Contributors European Weekly ETF Market Review · European Weekly ETF Market Review ......

Deutsche Bank Research

Europe

Synthetic Equity & Index Strategy

ETF Research

Date 23 September 2014

European Weekly ETF Market Review

Week 38

________________________________________________________________________________________________________________

Deutsche Bank AG/London

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 148/04/2014.

Contributors

Ari Rajendra

Strategist (+44) 20 754-52282 [email protected]

Sebastian Mercado

Strategist (+1) 212 250-8690 [email protected]

Shan Lan

Strategist (+852) 22036716 [email protected]

Data in this report is as of 19 September 2014.

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ETF Research


Table Of Contents

Market Snapshot ............................................................................................................ 3 Global ETF industry evolution........................................................................................................................................ 3 Global ETF industry cash flows ..................................................................................................................................... 3 European ETP industry evolution .................................................................................................................................. 4

1. Provider Rankings ................................................................................................. 6 Assets - ETFs ................................................................................................................................................................. 6 Assets - ETCs ................................................................................................................................................................. 7 Cash Flows and turnover - ETFs .................................................................................................................................... 8 Cash Flows and turnover - ETCs ................................................................................................................................... 9

2. Cash Flow Winners & Laggards ......................................................................... 10 Top ten inflows by product ......................................................................................................................................... 10 Top ten outflows by product ....................................................................................................................................... 11

3. ETF Liquidity Monitor .......................................................................................... 12 Deutsche Borse ........................................................................................................................................................... 12 London Stock Exchange .............................................................................................................................................. 12 NYSE Euronext Paris ................................................................................................................................................... 13 SIX Swiss Stock Exchange .......................................................................................................................................... 13 Borsa Italiana ............................................................................................................................................................... 14 Stockholmborsen and NYSE Euronext Amsterdam .................................................................................................... 14

4. Week’s Largest Products .................................................................................... 15 Equity ETFs .................................................................................................................................................................. 15 Fixed income ETFs ....................................................................................................................................................... 15 Commodity ETPs ......................................................................................................................................................... 16

Appendix A: How we define ETPs ................................................................................ 17

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Market Snapshot

Global ETF industry evolution

Figure 1: Global ETF assets by region | ETFs | Global |

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

Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 192.8

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 445.8

US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,817.9

US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.1 2,456.5

Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 347.2

Number of ETFs* 257 310 415 677 1,116 1,482 1,803 2,234 2,701 2,973 3,183 3,397

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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 week

Global ETF industry cash flows

Figure 2: Global ETF cash flows by region and by asset class | ETFs | Global |

Asset Class US EU Asia Total US EU Asia Total

Equity 14,162 -2,377 -543 11,243 89,781 28,635 18,341 136,757

Fixed income -1,688 36 52 -1,600 30,349 19,432 1,258 51,038

Commodity 0 -120 6 -114 304 -906 -37 -639

Currency -6 -6 8 -4 -616 -17 52 -581

Multi Asset 109 11 0 120 1,507 93 -4 1,596

Alternative 12 -8 1 5 554 -143 89 501

Total 12,590 -2,464 -476 9,651 121,878 47,094 19,699 188,672

All figures in $ million except where otherwise stated

Current Week YTD

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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European ETP industry evolution

Figure 3: European ETF asset by asset class | ETFs | Europe |

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

Other - - - - 96 168 1,078 1,995 1,549 1,620 1,516 1,505

Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 14,456

Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 78,580

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,599 147,534 139,723 171,522 210,338 252,673

Total 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,810 347,213

Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,319 1,350 1,396

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Figure 4: European Commodity ETP (ETF & ETC) assets by commodity segment | ETPs | Europe |

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

Livestock - - 1 21 63 49 67 59 40 17 21

Industrial Metals - - 4 44 99 413 828 734 1,063 713 928

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 801

Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,399

Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 4,191

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,687

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 31,027

Number of ETPs* 1 3 40 76 144 185 249 326 423 416 404

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Figure 5: European ETP (ETF & ETC) assets by instrument | ETPs | Europe |

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

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,966

ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,810 347,213

Total 16,332 24,340 43,326 69,313 90,091 104,210 170,009 230,890 229,640 280,067 302,225 364,179

Number of ETPs* 100 115 165 299 476 738 995 1,332 1,565 1,757 1,794 1,846

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1. Provider Rankings

Assets - ETFs

Figure 6: European ETF Providers Ranking | ETFs | Europe |

Issuer EquityFixed

IncomeComm-odity Others Total AUM

Mkt Share % Nu. AUM

Mkt Share % Nu.

Mkt Share change (%)

