Deutsche Bank Research Europe

Synthetic Equity & Index Strategy

ETF Research

Date

23 September 2014

Contributors

European Weekly ETF Market Review Week 38 Data in this report is as of 19 September 2014.

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]

________________________________________________________________________________________________________________ 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.

23 September 2014 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

Page 2

Deutsche Bank AG/London

23 September 2014 ETF Research

Market Snapshot Global ETF industry evolution | ETFs | Global |

3,000

3,500

2,500

3,000 2,500

$ billion

2,000

2,000 1,500 1,500 1,000

1,000

500 0

Number of ETFs

Figure 1: Global ETF assets by region

500 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

893.3

939.3 1,214.2 1,614.4 1,817.9

US ($)

144.1

217.4

292.0

404.5

548.8

516.3

706.3

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

0

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 |

All figures in $ million except where otherwise stated

Current Week Asset Class

YTD

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

109

11

0

120

1,507

93

-4

1,596

Multi Asset Alternative Total

12

-8

1

5

554

-143

89

501

12,590

-2,464

-476

9,651

121,878

47,094

19,699

188,672

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 3

23 September 2014 ETF Research

European ETP industry evolution | ETFs | Europe |

400,000

1,600

350,000

1,400

300,000

1,200

250,000

1,000

200,000

800

150,000

600

100,000

400

50,000

200

0

2003

2004

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

2005

2006

2007

2008

2009

2010

2011

2012

2013

801

2,034

4,002

9,370

13,743

29,857

35,915

42,538

43,725

54,193

60,444

78,580

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

100

114

163

267

419

614

819

1,053

1,215

1,319

1,350

1,396

Number of ETFs*

0

2014**

Equity

Number of ETFs

€ million

Figure 3: European ETF asset by asset class

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

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

| ETPs | Europe |

60,000

450 360

40,000

270

30,000 180

20,000

90

10,000 0

2004

2005

2006

2007

2008

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

2009

2010

2011

2012

2013

2014**

-

-

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

1

3

40

76

144

185

249

326

423

416

404

Number of ETPs*

Number of ETPs

€ million

50,000

-

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

Page 4

Deutsche Bank AG/London

23 September 2014 ETF Research

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

| ETPs | Europe |

400,000

2,000

350,000

€ million

250,000

1,200

200,000 800

150,000 100,000

Number of ETPs

1,600

300,000

400

50,000 0

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014**

19,514

21,587

26,581

15,415

16,966

ETCs

-

491

1,077

1,512

3,161

5,121

11,847

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

100

115

165

299

476

Number of ETPs*

738

995

1,332

1,565

1,757

1,794

0

1,846

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

Deutsche Bank AG/London

Page 5

23 September 2014 ETF Research

1. Provider Rankings Assets - ETFs Figure 6: European ETF Providers Ranking

| ETFs | Europe |

All figures in € million except products Current Week Issuer BlackRock

Fixed Income

Equity

2013 Year end

Mkt Share % Others Total AUM

Commodity

Nu.

AUM

Mkt Share %

Nu.

Mkt Share change (%)

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% -0.2%

Julius Baer Inv

70

0

2,101

0

2,171

0.6%

8

2,380

0.8%

8

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%

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%

97

0

0

0

97

0.0%

1

0

0.0%

-

0.0%

Raiffeisen Schweiz Genossenschaft

Fundlogic Global Solutions plc 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%

0

34

3

0

37

0.0%

2

36

0.0%

2

0.0%

35

0

0

0

35

0.0%

3

12

0.0%

3

0.0%

FinEx Fund Plc First Trust 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

*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.

Page 6

Deutsche Bank AG/London

23 September 2014 ETF Research

Assets - ETCs Figure 7: European ETC Providers Ranking

| ETCs | Europe |

All figures in € million except products Current Week Issuer ETF Securities Ltd

Commodity

2013 Year end

Mkt Currency Total AUM Share %

Mkt AUM Share %

Nu.

