ETF Monthly Europe 12 September 2017 Synthetic Equity & Index … · 12 September 2017 ETF Monthly Europe European ETP August Highlights Assets: European ETPs AUM increased by €2bn

12 September 2017

ETF Monthly Europe

Europe Synthetic Equity & Index Strategy

ETF Monthly EuropeDate12 September 2017

Deutsche BankMarkets Research

Fixed Income ETFs maintain solidinflowsData in this report is as of 31st August 2017.

European ETP Monthly Highlights (Assets, Flows & Launches):■ Assets & Flows: Assets rose €2bn MoM (Total Assets €612bn), Net

inflows +€3.6bn (YTD +€69bn)

■ 3 New Launches: 1 Equity, 1 Fixed Income and 1 Multi Asset ETF.

Investment Themes for the MonthEquities (+€1.6bn) - Winners: Europe +€1bn, US +€495mn, EM +€291mn;Losers: Japan -€157mn, Global DM -€295mn; Smart Beta covering all regions saw+€442mn inflows. Regional flow drivers:

■ Europe (+€1bn): Smart Beta, Country (UK & Germany) and Sector(Financials) ETFs. Within Smart Beta, Multi Factor and ESG ETFs werefavoured, while Dividend ETFs had small outflows.

■ Other regions (+€0.6bn): 1) EM inflows (MSCI Emerging Markets) 2) USinflows (S&P 500). 3) Japan outflows (Nikkei 400) 4) Global DM outflows(MSCI World partly offset by inflows into MSCI World Momentum)

Fixed Income (+€2.2bn) - All major regions experienced net inflows; Europe (+€0.6bn), US (+€0.5bn), EM (€0.3bn), Global (€0.2bn). Regional flow drivers:

■ Europe (+€0.6bn): Corporates and Sovereign ETFs equally contributed toinflows

■ Other regions (+€1.6bn): 1) US inflows (mainly Sovereign) 2) EM inflows(almost entirely Sovereign) 3) Global DM inflows (mixed across allsegments)

Commodities (-€94mn) - Outflows from Crude Oil (-€215mn) offset inflows intoGold (+€226mn)

Turnover: MoM turnover decreased by 5%The total turnover activity into European ETPs decreased by 5% where totalturnover observed was (€52.6bn) compared to the last month’s total (€55.6bn).

Ari Rajendra

Research Analyst

+44-20-754-52282

Sebastian Mercado, CFA

Strategist

+1-212-250-8690

Deutsche Bank AG/London

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should beaware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should considerthis report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONSARE LOCATED IN APPENDIX 1.MCI (P) 083/04/2017.

Distributed on: 12/09/2017 18:48:10 GMT

0bed7b6cf11c

mailto:[email protected]

mailto:[email protected]

12 September 2017

ETF Monthly Europe

Table Of ContentsEuropean ETP August Highlights ................................................................... 3New Launch Activity ...................................................................................... 3Investment Themes for the Month ................................................................. 4Turnover: MoM turnover activity decreased by 5% ........................................ 6Price discounts/premium to NAV Monitor ..................................................... 7US Market: First monthly outflows in European-focused ETFs in 201 ............ 7

1. Investment Trends ........................................................ 8Cross-Asset Class - | ETPs | Europe | ............................................................. 8

2. Market Metrics ............................................................. 9ETF Industry Asset Evolution ......................................................................... 9ETFs vs. Cash Equities ................................................................................. 12ETFs vs. Unlisted Mutual Funds ................................................................... 13European ETF Industry Replication Structure Composition .......................... 15Industry Growth Analysis ............................................................................. 16

3. Cash Flow Analysis .................................................... 18Regional Cash Flow Analysis ....................................................................... 18Asset Class Cash Flow Analysis ................................................................... 18Product Rankings ......................................................................................... 23

4. Product Review .......................................................... 25New Products Launched in the Month ........................................................ 25Average TERs ............................................................................................... 27

5. Provider Rankings ...................................................... 31Global Provider Rankings ............................................................................. 31European Provider Rankings - General ......................................................... 33European Provider Rankings - by Asset Class .............................................. 37European Provider Analysis by Replication Method ..................................... 40

6. Trading Perspective .................................................... 41ETP Monthly Turnover Analysis by Asset Class, by Instrument .................... 41Asset Class Analysis ..................................................................................... 41Product Rankings ......................................................................................... 47

7. European ETF Exchanges ........................................... 52

8. Assets ........................................................................ 54ETP Monthly AUM Analysis by Asset Class ................................................. 54Asset Class Analysis ..................................................................................... 54Product Rankings ......................................................................................... 60

9. ETF Broker rankings ................................................... 62US ETP Broker Rankings .............................................................................. 62European ETP Broker Rankings .................................................................... 63

Appendix A: How we define ETPs ................................. 64

Appendix B: The road from beta to alpha ...................... 66

Page 2 Deutsche Bank AG/London

12 September 2017

ETF Monthly Europe

European ETP August Highlights

Assets: European ETPs AUM increased by €2bn on MoM basis and ended themonth at €611.7bn. At asset class level, Commodity ETPs assets took the leadwith the increase of 1.8% followed by Fixed Income (1.4%) while Equity ETFsassets declined by -0.2%. For more details please refer to Assets section.

Flows: European-domiciled ETPs registered inflows of +€3.6bn last month whereyear-to-date flows have reached +€69bn. Fixed Income benefitted most withinflows of +€2.2bn, Equity recorded inflows of +€1.6bn while Commodity ETPswitness net outflows of -€93mn. For more details please refer to Cash FlowAnalysis section.

Global ETPs HighlightsGlobal ETPs assets increased by $52bn, reaching $4.2 trillion at the end of Aug'17,1.3% up from last month-end levels. Globally, ETPs registered monthly inflowsof +$37bn during August. US-listed ETPs had inflows of +$23bn in overall flowswhile Asia-Pacific-listed ETPs witnessed strong inflows of +$10bn during lastmonth.

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

Region Aug-17 Jul-17MoM

Change (%)Aug-17 Jul-17 Aug-17 Jul-17

MoM

Change (%)AUM

Cash

Flows*Turnover

US 3071.74 3040.00 1.04% 22.64 26.81 1433.11 1170.18 22.47% 73% 0.7% 86%

Europe 727.30 718.92 1.17% 4.29 9.91 62.16 64.02 -2.91% 17% 0.6% 4%

Asia-Pacific 397.44 385.33 3.14% 9.92 5.31 171.20 158.30 8.15% 9% 2.6% 10%

Global 4196.48 4144.25 1.26% 36.85 42.03 1666.48 1392.50 19.68% 0.9%

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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Cash Flow Market Share corresponds to Aug-17 Monthly Cash Flow / End of Jul-17AUM

New Launch Activity

3 New products launched during AugustNew launch activity in Europe market during last month remained quiet with only3 products introduced. This includes 1 Equity, 1 Fixed Income and 1 Multi AssetETF. Amundi listed a Equity ETF on Euronext Paris providing exposure to FTSEItalia PIR Benchmark NTR Index while UBS listed a Fixed Income on Borsa Italianaproviding exposure to Barclays US Liquid Corporates Total Return. Further, Firsttrust listed a Multi Asset ETF based on JP Morgan G10 Carry Index which waslisted on London Stock Exchange. For additional information on new productlaunches please refer to Product Review section.

Figure 2: Newly Launched ETFs in August

Source: Deutsche Bank,Bloomberg Finance LP, Reuters

Deutsche Bank AG/London Page 3

12 September 2017

ETF Monthly Europe

Investment Themes for the Month

Figure 3: Regional Equity Flows - August - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.*Others includes Country, Sector, Size, Strategy & Thematic ETFs.

Standard Regional & Country ETFs: Flows driven by Country ETFs (UK &Germany)Flows into ETFs tracking traditional European regional indices decelerated inAugust, recording marginal inflows (YTD inflows at +€8bn). However, includingthe Smart Beta segment, flows into the region were slightly higher, at +€239mn(Smart beta flow commentary below). The STOXX Europe 600 index was thelargest benefactor with +€469mn inflows whereas previous month's top gainer,Euro STOXX 50, saw outflows of -€281mn. At country level, UK and Germanystood out with inflows of +€348mn and +€335mn respectively . Within USlisted ETFs, European equity ETFs (regional and country) recorded first monthlyredemptions of -$338mn after a record monthly inflows since Dec'16. For moredetails please refer to US Markets section below.

In other regions, Emerging Markets equity ETFs continued to accumulate flows(+€291mn), though it was the lowest since Feb 2017. The flows were driven bya single ETF tracking MSCI Emerging Markets (+€367mn). Country wise, outsideEurope, US focused ETFs benefitted most with inflows of +€421mn while Japansaw outflows of-€288mn . We also witnessed significant redemptions from MSCIWorld (>€500mn).

