0 0 13 11 0 0 0 11 8
France 798 0 0 0 798 1,215 0 0 0 1,215 603 0 0 0 603 798
Germany 5,060 0 0 0 5,060 4,574 0 0 0 4,574 4,721 0 0 0 4,721 5,060
Greece 28 0 0 0 28 27 0 0 0 27 61 0 0 0 61 28
Ireland 3 0 0 0 3 1 0 0 0 1 3 0 0 0 3 3
Italy 1,271 0 0 0 1,271 1,070 0 0 0 1,070 934 0 0 0 934 1,271
Netherlands 345 0 0 0 345 349 0 0 0 349 237 0 0 0 237 345
Norway 36 0 0 0 36 14 0 0 0 14 27 0 0 0 27 36
Portugal 12 0 0 0 12 7 0 0 0 7 20 0 0 0 20 12
Iceland 9 0 0 0 9 0 0 0 0 - 0 0 0 0 - 9
Spain 272 0 0 0 272 327 0 0 0 327 327 0 0 0 327 272
Sweden 422 0 0 0 422 605 0 0 0 605 344 0 0 0 344 422
Switzerland 1,073 0 0 0 1,073 1,053 0 0 0 1,053 1,240 0 0 0 1,240 1,073
UK 2,378 0 0 0 2,378 1,927 0 0 0 1,927 2,491 0 0 0 2,491 2,378
Europe broad 11,085 0 0 6 11,091 11,049 0 0 7 11,056 9,339 0 0 10 9,349 11,091
Americas 8,006 0 0 0 8,006 6,436 0 0 0 6,436 6,037 0 0 0 6,037 8,006
US 7,644 0 0 0 7,644 6,105 0 0 0 6,105 5,759 0 0 0 5,759 7,644
Canada 121 0 0 0 121 69 0 0 0 69 82 0 0 0 82 121
North America 242 0 0 0 242 262 0 0 0 262 196 0 0 0 196 242
Asia 3,238 0 0 0 3,238 3,218 0 0 0 3,218 3,211 0 0 0 3,211 3,238
Australia 79 0 0 0 79 568 0 0 0 568 105 0 0 0 105 79
Hong Kong 25 0 0 0 25 22 0 0 0 22 54 0 0 0 54 25
Japan 3,001 0 0 0 3,001 2,516 0 0 0 2,516 2,895 0 0 0 2,895 3,001
Singapore 4 0 0 0 4 2 0 0 0 2 3 0 0 0 3 4
Asia Pacific broad 129 0 0 0 129 110 0 0 0 110 154 0 0 0 154 129
EMEA 5 0 0 0 5 0 0 0 0 0 0 0 0 0 0 5
Israel 5 0 0 0 5 0 0 0 0 - 0 0 0 0 - 5
Global 4,100 0 0 0 4,100 2,303 0 0 0 2,303 2,461 0 0 0 2,461 4,100
Broad indices 4,100 0 0 0 4,100 2,303 0 0 0 2,303 2,461 0 0 0 2,461 4,100
DM Total 38,162 0 0 6 38,168 34,199 0 0 7 34,206 32,084 0 0 10 32,094 38,163
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 47
Figure 79C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Emerging Markets
BRIC 971 0 0 0 971 775 0 0 0 775 1,664 0 0 0 1,664 971
Brazil 120 0 0 0 120 133 0 0 0 133 165 0 0 0 165 120
Russia 145 0 0 0 145 204 0 0 0 204 238 0 0 0 238 145
India 203 0 0 0 203 169 0 0 0 169 358 0 0 0 358 203
China 503 0 0 0 503 270 0 0 0 270 903 0 0 0 903 503
Latin America 74 0 0 0 74 114 0 0 0 114 115 0 0 0 115 74
Chile 0 0 0 0 - 2 0 0 0 2 6 0 0 0 6 0
Mexico 23 0 0 0 23 45 0 0 0 45 33 0 0 0 33 23
LATAM broad 51 0 0 0 51 67 0 0 0 67 76 0 0 0 76 51
Asia 514 0 0 0 514 561 0 0 0 561 665 0 0 0 665 514
Bangladesh 4 0 0 0 4 0 0 0 0 0 1 0 0 0 1 4
Indonesia 32 0 0 0 32 19 0 0 0 19 34 0 0 0 34 32
Malaysia 18 0 0 0 18 23 0 0 0 23 21 0 0 0 21 18
Pakistan 3 0 0 0 3 3 0 0 0 3 2 0 0 0 2 3
Philippines 4 0 0 0 4 3 0 0 0 3 12 0 0 0 12 4
South Korea 115 0 0 0 115 127 0 0 0 127 173 0 0 0 173 115
Taiwan 101 0 0 0 101 85 0 0 0 85 105 0 0 0 105 101
Thailand 17 0 0 0 17 10 0 0 0 10 14 0 0 0 14 17
Vietnam 39 0 0 0 39 11 0 0 0 11 33 0 0 0 33 39
Asia Pacific broad 181 0 0 0 181 278 0 0 0 278 270 0 0 0 270 181
EMEA 208 0 0 0 208 283 0 0 0 283 240 0 0 0 240 208
Kuwait 2 0 0 0 2 4 0 0 0 4 2 0 0 0 2 2
Poland 13 0 0 0 13 16 0 0 0 16 12 0 0 0 12 13
South Africa 26 0 0 0 26 22 0 0 0 22 24 0 0 0 24 26
Turkey 53 0 0 0 53 133 0 0 0 133 108 0 0 0 108 53
Europe broad 92 0 0 0 92 90 0 0 0 90 83 0 0 0 83 92
Middle East & Africa 23 0 0 0 23 17 0 0 0 17 12 0 0 0 12 23
Global Markets 2,717 0 0 0 2,717 1,990 0 0 0 1,990 1,925 0 0 0 1,925 2,717
Global 2,717 0 0 0 2,717 1,990 0 0 0 1,990 1,925 0 0 0 1,925 2,717
EM Total 4,484 0 0 0 4,484 3,722 0 0 0 3,722 4,609 0 0 0 4,610 4,484
Total (EM + DM) 42,646 0 0 6 42,653 37,921 0 0 7 37,928 36,694 0 0 10 36,704 42,648
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 80: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD
Fixed Income Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Overall 397 0 0 106 504 250 0 0 47 298 336 0 0 81 417 504
Corporates 6,200 0 0 7 6,206 5,421 0 0 21 5,442 4,948 0 0 9 4,957 6,206
Covered Bonds 70 0 0 3 73 169 0 0 5 174 193 0 0 4 198 73
Credit Exposure 24 6 0 0 30 27 11 0 0 38 21 13 0 0 34 30
Sovereign 8,470 369 0 3 8,841 8,313 401 0 8 8,722 7,348 325 0 15 7,688 8,841
Money Market 717 0 0 0 717 820 0 0 0 820 634 0 0 0 634 717
Total Fixed Income 15,878 375 0 119 16,372 15,001 412 0 81 15,494 13,480 339 0 110 13,929 16,372
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 48 Deutsche Bank AG/London
Figure 81: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD
Commodity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Overall 244 14 0 0 258 232 1 1 0 234 334 2 1 0 337 258
Overall 233 14 0 0 247 215 1 1 0 217 312 2 1 0 315 247
Overall ex Energy 11 0 0 0 11 17 0 0 0 17 22 0 0 0 22 11
Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Agriculture 64 47 0 0 110 74 48 0 0 122 116 98 0 0 214 110
Overall 17 0 0 0 17 41 0 0 0 42 42 1 0 0 42 17
Cocoa 2 2 0 0 4 1 1 0 0 2 3 2 0 0 5 4
Coffee 11 19 0 0 30 6 18 0 0 24 15 36 0 0 51 30
Corn 2 2 0 0 4 3 3 0 0 5 6 6 0 0 12 4
Cotton 6 1 0 0 7 1 0 0 0 1 3 3 0 0 6 7
Grains 2 0 0 0 2 1 0 0 0 1 4 0 0 0 5 2
Softs 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0
Soybean Oil 0 0 0 0 1 1 1 0 0 2 2 3 0 0 5 1
Soybeans 1 1 0 0 3 1 1 0 0 2 3 2 0 0 5 3
Sugar 12 9 0 0 21 10 12 0 0 22 12 14 0 0 26 21
Wheat 11 12 0 0 23 8 12 0 0 21 25 32 0 0 56 23
Energy 862 1,169 0 0 2,032 691 768 0 0 1,459 755 889 0 0 1,644 2,032
Overall 24 1 0 0 25 75 1 0 0 76 52 0 0 0 53 25
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Crude Oil 815 998 0 0 1,813 578 578 0 0 1,156 653 673 0 0 1,327 1813
Gasoline 6 6 0 0 12 6 8 0 0 14 4 5 0 0 9 12
Heating Oil 1 3 0 0 4 0 1 0 0 2 2 2 0 0 3 4
Natural Gas 17 161 0 0 178 30 180 0 0 211 44 208 0 0 252 178
Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Industrial Metals 73 32 0 0 105 88 20 0 0 109 135 37 0 0 172 105
Overall 18 2 0 0 19 23 0 0 0 23 37 2 0 0 40 19
Aluminium 3 2 0 0 4 9 1 0 0 10 22 2 0 0 24 4
Copper 43 23 0 0 66 50 16 0 0 65 55 23 0 0 78 66
Lead 2 1 0 0 3 0 0 0 0 0 0 0 0 0 1 3
Nickel 5 3 0 0 8 6 2 0 0 8 17 6 0 0 23 8
Tin 1 1 0 0 2 0 0 0 0 0 0 2 0 0 2 2
Zinc 2 1 0 0 3 1 1 0 0 1 4 1 0 0 5 3
Precious Metals 1,758 47 0 0 1,805 1,226 58 0 0 1,284 1,912 96 0 0 2,007 1,782
Overall 12 0 0 0 12 31 0 0 0 31 36 0 0 0 37 12
Gold 1594 23 0 0 1,618 1048 27 0 0 1,075 1623 42 0 0 1,665 1594
Palladium 43 1 0 0 44 24 0 0 0 24 50 1 0 0 51 44
Platinum 29 3 0 0 32 36 3 0 0 39 68 3 0 0 71 32
Rhodium 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 1
Silver 79 21 0 0 100 86 28 0 0 113 132 50 0 0 182 100
Livestock 2 2 0 0 4 4 3 0 0 7 2 4 0 0 6 4
Overall 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0
Cattle 0 0 0 0 0 1 2 0 0 3 1 1 0 0 1 0
Lean Hogs 1 2 0 0 3 2 1 0 0 4 1 3 0 0 4 3
Total 3,003 1,311 0 0 4,314 2,315 899 1 0 3,215 3,254 1,125 1 0 4,381 4,291
Jan-16 Dec-15 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 49
Product Rankings
Figure 82: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 2,348.1 808.4 2,348.1
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,751.2 1,563.5 1,751.2
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,635.1 1,400.4 1,635.1
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,473.3 1,297.4 1,473.3
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,410.5 932.5 1,410.5
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,257.9 1,098.2 1,257.9
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 1,201.8 760.5 1,201.8
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,149.8 883.0 1,149.8
Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 972.7 956.1 972.7
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 943.9 1,227.2 943.9
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 928.5 647.3 928.5
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 857.7 769.8 857.7
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 855.3 720.5 855.3
Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 801.7 780.1 801.7
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 745.9 830.6 745.9
Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 737.5 693.8 737.5
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 657.6 538.8 657.6
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 619.5 523.5 619.5
Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 539.0 484.4 539.0
Lyxor ETF XBear CAC 40 BX4 FP Lyxor Beta+ 490.2 379.1 490.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 83: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe |
ETF Name BBG Code Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 921.8 937.9 921.8
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 832.5 780.1 832.5
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 793.6 409.7 793.6
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 677.7 557.2 677.7
Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta 606.5 890.7 606.5
Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta 531.2 322.5 531.2
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 432.2 217.0 432.2
Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 391.4 306.8 391.4
Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta 373.2 126.0 373.2
iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 366.6 619.4 366.6
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 340.2 124.0 340.2
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 309.0 149.9 309.0
Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Amundi Beta 305.1 215.3 305.1
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 271.5 140.0 271.5
Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP Amundi Beta 249.2 10.4 249.2
Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 244.7 120.2 244.7
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 243.1 168.1 243.1
iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta 198.2 62.7 198.2
Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP Amundi Beta 190.2 80.1 190.2
Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP Amundi Beta 183.9 146.3 183.9
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 50 Deutsche Bank AG/London
Figure 84: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |
ETP Name BBG Code Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 577.4 181.6 577.4
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 515.9 381.9 515.9
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 370.2 252.8 370.2
Gold Bullion Securities GBS LN ETF Securities Beta 230.1 186.3 230.1
ETFS Physical Gold PHAU LN ETF Securities Beta 215.5 260.2 215.5
Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 189.5 142.2 189.5
ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta+ 185.9 39.9 185.9
ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 183.1 106.0 183.1
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 166.8 139.5 166.8
ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 157.2 98.9 157.2
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 117.3 71.6 117.3
Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 86.2 91.1 86.2
ETFS Physical Silver PHAG LN ETF Securities Beta 47.0 33.9 47.0
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 46.9 52.1 46.9
Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 44.7 54.3 44.7
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 44.6 40.9 44.6
iShares Physical Gold ETC SGLN LN Blackrock Beta 43.6 18.1 43.6
ETFS Copper COPA LN ETF Securities Beta 42.4 49.3 42.4
ETFS Brent Crude BRNT LN ETF Securities Beta 40.5 19.0 40.5
UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 39.0 10.2 39.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 85: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares Core DAX UCITS ETF DE DAXEX GR 1,729.38 1 db x-trackers II EONIA TR Index UCITS ETF XEON GR 107.12
2 iShares STOXX 600 (DE) SXXPIEX GR 1,016.50 2 iShares Markit iBoxx Euro High Yield EUNW GR 74.57
3 Deka DAX UCITS ETF ETFDAX GR 972.65 3 iShares Markit iBoxx $ High Yield Capped Bond IS0R GY 39.90
4 iShares Euro STOXX 50 (DE) SX5EEX GR 942.17 4 iShares Barclays Euro Corporate Bond EUN5 GR 38.02
5 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 837.33 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 37.71
6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 498.59 6 Lyxor UCITS ETF Euro Cash LYXCSH GR 36.07
7 iShares MDAX (DE) MDAXEX GR 391.08 7 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 32.41
8 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC GR 364.15 8 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 31.44
9 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 343.78 9 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR 30.28
10 db x-trackers ShortDAX UCITS ETF XSDX GR 334.93 10 SPDR Barclays 1 - 3 Year Euro Government Bond UCITS ETF SYB3 GY 24.35
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 XETRA-Gold XAUEUR 117.30 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 24.82
2 ETFS Brent Oil OESA GR 44.21 2 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 9.76
3 Source Physical Gold ETC (P-ETC) 8PSG GY 34.74 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 5.19
4 ETFS WTI Crude Oil OD7F GR 34.27 4 iShares S&P Listed Private Equity Fund IQQL GR 3.56
5 db Physical Gold Euro Hedged ETC XAD1 GR 21.47 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.92
6 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 16.98 6 ETFS Short USD Long EUR XBJQ GR 0.80
7 Gold Bullion Securities GG9B GR 15.69 7 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 0.64
8 db ETC Brent Crude Oil Euro Hedged ETC XETC GR 15.10 8 ETFS 5X Short USD Long EUR 5CH6 GY 0.60
9 db Physical Gold ETC (EUR) XAD5 GR 11.10 9 ETFS 5X Long USD Short EUR 5CH5 GY 0.54
10 ETFS Physical Swiss Gold Securities GZUR GR 9.85 10 ETFS Short CNY Long USD XBJF GR 0.52
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 51
Figure 86: Top 10 ETPs by Turnover (€ million) – London SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 1,502.97 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 635.74
2 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,238.23 2 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 589.41
3 Vanguard S&P 500 ETF VUSD LN 1,007.48 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 492.19
4 iShares Core S&P 500 UCITS ETF CSPX LN 778.73 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 463.06
5 Lyxor Euro Stoxx 50 (DR) UCITS ETF MSED LN 433.61 5 iShares $ Corporate Bond UCITS ETF LQDE LN 365.56
6 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 390.15 6 iShares $ TIPS UCITS ETF IDTP LN 294.36
7 Vanguard FTSE 100 ETF VUKE LN 374.17 7 Lyxor UCITS ETF Euro Cash CSHD LN 264.63
8 Amundi JPX-Nikkei 400 UCITS ETF - JPY JPNY LN 276.16 8 iShares $ High Yield Corporate Bond UCITS ETF SHYU LN 259.46
9 iShares S&P 500 UCITS ETF (Inc) IDUS LN 243.92 9 iShares UK Gilts UCITS ETF IGLT LN 254.93
10 Vanguard S&P 500 ETF VUSA LN 234.32 10 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 215.74
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Source Physical Gold ETC (P-ETC) SGLD LN 496.71 1 ETFS 3x Short JPY Long USD SJP3 LN 111.49
2 ETFS WTI Crude Oil CRUD LN 338.63 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 13.41
3 Gold Bullion Securities GBS LN 171.28 3 iShares Listed Private Equity UCITS ETF IPRV LN 6.19
4 ETFS Daily Short WTI Crude Oil SOIL LN 164.42 4 ETFS 3x Short EUR Long USD SEU3 LN 4.46
5 ETFS Physical Gold PHAU LN 126.98 5 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 3.38
6 ETFS Brent 1mnth Oil OILB LN 56.37 6 ETFS Short GBP Long USDGBP USD2 LN 2.99
7 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN 42.24 7 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 2.95
8 ETFS Copper COPA LN 39.55 8 ETFS Long JPY Short GBP GBJP LN 2.55
9 ETFS Daily Leveraged Crude Oil LOIL LN 37.91 9 ETFS 3x Long GBP Short USD LGB3 LN 2.24
10 ETFS Physical Gold GBP PHGP LN 33.68 10 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 2.18 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 87: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares SMI CH CSSMI SW 424.48 1 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 69.12
2 iShares Core S&P 500 UCITS ETF CSSPX SW 228.10 2 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 42.40
