Xtrackers ETFs - 9 November 2016 Markets …...Financial Sector ETFs witnessed inﬂows of +€0.7bn. Value (+€159mn) and Sustainable (+€171mn) strategies also beneﬁtted. Fixed

9 November 2016

European Monthly ETF Market Review

Europe Synthetic Equity & Index Strategy

European MonthlyETF Market Review

Date9 November 2016

Deutsche BankMarkets Research

Financials Gain, EM continues to drawassetsData in this report is as of 31st October 2016.

European ETP Monthly Highlights (Assets & Flows):■ Assets: European ETPs AUM increased by €4bn on MoM basis and ended

the month at €512bn.

■ Flows: European domiciled ETPs registered strong inflows of +€3.6bnacross all major asset classes (equity, fixed income and commodity).Equity ETFs lead with inflows of +€2.3bn followed by Fixed Income ETFs(+€0.7bn) and Commodity ETPs (+€0.5bn).

New Product Launches – 13 new productsEuropean ETP market witnessed 13 new product launches in October including7 ETFs and 6 ETCs.

Investment Themes for the Month■ Global EM, US and Japan attracted inflows of +€563mn, +€180mn and +

€126mn respectively while European equities (E-STOXX 50, DAX & MSCIEurope) witnessed outflows of -€149mn.

■ Financial Sector ETFs witnessed inflows of +€0.7bn. Value (+€159mn) andSustainable (+€171mn) strategies also benefitted.

■ Fixed Income inflows were dominated by investment grade bonds (+€1.2bn inflows). All other categories experienced outflows.

■ Gold ETPs registered inflows of +€0.6bn (+€9.7bn YTD flows)

Turnover: MoM turnover activity down by 3%The total turnover activity into European ETPs was down by 3% (€59bn) from theprevious month’s total (€61bn).

Price premium/discount to NAV monitorWithin Equity, deepest discount in Size (-0.35%) and highest premium (0.32%)occurred within Sector ETFs while in Fixed Income, deepest discount in BroadETFs (-0.22%) while highest premium occurred in Corporate ETFs (0.31%).

US Market: Further redemption from European focused ETFsEuropean exposed ETFs listed in US had outflows of -$1.3bn (-$2.4bn in Sep’16)during October. European exposure ETFs remained weak so far this year with netoutflows of -$22.4bn in US listed ETFs.

Ari Rajendra

Strategist

+44-20-754-52282

Shan Lan

Strategist

+852-22036716

Sebastian Mercado, CFA

Strategist

+1-212-250-8690

Deutsche Bank AG/London

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

Distributed on: 09/11/2016 16:57:13 GMT

mailto:[email protected]



9 November 2016


Table Of ContentsEuropean ETP Highlights ................................................................................ 3New Launch Activity: Busy month with 13 new Products launches ............... 3Investment Themes for the Month ................................................................. 4Turnover: MoM turnover activity down by 3% ............................................... 5Price discounts/premium to NAV Monitor ..................................................... 5US Market: Further redemptions from European Exposed ETFs .................... 6

1. Investment Trends ........................................................ 7Cross-Asset Class - | ETPs | Europe | ............................................................. 7

2. Market Metrics ............................................................. 8ETF Industry Asset Evolution ......................................................................... 8ETFs vs. Cash Equities ................................................................................. 11ETFs vs. Unlisted Mutual Funds ................................................................... 12European ETF Industry Replication Structure Composition .......................... 14Industry Growth Analysis ............................................................................. 15

3. Cash Flow Analysis .................................................... 17Regional Cash Flow Analysis ....................................................................... 17Asset Class Cash Flow Analysis ................................................................... 17Product Rankings ......................................................................................... 22

4. Product Review .......................................................... 24New Products Launched in the Month ........................................................ 24Average TERs ............................................................................................... 26

5. Provider Rankings ...................................................... 30Global Provider Rankings ............................................................................. 30European Provider Rankings - General ......................................................... 32European Provider Rankings - by Asset Class .............................................. 36European Provider Analysis by Replication Method ..................................... 39

6. Trading Perspective .................................................... 40ETP Monthly Turnover Analysis by Asset Class, by Instrument .................... 40Asset Class Analysis ..................................................................................... 40Product Rankings ......................................................................................... 45

7. European ETF Exchanges ........................................... 50

8. Assets ........................................................................ 53ETP Monthly AUM Analysis by Asset Class ................................................. 53Asset Class Analysis ..................................................................................... 53Product Rankings ......................................................................................... 59

9. ETF Broker rankings ................................................... 61US ETP Broker Rankings .............................................................................. 61European ETP Broker Rankings .................................................................... 63

Appendix A: How we define ETPs ................................. 65

Appendix B: The road from beta to alpha ...................... 67

Page 2 Deutsche Bank AG/London

9 November 2016


European ETP Highlights

Assets: European ETPs AUM increased by €4bn on MoM basis and ended themonth at €512bn. By asset class, Equity ETFs had assets worth of €326bn whileFixed Income ETFs and Commodity ETPs had assets worth of €140bn and €27bnrespectively. For more details please refer to Assets section.

Flows: European domiciled ETPs registered strong inflows of +€3.6bn across allmajor asset classes (equity, fixed income and commodity). Equity ETFs lead withinflows of +€2.3bn followed by Fixed Income ETFs (+€0.7bn) and CommodityETPs (+€0.5bn). For more details please refer to Cash Flow Analysis section.

Global ETPs HighlightsGlobal ETPs assets decreased by $42bn, ending at $3.3 trillion at the end ofOct’16, 1.3% down from last month-end levels. Global ETPs registered inflowsof +$18bn during October (+$32bn for September). US listed ETPs registeredinflows of +$18bn while Asia-Pacific and listed ETPs saw redemptions worth of-$4bn during last month.

Figure 1: Global ETPs Snapshot - | ETPs | Global |

Region Oct-16 Sep-16

MoM

Change

(%)

Oct-16 Sep-16 Oct-16 Sep-16

MoM

Change

(%)

AUMCash

Flows*Turnover

US 2368.42 2397.42 -1.21% 18.28 17.98 1316.75 1644.71 -19.94% 73% 0.8% 87%

Europe 561.30 570.92 -1.68% 3.94 3.13 65.32 68.31 -4.37% 17% 0.7% 4%

Asia-Pacific 323.92 327.29 -1.03% -4.19 10.54 135.29 151.38 -10.63% 10% -1.3% 9%

Global 3253.64 3295.62 -1.27% 18.03 31.65 1517.36 1864.39 -18.61% 0.5%

AUM ($bn) Cash Flow ($bn) Turnover ($bn) Market Share (%)

Source: Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Cash Flow Market Share corresponds to Oct-16 Monthly Cash Flow / Endof Sep-16 AUM

New Launch Activity: Busy month with 13 new Productslaunches

European ETP market witnessed 13 new product launches in October. BlackRocklisted 4 Smart Beta ETFs providing exposure to MSCI USA's Size, Momentum,Value and Quality factor indices. Source and First Trust each listed 1 equity ETFsproviding exposure to GPR 75 Liquid Developed Europe Real Estate Index andNasdaq Global High Equity Income Index respectively while Lyxor listed a FixedIncome ETF providing exposure to BofA Merrill Lynch US High Yield ConstrainedIndex. BNP Paribas listed 6 ETCs providing exposure to Industrial Metals ( Tin,Copper, Aluminium, Lead, Nickel & Zinc) during Oct’16. For additional informationon new product launches please refer to Product Review section.

Deutsche Bank AG/London Page 3

9 November 2016


Figure 2: New Launches in October - | ETPs | Europe |

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Investment Themes for the Month

Global EM, US and Japan focused withness inflows while broad EuropeanEquities saw redemptionsETFs tracking European indices (E-STOXX 50, DAX & MSCI Europe) saw a reversalof previous month's inflows (+€254mn inflows in Sep'16). Our analysis suggeststhat there was a modest redemption of -€149mn during Oct’16 (-€9.4bn so far thisyear). Two of the largest ETFs affected were ETFs tracking the E-STOXX 50 index.

Similar to previous month, Investors trading European-listed ETPs were net buyersof Global Emerging Markets focused ETFs with inflows of +€563mn in October (+€580mn inflows in Sep'16). We have now observed over +€6bn inflows in GlobalEM ETFs so far this year. Further, US focused ETFs registered inflows of +€180mnwhile Japan focused ETFs registered inflows of +€126mn during the same period.

Financial Sector, Value and Sustainable ETFs preferred during OctoberETFs providing exposure to the Financials sector gained assets during the monthof October which coincided with the rise in core rates. The broadly better thanexpected Q3 earnings for banks further supported the move. We saw inflows of+€0.7bn into financial sector ETFs over the last month. In our recent publication(DB TRAIN 2016 basket, Anusha Pai 4th Nov 2016), it was highlighted that thefinancials sector (in Europe) had the largest positive move following the recentsteeping of the yield curve, thus benefitting Financial ETFs. The largest 3 Europeanlisted ETFs providing exposure to European Financials can be seen below.

Figure 3: Top 3 Financial Sector ETFs by AUM


Further, it is worth noting that ETFs with exposure to Value and SRI strategiesexperienced meaningful inflows in October with inflows of +€159mn and +€171mn respectively. The flows into the value category in particular representedmore than 10% of its assets under management.


http://pull.db-gmresearch.com/p/1-881F/37301855/IncomeInvestor_Delta1.pdf

9 November 2016


Investment Grade Bonds dominates within Corporate Bond categoryFixed Income ETFs registered inflows of +€0.7bn during October. CorporateBonds contributed significantly to overall fixed income flows, attracting +€1.5bn.Within corporate bonds, investment grade bonds dominate with inflows of +€1.2bn. Lyxor ETF Euro Corporate Bond (CRP FP), iShares Euro Corporate BondUCITS ETF (IEBC LN) and Amundi ETF Floating Rate USD Corporate UCITS ETF -Hedged EUR (AFLE FP) were the primary beneficiaries with monthly inflows of +€375mn, +€329mn and +€235mn respectively. All other fixed income categoriesexperienced outflows.

Gold ETPs registered inflows of +€0.6bnEuropean Commodity ETP market continued its positive momentum in Octoberand registered inflows of +€0.5bn (+€11.5bn YTD). Within Commodity, Gold ETPstopped the flows table with inflows of +€0.6bn over the last month. This is evidentthat appetite for Gold ETPs (+€9.7bn YTD flows) picked up in 2016 as investorsprefer to buy safe heaven assets over equities (+€4.8bn YTD flows).

Turnover: MoM turnover activity down by 3%

The total turnover activity into European ETPs was down by 2.7% (€59bn) fromthe previous month’s total (€61bn). At the asset class level, on a MoM basis,Commodity ETPs and Fixed Income ETFs turnover activity increased by 8%and 3% respectively while Equity ETFs saw decreased turnover activity by -7%.Turnover into European ETFs has constantly increasing since 2012 as moreinvestors are using ETFs as investment purpose and efficient trading instrument.ETFs turnover (%) vs. the overall Cash Equity market has been increased to 11%from 7.8% (2011) in 2016. For more details please refer to Trading Perspectivesection.

Figure 4: ETFs vs Cash Equity Turnover (%) - | ETFs | Europe |


Price discounts/premium to NAV Monitor

The price of ETFs may not trade in line with its respective NAVs driven by multiplefactors such as supply/demand, market access, duty and varying trading time


9 November 2016


zones of stocks within an index. In this section we highlight, for ETFs withEuropean equity exposure only, the median, maximum premium and maximumdiscount observed in varying categories for this month. Figures below illustratethe Price premium/discount to NAV for European ETFs.

■ Equities: Deepest discount in Size (-0.35%) and highest premium (0.32%)occurred within Sector ETFs.

■ Fixed Income: Deepest discount in Broad ETFs (-0.22%) while highestpremium in Corporate ETFs (0.31%).

Figure 5: Price premium/discount to NAV - | ETFs | Europe |

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

US Market: Further redemptions from European ExposedETFs

US domiciled ETPs continued the positive run and recorded inflows of +$18bn in October (+$18bn in Sep’16) taking YTD flows to +$173bn. Equity andFixed Income ETFs received inflows of +$14bn and +$4bn respectively whileCommodity ETPs reversed the previous month’s trend and comes into negativeterritory with outflows of -$0.4bn during Oct’16 (+$0.2bn in Sep'16).

European exposed ETFs listed in US had outflows of -$1.3bn (-$2.4bn in Sep’16)during October. European exposure ETFs remained weak so far this year with netoutflows of -$22.4bn in US listed ETFs.


9 November 2016


1. Investment TrendsCross-Asset Class - | ETPs | Europe |

Figure 6: Cash flows by asset class – YTD

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9 November 2016


2. Market MetricsETF Industry Asset Evolution

Figure 8: 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 91.3 136.3 168.8 202.2 283.9 323.9

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 561.3

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 2,368.4

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 2,903.6 3,253.6

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 512.0

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,578 3,123 3,490 3,710 4,023 4,456 4,707

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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 9: 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 17.8 30.7

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 72.9

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 2,837.6 3,150.0

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 2,903.6 3,253.6

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,578 3,123 3,490 3,710 4,023 4,456 4,707

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9 November 2016


Figure 10: 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 90.7 135.5 168.3 201.8 283.5 323.5

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 531.0

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 2,295.5

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 2,837.6 3,150.0

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.7 286.3 362.4 450.0 484.4

Number of ETFs* 257 310 414 676 1,116 1,481 1,801 2,232 2,698 2,964 3,182 3,488 3,912 4,168

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Figure 11: 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 1,254

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,814

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,427 140,247

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,542 147,270 139,312 170,829 209,804 261,398 323,861 326,110

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,105 211,059 207,579 252,743 286,276 362,371 449,984 484,425

Number of ETFs* 100 114 162 266 419 614 817 1,053 1,215 1,311 1,350 1,439 1,518 1,538

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9 November 2016


Figure 12: 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 13

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 638

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 782

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,276

Overall - - 1,103 1,444 981 3,531 5,582 4,439 4,846 3,779 3,580 3,661 5,405

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 34,888

Total 520 936 2,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,001 44,003

Number of ETPs* 1 3 40 76 144 185 247 324 421 415 390 397 402

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Figure 13: 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 16,052 27,618

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,05 207,57 252,74 286,27 362,37 449,98 484,42

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,16 279,32 301,69 379,18 466,03 512,04

Number of ETPs 100 115 164 298 476 738 993 1,329 1,562 1,746 1,792 1,889 1,980 2,007

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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.


9 November 2016


ETFs vs. Cash Equities

Figure 14: ETFs vs. cash equities turnover – US market - | ETFs | US |

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9 November 2016


Figure 15: ETFs vs. cash equities turnover – European market - | ETFs | Europe |

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ETFs vs. Unlisted Mutual Funds

Figure 16: 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 Q1-16 Q2-16 Q3-16*

ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17 16 20 25 26

ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 451 438 454 474

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% 3.5% 3.5% 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% 3.4% 3.4% 3.4% 3.5%

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9 November 2016


Figure 17: 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 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16

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 -0.02 0.68 2.29 0.51 0.47 0.31 0.97 1.42

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 8.57 2.26 -0.01 3.99 3.10 1.90 3.48 8.20

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 28.60 0.20 8.50 26.30 64.80 51.70 14.30 65.50

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Figure 18: 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 Q1-16 Q2-16 Q3-16

ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 63 75 76

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 2,100 2,163 2,321

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% 16.7% 16.9% 17.5%

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% 16.2% 16.4% 17.0%

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Figure 19: US ETP vs mutual fund cash flows - | ETPs | US |

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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 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

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 2.11 5.40 2.35 -0.72 3.30 4.11 1.99 -0.49 0.46

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 -3.10 -4.22 30.02 11.79 -1.55 15.51 43.70 27.99 17.52

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 -76.28 -20.77 8.48 14.67 -4.48 -6.60 -14.56 -14.62 -9.88 -9.00

Source: Deutsche Bank, Bloomberg Finance LP, ICI


9 November 2016


European ETF Industry Replication Structure Composition

Synthetic vs Physical

Figure 20: Historical Composition by ETF Structure - | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

1,000

-

100

200

300

400

500

600

Num

ber

of

ETFs

AU

M (€

bill

ion)

Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds


Figure 21: European AUM ETF market historical asset class analysis byreplication technique - | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 239,101 85,286 253,885 72,225 253,885 72,225

Fixed Income 87,026 26,050 117,827 22,420 117,827 22,420

Commodity 8,718 3,580 11,717 5,097 11,717 5,097

Others 396 1,003 432 822 432 822

Total 335,241 115,920 383,860 100,564 383,860 100,564

Equity 557 531 603 498 603 498

Fixed Income 203 155 243 130 243 130

Commodity 22 28 21 27 21 27

Others 9 13 7 9 7 9

Total 791 727 874 664 874 664

Equity 36,258 9,398 330 4,508 2,447 -115

Fixed Income 19,936 6,800 26,597 -1,093 969 -281

Commodity -815 958 1,356 1,289 48 -177

Others 47 -89 15 -130 12 17

Total 55,426 17,068 28,298 4,574 3,475 -555

ETFs (number of products)

Cash Flows (€ million)

Oct-16

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Year-to-date (upto 31-Oct-2016) numbers have been provided).