Smart Beta: Flows driven by Factor (Momentum & Multi-Factor) and ESG ETFsEuropean listed Smart Beta ETFs saw +€442mn inflows in August where +€254mn flowed into European underlyings (YTD flows +€8bn). Factor ETFscontributed most with inflows of +€351mn. In Europe, it was the multi-factorstrategy that was popular while in Global DM there were significant inflows intoa MSCI World Momentum strategy (+€200mn) ETF. In other sub-segments, weobserved healthy inflows into ESG based ETFs (+€315mn) while the Fundamentalstrategy segment saw redemptions (-€318mn). The latter was related to anoutflows from an ETF tracking the Nikkei 400.

US listed Smart Beta ETFs had positive inflows of +$4.7bn. Major inflows wereobserved in Low Vol (+$1.4bn), Value (+$574mn), Multi-factor (+$351mn) and


12 September 2017

ETF Monthly Europe

Fundamental (+$326mn) while Dividend ETFs witnessed outflows of -$952mnover the last month.

Figure 4: Quarterly Flows into Factor & Low-Vol Strategies - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.

Sector & Currency Hedged ETFs: Further gains in Financials (+€427mn), mutedactivity for currency hedged productsDespite a sell-off in August, we observed inflows of +€427mn into Financials.Two ETFs which had the lion share of flows were iShares Euro STOXX Banks (DE)(SX7EEX GR) and SPDR MSCI Europe Financials UCITS ETF (STZ FP), receiving+€211mn and +€156mn respectively. Materials (+€116mn) and ConsumerDiscretionary (-€116mn) sectors also had notable flows in August. Among otherequity sub-segments, Currency Hedged ETFs had a quiet month with marginalinflows compared to +€638mn strong inflows in Jul'17 (+€6.7bn so far this year).EUR hedged products, in particular, which benefitted most in the previous monthssaw redemptions.


12 September 2017

ETF Monthly Europe

Fixed Income ETFs: Sovereigns and Corporate Bonds equally support FixedIncome inflows

Figure 5: Regional FI Flows - August - | ETFs | Europe |

Source: Deutsche Bank,Bloomberg Finance LP, Reuters.*Others Includes Covered, Credit Exposure , Money Market & Broad Bonds.

European Fixed Income ETFs maintained its steady inflows in August withinflows of +€2.2bn (+€22.1bn inflows so far this year). Sovereigns (+€1.2bn)and Corporate (+€1bn) Bond ETFs, the largest sub-segments, contributed almostequally to the overall Fixed Income inflows. Within the Sovereign Bonds sub-segment, investment flowed into products providing exposure to Europe, NorthAmerica and EM Sovereign bonds. EM Sovereign bonds in particular contributed+€273mn in August. Thus, YTD flows of +€7.8bn represent a substantial portionof the year-to-date Fixed Income flows. Corporate Bond flows were dominated byflows into European corporates.

In terms of growth, Credit exposure (CDS) ETFs led with 4% increase in assetswhile Covered bonds suffered most with -4% decrease in assets during August.

Commodity ETPs: Further flows into Gold ETPsEuropean Commodity ETP market witnessed outflows of -€94mn for the monthof August (+€5.8bn YTD). Within Commodity, investors favored Gold ETPs withinflows of +€226mn (YTD +€3.2bn) while Crude Oil based ETPs saw redemptionsworth of -€215mn. Further, Gold ETPs assets reached €30.6bn out of totalcommodity assets of €45.4bn which is almost 67% of overall commodity assets.In terms of growth, Gold ETPs led with 1% increase in assets While Crude Oil sawdecrease in assets by -11%.

Turnover: MoM turnover activity decreased by 5%

The total turnover activity into European ETPs decreased by 5% where totalturnover observed was (€52.6bn) compared to the last month’s total (€55.6bn).Fixed income turnover decreased the most (-14.3%) while Commodity and EquityETFs witness -6% and -2% decrease in monthly turnover activity. For more detailsplease refer to Trading Perspective section.


12 September 2017

ETF Monthly Europe

Price discounts/premium to NAV Monitor

The price of ETFs may not trade in line with the respective NAVs driven bymultiple factors such as supply/demand, market access, duty and varying tradingtime zones of stocks within an index. In this section we highlight, for ETFs withEuropean equity exposure only, the median, maximum premium and maximumdiscount observed in varying categories for this month. Figures below illustratethe Price premium/discount to NAV for European ETFs.

■ Equities: Sector ETFs had the deepest discount (-0.48%) and highestpremium (0.25%).

■ Fixed Income: Covered Bonds had the deepest discount (-0.07%) andhighest premium (0.20%) occurred within Corporate Bond ETFs.

Figure 6: Price premium/discount to NAV - | ETFs | Europe |

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

US Market: First monthly outflows in European-focusedETFs in 2017

US domiciled ETPs recorded inflows of +$22.6bn in August where year-to-dateinflows approached the +$300bn milestone. Equity ETFs topped the flows rankingwith inflows of +$10.5bn closely followed by inflows into fixed income ETFs(+$10bn). Commodity ETPs reversed the previous month's outflows registeringinflows of +$1.4bn(-$3.3bn in Jul'17).

Europe focused ETFs listed in US which have been in positive side so far this year,recorded first monthly outflows of -$180mn however year-to-date flows remainsabove +$12bn.


12 September 2017

ETF Monthly Europe

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

Figure 7: Cash flows by asset class – YTD Figure 8: Cash flows by asset class – Month

-6,0000

6,00012,00018,00024,00030,00036,00042,00048,00054,00060,00066,00072,00078,000

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Equity Fixed Income Commodity Others

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Source: Deutsche Bank, Bloomberg Finance LP, Reuters. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.


12 September 2017

ETF Monthly Europe

2. Market MetricsETF Industry Asset Evolution

Figure 9: Global ETP regional asset growth - | ETPs | Global |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 397.4

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.3 727.3

US ($) 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 3,071.7

US, Europe & Asia Pacific ($) 199.8 278.6 391.9 567.6 805.3 734.4 1,094.2 1,390.3 1,435.3 1,838.0 2,263.4 2,644.9 2,903.6 3,417.3 4,196.5

Europe (€) 16.3 24.3 43.3 69.3 90.1 103.3 170.0 230.6 229.2 279.3 301.7 379.2 466.0 540.7 611.7

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,123 3,491 3,709 4,022 4,455 4,738 5,015

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

Figure 10: Global ETPs (ETF,ETV & ETC) asset growth - | ETPs | Global |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

ETCs - 0.7 1.3 2.0 5.2 7.4 17.6 26.8 28.7 35.7 21.7 20.7 17.8 26.9 33.1

ETVs 1.2 2.7 6.3 15.8 29.9 37.7 76.8 103.5 107.1 119.3 63.5 56.7 48.2 61.7 66.7

ETFs 198.6 275.3 384.3 549.8 770.3 689.3 999.9 1,260.0 1,299.5 1,683.0 2,178.2 2,567.4 2,837.6 3,328.7 4,096.7

Total 199.8 278.6 391.9 567.6 805.3 734.4 1,094.2 1,390.3 1,435.3 1,838.0 2,263.4 2,644.9 2,903.6 3,417.3 4,196.5

Number of ETPs* 269 324 431 736 1,213 1,666 2,040 2,580 3,123 3,491 3,709 4,022 4,455 4,738 5,015

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12 September 2017

ETF Monthly Europe

Figure 11: Global ETF regional asset growth - | ETFs | Global |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Asia Pacific ($) 34.8 39.9 42.8 49.2 61.3 52.6 66.4 83.5 90.7 135.5 169.3 206.4 283.5 314.1 397.0

Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.8 283.1 269.5 333.2 394.5 438.5 488.8 543.8 694.7

US ($) 143.2 203.0 291.5 411.2 581.9 499.0 706.7 893.3 939.3 1,214.2 1,614.4 1,922.5 2,065.3 2,470.9 3,005.0

US, Europe & Asia Pacific ($) 198.6 275.3 384.3 549.8 770.3 689.3 999.9 1,260.0 1,299.5 1,683.0 2,178.2 2,567.4 2,837.6 3,328.7 4,096.7

Europe (€) 16.3 23.8 42.2 67.8 86.9 98.2 158.1 211.1 207.6 252.8 286.3 362.4 450.0 515.5 584.3

Number of ETFs* 257 310 414 676 1,116 1,481 1,801 2,234 2,698 2,965 3,181 3,487 3,911 4,190 4,421

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Figure 12: European ETF asset growth by asset class - | ETFs | Europe |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Other - - - - 96 168 1,078 1,987 1,515 1,592 1,516 1,410 1,398 1,433 1,343

Commodity - - 340 1,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,449 18,448

Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86,151 112,427 138,001 155,308

Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,542 147,272 139,335 170,853 209,824 261,415 323,861 359,653 409,232

Total 16,332 23,849 42,249 67,801 86,930 98,211 158,105 211,061 207,602 252,766 286,296 362,388 449,984 515,536 584,332

Number of ETFs* 100 114 162 266 419 614 817 1,055 1,216 1,312 1,348 1,437 1,516 1,519 1,555

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12 September 2017

ETF Monthly Europe

Figure 13: European Commodity ETP (ETF & ETC) asset growth by segment - | ETPs | Europe |