3 UBS-ETF MSCI EMU EMUEUA SW 179.44 3 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 39.73
4 iShares S&P 500 UCITS ETF (Inc) IUSA SW 179.10 4 iShares CHF Corporate Bond (CH) CHCORP SW 33.36
5 iShares Core MSCI World UCITS ETF (Acc) SWDA SW 173.91 5 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 25.65
6 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 164.48 6 iShares $ Corporate Bond UCITS ETF LQDE SW 23.32
7 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 136.85 7 Lyxor ETF Euro Corporate Bond ex Financials LYCNB SW 22.20
8 iShares MSCI EMU Small Cap UCITS ETF CSEMUS SW 118.84 8 Lyxor ETF Euro Corporate Bond LYCRP SW 19.51
9 iShares SMIM CH CSSMIM SW 117.39 9 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 17.92
10 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 116.03 10 UBS ETF - Barclays US Liquid Corporates UCITS ETF (hedged to GBP) CBUSH SW 15.53
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ZKB Gold ETF ZGLD SW 61.43 1 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 2.54
2 ZKB Gold ETF-A USD ZGLDUS SW 52.87 2 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 2.13
3 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 38.80 3 iShares Listed Private Equity UCITS ETF IPRV SW 1.30
4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 23.23 4 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.73
5 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 23.13 5 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.72
6 ZKB Gold ETF-H (CHF) ZGLDHC SW 19.97 6 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW 0.53
7 Source Physical Gold ETC (P-ETC) SGLD SW 18.87 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.26
8 ZKB Gold ETF-H (EUR) ZGLDHE SW 17.42 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.24
9 iShares Gold CH CSGOLD SW 14.04 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.21
10 ZKB Gold ETF-A EUR ZGLDEU SW 13.54 10 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 52 Deutsche Bank AG/London
Figure 88: Top 10 ETPs by Turnover (€ million) – Euronext Paris | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1,308.56 1 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP 579.85
2 Lyxor ETF Leverage CAC 40 LVC FP 737.50 2 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP 516.69
3 Lyxor ETF XBear CAC 40 BX4 FP 490.21 3 Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP 298.76
4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 439.75 4 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 263.61
5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 282.10 5 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP 218.03
6 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 254.85 6 Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 212.51
7 Lyxor ETF S&P 500 SP5 FP 217.78 7 Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP 190.15
8 Amundi ETF CAC 40 UCITS ETF C40 FP 206.16 8 Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP 179.01
9 Lyxor ETF XBear Euro STOXX 50 BXX FP 202.85 9 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 164.55
10 Lyxor ETF MSCI Emerging Markets - A LEM FP 192.50 10 Amundi ETF Euro Corporates UCITS ETF CC4 FP 157.35
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Lyxor ETF Commodities CRB CRB FP 13.84 1 Lyxor ETF Privex PVX FP 0.96
2 ETFS Brent 1mnth Oil OILBP FP 12.72 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.70
3 ETFS WTI Crude Oil CRUDP FP 11.92 3 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.01
4 Gold Bullion Securities GBS FP 7.98 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.00
5 Lyxor ETF Commodities CRB Non-Energy CRN FP 5.44 5 iShares Listed Private Equity UCITS ETF PRV FP -
6 ETFS Natural Gas NGASP FP 2.89
7 ETFS WTI 2mth Oil OILWP FP 1.28
8 ETFS Gold BULLP FP 0.47
9 ETFS Silver SLVRP FP 0.42
10 ETFS All Commodities AIGCP FP 0.39 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 89: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 734.89 1 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) EM35 IM 107.57
2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 538.97 2 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 102.34
3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 387.83 3 Lyxor UCITS ETF Euro Cash LEONIA IM 76.80
4 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 273.48 4 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 53.58
5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 251.70 5 Lyxor ETF Daily Double Short BTP BTP2S IM 50.86
6 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 235.15 6 iShares Euro Corporate Bond UCITS ETF IEAC IM 49.06
7 iShares STOXX 600 (DE) SXXPIEX IM 184.93 7 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 35.71
8 iShares Core S&P 500 UCITS ETF CSSPX IM 152.83 8 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 34.81
9 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 146.18 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 33.27
10 iShares Core MSCI World UCITS ETF (Acc) SWDA IM 125.81 10 LYXOR UCITS ETF Smart Cash C-EUR SMART IM 33.00
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 316.16 1 ETFS 3X Long USD Short EUR EUS3 IM 35.26
2 ETFS Daily Leveraged Crude Oil LOIL IM 139.12 2 ETFS 3X Short USD Long EUR USE3 IM 23.94
3 Boost Wti Oil 3X Short Daily ETP 3OIS IM 135.64 3 ETFS 5X Long USD Short EUR EUS5 IM 14.14
4 ETFS WTI Crude Oil CRUD IM 131.09 4 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 4.48
5 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 74.62 5 db x-trackers Portfolio TR Index UCITS ETF XQUI IM 4.06
6 ETFS Physical Gold PHAU IM 39.95 6 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 3.86
7 Boost Natural Gas 3x Short Daily 3NGS IM 37.91 7 db-x trackers Portfolio Income UCITS ETF XS7W IM 3.38
8 Gold Bullion Securities GBS IM 31.61 8 ETFS 5X Short USD Long EUR USE5 IM 2.65
9 ETFS Brent 1mnth Oil OILB IM 30.04 9 Lyxor ETF Dynamic Long VIX Futures Index - EUR DLVO IM 1.38
10 ETFS Daily Short WTI Crude Oil SOIL IM 17.81 10 Boost Long USD Short EUR 5x Daily ETP 5USE IM 1.13 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 53
Figure 90: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 XACT Bear 2 XABEAR2 SS 373.84 No Fixed Income ETFs
2 XACT OMXS30 XACTOMX SS 329.97
3 XACT Bull 2 XABULL2 SS 328.01
4 XACT Bear XACBEAR SS 125.78
5 XACT OMXSB XACTSBX SS 85.00
6 XACT Bull XACBULL SS 70.92
7 XACT Nordic 30 XACTVINX SS 44.08
8 SpotR OMXS30 SPOTROMX SS 6.54
9 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS 2.16
10 db x-trackers STOXX 600 Banks UCITS ETF XS7R SS 2.06
Euronext Amsterdam
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 343.56 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 234.00
2 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 288.78 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 60.17
3 iShares AEX UCITS ETF IAEX NA 258.23 3 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 28.77
4 Vanguard S&P 500 ETF VUSA NA 213.10 4 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 16.05
5 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 201.41 5 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 13.27
6 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 182.45 6 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 11.65
7 iShares S&P 500 UCITS ETF (Inc) IUSA NA 118.55 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 10.41
8 iShares MSCI World UCITS ETF (Inc) IWRD NA 113.21 8 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 10.14
9 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 96.25 9 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 8.45
10 iShares MSCI North America UCITS ETF INAA NA 90.21 10 iShares $ Corporate Bond UCITS ETF LQDA NA 7.55 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 54 Deutsche Bank AG/London
7. European ETF Exchanges
Figure 91: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |
Summary Sep-15Market