BlackRock 120,852 46,413 1,602 318 169,184 48.7% 257 145,010 50.6% 260 -1.8%

Deutsche AWM 30,952 10,016 729 845 42,542 12.3% 243 35,926 12.5% 229 -0.3%

Lyxor 30,794 6,281 1,043 65 38,182 11.0% 210 32,002 11.2% 180 -0.2%

UBS 14,170 548 1,384 134 16,236 4.7% 125 11,416 4.0% 126 0.7%

Amundi 10,891 3,407 17 0 14,315 4.1% 100 11,352 4.0% 100 0.2%

Source 8,638 4,462 170 120 13,389 3.9% 70 9,730 3.4% 65 0.5%

Vanguard 8,523 38 0 0 8,561 2.5% 9 3,075 1.1% 9 1.4%

State Street 5,425 2,725 0 0 8,150 2.3% 58 6,089 2.1% 54 0.2%

Deka Investment GmbH 3,588 2,744 0 0 6,333 1.8% 42 5,456 1.9% 41 -0.1%

Zuercher Kantonalbank 0 0 6,252 0 6,252 1.8% 4 6,566 2.3% 4 -0.5%

ComStage 4,347 1,099 342 0 5,789 1.7% 98 5,038 1.8% 95 -0.1%

HSBC 4,690 0 0 0 4,690 1.4% 28 2,550 0.9% 26 0.5%

BNP Paribas 2,647 164 294 0 3,105 0.9% 38 2,529 0.9% 37 0.0%

Xact Fonder AB 2,524 0 0 0 2,524 0.7% 10 3,020 1.1% 22 -0.3%

Julius Baer Inv 70 0 2,101 0 2,171 0.6% 8 2,380 0.8% 8 -0.2%

Ossiam 1,322 0 54 0 1,376 0.4% 7 841 0.3% 7 0.1%

PowerShares 1,280 57 0 4 1,341 0.4% 18 1,277 0.4% 19 -0.1%

ThinkCapital ETFs N.V. 302 592 0 9 902 0.3% 10 684 0.2% 10 0.0%

ETF Securities Ltd 339 0 104 11 453 0.1% 18 329 0.1% 16 0.0%

BBVA Gestion SA SGIIC 446 0 0 0 446 0.1% 2 379 0.1% 3 0.0%

Royal Bank of Scotland plc 205 0 228 0 434 0.1% 12 468 0.2% 13 0.0%

Seligson & Co Fund Man 146 0 0 0 146 0.0% 1 147 0.1% 1 0.0%

Raiffeisen Schweiz Genossenschaft 0 0 132 0 132 0.0% 3 131 0.0% 2 0.0%

DnB Kapitalforvaltning 107 0 0 0 107 0.0% 1 113 0.0% 1 0.0%

SEB Investment Management AB 102 0 0 0 102 0.0% 3 93 0.0% 3 0.0%

Fundlogic Global Solutions plc 97 0 0 0 97 0.0% 1 0 0.0% - 0.0%

ABN AMRO Investment Management 55 0 0 0 55 0.0% 2 0 0.0% - 0.0%

Commerzbank AG 47 0 0 0 47 0.0% 1 42 0.0% 1 0.0%

FinEx Fund Plc 0 34 3 0 37 0.0% 2 36 0.0% 2 0.0%

First Trust 35 0 0 0 35 0.0% 3 12 0.0% 3 0.0%

NCB Stockbrokers 29 0 0 0 29 0.0% 1 26 0.0% 1 0.0%

Alpha Asset Management 22 0 0 0 22 0.0% 1 22 0.0% 1 0.0%

Swedbank Robur 19 0 0 0 19 0.0% 3 18 0.0% 3 0.0%

NBG Asset Management MFMC 7 0 0 0 7 0.0% 2 7 0.0% 2 0.0%

Alpcot Capital Management 1 0 0 0 1 0.0% 1 1 0.0% 1 0.0%

Avana Investment AG 0 0 0 0 0 0.0% 1 7 0.0% 1 0.0%

Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0.0% 2 0.0%

Landsbankinn 0 0 0 0 0 0.0% 1 0 0.0% 1 0.0%

ESAF 0 0 0 0 0 0.0% 0 36 0.0% 1 0.0%

Total 252,673 78,580 14,456 1,505 347,213 100.0% 1,396 286,810 100.0% 1,350

All figures in € million except productsCurrent Week 2013 Year end

*Number of ETFs at the end of the year is net of delistings for the period. *New entrant in 2014 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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Assets - ETCs

Figure 7: European ETC Providers Ranking | ETCs | Europe |

Issuer Commodity Currency Total AUMMkt

Share % Nu. AUMMkt

Share % Nu.Mkt Share

change (%)

ETF Securities Ltd 10,819 394 11,214 66.1% 300 10,173 66.0% 291 0.1%

Deutsche AWM 2,120 0 2,120 12.5% 39 1,837 11.9% 39 0.6%

Deutsche Borse Commodities GmbH 1,531 0 1,531 9.0% 1 1,409 9.1% 1 -0.1%

Source 1,482 0 1,482 8.7% 11 1,307 8.5% 11 0.3%

Royal Bank of Scotland plc 325 0 325 1.9% 7 494 3.2% 10 -1.3%

BlackRock 175 0 175 1.0% 4 125 0.8% 4 0.2%

Borse Stuttgart Securities GmbH 80 0 80 0.5% 1 58 0.4% 1 0.1%

Boost 37 0 37 0.2% 19 11 0.1% 19 0.1%

Commerzbank AG 1 0 1 0.0% 68 1 0.0% 68 0.0%

Total 16,572 394 16,966 100.0% 450 15,415 100.0% 444

Current Week 2013 Year endAll figures in € million except products

Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETCs at the end of the year is net of delistings for the period.

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ETF Research


Cash Flows and turnover - ETFs

Figure 8: European ETF Providers Ranking | ETFs | Europe |

Issuer EquityFixed

IncomeComm-

odity OthersCurr.

WeekPrev.

Week YTD EquityFixed

IncomeComm-

odity OthersWeekly

TotalPrev.