9 November 2016


Industry Growth Analysis

Figure 22: Global ETF Industry growth attribution - | ETFs | Global |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

ETF a

sset

pri

ce g

row

th c

ontr

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on (lin

e)

ETF c

ash f

low

gro

wth

co

ntr

ibutio

n (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 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16

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% -0.4% 7.3% 1.4% 0.2% -0.2% 3.4% 0.1% 0.0% -1.7%

Flows growth -0.3% 1.4% 0.5% 1.5% 0.9% 1.5% 1.3% 1.0% 0.5% 1.5% 1.6% 2.3% 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% 1.7% 1.2% 0.9% 0.6%

Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%

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% -0.4% 8.7% 1.7% 0.4% 0.5% 5.1% 1.3% 0.9% -1.2%


Figure 23: 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%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

ETF a

sset

price g

row

th c

ontr

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n (Lin

e)

ETF c

ash f

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row

th c

ontr

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n (B

ars

)


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% -0.2% 5.9% 1.1% 0.6% 0.1% 3.4% 0.0% -0.2% -1.9%

Flows growth -0.9% 1.2% 0.6% 1.3% 0.8% 1.5% 0.9% 0.9% 1.0% 1.5% 2.3% 2.7% -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% 2.0% 1.2% 0.8% 0.8%

Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8%

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% -0.5% 7.4% 1.6% 0.5% 0.8% 5.5% 1.2% 0.6% -1.1%


Figure 24: European ETF Industry growth attribution - | ETFs | Europe |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0% E

TF a

sset

price g

row

th c

ontr

ibutio

n (Lin

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ETF c

ash f

low

s g

row

th c

ontr

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n (B

ars

)


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% -1.1% 1.5% 0.8% 1.5% -0.7% 2.5% 0.5% -0.6% 0.2%

Flows growth 1.3% 1.7% 0.3% 2.1% 1.5% 1.3% 2.4% 1.8% -0.5% 1.6% 1.2% 0.0% 3.1% 2.6% 1.7% 0.9% 0.1% 0.4% 1.9% 2.2% 0.5% 1.4% 0.8% 1.9% 0.3% 0.0% 1.1% 0.7% 0.4% 0.8% 1.8% 1.0% 0.5% 0.6%

Avg. growth 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6%

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% -1.1% 2.6% 1.5% 2.0% 0.1% 4.3% 1.6% -0.1% 0.8%



9 November 2016


Figure 25: European ETC Industry growth attribution - | ETCs | Europe |

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

ETC

asset

price g

row

th c

ontr

ibutio

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e)

ETC

cash f

low

s g

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th c

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n (B

ars

)


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% 7.2% -2.6% 6.0% -3.2% 7.9% -0.1% -2.1% 1.0% -1.6%

Flows growth -0.9% 1.1% 2.6% 0.8% -0.9% -0.6% 2.2% 0.5% -2.6% -0.7% 1.5% 0.3% 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% 5.7% 4.2% 1.9% 2.3%

Avg. growth 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%

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% 20.7% 0.8% 8.3% -1.8% 12.3% 5.6% 2.1% 2.9% 0.8%



9 November 2016


3. Cash Flow AnalysisRegional Cash Flow Analysis

Figure 26: Global ETP cash flows by region and asset class - | ETPs | Global |

Asset Class EU ($) EU (Φ) Asia Total EU ($) EU (Φ) Asia Total EU ($) EU (Φ) Asia Total

ETFs

Equity 14,070 2,594 2,332 -740 15,924 8,956 1,202 1,073 11,185 21,344 72,167 5,316 4,838 37,643 115,126

Fixed income 4,269 761 688 -3,817 1,213 8,791 1,278 1,136 -736 9,333 82,525 28,511 25,505 -7,316 103,720

Commodity 24 -146 -129 345 223 -106 95 84 -22 -33 361 2,951 2,645 1,532 4,844

Currency 6 0 0 -4 2 -168 0 0 55 -113 -186 0 0 205 19

Multi Asset 111 -5 -4 2 109 21 -8 -8 12 24 348 -40 -37 75 382

Alternative 159 37 34 22 217 23 -9 -8 44 58 4 -89 -78 319 233

Total 18,640 3,242 2,920 -4,193 17,688 17,517 2,558 2,277 10,538 30,613 155,219 36,648 32,872 32,458 224,325

ETCs/ETVs

Commodity -401 682 623 0 281 287 565 504 3 855 17,290 9,837 8,852 15 27,142

Currency 199 19 18 0 219 -85 8 7 0 -77 -328 92 78 0 -236

Alternative -153 0 0 0 -153 257 0 0 0 257 1,202 0 0 0 1,202

Total -355 702 641 0 346 459 573 511 3 1,035 18,164 9,930 8,929 15 28,108

ETPs

Equity 14,070 2,594 2,332 -740 15,924 8,956 1,202 1,073 11,185 21,344 72,167 5,316 4,838 37,643 115,126

Fixed income 4,269 761 688 -3,817 1,213 8,791 1,278 1,136 -736 9,333 82,525 28,511 25,505 -7,316 103,720

Commodity -377 536 494 345 504 180 660 588 -19 821 17,652 12,788 11,496 1,546 31,987

Currency 205 19 18 -4 221 -253 8 7 55 -190 -514 92 78 205 -216

Multi Asset 111 -5 -4 2 109 21 -8 -8 12 24 348 -40 -37 75 382

Alternative 5 37 34 22 64 280 -9 -8 44 315 1,206 -89 -78 319 1,435

Total 18,284 3,943 3,561 -4,193 18,034 17,976 3,131 2,788 10,541 31,648 173,384 46,578 41,801 32,472 252,433

All figures in $ million except where otherwise stated

Oct-16 Sep-16 YTD


Asset Class Cash Flow Analysis

Figure 27: European Equity ETF cash flow summary - | ETFs | Europe |Equity Cash Flows

All figures in € million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM

Developed Markets 440 0.2% 662 0.3% -9,426 -4.0%

Emerging Markets 807 2.7% 563 1.9% 6,194 27.8%

Global Markets 114 2.2% -32 -0.6% 164 3.3%

Sector 799 4.2% 407 2.1% 1,262 6.4%

Capitalization 149 2.5% -57 -0.9% -966 -13.5%

Strategy -343 -1.8% -824 -4.1% 5,289 39.9%

Style 79 0.4% 64 0.4% 1,364 8.2%

Thematic 287 5.5% 288 5.9% 957 24.6%

Total equities 2,332 0.7% 1,073 0.3% 4,838 1.5%

Sep-16 YTDOct-16



9 November 2016


Figure 28: European Equity ETF cash flow summary - A - | ETFs | Europe |Equity Cash Flows


Sector 799 4.2% 407 2.1% 1,262 6.4%

Consumer discretionary 32 3.7% 47 5.7% 70 7.8%

Consumer staples 4 0.4% 15 1.7% -102 -10.3%

Energy 11 0.6% 5 0.3% 68 4.4%

Financials 644 15.3% 87 2.1% 250 4.5%

Healthcare -16 -0.8% 22 1.0% 113 5.6%

Industrials -8 -1.3% 52 9.4% 58 10.9%

Information Technology 35 2.1% 101 6.6% 220 15.6%

Materials 16 1.7% 23 2.7% 104 15.5%

Real Estate 156 3.2% -14 -0.3% 508 10.8%

Telecommunications -56 -7.9% 78 12.2% -34 -4.3%

Utilities -18 -3.9% -10 -2.2% 7 1.5%

Capitalization 149 2.5% -57 -0.9% -966 -13.5%

Large Cap -9 -2.6% -5 -1.3% -15 -4.0%

Mid Cap -8 -0.5% -61 -3.6% -717 -30.2%

Small Cap 166 4.2% 9 0.2% -233 -5.3%

Strategy -343 -1.8% -824 -4.1% 5,289 39.9%

Fundamental 24 1.7% 0 0.0% -169 -11.0%

Leveraged Long -142 -8.1% -60 -3.3% -284 -13.0%

Leveraged Short 249 22.6% 40 3.7% 669 83.7%

Options Strategy 0 0.0% 0 0.0% 0 0.0%

Quantitative -487 -3.7% -761 -5.5% 4,631 63.1%

Short 13 0.8% -43 -2.4% 442 31.3%

Style 79 0.4% 64 0.4% 1,364 8.2%

Dividend -78 -0.5% 45 0.3% 1,314 8.8%

Growth -2 -0.7% 0 -0.1% 0 0.0%

Value 159 13.5% 19 1.7% 50 3.7%

Thematic 287 5.5% 288 5.9% 957 24.6%

Commodities 36 3.0% 38 3.3% 37 5.5%

Faith 0 0.0% -6 -2.7% 20 10.7%

Other Theme 80 6.3% 204 19.2% 420 48.4%

Sustainability 171 6.8% 53 2.1% 480 22.2%

Total 971 1.4% -121 -0.18% 7,906 13.1%

Oct-16 Sep-16 YTD



9 November 2016


Figure 29: European Equity ETF cash flow summary – B - | ETFs | Europe |Equity Cash Flows


Developed Markets

Europe -5 0.0% -176 -0.2% -13,280 -10.0%

Austria -20 -7.6% 16 6.7% -147 -37.1%

Belgium 0 0.0% 0 0.0% 0 1.1%

Finland -6 -3.1% 0 0.0% -13 -7.3%

France -32 -0.7% -113 -2.5% -544 -10.8%

Germany 13 0.1% -224 -1.2% -3,000 -13.9%

Greece -2 -1.6% 2 1.1% -23 -11.7%

Ireland 0 0.0% 0 0.0% 0 0.0%

Italy 2 0.1% 1 0.1% -726 -24.5%

Netherlands -1 -0.2% 19 3.3% -84 -12.9%

Norway -2 -1.0% 0 0.0% 2 1.0%

Portugal -5 -11.0% 0 0.0% -25 -33.5%

Spain -19 -1.7% -11 -1.0% -435 -25.6%

Sweden 65 5.2% -44 -3.4% -43 -3.1%

Switzerland 85 0.9% -90 -0.9% -226 -2.2%

UK 67 0.5% 14 0.1% 1,411 10.8%

Europe broad -149 -0.2% 254 0.4% -9,427 -12.6%

Americas 117 0.2% 771 1.1% 4,359 7.1%

US 180 0.3% 765 1.2% 4,204 7.2%

Canada -8 -0.6% -9 -0.6% 263 34.1%

North America -56 0.0% 14 0.0% -107 0.0%

Asia 94 0.5% -337 -1.8% -2,883 -12.6%

Australia -72 -5.8% -37 -2.9% 341 42.9%

Hong Kong 3 1.5% 1 0.8% -67 -25.5%

Japan 126 0.8% -301 -2.0% -3,628 -17.9%

Singapore 0 0.0% -5 -13.4% -26 -42.0%

Asia Pacific broad 38 1.9% 4 0.2% 497 34.4%

Global 235 1.1% 404 1.9% 2,373 12.3%

Broad indices 235 1.1% 404 1.9% 2,373 12.3%

DM Total 440 0.2% 662 0.3% -9,431 -4.0%

Oct-16 Sep-16 YTD



9 November 2016


Figure 30: European Equity ETF cash flow summary – C - | ETFs | Europe |Equity Cash Flows


Emerging Markets

BRIC 123 2.3% -55 -1.0% -614 -10.3%

Brazil 1 0.1% -31 -4.4% -131 -24.9%

Russia 20 2.6% -3 -0.4% -75 -11.0%

India -4 -0.2% 19 1.1% -91 -5.0%

China 107 4.6% -39 -1.7% -317 -10.8%

Latin America 43 2.7% 56 3.6% 293 27.8%

Chile 0 0.0% 0 0.0% 0 0.0%

Mexico -15 -10.6% 6 4.0% -13 -8.6%

LATAM broad 58 7.8% 50 7.1% 306 80.5%

Asia 105 1.3% -2 0.0% 449 5.5%

Bangladesh 0 1.0% 0 0.2% 1 4.5%

Indonesia 7 3.9% -3 -1.5% 47 39.3%

Malaysia 0 0.0% 0 0.1% -6 -12.5%

Pakistan -2 -7.0% 0 -0.5% 7 33.9%

Philippines 0 -0.1% 0 0.0% 13 32.3%

South Korea 13 1.6% -6 -0.7% -73 -9.0%

Taiwan 3 0.6% -10 -2.0% -112 -19.8%

Thailand -1 -1.0% -21 -25.1% 23 79.3%

Vietnam -2 -0.8% -3 -0.9% -38 -11.5%

Asia Pacific broad 87 4.2% 41 2.0% 587 42.2%

EMEA -28 -3.2% -16 -1.7% -46 -5.3%

Kuwait 0 0.0% 0 0.0% -2 -23.9%

Poland -4 -5.7% 4 6.9% 0 -0.3%

South Africa 0 0.3% 0 0.4% 32 46.1%

Turkey 1 0.4% -3 -1.2% -80 -28.2%

Europe broad -6 -1.6% -18 -4.8% 12 3.9%

Middle East & Africa -20 -13.0% 0 0.0% -8 -6.1%

Global Markets 563 3.0% 580 3.2% 6,112 52.8%

Global 563 3.0% 580 3.2% 6,112 52.8%

EM Total 807 2.7% 563 1.9% 6,194 27.8%

Total (EM + DM) 1,247 0.5% 1,226 0.5% -3,236 -1.3%

Oct-16 Sep-16 YTD


Figure 31: European Fixed Income ETF cash flows - | ETFs | Europe |FI Cash Flows


Overall -135 -1.4% -90 -0.9% 1,357 17.0%

Corporates 1,494 2.5% 1,025 1.7% 16,552 38.2%

Covered Bonds -117 -3.5% -67 -2.0% 123 4.0%

Credit Exposure -14 -5.1% -9 -3.0% -17 -6.2%

Sovereign -274 -0.4% 487 0.8% 8,289 15.1%

Money Market -266 -11.3% -210 -8.1% -798 -27.1%

Total Fixed Income 688 0.5% 1,136 0.8% 25,505 22.7%

Oct-16 Sep-16 YTD



9 November 2016


Figure 32: European Commodity ETP cash flow summary - | ETPs | Europe |

Commodity Cash Flows


Overall -162 -3.0% -93 -1.7% 1,495 40.8%

Overall -158 -3.0% -91 -1.7% 1,535 44.6%

Overall ex Energy -4 -2.3% -2 -1.2% -38 -17.8%

Overall Light Energy 0 0.0% 0 0.0% -2 -25.4%

Overall Ultra Light Energy 0 0.0% 0 0.0% 0 0.0%

Agriculture 18 2.5% 31 4.6% -26 -3.3%

Overall 2 0.7% 17 4.8% -71 -16.3%

Cocoa 1 5.7% 2 18.5% 5 38.5%

Coffee -7 -10.2% -6 -7.9% -29 -34.7%

Corn -1 -1.6% 3 7.3% 19 54.7%

Cotton 0 -4.3% 0 2.9% -21 -66.0%

Grains 0 0.7% 0 1.3% 5 14.4%

Softs 2 40.1% 0 -4.0% 1 17.7%

Soybean Oil 0 10.4% -1 -33.2% 0 -8.0%

Soybeans 2 17.1% 1 11.8% 2 16.1%

Sugar -4 -9.8% -1 -2.8% -26 -54.7%

Wheat 23 18.8% 15 14.8% 89 98.0%

Energy -108 -4.5% 10 0.4% -83 -3.8%

Overall 24 24.6% -34 -26.0% -39 -23.7%

Carbon 0 -15.2% 0 0.0% 0 -0.4%

Crude Oil -127 -5.8% 49 2.4% -29 -1.6%

Gasoline 1 19.9% -1 -15.5% -3 -23.1%

Heating Oil 1 28.0% 0 -4.2% 0 5.9%

Natural Gas -8 -6.4% -4 -2.9% -12 -8.4%

Electricity 0 0.0% 0 0.0% 0 0.0%

Uranium 0 0.0% 0 0.0% 0 0.0%

Industrial Metals 19 3.1% -7 -1.2% 126 27.0%

Overall 14 6.7% 0 0.1% 61 39.4%

Aluminium -4 -4.0% 4 4.2% 2 2.8%

Copper 12 7.2% -12 -7.4% 65 54.9%

Lead 0 7.1% 0 4.0% 0 4.8%

Nickel -3 -3.0% 1 1.4% 1 0.7%

Tin 0 -3.7% 0 -0.9% -1 -29.5%

Zinc 0 -1.2% 0 0.2% -2 -13.0%

Precious Metals 723 2.1% 646 1.9% 9,984 47.9%

Overall -5 -2.8% 0 -0.1% 23 19.9%

Gold 624 2.0% 554 1.9% 9,674 55.0%

Palladium -11 -2.0% -10 -1.9% -63 -12.8%

Platinum 46 5.9% 12 1.5% 22 3.1%

Rhodium 0 0.0% 0 0.0% -26 -47.1%

Silver 69 2.4% 91 3.3% 355 18.8%

Livestock 3 39.4% 1 10.7% 0 2.0%

Overall 0 -3.1% 0 0.0% -4 -64.0%

Cattle 0 3.3% 0 17.0% 1 26.2%

Lean Hogs 3 66.6% 1 11.8% 4 58.3%

Total 494 1.1% 588 1.4% 11,496 41.1%

Oct-16 Sep-16



9 November 2016


Product Rankings

Figure 33: Top 10 monthly Equity ETF inflows (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

UBS ETF plc - MSCI USA (USD) A-dis UBU3 GY UBS Beta 684.9 0.9 695.9

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 488.5 368.8 2,856.2

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 433.9 293.3 2,101.1

iShares S&P Financials Sector UCITS ETF IUFS LN BlackRock Beta 353.4 190.0 539.2

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 268.6 721.9 2,123.5

iShares MSCI Japan UCITS ETF (Inc) IJPN LN BlackRock Beta 204.3 -215.7 -616.2

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 169.0 200.3 1,849.8

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 166.9 158.9 -1,102.8

iShares MSCI Europe ex-UK UCITS ETF IEUX LN BlackRock Beta 160.2 43.7 -79.6

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 155.7 154.8 1,749.8


Figure 34: Top 10 monthly Fixed Income ETF inflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta 375.3 5.3 505.0

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 329.2 30.4 1,342.8

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 244.8 658.9 2,528.0

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 234.6 89.8 464.8

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 144.9 110.9 1,039.4

Lyxor US$ 10Y Inflation Breakeven UCITS ETF - C USD INFU FP Lyxor Beta 133.7 2.7 310.6

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 127.4 146.2 1,417.9

db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) XDGU GY Deutsche AM Beta 125.3 40.9 703.2

iShares Global Corporate Bond EUR Hedged UCITS ETF CRPH LN BlackRock Beta 100.8 73.1 770.9

iShares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta 99.4 -87.4 42.7


Figure 35: 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 355.6 97.5 2,137.5

iShares Physical Gold ETC SGLN LN Blackrock Beta 202.8 152.2 1,955.4

ETFS Physical Silver PHAG LN ETF Securities Beta 83.5 23.5 181.6

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 75.9 35.9 491.0

ETFS EUR Daily Hedged Physical Gold GBSE GY ETF Securities Beta 56.4 25.3 218.1

ETFS Physical Platinum PHPT LN ETF Securities Beta 42.9 7.6 22.2

ETFS GBP Daily Hedged Physical Gold GBSP LN ETF Securities Beta 41.7 0.0 48.8

Gold Bullion Securities GBS LN ETF Securities Beta 35.7 88.5 1,432.5

db Energy Booster Euro Hedged ETC XCTH GR Deutsche AM Beta 31.4 -31.6 29.9

ETFS Physical Gold PHAU LN ETF Securities Beta 28.8 47.0 1,827.6



9 November 2016


Figure 36: Top 10 monthly Equity ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

UBS-ETF MSCI USA USACHA SW UBS Beta -682.8 15.1 -626.7

db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AM Beta -341.9 -43.8 107.7

iShares MSCI Japan - B UCITS ETF CSJP SW BlackRock Beta -288.0 129.8 -224.6

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -273.8 -170.5 -1,795.4

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta -247.0 2.6 -525.8

iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta -179.3 -397.4 730.8

iShares MSCI Europe Minimum Volatility UCITS ETF MVEU LN BlackRock Beta -149.3 3.8 478.0

Source S&P 500 UCITS ETF SPXS LN Source Beta -129.1 -80.2 -273.4

db x-trackers MSCI Japan Index UCITS ETF 1C XMJP GR Deutsche AM Beta -126.6 123.5 -224.2

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta -114.6 -117.8 -1,043.9


Figure 37: Top 10 monthly Fixed Income ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

db x-trackers II Global Sovereign UCITS ETF 1C EUR - Hedged DBZB GR Deutsche AM Beta -186.2 31.2 -55.1