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

Livestock - - 1 21 63 49 67 59 40 17 19 14 11 9

Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 467 689 1,023

Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 787 764 956

Energy - 50 153 174 349 1,918 2,056 1,494 1,546 1,396 1,078 2,213 2,579 2,258

Overall - - 1,103 1,444 981 3,531 5,581 4,416 4,822 3,759 3,563 3,661 6,062 6,591

Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 30,986 34,573

Total 520 936 2,914 5,475 8,712 22,395 38,612 44,394 52,451 29,593 29,818 28,001 41,091 45,409

Number of ETPs* 1 3 40 76 144 185 247 324 421 415 390 397 411 463

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Figure 14: European ETPs (ETF & ETC) asset growth - | ETPs | Europe |

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017**

ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,052 25,116 27,414

ETFs 16,332 23,849 42,249 67,801 86,930 98,211 158,10 211,06 207,60 252,76 286,29 362,38 449,98 515,53 584,33

Total 16,332 24,340 43,326 69,313 90,091 103,33 169,95 230,57 229,18 279,34 301,71 379,20 466,03 540,65 611,74

Number of ETPs 100 115 164 298 476 738 993 1,331 1,563 1,747 1,790 1,887 1,978 1,997 2,079

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


12 September 2017

ETF Monthly Europe

ETFs vs. Cash Equities

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

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Figure 16: ETFs vs. cash equities turnover – European market - | ETFs | Europe |

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12 September 2017

ETF Monthly Europe

ETFs vs. Unlisted Mutual Funds

Figure 17: European ETP vs mutual fund assets - | ETPs | Europe |

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17

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

ETFs 228 222 242 254 268 256 271 287 299 326 344 363 439 429 414 451 438 454 481 516 566 578

ETPs vs mutual funds 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.3% 3.7% 3.6% 3.6% 3.5% 3.5% 3.6% 3.7% 3.8% 4.0% 4.0%

ETFs vs mutual funds 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.5% 3.6% 3.8% 3.9%

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Figure 18: European ETP vs mutual fund cash flows - | ETPs | Europe |

Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

ETCs 0.24 0.06 0.90 0.82 -0.48 0.07 0.00 -0.31 -0.51 0.43 -0.14 0.25 0.01 -0.02 0.68 2.29 0.51 0.47 0.31 0.97 1.42 1.08 0.51 0.64 -0.51 -1.29 0.39 0.87 0.82 -0.05 -0.21 0.31

ETFs 4.13 0.06 11.26 10.26 7.18 4.18 0.28 1.68 7.94 9.73 1.91 5.95 3.56 8.57 2.26 -0.01 3.99 3.10 1.90 3.48 8.20 4.77 2.28 2.94 4.72 4.76 10.76 9.67 10.06 4.69 8.81 8.06

Mutual funds 43.30 3.60 105.00 108.80 87.80 98.40 56.70 2.10 71.00 15.30 -5.50 63.80 64.90 28.60 0.20 8.50 26.30 64.80 51.70 14.30 65.50 55.40 50.50 62.10 22.10 32.10 92.40 69.30 98.90 82.80 95.30 65.40

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Figure 19: US ETP vs mutual fund assets - | ETPs | US |

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17*

ETVs 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52 48 63 75 76 62 65 65 63

ETFs 1,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,065 2,100 2,163 2,321 2,471 2,730 2,891 2,977

ETPs vs mutual funds 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 16.4% 16.7% 16.9% 17.5% 18.6% 19.5% 20.0% 20.2%

ETFs vs mutual funds 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 16.0% 16.2% 16.4% 17.0% 18.1% 19.1% 19.5% 19.8%

1.7%

3.7%

5.7%

7.7%

9.7%

11.7%

13.7%

15.7%

17.7%

19.7%

21.7%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

ETP

vs m

utu

al fu

nd

s

ETP

AU

M ($

billio

n)

Source: Deutsche Bank, Bloomberg Finance LP, ICI.*Data as of Jul-17


12 September 2017

ETF Monthly Europe

Figure 20: US ETP vs mutual fund cash flows - | ETPs | US |

-100

-80

-60

-40

-20

0

20

40

60

80

100

Cash f

low

s (

$ b

illio

n)

Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

ETVs -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56 -0.76 0.67 -0.42 0.78 0.45 -0.98 2.11 5.40 2.35 -0.72 3.30 4.11 1.99 -0.49 0.46 -0.36 -3.36 -3.73 -0.86 1.81 -0.44 0.76 -0.50 1.60 -3.63

ETFs 42.45 51.51 -7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36 27.22 25.58 39.92 -3.10 -4.22 30.02 11.79 -1.55 15.51 43.70 27.99 17.52 18.68 51.77 64.90 42.68 44.96 45.85 34.42 31.26 45.25 30.43

Mutual funds 13.76 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.26 -7.85 -30.08 -76.28 -20.77 8.48 14.67 -4.48 -6.60 -14.56 -14.62 -9.88 -9.00 -33.05 -52.42 -56.06 10.20 25.91 10.77 -0.76 25.91 7.43 3.76

Source: Deutsche Bank, Bloomberg Finance LP, ICI


12 September 2017

ETF Monthly Europe

European ETF Industry Replication Structure Composition

Synthetic vs Physical

Figure 21: Historical Composition by ETF Structure - | ETFs | Europe |

0

100

200

300

400

500

600

700

800

900

1,000

-

100

200

300

400

500

600

700

Num

ber

of

ETF

s

AU

M (€

bill

ion)

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


Figure 22: European AUM ETF market historical asset class analysis byreplication technique - | ETFs | Europe |

Physical Synthetic Physical Synthetic Physical Synthetic

AUM (€ million)

Equity 281,807 77,895 318,483 90,750 318,483 90,750

Fixed Income 115,319 22,682 126,961 28,347 126,961 28,347

Commodity 10,801 5,660 11,880 6,568 11,880 6,568

Others 589 924 579 764 579 764

Total 408,516 107,161 457,902 126,429 457,902 126,429

Equity 605 478 627 474 627 474

Fixed Income 240 132 255 130 255 130

Commodity 21 28 20 34 20 34

Others 7 8 8 7 8 7

Total 873 646 910 645 910 645

Equity 10,573 6,169 30,180 10,811 2,552 -951

Fixed Income 23,614 -824 15,208 6,890 1,215 938

Commodity 1,231 1,517 828 1,874 -32 -64

Others 145 -59 -37 -50 -27 -45

Total 35,563 6,804 46,178 19,525 3,708 -121

ETFs (number of products)

Cash Flows (€ million)

Aug-17

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.*Year-to-date (up to 31-Aug-2017) numbers have been provided).


12 September 2017

ETF Monthly Europe

Industry Growth Analysis

Figure 23: Global ETF Industry growth attribution - | ETFs | Global |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

ETF a

sset

price g

row

th c

ontr

ibutio

n (lin

e)

ETF c

ash f

low

gro

wth

co

ntr

ibutio

n (B

ars

)

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

Price growth -0.5% 3.6% -0.9% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% 7.3% 1.4% 0.2% -0.2% 3.4% 0.1% 0.0% -1.7% 0.7% 1.0% 2.1% 2.3% 0.3% 1.4% 1.5% 0.1% 2.1% 0.3%

Flows growth 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% 1.7% 1.2% 0.9% 0.6% 1.9% 2.0% 1.8% 1.8% 1.7% 0.9% 1.2% 1.4% 1.2% 0.9%

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

Total growth -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% 0.4% -0.2% -4.9% -0.4% 8.7% 1.7% 0.4% 0.5% 5.1% 1.3% 0.9% -1.2% 2.5% 3.1% 3.9% 4.1% 2.1% 2.3% 2.7% 1.5% 3.2% 1.2%


Figure 24: US ETF Industry growth attribution - | ETFs | US |

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

ETF

asset

price g

row

th c

ontr

ibutio

n (Lin

e)

ETF

cash f

low

s g

row

th c

ontr

ibuti

on (

Bars

)


Price growth -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% -0.2% -2.6% -4.8% -0.2% 5.9% 1.1% 0.6% 0.1% 3.4% 0.0% -0.2% -1.9% 1.5% 1.0% 1.9% 2.5% 0.1% 1.3% 1.1% 0.1% 1.9% 0.3%

Flows growth -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% 2.0% 1.2% 0.8% 0.8% 2.3% 2.7% 1.7% 1.8% 1.7% 0.9% 1.1% 1.6% 1.1% 0.7%

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

Total growth -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% 1.1% -0.7% -4.9% -0.5% 7.4% 1.6% 0.5% 0.8% 5.5% 1.2% 0.6% -1.1% 3.8% 3.7% 3.7% 4.3% 1.8% 2.3% 2.2% 1.7% 3.0% 0.9%


Figure 25: European ETF Industry growth attribution - | ETFs | Europe |

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

ETF

asset

price g

row

th c

ontr

ibutio

n (Lin

e)

ETF

cash f

low

s g

row

th c

ontr

ibutio

n (

Bars

)


Price growth 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% 1.5% 0.8% 1.5% -0.7% 2.5% 0.5% -0.6% 0.2% 1.6% 2.8% -0.3% 3.2% 0.9% 0.2% -0.5% -1.6% -0.7% -0.4%