Week

Source 96 164 3 4 267 63 2,649 194 87 0 12 293 265

Vanguard 197 0 0 0 197 125 4,710 237 0 0 0 238 376

UBS 41 13 -4 8 58 106 3,553 225 7 18 1 251 260

HSBC 38 0 0 0 38 28 1,689 141 0 0 0 141 167

ComStage 39 -16 0 0 23 -5 349 54 5 1 0 60 67

State Street -9 21 0 0 12 -40 1,395 96 114 0 0 210 251

Deka Investment GmbH 8 0 0 0 8 23 673 150 9 0 0 159 197

First Trust 4 0 0 0 4 0 21 7 0 0 0 7 1

BBVA Gestion SA SGIIC 0 0 0 0 0 0 35 8 0 0 0 8 4

Fundlogic Global Solutions plc 0 0 0 0 0 0 92 0 0 0 0 0 0

FinEx Fund Plc 0 0 0 0 0 0 1 0 0 0 0 0 0

Raiffeisen Schweiz Genossenschaft 0 0 0 0 0 0 -4 0 0 3 0 3 1

Commerzbank AG 0 0 0 0 0 0 3 0 0 0 0 0 0

ABN AMRO Investment Management 0 0 0 0 0 0 50 4 0 0 0 4 0

Alpha Asset Management 0 0 0 0 0 0 0 0 0 0 0 0 0

Swedbank Robur 0 0 0 0 0 0 0 0 0 0 0 0 0

NCB Stockbrokers 0 0 0 0 0 0 0 0 0 0 0 0 0

ESAF 0 0 0 0 0 0 -39 0 0 0 0 0 0

PDR Services LLC 0 0 0 0 0 0 0 0 0 0 0 0 0

NBG Asset Management MFMC 0 0 0 0 0 0 0 0 0 0 0 0 0

C-QUADRAT 0 0 0 0 0 0 0 0 0 0 0 0 0

JP Morgan 0 0 0 0 0 0 0 0 0 0 0 0 0

Landsbankinn 0 0 0 0 0 0 0 0 0 0 0 0 0

Nordea Investment Funds 0 0 0 0 0 0 0 0 0 0 0 0 0

Alpcot Capital Management 0 0 0 0 0 0 0 0 0 0 0 0 0

DnB Kapitalforvaltning 0 0 0 0 0 0 -22 2 0 0 0 2 1

SEB Investment Management AB 0 0 0 0 0 0 1 5 0 0 0 5 1

Seligson & Co Fund Man 0 0 0 0 0 0 -8 2 0 0 0 2 1

Ossiam 0 0 0 0 0 -3 381 11 0 0 0 12 11

Julius Baer Inv 0 0 -7 0 -7 -21 -323 0 0 32 0 32 25

Avana Investment AG -8 0 0 0 -8 0 -8 0 0 0 0 0 0

ETF Securities Ltd -9 0 0 0 -9 -3 108 68 0 0 0 68 62

Royal Bank of Scotland plc -2 0 -8 0 -10 0 -55 4 0 1 0 5 6

PowerShares -10 0 0 0 -10 -4 -148 20 2 0 0 22 17

Xact Fonder AB -14 0 0 0 -14 -4 -675 181 0 0 0 181 201

BNP Paribas 8 0 -22 0 -14 0 322 31 0 2 0 33 37

ThinkCapital ETFs N.V. -4 -18 0 0 -23 0 163 12 3 0 0 15 9

Zuercher Kantonalbank 0 0 -27 0 -27 -3 -711 0 0 60 0 60 68

Amundi 13 -81 0 0 -69 119 1,733 172 37 0 0 209 291

Lyxor -216 31 -6 0 -191 121 3,548 1,356 104 13 1 1,475 1,600

Deutsche AWM -155 -100 -15 -11 -280 373 3,215 851 113 9 17 990 883

BlackRock -1,853 16 -7 -4 -1,848 -767 11,806 3,495 824 16 3 4,338 5,064

Total -1,839 29 -93 -3 -1,905 110 34,504 7,327 1,306 154 35 8,823 9,865

All figures in € million except productsCash Flows Turnover

*New entrant in 2014 is highlighted in light grey. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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ETF Research


Cash Flows and turnover - ETCs

Figure 9: European ETC Providers Ranking | ETCs | Europe |

Issuer Commodity CurrencyCurr.

WeekPrev.

Week YTD Commodity CurrencyCurr.

WeekPrev.

Week

Deutsche AWM 1 0 1 104 181 29 0 29 43

BlackRock 1 0 1 2 40 7 0 7 4

Borse Stuttgart Securities GmbH 1 0 1 0 17 1 0 1 1

Commerzbank AG 0 0 0 0 0 0 0 0 0

Deutsche Borse Commodities GmbH 0 0 0 0 0 19 0 19 25

Royal Bank of Scotland plc 0 0 0 0 -201 0 0 0 0

Boost -2 0 -2 0 26 19 0 19 17

Source -4 0 -4 -22 59 30 0 30 42

ETF Securities Ltd -196 6 -189 -62 388 414 54 467 540

Total -198 6 -192 22 510 520 54 573 672

TurnoverCash FlowsAll figures in € million except products


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ETF Research


2. Cash Flow Winners & Laggards

Top ten inflows by product

Figure 10: Top 10 equity ETF inflows (€ million) | ETFs | Europe |

ETF Name BBG Ticker Issuer Current

Week Flows

Prev. Week Flows

YTD Flows

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 122.9 0.0 784.0

STOXX 600 Optimised Food & Beverage Source ETF X3PS GR Source 120.7 -10.1 102.6

Vanguard FTSE 100 ETF VUKE LN Vanguard 114.7 15.4 821.8

MSCI Europe Value Source ETF EMSV GY Source 108.7 78.7 401.3

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock 94.8 179.0 3,632.5

ComStage ETF MSCI USA TRN CBNDDUUS GR ComStage 89.5 0.0 316.3

db x-trackers MSCI USA Index UCITS ETF (DR) XD9U GY Deutsche AWM 80.4 100.8 598.7