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AM Beta -173.7 -12.3 -786.2

db x-trackers II iBoxx Euro Sovereigns Eurozone 3-5 TR Index UCITS ETF X35E GR Deutsche AM Beta -146.4 -17.1 -246.1

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha -127.3 20.0 -167.7

Lyxor USD Liquid Investment Grade Corporate Bonds UCITS C-USD USIX LN Lyxor Beta -123.0 -34.8 -82.6

iShares $ Treasury Bond 20+yr UCITS ETF IDTL LN BlackRock Beta -121.4 -6.6 81.6

iShares Global High Yield Corp Bond UCITS ETF HYLD LN BlackRock Beta -121.1 8.6 111.2

db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE GR Deutsche AM Beta -104.3 -47.0 -48.1

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta -102.8 -36.9 455.8

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta -99.6 179.4 1,780.3


Figure 38: 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 Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta -144.5 -129.6 480.9

iShares Gold CHF Hedged CH CSGLDC SW BlackRock Beta -85.9 -1.3 8.0

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta -83.6 0.0 169.1

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ -55.2 34.2 -13.3

db Physical Gold ETC XGLD LN Deutsche AM Beta -44.9 0.0 61.7

db x-trackers db Commodity Booster UCITS ETF 2C EUR - Hedged XCBE GR Deutsche AM Beta -42.0 5.8 7.9

ETFS WTI Crude Oil CRUD LN ETF Securities Beta -41.5 18.5 0.4

Source Physical Silver P-ETC SSLV LN Source Beta -29.5 0.0 10.1

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta -23.3 24.8 428.3

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta -23.2 21.7 28.6



9 November 2016


4. Product ReviewNew Products Launched in the Month

Figure 39: Number of ETPs by Asset Class - I ETPs I Global I

Oct-16 Sep-16 End of 2015

Asset Class Nu.Mkt

Share %Nu. Nu. % Nu. Nu. %

ETFs

Equity 3,178 67.5% 3,156 22 67.6% 2,973 205 66.7%

Fixed income 761 16.2% 756 5 16.2% 718 43 16.1%

Commodity 112 2.4% 109 3 2.3% 110 2 2.5%

Currency 15 0.3% 15 - 0.3% 16 (1) 0.4%

Multi Asset 54 1.1% 53 1 1.1% 42 12 0.9%

Alternative 48 1.0% 48 - 1.0% 53 (5) 1.2%

Total 4,168 88.5% 4,137 31 88.6% 3,912 256 87.8%

ETC/Vs

Equity - 0.0% 0 - 0.0% 0 - 0.0%

Commodity 403 8.6% 397 6 8.5% 408 (5) 9.2%

Currency 132 2.8% 132 - 2.8% 132 - 3.0%

Alternative 4 0.1% 4 - 0.1% 4 - 0.1%

Total 539 11.5% 533 6 11.4% 544 (5) 12.2%

Total ETPs 4,707 100.0% 4,670 100.0% 4,456 100.0%

MoM Change YTD Change


Figure 40: Number of ETPs by Asset Class - | ETPs | Europe |

Oct-16 Sep-16 End of 2015

Asset Class Nu.Mkt

Share %Nu. Nu. % Nu. Nu. %

ETFs

Equity 1,101 54.9% 1,095 6 0.3% 1,088 13 0.7%

Fixed income 373 18.6% 372 1 0.1% 358 15 0.8%

Commodity 48 2.4% 48 - 0.0% 50 (2) -0.1%

Currency - 0.0% 0 - 0.0% 0 - 0.0%

Multi Asset 8 0.4% 8 - 0.0% 8 - 0.0%

Alternative 8 0.4% 8 - 0.0% 14 (6) -0.3%

Total 1,538 76.6% 1,531 7 0.4% 1,518 20 1.0%

ETCs

Commodity 354 17.6% 348 6 0.3% 347 7 0.4%

Currency 115 5.7% 115 - 0.0% 115 - 0.0%

Total 469 23.4% 463 6 0.3% 462 7 0.4%

Total ETPs 2,007 100.0% 1,994 0.7% 1,980 1.4%

MoM Change YTD Change



9 November 2016


Figure 41: New ETF launches - | ETFs | Europe |


Figure 42: New ETC launches - | ETCs | Europe |



9 November 2016


Average TERs

Figure 43: ETF TERs using simple average - | ETFs | Europe |

Asset class Strategy TER Nu. TER Nu. TER Nu.

Equity Alpha 0.33% 5 1.28% 4 0.75% 9

Beta 0.39% 580 0.40% 412 0.39% 992

Beta+ 0.67% 6 0.55% 68 0.56% 74

Semi Active 0.43% 12 0.53% 14 0.49% 26

0.39% 603 0.43% 498 0.41% 1,101

Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10

Beta 0.25% 235 0.20% 112 0.23% 347

Beta+ NA NA 0.22% 16 0.22% 16

0.26% 243 0.21% 130 0.24% 373

Alternative Alpha NA NA 0.71% 3 0.71% 3

Beta 0.75% 2 0.70% 2 0.73% 4

Beta+ NA NA NA NA NA NA

Semi Active NA NA 0.70% 1 0.70% 1

0.0075 2 0.71% 6 0.71% 8

Commodity Beta 0.49% 21 0.46% 26 0.48% 47



0.49% 21 0.46% 27 0.48% 48

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 1 NA 1 NA 2

Alpha 0.46% 4 0.64% 2 0.54% 6

0.46% 5 0.64% 3 0.54% 8

Total 0.36% 874 0.39% 664 0.38% 1,538

Physical Synthetic Total



9 November 2016


Figure 44: ETC TERs using simple average - | ETCs | Europe |

Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.

Commodity Agriculture Beta NA NA 0.49% 37 0.48% 37

Beta+ NA NA 0.92% 35 0.92% 35

Energy Beta NA NA 0.53% 55 0.51% 55

Beta+ NA NA 0.80% 53 0.73% 53

Industrial Metals Beta NA NA 0.59% 29 0.57% 29

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 0.49% 8 0.44% 8

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 0.68% 323 0.64% 354

Currency Currency Beta NA NA 0.41% 42 0.41% 42

Beta+ NA NA 0.79% 73 0.79% 73

Currency NA NA 0.65% 115 0.65% 115

Physical Synthetic Total



9 November 2016


Figure 45: ETF TERs using AUM weighted average - | ETFs | Europe |

Asset class Strategy TER Nu. TER Nu. TER Nu.

Equity Alpha 0.34% 5 0.82% 4 0.43% 9

Beta 0.30% 580 0.37% 412 0.31% 992

Beta+ 0.66% 6 0.48% 68 0.50% 74

Semi Active 0.38% 12 0.54% 14 0.51% 26

0.30% 603 0.39% 498 0.32% 1,101

Fixed Income Alpha 0.36% 8 0.39% 2 0.37% 10

Beta 0.27% 235 0.20% 112 0.26% 347

Beta+ NA NA 0.23% 16 0.23% 16

0.27% 243 0.21% 130 0.26% 373

Alternative Alpha NA NA 0.86% 3 0.86% 3

Beta 0.75% 2 0.70% 2 0.73% 4



0.75% 2 0.78% 6 0.77% 8

Commodity Beta 0.41% 21 0.44% 26 0.42% 47



0.41% 21 0.44% 27 0.42% 48

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.40% 1 0.25% 1 0.37% 2

Alpha 0.53% 4 0.71% 2 0.69% 6

0.53% 5 0.71% 3 0.69% 6

Total 0.30% 874 0.35% 664 0.31% 1,538

Synthetic TotalPhysical



9 November 2016


Figure 46: ETC TERs using AUM weighted average - | ETCs | Europe |

Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.

Commodity Agriculture Beta NA NA 0.49% 37 0.49% 37

Beta+ NA NA 0.98% 35 0.98% 35

Energy Beta NA NA 0.48% 55 0.48% 55

Beta+ NA NA 0.95% 53 0.95% 53

Industrial Metals Beta NA NA 0.49% 29 0.49% 29

Beta+ NA NA 0.97% 27 0.97% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.49% 8 0.49% 8

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.37% 31 0.37% 20 0.37% 51

Beta+ NA NA 0.95% 43 0.95% 43

Commodity 0.37% 31 0.50% 323 0.40% 354

Currency Currency Beta NA NA 0.39% 42 0.39% 42

Beta+ NA NA 0.82% 73 0.82% 73

Currency NA NA 0.69% 115 0.69% 115

TotalPhysical Synthetic



9 November 2016


5. Provider RankingsGlobal Provider Rankings

Figure 47: 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

YTD CF

1 BlackRock 1,182,535 37.5% 1,060,878 37.4% 665 7,038 405,821 90,389

2 Vanguard 602,153 19.1% 504,808 17.8% 111 9,308 71,131 75,214

3 State Street 445,429 14.1% 421,286 14.8% 271 585 561,223 10,365

4 PowerShares 103,327 3.3% 94,984 3.3% 150 2,321 59,695 5,607

5 Nomura Asset Management 78,724 2.5% 63,783 2.2% 50 309 21,111 12,024

6 Deutsche AM 69,659 2.2% 80,972 2.9% 244 -2,577 8,045 -11,451

7 Charles Schwab 53,689 1.7% 39,712 1.4% 21 937 5,831 11,812

8 Lyxor 52,453 1.7% 51,862 1.8% 220 987 10,001 994

9 First Trust 39,334 1.2% 42,877 1.5% 124 69 6,066 -4,304

10 WisdomTree 37,987 1.2% 52,160 1.8% 119 -145 8,159 -12,958

Total Top 10 2,665,290 84.6% 2,413,322 85.0% 1,975 18,832 1,157,082 177,691

Others 484,732 15.4% 424,301 15.0% 2,193 -1,144 286,146 46,634

Global Total 3,150,022 100.0% 2,837,623 100.0% 4,168 17,688 1,443,229 224,325


Figure 48: 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

YTD CF

1 State Street 38,535 37.2% 21,931 33.3% 1 -212 21,938 12,057

2 ETF Securities 20,124 19.4% 13,116 19.9% 340 328 3,812 4,886

3 BlackRock 19,499 18.8% 10,702 16.2% 8 419 5,543 6,459

4 PowerShares 5,499 5.3% 4,792 7.3% 11 190 2,300 437

5 Source 4,558 4.4% 1,798 2.7% 4 353 761 2,366

6 United States Commodity Funds 4,464 4.3% 4,416 6.7% 11 -392 12,674 -274

7 ProShares 3,634 3.5% 3,498 5.3% 17 -328 23,574 1,306

8 Deutsche AM 2,955 2.9% 1,792 2.7% 17 -121 369 834

9 Deutsche Borse Commodities GmbH 2,056 2.0% 1,715 2.6% 1 0 269 0

10 Guggenheim Investments 1,254 1.2% 1,192 1.8% 9 128 1,919 39

Total Top 10 102,580 99.0% 64,953 98.5% 419 366 73,157 28,110

Others 1,039 1.0% 1,002 1.5% 120 -20 978 -2

Global Total 103,619 100.0% 65,955 100.0% 539 346 74,134 28,108



9 November 2016


Figure 49: 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

YTD CF

1 BlackRock 1,202,034 36.9% 1,071,580 36.9% 673 7,457 411,364 96,848

2 Vanguard 602,153 18.5% 504,808 17.4% 111 9,308 71,131 75,214

3 State Street 483,964 14.9% 443,216 15.3% 272 373 583,161 22,422

4 PowerShares 108,827 3.3% 99,777 3.4% 161 2,511 61,994 6,045

5 Nomura Asset Management 78,724 2.4% 63,783 2.2% 50 309 21,111 12,024

6 Deutsche AM 72,615 2.2% 82,764 2.9% 261 -2,698 8,414 -10,617

7 Charles Schwab 53,689 1.7% 39,712 1.4% 21 937 5,831 11,812

8 Lyxor 52,453 1.6% 51,862 1.8% 220 987 10,001 994

9 First Trust 39,334 1.2% 42,877 1.5% 124 69 6,066 -4,304

10 WisdomTree 38,202 1.2% 52,385 1.8% 120 -145 8,175 -12,981

Total Top 10 2,731,993 84.0% 2,452,765 84.5% 2,013 19,108 1,187,248 197,455

Others 521,647 16.0% 450,814 15.5% 2,694 -1,074 330,115 54,978

Global Total 3,253,641 100.0% 2,903,578 100.0% 4,707 18,034 1,517,363 252,433



9 November 2016


European Provider Rankings - General

Figure 50: European ETF Providers (All) – Assets, Flows, Products, Turnover - | ETFs | Europe |

All figures in オﾏillion except

products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 237,432 214,014 11% 2,479 1,037 23,378 25,573 26,336 -3% 287 271 6%

Deutsche AM 51,980 56,234 -8% -1,917 -340 -4,489 4,466 4,924 -9% 205 217 -6%

Lyxor 47,850 47,742 0% 888 -414 901 9,074 9,294 -2% 220 244 -10%

UBS 27,603 24,949 11% 400 374 2,655 1,687 1,716 -2% 123 130 -5%

Amundi 22,232 19,739 13% 752 285 2,227 3,372 3,340 1% 102 100 2%

Vanguard 20,890 17,691 18% 372 841 3,021 1,564 2,102 -26% 21 17 24%

State Street 15,969 11,863 35% 470 349 3,845 2,117 1,718 23% 99 78 27%

Source 15,297 16,286 -6% -515 170 -902 1,357 1,333 2% 75 77 -3%

Deka Investment GmbH 7,415 7,027 6% 109 -228 501 411 530 -23% 42 46 -9%

ComStage 7,183 6,925 4% -283 117 99 411 508 -19% 113 111 2%

Zuercher Kantonalbank 6,947 5,400 29% 82 42 509 364 253 44% 4 4 0%

HSBC 4,652 4,978 -7% 2 -24 -446 336 490 -31% 27 28 -4%

BNP Paribas 4,246 4,466 -5% 40 193 -35 316 375 -16% 41 29 41%

Xact Fonder AB 2,763 2,522 10% 67 10 389 817 1,012 -19% 13 10 30%

PowerShares 2,202 1,766 25% -33 18 396 247 203 22% 20 21 -5%

Julius Baer Inv 2,106 1,640 28% 15 -6 179 108 87 23% 4 4 0%

Ossiam 1,832 1,707 7% -64 -93 -20 97 112 -13% 10 9 11%

ThinkCapital ETFs N.V. 1,580 1,623 -3% -48 81 -52 67 78 -14% 14 13 8%

ETF Securities 1,466 790 86% 36 4 658 800 740 8% 27 30 -10%

Fundlogic Global Solutions plc 365 169 116% 11 -47 191 15 5 182% 2 2 0%

WisdomTree 356 477 -25% -3 -105 -96 51 260 -80% 27 19 42%

BBVA Gestion SA SGIIC 344 483 -29% -1 -4 -110 47 49 -4% 2 2 0%

China Post Global 278 331 -16% 11 -3 -134 50 19 162% 8 10 -20%

BMO Global Asset Management 203 72 181% 41 5 152 11 41 -74% 9 9 0%

Raiffeisen Schweiz Genossenschaft 194 152 28% 0 7 15 9 9 -2% 3 3 0%

Seligson & Co Fund Man 177 178 -1% -6 0 -13 9 3 171% 1 1 0%

First Trust 174 119 46% 9 10 51 16 25 -35% 10 7 43%

Van Eck Funds 168 76 122% 0 9 33 117 128 -9% 3 3 0%

Nomura Asset Management 136 251 -46% 5 -10 -83 15 21 -28% 3 3 0%

DnB Kapitalforvaltning 106 103 3% 0 0 -8 20 7 196% 1 1 0%

UniCredit Bank 85 61 39% 0 0 27 0 0 -54% 1 1 0%

Commerzbank AG 54 47 14% 0 0 9 1 1 -23% 3 3 0%

SEB Investment Management AB 43 45 -5% 0 0 0 1 5 -90% 3 3 0%

FinEx Fund Plc 31 33 -7% 0 0 -5 0 2 -90% 2 2 0%

Boost 22 5 384% -2 0 16 69 63 10% 3 3 0%

ZyFin Holdings 20 5 336% 3 2 16 1 2 -12% 3 1 200%

Fullgoal Fund Management Co 10 0 NA 0 -1 10 0 0 7% 1 0 NA

Alpha Asset Management 9 11 -15% 0 0 -8 0 0 408% 1 1 0%

NBG Asset Management MFMC 4 4 -3% 0 0 0 0 0 409% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 1 1 78% 1 1 0%

Nordea Investment Funds 0 0 NA 0 0 0 0 0 -100% 2 2 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -81% 0 0 NA

Total 484,425 449,988 8% 2,920 2,277 32,872 53,616 55,794 -4% 1538 1,518 1%

AUM Cash Flow Turnover Products



9 November 2016


Figure 51: European ETC Providers (All) – Assets, Flows, Products, Turnover - | ETCs | Europe |

All figures in € million except products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

ETF Securities 15,820 10,150 56% 256 233 4,106 3,149 2,620 20% 330 330 0%

Source 4,158 1,655 151% 323 85 2,136 688 688 0% 4 4 0%

Deutsche AM 2,696 1,650 63% -109 -1 746 333 335 0% 17 17 0%

BlackRock 2,481 397 526% 204 157 2,003 423 417 2% 4 4 0%

Deutsche Borse Commodities GmbH 1,876 1,579 19% 0 0 0 243 175 39% 1 1 0%

Boost 270 235 15% -40 33 46 775 857 -10% 30 30 0%

Borse Stuttgart Securities GmbH 207 109 90% 7 2 75 0 5 -100% 1 1 0%

Commerzbank AG 109 73 50% 2 3 19 19 15 28% 68 68 0%

Royal Bank of Scotland plc 0 205 -100% 0 0 -202 0 0 NA 0 5 -100%

BNP Paribas 0 0 NA 0 0 0 0 0 734% 14 2 600%

Total 27,618 16,052 72% 641 511 8,929 5,632 5,112 10% 469 462 2%

AUM Cash Flow Turnover Products



9 November 2016


Figure 52: European ETP Providers (All) – Assets, Flows, Products, Turnover - | ETPs | Europe |


Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 239,914 214,411 12% 2,683 1,195 25,380 25,997 26,753 -3% 291 275 6%