Nu.

Mkt Share change (%) 0.1%

10,819

394

11,214

66.1%

300

10,173

66.0%

291

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%

1

0.0%

68

1

0.0%

68

0.0%

16,966 100.0%

450

15,415

100.0%

444

Commerzbank AG Total

1

0

16,572

394

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

Deutsche Bank AG/London

Page 7

23 September 2014 ETF Research

Cash Flows and turnover - ETFs Figure 8: European ETF Providers Ranking

| ETFs | Europe |

All figures in € million except products Cash Flows Issuer

Equity

Fixed Income

Source

Commodity

Others

Turnover Curr. Week

Prev. Week

YTD

Fixed Commodity Equity Income

Others

Weekly Total

Prev. Week

96

164

3

4

267

63

2,649

194

87

0

12

293

265

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

Vanguard

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 25

Julius Baer Inv

0

0

-7

0

-7

-21

-323

0

0

32

0

32

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 Lyxor Deutsche AWM

13

-81

0

0

-69

119

1,733

172

37

0

0

209

291

-216

31

-6

0

-191

121

3,548

1,356

104

13

1

1,475

1,600

373

-155

-100

-15

-11

-280

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

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

Page 8

Deutsche Bank AG/London

23 September 2014 ETF Research

Cash Flows and turnover - ETCs Figure 9: European ETC Providers Ranking

| ETCs | Europe |

All figures in € million except products Cash Flows

Turnover

Commodity

Currency

Curr. 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

Issuer

Source

Prev. Week

YTD

Commodity

Currency

Curr. Week

Prev. Week

-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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 9

23 September 2014 ETF Research

2. Cash Flow Winners & Laggards Top ten inflows by product Figure 10: Top 10 equity ETF inflows (€ million)

| ETFs | Europe | Prev. Week Flows

YTD Flows

122.9

0.0

784.0

120.7

-10.1

102.6

Vanguard

114.7

15.4

821.8

EMSV GY

Source

108.7

78.7

401.3

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

ETF Name

BBG Ticker

Issuer

iShares MSCI Europe UCITS ETF (Inc)

IMEU LN

BlackRock

STOXX 600 Optimised Food & Beverage Source ETF

X3PS GR

Source

Vanguard FTSE 100 ETF

VUKE LN

MSCI Europe Value Source ETF iShares Core S&P 500 UCITS ETF

Current Week Flows

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

-57.7

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 11: Top 10 fixed income ETF inflows (€ million) ETF Name

| ETFs | Europe | Current Week Flows

Prev. Week Flows

YTD Flows

BBG Ticker

Issuer

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

391.7

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 12: Top 10 commodity ETP inflows (€ million) ETP Name

| ETPs | Europe | BBG Ticker

Issuer

Current Week Flows

Prev. Week Flows

YTD Flows 82.8

ETFS Brent 1mnth Oil

OILB LN

ETF Securities Ltd

4.5

0.0

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

-28.0

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 10

Deutsche Bank AG/London

23 September 2014 ETF Research

Top ten outflows by product Figure 13: Top 10 equity ETF outflows (€ million) ETF Name

| ETFs | Europe | BBG Ticker

Issuer

Current 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

-6.6

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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

| ETFs | Europe | Current Week Flows

Prev. Week Flows

YTD Flows -47.1

ETF Name

BBG Ticker

Issuer

iShares Euro Corporate Bond ex-Financials UCITS ETF

EEXF LN

BlackRock

-54.8

-32.4

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

968.5 182.6

iShares £ Corporate Bond 1-5yr UCITS ETF

IS15 LN

Blackrock

-41.7

0.0

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

86.7

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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

| ETPs | Europe| Current Week Flows

Prev. Week Flows

YTD Flows -266.7

ETP Name

BBG Ticker

Issuer

Gold Bullion Securities

GBS LN

ETF Securities Ltd

-99.6

-12.3

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

4.5

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 11

23 September 2014 ETF Research

3. ETF Liquidity Monitor Deutsche Borse Figure 16: Top 10 products by asset class by weekly on-exchange turnover (€ million) Equity ETFs

| ETPs | Europe |

BBG Ticker

Turnover

Fixed Income ETFs

1 iShares Core DAX UCITS ETF DE

DAXEX GR

210.80

1 iShares iBoxx E Liquid Sovereigns Capped 1.5-10.5 (DE)