Vanguard S&P 500 ETF VUSA LN Vanguard 75.2 89.6 3,000.3

Source MSCI Europe UCITS ETF SMSEUR GR Source 50.3 13.1 86.2

Amundi ETF MSCI UK UCITS ETF CU1 FP Amundi 45.9 0.0 -57.7Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 11: Top 10 fixed income ETF inflows (€ million) | ETFs | Europe |


Week Flows

Prev. Week Flows

YTD Flows

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source 148.0 -24.3 554.5

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 117.4 18.4 678.4

Lyxor UCITS ETF Daily Double Short 10Y US Treasury DSUS FP Lyxor 88.6 21.4 178.5

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 36.9 55.8 1,129.2

Lyxor ETF EuroMTS 5-7Y MTC FP Lyxor 24.2 0.0 73.2

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock 20.4 0.0 174.2

db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM 19.7 25.3 309.3

PIMCO Covered Bond Source UCITS ETF COVR GY Source 18.5 21.4 360.0

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 17.7 0.0 313.5

iShares Euro Government Bond UCITS ETF IEGA LN BlackRock 17.5 10.4 391.7Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 12: Top 10 commodity ETP inflows (€ million) | ETPs | Europe |

ETP Name BBG Ticker Issuer Current

Week Flows

Prev. Week Flows

YTD Flows

ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd 4.5 0.0 82.8

ETFS Daily Short Industrial Metals SIMT LN ETF Securities Ltd 3.4 0.0 -9.3

LGIM Commodity Composite Source ETF LGCF LN Source 3.4 1.6 27.7

ETFS Daily Leveraged Wheat LWEA LN ETF Securities Ltd 3.3 4.3 36.5

ETFS Daily Leveraged Silver LSIL LN ETF Securities Ltd 2.3 1.6 5.6

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost 2.0 0.7 12.7

ETFS Nickel NICK LN ETF Securities Ltd 1.6 0.1 68.6

ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Ltd 1.6 0.8 -11.1

ETFS WTI Crude Oil CRUD LN ETF Securities Ltd 1.5 3.5 34.5

ETFS Daily Leveraged Coffee LCFE LN ETF Securities Ltd 1.4 0.2 -28.0Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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ETF Research


Top ten outflows by product

Figure 13: Top 10 equity ETF outflows (€ million) | ETFs | Europe |


Week Flows

Prev. Week Flows

YTD Flows

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock -935.4 -463.4 -1,134.6

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock -498.2 -174.9 -1,596.6

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock -336.6 -270.6 -849.8

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock -134.8 -31.5 -151.4

db x-trackers MSCI World Index UCITS ETF 1C XMWO GR Deutsche AWM -130.1 -68.6 -369.0

db x-trackers MSCI USA TRN Index UCITS ETF XMUS GR Deutsche AWM -129.7 -75.2 -380.6

Lyxor ETF FTSE 100 L100 LN Lyxor -116.1 0.4 94.9

Source MSCI World UCITS ETF SMSWLD GR Source -78.2 0.0 28.5

Lyxor ETF MSCI USA USA FP Lyxor -56.5 -32.7 -60.2

iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock -51.0 3.8 -6.6Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 14: Top 10 fixed income ETF outflows (€ million) | ETFs | Europe |


Week Flows

Prev. Week Flows

YTD Flows

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock -54.8 -32.4 -47.1

db x-trackers II iBoxx Euro Sovereigns Eurozone 10-15 TR Index UCITS ETF X105 GR Deutsche AWM -50.7 -6.0 -1.0

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi -50.2 66.8 443.7

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock -46.3 -0.4 718.8

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock -42.8 -12.1 968.5

iShares £ Corporate Bond 1-5yr UCITS ETF IS15 LN Blackrock -41.7 0.0 182.6

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock -37.1 -168.6 95.8

db x-trackers II iTraxx Crossover 5-Year TR Index UCITS ETF XTXC GR Deutsche AWM -34.5 0.0 -52.4

Lyxor ETF Euro Cash CSH FP Lyxor -26.3 5.3 -108.9

Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi -22.2 13.6 86.7Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 15: Top 10 commodity ETP outflows (€ million) | ETPs | Europe|

ETP Name BBG Ticker Issuer Current

Week Flows

Prev. Week Flows

YTD Flows

Gold Bullion Securities GBS LN ETF Securities Ltd -99.6 -12.3 -266.7

ETFS Physical Silver PHAG LN ETF Securities Ltd -72.6 -3.7 81.5

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank -24.3 -1.6 -626.0

EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas -22.2 1.7 10.8

ETFS Physical Gold PHAU LN ETF Securities Ltd -15.3 71.0 165.4

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM -10.5 0.0 -127.9

Market Access ABN Amro RICI M9SA GR Royal Bank of Scotland plc -8.1 0.0 -19.6

ETFS Copper COPA LN ETF Securities Ltd -7.9 -74.7 54.1

ETFS Physical Palladium PHPD LN ETF Securities Ltd -7.1 -2.2 -29.6

ETFS All Commodities AIGC LN ETF Securities Ltd -6.8 -2.0 4.5Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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ETF Research