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

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

Total growth 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% 3.1% -2.2% -4.2% -1.1% 2.6% 1.5% 2.0% 0.1% 4.3% 1.6% -0.1% 0.8% 2.6% 3.8% 1.8% 5.0% 2.7% 1.0% 1.3% -0.2% 0.8% 0.2%



12 September 2017

ETF Monthly Europe

Figure 26: European ETC Industry growth attribution - | ETCs | Europe |

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

ETC

asset

pri

ce g

row

th c

ontr

ibutio

n (

line)

ETC

cash f

low

s g

row

th c

ontr

ibutio

n (

Bars

)


Price growth 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% -2.6% 6.0% -3.2% 7.9% -0.1% -2.1% 1.0% -1.6% -2.3% -0.4% 1.5% 4.7% -1.7% -1.4% -3.4% -3.3% -0.5% 1.9%

Flows growth 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% 5.7% 4.2% 1.9% 2.3% -1.8% -4.9% 1.5% 3.2% 2.9% -0.2% 3.4% 1.1% -0.8% 0.2%

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

Total growth 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% 0.8% 8.3% -1.8% 12.3% 5.6% 2.1% 2.9% 0.8% -4.1% -5.3% 3.0% 7.9% 1.3% -1.6% 0.0% -2.2% -1.2% 2.1%



12 September 2017

ETF Monthly Europe

3. Cash Flow AnalysisRegional Cash Flow Analysis

Figure 27: Global ETP cash flows by region and asset class - | ETPs | Global |

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

ETFs

Equity 10,516 1,883 1,601 11,259 23,658 18,182 6,554 5,676 2,907 27,643 199,447 44,891 40,990 41,686 286,023

Fixed income 9,779 2,548 2,153 -1,191 11,136 12,047 2,675 2,303 2,598 17,320 92,874 24,395 22,098 529 117,798

Commodity 31 -113 -96 -184 -266 20 893 770 -213 700 150 2,960 2,702 -212 2,898

Currency -7 0 0 -2 -10 -5 0 0 11 6 -105 0 0 45 -60

Multi Asset 33 11 10 -9 35 99 36 31 -3 132 337 154 140 -11 480

Alternative 6 -96 -81 27 -62 92 -1 -1 33 123 275 -257 -227 191 209

Total 20,359 4,233 3,587 9,900 34,492 30,434 10,157 8,780 5,333 45,924 292,976 72,142 65,704 42,229 407,347

ETCs/ETVs

Commodity 1,331 3 2 17 1,351 -3,332 -245 -213 -23 -3,600 6 3,372 3,124 58 3,436

Currency 86 57 48 0 143 -82 2 1 0 -80 -399 12 4 0 -387

Alternative 866 0 0 0 866 -212 0 0 0 -212 1,416 0 0 0 1,416

Total 2,283 59 50 17 2,360 -3,626 -243 -212 -23 -3,893 1,023 3,384 3,128 58 4,465

ETPs

Equity 10,516 1,883 1,601 11,259 23,658 18,182 6,554 5,676 2,907 27,643 199,447 44,891 40,990 41,686 286,023

Fixed income 9,779 2,548 2,153 -1,191 11,136 12,047 2,675 2,303 2,598 17,320 92,874 24,395 22,098 529 117,798

Commodity 1,363 -111 -94 -167 1,085 -3,312 648 557 -236 -2,900 156 6,331 5,826 -154 6,333

Currency 79 57 48 -2 133 -87 2 1 11 -74 -504 12 4 45 -447

Multi Asset 33 11 10 -9 35 99 36 31 -3 132 337 154 140 -11 480

Alternative 872 -96 -81 27 803 -121 -1 -1 33 -89 1,691 -257 -227 191 1,625

Total 22,642 4,293 3,637 9,917 36,851 26,808 9,914 8,569 5,310 42,032 294,000 75,525 68,832 42,287 411,812

All figures in $ million except where otherwise stated

Aug-17 Jul-17 YTD

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Asset Class Cash Flow Analysis

