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
International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234
Deutsche Bank AG Große Gallusstraße 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00
Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000
Deutsche Bank Securities Inc. 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500
Deutsche Bank AG Filiale Hongkong International Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888
Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770
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. Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities and as such investors should take expert legal and financial advice before entering into any transaction similar to or inspired by the contents of this publication. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options," at http://www.theocc.com/components/docs/riskstoc.pdf If you are unable to access the website please contact Deutsche Bank AG at +1 (212) 250-7994, for a copy of this important document. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S. this report is approved and/or distributed by Deutsche Bank Securities Inc., a member of the NYSE, the NASD, NFA and SIPC. In Germany this report is approved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange and regulated by the Financial Conduct Authority for the conduct of investment business in the UK and authorized by the BaFin. This report is distributed in Hong Kong by Deutsche Bank AG, Hong Kong Branch, in Korea by Deutsche Securities Korea Co. This report is distributed in Singapore by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00 South Tower Singapore 048583, +65 6423 8001), and recipients in Singapore of this report are to contact Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch in respect of any matters arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations), Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch accepts legal responsibility to such person for the contents of this report. In Japan this report is approved and/or distributed by Deutsche Securities Inc. The information contained in this report does not constitute the provision of investment advice. In Australia, retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Additional information relative to securities, other financial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright © 2014 Deutsche Bank AG