Deutsche AM 54,676 57,884 -6% -2,027 -342 -3,743 4,799 5,259 -9% 222 234 -5%

Lyxor 47,850 47,742 0% 888 -414 901 9,074 9,294 -2% 220 244 -10%

UBS 27,603 24,949 11% 400 374 2,655 1,687 1,716 -2% 123 130 -5%

Amundi 22,232 19,739 13% 752 285 2,227 3,372 3,340 1% 102 100 2%

Vanguard 20,890 17,691 18% 372 841 3,021 1,564 2,102 -26% 21 17 24%

Source 19,455 17,941 8% -192 255 1,234 2,045 2,021 1% 79 81 -2%

ETF Securities 17,287 10,941 58% 292 237 4,764 3,949 3,361 18% 357 360 -1%

State Street 15,969 11,863 35% 470 349 3,845 2,117 1,718 23% 99 78 27%

Deka Investment GmbH 7,415 7,027 6% 109 -228 501 411 530 -23% 42 46 -9%

ComStage 7,183 6,925 4% -283 117 99 411 508 -19% 113 111 2%

Zuercher Kantonalbank 6,947 5,400 29% 82 42 509 364 253 44% 4 4 0%

HSBC 4,652 4,978 -7% 2 -24 -446 336 490 -31% 27 28 -4%

BNP Paribas 4,246 4,466 -5% 40 193 -35 316 375 -16% 55 31 77%

Xact Fonder AB 2,763 2,522 10% 67 10 389 817 1,012 -19% 13 10 30%

PowerShares 2,202 1,766 25% -33 18 396 247 203 22% 20 21 -5%

Julius Baer Inv 2,106 1,640 28% 15 -6 179 108 87 23% 4 4 0%

Deutsche Borse Commodities GmbH 1,876 1,579 19% 0 0 0 243 175 39% 1 1 0%

Ossiam 1,832 1,707 7% -64 -93 -20 97 112 -13% 10 9 11%

ThinkCapital ETFs N.V. 1,580 1,623 -3% -48 81 -52 67 78 -14% 14 13 8%

Fundlogic Global Solutions plc 365 169 116% 11 -47 191 15 5 182% 2 2 0%

WisdomTree 356 477 -25% -3 -105 -96 51 260 -80% 27 19 42%

BBVA Gestion SA SGIIC 344 483 -29% -1 -4 -110 47 49 -4% 2 2 0%

Boost 293 240 22% -43 32 62 844 920 -8% 33 33 0%

China Post Global 278 331 -16% 11 -3 -134 50 19 162% 8 10 -20%

Borse Stuttgart Securities GmbH 207 109 90% 7 2 75 0 5 -100% 1 1 0%

BMO Global Asset Management 203 72 181% 41 5 152 11 41 -74% 9 9 0%

Raiffeisen Schweiz Genossenschaft 194 152 28% 0 7 15 9 9 -2% 3 3 0%

Seligson & Co Fund Man 177 178 -1% -6 0 -13 9 3 171% 1 1 0%

First Trust 174 119 46% 9 10 51 16 25 -35% 10 7 43%

Van Eck Funds 168 76 122% 0 9 33 117 128 -9% 3 3 0%

Commerzbank AG 163 120 36% 2 3 28 20 16 25% 71 71 0%

Nomura Asset Management 136 251 -46% 5 -10 -83 15 21 -28% 3 3 0%

DnB Kapitalforvaltning 106 103 3% 0 0 -8 20 7 196% 1 1 0%

UniCredit Bank 85 61 39% 0 0 27 0 0 -54% 1 1 0%

SEB Investment Management AB 43 45 -5% 0 0 0 1 5 -90% 3 3 0%

FinEx Fund Plc 31 33 -7% 0 0 -5 0 2 -90% 2 2 0%

ZyFin Holdings 20 5 336% 3 2 16 1 2 -12% 3 1 200%

Fullgoal Fund Management Co 10 0 NA 0 -1 10 0 0 7% 1 0 NA

Alpha Asset Management 9 11 -15% 0 0 -8 0 0 408% 1 1 0%

NBG Asset Management MFMC 4 4 -3% 0 0 0 0 0 409% 2 2 0%

Royal Bank of Scotland plc 0 205 -100% 0 0 -202 0 0 NA 0 5 -100%

Nordea Investment Funds 0 0 NA 0 0 0 0 0 -100% 2 2 0%

Landsbankinn 0 0 NA 0 0 0 1 1 78% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 -81% 0 0 NA

Total 512,043 466,041 10% 3,561 2,788 41,801 59,248 60,906 -3% 2,007 1,980 1%

ProductsCash Flow Turnover



9 November 2016


Figure 53: European ETP Providers tier market share - | ETPs | Europe |

60% 65% 70% 75% 80% 85% 90% 95% 100%

Q4 15

Q1 16

Q2 16

Q3 16

Oct-16

Q4 15 Q1 16 Q2 16 Q3 16 Oct-16

Tier 1 73.9% 73.1% 72.6% 72.3% 72.3%

Tier 2 23.1% 23.8% 23.3% 23.7% 23.8% Source: Deutsche Bank, Bloomberg Finance LP, Reuters.


9 November 2016


European Provider Rankings - by Asset Class

Figure 54: European ETF Providers (All) – Assets, Flows, Products, Turnover - | ETFs | Europe |

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 143,510 91,744 1,846 333 237,432 49.0% 287 25,573 2,479 23,378

Deutsche AM 38,575 12,365 402 638 51,980 10.7% 205 4,466 -1,917 -4,489

Lyxor 35,147 11,576 983 144 47,850 9.9% 220 9,074 888 901

UBS 22,673 2,282 2,595 52 27,603 5.7% 123 1,687 400 2,655

Amundi 17,157 5,075 0 0 22,232 4.6% 102 3,372 752 2,227

Vanguard 20,665 224 0 0 20,890 4.3% 21 1,564 372 3,021

State Street 9,988 5,930 0 51 15,969 3.3% 99 2,117 470 3,845

Source 9,136 5,864 297 0 15,297 3.2% 75 1,357 -515 -902

Deka Investment GmbH 5,134 2,280 0 0 7,415 1.5% 42 411 109 501

ComStage 5,342 1,427 403 11 7,183 1.5% 113 411 -283 99

Zuercher Kantonalbank 0 0 6,947 0 6,947 1.4% 4 364 82 509

HSBC 4,652 0 0 0 4,652 1.0% 27 336 2 -446

BNP Paribas 3,897 146 203 0 4,246 0.9% 41 316 40 -35

Xact Fonder AB 2,602 42 120 0 2,763 0.6% 13 817 67 389

PowerShares 2,151 48 0 3 2,202 0.5% 20 247 -33 396

Julius Baer Inv 0 0 2,106 0 2,106 0.4% 4 108 15 179

Ossiam 1,785 0 48 0 1,832 0.4% 10 97 -64 -20

ThinkCapital ETFs N.V. 958 600 0 22 1,580 0.3% 14 67 -48 -52

ETF Securities 627 356 483 0 1,466 0.3% 27 800 36 658

Fundlogic Global Solutions plc 365 0 0 0 365 0.1% 2 15 11 191

WisdomTree 329 0 27 0 356 0.1% 27 51 -3 -96

BBVA Gestion SA SGIIC 344 0 0 0 344 0.1% 2 47 -1 -110

China Post Global 124 0 154 0 278 0.1% 8 50 11 -134

BMO Global Asset Management 89 114 0 0 203 0.0% 9 11 41 152

Raiffeisen Schweiz Genossenschaft 0 0 194 0 194 0.0% 3 9 0 15

Seligson & Co Fund Man 177 0 0 0 177 0.0% 1 9 -6 -13

First Trust 174 0 0 0 174 0.0% 10 16 9 51

Van Eck Funds 168 0 0 0 168 0.0% 3 117 0 33

Nomura Asset Management 136 0 0 0 136 0.0% 3 15 5 -83

DnB Kapitalforvaltning 106 0 0 0 106 0.0% 1 20 0 -8

UniCredit Bank 0 85 0 0 85 0.0% 1 0 0 27

Commerzbank AG 19 34 0 0 54 0.0% 3 1 0 9

SEB Investment Management AB 43 0 0 0 43 0.0% 3 1 0 0

FinEx Fund Plc 0 27 4 0 31 0.0% 2 0 0 -5

Boost 22 1 0 0 22 0.0% 3 69 -2 16

ZyFin Holdings 2 18 0 0 20 0.0% 3 1 3 16

Fullgoal Fund Management Co 0 10 0 0 10 0.0% 1 0 0 10

Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 -8

NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 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 1 0 0

Total 326,110 140,247 16,814 1,254 484,425 100.0% 1,538 53,616 2,920 32,872




9 November 2016


Figure 55: 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 15,395 425 15,820 57.3% 330 3,149 256 4106

Source 4,158 0 4,158 15.1% 4 688 323 2136

Deutsche AM 2,696 0 2,696 9.8% 17 333 -109 746

BlackRock 2,481 0 2,481 9.0% 4 423 204 2003

Deutsche Borse Commodities GmbH 1,876 0 1,876 6.8% 1 243 0 0

Boost 266 4 270 1.0% 30 775 -40 46

Borse Stuttgart Securities GmbH 207 0 207 0.8% 1 - 7 75

Commerzbank AG 109 0 109 0.4% 68 19 2 19

Royal Bank of Scotland plc 0 0 0 0.0% 0 0 0 -202

BNP Paribas 0 0 0 0.0% 14 0 0 0

Total 27,189 429 27,618 100.0% 469 5,632 641 8,929




9 November 2016


Figure 56: European ETP Providers (All) – Assets, Flows, Products, Turnover - | ETPs | Europe |

Issuer Equity

Fixed

Income Commodity Others

Total

AUM

Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 143,510 91,744 4,327 333 239,914 46.9% 291 25,997 2,683 25,380

Deutsche AM 38,575 12,365 3,098 638 54,676 10.7% 222 4,799 -2,027 -3,743

Lyxor 35,147 11,576 983 144 47,850 9.3% 220 9,074 888 901

UBS 22,673 2,282 2,595 52 27,603 5.4% 123 1,687 400 2,655

Amundi 17,157 5,075 0 0 22,232 4.3% 102 3,372 752 2,227

Vanguard 20,665 224 0 0 20,890 4.1% 21 1,564 372 3,021

Source 9,136 5,864 4,455 0 19,455 3.8% 79 2,045 -192 1,234

ETF Securities 627 356 15,879 425 17,287 3.4% 357 3,949 292 4,764

State Street 9,988 5,930 0 51 15,969 3.1% 99 2,117 470 3,845

Deka Investment GmbH 5,134 2,280 0 0 7,415 1.4% 42 411 109 501

ComStage 5,342 1,427 403 11 7,183 1.4% 113 411 -283 99

Zuercher Kantonalbank 0 0 6,947 0 6,947 1.4% 4 364 82 509

HSBC 4,652 0 0 0 4,652 0.9% 27 336 2 -446

BNP Paribas 3,897 146 203 0 4,246 0.8% 55 316 40 -35

Xact Fonder AB 2,602 42 120 0 2,763 0.5% 13 817 67 389

PowerShares 2,151 48 0 3 2,202 0.4% 20 247 -33 396

Julius Baer Inv 0 0 2,106 0 2,106 0.4% 4 108 15 179

Deutsche Borse Commodities GmbH 0 0 1,876 0 1,876 0.4% 1 243 0 0

Ossiam 1,785 0 48 0 1,832 0.4% 10 97 -64 -20

ThinkCapital ETFs N.V. 958 600 0 22 1,580 0.3% 14 67 -48 -52

Fundlogic Global Solutions plc 365 0 0 0 365 0.1% 2 15 11 191

WisdomTree 329 0 27 0 356 0.1% 27 51 -3 -96

BBVA Gestion SA SGIIC 344 0 0 0 344 0.1% 2 47 -1 -110

Boost 22 1 266 4 293 0.1% 33 844 -43 62

China Post Global 124 0 154 0 278 0.1% 8 50 11 -134

Borse Stuttgart Securities GmbH 0 0 207 0 207 0.0% 1 0 7 75

BMO Global Asset Management 89 114 0 0 203 0.0% 9 11 41 152

Raiffeisen Schweiz Genossenschaft 0 0 194 0 194 0.0% 3 9 0 15

Seligson & Co Fund Man 177 0 0 0 177 0.0% 1 9 -6 -13

First Trust 174 0 0 0 174 0.0% 10 16 9 51

Van Eck Funds 168 0 0 0 168 0.0% 3 117 0 33

Commerzbank AG 19 34 109 0 163 0.0% 71 20 2 28

Nomura Asset Management 136 0 0 0 136 0.0% 3 15 5 -83

DnB Kapitalforvaltning 106 0 0 0 106 0.0% 1 20 0 -8

UniCredit Bank 0 85 0 0 85 0.0% 1 0 0 27

SEB Investment Management AB 43 0 0 0 43 0.0% 3 1 0 0

FinEx Fund Plc 0 27 4 0 31 0.0% 2 0 0 -5

ZyFin Holdings 2 18 0 0 20 0.0% 3 1 3 16

Fullgoal Fund Management Co 0 10 0 0 10 0.0% 1 0 0 10

Alpha Asset Management 9 0 0 0 9 0.0% 1 0 0 -8

NBG Asset Management MFMC 4 0 0 0 4 0.0% 2 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

PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0

Total 326,110 140,247 44,003 1,683 512,043 100.0% 2,007 59,248 3,561 41,801




9 November 2016


European Provider Analysis by Replication Method

Figure 57: European ETF Providers list by replication - | ETFs | Europe|

AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs

European Providers

BlackRock Physical 143,501 189 91,744 89 718 3 333 1 236,295 100% 282

Synthetic 9 4 - - 1,128 1 - - 1,137 0% 5

Deutsche AM Physical 24,944 65 2,633 11 - - 23 1 27,600 53% 77

Synthetic 13,631 71 9,731 51 402 3 615 3 24,380 47% 128

Lyxor Physical 13,390 15 5,774 30 - - - - 19,165 40% 45

Synthetic 21,756 150 5,802 20 983 2 144 3 28,685 60% 175

UBS Physical 19,040 73 2,282 24 1,632 6 - - 22,953 83% 103

Synthetic 3,634 9 - - 964 9 52 2 4,649 17% 20

Amundi Physical 3,383 8 - - - - - - 3,383 15% 8

Synthetic 13,773 67 5,075 27 - - - - 18,848 85% 94

Vanguard Physical 20,665 16 224 5 - - - - 20,890 100% 21

State Street Physical 9,988 62 5,930 36 - - 51 1 15,969 100% 99

Source Physical 172 5 5,565 12 - - - - 5,737 38% 17

Synthetic 8,963 55 300 2 297 1 - - 9,561 62% 58

Zuercher Kantonalbank Physical - - - - 6,947 4 - - 6,947 100% 4

Deka Investment GmbH Physical 5,118 25 2,280 16 - - - - 7,399 100% 41

Synthetic 16 1 - - - - - - 16 0% 1

ComStage Physical 242 5 - - - - - - 242 3% 5

Synthetic 5,099 77 1,427 28 403 2 11 1 6,940 97% 108

HSBC Physical 4,652 27 - - - - - - 4,652 100% 27

BNP Paribas Physical 1,278 17 146 1 - - - - 1,424 34% 18

Synthetic 2,619 21 - - 203 2 - - 2,823 66% 23

Xact Fonder AB Physical 2,602 11 42 1 120 1 - - 2,763 100% 13

PowerShares Physical 2,151 17 48 2 - - 3 1 2,202 100% 20

Julius Baer Inv Physical - - - - 2,106 4 - - 2,106 100% 4

Ossiam Physical 47 1 - - - - - - 47 3% 1

Synthetic 1,737 8 - - 48 1 - - 1,785 97% 9

ThinkCapital ETFs N.V. Physical 958 8 600 3 - - 22 3 1,580 100% 14

ETF Securities Synthetic 420 19 - - 483 1 - - 904 100% 20

Physical 206 3 356 4 - - - - 562 100% 7

Fundlogic Global Solutions plc Synthetic 365 2 - - - - - - 365 100% 2

WisdomTree Physical 329 26 - - - - - - 329 100% 26

Synthetic - - - - 27 1 - - 27 100% 1

BBVA Gestion SA Physical 344 2 - - - - - - 344 100% 2

China Post Global Synthetic 124 5 - - 154 3 - - 278 100% 8

BMO Global Asset Management Physical 89 5 114 4 - - - - 203 100% 9

Raiffeisen Schweiz Physical - - - - 194 3 - - 194 100% 3

Seligson & Co Fund Mgmt. Physical 177 1 - - - - - - 177 100% 1

First Trust Physical 174 10 - - - - - - 174 100% 10

Van Eck Funds Physical 168 3 - - - - - - 168 100% 3

Nomura Asset Management Physical 136 3 - - - - - - 136 100% 3

DnB Kapitalforvaltning Physical 106 1 - - - - - - 106 100% 1

UniCredit Bank Synthetic - - 85 1 - - - - 85 100% 1

Commerzbank AG Synthetic 10 1 - - - - - - 10 19% 1

Physical 9 1 34 1 - - - - 44 81% 2

SEB Investment Management AB Synthetic 43 3 - - - - - - 43 100% 3

FinEx Fund Plc Physical - - 27 1 - - - - 27 86% 1

Synthetic - - - - 4 1 - - 4 14% 1

Boost Synthetic 22 2 1 1 - - - - 22 100% 3

ZyFin Holdings Physical 2 1 18 2 - - - - 20 47% 3

Fullgoal Fund Management Co Physical - - 10 1 - - - - 10 100% 1

Alpha Asset Mgmt. Physical 9 1 - - - - - - 9 100% 1

NBG Asset Mgmt. Physical 2 1 - - - - - - 2 49% 1

Synthetic 2 1 - - - - - - 2 51% 1

Landsbankinn Physical - 1 - - - - - - - NA 1

Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2

Total 326,110 1,101 140,247 373 16,814 48 1,254 16 484,425 1,538

Total


Replication

Method Equity Fixed Income Commodity Other



9 November 2016


6. Trading PerspectiveETP Monthly Turnover Analysis by Asset Class, byInstrument

Figure 58: Turnover by asset class and instrument - | ETPs | Europe |

Asset Class Sep-162015 (Monthly

Avg.)

All figures in € million Turnover Market

Share %

MoM

%Change

2015 (Monthly

Avg.) %Change Turnover Turnover

ETFs

Equity 35,978 60.7% -7.1% -26.4% 38,728 48,895

Fixed income 16,562 28.0% 2.5% 18.9% 16,154 13,928

Commodity 990 1.7% 26.3% 34.7% 784 735

Currency 0 0.0% 0.0% -100.0% 0 1

Multi Asset 17 0.0% -16.6% -37.9% 20 27

Alternative 69 0.1% -35.8% -35.8% 108 108

Total 53,616 90.5% -3.9% -15.8% 55,794 63,693

ETCs

Commodity 5,376 9.1% 7.8% 47.5% 4,985 3,645

Currency 256 0.4% 101.2% 7.3% 127 238

Total 5,632 9.5% 10.2% 45.0% 5,112 3,884

Total ETPs 59,248 100.0% -2.7% -12.3% 60,906 67,577

Oct-16


Asset Class Analysis

Figure 59: European Equity ETF Turnover Summary - | ETFs | Europe |

Equity Turnover Sep-162015 (Monthly

Avg.)