Share %Oct-15
Market
Share %Nov-15
Market
Share %Dec-15
Market
Share %Jan-16
Market
Share %
Deutche Boerse
Deutsche Borse 13,383 22.8% 12,545 22.1% 12,558 22.4% 16,388 24.8% 17,333 23.5%
LSE
London SE 19,069 32.4% 18,082 31.8% 17,790 31.7% 19,855 30.1% 23,889 32.4%
Borsa Italiana 6,253 10.6% 6,297 11.1% 6,368 11.4% 6,465 9.8% 7,950 10.8%
25,322 43.1% 24,379 42.9% 24,158 43.1% 26,320 39.9% 31,839 43.2%
Euronext
Paris 11,127 18.9% 11,564 20.4% 11,124 19.8% 13,281 20.1% 12,987 17.6%
Amsterdam 2,066 3.5% 2,037 3.6% 2,110 3.8% 2,781 4.2% 3,097 4.2%
Lisbon 7 0.0% 9 0.0% 12 0.0% 8 0.0% 8 0.0%
Brussels 2 0.0% 1 0.0% 2 0.0% 2 0.0% 3 0.0%
13,201 22.4% 13,611 24.0% 13,249 23.6% 16,072 24.3% 16,096 21.8%
Swiss SE 4,407 7.5% 4,452 7.8% 4,416 7.9% 5,112 7.7% 6,018 8.2%
Stockholmborsen 1,454 2.5% 967 1.7% 964 1.7% 1,309 2.0% 1,383 1.9%
Oslo Bors 575 1.0% 425 0.7% 287 0.5% 274 0.4% 582 0.8%
BME 456 0.8% 432 0.8% 455 0.8% 550 0.8% 469 0.6%
Others 20 0.0% 15 0.0% 11 0.0% 15 0.0% 18 0.0%
Total 58,819 100.0% 56,825 100.0% 56,098 100.0% 66,040 100.0% 73,739 100.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 92: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |
Summary Sep-15Market
Share %Oct-15
Market
Share %Nov-15
Market
Share %Dec-15
Market
Share %Jan-16
Market
Share %
LSE
London SE 1,410 2.4% 1,785 3.1% 1,376 2.5% 1,339 2.0% 2,168 2.9%
Borsa Italiana 1,264 2.1% 1,325 2.3% 1,174 2.1% 1,180 1.8% 1,338 1.8%
2,673 4.5% 3,110 5.5% 2,550 4.5% 2,519 3.8% 3,507 4.8%
Deutche Boerse
Deutsche Borse 270 0.5% 337 0.6% 277 0.5% 285 0.4% 389 0.5%
Euronext
Amsterdam 11 0.0% 16 0.0% 8 0.0% 16 0.0% 12 0.0%
Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
39 0.1% 40 0.1% 40 0.1% 63 0.1% 50 0.1%
Others 18 0.0% 32 0.1% 27 0.0% 23 0.0% 28 0.0%
Total 3,001 5.1% 3,519 6.2% 2,894 5.2% 2,890 4.4% 3,975 5.4% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 55
Figure 93: Total ETP on-exchange Turnover by asset class and by exchange | ETPs | Europe |
Deutsche
BorseLondon SE
Euronext
Paris
Borsa
Italiana
Euronext
AmsterdamSwiss SE
Stockholm
Borsen
Turnover* Mkt Share %
Equity
Developed Markets 11,539.7 10,821.0 4,869.6 3,954.3 2,209.6 3,982.2 474.8 37,851.2 49.4%
Emerging Markets 884.6 1,832.9 785.5 424.4 187.8 362.9 5.5 4,483.7 5.9%
Global Markets 89.7 332.5 103.0 24.3 53.7 78.0 0.0 681.1 0.9%
Sector 1,074.6 819.9 627.3 174.9 53.4 120.6 2.1 2,872.6 3.7%
Capitalization 253.7 182.4 111.4 52.0 27.5 164.7 0.0 791.7 1.0%
Style 306.7 460.3 37.0 78.6 89.7 115.6 0.0 1,087.8 1.4%
Strategy 1,326.6 1,140.0 2,122.2 1,705.4 0.2 118.7 900.7 7,313.9 9.5%
Thematic 123.1 234.6 32.1 39.2 20.6 70.1 0.0 519.7 0.7%
Total 15,599 15,824 8,688 6,453 2,642 5,013 1,383 55,601.8 72.6%
Fixed Income
Overall 96.5 305.8 4.9 15.1 60.2 21.0 0.0 503.6 0.7%
Corporates 410.1 3,859.8 972.7 440.3 289.3 234.1 0.0 6,206.2 8.1%
Covered Bonds 59.0 2.3 0.1 7.6 1.1 2.9 0.0 73.0 0.1%
Credit Exposure 28.0 0.0 0.0 2.4 0.0 0.0 0.0 30.4 0.0%
Sovereign 875.6 3,538.0 3,211.5 807.2 96.1 312.1 0.0 8,840.5 11.5%
Money Market 161.6 282.5 89.4 180.3 0.0 3.5 0.0 717.3 0.9%
Total 1,631 7,988 4,278 1,453 447 574 - 16,371.0 21.4%
Commodity 0.0%
Overall 57.0 86.9 19.7 24.9 2.5 66.7 0.0 257.6 0.3%
Agriculture 10.7 42.2 0.3 55.1 0.3 1.9 0.0 110.5 0.1%
Energy 135.0 818.1 28.8 1,031.7 0.0 18.0 0.0 2,031.6 2.7%
Industrial Metals 6.4 76.7 0.3 21.5 0.0 0.3 0.0 105.3 0.1%
Precious Metals 232.9 1,046.1 9.0 142.0 11.4 359.3 0.0 1,800.6 2.3%
Livestock 0.6 1.4 0.0 1.7 0.0 0.0 0.0 3.7 0.0%
Total 443 2,071 58 1,277 14 446 - 4,309.3 5.6%
Other 0.0%
Alternative 35.4 31.1 1.7 11.2 4.3 8.1 0.0 91.9 0.1%
Currency 4.4 141.7 0.0 85.7 0.3 0.0 0.0 232.0 0.3%
Multi Asset 10.5 1.3 0.0 8.4 1.1 0.6 0.0 22.0 0.0%
Total 50 174 2 105 6 9 - 345.8 0.5%
Grand Total 17,723 26,058 13,026 9,288 3,109 6,041 1,383 76,628 100%
* Total turnover year to date (not daily average)
Total
Total Turnover (€ million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 56 Deutsche Bank AG/London
8. Assets
ETP Monthly AUM Analysis by Asset Class
Figure 94: AUM by asset class and instrument (€ million) | ETPs | Europe |
Asset Class Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
ETFs
Equity 296,896 4,588 3,562 189 305,234 315,879 4,364 3,745 199 324,187 315,879 4,364 3,745 199 324,187
Fixed income 107,143 1,601 0 4,419 113,164 106,859 1,661 0 4,563 113,082 106,859 1,661 0 4,563 113,082
Commodity 12,507 0 51 0 12,558 12,268 0 30 0 12,298 12,268 0 30 0 12,298
Currency 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Multi Asset 42 0 0 357 399 42 0 0 381 423 42 0 0 381 423
Alternative 451 0 27 419 897 512 0 28 435 975 512 0 28 435 975
Total 417,039 6,189 3,640 5,384 432,252 435,560 6,025 3,802 5,578 450,965 435,560 6,025 3,802 5,578 450,965
ETCs
Commodity 15,940 693 0 0 16,633 14,941 697 0 0 15,638 14,941 697 0 0 15,638
Currency 105 255 0 0 359 107 240 0 0 347 107 240 0 0 347
Total 16,045 948 0 0 16,993 15,048 937 0 0 15,985 15,048 937 0 0 15,985
Total ETPs 433,084 7,137 3,640 5,384 449,245 450,608 6,962 3,802 5,578 466,950 450,608 6,962 3,802 5,578 466,950
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 95: European Equity ETF AUM summary (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets 223,720 0 0 108 223,828 236,476 0 0 113 236,589 236,476 0 0 113 236,589
Emerging Markets 19,785 0 0 0 19,785 22,316 0 0 0 22,316 22,316 0 0 0 22,316
Global Markets 4,500 0 0 0 4,500 4,913 0 0 0 4,913 4,913 0 0 0 4,913
Sector 17,572 0 0 0 17,572 19,569 0 0 0 19,569 19,569 0 0 0 19,569
Capitalization 6,649 0 0 0 6,649 7,137 0 0 0 7,137 7,137 0 0 0 7,137
Strategy 5,124 4,588 3,562 81 13,354 5,072 4,364 3,745 86 13,267 5,072 4,364 3,745 86 13,267
Style 15,744 0 0 0 15,744 16,478 0 0 0 16,478 16,478 0 0 0 16,478
Thematic 3,803 0 0 0 3,803 3,918 0 0 0 3,918 3,918 0 0 0 3,918
Total Equities 296,896 4,588 3,562 189 305,234 315,879 4,364 3,745 199 324,187 315,879 4,364 3,745 199 324,187
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 57
Figure 95A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Sector 17,572 0 0 0 17,572 19,569 0 0 0 19,569 19,569 0 0 0 19,569
Consumer discretionary 775 0 0 0 775 890 0 0 0 890 890 0 0 0 890
Consumer staples 886 0 0 0 886 986 0 0 0 986 986 0 0 0 986
Energy 1,505 0 0 0 1,505 1,522 0 0 0 1,522 1,522 0 0 0 1,522
Financials 8,814 0 0 0 8,814 10,303 0 0 0 10,303 10,303 0 0 0 10,303
Healthcare 1,893 0 0 0 1,893 2,020 0 0 0 2,020 2,020 0 0 0 2,020
Industrials 461 0 0 0 461 534 0 0 0 534 534 0 0 0 534
Information Technology 1,321 0 0 0 1,321 1,410 0 0 0 1,410 1,410 0 0 0 1,410
Materials 668 0 0 0 668 669 0 0 0 669 669 0 0 0 669
Telecommunications 790 0 0 0 790 787 0 0 0 787 787 0 0 0 787
Utilities 459 0 0 0 459 448 0 0 0 448 448 0 0 0 448
Capitalization 6,649 0 0 0 6,649 7,137 0 0 0 7,137 7,137 0 0 0 7,137
Large Cap 354 0 0 0 354 379 0 0 0 379 379 0 0 0 379
Mid Cap 2,180 0 0 0 2,180 2,376 0 0 0 2,376 2,376 0 0 0 2,376
Small Cap 4,114 0 0 0 4,114 4,381 0 0 0 4,381 4,381 0 0 0 4,381
Strategy 5,124 4,588 3,562 81 13,354 5,072 4,364 3,745 86 13,267 5,072 4,364 3,745 86 13,267
Fundamental 942 0 426 0 1,369 1,095 0 448 0 1,543 1,095 0 448 0 1,543
Leveraged Long 0 2,042 0 0 2,042 0 2,183 0 0 2,183 0 2,183 0 0 2,183
Leveraged Short 0 883 0 0 883 0 799 0 0 799 0 799 0 0 799
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 4,149 0 3,135 81 7,366 3,947 0 3,297 86 7,330 3,947 0 3,297 86 7,330
Short 32 1,663 0 0 1,695 30 1,382 0 0 1,412 30 1,382 0 0 1,412
Style 15,744 0 0 0 15,744 16,478 0 0 0 16,478 16,478 0 0 0 16,478
Dividend 14,232 0 0 0 14,232 14,825 0 0 0 14,825 14,825 0 0 0 14,825
Growth 273 0 0 0 273 300 0 0 0 300 300 0 0 0 300
Value 1,240 0 0 0 1,240 1,353 0 0 0 1,353 1,353 0 0 0 1,353
Thematic 3,803 0 0 0 3,803 3,918 0 0 0 3,918 3,918 0 0 0 3,918
Commodities 719 0 0 0 719 675 0 0 0 675 675 0 0 0 675
Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Faith 185 0 0 0 185 189 0 0 0 189 189 0 0 0 189
Other Theme 913 0 0 0 913 895 0 0 0 895 895 0 0 0 895
Sustainability 1,985 0 0 0 1,985 2,159 0 0 0 2,159 2,159 0 0 0 2,159