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

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

Developed Markets 311 0.1% 2,924 1.1% 17,173 6.9%

Emerging Markets 348 0.9% 436 1.2% 5,523 18.6%

Global Markets 58 0.6% 176 1.7% 4,290 75.4%

Sector 113 0.4% 945 3.6% 3,415 14.7%

Capitalization -73 -0.7% 35 0.3% 2,306 31.2%

Strategy 455 2.0% 480 2.1% 3,419 17.5%

Style -12 -0.1% 314 1.5% 2,257 11.5%

Thematic 402 4.8% 367 4.6% 2,608 42.5%

Total equities 1,601 0.4% 5,676 1.4% 40,990 11.4%

Jul-17 YTDAug-17



12 September 2017

ETF Monthly Europe

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


Sector 113 0.4% 945 3.6% 3,415 14.7%

Consumer discretionary -116 -12.1% -79 -7.5% -193 -18.7%

Consumer staples -44 -3.8% -28 -2.3% 91 9.3%

Energy 48 1.7% 220 8.4% 959 40.6%

Financials 427 4.9% 1,262 17.0% 2,372 37.2%

Healthcare -85 -3.1% -107 -3.7% -417 -14.4%

Industrials -93 -12.3% -262 -25.2% -57 -8.1%

Information Technology -11 -0.4% -122 -4.9% 386 21.7%

Materials 116 9.0% 83 7.1% 286 27.0%

Overall 0 0.0% 0 0.0% 2 na

Real Estate -55 -1.2% 19 0.4% -124 -2.6%

Telecommunications -82 -9.2% 33 3.9% 150 22.2%

Utilities 7 1.3% -75 -12.8% -39 -7.5%

Capitalization -73 -0.7% 35 0.3% 2,306 31.2%

Large Cap -12 -3.7% -3 -1.1% -44 -12.1%

Mid Cap -83 -2.3% -3 -0.1% 1,344 68.9%

Small Cap 22 0.3% 41 0.7% 1,006 19.8%

Strategy 455 2.0% 480 2.1% 3,419 17.5%

Fundamental 19 1.3% 44 3.0% -17 -1.1%

Leveraged Long -42 -2.4% 199 12.9% -318 -17.9%

Leveraged Short 48 4.4% -66 -5.5% 402 40.1%

Options Strategy 0 0.0% 0 0.0% 0 0.0%

Quantitative 374 2.3% 222 1.3% 2,898 20.9%

Short 56 3.4% 82 5.1% 455 32.0%

Style -12 -0.1% 314 1.5% 2,257 11.5%

Dividend 12 0.1% 196 1.0% 1,799 10.2%

Growth -15 -5.2% -24 -7.5% 15 5.9%

Value -9 -0.4% 142 7.1% 443 26.9%

Thematic 402 4.8% 367 4.6% 2,608 42.5%

Commodities 17 1.3% 29 2.3% 175 14.1%

Faith 10 6.8% -16 -9.3% -37 -18.5%

Other Theme 275 9.6% 94 3.4% 1,383 81.7%

Sustainability 99 2.4% 259 6.7% 1,086 36.2%

Total 885 1.0% 2,140 2.4% 14,005 18.5%

Aug-17 Jul-17 YTD



12 September 2017

ETF Monthly Europe

Figure 30: European Equity ETF cash flow summary – B - | ETFs | Europe |

Equity Cash Flows


Developed Markets

Europe 753 0.5% 2,257 1.6% 9,708 7.9%

Austria 23 7.1% 4 1.4% 18 6.8%

Belgium 4 10.4% 0 0.8% -4 -9.8%

Finland 0 0.0% 0 0.0% 6 3.0%

France 27 0.5% 103 1.8% 826 17.4%

Germany 335 1.7% 531 2.7% -86 -0.4%

Greece -3 -1.2% 4 2.0% 20 11.8%

Ireland 0 0.0% 0 0.0% -8 -27.6%

Italy -21 -1.2% -3 -0.2% -245 -13.7%

Netherlands 12 2.2% 19 3.9% -52 -9.5%

Norway -8 -2.6% 2 0.7% -2 -0.7%

Portugal 1 1.9% 0 0.0% 19 48.9%

Spain 4 0.2% -20 -1.4% 78 6.6%

Sweden -22 -1.2% -15 -0.8% 11 0.6%

Switzerland 46 0.4% -95 -0.8% 396 4.0%

UK 348 2.4% -15 -0.1% 402 2.7%

Europe broad 6 0.0% 1,743 2.2% 8,330 12.2%

Americas 321 0.4% 327 0.4% 3,598 4.6%

US 391 0.5% 294 0.4% 3,877 5.2%

Canada -82 -5.7% 28 1.7% -135 -7.4%

North America 13 0.0% 6 0.0% -144 0.0%

Asia -341 -1.5% 144 0.6% 1,829 8.7%

Australia 0 0.0% 5 0.5% -240 -18.7%

Hong Kong -7 -3.5% -7 -3.5% 0 0.0%

Japan -288 -1.5% 141 0.7% 1,614 9.3%

Singapore 3 4.5% 3 4.7% 6 12.9%

Asia Pacific broad -49 -1.7% 3 0.1% 449 19.8%

Global -424 -1.5% 195 0.7% 2,034 8.1%

Broad indices -424 -1.5% 195 0.7% 2,034 8.1%

DM Total 311 0.1% 2,924 1.1% 17,170 6.9%

Aug-17 Jul-17 YTD



12 September 2017

ETF Monthly Europe

Figure 31: European Equity ETF cash flow summary – C - | ETFs | Europe |

Equity Cash Flows


Emerging Markets

BRIC -103 -1.7% -98 -1.7% 66 1.1%

Brazil -84 -9.4% -25 -2.9% 109 15.5%

Russia -17 -1.9% 30 3.4% -62 -5.0%

India -19 -1.0% -85 -4.5% 91 5.9%

China 17 0.7% -18 -0.8% -72 -3.2%

Latin America 14 0.7% 0 0.0% -35 -2.0%

Chile 0 0.0% 0 0.0% 0 0.0%

Mexico -3 -2.4% -8 -5.2% -11 -8.6%

LATAM broad 17 1.9% 7 0.8% -25 -2.7%

Asia 143 1.6% 193 2.2% 929 12.8%

Bangladesh 0 0.0% -2 -9.2% -4 -15.1%

Indonesia 7 3.5% 12 5.9% 58 38.5%

Malaysia -1 -2.7% -5 -9.4% 3 6.9%

Pakistan 0 0.0% -5 -17.6% -4 -11.5%

Philippines -2 -4.2% 0 0.0% -2 -4.1%

South Korea -63 -5.7% 45 4.2% 243 35.5%

Taiwan 140 29.8% -19 -3.8% 119 26.7%

Thailand -2 -4.9% 2 5.3% -7 -13.7%

Vietnam 1 0.4% -2 -0.9% -36 -15.2%

Asia Pacific broad 64 2.5% 168 7.3% 559 32.0%

EMEA 3 0.2% -43 -3.8% 59 6.2%

Bulgaria 0 -1.0% 0 0.0% 0 -2.6%

Kuwait 0 0.0% -1 -17.2% 0 -1.3%

Poland -6 -5.3% -2 -1.9% 2 2.7%

South Africa 8 8.0% -3 -2.9% 6 6.1%

Turkey 5 1.6% -28 -8.2% 46 21.3%

Europe broad -5 -1.2% -8 -1.7% 31 7.4%

Middle East & Africa 0 0.0% -1 -1.1% -26 -19.1%

Global Markets 291 1.2% 385 1.6% 4,504 24.4%

Global 291 1.2% 385 1.6% 4,504 24.4%

EM Total 348 0.9% 436 1.2% 5,523 18.6%

Total (EM + DM) 659 0.2% 3,360 1.1% 22,694 8.2%

Aug-17 Jul-17 YTD


Figure 32: European Fixed Income ETF cash flows - | ETFs | Europe |FI Cash Flows


Overall 193 2.0% 128 1.3% 964 10.4%

Corporates 953 1.4% 1,090 1.6% 9,501 15.4%

Covered Bonds -103 -3.6% 11 0.4% -123 -4.3%

Credit Exposure 10 4.0% -14 -5.3% 47 22.9%

Sovereign 1,188 1.7% 554 0.8% 10,437 16.9%

Money Market -89 -2.7% 534 18.6% 1,272 60.7%

Total Fixed Income 2,153 1.4% 2,303 1.5% 22,098 16.0%

Aug-17 Jul-17 YTD



12 September 2017

ETF Monthly Europe

Figure 33: European Commodity ETP cash flow summary - | ETPs | Europe |

Commodity Cash Flows


Overall -60 -0.9% 119 1.8% 1,572 25.9%

Overall -60 -0.9% 139 2.2% 1,611 27.4%

Overall ex Energy 0 0.0% -17 -13.0% -34 -18.4%

Overall Light Energy 0 0.0% -3 -99.8% -5 -99.2%

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

Agriculture 49 5.1% -19 -1.9% 340 44.5%

Overall 13 2.7% -8 -1.6% 177 47.2%

Cocoa 0 0.0% 3 3.4% 67 296.6%

Coffee 0 0.1% 1 1.6% 43 71.9%

Corn 3 4.4% 2 3.6% 14 24.3%

Cotton 1 5.5% 0 1.8% 2 20.8%

Grains 1 3.4% 1 3.1% -9 -25.9%

Softs 0 14.5% 0 11.0% 0 2.4%

Soybean Oil 0 -4.0% 0 6.6% 0 5.8%

Soybeans 0 2.1% 3 24.0% 1 8.9%

Sugar 1 2.9% 3 7.2% 28 94.5%

Wheat 30 21.1% -24 -13.3% 16 10.7%

Energy -209 -8.2% -35 -1.4% 420 16.3%

Overall -1 -2.0% -6 -9.3% -61 -40.9%

Carbon 0 -0.3% 0 0.0% 0 11.0%

Crude Oil -215 -9.1% -33 -1.4% 388 17.1%

Gasoline -1 -11.1% 0 0.1% 1 6.6%

Heating Oil 0 4.7% 0 -2.4% 0 -2.9%

Natural Gas 7 5.6% 3 2.3% 92 64.7%

Electricity 0 0.0% 0 0.0% 0 0.0%

Uranium 0 0.0% 0 0.0% 0 0.0%

Industrial Metals -16 -1.6% 118 14.3% 268 38.8%

Overall 9 2.4% 86 29.5% 154 62.6%

Aluminium 6 5.7% 11 10.9% 24 25.5%

Copper -9 -2.9% 20 7.2% 94 46.1%

Lead 0 11.0% 0 -3.8% -1 -20.3%

Nickel -24 -18.4% -1 -0.7% 7 6.3%

Tin -1 -13.7% -1 -12.4% 0 -10.0%

Zinc 2 11.9% 2 10.5% -10 -31.5%

Precious Metals 143 0.4% 375 1.1% 3,228 10.4%

Overall -8 -5.4% 0 0.3% -10 -6.5%

Gold 226 0.8% 292 1.0% 3,176 11.8%

Palladium -2 -0.7% -5 -1.4% -170 -39.0%

Platinum -21 -2.8% 8 1.1% -22 -2.8%

Rhodium 0 0.0% -1 -1.0% -2 -6.0%

Silver -52 -1.9% 78 2.9% 256 10.0%

Livestock -1 -8.9% 0 1.6% 0 -3.8%

Overall 0 4.6% 0 -8.5% 0 25.7%

Cattle 0 -12.0% 0 7.1% 0 10.0%

Lean Hogs -1 -12.5% 0 3.5% -1 -15.5%

Total -94 -0.2% 557 1.3% 5,826 14.2%

Aug-17 Jul-17



12 September 2017

ETF Monthly Europe

Product Rankings

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

ETF Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 390.6 42.1 1,242.1

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 367.4 11.1 1,313.9

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 350.1 207.5 -80.4

Lyxor ETF FTSE 100 L100 LN Lyxor Beta 267.3 -28.1 137.2

ComStage ETF S&P 500 C012 GR ComStage Beta 264.2 -132.4 281.0

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 242.0 0.0 156.5

iShares Euro STOXX Banks (DE) SX7EEX GR BlackRock Beta 211.2 381.8 1,107.5

Lyxor STOXX Europe 600 DR UCITS ETF MEUD FP Lyxor Beta 203.1 3.2 235.2

iShares MSCI World Momentum Factor UCITS ETF IS3R GY BlackRock Beta 199.9 0.0 340.6

Vanguard FTSE Developed Europe ex UK UCITS ETF VERX LN Vanguard Beta 195.4 42.5 544.9


Figure 35: Top 10 monthly Fixed Income ETF inflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 228.9 119.3 1,134.0

iShares USD TIPS 0-5 UCITS ETF TIP5 LN BlackRock Beta 150.3 0.0 157.1

iShares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta 135.9 40.6 277.0

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 119.7 95.6 779.5

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 116.6 37.7 408.7

db x-trackers II Global Sovereign UCITS ETF 1C EUR - Hedged DBZB GR Deutsche AM Beta 102.0 10.0 195.0

db x-trackers II iBoxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR Deutsche AM Beta 100.3 -87.6 101.3

iShares $ Short Duration Corporate Bond UCITS ETF SDIG LN BlackRock Beta 93.5 42.6 350.8

Lyxor UCITS ETF Barclays Floating Rate Euro 0-7y FLOT FP Lyxor Beta 92.3 -34.6 501.5

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 85.1 185.7 215.2


Figure 36: Top 10 monthly Commodity ETP inflows (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Source Physical Gold ETC (P-ETC) SGLD LN PowerShares Beta 208.3 -42.6 1,125.6

ETFS Physical Gold PHAU LN ETF Securities Beta 91.8 -60.2 75.8

iShares Diversified Commodity Swap UCITS ETF ICOM LN BlackRock Beta 34.3 443.8 478.1