3. ETF Liquidity Monitor

Deutsche Borse

Figure 16: Top 10 products by asset class by weekly on-exchange turnover (€ million) | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core DAX UCITS ETF DE DAXEX GR 210.80 1 iShares iBoxx E Liquid Sovereigns Capped 1.5-10.5 (DE) IB83EX GR 14.91

2 Deka DAX UCITS ETF ETFDAX GR 102.72 2 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 12.38

3 iShares Euro STOXX Banks (DE) SX7EEX GR 91.71 3 iShares Barclays Euro Aggregate Bond EUN4 GR 10.37

4 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 68.96 4 iShares Markit iBoxx Euro High Yield EUNW GR 9.84

5 iShares STOXX 600 (DE) SXXPIEX GR 62.51 5 iShares Euro Covered Bond IUS6 GR 9.82

6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 59.18 6 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 8.80

7 iShares Euro STOXX 50 (DE) SX5EEX GR 56.22 7 iShares JPMorgan USD Emerging Markets Bond IUS7 GR 7.56

8 iShares S&P 500 Index Fund (IUSA) IUSA GR 45.43 8 iShares eb.rexx Government Germany (DE) RXRGEX GR 6.94

9 iShares MSCI Japan Monthly EUR Hedged IBCG GR 30.92 9 iShares Barclays Capital Euro Corporate Bond Interest Rate Hedged IS0Y GR 6.35

10 iShares MSCI World IQQW GR 24.67 10 iShares Barclays Spain Treasury Bond IS0P GY 5.75

Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover

1 XETRA-Gold XAUEUR 19.43 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 4.18

2 db ETC Brent Crude Oil Euro Hedged ETC XETC GR 4.21 2 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 2.09

3 db Physical Gold Euro Hedged ETC XAD1 GR 4.02 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 0.46

4 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 2.19 4 Portfolio Income UCITS ETF 1D XS7W GR 0.17

5 db Physical Gold ETC (EUR) XAD5 GR 1.87 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.14

6 ETFS Sugar OD7R GR 1.83 6 db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR 0.14

7 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 1.76 7 ETFS Long USD Short EUR XBJP GR 0.11

8 ETFS Physical Gold VZLD GR 1.66 8 ETFX Bofaml IVSTOXX ETF VHTX GR 0.10

9 ETFS All Commodities OD7V GR 1.57 9 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULX1 GR 0.09

10 Lyxor ETF Commodities CRB LYXCRB GR 1.54 10 iShares S&P Listed Private Equity Fund IQQL GR 0.08 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

London Stock Exchange


1 iShares S&P 500 UCITS ETF (Inc) IUSA LN 593.63 1 SPDR Barclays Capital Emerging Market Local Bond ETF EMDD LN 75.62

2 iShares FTSE 100 UCITS ETF (Inc) ISF LN 232.37 2 PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN 62.50

3 iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN 109.16 3 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 48.27

4 iShares MSCI World UCITS ETF (Inc) IWRD LN 106.52 4 iShares £ Corporate Bond 1-5yr UCITS ETF IS15 LN 47.21

5 Vanguard S&P 500 ETF VUSD LN 98.85 5 iShares UK Gilts UCITS ETF IGLT LN 32.31

6 db x-trackers MSCI USA TRN Index UCITS ETF XMUS LN 97.71 6 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 27.57

7 Source MSCI World UCITS ETF MXWO LN 77.91 7 iShares £ Corporate Bond UCITS ETF SLXX LN 27.56

8 iShares Core S&P 500 UCITS ETF CSPX LN 66.18 8 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 21.99

9 Vanguard FTSE 100 ETF VUKE LN 63.54 9 iShares $ Corporate Bond UCITS ETF LQDE LN 21.35

10 db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D ASHR LN 47.95 10 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 20.59


1 ETFS Daily Short Gold SBUL LN 82.55 1 ETFS Short GBP Long USDGBP USD2 LN 13.98

2 ETFS Physical Gold PHAU LN 61.40 2 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 9.69

3 Gold Bullion Securities GBS LN 41.11 3 ETFS Long USD Short GBP GBUS LN 4.25

4 ETFS Physical Silver PHAG LN 27.39 4 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 2.36

5 Source Physical Gold ETC (P-ETC) SGLD LN 25.59 5 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN 2.23

6 ETFS WTI Crude Oil CRUD LN 25.18 6 ETFS 3x Short EUR Long USD SEU3 LN 2.12

7 ETFS Physical Platinum PHPT LN 24.91 7 ETFS 3x Long GBP Short USD LGB3 LN 1.80

8 ETFS Physical Gold GBP PHGP LN 8.72 8 J.P.Morgan Macro Hedge US TR Source ETF MHUE LN 1.73

9 db x-trackers DBLCI - OY Balanced UCITS ETF- 2C (USD) XBCU LN 6.15 9 J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 1.50

10 db Physical Gold ETC XGLD LN 4.67 10 iShares Listed Private Equity UCITS ETF IPRV LN 1.46


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ETF Research


NYSE Euronext Paris


1 Lyxor ETF Euro STOXX 50 MSE FP 90.45 1 Lyxor ETF Euro Corporate Bond ex Financials CNB FP 4.81

2 Lyxor ETF MSCI Europe MEU FP 62.84 2 Amundi ETF EuroMTS Cash 3 Months UCITS ETF C3M FP 4.22

3 Lyxor ETF Leverage CAC 40 LVC FP 59.91 3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 4.08

4 Lyxor ETF Russia (Dow Jones Rus Index Titans 10) (EUR) RUS FP 43.43 4 Lyxor ETF EuroMTS Covered Bond Aggregate ETF ECB FP 3.97