Total 48,891 4,588 3,562 81 57,122 52,173 4,364 3,745 86 60,368 52,173 4,364 3,745 86 60,368
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 58 Deutsche Bank AG/London
Figure 95B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets
Europe 126,131 0 0 108 126,239 132,716 0 0 113 132,829 132,716 0 0 113 132,829
Austria 323 0 0 0 323 397 0 0 0 397 397 0 0 0 397
Belgium 41 0 0 0 41 43 0 0 0 43 43 0 0 0 43
Finland 172 0 0 0 172 178 0 0 0 178 178 0 0 0 178
France 4,930 0 0 0 4,930 5,037 0 0 0 5,037 5,037 0 0 0 5,037
Germany 20,152 0 0 0 20,152 21,629 0 0 0 21,629 21,629 0 0 0 21,629
Greece 159 0 0 0 159 197 0 0 0 197 197 0 0 0 197
Ireland 29 0 0 0 29 31 0 0 0 31 31 0 0 0 31
Italy 2,451 0 0 0 2,451 2,964 0 0 0 2,964 2,964 0 0 0 2,964
Netherlands 650 0 0 0 650 649 0 0 0 649 649 0 0 0 649
Norway 212 0 0 0 212 222 0 0 0 222 222 0 0 0 222
Portugal 72 0 0 0 72 76 0 0 0 76 76 0 0 0 76
Spain 1,539 0 0 0 1,539 1,696 0 0 0 1,696 1,696 0 0 0 1,696
Sweden 1,152 0 0 0 1,152 1,405 0 0 0 1,405 1,405 0 0 0 1,405
Switzerland 9,644 0 0 0 9,644 10,297 0 0 0 10,297 10,297 0 0 0 10,297
UK 13,108 0 0 0 13,108 13,129 0 0 0 13,129 13,129 0 0 0 13,129
Europe broad 71,497 0 0 108 71,605 74,764 0 0 113 74,877 74,764 0 0 113 74,877
Americas 58,341 0 0 0 58,341 61,445 0 0 0 61,445 61,445 0 0 0 61,445
US 55,718 0 0 0 55,718 58,657 0 0 0 58,657 58,657 0 0 0 58,657
Canada 767 0 0 0 767 772 0 0 0 772 772 0 0 0 772
North America 1,857 0 0 0 1,857 2,016 0 0 0 2,016 2,016 0 0 0 2,016
Asia 20,452 0 0 0 20,452 22,980 0 0 0 22,980 22,980 0 0 0 22,980
Australia 765 0 0 0 765 795 0 0 0 795 795 0 0 0 795
Hong Kong 234 0 0 0 234 262 0 0 0 262 262 0 0 0 262
Japan 18,048 0 0 0 18,048 20,400 0 0 0 20,400 20,400 0 0 0 20,400
Singapore 56 0 0 0 56 63 0 0 0 63 63 0 0 0 63
Asia Pacific broad 1,349 0 0 0 1,349 1,460 0 0 0 1,460 1,460 0 0 0 1,460
EMEA 5 0 0 0 5 0 0 0 0 0 0 0 0 0 0
Israel 5 0 0 0 5 0 0 0 0 - 0 0 0 0 -
Global 18,790 0 0 0 18,790 19,335 0 0 0 19,335 19,335 0 0 0 19,335
Broad indices 18,790 0 0 0 18,790 19,335 0 0 0 19,335 19,335 0 0 0 19,335
DM Total 223,720 0 0 108 223,828 236,476 0 0 113 236,589 236,476 0 0 113 236,589
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 59
Figure 95C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Emerging Markets
BRIC 5,186 0 0 0 5,186 5,953 0 0 0 5,953 5,953 0 0 0 5,953
Brazil 506 0 0 0 506 524 0 0 0 524 524 0 0 0 524
Russia 673 0 0 0 673 680 0 0 0 680 680 0 0 0 680
India 1,669 0 0 0 1,669 1,807 0 0 0 1,807 1,807 0 0 0 1,807
China 2,339 0 0 0 2,339 2,941 0 0 0 2,941 2,941 0 0 0 2,941
Latin America 516 0 0 0 516 532 0 0 0 532 532 0 0 0 532
Chile 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Mexico 153 0 0 0 153 151 0 0 0 151 151 0 0 0 151
LATAM broad 363 0 0 0 363 381 0 0 0 381 381 0 0 0 381
Asia 2,910 0 0 0 2,910 3,373 0 0 0 3,373 3,373 0 0 0 3,373
Bangladesh 19 0 0 0 19 20 0 0 0 20 20 0 0 0 20
Indonesia 118 0 0 0 118 119 0 0 0 119 119 0 0 0 119
Malaysia 48 0 0 0 48 50 0 0 0 50 50 0 0 0 50
Pakistan 19 0 0 0 19 21 0 0 0 21 21 0 0 0 21
Philippines 41 0 0 0 41 39 0 0 0 39 39 0 0 0 39
South Korea 671 0 0 0 671 815 0 0 0 815 815 0 0 0 815
Taiwan 446 0 0 0 446 563 0 0 0 563 563 0 0 0 563
Thailand 31 0 0 0 31 29 0 0 0 29 29 0 0 0 29
Vietnam 303 0 0 0 303 325 0 0 0 325 325 0 0 0 325
Asia Pacific broad 1,215 0 0 0 1,215 1,392 0 0 0 1,392 1,392 0 0 0 1,392
EMEA 836 0 0 0 836 875 0 0 0 875 875 0 0 0 875
Kuwait 5 0 0 0 5 7 0 0 0 7 7 0 0 0 7
Poland 64 0 0 0 64 64 0 0 0 64 64 0 0 0 64
South Africa 56 0 0 0 56 69 0 0 0 69 69 0 0 0 69
Turkey 290 0 0 0 290 284 0 0 0 284 284 0 0 0 284
Europe broad 301 0 0 0 301 319 0 0 0 319 319 0 0 0 319
Middle East & Africa 121 0 0 0 121 133 0 0 0 133 133 0 0 0 133
Global Markets 10,336 0 0 0 10,336 11,583 0 0 0 11,583 11,583 0 0 0 11,583
Global 10,336 0 0 0 10,336 11,583 0 0 0 11,583 11,583 0 0 0 11,583
EM Total 19,785 0 0 0 19,785 22,316 0 0 0 22,316 22,316 0 0 0 22,316
Total (EM + DM) 243,505 0 0 108 243,613 258,793 0 0 113 258,906 258,793 0 0 113 258,906
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 96: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |
Fixed Income AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 4,203 0 0 3,801 8,004 4,042 0 0 3,941 7,984 4,042 0 0 3,941 7,984
Corporates 42,205 0 0 229 42,434 43,248 0 0 228 43,476 43,248 0 0 228 43,476
Covered Bonds 2,804 0 0 348 3,152 2,698 0 0 352 3,050 2,698 0 0 352 3,050
Credit Exposure 276 44 0 0 321 237 44 0 0 282 237 44 0 0 282
Sovereign 54,868 1,557 0 41 56,465 53,692 1,616 0 41 55,349 53,692 1,616 0 41 55,349
Money Market 2,787 0 0 0 2,787 2,941 0 0 0 2,941 2,941 0 0 0 2,941
Total Fixed Income 107,143 1,601 0 4,419 113,164 106,859 1,661 0 4,563 113,082 106,859 1,661 0 4,563 113,082
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 60 Deutsche Bank AG/London
Figure 97: European Commodity ETP AUM summary (€ million) | ETPs | Europe |
Commodity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 3,458 15 51 0 3,524 3,627 11 30 0 3,668 3,627 11 30 0 3,668
Overall 3253 15 51 0 3,319 3406 11 30 0 3,446 3406 11 30 0 3,446
Overall ex Energy 199 0 0 0 199 215 0 0 0 215 215 0 0 0 215
Overall Light Energy 6 0 0 0 6 6 0 0 0 6 6 0 0 0 6
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Agriculture 656 93 0 0 748 683 103 0 0 786 683 103 0 0 786
Overall 424 4 0 0 427 434 4 0 0 437 434 4 0 0 437
Cocoa 8 2 0 0 11 10 3 0 0 12 10 3 0 0 12
Coffee 46 30 0 0 76 48 35 0 0 83 48 35 0 0 83
Corn 30 8 0 0 38 28 7 0 0 36 28 7 0 0 36
Cotton 16 3 0 0 20 28 3 0 0 31 28 3 0 0 31
Grains 31 1 0 0 32 31 1 0 0 32 31 1 0 0 32
Softs 4 0 0 0 5 5 0 0 0 5 5 0 0 0 5
Soybean Oil 2 1 0 0 3 2 1 0 0 3 2 1 0 0 3
Soybeans 8 2 0 0 10 8 2 0 0 10 8 2 0 0 10
Sugar 23 13 0 0 36 30 17 0 0 47 30 17 0 0 47
Wheat 63 29 0 0 92 60 30 0 0 91 60 30 0 0 91
Energy 1,911 404 0 0 2,315 1,762 391 0 0 2,152 1,762 391 0 0 2,152
Overall 148 1 0 0 149 165 1 0 0 166 165 1 0 0 166
Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1
Crude Oil 1690 329 0 0 2,019 1522 304 0 0 1,826 1522 304 0 0 1,826
Gasoline 9 2 0 0 11 9 2 0 0 11 9 2 0 0 11
Heating Oil 4 1 0 0 6 4 1 0 0 5 4 1 0 0 5
Natural Gas 59 71 0 0 130 60 83 0 0 143 60 83 0 0 143
Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Industrial Metals 382 53 0 0 435 397 67 0 0 464 397 67 0 0 464
Overall 141 2 0 0 143 153 2 0 0 156 153 2 0 0 156
Aluminium 80 3 0 0 83 80 4 0 0 83 80 4 0 0 83
Copper 70 30 0 0 99 72 43 0 0 115 72 43 0 0 115
Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2
Nickel 75 13 0 0 89 76 13 0 0 90 76 13 0 0 90
Tin 2 2 0 0 4 2 2 0 0 3 2 2 0 0 3
Zinc 14 2 0 0 15 13 2 0 0 15 13 2 0 0 15
Precious Metals 22,031 126 0 0 22,157 20,729 122 0 0 20,851 20,729 122 0 0 20,851
Overall 110 1 0 0 111 113 1 0 0 114 113 1 0 0 114
Gold 18893 52 0 0 18,945 17548 50 0 0 17,598 17548 50 0 0 17,598
Palladium 416 1 0 0 417 487 1 0 0 488 487 1 0 0 488
Platinum 690 6 0 0 696 698 7 0 0 705 698 7 0 0 705
Rhodium 59 0 0 0 59 56 0 0 0 56 56 0 0 0 56
Silver 1862 67 0 0 1,929 1825 64 0 0 1,889 1825 64 0 0 1,889
Livestock 9 3 0 0 12 11 3 0 0 14 11 3 0 0 14
Overall 4 0 0 0 4 6 0 0 0 6 6 0 0 0 6
Cattle 1 0 0 0 2 1 1 0 0 2 1 1 0 0 2
Lean Hogs 4 2 0 0 6 4 2 0 0 6 4 2 0 0 6
Total 28,447 693 51 0 29,192 27,209 697 30 0 27,936 27,209 697 30 0 27,936
Jan-16 Dec-15 End of 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 61
Product Rankings
Figure 98: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2015 AUM
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 11,314.9 11,936.4 11,936.4
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10,819.5 11,503.5 11,503.5
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,909.3 9,433.1 9,433.1
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 8,039.0 8,688.2 8,688.2
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7,656.5 7,872.2 7,872.2
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,648.2 7,522.2 7,522.2
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,128.0 6,258.4 6,258.4
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,774.5 6,193.4 6,193.4