Share %

MoM

%Change

2015 (Monthly


Developed Markets 19,225 53.4% -12.7% 60.3% 22,021 31,883

Emerging Markets 4,207 11.7% -6.6% 91.3% 4,503 4,609

Global Markets 621 1.7% -15.6% 80.8% 735 768

Sector 3,940 11.0% 34.1% 132.8% 2,937 2,968

Capitalization 526 1.5% -6.9% 74.2% 565 709

Strategy 5,385 15.0% -9.5% 89.9% 5,950 5,988

Style 1,316 3.7% 1.0% 86.0% 1,303 1,530

Thematic 757 2.1% 6.2% 172.3% 713 440

Total Equities 35,978 100% -7% 73.6% 38,728 48,895

Oct-16



9 November 2016


Figure 60: European Equity ETF Turnover Summary – A - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2015 (Monthly


Sector 3,940 33.0% 34.1% 32.8% 2,937 2,968

Consumer discretionary 140 1.2% 50.6% -15.7% 93 166

Consumer staples 124 1.0% 0.0% -17.0% 124 150

Energy 483 4.1% 48.9% 33.1% 324 363

Financials 1571 13.2% 39.9% 71.6% 1123 916

Healthcare 259 2.2% 44.9% 6.8% 179 243

Industrials 51 0.4% -16.4% -65.1% 61 146

Information Technology 307 2.6% 74.2% 85.5% 176 165

Materials 228 1.9% 22.1% 19.6% 187 191

Real Estate 572 4.8% 11.1% 28.8% 515 444

Telecommunications 61 0.5% 4.4% -35.5% 58 95

Utilities 144 1.2% 48.2% 60.0% 97 90

Capitalization 526 4.4% -6.9% -25.8% 565 709

Large Cap 15 0.1% -34.2% -59.5% 23 38

Mid Cap 140 1.2% 56.9% -50.2% 89 282

Small Cap 370 3.1% -18.1% -4.9% 452 389

Strategy 5,385 45.2% -9.5% -10.1% 5,950 5,988

Fundamental 63 0.5% 4.8% -37.9% 60 101

Leveraged Long 1669 14.0% -20.1% -40.4% 2089 2801

Leveraged Short 1710 14.3% -9.1% -5.8% 1881 1815

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 1418 11.9% 7.0% 125.6% 1326 629

Short 526 4.4% -11.6% -18.1% 595 642

Style 1,316 11.0% 1.0% -14.0% 1,303 1,530

Dividend 1,171 9.8% -5.6% -15.1% 1,241 1,380

Growth 17 0.1% -17.8% -74.7% 20 66

Value 128 1.1% 208.0% 52.4% 42 84

Thematic 757 6.4% 6.2% 72.3% 713 440

Commodities 378 3.2% 5.0% 210.0% 360 122

Cyclical 0 0.0% 0.0% 0.0% 0 -

Faith 10 0.1% -70.0% -46.0% 33 18

Other Theme 177 1.5% 55.5% 52.1% 114 117

Sustainability 193 1.6% -6.9% 5.3% 207 183

Total 11,925 100.0% 4.0% 2.5% 11,469 11,634

Oct-16



9 November 2016


Figure 61: European Equity ETF Turnover Summary – B - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2015 (Monthly


Developed Markets

Europe 10,927 56.8% -20.8% -46.4% 13,797 20,374

Austria 12 0.1% -30.7% -4.8% 17 13

Belgium 0 0.0% -87.3% -91.2% 3 4

Finland 9 0.0% 171.0% -20.3% 3 11

France 141 0.7% -61.4% -76.6% 365 603

Germany 2,233 11.6% -29.3% -52.6% 3,160 4,709

Greece 12 0.1% -51.5% -80.2% 25 61

Ireland 0 0.0% 34.5% -85.9% 0 3

Italy 351 1.8% -21.4% -62.5% 446 934

Netherlands 160 0.8% 26.9% -32.5% 126 237

Norway 24 0.1% 192.4% -8.9% 8 27

Portugal 1 0.0% -38.5% -92.8% 2 20

Iceland 1 0.0% 77.9% 215.1% 1 0

Spain 98 0.5% -16.5% -70.1% 117 327

Sweden 266 1.4% -23.5% -22.6% 348 344

Switzerland 533 2.8% -19.4% -57.0% 661 1,240

UK 2,194 11.4% 8.2% -11.9% 2,029 2,491

Europe broad 4,891 25.4% -24.6% -47.7% 6,485 9,350

Americas 5,206 27.1% 2.5% -13.8% 5,078 6,037

US 4,956 25.8% 2.2% -13.9% 4,851 5,759

Canada 70 0.4% -37.3% -14.7% 112 82

North America 180 0.9% 54.6% -8.6% 116 196

Asia 1,712 8.9% -1.6% -43.1% 1,740 3,010

Australia 121 0.6% 93.6% 15.4% 62 105

Hong Kong 14 0.1% -16.0% -74.7% 16 54

Japan 1,406 7.3% -4.5% -47.8% 1,472 2,694

Singapore 0 0.0% -92.2% -91.1% 3 3

Asia Pacific broad 171 0.9% -7.7% 11.0% 185 154

EMEA 4 0.0% 54.8% 0.0% 3 0

Israel 4 0.0% 54.8% 0.0% 3 0

Global 1,376 7.2% -1.9% -44.1% 1,403 2,461

Broad indices 1,376 7.2% -1.9% -44.1% 1,403 2,461

DM Total 19,225 100.0% -12.7% -39.7% 22,018 31,883

Oct-16



9 November 2016


Figure 62: European Equity ETF Turnover Summary – C - | ETFs | Europe |


Avg.)


Share %

MoM

%Change

2015 (Monthly


Emerging Markets

BRIC 661 15.7% -12.8% -60.2% 759 1,664

Brazil 172 4.1% 20.6% 4.4% 143 165

Russia 102 2.4% 9.4% -56.9% 94 238

India 181 4.3% -4.7% -49.3% 190 358

China 205 4.9% -38.1% -77.3% 332 903

Latin America 200 4.8% 90.4% 74.3% 105 115

Chile 0 0.0% 0.0% -100.0% 0 6

Mexico 34 0.8% -21.8% 3.8% 44 33

LATAM broad 166 3.9% 170.8% 119.0% 61 76

Asia 521 12.4% -22.2% -21.8% 669 665

Bangladesh 0 0.0% -85.0% -78.5% 1 1

Indonesia 22 0.5% -49.9% -37.5% 43 34

Malaysia 3 0.1% -77.8% -84.8% 15 21

Pakistan 2 0.0% 7.6% -31.8% 2 2

Philippines 8 0.2% -27.7% -30.0% 11 12

South Korea 130 3.1% -20.2% -24.6% 163 173

Taiwan 60 1.4% -40.8% -42.9% 101 105

Thailand 19 0.5% -27.8% 32.4% 26 14

Vietnam 13 0.3% -33.3% -59.7% 20 33

Asia Pacific broad 263 6.3% -8.0% -2.3% 286 270

EMEA 107 2.5% 3.1% -55.5% 104 240

Kuwait 0 0.0% -95.3% -98.0% 1 2

Poland 14 0.3% 11.2% 18.1% 13 12

South Africa 16 0.4% -28.8% -34.6% 22 24

Turkey 16 0.4% -20.2% -85.1% 20 108

Europe broad 58 1.4% 35.1% -29.8% 43 83

Middle East & Africa 3 0.1% -41.0% -73.8% 5 12

Global Markets 2,718 64.6% -5.2% 41.2% 2,867 1,925

Global 2,718 64.6% -5.2% 41.2% 2,867 1,925

EM Total 4,207 100.0% -6.6% -8.7% 4,503 4,609

Total (EM + DM) 23,432 100.0% -11.6% -35.8% 26,521 36,493

Oct-16


Figure 63: European Fixed Income ETF Turnover - | ETFs | Europe |

Fixed Income Turnover Sep-162015 (Monthly

Avg.)


Share %

MoM

%Change

2015 (Monthly


Overall 435 2.6% 12.2% 4.1% 387 417

Corporates 7,293 44.0% 2.2% 47.1% 7,138 4,957

Covered Bonds 121 0.7% -25.9% -39.0% 163 198

Credit Exposure 14 0.1% -32.7% -58.2% 21 34

Sovereign 8,281 50.0% 3.9% 7.7% 7,972 7,687

Money Market 419 2.5% -11.4% -34.0% 472 634

Total Fixed Income 16,562 100.0% 2.5% 18.9% 16,154 13,928

Oct-16



9 November 2016


Figure 64: European Commodity ETP Turnover summary - | ETPs | Europe |

Commodity Turnover Sep-162015 (Monthly

Avg.)


Share %

MoM

%Change

2015 (Monthly


Overall 383 6.0% 8.5% 13.7% 353 337

Overall 375 5.9% 15.2% 19.1% 325 315

Overall ex Energy 8 0.1% -70.1% -62.7% 28 22

Overall Light Energy 0 0.0% -39.8% -72.9% 0 0

Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0

Agriculture 251 3.9% 21.8% 17.5% 206 214

Overall 86 1.4% 28.2% 105.0% 67 42

Cocoa 9 0.1% 6.6% 92.1% 9 5

Coffee 44 0.7% 29.3% -12.1% 34 51

Corn 11 0.2% 26.2% -5.8% 9 12

Cotton 2 0.0% 10.8% -59.3% 2 6

Grains 2 0.0% 38.2% -67.8% 1 5

Softs 3 0.0% 540.9% 226.1% 0 1

Soybean Oil 5 0.1% -29.6% 7.5% 7 5

Soybeans 4 0.1% -47.5% -19.9% 8 5

Sugar 24 0.4% -15.3% -8.9% 28 26

Wheat 60 0.9% 51.2% 6.7% 40 56

Energy 1,455 22.9% -21.9% -11.5% 1,863 1,644

Overall 36 0.6% 100.8% -31.0% 18 53

Carbon 0 0.0% 1410.7% 120.1% 0 0

Crude Oil 1210 19.0% -25.7% -8.8% 1627 1327

Gasoline 5 0.1% -69.3% -46.2% 16 9

Heating Oil 6 0.1% -19.7% 72.1% 7 3

Natural Gas 198 3.1% 1.6% -21.5% 195 252

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 161 2.5% 16.3% -6.5% 139 172

Overall 30 0.5% 116.8% -23.7% 14 40

Aluminium 10 0.2% -30.3% -57.7% 15 24

Copper 95 1.5% 4.6% 22.7% 91 78

Lead 2 0.0% 26.6% 269.3% 2 1

Nickel 16 0.3% 39.8% -30.1% 12 23

Tin 2 0.0% 845.1% -13.9% 0 2

Zinc 5 0.1% -7.5% 2.0% 5 5

Precious Metals 4,103 64.4% 28.2% 104.4% 3,200 2,007

Overall 21 0.3% 71.6% -42.8% 12 37

Gold 3559 55.9% 31.3% 113.7% 2710 1665

Palladium 73 1.1% 74.6% 43.9% 42 51

Platinum 124 1.9% 104.9% 75.8% 61 71

Rhodium 0 0.0% 23.7% -83.4% 0 2

Silver 326 5.1% -13.3% 78.7% 376 182

Livestock 13 0.2% 75.2% 118.7% 7 6

Overall 0 0.0% 125.5% -51.7% 0 1

Cattle 2 0.0% 22.9% 56.3% 2 1

Lean Hogs 11 0.2% 88.5% 163.2% 6 4

Total 6,366 100.0% 10.4% 45.3% 5,769 4,380

Oct-16



9 November 2016


Product Rankings

Figure 65: Top 20 Equity ETFs by Turnover (€ million) - | ETFs | Europe |


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,557.3 947.0 12,466.7

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 1,033.5 783.6 9,360.5

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 968.2 1,655.4 14,992.4

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 876.2 1,086.1 13,064.1

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 791.2 1,288.9 10,839.8

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 613.6 1,040.2 9,989.4

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 557.1 540.9 3,450.7

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 535.8 494.6 6,583.6

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 423.2 478.7 6,596.5

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 420.6 314.5 4,746.1

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 412.2 399.9 7,331.7

Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 403.0 495.1 4,766.2

Lyxor ETF XBear CAC 40 BX4 FP Lyxor Beta+ 393.2 472.6 3,924.5

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 381.1 345.1 5,414.6

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 379.0 453.5 6,080.9

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 368.4 433.3 3,721.9

Lyxor UCITS ETF DAX (DR) LYXDAX GR Lyxor Beta 360.1 357.9 3,460.8

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 357.6 559.6 7,112.8

iShares Euro STOXX Banks (DE) SX7EEX GR BlackRock Beta 353.5 317.5 3,139.3

db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AM Beta 344.4 306.0 1,660.3


Figure 66: 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 Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 1,190.0 517.3 8,175.7

Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta 705.9 76.4 2,105.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 657.9 825.9 7,566.9

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 575.4 788.9 6,959.1

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 548.2 475.7 4,253.0

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 507.1 880.0 9,551.8

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 437.2 767.4 6,121.7

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 409.4 750.9 4,548.2

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 387.4 674.4 4,515.5

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 376.9 174.3 2,535.4

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 341.6 522.8 5,292.7

iShares Global High Yield Corp Bond UCITS ETF HYLD LN BlackRock Beta 321.3 137.1 1,407.2

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 298.1 253.7 1,467.6

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 290.4 141.4 3,058.7

iShares US Mortgage Backed Securities UCITS ETF IMBS LN BlackRock Beta 288.8 71.8 959.8

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 286.6 210.9 3,111.8

Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta+ 230.3 157.7 1,622.2

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 214.4 234.3 2,279.5

Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor Beta 206.9 121.2 1,385.3

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 206.7 90.2 442.9



9 November 2016


Figure 67: Top 20 Commodity ETPs by Turnover (€ million) - | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

ETFS Physical Gold PHAU LN ETF Securities Beta 847.5 588.0 8,246.0

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 646.9 670.3 8,870.2

Gold Bullion Securities GBS LN ETF Securities Beta 445.8 262.9 6,094.2

iShares Physical Gold ETC SGLN LN Blackrock Beta 398.3 392.6 3,845.8

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 347.4 420.7 4,777.0

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 314.5 206.4 2,969.6

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 243.5 175.1 2,071.4

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 214.8 247.8 3,985.7

Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 190.7 177.9 2,117.2

ETFS Physical Silver PHAG LN ETF Securities Beta 156.3 177.6 1,723.3

db Physical Gold ETC XGLD LN Deutsche AM Beta 138.1 32.2 591.8

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 103.5 81.5 997.6

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 101.0 132.8 2,076.6

ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 94.4 94.6 1,214.2

ETFS Physical Platinum PHPT LN ETF Securities Beta 91.9 27.5 321.2

ETFS Copper COPA LN ETF Securities Beta 86.1 77.3 687.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 83.4 66.9 695.3

db x-trackers db Commodity Booster UCITS ETF 2C EUR - Hedged XCBE GR Deutsche AM Beta 83.2 8.1 208.5

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 77.5 57.0 921.4

ETFS GBP Daily Hedged Physical Gold GBSP LN ETF Securities Beta 64.2 0.9 83.2


Figure 68: 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 930.60 1 iShares Euro Ultrashort Bond UCITS ETF IS3M GY 88.46

2 iShares Euro STOXX 50 (DE) SX5EEX GR 347.30 2 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 74.85

3 iShares Euro STOXX Banks (DE) SX7EEX GR 343.71 3 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 44.29

4 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 329.03 4 iShares Markit iBoxx Euro High Yield EUNW GR 42.88

5 iShares STOXX 600 (DE) SXXPIEX GR 229.53 5 UBS-ETF Markit iBoxx EUR Germany 3-5 A UEFM GY 41.74

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 212.76 6 iShares Barclays Euro Corporate Bond EUN5 GR 40.04

7 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC GR 211.67 7 iShares JPMorgan USD Emerging Markets Bond IUS7 GR 36.76

8 iShares MDAX (DE) MDAXEX GR 164.07 8 iShares Barclays Capital Emerging Market Local Govt Bond IUSP GY 32.78

9 Lyxor UCITS ETF LevDAX LYXLEDAX GR 141.67 9 db x-trackers II - iBoxx Global Inflation-Linked UCITS ETF 1C EUR - Hedged XGIN GR 30.99

10 Deka DAX UCITS ETF ETFDAX GR 123.97 10 db x-trackers II EONIA TR Index UCITS ETF XEON GR 29.35

Commodity ETPs BBG Ticker Turnover BBG Ticker Turnover

1 XETRA-Gold XAUEUR 243.46 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 8.25

2 Source Physical Gold ETC (P-ETC) 8PSG GY 60.40 2 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 6.13

3 db Physical Gold Euro Hedged ETC XAD1 GR 40.34 3 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 4.37

4 ETFS Physical Gold VZLD GR 26.36 4 ComStage Vermogensstrategie UCITS ETF F701 GY 2.30

5 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 23.45 5 iShares S&P Listed Private Equity Fund IQQL GR 1.71

6 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 19.84 6 ETFS Long USD Short EUR XBJP GR 1.37

7 ETFS Physical Silver VZLC GR 15.00 7 ETFS 5X Short USD Long EUR 5CH6 GY 1.31

8 Gold Bullion Securities GG9B GR 13.82 8 ETFS Short USD Long EUR XBJQ GR 1.20

9 ETFS Brent Oil OESA GR 13.38 9 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 1.17

10 db Physical Gold ETC (EUR) XAD5 GR 10.72 10 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY 0.92



9 November 2016


Figure 69: Top 10 ETPs by Turnover (€ million) – London SE - | ETPs | Europe |


1 iShares Core S&P 500 UCITS ETF CSPX LN 896.92 1 iShares Euro Corporate Bond UCITS ETF IEAC LN 987.12

2 iShares FTSE 100 UCITS ETF (Inc) ISF LN 854.33 2 Lyxor ETF Euro Corporate Bond CRPX LN 678.54

3 Vanguard S&P 500 ETF VUSD LN 562.99 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 488.03

4 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 555.20 4 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 427.09

5 Vanguard FTSE 100 ETF VUKE LN 420.61 5 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 400.26

6 ETFS FTSE 100 Super Short Strategy (2x) Fund SUK2 LN 288.32 6 iShares £ Corporate Bond UCITS ETF SLXX LN 372.23

7 iShares FTSE 250 UCITS ETF MIDD LN 249.80 7 iShares $ Corporate Bond UCITS ETF LQDE LN 325.73

8 iShares Core S&P 500 UCITS ETF CSP1 LN 237.82 8 iShares Global High Yield Corp Bond UCITS ETF HYLD LN 292.14

9 db x-trackers S&P 500 UCITS ETF 1C XSPU LN 237.39 9 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 289.38

10 iShares S&P 500 Minimum Volatility UCITS ETF SPMV LN 219.60 10 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN 285.86


1 ETFS Physical Gold PHAU LN 569.78 1 ETFS Short CNY Long USD SCNY LN 31.14

2 Source Physical Gold ETC (P-ETC) SGLD LN 461.71 2 iShares Listed Private Equity UCITS ETF IPRV LN 13.78

3 Gold Bullion Securities GBS LN 339.45 3 ETFS 3x Short GBP Long USD SGB3 LN 8.94

4 iShares Physical Gold ETC IGLN LN 281.93 4 ETFS 3x Short JPY Long USD SJP3 LN 8.52