5 Lyxor ETF CAC 40 CAC FP 39.31 5 Lyxor ETF EuroMTS Global MTX FP 3.46

6 Lyxor ETF STOXX 600 Banks BNK FP 32.86 6 Lyxor ETF Euro Cash CSH FP 3.44

7 Lyxor ETF XBear CAC 40 BX4 FP 28.62 7 Amundi ETF Short US Treasury 7-10 Daily UCITS ETF SU7 FP 3.27

8 Lyxor ETF MSCI World WLD FP 21.16 8 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 2.88

9 Lyxor ETF S&P 500 SP5 FP 19.38 9 Lyxor ETF EuroMTS 5-7Y MTC FP 2.87

10 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 18.30 10 LYXOR ETF iBoxx USD Treasuries 1-3Y US13 FP 1.89


1 Lyxor ETF Commodities CRB CRB FP 2.02 1 Lyxor ETF Privex PVX FP 0.61

2 Gold Bullion Securities GBS FP 1.20 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.04

3 Lyxor ETF Commodities CRB Non-Energy CRN FP 0.39 3 Powershares Global Listed Private Equity Fund PSP FP 0.00

4 ETFS Brent 1mnth Oil OILBP FP 0.13 4 Lyxor ETF Private Equity Privex TR LPX FP -

5 ETFS All Commodities AIGCP FP 0.11 5 iShares Listed Private Equity UCITS ETF PRV FP -

6 ETFS Wheat WEATP FP 0.05

7 ETFS Natural Gas NGASP FP 0.04

8 ETFS WTI Crude Oil CRUDP FP 0.03

9 ETFS Precious Metals AIGPP FP 0.02

10 ETFS Silver SLVRP FP 0.02 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

SIX Swiss Stock Exchange


1 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM SW 108.16 1 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 38.89

2 iShares SPI (CH) CHSPI SW 64.21 2 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 6.36

3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 35.89 3 iShares CHF Corporate Bond (CH) CHCORP SW 4.01

4 iShares SMI CH CSSMI SW 27.73 4 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 3.96

5 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW 25.44 5 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 3.22

6 iShares SMIM CH CSSMIM SW 20.68 6 iShares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 2.57

7 iShares MSCI World UCITS ETF (Inc) IWRD SW 20.38 7 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 2.36

8 UBS-ETF MSCI USA USAUSA SW 18.53 8 UBS-Index Solutions- SBI Domestic 1-3 ETF A SB1CHA SW 1.58

9 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF SW 17.23 9 iShares Euro Aggregate Bond UCITS ETF IEAG SW 1.17

10 UBS Index Solutions - SPI ETF A SPICHA SW 14.41 10 iShares $ Corporate Bond UCITS ETF LQDE SW 1.13


1 ZKB Gold ETF-A USD ZGLDUS SW 23.51 1 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 2.42

2 iShares Gold CH CSGOLD SW 9.55 2 J.P.Morgan Macro Hedge US TR Source ETF MHUU SW 1.17

3 ZKB Gold ETF ZGLD SW 9.22 3 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.11

4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 7.51 4 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 0.11

5 ZKB Gold ETF-A EUR ZGLDEU SW 7.17 5 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.10

6 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 5.96 6 iShares Listed Private Equity UCITS ETF IPRV SW 0.08

7 ZKB Silver ETF ZSIL SW 5.38 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.05

8 JB Physical Silver-AX USD JBSIUX SW 5.20 8 Lyxor ETF Privex LYPVX SW -

9 Julius Baer Physical Gold Fund (EUR) A JBGOEA SW 4.74 9 db x-trackers DB Equity Strategies Hedge Fund Index UCITS ETF XHFH SW -

10 ZKB Gold ETF-H (CHF) ZGLDHC SW 4.44 10 Nomura Voltage Mid-Term Source ETF VOLT SW - Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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ETF Research


Borsa Italiana


1 Lyxor ETF FTSE/MIB ETFMIB IM 109.72 1 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 15.38

2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 101.92 2 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 11.37

3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 76.17 3 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 10.92

4 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 38.78 4 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 10.41

5 iShares MSCI Japan EUR Hedged UCITS ETF IJPE IM 32.06 5 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM 9.50

6 iShares MSCI World UCITS ETF (Inc) IWRD IM 29.66 6 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 8.85

7 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 27.23 7 Lyxor ETF Daily Double Short BTP BTP2S IM 6.13

8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 26.42 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 6.08

9 iShares S&P 500 UCITS ETF (Inc) IUSA IM 22.97 9 iShares Euro Government Bond 1-3yr UCITS ETF IBGS IM 5.63

10 iShares MSCI Europe UCITS ETF (Inc) IMEU IM 17.90 10 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P IM 5.55


1 ETFS Daily Leveraged Natural Gas LNGA IM 12.67 1 ETFS 3X Long USD Short EUR EUS3 IM 17.48

2 ETFS Physical Gold PHAU IM 9.51 2 ETFS 3X Short USD Long EUR USE3 IM 1.89

3 Boost Natural Gas 3x Short Daily 3NGS IM 7.55 3 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS IM 1.05

4 ETFS Daily Leveraged Silver LSIL IM 6.53 4 ETFS 3X Long GBP Short EUR EGB3 IM 0.61

5 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 5.73 5 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 0.39