BBG Ticker

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 10.37

IB83EX GR

Turnover 14.91

3 iShares Euro STOXX Banks (DE)

SX7EEX GR

91.71

3 iShares Barclays Euro Aggregate Bond

EUN4 GR

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 8.80

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

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

BBG Ticker

Turnover

Commodity ETPs 1 XETRA-Gold

XAUEUR

19.43

2 db ETC Brent Crude Oil Euro Hedged ETC

XETC GR

3 db Physical Gold Euro Hedged ETC

XAD1 GR

Other

BBG Ticker

Turnover

1 db x-trackers Portfolio TR Index UCITS ETF

XQUI GR

4.21

2 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged

XHFI GR

4.18 2.09

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

LYXCRB GR

1.54

10 iShares S&P Listed Private Equity Fund

IQQL GR

0.08

10 Lyxor ETF Commodities CRB Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

London Stock Exchange Figure 17: Top 10 products by asset class by weekly on-exchange turnover (€ million) Equity ETFs

| ETPs | Europe |

BBG Ticker

Turnover

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

Commodity ETPs

BBG Ticker

Turnover

Fixed Income ETFs

BBG Ticker

IBCX LN

Other

BBG Ticker

Turnover

20.59 Turnover

1 ETFS Daily Short Gold

SBUL LN

82.55

1 ETFS Short GBP Long USDGBP

USD2 LN

2 ETFS Physical Gold

PHAU LN

61.40

2 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged

XHFG LN

13.98 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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 12

Deutsche Bank AG/London

23 September 2014 ETF Research

NYSE Euronext Paris Figure 18: Top 10 products by asset class by weekly on-exchange turnover (€ million) Equity ETFs

BBG Ticker

Turnover

Fixed Income ETFs

| ETPs | Europe | BBG Ticker

Turnover

1 Lyxor ETF Euro STOXX 50

MSE FP

90.45

1 Lyxor ETF Euro Corporate Bond ex Financials

CNB FP

2 Lyxor ETF MSCI Europe

MEU FP

62.84

2 Amundi ETF EuroMTS Cash 3 Months UCITS ETF

C3M FP

4.81 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

Commodity ETPs

BBG Ticker

Turnover

Other

US13 FP BBG Ticker

1.89 Turnover

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 Figure 19: Top 10 products by asset class by weekly on-exchange turnover (€ million) Equity ETFs

BBG Ticker

Turnover

1 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF

XMEM SW

108.16

2 iShares SPI (CH)

CHSPI SW

3 iShares S&P 500 UCITS ETF (Inc)

Fixed Income ETFs

| ETPs | Europe | BBG Ticker

Turnover

1 iShares $ Treasury Bond 7-10yr UCITS ETF

IBTM SW

64.21

2 iShares USD Government Bond 3-7 UCITS ETF

CSBGU7 SW

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

BBG Ticker

Turnover

Commodity ETPs

Other

38.89 6.36

LQDE SW

1.13

BBG Ticker

Turnover

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

-

ZGLDHC SW

4.44

10 Nomura Voltage Mid-Term Source ETF

VOLT SW

-

10 ZKB Gold ETF-H (CHF) Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

-

Page 13

23 September 2014 ETF Research

Borsa Italiana Figure 20: Top 10 products by asset class by weekly on-exchange turnover (€ million) Equity ETFs

| ETPs | Europe |

BBG Ticker

Turnover

Fixed Income ETFs

1 Lyxor ETF FTSE/MIB

ETFMIB IM

109.72

1 Lyxor ETF SGI Daily Double Short Bund ETF

BBG Ticker BUND2S IM

Turnover 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 6.13

7 iShares FTSE MIB UCITS ETF (Inc)