Source Physical Silver P-ETC SSLV LN PowerShares Beta 33.5 -11.5 47.6

Lyxor ETF Commodities CRB CRB FP Lyxor Beta 25.5 20.0 290.8

ETFS Wheat WEAT LN ETF Securities Beta 18.9 -13.7 7.1

iShares Physical Gold ETC SGLN LN Blackrock Beta 15.1 -206.9 132.3

ETFS EUR Daily Hedged Industrial Metals EIMT IM ETF Securities Beta 14.2 55.9 45.4

ETFS Agriculture AIGA LN ETF Securities Beta 13.4 -16.2 -5.3

WisdomTree Enhanced Commodity UCITS ETF WCOG LN WisdomTree Beta 11.3 14.6 63.0



12 September 2017

ETF Monthly Europe

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


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

db x-trackers MSCI World Index UCITS ETF 1C XMWO GR Deutsche AM Beta -522.0 48.8 -210.3

Amundi JPX-Nikkei 400 UCITS ETF - EUR JPNK FP Amundi Beta -383.3 -162.6 -213.6

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta -353.8 581.8 1,127.4

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta -238.9 280.3 -361.7

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta -214.5 4.8 -837.9

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP Amundi Beta -193.0 -3.4 -162.0

Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF-A EUR SMRT FP Amundi Semi Active -155.6 -1.1 -200.2

iShares NASDAQ-100 (DE) NDXEX GR BlackRock Beta -144.1 -32.2 -126.9

iShares MSCI Europe ex-UK UCITS ETF IEUX LN BlackRock Beta -105.7 37.9 796.9

Amundi ETF MSCI Europe Ex UK UCITS ETF AEXK FP Amundi Beta -94.0 6.7 -41.9


Figure 38: Top 10 monthly Fixed Income ETF outflows (€ million) - | ETFs | Europe |


Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta -145.6 -30.6 -198.1

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta -138.0 92.5 401.5

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta -103.0 -66.5 -504.0

iShares Euro Covered Bond UCITS ETF SCOV LN BlackRock Beta -90.1 4.6 34.1

Lyxor Bund Daily Short UCITS ETF BUNS FP Lyxor Beta -75.5 -25.0 52.3

Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta -70.0 25.8 -164.3

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta -58.3 -164.0 -509.5

iShares US Aggregate Bond UCITS ETF SUAG LN BlackRock Beta -54.6 9.9 -445.8

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta -54.5 233.7 743.4

iShares £ Corporate Bond ex-Financials UCITS ETF ISXF LN BlackRock Beta -42.9 0.1 -95.6


Figure 39: Top 10 monthly Commodity ETP outflows (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer Invest.

Strategy

Current

Month Flows

Prev. Month

Flows

YTD

Flows

ETFS WTI Crude Oil CRUD LN ETF Securities Beta -114.6 -21.4 109.1

ETFS Physical Silver PHAG LN ETF Securities Beta -95.0 50.9 62.0

UBS ETFs plc - CMCI ex-Agriculture SF UCITS ETF CXAP LN UBS Beta -58.9 14.1 107.9

ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta -43.4 0.0 -153.7

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta -28.2 31.8 64.9

ETFS GBP Daily Hedged Physical Gold GBSP LN ETF Securities Beta -24.6 1.0 38.8

db Physical Gold GBP Hedged ETC XGLS LN Deutsche AM Beta -22.1 0.0 4.0

db ETC Brent Crude Oil Euro Hedged ETC XETC GR Deutsche AM Beta -19.4 -0.7 -14.8

ETFS Nickel NICK LN ETF Securities Beta -19.0 2.1 4.1

ETFS Brent Crude BRNT LN ETF Securities Beta -18.2 0.4 14.6



12 September 2017

ETF Monthly Europe

4. Product ReviewNew Products Launched in the Month

Figure 40: Number of ETPs by Asset Class - I ETPs I Global I

Aug-17 Jul-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 3,325 66.3% 3,302 23 66.3% 3,192 133 67.4%

Fixed income 832 16.6% 823 9 16.5% 765 67 16.1%

Commodity 132 2.6% 131 1 2.6% 111 21 2.3%

Currency 24 0.5% 24 - 0.5% 21 3 0.4%

Multi Asset 64 1.3% 65 (1) 1.3% 54 10 1.1%

Alternative 44 0.9% 45 (1) 0.9% 47 (3) 1.0%

Total 4,421 88.2% 4,390 31 88.1% 4,190 231 88.4%

ETC/Vs

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

Commodity 458 9.1% 458 - 9.2% 412 46 8.7%

Currency 132 2.6% 132 - 2.6% 132 - 2.8%

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

Total 594 11.8% 594 - 11.9% 548 46 11.6%

Total ETPs 5,015 100.0% 4,984 100.0% 4,738 100.0%

MoM Change YTD Change


Figure 41: Number of ETPs by Asset Class - | ETPs | Europe |

Aug-17 Jul-17 End of 2016

Asset Class Nu.Mkt

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

ETFs

Equity 1,101 53.0% 1,104 (3) -0.1% 1,085 16 0.8%

Fixed income 385 18.5% 384 1 0.0% 372 13 0.7%

Commodity 54 2.6% 54 - 0.0% 48 6 0.3%

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

Multi Asset 10 0.5% 9 1 0.0% 8 2 0.1%

Alternative 5 0.2% 5 - 0.0% 6 (1) -0.1%

Total 1,555 74.8% 1,556 (1) 0.0% 1,519 36 1.8%

ETCs

Commodity 409 19.7% 409 - 0.0% 363 46 2.3%

Currency 115 5.5% 115 - 0.0% 115 - 0.0%

Total 524 25.2% 524 - 0.0% 478 46 2.3%

Total ETPs 2,079 100.0% 2,080 (1) 0.0% 1,997 4.1%

MoM Change YTD Change



12 September 2017

ETF Monthly Europe

Figure 42: New ETF launches - | ETFs | Europe |



12 September 2017

ETF Monthly Europe

Average TERs

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

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

Equity Alpha 0.35% 6 0.82% 2 0.46% 8

Beta 0.38% 606 0.39% 394 0.38% 1,000

Beta+ 0.67% 6 0.56% 65 0.57% 71

Semi Active 0.46% 9 0.54% 13 0.51% 22

0.38% 627 0.41% 474 0.39% 1,101

Fixed Income Alpha 0.41% 6 0.41% 2 0.41% 8

Beta 0.25% 249 0.21% 111 0.23% 360

Beta+ NA NA 0.22% 17 0.22% 17

0.25% 255 0.21% 130 0.24% 385

Alternative Alpha NA NA 0.60% 1 0.60% 1

Beta 0.75% 1 0.70% 2 0.72% 3

Beta+ NA NA NA NA NA NA

Semi Active NA NA 0.70% 1 0.70% 1

0.0075 1 0.68% 4 0.69% 5

Commodity Beta 0.50% 20 0.42% 33 0.46% 53



0.50% 20 0.42% 34 0.46% 54

Currency Beta NA NA NA NA NA NA

NA NA NA NA NA NA

Multi Asset Beta NA 2 NA 1 NA 3

Alpha 0.52% 5 0.64% 2 0.57% 7

0.52% 7 0.64% 3 0.57% 10

Total 0.35% 910 0.38% 645 0.36% 1,555

Physical Synthetic Total



12 September 2017

ETF Monthly Europe

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

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

Commodity Agriculture Beta NA NA 0.49% 37 0.48% 37

Beta+ NA NA 0.92% 35 0.92% 35

Energy Beta NA NA 0.66% 77 0.64% 77

Beta+ NA NA 0.80% 55 0.74% 55

Industrial Metals Beta NA NA 0.64% 51 0.63% 51

Beta+ NA NA 0.90% 27 0.90% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.48% 9 0.43% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.45% 31 0.59% 28 0.50% 59