6 Lyxor ETF Commodities CRB CRB IM 4.55 6 ETFS 3X Short JPY Long EUR JPE3 IM 0.38

7 Gold Bullion Securities GBS IM 3.15 7 ETFS Long NOK Short EUR EUNO IM 0.25

8 ETFS Daily Leveraged Crude Oil LOIL IM 3.12 8 ETFS 3X Short GBP Long EUR GBE3 IM 0.23

9 ETFS Daily Leveraged Wheat LWEA IM 2.98 9 ETFS 3X Short CHF Long EUR CHE3 IM 0.21

10 ETFS Physical Silver PHAG IM 2.97 10 iShares Listed Private Equity UCITS ETF IPRV IM 0.19


Stockholmborsen and NYSE Euronext Amsterdam

Figure 21: Top 10 products by asset class by weekly on-exchange turnover (€ million) | ETPs | Europe | Stockholmborsen

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 XACT OMXS30 XACTOMX SS 55.75 No Fixed Income ETFs

2 XACT Bear 2 XABEAR2 SS 38.00

3 XACT Bull 2 XABULL2 SS 30.44

4 XACT Bear XACBEAR SS 15.72

5 XACT Bull XACBULL SS 12.35

6 SpotR OMXS30 SPOTROMX SS 3.28

7 db x-trackers MSCI USA TRN Index UCITS ETF XMUS SS 2.21

8 SpotR Bull OMXS30 SPBULOMX SS 1.07

9 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS 0.74

10 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC SS 0.67

NYSE Euronext Amsterdam

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares MSCI World UCITS ETF (Inc) IWRD NA 41.50 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 12.95

2 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 36.97 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 12.89

3 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 28.45 3 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 7.86

4 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 23.68 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 6.08

5 Vanguard S&P 500 ETF VUSA NA 20.12 5 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 4.45

6 iShares S&P 500 UCITS ETF (Inc) IUSA NA 16.94 6 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 2.89

7 iShares EURO Total Market Value Large UCITS ETF IDJV NA 9.03 7 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 2.30

8 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 8.23 8 iShares Euro Covered Bond UCITS ETF ICOV NA 2.13

9 iShares AEX UCITS ETF IAEX NA 7.78 9 Think iBoxx Government Bond Tracker TGBT NA 1.61

10 iShares European Property Yield UCITS ETF IPRP NA 6.42 10 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 1.44 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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4. Week’s Largest Products Equity ETFs

Figure 22: Top 20 equity ETFs by assets (€ million) | ETFs | Europe|

ETF Name BBG Ticker Issuer Current Week

AUM Prev. Week

AUM 2013 AUM

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock 15,935.5 16,624.7 16,720.5

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 9,949.2 10,249.0 9,927.2

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 6,177.3 6,090.4 5,293.9

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 5,619.1 5,889.2 6,139.4

Vanguard S&P 500 ETF VUSA LN Vanguard 5,461.3 5,298.1 1,851.6

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock 5,219.5 5,021.1 1,057.0

Lyxor ETF Euro STOXX 50 MSE FP Lyxor 5,163.4 5,124.2 4,619.6

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock 5,129.5 5,125.9 3,873.7

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock 5,069.2 4,982.9 5,173.1

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock 5,021.5 5,211.1 4,921.7

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 3,428.0 3,263.7 2,466.4

iShares STOXX 600 (DE) SXXPIEX GR BlackRock 3,422.6 3,416.7 3,153.6

Lyxor ETF CAC 40 CAC FP Lyxor 3,187.4 3,173.6 2,984.6

iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 3,053.7 3,059.6 3,145.8

iShares SMI CH CSSMI SW BlackRock 2,671.8 2,669.4 2,831.9

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM 2,663.6 2,640.1 2,565.1

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM 2,570.8 2,489.1 2,278.1

iShares MSCI North America UCITS ETF INAA LN BlackRock 2,497.8 2,441.4 1,965.8

db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AWM 2,473.3 2,483.8 2,109.5

db x-trackers MSCI World Index UCITS ETF 1C XMWO GR Deutsche AWM 2,456.8 2,551.9 2,477.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Fixed income ETFs

Figure 23: Top 20 fixed income ETFs by assets (€ million) | ETFs | Europe|

ETF Name BBG Ticker IssuerCurrent Week

AUM Prev. Week

AUM 2013 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 3,975.2 3,931.5 2,681.6

iShares Euro Corporate Bond IBCS GR BlackRock 3,564.2 3,552.7 2,688.2

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock 3,299.7 3,326.1 1,975.1

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock 2,577.4 2,613.1 2,504.8

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 2,470.4 2,335.2 1,635.3

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock 1,815.7 1,867.3 1,764.7

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 1,808.4 1,819.4 1,683.4

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source 1,679.8 1,519.6 1,015.4

db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM 1,551.5 1,558.0 1,157.5

Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi 1,543.0 1,588.8 954.3

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock 1,511.8 1,555.2 736.7

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source 1,429.2 1,425.0 879.2

iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock 1,387.8 1,365.9 1,151.6

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock 1,295.9 1,270.5 881.1

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 1,264.7 1,243.2 878.2

iShares UK Gilts UCITS ETF IGLT LN BlackRock 1,263.4 1,230.2 886.4

iShares Euro Covered Bond UCITS ETF SCOV LN BlackRock 1,177.0 1,160.4 948.7

db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM 1,141.5 1,122.0 746.4

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street 1,126.3 1,119.3 659.9

iShares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock 1,119.1 1,106.5 1,051.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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ETF Research