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,615.0 5,957.6 5,957.6
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5,354.3 5,536.2 5,536.2
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5,166.1 5,517.9 5,517.9
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 5,106.1 4,832.1 4,832.1
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,948.0 5,275.4 5,275.4
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,738.6 4,986.1 4,986.1
Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,853.1 4,009.1 4,009.1
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,005.0 3,373.6 3,373.6
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 2,925.9 3,324.6 3,324.6
db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2,804.0 3,017.9 3,017.9
iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,711.0 2,837.9 2,837.9
Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,464.7 2,463.2 2,463.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 99: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2015 AUM
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6,095.5 6,385.3 6,385.3
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,845.1 4,002.7 4,002.7
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,770.1 4,026.4 4,026.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,585.3 3,758.0 3,758.0
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3,455.8 3,449.8 3,449.8
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,631.8 2,689.8 2,689.8
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 2,369.7 2,329.8 2,329.8
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,365.1 2,456.8 2,456.8
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,262.0 2,308.4 2,308.4
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 2,008.6 1,952.5 1,952.5
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,924.8 1,725.7 1,725.7
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,901.4 1,982.0 1,982.0
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,830.3 1,701.7 1,701.7
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,827.0 1,779.5 1,779.5
iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 1,744.1 1,630.5 1,630.5
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,721.8 1,734.9 1,734.9
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,647.7 1,627.2 1,627.2
iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,595.8 1,581.9 1,581.9
db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1,554.8 1,407.8 1,407.8
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,421.0 1,371.1 1,371.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
11 February 2016
European Monthly ETF Market Review
Page 62 Deutsche Bank AG/London
Figure 100: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2015 AUM
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4,349.9 4,148.5 4,148.5
ETFS Physical Gold PHAU LN ETF Securities Beta 3,408.0 3,232.5 3,232.5
Gold Bullion Securities GBS LN ETF Securities Beta 2,332.1 2,150.5 2,150.5
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,862.8 1,508.2 1,508.2
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,667.6 1,578.8 1,578.8
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,416.5 1,347.2 1,347.2
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 942.9 913.9 913.9
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 690.2 713.2 713.2
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 664.5 594.8 594.8
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 524.7 622.8 622.8
UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 511.7 491.0 491.0
ETFS Physical Silver PHAG LN ETF Securities Beta 506.7 505.9 505.9
db Physical Gold ETC XGLD LN Deutsche AWM Beta 452.8 431.0 431.0
iShares Physical Gold ETC SGLN LN Blackrock Beta 418.3 374.4 374.4
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 405.9 388.4 388.4
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 405.6 423.7 423.7
db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 387.3 357.1 357.1
UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 319.2 262.5 262.5
ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 304.7 260.0 260.0
ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 294.3 245.2 245.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
11
Feb
ruary
20
16
Deu
tsch
e B
an
k A
G/L
on
do
n
Pag
e 6
3
9. ETF Broker rankings
US ETP Broker Rankings
Figure 101: Top 20 US ETF Brokers | ETFs | US |
Rank Broker
Advertised
value ($
million)
Market
Share
Advertised
Trades
Advertised
value ($
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (KCG) KCG HOLDINGS, INC. 234,224 20.32% 205,289 1,962,400 14.98% 2,889,672 (KCG) KCG HOLDINGS, INC. 3,931 20.58% 205,289 31,465 15.70% 2,889,705
2 (CSFB) CREDIT SUISSE 134,150 11.64% 21,217 1,111,631 8.48% 253,757 (UBS) UBS INVESTMENT BANK 2,345 12.28% 39,503 19,553 9.76% 487,494
3 (UBS) UBS INVESTMENT BANK 131,650 11.42% 39,502 1,189,165 9.08% 487,490 (CSFB) CREDIT SUISSE 2,266 11.87% 21,281 17,361 8.66% 254,814
4 (GS) GOLDMAN SACHS & CO. 85,058 7.38% 170,988 - 0.00% - (GS) GOLDMAN SACHS & CO. 1,384 7.25% 170,988 - 0.00% -
5 (JPM) JP MORGAN 74,099 6.43% 81,981 606,624 4.63% 108,323 (ML) MERRILL LYNCH 1,192 6.24% 35,046 - 0.00% -
6 (ML) MERRILL LYNCH 72,509 6.29% 35,040 - 0.00% - (CITI) CITIGROUP GLOBAL MARKE 1,114 5.83% 16,737 11,321 5.65% 226,351
7 (CITI) CITIGROUP GLOBAL MARKE 63,161 5.48% 16,737 676,601 5.16% 226,349 (JPM) JP MORGAN 1,020 5.34% 81,981 8,277 4.13% 108,324
8 (DBAB) DEUTSCHE BANK SECURITI 52,464 4.55% 22,706 542,623 4.14% 251,586 (DBAB) DEUTSCHE BANK SECURITI 968 5.07% 22,706 9,780 4.88% 251,590
9 (FCM) FIDELITY CAPITAL MARKET 51,798 4.49% 52,757 400,547 3.06% 507,698 (FCM) FIDELITY CAPITAL MARKET 870 4.56% 52,757 7,162 3.57% 507,698
10 (BARC) BARCLAYS CAPITAL 48,435 4.20% 61,018 - 0.00% - (BARC) BARCLAYS CAPITAL 832 4.36% 61,018 - 0.00% -
11 (MS) MORGAN STANLEY 47,950 4.16% 14,827 - 0.00% - (MS) MORGAN STANLEY 620 3.25% 14,827 - 0.00% -
12 (INCA) INSTINET 27,341 2.37% 9,272 224,573 1.71% 139,862 (CVGX) CONVERGEX 396 2.08% 25,752 2,934 1.46% 289,928
13 (CVGX) CONVERGEX 19,512 1.69% 25,752 175,383 1.34% 289,927 (RBC) ROYAL BANK OF CANADA 351 1.84% 45,059 1,349 0.67% 165,483
14 (RBC) ROYAL BANK OF CANADA 18,460 1.60% 45,059 73,264 0.56% 165,483 (BNP) BNP PARIBAS 280 1.47% 7,520 - 0.00% -
15 (JEFF) JEFFERIES & CO., INC. 16,770 1.45% 11,511 162,380 1.24% 156,580 (INCA) INSTINET 260 1.36% 9,272 2,513 1.25% 139,867
16 (BNP) BNP PARIBAS 13,332 1.16% 7,520 - 0.00% - (JEFF) JEFFERIES & CO., INC. 214 1.12% 11,511 2,143 1.07% 156,580
17 (CANT) CANTOR FITZGERALD L.P. 7,683 0.67% 4,372 148,079 1.13% 89,600 (CANT) CANTOR FITZGERALD L.P. 157 0.82% 4,381 2,712 1.35% 89,635
18 (RAJA) RAYMOND JAMES & ASSOCI 3,836 0.33% 10,222 31,525 0.24% 125,390 (RAJA) RAYMOND JAMES & ASSOCI 73 0.38% 10,222 587 0.29% 125,390
19 (BTIG) BTIG LLC 3,695 0.32% 1,360 40,211 0.31% 15,962 (BTIG) BTIG LLC 48 0.25% 1,360 526 0.26% 15,963
20 (WELS) WELLS FARGO SECURITIES 3,275 0.28% 2,146 33,890 0.26% 68,589 (BMOC) BMO CAPITAL MARKETS 45 0.24% 2,667 349 0.17% 29,804
Other 43,191 3.75% 94,533 5,722,534 43.68% 5,201,500 Other 729 3.82% 94,048 82,383 41.11% 5,240,434
Total 1,152,595 100.00% 933,809 13,101,428 100.00% 10,977,768 Total 19,097 100.00% 933,925 200,415 100.00% 10,979,060
Value Trade Summary Volume Trade Summary
Jan-16 2015 Jan-16 2015
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
11
Feb
ruary
20
16
Pag
e 6
4
Deu
tsch
e B
an
k A
G/L
on
do
n
Figure 102: Top 20 US ETV Brokers | ETVs | US |
Rank Broker
Advertised
value ($
million)
Market
Share
Advertised
Trades
Advertised
value ($
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (KCG) KCG HOLDINGS, INC. 11,784 27.64% 16,721 100,601 22.52% 260,465 (KCG) KCG HOLDINGS, INC. 448 24.15% 16,721 3,423 21.82% 260,465
2 (UBS) UBS INVESTMENT BANK 7,187 16.86% 2,095 59,780 13.38% 27,536 (UBS) UBS INVESTMENT BANK 343 18.49% 2,095 2,250 14.34% 27,536
3 (CSFB) CREDIT SUISSE 3,882 9.11% 1,021 34,288 7.68% 12,824 (CSFB) CREDIT SUISSE 158 8.52% 1,023 1,174 7.48% 12,865