Beta+ NA NA 0.76% 43 0.76% 43

Commodity 0.45% 31 0.71% 378 0.67% 409

Currency Currency Beta NA NA 0.41% 42 0.41% 42

Beta+ NA NA 0.79% 73 0.79% 73

Currency NA NA 0.65% 115 0.65% 115

Physical Synthetic Total



12 September 2017

ETF Monthly Europe

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

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

Equity Alpha 0.32% 6 0.75% 2 0.42% 8

Beta 0.29% 606 0.35% 394 0.30% 1,000

Beta+ 0.66% 6 0.49% 65 0.50% 71

Semi Active 0.39% 9 0.53% 13 0.51% 22

0.29% 627 0.36% 474 0.31% 1,101

Fixed Income Alpha 0.36% 6 0.39% 2 0.36% 8

Beta 0.28% 249 0.20% 111 0.27% 360

Beta+ NA NA 0.24% 17 0.24% 17

0.28% 255 0.21% 130 0.27% 385

Alternative Alpha NA NA 0.60% 1 0.60% 1

Beta 0.75% 1 0.70% 2 0.73% 3



0.75% 1 0.69% 4 0.72% 5

Commodity Beta 0.40% 20 0.39% 33 0.39% 53



0.40% 20 0.39% 34 0.39% 54

Currency Beta NA NA NA NA NA NA

NA NA NA - NA -

Multi Asset Beta 0.34% 2 0.55% 1 0.40% 3

Alpha 0.53% 5 0.71% 2 0.68% 7

0.53% 7 0.71% 3 0.68% 7

Total 0.29% 910 0.33% 645 0.30% 1,555

Synthetic TotalPhysical



12 September 2017

ETF Monthly Europe

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

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

Commodity Agriculture Beta NA NA 0.49% 37 0.49% 37

Beta+ NA NA 0.97% 35 0.97% 35

Energy Beta NA NA 0.48% 77 0.48% 77

Beta+ NA NA 0.96% 55 0.96% 55

Industrial Metals Beta NA NA 0.49% 51 0.49% 51

Beta+ NA NA 0.98% 27 0.98% 27

Livestock Beta NA NA 0.49% 6 0.49% 6

Beta+ NA NA 0.98% 6 0.98% 6

Overall Beta NA NA 0.47% 9 0.47% 9

Beta+ NA NA 0.98% 4 0.98% 4

Precious Metals Beta 0.37% 31 0.37% 28 0.37% 59

Beta+ NA NA 0.95% 43 0.95% 43

Commodity 0.37% 31 0.51% 378 0.40% 409

Currency Currency Beta NA NA 0.40% 42 0.40% 42

Beta+ NA NA 0.89% 73 0.89% 73

Currency NA NA 0.67% 115 0.67% 115

TotalPhysical Synthetic



12 September 2017

ETF Monthly Europe

5. Provider RankingsGlobal Provider Rankings

Figure 47: Global Top 10 ETF Providers ($ million) - | ETFs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM 2016 Mkt. Share Nu.

Current

Month CF

Current Month

YTD CF

1 BlackRock 1,550,061 37.8% 1,246,177 37.4% 683 11,932 431,214 168,144

2 Vanguard 807,038 19.7% 639,873 19.2% 112 10,536 78,950 99,382

3 State Street 560,302 13.7% 507,938 15.3% 248 -5,513 583,938 6,066

4 PowerShares 148,963 3.6% 125,028 3.8% 232 842 126,024 7,839

5 Nomura Asset Management 106,272 2.6% 79,904 2.4% 51 4,318 18,467 17,832

6 Deutsche AM 84,555 2.1% 69,535 2.1% 213 -346 7,109 5,044

7 Charles Schwab 84,549 2.1% 59,750 1.8% 21 2,707 7,845 18,211

8 Lyxor 70,761 1.7% 53,664 1.6% 225 341 8,623 8,970

9 First Trust 50,936 1.2% 41,230 1.2% 141 520 5,856 5,646

10 Nikko Asset Management 50,542 1.2% 35,341 1.1% 29 1,994 369 11,351

Total Top 10 3,513,979 85.8% 2,858,440 85.9% 1,955 27,333 1,268,396 348,484

Others 582,688 14.2% 470,369 14.1% 2,466 7,159 306,015 58,863

Global Total 4,096,668 100.0% 3,328,809 100.0% 4,421 34,492 1,574,411 407,347


Figure 48: Global Top 10 ETC/V Providers ($ million) - | ETCs/Vs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM

2016 Mkt.

Share Nu.

Current

Month CF

Current Month

YTD CF

1 State Street 34,421 34.5% 30,629 34.6% 1 1,032 22,028 -40

2 ETF Securities 21,061 21.1% 18,193 20.6% 340 -131 3,240 1,206

3 BlackRock 18,840 18.9% 16,213 18.3% 8 114 6,360 1,038

4 PowerShares 9,369 9.4% 8,783 9.9% 15 339 1,927 337

5 United States Commodity Funds 3,884 3.9% 4,633 5.2% 11 173 6,297 -136

6 ProShares 3,833 3.8% 3,289 3.7% 17 868 48,285 1,154

7 Deutsche AM 3,715 3.7% 2,620 3.0% 17 -93 208 620

8 Deutsche Borse Commodities GmbH 2,129 2.1% 1,872 2.1% 1 0 243 0

9 Guggenheim Investments 1,276 1.3% 1,201 1.4% 9 52 2,790 -20

10 WisdomTree 541 0.5% 521 0.6% 31 -3 563 116

Total Top 10 99,069 99.3% 87,955 99.4% 450 2,352 91,941 4,274

Others 741 0.7% 560 0.6% 144 8 128 191

Global Total 99,810 100.0% 88,515 100.0% 594 2,360 92,069 4,465



12 September 2017

ETF Monthly Europe

Figure 49: Global Top 10 ETP Providers ($ million) - | ETPs | Global |

Rank Issuer Current AUM Mkt. Share 2016 AUM

2016 Mkt.

Share Nu.

Current

Month CF

Current Month

YTD CF

1 BlackRock 1,568,901 37.4% 1,262,390 36.9% 691 12,046 437,575 169,182

2 Vanguard 807,038 19.2% 639,873 18.7% 112 10,536 78,950 99,382

3 State Street 594,723 14.2% 538,567 15.8% 249 -4,481 605,966 6,026

4 PowerShares 158,331 3.8% 133,811 3.9% 247 1,182 127,951 8,176

5 Nomura Asset Management 106,272 2.5% 79,904 2.3% 51 4,318 18,467 17,832

6 Deutsche AM 88,270 2.1% 72,155 2.1% 230 -438 7,316 5,664

7 Charles Schwab 84,549 2.0% 59,750 1.7% 21 2,707 7,845 18,211

8 Lyxor 70,784 1.7% 53,664 1.6% 227 341 8,623 9,011

9 First Trust 50,936 1.2% 41,230 1.2% 141 520 5,856 5,646

10 Nikko Asset Management 50,542 1.2% 35,341 1.0% 29 1,994 369 11,351

Total Top 10 3,580,347 85.3% 2,916,686 85.3% 1,998 28,725 1,298,918 350,480

Others 616,131 14.7% 500,638 14.7% 3,017 8,126 367,562 61,332

Global Total 4,196,478 100.0% 3,417,324 100.0% 5,015 36,851 1,666,480 411,812



12 September 2017

ETF Monthly Europe

European Provider Rankings - General

Figure 50: European ETF Providers (All) – Assets, Flows, Products, Turnover - | ETFs | Europe |All figures in オﾏillion except

products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 275,441 251,064 10% 2,138 4,078 24,312 23,890 24,202 -1% 295 288 2%

Deutsche AM 60,485 53,381 13% -1 1,311 5,993 3,890 3,796 2% 178 191 -7%

Lyxor 59,518 50,878 17% 287 898 8,213 7,293 9,394 -22% 225 218 3%

UBS 38,018 29,166 30% 88 1,603 8,419 2,102 2,599 -19% 115 116 -1%

Amundi 33,004 24,978 32% -169 459 6,620 3,178 3,945 -19% 115 105 10%

Vanguard 26,377 23,882 10% 350 230 2,787 2,121 1,626 30% 22 22 0%

State Street 21,089 17,599 20% 370 335 4,030 1,475 1,421 4% 99 99 0%

PowerShares 20,265 19,069 6% 32 -471 1,636 1,158 1,405 -18% 91 93 -2%

Deka Investment GmbH 8,639 8,297 4% -31 -81 79 574 479 20% 42 42 0%

ComStage 7,551 6,925 9% 8 -182 526 473 390 21% 111 114 -3%

BNP Paribas 7,306 5,981 22% 318 168 1,077 308 354 -13% 45 43 5%

Zuercher Kantonalbank 6,794 6,542 4% -24 61 131 230 260 -11% 4 4 0%

HSBC 4,839 4,925 -2% 23 19 -114 313 317 -1% 27 27 0%

Xact Fonder AB 3,149 2,933 7% -16 0 31 663 700 -5% 14 13 8%

Ossiam 2,259 1,943 16% 100 71 380 86 105 -18% 12 11 9%

ETF Securities 2,107 1,482 42% -30 81 699 523 516 1% 29 27 7%

Julius Baer Inv 2,006 1,946 3% -8 -9 -10 64 50 29% 4 4 0%

ThinkCapital ETFs N.V. 1,441 1,656 -13% 67 21 -206 106 60 75% 14 14 0%

WisdomTree 759 419 81% 58 27 377 217 169 29% 35 27 30%

BMO Global Asset Management 362 234 55% 18 45 146 16 48 -66% 13 10 30%

First Trust 358 210 70% 20 10 144 20 18 14% 15 10 50%

BBVA Gestion SA SGIIC 356 349 2% 7 -10 -21 28 18 59% 2 2 0%

Fundlogic Global Solutions plc 321 403 -20% -2 0 -83 9 8 14% 2 2 0%

IndexIQ 318 0 NA 2 94 318 0 0 -97% 5 0 NA

China Post Global 256 274 -6% 2 -2 -2 34 18 90% 8 8 0%

Seligson & Co Fund Man 221 197 12% 0 0 6 6 8 -24% 1 1 0%

Van Eck Funds 221 148 49% 0 11 73 49 42 17% 4 3 33%

Raiffeisen Schweiz Genossenschaft 214 194 10% 0 0 15 8 5 53% 3 3 0%

Fidelity International 138 0 NA 8 7 144 10 12 -15% 2 0 NA

Nomura Asset Management 117 117 0% -9 6 -1 2 10 -80% 3 3 0%

DnB Kapitalforvaltning 114 122 -6% 0 0 -15 7 8 -13% 1 1 0%

UniCredit Bank 92 95 -3% 0 0 0 1 9 -86% 1 1 0%

Commerzbank AG 55 55 0% 0 0 0 0 0 -38% 3 3 0%

SEB Investment Management AB 49 46 6% 0 0 0 1 1 -55% 3 3 0%

FinEx Fund Plc 34 33 6% 0 0 4 1 0 362% 2 2 0%

Expat Capital 16 13 23% 0 0 0 0 0 386% 1 1 0%

Alpha Asset Management 13 10 24% 0 0 0 0 0 68% 1 1 0%

ZyFin Holdings 12 20 -41% -3 0 -8 4 1 527% 3 3 0%

Fullgoal Fund Management Co 8 10 -20% 0 0 -1 0 0 -60% 1 1 0%

GF International Fund Management 5 0 NA -13 0 5 0 0 -100% 1 0 NA

NBG Asset Management MFMC 5 4 14% 0 0 0 0 0 NA 2 2 0%

Landsbankinn 0 0 NA 0 0 0 0 0 -21% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 3437% 0 0 NA