Commodity ETPs

Figure 24: Top 20 commodity ETP’s by assets (€ million) | ETPs | Europe |

ETP Name BBG Ticker IssuerCurrent Week

AUM Prev. Week

AUM 2013 AUM

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank 4,655.1 4,703.3 4,904.9

ETFS Physical Gold PHAU LN ETF Securities Ltd 3,406.6 3,429.0 2,993.6

Gold Bullion Securities GBS LN ETF Securities Ltd 2,693.1 2,798.3 2,727.4

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv 1,688.3 1,703.4 1,888.3

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH 1,531.1 1,534.6 1,409.1

Source Physical Gold ETC (P-ETC) SGLD LN Source 1,239.5 1,244.5 1,065.7

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1,122.0 1,166.4 1,197.1

Lyxor ETF Commodities CRB CRB FP Lyxor 754.6 761.3 637.0

iShares Gold CH CSGOLD SW BlackRock 677.5 680.8 485.4

db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM 598.5 615.3 767.2

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM 551.0 556.4 479.4

ETFS Physical Silver PHAG LN ETF Securities Ltd 540.6 614.3 472.3

iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock 531.2 540.2 405.6

db Physical Gold ETC XGLD LN Deutsche AWM 508.4 509.5 388.3

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS 455.1 460.9 485.0

db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM 360.0 360.7 293.1

ETFS Physical Platinum PHPT LN ETF Securities Ltd 346.9 352.0 320.3

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage 342.4 344.9 124.7

UBS ETFs plc - CMCI Composite SF A acc USD CCUSAS SW UBS 341.9 346.7 301.7

ETFS Brent 1mnth Oil OILB LN ETF Securities Ltd 324.3 316.0 258.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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ETF Research


Appendix A: How we define ETPs Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2013. The vast majority of instruments are ETFs (96.2%, 3,581 products, $2,233.2bn) with the remainder being ETCs (0.9%, 446 products, $21.2bn) in Europe and ETVs (2.7%, 71 products, $63.5bn) in the US.

Figure 25: ETP Coverage Universe Summary

Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %

US 1,332 1,677,878 72.3% 1,261 1,614,367 69.5% 71 63,511 2.7%

Europe 1,806 397,209 17.1% 1,360 376,028 16.2% 446 21,181 0.9%

Asia Pacific 585 167,898 7.2% 570 167,445 7.2% 15 453 0.0%

RoW 392 78,231 3.4% 390 75,388 3.2% 2 2,843 0.1%

Global 4,115 2,321,215 100.0% 3,581 2,233,227 96.2% 534 87,988 3.8%

ETPs ETFs ETCs (Europe), ETVs (US)


Exchange-Traded Funds (ETFs, 96%) US (70%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed.

Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices.

Asia (7%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (4%) Exchange-Traded Commodities (ETCs, 1%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled ‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 3%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

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ETF Research


The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services.

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ETF Research


Appendix 1

Important Disclosures Additional information available upon request For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra/Sebastian Mercado/Shan Lan

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes:

1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:

Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

39 %

54 %

7 %

50 % 36 %

23 %0

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Buy Hold Sell

European Universe

Companies Covered Cos. w/ Banking Relationship

23 September 2014

ETF 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 a solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling 1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understandthe similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which itreceives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com.

3. Country-Specific Disclosures

Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) securities, including in relation to Deutsche Bank. The compensation of the equity research analyst(s) is indirectly affected by revenues deriving from the business and financial transactions of Deutsche Bank. In cases where at least one Brazil based analyst (identified by a phone number starting with +55 country code) has taken part in the preparation of this research report, the Brazil based analyst whose name appears first assumes primary responsibility for its content from a Brazilian regulatory perspective and for its compliance with CVM Instruction # 483. EU countries: Disclosures relating to our obligations under MiFiD can be found at http://www.globalmarkets.db.com/riskdisclosures. Japan: Disclosures under the Financial Instruments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of Deutsche Securities Inc. (DSI) are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,

23 September 2014

ETF Research


West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority. Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia. United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority.

David Folkerts-Landau

Group Chief Economist Member of the Group Executive Committee

Guy Ashton

Global Chief Operating Officer Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Richard Smith and Steve Pollard Co-Global Heads Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

Steve Pollard Regional Head

Americas Research

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Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). The information herein is believed to be reliable and has been obtained from public sources believed to be reliable. Deutsche Bank makes no representation as to the accuracy or completeness of such information.

Deutsche Bank may engage in securities transactions, on a proprietary basis or otherwise, in a manner inconsistent with the view taken in this research report. In addition, others within Deutsche Bank, including strategists and sales staff, may take a view that is inconsistent with that taken in this research report.

Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it receives compensation.

Opinions, estimates and projections in this report constitute the current judgement of the author as of the date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Prices and availability of financial instruments are subject to change without notice. This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst judgement.

In August 2009, Deutsche Bank instituted a new policy whereby analysts may choose not to set or maintain a target price of certain issuers under coverage with a Hold rating. In particular, this will typically occur for "Hold" rated stocks having a market cap smaller than most other companies in its sector or region. We believe that such policy will allow us to make best use of our resources. Please visit our website at http://gm.db.com to determine the target price of any stock.

The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Stock transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment.

Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies.

Past performance is not necessarily indicative of future results. Deutsche Bank may with respect to securities covered by this report, sell to or buy from customers on a principal basis, and consider this report in deciding to trade on a proprietary basis.

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