IMIB IM

27.23

7 Lyxor ETF Daily Double Short BTP

BTP2S IM

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

17.90

10 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P IM

10 iShares MSCI Europe UCITS ETF (Inc) Commodity ETPs

IMEU IM BBG Ticker

Turnover

Other

BBG Ticker

5.55 Turnover

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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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

1 XACT OMXS30

XACTOMX SS

55.75

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

Fixed Income ETFs

BBG Ticker

Turnover

BBG Ticker

Turnover

No Fixed Income ETFs

NYSE Euronext Amsterdam Equity ETFs

BBG Ticker

Turnover

Fixed Income ETFs

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 10 iShares European Property Yield UCITS ETF Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 14

IAEX NA

7.78

9 Think iBoxx Government Bond Tracker

TGBT NA

1.61

IPRP NA

6.42

10 iShares Euro Government Bond 15-30yr UCITS ETF

IBGL NA

1.44

Deutsche Bank AG/London

23 September 2014 ETF Research

4. Week’s Largest Products Equity ETFs Figure 22: Top 20 equity ETFs by assets (€ million) ETF Name

| ETFs | Europe| 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) ETF Name

| ETFs | Europe| Current Week AUM

Prev. Week AUM

2013 AUM

BBG Ticker

Issuer

iShares Euro Corporate Bond UCITS ETF

IEBC LN

BlackRock

3,975.2

3,931.5

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

2,681.6

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.

Deutsche Bank AG/London

Page 15

23 September 2014 ETF Research

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

| ETPs | Europe | Issuer

Current Week AUM

Prev. Week AUM

2013 AUM

ETP Name

BBG Ticker

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 1,197.1

ZKB Silver ETF

ZSIL SW

Zuercher Kantonalbank

1,122.0

1,166.4

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

ETF Securities Ltd

ETFS Physical Silver

PHAG LN

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.

Page 16

Deutsche Bank AG/London

23 September 2014 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 ETPs Region

Products

ETFs

US$ Mil.

%

Products

US$ Mil.

ETCs (Europe), ETVs (US) %

Products

US$ Mil.

%

US

1,332

1,677,878

72.3%

1,261

1,614,367

69.5%

71

63,511

Europe

1,806

397,209

17.1%

1,360

376,028

16.2%

446

21,181

0.9%

585

167,898

7.2%

570

167,445

7.2%

15

453

0.0%

Asia Pacific RoW Global

2.7%

392

78,231

3.4%

390

75,388

3.2%

2

2,843

0.1%

4,115

2,321,215

100.0%

3,581

2,233,227

96.2%

534

87,988

3.8%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

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. Physicallybacked 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.

Deutsche Bank AG/London

Page 17

23 September 2014 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.

Page 18

Deutsche Bank AG/London

23 September 2014 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 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 shareholder 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:

Equity rating dispersion and banking relationships 400 350 300 250 200 150 100

54 % 39 % 50 %

36 % 7% 23 %

50 0

Buy

Hold

Companies Covered

Sell

Cos. w/ Banking Relationship

European Universe

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

Deutsche Bank AG/London

Page 19

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 understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

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

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, Page 20

Deutsche Bank AG/London

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.

Deutsche Bank AG/London

Page 21

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research

Marcel Cassard Global Head FICC Research & Global Macro Economics

Ralf Hoffmann Regional Head Deutsche Bank Research, Germany

Richard Smith and Steve Pollard Co-Global Heads Equity Research

Andreas Neubauer Regional Head Equity Research, Germany

Steve Pollard Regional Head Americas Research

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Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770

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