5 ETFS WTI Crude Oil CRUD LN 141.67 5 ETFS 3x Short EUR Long GBP SUP3 LN 6.78

6 ETFS Physical Gold GBP PHGP LN 135.85 6 ETFS 5x Short USD Long GBP PUS5 LN 5.84

7 db Physical Gold ETC XGLD LN 135.55 7 ETFS Long USD Short GBP GBUS LN 5.26

8 iShares Physical Gold ETC SGLN LN 116.39 8 ETFS Short USD Long GBP USGB LN 4.91

9 ETFS Physical Silver PHAG LN 96.90 9 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 4.61

10 Source Physical Gold ETC (P-ETC) SGLP LN 96.46 10 ETFS 3x Long GBP Short USD LGB3 LN 4.46


Figure 70: Top 10 ETPs by Turnover (€ million) – Swiss SE - | ETPs | Europe |


1 iShares Core S&P 500 UCITS ETF CSSPX SW 194.21 1 iShares $ TIPS UCITS ETF ITPS SW 140.07

2 iShares SMI CH CSSMI SW 134.62 2 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 67.66

3 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 132.49 3 iShares $ Corporate Bond UCITS ETF LQDE SW 40.26

4 iShares S&P 500 UCITS ETF (Inc) IUSA SW 132.35 4 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 39.32

5 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 80.66 5 iShares CHF Corporate Bond (CH) CHCORP SW 37.66

6 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 77.75 6 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G SW 36.00

7 iShares MSCI World CHF Hedged UCITS ETF IWDC SW 76.67 7 iShares $ Treasury Bond 20+yr UCITS ETF IDTL SW 21.92

8 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 52.23 8 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 18.85

9 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 46.97 9 UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to EUR CBUS5E SW 15.13

10 iShares MSCI Emerging Markets IMI UCITS ETF EIMI SW 46.01 10 iShares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 14.61


1 ZKB Gold ETF-A USD ZGLDUS SW 118.67 1 iShares Listed Private Equity UCITS ETF IPRV SW 1.14

2 db x-trackers db Commodity Booster UCITS ETF 4C CHF - Hedged XCBC SW 81.34 2 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.49

3 ZKB Gold ETF ZGLD SW 77.62 3 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 0.20

4 ZKB Gold ETF-H (CHF) ZGLDHC SW 59.21 4 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.12

5 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 40.69 5 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW 0.11

6 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 38.74 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.09

7 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 32.35 7 Lyxor ETF Privex LYPVX SW 0.03

8 ZKB Gold ETF-A EUR ZGLDEU SW 31.54 8 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.02

9 ZKB Gold ETF-H (EUR) ZGLDHE SW 24.25 9 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW -

10 Market Access ABN Amro RICI MRIC SW 21.79



9 November 2016


Figure 71: Top 10 ETPs by Turnover (€ million) – Euronext Paris - | ETPs | Europe |


1 Lyxor ETF Leverage CAC 40 LVC FP 402.97 1 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP 161.53

2 Lyxor ETF XBear CAC 40 BX4 FP 393.24 2 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 148.64

3 Lyxor UCITS ETF Euro STOXX 50 MSE FP 387.47 3 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP 121.91

4 Amundi ETF MSCI Emerging Markets UCITS ETF AUEM FP 242.33 4 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 77.85

5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 240.01 5 Lyxor ETF Daily Double Short BTP BTPS FP 77.77

6 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP 217.46 6 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 61.06

7 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 172.87 7 Amundi ETF Global Emerging Bond Markit iBoxx UCITS ETF AGEB FP 53.40

8 Lyxor ETF FTSE 100 - Hedged EUR 100H FP 150.58 8 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 50.83

9 Lyxor UCITS ETF MSCI Europe MEU FP 138.35 9 Amundi ETF Euro Corporate Financials iBoxx UCITS ETF AFIN FP 44.78

10 Lyxor ETF MSCI Emerging Markets - A LEM FP 117.48 10 Amundi ETF Government Bond EuroMTS Broad UCITS ETF CB3 FP 42.69


1 Lyxor ETF Commodities CRB CRB FP 14.09 1 Lyxor ETF Privex PVX FP 10.10

2 Gold Bullion Securities GBS FP 13.85 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.18

3 ETFS Brent 1mnth Oil OILBP FP 9.13 3 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.07

4 ETFS WTI Crude Oil CRUDP FP 7.58 4 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.02

5 Lyxor ETF Commodities CRB Non-Energy CRN FP 4.33

6 ETFS Natural Gas NGASP FP 3.33

7 ETFS Gold BULLP FP 1.64

8 ETFS Silver SLVRP FP 1.31

9 ETFS All Commodities AIGCP FP 0.65

10 ETFS Wheat WEATP FP 0.53


Figure 72: Top 10 ETPs by Turnover (€ million) – Borsa Italiana - | ETPs | Europe |


1 Lyxor ETF XBear FTSE/MIB XBRMIB IM 184.05 1 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 109.86

2 iShares Core S&P 500 UCITS ETF CSSPX IM 170.96 2 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 75.14

3 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 170.22 3 Lyxor ETF Daily Double Short BTP BTP2S IM 67.96

4 Lyxor UCITS ETF Euro STOXX 50 MSE IM 164.49 4 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 58.08

5 Lyxor UCITS ETF FTSE MIB ETFMIB IM 155.83 5 Lyxor UCITS ETF Euro Cash LEONIA IM 57.29

6 Lyxor UCITS ETF DAX (DR) DAXX IM 153.94 6 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 56.96

7 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 120.91 7 iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM 51.47

8 Lyxor UCITS ETF LevDAX DAXLEV IM 104.11 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 47.54

9 Lyxor ETF Bear Euro STOXX 50 BSX IM 100.62 9 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 45.80

10 Lyxor UCITS ETF STOXX Europe 600 Banks BNK IM 95.04 10 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 39.22


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 291.93 1 ETFS 3X Long USD Short EUR EUS3 IM 23.83

2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 160.14 2 ETFS Long GBP Short EUR EUGB IM 22.37

3 ETFS Physical Gold PHAU IM 102.52 3 ETFS Short GBP Long EUR GBEU IM 19.23

4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 65.70 4 ETFS 5X Long USD Short EUR EUS5 IM 18.08

5 ETFS Daily Leveraged Crude Oil LOIL IM 65.57 5 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 12.94

6 ETFS WTI Crude Oil CRUD IM 59.53 6 ETFS 3X Short USD Long EUR USE3 IM 11.29

7 Boost Natural Gas 3x Short Daily 3NGS IM 54.18 7 ETFS 5X Short USD Long EUR USE5 IM 11.19

8 db Physical Gold Euro Hedged ETC XAD1 IM 53.45 8 ETFS 5X Long GBP Short EUR EGB5 IM 6.39

9 Gold Bullion Securities GBS IM 45.06 9 ETFS Long USD Short EUR EUUS IM 3.40

10 ETFS Physical Silver PHAG IM 24.37 10 ETFS Long CHF Short EUR EUCH IM 3.40



9 November 2016


Figure 73: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam - | ETPs | Europe |

Stockholmborsen


1 XACT OMXS30 XACTOMX SS 246.94 1 XACT Obligation UCITS ETF XACTBOND SS 0.06

2 XACT Bear 2 XABEAR2 SS 123.24

3 XACT Bull 2 XABULL2 SS 98.01

4 XACT Bear XACBEAR SS 70.13

5 XACT Nordic 30 XACTVINX SS 28.38

6 XACT Bull XACBULL SS 23.24

7 XACT OMXSB XACTSBX SS 19.22

8 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 4.60

9 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 2.50

10 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM SS 1.59

Euronext Amsterdam


1 iShares European Property Yield UCITS ETF IPRP NA 172.06 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 103.04

2 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 101.22 2 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 39.84

3 iShares AEX UCITS ETF IAEX NA 95.25 3 iShares Euro Aggregate Bond UCITS ETF IEAG NA 24.36

4 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 82.29 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 20.27

5 Vanguard S&P 500 ETF VUSA NA 71.75 5 iShares $ TIPS UCITS ETF TPSA NA 16.66

6 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 57.38 6 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 16.61

7 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 55.49 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 15.14

8 iShares S&P 500 UCITS ETF (Inc) IUSA NA 51.69 8 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 13.00

9 iShares MSCI World UCITS ETF (Inc) IWRD NA 48.12 9 iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP NA 10.56

10 Think AEX Tracker TDT NA 34.69 10 iShares Euro Covered Bond UCITS ETF ICOV NA 9.99



9 November 2016


7. European ETFExchangesFigure 74: European on-exchange ETF trading ranking by exchange - | ETFs | Europe |

Exchanges (All figures in € million)

Jun-16Market

Share %Jul-16

Market

Share %Aug-16

Market

Share %Sep-16

Market

Share %Oct-16

Market

Share %

Deutche Boerse

Deutsche Borse 17,348 20.5% 12,494 18.8% 9,342 18.7% 10,881 19.5% 9,258 17.3%

LSE

London SE 36,006 42.6% 29,661 44.7% 22,385 44.8% 23,132 41.5% 24,092 44.9%

Borsa Italiana 7,703 9.1% 6,715 10.1% 4,953 9.9% 6,007 10.8% 5,873 11.0%

43,709 51.8% 36,376 54.9% 27,338 54.7% 29,140 52.2% 29,964 55.9%

Euronext

Paris 12,183 14.4% 8,033 12.1% 6,318 12.6% 8,153 14.6% 7,159 13.4%

Amsterdam 2,204 2.6% 1,706 2.6% 1,172 2.3% 1,298 2.3% 1,466 2.7%

Lisbon 5 0.0% 1 0.0% 2 0.0% 1 0.0% 2 0.0%

Brussels 2 0.0% 1 0.0% 2 0.0% 3 0.0% 0 0.0%

14,394 17.0% 9,741 14.7% 7,493 15.0% 9,455 16.9% 8,627 16.1%

Swiss SE 6,999 8.3% 6,402 9.7% 4,705 9.4% 4,928 8.8% 4,649 8.7%

Stockholmborsen 1,028 1.2% 712 1.1% 647 1.3% 779 1.4% 633 1.2%

Oslo Bors 460 0.5% 257 0.4% 202 0.4% 268 0.5% 217 0.4%

BME 471 0.6% 303 0.5% 219 0.4% 338 0.6% 257 0.5%

Others 17 0.0% 9 0.0% 6 0.0% 6 0.0% 10 0.0%

Total 84,426 100.0% 66,294 100.0% 49,951 100.0% 55,794 100.0% 53,616 100.0%



9 November 2016


Figure 75: European on-exchange ETC trading ranking by exchange - | ETCs | Europe |

Exchanges (All figures in € million)

Jun-16Market

Share %Jul-16

Market

Share %Aug-16

Market

Share %Sep-16

Market

Share %Oct-16

Market

Share %

LSE

London SE 5,976 7.1% 4,516 6.8% 3,947 7.9% 2,987 5.4% 3,515 6.6%

Borsa Italiana 2,305 2.7% 2,178 3.3% 1,437 2.9% 1,581 2.8% 1,471 2.7%

8,281 9.8% 6,694 10.1% 5,385 10.8% 4,568 8.2% 4,986 9.3%

Deutche Boerse

Deutsche Borse 662 0.8% 537 0.8% 509 1.0% 456 0.8% 558 1.0%

Euronext

Amsterdam 48 0.1% 36 0.1% 16 0.0% 18 0.0% 20 0.0%

Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

131 0.2% 88 0.1% 59 0.1% 53 0.1% 59 0.1%

Others 76 0.1% 60 0.1% 48 0.1% 34 0.1% 29 0.1%

Total 9,150 10.8% 7,379 11.1% 6,000 12.0% 5,112 9.2% 5,632 10.5%



9 November 2016


Figure 76: 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 74,816.1 93,556.0 32,707.9 26,695.0 11,605.0 29,783.5 3,478.3 272,641.8 39.1%

Emerging Markets 6,987.1 18,221.6 8,750.2 3,939.3 1,631.0 3,615.1 39.3 43,183.5 6.2%

Global Markets 629.0 3,856.6 642.0 179.4 387.0 958.5 1.4 6,653.8 1.0%

Sector 11,913.6 7,742.1 7,694.8 2,324.9 758.6 1,425.8 7.7 31,867.6 4.6%

Capitalization 1,558.0 2,813.1 665.8 275.8 199.5 851.8 187.7 6,551.6 0.9%

Style 3,377.2 7,483.5 870.7 1,002.1 644.3 954.7 0.0 14,332.4 2.1%

Strategy 10,180.4 14,762.6 15,245.9 13,870.9 12.7 943.7 5,698.8 60,715.2 8.7%

Thematic 1,790.8 2,796.2 569.8 390.8 275.8 1,087.3 0.0 6,910.7 1.0%

Total 111,252 151,232 67,147 48,678 15,514 39,620 9,413 442,856.6 63.5%

Fixed Income

Overall 746.9 2,945.0 14.6 220.0 371.0 431.8 30.8 4,759.9 0.7%

Corporates 4,885.8 51,209.3 7,488.6 5,498.1 1,725.7 2,268.4 0.0 73,075.9 10.5%

Covered Bonds 685.5 431.4 91.7 143.4 44.5 31.7 0.0 1,428.1 0.2%

Credit Exposure 256.3 0.0 0.0 60.8 0.0 7.5 0.0 324.6 0.0%

Sovereign 9,118.0 52,165.6 17,978.7 8,939.0 1,477.4 5,060.1 0.0 94,738.7 13.6%

Money Market 976.4 2,136.8 984.4 1,716.6 0.0 26.4 0.0 5,840.7 0.8%

Total 16,669 108,888 26,558 16,578 3,619 7,826 31 180,168.1 25.8%

Commodity 0.0%

Overall 706.1 1,614.5 248.8 324.0 31.6 927.2 154.3 4,006.7 0.6%

Agriculture 144.1 881.0 10.9 829.2 0.3 32.1 0.0 1,897.6 0.3%

Energy 1,270.6 7,715.8 229.9 10,988.6 0.0 176.0 0.0 20,380.9 2.9%

Industrial Metals 65.0 1,094.4 13.7 247.8 0.0 6.9 0.0 1,427.8 0.2%

Precious Metals 4,298.5 27,731.6 250.2 4,159.9 254.2 6,327.9 0.0 43,022.4 6.2%

Livestock 5.3 27.9 0.0 15.9 0.0 0.0 0.0 49.1 0.0%

Total 6,490 39,065 754 16,565 286 7,470 154 70,784.4 10.2%

0.0%

Alternative 193.5 641.4 18.1 226.2 36.5 58.3 0.0 1,173.9 0.2%

Currency 55.0 945.4 0.0 1,051.3 7.2 0.0 0.0 2,058.9 0.3%

Multi Asset 88.5 43.1 0.0 36.8 23.4 2.0 0.0 193.7 0.0%

Total 337 1,630 18 1,314 67 60 - 3,426.6 0.5%

Grand Total 134,748 300,815 94,477 83,136 19,486 54,976 9,598 697,236 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)



9 November 2016


8. AssetsETP Monthly AUM Analysis by Asset Class

Figure 77: AUM by asset class and instrument - | ETPs | Europe |

Asset Class Sep-16 End of 2015

All figures in € million

AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

ETFs

Equity 326,110 63.7% 1.3% 0.7% 321,984 323,865

Fixed income 140,247 27.4% 0.0% 24.7% 140,210 112,427

Commodity 16,814 3.3% -2.2% 36.7% 17,194 12,298

Currency 0 0.0% 0.0% 0.0% 0 0

Multi Asset 397 0.1% -2.3% -6.2% 406 423

Alternative 857 0.2% 4.3% -12.2% 821 975

Total 484,425 94.6% 0.8% 7.7% 480,616 449,988

ETCs

Commodity 27,189 5.3% 0.7% 73.2% 27,009 15,702

Currency 429 0.1% 7.5% 22.7% 399 350

Total 27,618 5.4% 0.8% 72.1% 27,409 16,052

Total ETPs 512,043 100.0% 0.8% 9.9% 508,024 466,041

Oct-16


Asset Class Analysis

Figure 78: European Equity ETF AUM summary - | ETFs | Europe |

Equity AUM Sep-16 End of 2015

All figures in € million AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets 221,163 67.8% 0.8% -6.4% 219,399 236,223

Emerging Markets 31,729 9.7% 5.6% 42.2% 30,047 22,316

Global Markets 5,354 1.6% 3.0% 9.0% 5,198 4,913

Sector 19,878 6.1% 3.6% 1.6% 19,188 19,569

Capitalization 6,014 1.8% 1.7% -15.7% 5,911 7,137

Strategy 18,572 5.7% -2.2% 39.9% 18,989 13,271

Style 17,967 5.5% -0.4% 8.6% 18,031 16,546

Thematic 5,434 1.7% 4.1% 39.7% 5,222 3,890

Total Equities 326,110 100.0% 1.3% 0.7% 321,984 323,865

Oct-16



9 November 2016


Figure 79: European Equity ETF AUM summary - A - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Sector 19,878 29.3% 3.6% 1.6% 19,188 19,569

Consumer discretionary 917 1.4% 4.7% 3.0% 875 890

Consumer staples 851 1.3% -3.5% -13.7% 881 986

Energy 1,792 2.6% 1.3% 17.7% 1,769 1,522

Financials 5,190 7.6% 23.7% -7.3% 4,196 5,599

Healthcare 2,007 3.0% -6.6% -0.6% 2,150 2,020

Industrials 588 0.9% -2.7% 10.1% 604 534

Information Technology 1,691 2.5% 1.1% 19.9% 1,674 1,410

Materials 969 1.4% 4.4% 44.9% 928 669

Real Estate 4,794 7.1% -2.9% 1.9% 4,936 4,704

Telecommunications 644 0.9% -9.5% -18.2% 711 787

Utilities 434 0.6% -6.4% -3.0% 464 448

Capitalization 6,014 8.9% 1.7% -15.7% 5,911 7,137

Large Cap 354 0.5% -1.8% -6.7% 360 379

Mid Cap 1,606 2.4% -0.8% -32.4% 1,619 2,376

Small Cap 4,055 6.0% 3.1% -7.4% 3,932 4,381

Strategy 18,572 27.4% -2.2% 39.9% 18,989 13,271

Fundamental 1,416 2.1% 2.8% -8.1% 1,377 1,541

Leveraged Long 1,682 2.5% -4.1% -23.0% 1,754 2,183

Leveraged Short 1,312 1.9% 18.8% 64.2% 1,104 799

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 12,457 18.4% -4.5% 69.8% 13,043 7,336