4 (CITI) CITIGROUP GLOBAL MARKE 3,656 8.58% 894 42,718 9.56% 12,642 (CITI) CITIGROUP GLOBAL MARKE 143 7.73% 894 1,467 9.35% 12,642
5 (FCM) FIDELITY CAPITAL MARKET 3,008 7.06% 4,810 24,839 5.56% 53,987 (FCM) FIDELITY CAPITAL MARKET 118 6.34% 4,810 1,028 6.55% 53,987
6 (JPM) JP MORGAN 1,971 4.62% 4,380 11,362 2.54% 5,147 (JPM) JP MORGAN 99 5.35% 4,380 339 2.16% 5,147
7 (ML) MERRILL LYNCH 1,947 4.57% 1,576 - 0.00% - (ML) MERRILL LYNCH 85 4.58% 1,577 - 0.00% -
8 (BARC) BARCLAYS CAPITAL 1,430 3.35% 5,162 - 0.00% - (BARC) BARCLAYS CAPITAL 66 3.58% 5,162 - 0.00% -
9 (GS) GOLDMAN SACHS & CO. 1,269 2.98% 11,459 - 0.00% - (GS) GOLDMAN SACHS & CO. 64 3.45% 11,459 - 0.00% -
10 (CVGX) CONVERGEX 1,228 2.88% 1,610 5,936 1.33% 14,795 (RBC) ROYAL BANK OF CANADA 60 3.26% 2,636 123 0.79% 12,610
11 (DBAB) DEUTSCHE BANK SECURITI 1,219 2.86% 855 9,793 2.19% 9,514 (DBAB) DEUTSCHE BANK SECURITI 57 3.05% 855 332 2.12% 9,514
12 (MS) MORGAN STANLEY 980 2.30% 784 - 0.00% - (MS) MORGAN STANLEY 56 3.04% 784 - 0.00% -
13 (RBC) ROYAL BANK OF CANADA 806 1.89% 2,636 3,652 0.82% 12,610 (CVGX) CONVERGEX 51 2.74% 1,610 200 1.27% 14,795
14 (INCA) INSTINET 400 0.94% 477 7,024 1.57% 8,426 (INCA) INSTINET 22 1.18% 477 214 1.37% 8,426
15 (BNP) BNP PARIBAS 259 0.61% 790 - 0.00% - (BNP) BNP PARIBAS 12 0.63% 790 - 0.00% -
16 (ITGI) INVESTMENT TECHNOLOGY 250 0.59% 601 700 0.16% 6,084 (JEFF) JEFFERIES & CO., INC. 10 0.52% 668 83 0.53% 7,514
17 (BMOC) BMO CAPITAL MARKETS 153 0.36% 174 800 0.18% 1,584 (ITGI) INVESTMENT TECHNOLOGY 7 0.40% 601 18 0.12% 6,084
18 (JEFF) JEFFERIES & CO., INC. 151 0.35% 668 1,874 0.42% 7,514 (JONE) JONESTRADING 7 0.37% 1,150 10 0.06% 3,828
19 (BTIG) BTIG LLC 137 0.32% 52 1,257 0.28% 978 (BMOC) BMO CAPITAL MARKETS 6 0.31% 174 33 0.21% 1,584
20 (IMPC) IMPERIAL CAPITAL LLC 106 0.25% 16 22 0.00% 97 (HSBC) HSBC GROUP PLC 5 0.24% 253 27 0.17% 2,974
Other 803 1.88% 4,649 141,983 31.79% 304,626 Other 38 2.06% 3,314 4,967 31.66% 298,902
Total 42,628 100.00% 61,430 446,628 100.00% 738,829 Total 1,854 100.00% 61,433 15,688 100.00% 738,873
Value Trade Summary Volume Trade Summary
Jan-16 2015 Jan-16 2015
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
11
Feb
ruary
20
16
Deu
tsch
e B
an
k A
G/L
on
do
n
Pag
e 6
5
European ETP Broker Rankings
Figure 103: Top 20 European ETF brokers | ETFs | Europe |
Rank Broker
Advertised
value (€
million)
Market
Share
Advertised
Trades
Advertised
value (€
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (CBK) COMMERZBANK 10,825 12.01% 17,803 152,220 14.43% 241,971 (SIS) SUSQUEHANNA INTERNATION 354 12.17% 4,369 2,673 8.96% 36,742
2 (SIS) SUSQUEHANNA INTERNATION 9,758 10.83% 4,363 85,274 8.09% 36,682 (CBK) COMMERZBANK 281 9.64% 17,809 3,821 12.80% 244,009
3 (BNP) BNP PARIBAS 8,154 9.05% 7,042 - 0.00% - (FLOW) FLOW TRADERS 216 7.40% 4,122 2,328 7.80% 50,678
4 (FLOW) FLOW TRADERS 6,602 7.33% 3,963 79,074 7.50% 49,362 (BNP) BNP PARIBAS 210 7.21% 7,090 - 0.00% -
5 (CITI) CITIGROUP GLOBAL MARKE 5,844 6.48% 2,989 70,700 6.70% 36,440 (KCG) KCG HOLDINGS, INC. 167 5.73% 6,421 1,241 4.16% 63,195
6 (CSFB) CREDIT SUISSE 5,177 5.75% 3,090 46,649 4.42% 35,854 (CITI) CITIGROUP GLOBAL MARKE 160 5.51% 2,989 1,821 6.10% 36,452
7 (DB) DEUTSCHE BANK AG 4,824 5.35% 4,426 - 0.00% - (UBS) UBS INVESTMENT BANK 151 5.20% 417 1,159 3.88% 8,386
8 (SGS) SG SECURITIES 3,535 3.92% 3,014 - 0.00% - (CSFB) CREDIT SUISSE 142 4.86% 3,129 1,231 4.13% 36,672
9 (UBS) UBS INVESTMENT BANK 3,490 3.87% 417 35,126 3.33% 8,384 (DB) DEUTSCHE BANK AG 126 4.32% 4,433 - 0.00% -
10 (BARC) BARCLAYS CAPITAL 3,344 3.71% 3,292 - 0.00% - (SGS) SG SECURITIES 103 3.55% 3,014 - 0.00% -
11 (KCG) KCG HOLDINGS, INC. 3,117 3.46% 6,421 26,727 2.53% 63,188 (BARC) BARCLAYS CAPITAL 101 3.47% 3,292 - 0.00% -
12 (MS) MORGAN STANLEY 2,528 2.81% 1,577 - 0.00% - (MS) MORGAN STANLEY 91 3.14% 1,577 - 0.00% -
13 (KEPL) KEPLER CAPITAL MARKETS 2,446 2.71% 2,566 13,982 1.33% 30,095 (ML) MERRILL LYNCH 91 3.13% 2,851 - 0.00% -
14 (UNIC) UNICREDIT 2,406 2.67% 801 36,800 3.49% 11,860 (WINS) WINTERFLOOD SECURITIES 91 3.13% 6,536 1,040 3.49% 72,858
15 (JPMS) JP MORGAN 2,083 2.31% 2,485 - 0.00% - (UNIC) UNICREDIT 62 2.14% 801 781 2.62% 11,892
16 (WINS) WINTERFLOOD SECURITIES 2,021 2.24% 6,507 23,159 2.20% 72,778 (KEPL) KEPLER CAPITAL MARKETS 56 1.94% 2,567 477 1.60% 30,097
17 (ML) MERRILL LYNCH 1,805 2.00% 2,851 - 0.00% - (NRD) NORDEA BANK AB 48 1.66% 1,920 348 1.17% 16,824
18 (BFIN) BLUEFIN EUROPE LLP 1,570 1.74% 329 18,635 1.77% 2,833 (JPMS) JP MORGAN 45 1.55% 2,485 - 0.00% -
19 (GS) GOLDMAN SACHS & CO. 1,501 1.67% 3,758 - 0.00% - (HSBC) HSBC GROUP PLC 40 1.38% 1,725 353 1.18% 24,400
20 (CANT) CANTOR FITZGERALD L.P. 941 1.04% 766 21,645 2.05% 23,430 (MAKO) MAKO FINANICAL MARKETS 38 1.29% 506 179 0.60% 2,947
Other 8,138 9.03% 19,123 444,618 42.16% 635,346 Other 337 11.59% 20,094 12,392 41.52% 618,412
Total 90,112 100.00% 97,583 1,054,610 100.00% 1,248,223 Total 2,912 100.00% 98,147 29,845 100.00% 1,253,564
Value Trade Summary Volume Trade Summary
Jan-16 2015 Jan-16 2015
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
Eu
rop
ean
Mon
thly
ETF M
ark
et R
evie
w
11
Feb
ruary
20
16
Pag
e 6
6
Deu
tsch
e B
an
k A
G/L
on
do
n
Figure 104: Top 20 European ETC brokers | ETCs | Europe |
Rank Broker
Advertised
value (€
million)
Market
Share
Advertised
Trades
Advertised
value (€
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (JPMS) JP MORGAN 322 12.58% 148 - 0.00% - (WINS) WINTERFLOOD SECURITIES 112 16.87% 1,847 1,245 21.87% 20,300
2 (CITI) CITIGROUP GLOBAL MARKE 295 11.50% 339 2,060 7.23% 3,915 (INCA) INSTINET 97 14.71% 130 187 3.29% 1,097
3 (MS) MORGAN STANLEY 248 9.69% 250 - 0.00% - (BNP) BNP PARIBAS 78 11.74% 145 - 0.00% -
4 (WINS) WINTERFLOOD SECURITIES 222 8.65% 1,847 2,101 7.37% 20,300 (KCG) KCG HOLDINGS, INC. 55 8.29% 560 120 2.11% 5,615
5 (BNP) BNP PARIBAS 150 5.85% 145 - 0.00% - (CITI) CITIGROUP GLOBAL MARKE 45 6.73% 339 307 5.39% 3,916
6 (CBK) COMMERZBANK 112 4.37% 507 2,112 7.41% 8,574 (FLOW) FLOW TRADERS 38 5.67% 200 169 2.98% 2,155
7 (FLOW) FLOW TRADERS 110 4.30% 183 1,689 5.93% 2,072 (MS) MORGAN STANLEY 29 4.38% 250 - 0.00% -
8 (KCG) KCG HOLDINGS, INC. 110 4.28% 560 984 3.45% 5,615 (PEEL) PEEL HUNT LLP 27 4.13% 374 87 1.52% 4,230
9 (CSFB) CREDIT SUISSE 107 4.17% 126 1,587 5.57% 1,706 (ML) MERRILL LYNCH 26 3.95% 352 - 0.00% -
10 (DB) DEUTSCHE BANK AG 106 4.14% 395 - 0.00% - (NATI) NATIXIS SECURITIES 19 2.80% 157 7 0.12% 499
11 (MACQ) MACQUARIE SECURITIES 102 3.97% 84 1,938 6.80% 595 (DB) DEUTSCHE BANK AG 18 2.73% 395 - 0.00% -
12 (ML) MERRILL LYNCH 100 3.90% 352 - 0.00% - (KEPL) KEPLER CAPITAL MARKETS 15 2.22% 190 160 2.81% 2,730
13 (MINT) MINT PARTNERS 73 2.86% 7 143 0.50% 12 (CANT) CANTOR FITZGERALD L.P. 15 2.21% 61 360 6.32% 4,117
14 (BFIN) BLUEFIN EUROPE LLP 58 2.26% 42 1,023 3.59% 576 (MINT) MINT PARTNERS 11 1.72% 7 8 0.14% 12
15 (SGS) SG SECURITIES 55 2.14% 92 - 0.00% - (CSFB) CREDIT SUISSE 11 1.61% 126 194 3.40% 1,717
16 (NATI) NATIXIS SECURITIES 52 2.03% 140 21 0.07% 464 (BARC) BARCLAYS CAPITAL 10 1.58% 172 - 0.00% -
17 (PEEL) PEEL HUNT LLP 51 1.98% 374 421 1.48% 4,230 (UBS) UBS INVESTMENT BANK 8 1.20% 62 245 4.29% 1,276
18 (SIS) SUSQUEHANNA INTERNATION 50 1.96% 14 481 1.69% 173 (CBK) COMMERZBANK 7 1.04% 507 112 1.97% 8,599
19 (INCA) INSTINET 47 1.85% 130 325 1.14% 1,097 (BFIN) BLUEFIN EUROPE LLP 6 0.88% 42 224 3.93% 576
20 (UBS) UBS INVESTMENT BANK 47 1.84% 62 1,289 4.52% 1,276 (JPMS) JP MORGAN 5 0.71% 148 - 0.00% -
Other 146 5.69% 2,585 12,321 43.24% 44,545 Other 32 4.82% 2,354 2,269 39.84% 38,494
Total 2,562 100.00% 8,382 28,494 100.00% 95,150 Total 663 100.00% 8,418 5,695 100.00% 95,333
Value Trade Summary Volume Trade Summary
Jan-16 2015 Jan-16 2015
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 67
Appendix A: How we define ETPs Exchange-Traded Products (ETPs)
We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-
traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes
exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).
Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2015.
The vast majority of instruments are ETFs (97.7%, 4,396 products, $2,879bn) with the remainder being ETCs (0.6%, 455
products, $17.4bn) in Europe and ETVs (1.6%, 67 products, $48.2bn) in the US.
Figure 105: ETP Coverage Universe Summary
Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %
US 1,644 2,113,454 71.7% 1,577 2,065,258 70.1% 67 48,195 1.6%
Europe 1,982 507,450 17.2% 1,527 490,095 16.6% 455 17,354 0.6%
Asia Pacific 810 250,247 8.5% 794 249,926 8.5% 16 321 0.0%
RoW 499 74,661 2.5% 498 73,650 2.5% 1 1,011 0.0%
Global 4,935 2,945,811 100.0% 4,396 2,878,930 97.7% 539 66,881 2.3%
ETPs ETFs ETC/Vs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Exchange-Traded Funds (ETFs, 97.7%)
US (70.1%): 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 (16.6%): 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 (8.5%): Both European and US ETFs are cross sold into the Asian market.
Exchange-Traded Collateralized Instruments (2.3%)
Exchange-Traded Commodities (ETCs, 0.6%)
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, 1.6%)
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.
11 February 2016
European Monthly ETF Market Review
Page 68 Deutsche Bank AG/London
Appendix B: The road from beta to alpha
The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market
access). Moving counter-clockwise from beta, the potential for return increases, together with the potential risk.
Figure 106: The Roadmap From Beta (β) to Alpha (α)
Beta Alpha
Beta Multiplied Beta Adjusted
Beta Alpha
BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile
Semi-active:Key Characteristics:- Diversification rules might apply- Long only exposure- Weighting not based on market capitalization- Composition based on pre-determined rules- Representative of a market segment per seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile
Beta+ (leveraged, long/short)Key Characteristics:- Diversification rules apply- Long, short and/or leveraged exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile
AlphaKey Characteristics:- Diversification rules do not typically apply- Long, short and/or leveraged exposure- Weighting not based on market capitalization- Composition not based on pre-determined rules- Not Representative of a pre-defined market segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions
Source: Deutsche Bank
The performance of beta products is measured against an index; a manager is most successful when they manage to
match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of
an alpha product’s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest
the risk [typically measured by the standard deviation of a product’s returns] the more successful a product is deemed
to be.
There is however a whole host of products that fall between beta and alpha, we have sought to create a classification
system that classifies these products, taking into consideration a number of variables, ranging from diversification to
what constitutes a market segment.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 69
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.
11 February 2016
European Monthly ETF Market Review
Page 70 Deutsche Bank AG/London
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. Ari Rajendra
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. Notes:
1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:
Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period
41 %
54 %
5 %
47 % 39 %
34 %
0
50
100
150
200
250
300
350
Buy Hold Sell
European Universe
Companies Covered Cos. w/ Banking Relationship
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 71
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.
11 February 2016
European Monthly ETF Market Review
Page 72 Deutsche Bank AG/London
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,
equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication
may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or
otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.
Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment
banking revenues.
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 has no
obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or
estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational
purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any
particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial
instruments discussed in this report may not be suitable for all investors and investors must make their own informed
investment decisions. Prices and availability of financial instruments are subject to change without notice and
investment transactions can lead to losses as a result of price fluctuations and other factors. If a 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 Reuters, Bloomberg and
other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.
Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise
to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash
flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a
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
(including changes in assets holding limits for different types of investors), changes in tax policies, currency
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.
11 February 2016
European Monthly ETF Market Review
Deutsche Bank AG/London Page 73
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
circumstances including their tax position, their regulatory environment and the nature of their other assets and
liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar
to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can
be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be
incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable
for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized
Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the
website please contact your Deutsche Bank representative for a copy of this important document.
Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)
exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by
numerous market factors, including world and national economic, political and regulatory events, events in equity and
debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed
exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are
affected by the currency of an underlying security, effectively assume currency risk.
Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the
investor's home jurisdiction.
United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and
SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated
and therefore not subject to FINRA regulations concerning communications with subject companies, public appearances
and securities held by analysts.
Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated
in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under
German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European
Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority.
United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester
House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the
Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial
Conduct Authority. Details about the extent of our authorisation and regulation are available on request.
Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.
India: Prepared by Deutsche Equities Private Ltd, which is registered by the Securities and Exchange Board of India
(SEBI) as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received
administrative warnings from the SEBI for breaches of Indian regulations.
Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial
instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,
Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks
involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by
multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to
losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional
losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories
of investment advice, products and services. Recommended investment strategies, products and services carry the risk
of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in
market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the
relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in
this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the
name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank
Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are
11 February 2016
European Monthly ETF Market Review
Page 74 Deutsche Bank AG/London
not disclosed according to the Financial Instruments and Exchange Law of Japan.
Korea: Distributed by Deutsche Securities Korea Co.
South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register
Number in South Africa: 1998/003298/10).
Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles
Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters
arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who
is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and
regulations), they accept legal responsibility to such person for its contents.
Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre
Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall
within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,
West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related
financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre
Regulatory Authority.
Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute,
any appraisal or evaluation activity requiring a license in the Russian Federation.
Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the
Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall
within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya
District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.
United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated
by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services
activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai
International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been
distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as
defined by the Dubai Financial Services Authority.
Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product
referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please
refer to Australian specific research disclosures and related information at
https://australia.db.com/australia/content/research-information.html
Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the
meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.
Additional information relative to securities, other financial products or issuers discussed in this report is available upon
request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche
Bank's prior written consent. Please cite source when quoting.
Copyright © 2016 Deutsche Bank AG
David Folkerts-Landau Chief Economist and Global Head of Research
Raj Hindocha Global Chief Operating Officer
Research
Marcel Cassard Global Head
FICC Research & Global Macro Economics
Steve Pollard Global Head
Equity Research
Michael Spencer Regional Head
Asia Pacific Research
Ralf Hoffmann Regional Head
Deutsche Bank Research, Germany
Andreas Neubauer Regional Head
Equity Research, Germany
International Locations
Deutsche Bank AG
Deutsche Bank Place
Level 16
Corner of Hunter & Phillip Streets
Sydney, NSW 2000
Australia
Tel: (61) 2 8258 1234
Deutsche Bank AG
Große Gallusstraße 10-14
60272 Frankfurt am Main
Germany
Tel: (49) 69 910 00
Deutsche Bank AG
Filiale Hongkong
International Commerce Centre,
1 Austin Road West,Kowloon,
Hong Kong
Tel: (852) 2203 8888
Deutsche Securities Inc.
2-11-1 Nagatacho
Sanno Park Tower
Chiyoda-ku, Tokyo 100-6171
Japan
Tel: (81) 3 5156 6770
Deutsche Bank AG London
1 Great Winchester Street
London EC2N 2EQ
United Kingdom
Tel: (44) 20 7545 8000
Deutsche Bank Securities Inc.
60 Wall Street
New York, NY 10005
United States of America
Tel: (1) 212 250 2500