Short 1,706 2.5% -0.3% 20.8% 1,711 1,412

Style 17,967 26.5% -0.4% 8.6% 18,031 16,546

Dividend 16,324 24.1% -1.5% 9.6% 16,564 14,893

Growth 283 0.4% -2.9% -5.7% 292 300

Value 1,360 2.0% 15.7% 0.5% 1,175 1,353

Thematic 5,434 8.0% 4.1% 39.7% 5,222 3,890

Commodities 1,187 1.7% -1.8% 75.8% 1,209 675

Cyclical 0 0.0% 0.0% 0.0% 0 0

Faith 216 0.3% -0.4% 14.4% 217 189

Other Theme 1,354 2.0% 6.8% 56.2% 1,269 867

Sustainability 2,677 3.9% 5.9% 24.0% 2,528 2,159

Total 67,864 100.0% 0.8% 12.3% 67,340 60,413

Oct-16



9 November 2016


Figure 80: European Equity ETF AUM summary - B - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets

Europe 111,772 50.5% 0.2% -15.8% 111,574 132,765

Austria 252 0.1% -4.5% -36.5% 264 397

Belgium 43 0.0% -0.2% -2.1% 43 43

Finland 177 0.1% -4.2% -0.6% 185 178

France 4,367 2.0% 0.7% -13.3% 4,337 5,037

Germany 18,137 8.2% 1.1% -15.9% 17,935 21,561

Greece 151 0.1% 2.6% -23.5% 147 197

Ireland 27 0.0% -2.2% -13.9% 28 31

Italy 1,678 0.8% 4.6% -43.4% 1,604 2,964

Netherlands 582 0.3% 0.0% -10.3% 582 649

Norway 252 0.1% 1.4% 13.5% 249 222

Portugal 42 0.0% -9.8% -44.4% 47 76

Spain 1,180 0.5% 3.0% -30.4% 1,146 1,696

Sweden 1,293 0.6% 2.9% -8.0% 1,256 1,405

Switzerland 9,281 4.2% -1.6% -9.9% 9,428 10,297

UK 13,554 6.1% -1.9% 3.2% 13,822 13,129

Europe broad 60,754 27.5% 0.4% -18.9% 60,502 74,881

Americas 68,358 30.9% 0.7% 11.3% 67,898 61,439

US 64,988 29.4% 0.7% 10.8% 64,515 58,651

Canada 1,409 0.6% 2.2% 82.4% 1,378 772

North America 1,960 0.9% -2.2% -2.7% 2,005 2,016

Asia 19,027 8.6% 4.3% -16.5% 18,245 22,794

Australia 1,175 0.5% -5.6% 47.8% 1,245 795

Hong Kong 192 0.1% 2.6% -26.9% 187 262

Japan 15,584 7.0% 5.4% -23.0% 14,780 20,233

Singapore 34 0.0% -1.5% -45.6% 35 63

Asia Pacific broad 2,042 0.9% 2.2% 41.6% 1,998 1,442

EMEA 5 0.0% -2.0% 0.0% 5 0

Israel 5 0.0% -2.0% 0.0% 5 0

Global 22,002 9.9% 1.5% 14.4% 21,678 19,225

Broad indices 22,002 9.9% 1.5% 14.4% 21,678 19,225

DM Total 221,163 100.0% 0.8% -6.4% 219,394 236,223

Oct-16



9 November 2016


Figure 81: European Equity ETF AUM summary - C - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Emerging Markets

BRIC 5,810 2.3% 6.1% -2.4% 5,476 5,953

Brazil 784 0.3% 17.0% 49.5% 670 524

Russia 788 0.3% 5.1% 15.8% 750 680

India 1,774 0.7% 1.8% -1.8% 1,742 1,807

China 2,463 1.0% 6.5% -16.3% 2,313 2,941

Latin America 1,042 0.4% 16.8% 95.8% 892 532

Chile 0 0.0% 0.0% 0.0% 0 0

Mexico 141 0.1% -3.3% -6.7% 146 151

LATAM broad 901 0.4% 20.7% 136.6% 746 381

Asia 4,183 1.7% 3.3% 24.0% 4,049 3,373

Bangladesh 21 0.0% 1.5% 5.7% 21 20

Indonesia 197 0.1% 6.3% 66.2% 185 119

Malaysia 44 0.0% 2.3% -11.1% 43 50

Pakistan 31 0.0% -6.5% 46.8% 33 21

Philippines 54 0.0% -1.3% 37.3% 55 39

South Korea 799 0.3% 0.3% -1.9% 797 815

Taiwan 518 0.2% 4.5% -8.0% 496 563

Thailand 58 0.0% -0.8% 101.2% 59 29

Vietnam 298 0.1% -2.5% -8.5% 305 325

Asia Pacific broad 2,162 0.9% 5.2% 55.3% 2,054 1,392

EMEA 893 0.4% 0.4% 2.1% 890 875

Kuwait 5 0.0% 3.8% -27.7% 5 7

Poland 64 0.0% -0.5% 0.9% 64 64

South Africa 111 0.0% 1.8% 61.3% 109 69

Turkey 215 0.1% 2.2% -24.4% 210 284

Europe broad 361 0.1% 3.8% 13.0% 348 319

Middle East & Africa 137 0.1% -10.3% 3.7% 153 133

Global Markets 19,801 7.8% 5.7% 71.0% 18,741 11,583

Global 19,801 7.8% 5.7% 71.0% 18,741 11,583

EM Total 31,729 12.5% 5.6% 42.2% 30,047 22,316

Total (EM + DM) 252,892 100.0% 1.4% -2.2% 249,441 258,539

Oct-16



9 November 2016


Figure 82: European Fixed Income ETF AUM summary - | ETFs | Europe |

Fixed Income AUM Sep-16 End of 2015


Share %

MoM

%change

YTD

%change AUM AUM

Overall 9,485 6.8% -1.4% 18.8% 9,619 7,984

Corporates 60,904 43.4% 2.1% 40.6% 59,637 43,316

Covered Bonds 3,229 2.3% -4.3% 5.9% 3,373 3,050

Credit Exposure 265 0.2% -4.9% -5.8% 279 282

Sovereign 64,248 45.8% -1.1% 17.1% 64,939 54,854

Money Market 2,116 1.5% -10.5% -28.0% 2,364 2,941

Total Fixed Income 140,247 100.0% 0.0% 24.7% 140,210 112,427

Oct-16



9 November 2016


Figure 83: European Commodity ETP AUM summary - | ETPs | Europe |

Commodity AUM Sep-16 End of 2015


Share %

MoM

%change

YTD

%change AUM AUM

Overall 5,405 12.3% -1.2% 47.6% 5,469 3,661

Overall 5212 11.8% -1.3% 51.5% 5280 3440

Overall ex Energy 188 0.4% 1.9% -12.6% 184 215

Overall Light Energy 5 0.0% 0.4% -24.3% 5 6

Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0

Agriculture 782 1.8% 7.8% -0.5% 726 787

Overall 389 0.9% 4.6% -11.0% 372 437

Cocoa 16 0.0% 6.7% 21.2% 15 13

Coffee 70 0.2% 2.5% -15.3% 69 83

Corn 53 0.1% 6.9% 48.9% 49 36

Cotton 11 0.0% -0.9% -66.3% 11 31

Grains 35 0.1% 8.0% 10.3% 32 32

Softs 7 0.0% 40.2% 34.5% 5 5

Soybean Oil 3 0.0% 18.3% -3.4% 3 3

Soybeans 13 0.0% 24.6% 30.3% 10 10

Sugar 34 0.1% -13.8% -26.6% 40 47

Wheat 152 0.3% 25.9% 67.8% 121 91

Energy 2,276 5.2% -5.8% 2.9% 2,416 2,213

Overall 122 0.3% 22.9% -26.5% 99 166

Carbon 1 0.0% 3.4% -29.9% 1 1

Crude Oil 2024 4.6% -7.4% 7.4% 2185 1883

Gasoline 7 0.0% 18.9% -37.1% 6 11

Heating Oil 5 0.0% 26.0% 8.4% 4 5

Natural Gas 117 0.3% -3.3% -19.6% 121 145

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 638 1.5% 6.0% 36.7% 602 467

Overall 232 0.5% 9.2% 49.3% 213 156

Aluminium 94 0.2% 2.0% 12.8% 92 83

Copper 179 0.4% 9.6% 52.4% 163 118

Lead 2 0.0% 5.3% 13.1% 2 2

Nickel 107 0.2% -1.9% 18.7% 109 90

Tin 4 0.0% 2.6% 17.7% 4 3

Zinc 20 0.0% 4.5% 32.0% 19 15

Precious Metals 34,888 79.3% -0.3% 67.3% 34,982 20,859

Overall 158 0.4% -6.7% 38.5% 169 114

Gold 30605 69.6% 0.2% 73.9% 30530 17603

Palladium 472 1.1% -14.9% -3.3% 555 489

Platinum 806 1.8% 3.0% 14.3% 783 705

Rhodium 37 0.1% 8.7% -34.0% 34 56

Silver 2810 6.4% -3.4% 48.5% 2911 1892

Livestock 13 0.0% 51.6% -9.2% 8 14

Overall 1 0.0% 4.2% -74.7% 1 6

Cattle 2 0.0% 10.2% 11.4% 2 2

Lean Hogs 9 0.0% 82.4% 47.8% 5 6

Total 44,003 100.0% -0.5% 57.1% 44,203 28,001

Oct-16



9 November 2016


Product Rankings

Figure 84: 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 15,391.8 14,814.5 11,936.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 14,006.9 13,652.6 11,503.5

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 7,585.5 7,559.4 9,433.1

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7,077.4 7,304.4 8,688.2

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 6,809.9 6,621.1 4,832.1

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 6,279.9 6,214.0 7,522.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 6,237.2 5,955.8 7,872.2

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,230.9 5,134.0 5,957.6

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,898.8 4,899.8 5,517.9

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 4,832.6 4,856.8 6,258.4

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 4,722.3 4,877.8 5,536.2

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,701.7 4,830.2 4,986.1

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,693.8 4,743.6 6,193.4

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,518.6 4,400.1 3,324.6

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 3,647.8 3,695.6 5,275.4

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 3,573.9 3,324.3 1,345.1

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,444.7 3,411.0 4,009.1

db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM Beta 2,683.4 2,703.9 3,017.9

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 2,680.2 2,183.1 372.7

Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2,653.6 2,726.7 2,463.2


Figure 85: 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 7,951.7 7,682.4 6,385.3

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,866.5 5,754.8 4,026.4

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 5,846.7 5,910.2 3,758.0

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 5,682.9 5,746.7 4,002.7

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,015.5 4,964.2 3,449.8

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 4,438.8 4,125.5 1,701.7

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,246.6 3,189.8 2,329.8

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 3,202.1 3,015.0 1,630.5

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3,073.7 2,903.4 2,689.8

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,291.7 2,419.9 2,456.8

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 2,248.0 2,245.7 1,734.9

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2,235.0 2,315.5 1,725.7

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 2,001.0 1,835.6 880.4

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,926.5 1,994.9 1,952.5

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,844.4 2,095.6 1,982.0

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,822.1 1,807.4 1,627.2

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,782.1 1,976.6 1,779.5

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,760.8 1,786.0 1,391.6

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,661.7 1,593.8 1,371.1

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 1,605.3 1,588.6 1,240.8



9 November 2016


Figure 86: 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

ETFS Physical Gold PHAU LN ETF Securities Beta 5,645.3 5,698.8 3,232.5

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,403.9 5,431.6 4,148.5

Gold Bullion Securities GBS LN ETF Securities Beta 4,017.7 4,040.4 2,150.5

Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3,988.4 3,685.1 1,508.2

iShares Physical Gold ETC SGLN LN Blackrock Beta 2,404.4 2,231.5 374.4

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,876.0 1,897.6 1,578.8

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,750.2 1,781.4 1,347.2

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,177.6 1,225.9 913.9

iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 1,128.0 1,249.6 622.8

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 948.6 968.6 491.0

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 883.5 944.9 388.4

ETFS Physical Silver PHAG LN ETF Securities Beta 848.1 813.8 505.9

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 795.6 788.2 713.2

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 698.2 663.5 423.7

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 620.8 667.5 594.8

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 584.5 679.7 357.1

db Physical Gold ETC XGLD LN Deutsche AM Beta 572.8 627.3 431.0

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 483.5 486.4 219.7

ETFS Physical Swiss Gold SGBS LN ETF Securities Beta 387.5 387.7 245.2

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 384.5 378.5 262.5



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9. ETF Broker rankingsUS ETP Broker Rankings

Figure 87: 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. 148,979 19.08% 165,535 1,713,310 18.99% 1,812,209 (KCG) KCG HOLDINGS, INC. 2,741 20.83% 165,535 31,926 20.36% 1,812,216

2 (CSFB) CREDIT SUISSE 84,454 10.82% 21,505 983,439 10.90% 213,143 (UBS) UBS INVESTMENT BANK 1,441 10.95% 40,790 18,200 11.60% 415,082

3 (UBS) UBS INVESTMENT BANK 81,506 10.44% 40,790 965,791 10.70% 415,077 (CSFB) CREDIT SUISSE 1,227 9.32% 21,540 15,364 9.80% 213,542

4 (MLCO) MERRILL LYNCH 62,582 8.02% 39,400 650,805 7.21% 397,173 (MLCO) MERRILL LYNCH 1,062 8.07% 39,421 11,661 7.43% 397,279

5 (GS) GOLDMAN SACHS & CO. 57,271 7.34% 128,301 623,493 6.91% 1,505,098 (GS) GOLDMAN SACHS & CO. 829 6.30% 128,301 10,410 6.64% 1,505,105

6 (JPM) JP MORGAN 49,536 6.35% 105,779 615,966 6.83% 1,038,393 (FCM) FIDELITY CAPITAL MARKETS 801 6.09% 41,467 8,010 5.11% 470,167

7 (CITI) CITIGROUP GLOBAL MARKETS 40,129 5.14% 12,845 517,886 5.74% 144,996 (DBAB) DEUTSCHE BANK SECURITIES INC 789 5.99% 20,657 9,425 6.01% 229,918

8 (DBAB) DEUTSCHE BANK SECURITIES INC 38,347 4.91% 20,657 484,465 5.37% 229,918 (CITI) CITIGROUP GLOBAL MARKETS 720 5.47% 12,845 9,231 5.89% 144,998

9 (MSCO) MORGAN STANLEY 37,472 4.80% 13,314 393,133 4.36% 142,666 (JPM) JP MORGAN 702 5.34% 105,779 9,126 5.82% 1,038,393

10 (FCM) FIDELITY CAPITAL MARKETS 34,292 4.39% 41,467 399,625 4.43% 470,167 (MSCO) MORGAN STANLEY 592 4.50% 13,314 6,219 3.96% 142,666

11 (BCAP) BARCLAYS CAPITAL 33,195 4.25% 51,226 426,292 4.72% 591,291 (BCAP) BARCLAYS CAPITAL 520 3.95% 51,226 7,061 4.50% 591,292

12 (RBC) ROYAL BANK OF CANADA 15,468 1.98% 35,086 171,407 1.90% 393,431 (RBC) ROYAL BANK OF CANADA 251 1.91% 35,089 3,040 1.94% 393,435

13 (SG) SG SECURITIES 14,984 1.92% 626 34,263 0.38% 4,485 (SG) SG SECURITIES 196 1.49% 626 430 0.27% 4,485

14 (INCA) INSTINET 11,786 1.51% 6,985 154,814 1.72% 81,070 (CVGX) CONVERGEX 169 1.28% 16,401 2,903 1.85% 208,063

15 (CVGX) CONVERGEX 9,976 1.28% 16,401 153,494 1.70% 208,063 (BNYM) BANK OF NEW YORK, THE 139 1.06% 12,138 1,165 0.74% 97,343

16 (JEFF) JEFFERIES & CO., INC. 9,873 1.26% 6,654 130,344 1.44% 94,939 (JEFF) JEFFERIES & CO., INC. 135 1.03% 6,654 1,686 1.07% 94,939

17 (BNYM) BANK OF NEW YORK, THE 7,732 0.99% 12,138 65,873 0.73% 97,343 (INCA) INSTINET 130 0.99% 6,985 1,649 1.05% 81,070

18 (BNPP) BNP PARIBAS 3,565 0.46% 5,341 25,938 0.29% 32,128 (BNPP) BNP PARIBAS 74 0.57% 5,341 539 0.34% 32,128

19 (WELS) WELLS FARGO SECURITIES 3,117 0.40% 6,358 32,865 0.36% 34,434 (RAJA) RAYMOND JAMES & ASSOCIATES 48 0.36% 26,338 527 0.34% 250,255

20 (RAJA) RAYMOND JAMES & ASSOCIATES 2,863 0.37% 26,333 30,113 0.33% 250,212 (WELS) WELLS FARGO SECURITIES 43 0.32% 6,358 480 0.31% 34,556

Other 33,496 4.29% 88,216 448,903 4.98% 974,243 Other 549 4.17% 88,218 7,793 4.97% 974,280

Total 780,624 100.00% 844,957 9,022,220 100.00% 9,130,479 Total 13,159 100.00% 845,023 156,843 100.00% 9,131,212

Value Trade Summary Volume Trade Summary

Oct-16 YTD Oct-16 YTD

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.

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Figure 88: 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. 10,035 27.65% 14,535 113,591 26.59% 162,562 (KCG) KCG HOLDINGS, INC. 477 29.08% 14,535 4,826 28.26% 162,562

2 (FCM) FIDELITY CAPITAL MARKETS 4,996 13.77% 4,753 31,815 7.45% 52,400 (FCM) FIDELITY CAPITAL MARKETS 365 22.26% 4,753 1,773 10.38% 52,400

3 (UBS) UBS INVESTMENT BANK 4,684 12.91% 2,186 64,855 15.18% 22,486 (UBS) UBS INVESTMENT BANK 185 11.25% 2,186 2,752 16.12% 22,486

4 (CSFB) CREDIT SUISSE 3,677 10.13% 1,115 43,990 10.30% 10,921 (CSFB) CREDIT SUISSE 149 9.10% 1,117 1,404 8.22% 10,933

5 (CITI) CITIGROUP GLOBAL MARKETS 2,137 5.89% 1,110 32,775 7.67% 9,709 (MLCO) MERRILL LYNCH 67 4.07% 1,785 779 4.56% 18,458

6 (JPM) JP MORGAN 1,834 5.05% 6,066 22,973 5.38% 62,956 (CITI) CITIGROUP GLOBAL MARKETS 52 3.18% 1,110 1,042 6.10% 9,709

7 (MLCO) MERRILL LYNCH 1,608 4.43% 1,784 19,329 4.52% 18,455 (BCAP) BARCLAYS CAPITAL 49 2.99% 3,907 578 3.39% 47,777

8 (GS) GOLDMAN SACHS & CO. 1,086 2.99% 9,319 18,348 4.29% 109,745 (DBAB) DEUTSCHE BANK SECURITIES INC 45 2.72% 1,043 515 3.02% 10,801

9 (DBAB) DEUTSCHE BANK SECURITIES INC 1,083 2.98% 1,043 13,924 3.26% 10,801 (JPM) JP MORGAN 43 2.63% 6,066 647 3.79% 62,956

10 (BCAP) BARCLAYS CAPITAL 977 2.69% 3,907 13,357 3.13% 47,777 (MSCO) MORGAN STANLEY 38 2.31% 682 467 2.73% 7,241

11 (MSCO) MORGAN STANLEY 894 2.46% 682 10,400 2.43% 7,241 (GS) GOLDMAN SACHS & CO. 36 2.22% 9,319 574 3.36% 109,745

12 (CVGX) CONVERGEX 504 1.39% 1,220 8,215 1.92% 12,075 (CVGX) CONVERGEX 20 1.22% 1,220 329 1.93% 12,075

13 (RBC) ROYAL BANK OF CANADA 439 1.21% 1,569 7,208 1.69% 26,672 (RBC) ROYAL BANK OF CANADA 19 1.14% 1,569 379 2.22% 26,672

14 (BMOC) BMO CAPITAL MARKETS 347 0.96% 193 1,470 0.34% 1,958 (BNYM) BANK OF NEW YORK, THE 17 1.02% 594 154 0.90% 4,678

15 (INCA) INSTINET 311 0.86% 297 3,184 0.75% 3,586 (JEFF) JEFFERIES & CO., INC. 12 0.71% 839 80 0.47% 4,455

16 (BNYM) BANK OF NEW YORK, THE 298 0.82% 594 2,703 0.63% 4,678 (INCA) INSTINET 10 0.63% 297 114 0.67% 3,586

17 (RAJA) RAYMOND JAMES & ASSOCIATES 169 0.46% 1,359 1,236 0.29% 11,383 (BMOC) BMO CAPITAL MARKETS 9 0.56% 193 64 0.38% 1,958

18 (JEFF) JEFFERIES & CO., INC. 167 0.46% 839 2,812 0.66% 4,455 (RAJA) RAYMOND JAMES & ASSOCIATES 8 0.46% 1,359 47 0.27% 11,383

19 (GFIG) GFI GROUP INC. 93 0.26% 121 588 0.14% 746 (ITGI) INVESTMENT TECHNOLOGY GROUP 5 0.31% 332 126 0.74% 11,257

20 (ITGI) INVESTMENT TECHNOLOGY GROUP 92 0.25% 332 3,034 0.71% 11,257 (BTIG) BTIG LLC 5 0.30% 54 29 0.17% 718

Other 858 2.36% 3,585 11,439 2.68% 43,530 Other 30 1.85% 3,652 396 2.32% 43,563

Total 36,290 100.00% 56,609 427,246 100.00% 635,393 Total 1,641 100.00% 56,612 17,076 100.00% 635,413



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.

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European ETP Broker Rankings

Figure 89: 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 9,781 11.98% 21,022 95,262 10.79% 194,703 (CBK) COMMERZBANK 258 8.75% 21,022 2,580 8.66% 194,976

2 (FLOW) FLOW TRADERS 6,742 8.26% 4,791 75,051 8.50% 47,218 (BNPP) BNP PARIBAS 248 8.41% 7,880 2,857 9.59% 97,582

3 (BNPP) BNP PARIBAS 5,436 6.66% 7,880 85,711 9.71% 97,565 (FLOW) FLOW TRADERS 240 8.13% 4,942 2,529 8.49% 49,263

4 (BCAP) BARCLAYS CAPITAL 4,483 5.49% 3,660 30,136 3.41% 33,608 (UBS) UBS INVESTMENT BANK 195 6.61% 1,616 1,048 3.52% 7,431

5 (SIS) SUSQUEHANNA INTERNATIONAL GRP 4,415 5.41% 2,210 68,886 7.81% 32,605 (OPTV) OPTIVER VOF 181 6.14% 6,709 1,392 4.67% 37,726

6 (CITI) CITIGROUP GLOBAL MARKETS 4,414 5.41% 3,402 58,673 6.65% 35,115 (SIS) SUSQUEHANNA INTERNATIONAL GRP 172 5.82% 2,215 2,677 8.99% 32,661

7 (OPTV) OPTIVER VOF 4,400 5.39% 6,709 33,079 3.75% 37,714 (CITI) CITIGROUP GLOBAL MARKETS 155 5.27% 3,402 1,396 4.69% 35,117

8 (SG) SG SECURITIES 4,195 5.14% 3,977 33,935 3.85% 40,866 (SG) SG SECURITIES 150 5.09% 3,977 1,189 3.99% 40,868

9 (UBS) UBS INVESTMENT BANK 3,301 4.04% 1,615 23,906 2.71% 7,429 (CSFB) CREDIT SUISSE 121 4.10% 3,017 1,768 5.94% 32,455

10 (CSFB) CREDIT SUISSE 3,177 3.89% 2,941 47,555 5.39% 31,908 (BCAP) BARCLAYS CAPITAL 115 3.89% 3,660 918 3.08% 33,619

11 (KEPL) KEPLER CAPITAL MARKETS 3,103 3.80% 3,020 23,674 2.68% 26,004 (KEPL) KEPLER CAPITAL MARKETS 113 3.83% 3,020 720 2.42% 26,011

12 (HSBC) HSBC GROUP PLC 3,070 3.76% 2,432 23,888 2.71% 22,339 (HSBC) HSBC GROUP PLC 113 3.83% 2,434 843 2.83% 22,358

13 (JPMS) JPMORGAN CHASE BANK, N.A. 2,723 3.33% 3,438 30,715 3.48% 26,180 (WINS) WINTERFLOOD SECURITIES 106 3.59% 7,311 1,029 3.46% 69,553

14 (DBK) DEUTSCHE BANK AG 2,437 2.98% 3,724 37,767 4.28% 42,119 (KCG) KCG HOLDINGS, INC. 96 3.26% 6,460 1,169 3.93% 63,374

15 (WINS) WINTERFLOOD SECURITIES 2,234 2.74% 7,311 21,867 2.48% 69,551 (IMC) IMC TRADING BV 86 2.93% 1,442 103 0.35% 1,618

16 (MSCO) MORGAN STANLEY 2,106 2.58% 1,549 21,694 2.46% 16,235 (MSCO) MORGAN STANLEY 80 2.70% 1,549 662 2.22% 16,238

17 (KCG) KCG HOLDINGS, INC. 1,963 2.40% 6,460 21,244 2.41% 63,374 (DBK) DEUTSCHE BANK AG 68 2.31% 3,724 1,072 3.60% 42,140

18 (IMC) IMC TRADING BV 1,785 2.19% 1,442 2,167 0.25% 1,618 (UNIC) UNICREDIT 62 2.11% 552 587 1.97% 6,083

19 (UNIC) UNICREDIT 1,746 2.14% 552 20,856 2.36% 6,075 (JPMS) JPMORGAN CHASE BANK, N.A. 55 1.88% 3,438 651 2.19% 26,212

20 (GS) GOLDMAN SACHS & CO. 1,723 2.11% 5,108 19,384 2.20% 47,712 (MLCO) MERRILL LYNCH 39 1.33% 1,992 736 2.47% 27,018

Other 8,431 10.32% 20,107 107,072 12.13% 216,386 Other 296 10.02% 23,228 3,852 12.94% 237,760

Total 81,665 100.00% 113,350 882,522 100.00% 1,096,324 Total 2,950 100.00% 113,590 29,776 100.00% 1,100,063




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

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Figure 90: 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 (OPTV) OPTIVER VOF 824 17.18% 2,131 4,189 8.68% 8,561 (OPTV) OPTIVER VOF 267 39.96% 2,131 871 11.47% 8,561

2 (FLOW) FLOW TRADERS 688 14.33% 408 4,170 8.63% 3,428 (BNPP) BNP PARIBAS 65 9.70% 115 965 12.71% 1,840

3 (WINS) WINTERFLOOD SECURITIES 428 8.93% 2,333 4,242 8.78% 21,840 (WINS) WINTERFLOOD SECURITIES 49 7.34% 2,333 1,725 22.71% 21,840

4 (HSBC) HSBC GROUP PLC 307 6.40% 178 3,012 6.24% 1,430 (UBS) UBS INVESTMENT BANK 38 5.76% 247 185 2.44% 1,096

5 (MSCO) MORGAN STANLEY 253 5.27% 148 1,977 4.09% 2,024 (FLOW) FLOW TRADERS 30 4.53% 425 402 5.30% 3,586

6 (UBS) UBS INVESTMENT BANK 229 4.77% 247 1,290 2.67% 1,096 (KEPL) KEPLER CAPITAL MARKETS 25 3.71% 284 117 1.55% 2,434

7 (DNB) DNB NOR BANK ASA 203 4.22% 10 721 1.49% 47 (ITGE) ITG EUROPE 25 3.70% 22 99 1.31% 208

8 (CITI) CITIGROUP GLOBAL MARKETS 165 3.43% 546 2,894 5.99% 4,728 (BCAP) BARCLAYS CAPITAL 20 2.96% 361 133 1.75% 2,548

9 (MACQ) MACQUARIE SECURITIES 162 3.38% 68 2,257 4.67% 767 (CITI) CITIGROUP GLOBAL MARKETS 19 2.90% 546 374 4.93% 4,729

10 (GS) GOLDMAN SACHS & CO. 154 3.21% 104 1,006 2.08% 652 (MLCO) MERRILL LYNCH 13 1.99% 162 151 1.99% 2,482

11 (BFIN) BLUEFIN EUROPE LLP 149 3.10% 71 949 1.97% 563 (KCG) KCG HOLDINGS, INC. 12 1.78% 540 364 4.79% 5,774

12 (BNPP) BNP PARIBAS 142 2.96% 115 2,051 4.25% 1,807 (DBK) DEUTSCHE BANK AG 10 1.47% 452 361 4.75% 4,675

13 (CSFB) CREDIT SUISSE 135 2.81% 214 2,358 4.88% 1,823 (DNB) DNB NOR BANK ASA 9 1.41% 10 35 0.46% 47

14 (KEPL) KEPLER CAPITAL MARKETS 98 2.05% 284 1,477 3.06% 2,433 (SIS) SUSQUEHANNA INTERNATIONAL GRP 9 1.39% 31 148 1.95% 360

15 (CBK) COMMERZBANK 88 1.83% 477 2,781 5.76% 6,107 (MACQ) MACQUARIE SECURITIES 8 1.17% 68 77 1.01% 767

16 (SIS) SUSQUEHANNA INTERNATIONAL GRP 88 1.83% 31 1,480 3.06% 360 (CSFB) CREDIT SUISSE 8 1.16% 214 93 1.22% 1,830

17 (DBK) DEUTSCHE BANK AG 83 1.73% 452 1,320 2.73% 4,674 (MSCO) MORGAN STANLEY 7 1.09% 148 107 1.40% 2,024

18 (BCAP) BARCLAYS CAPITAL 81 1.69% 361 1,051 2.18% 2,548 (INCA) INSTINET 7 1.02% 77 228 3.00% 1,066

19 (KCG) KCG HOLDINGS, INC. 72 1.50% 540 1,142 2.36% 5,774 (HSBC) HSBC GROUP PLC 6 0.90% 178 72 0.94% 1,430

20 (SG) SG SECURITIES 69 1.44% 130 1,597 3.31% 1,345 (BFIN) BLUEFIN EUROPE LLP 5 0.76% 71 148 1.95% 563

Other 379 7.91% 2,578 6,330 13.11% 31,138 Other 35 5.31% 3,028 940 12.37% 35,537

Total 4,797 100.00% 11,426 48,294 100.00% 103,145 Total 668 100.00% 11,443 7,595 100.00% 103,397




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

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Appendix A: How wedefine ETPsExchange-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 noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region andstructure type as on 31 December 2015.

The vast majority of instruments are ETFs (97.7%, 4,396 products, $2,879bn) withthe remainder being ETCs (0.6%, 455 products, $17.4bn) in Europe and ETVs(1.6%, 67 products, $48.2bn) in the US.

Figure 91: ETP Coverage Universe Summary


Exchange-Traded Funds (ETFs, 97.7%)US (70.1%): Fund structures that issue shares that are traded on an exchangemuch the same way as equities. ETFs indexed to equity and fixed incomebenchmarks are registered under the investment company act of 1940. Onlyphysical index replication techniques are permissible by this legislation whilesynthetic replication is not allowed.

Europe (16.6%): Fund structures that issue units or shares that are traded on anexchange much the same way as equities. The vast majorities of European ETFsare UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. TheUndertakings for Collective Investment in Transferable Securities (UCITS) are aset of European Union directives that aim to allow collective investment schemesto operate freely throughout the EU on the basis of a single authorization fromone member state. Both physical and synthetic index replication is permissible byUCITS and funds are allowed to track equity, fixed income as well as diversifiedcommodity 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%)


9 November 2016


In Europe as UCITS III does not permit the creation of funds tracking nondiversified commodity indices (for example wheat or oil), exchange-tradedproducts that track single commodity profiles are issued under the EU ProspectusDirective in two structures that have become widely known as exchange-tradedcommodities (ETCs). ETCs can either be physically backed or they can beissued through a bankruptcy remote special purpose vehicle (SPV). Both formsutilize offshore domiciles, such as Jersey, and are classed as debt instruments.Physically-backed ETCs are fully backed with securities that closely resemble thecomposition of a product’s benchmark index. SPV structures are collateralized byassets which could bear no resemblance to those of their respective benchmarkindex and ensure replication of their index return through a total return swapstructure or by holding other derivative instruments such as futures. In the vastmajority of cases, both types of ETCs are fully collateralized with secure assetssuch as money market instruments, government bonds and gold. For moreinformation, 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 fromETFs in that they are registered under the Securities Act of 1933 and not theinvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.


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Appendix B: The road frombeta to alphaThe figure below illustrates the road from beta (diversified rule based marketaccess) to alpha (discretionary market access). Moving counter-clockwise frombeta, the potential for return increases, together with the potential risk.

Figure 92: The Roadmap From Beta (β) to Alpha (α)

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager ismost successful when they manage to match the return of a product to its statedbenchmark. The performance of alpha products, or rather the performance of analpha 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 standarddeviation 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, wehave sought to create a classification system that classifies these products, takinginto consideration a number of variables, ranging from diversification to whatconstitutes a market segment.


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The authors of this report wish to acknowledge the contribution made by VibhorMahalwala and Varun Sachdeva, employees of Evalueserve, a third party providerto Deutsche Bank of offshore research support services.


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Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-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 recommendationor view in this report. Ari Rajendra, Shan Lan, Sebastian Mercado

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

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 pricefrom current price to projected target price plus pro-jecteddividend yield ) , we recommend that investors buy thestock.Sell: Based on a current 12-month view of totalshareholder return, we recommend that investors sell thestockHold: We take a neutral view on the stock 12-months outand, based on this time horizon, do not recommend eithera Buy or Sell.

Newly issued research recommendations and targetprices supersede previously published research.

?Regulatory Disclosures?1.Additional Information?Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or asolicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's


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9 November 2016


investment objectives, risk factors, and charges and expenses before investing. This and other information can be foundin the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is notnecessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understandthe similarities and differences between investments, including investment objectives, risks, fees and expenses, it isimportant to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange throughany brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in verylarge creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generatetax 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 itreceives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinionsexpressed 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.

?


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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 sourcesbelieved 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 mayact 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 itsown account or with customers, in a manner inconsistent with the views taken in this research report. Others withinDeutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those takenin this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linkedanalysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differfrom 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 or equity securities of the issuers it writes on. Analysts arepaid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking, tradingand principal trading revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They donot necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank providesliquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimeshave shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Tradeideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high conviction beliefby an analyst that a stock will outperform or underperform the market and/or sector delineated over a time frame of noless than two weeks. In addition to SOLAR ideas, the analysts named in this report may from time to time discuss withour clients, Deutsche Bank salespersons and Deutsche Bank traders, trading strategies or ideas that reference catalystsor events that may have a near-term or medium-term impact on the market price of the securities discussed in this report,which impact may be directionally counter to the analysts' current 12-month view of total return or investment return asdescribed herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipientthereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage andthe frequency of changes in market conditions and in both general and company specific economic prospects make itdifficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or ofthe Research Department Management and as such the majority of reports are published at irregular intervals. This reportis provided for informational purposes only and does not take into account the particular investment objectives, financialsituations, or needs of individual clients. It is not an offer or a solicitation of an offer to buy or sell any financial instrumentsor to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst’sjudgment. The financial instruments discussed in this report may not be suitable for all investors and investors must maketheir own informed investment decisions. Prices and availability of financial instruments are subject to change withoutnotice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financialinstrument is denominated in a currency other than an investor's currency, a change in exchange rates may adverselyaffect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, pricesare current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloombergand other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto our research is available on our website under Disclaimer found on the Legal tab.??Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto 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.


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The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be theloss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adversemacroeconomic 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 issuesrelated to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instrumentsto macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or tospecified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- byconstruction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of theproper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed toa typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledgethat funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally,options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements.??Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstancesincluding 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 thecontents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As aresult of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greaterthan the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Priorto 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 contactyour 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 bynumerous market factors, including world and national economic, political and regulatory events, events in equity anddebt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposedexchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values areaffected 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 theinvestor's home jurisdiction. 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 thisinformation before investing.??United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporatedin the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized underGerman Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s FederalFinancial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at WinchesterHouse, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by thePrudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and FinancialConduct Authority. Details about the extent of our authorisation and regulation are available on request.??Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.??


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India: Prepared by Deutsche Equities India Pvt 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 administrativewarnings from the SEBI for breaches of Indian regulations.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financialinstruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, TypeII Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involvedin stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying thetransaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a resultof share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming fromforeign 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 principaland other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Beforedeciding 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 notregistered 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 withthe coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed accordingto the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are basedon a 12-month forecast period.

Korea: Distributed by Deutsche Securities Korea Co.?

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch RegisterNumber in South Africa: 1998/003298/10).??Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One RafflesQuay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters arisingfrom, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not anaccredited 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.

Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers shouldindependently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank researchmay not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without written consent.Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to beconstrued as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branchmay not execute transactions for clients in these securities/instruments.??Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial CentreRegulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall withinthe scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, WestBay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financialproducts or services are only available to Business Customers, as defined by the Qatar Financial Centre RegulatoryAuthority.

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 bythe Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities thatfall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al OlayaDistrict, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.??


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United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulatedby the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial servicesactivities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai InternationalFinancial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed byDeutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by theDubai Financial Services Authority.

Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial productreferred to in this report and consider the PDS before making any decision about whether to acquire the product. Pleaserefer to Australian specific research disclosures and related information at https://australia.db.com/australia/content/research-information.html??Australia and New Zealand: This research is intended only for "wholesale clients" within the meaning of the AustralianCorporations Act and New Zealand Financial Advisors Act respectively.?

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Documents

Xtrackers ETFs - 9 November 2016 Markets …...Financial Sector ETFs witnessed inﬂows of +€0.7bn. Value (+€159mn) and Sustainable (+€171mn) strategies also beneﬁtted. Fixed