Total 584,332 515,601 13% 3,587 8,780 65,704 48,861 51,996 -6% 1555 1,519 2%

AUM Cash Flow Turnover Products



12 September 2017

ETF Monthly Europe

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

All figures in € million except products

Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

ETF Securities 15,191 14,860 2% -118 22 983 2,415 2,179 11% 330 330 0%

PowerShares 4,205 3,116 35% 243 -57 1,113 227 434 -48% 4 4 0%

Deutsche AM 3,125 2,484 26% -79 41 567 176 159 10% 17 17 0%

Blackrock 2,299 2,184 5% 15 -208 137 257 186 38% 4 4 0%

Deutsche Borse Commodities GmbH 1,791 1,775 1% 0 0 0 206 172 20% 1 1 0%

WisdomTree 316 286 11% -2 -3 153 464 473 -2% 30 30 0%

Borse Stuttgart Securities GmbH 294 249 18% -2 -5 48 0 0 NA 1 1 0%

Commerzbank AG 102 126 -18% -5 -2 9 9 9 3% 68 68 0%

UBS 67 35 90% -1 0 76 1 0 10524% 4 4 0%

Lyxor 19 0 NA 0 0 39 0 0 NA 2 0 NA

BNP Paribas 4 1 455% 0 0 3 0 1 -31% 63 19 232%

Royal Bank of Scotland plc 0 0 NA 0 0 0 0 0 NA - 0 NA

Total 27,414 25,116 9% 50 -212 3,128 3,755 3,613 4% 524 478 10%

AUM Cash Flow Turnover Products



12 September 2017

ETF Monthly Europe

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


Issuer Current

Month

End of

Diff.

Current

Month

Prev.

Month YTD

Current

Month

Prev.

Month Diff.

Current

Month

End of

Diff.

BlackRock 277,740 253,248 10% 2,153 3,870 24,449 24,147 24,388 -1% 299 292 2%

Deutsche AM 63,610 55,865 14% -80 1,352 6,560 4,066 3,955 3% 195 208 -6%

Lyxor 59,537 50,878 17% 287 898 8,252 7,293 9,394 -22% 227 218 4%

UBS 38,086 29,201 30% 87 1,603 8,495 2,103 2,599 -19% 119 120 -1%

Amundi 33,004 24,978 32% -169 459 6,620 3,178 3,945 -19% 115 105 10%

Vanguard 26,377 23,882 10% 350 230 2,787 2,121 1,626 30% 22 22 0%

PowerShares 24,470 22,186 10% 275 -528 2,749 1,386 1,839 -25% 95 97 -2%

State Street 21,089 17,599 20% 370 335 4,030 1,475 1,421 4% 99 99 0%

ETF Securities 17,298 16,342 6% -149 103 1,682 2,938 2,695 9% 359 357 1%

Deka Investment GmbH 8,639 8,297 4% -31 -81 79 574 479 20% 42 42 0%

ComStage 7,551 6,925 9% 8 -182 526 473 390 21% 111 114 -3%

BNP Paribas 7,310 5,982 22% 318 168 1,080 308 355 -13% 108 62 74%

Zuercher Kantonalbank 6,794 6,542 4% -24 61 131 230 260 -11% 4 4 0%

HSBC 4,839 4,925 -2% 23 19 -114 313 317 -1% 27 27 0%

Xact Fonder AB 3,149 2,933 7% -16 0 31 663 700 -5% 14 13 8%

Ossiam 2,259 1,943 16% 100 71 380 86 105 -18% 12 11 9%

Julius Baer Inv 2,006 1,946 3% -8 -9 -10 64 50 29% 4 4 0%

Deutsche Borse Commodities GmbH 1,791 1,775 1% 0 0 0 206 172 20% 1 1 0%

ThinkCapital ETFs N.V. 1,441 1,656 -13% 67 21 -206 106 60 75% 14 14 0%

WisdomTree 1,076 705 53% 56 24 530 681 642 6% 65 57 14%

BMO Global Asset Management 362 234 55% 18 45 146 16 48 -66% 13 10 30%

First Trust 358 210 70% 20 10 144 20 18 14% 15 10 50%

BBVA Gestion SA SGIIC 356 349 2% 7 -10 -21 28 18 59% 2 2 0%

Fundlogic Global Solutions plc 321 403 -20% -2 0 -83 9 8 14% 2 2 0%

IndexIQ 318 0 NA 2 94 318 0 0 -97% 5 0 NA

Borse Stuttgart Securities GmbH 294 249 18% -2 -5 48 0 0 NA 1 1 0%

China Post Global 256 274 -6% 2 -2 -2 34 18 90% 8 8 0%

Seligson & Co Fund Man 221 197 12% 0 0 6 6 8 -24% 1 1 0%

Van Eck Funds 221 148 49% 0 11 73 49 42 17% 4 3 33%

Raiffeisen Schweiz Genossenschaft 214 194 10% 0 0 15 8 5 53% 3 3 0%

Commerzbank AG 158 181 -13% -6 -2 9 10 9 1% 71 71 0%

Fidelity International 138 0 NA 8 7 144 10 12 -15% 2 0 NA

Nomura Asset Management 117 117 0% -9 6 -1 2 10 -80% 3 3 0%

DnB Kapitalforvaltning 114 122 -6% 0 0 -15 7 8 -13% 1 1 0%

UniCredit Bank 92 95 -3% 0 0 0 1 9 -86% 1 1 0%

SEB Investment Management AB 49 46 6% 0 0 0 1 1 -55% 3 3 0%

FinEx Fund Plc 34 33 6% 0 0 4 1 0 362% 2 2 0%

Expat Capital 16 13 23% 0 0 0 0 0 386% 1 1 0%

Alpha Asset Management 13 10 24% 0 0 0 0 0 68% 1 1 0%

ZyFin Holdings 12 20 -41% -3 0 -8 4 1 527% 3 3 0%

Fullgoal Fund Management Co 8 10 -20% 0 0 -1 0 0 -60% 1 1 0%

GF International Fund Management 5 0 NA -13 0 5 0 0 -100% 1 0 NA

NBG Asset Management MFMC 5 4 14% 0 0 0 0 0 NA 2 2 0%

Landsbankinn 0 0 NA 0 0 0 0 0 -21% 1 1 0%

PDR Services LLC 0 0 NA 0 0 0 0 0 3437% 0 0 NA

Total 611,745 540,717 13% 3,637 8,569 68,832 52,616 55,609 -5% 2,079 1,997 4%

ProductsAUM Cash Flow Turnover



12 September 2017

ETF Monthly Europe

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

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

Q3 16

Q4 16

Q1 17

Q2 17

Aug-17

Q3 16 Q4 16 Q1 17 Q2 17 Aug-17

Tier 1 72.3% 72.0% 71.3% 77.1% 77.2%

Tier 2 23.7% 24.1% 24.9% 19.3% 18.4%

Tier 3 4.0% 3.9% 3.7% 3.7% 4.4%



12 September 2017

ETF Monthly Europe

European Provider Rankings - by Asset Class

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

Issuer Equity

Fixed

Income

Comm-

odity Others

Total

AUM

Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 178,411 94,750 1,892 387 275,441 47.1% 295 23,890 2,138 24,312

Deutsche AM 46,734 12,842 350 559 60,485 10.4% 178 3,890 -1 5,993

Lyxor 43,830 14,604 947 137 59,518 10.2% 225 7,293 287 8,213

UBS 30,713 3,569 3,689 47 38,018 6.5% 115 2,102 88 8,419

Amundi 23,830 9,174 0 0 33,004 5.6% 115 3,178 -169 6,620

Vanguard 26,027 351 0 0 26,377 4.5% 22 2,121 350 2,787

State Street 12,981 8,034 0 75 21,089 3.6% 99 1,475 370 4,030

PowerShares 12,588 6,692 986 0 20,265 3.5% 91 1,158 32 1,636

Deka Investment GmbH 6,020 2,619 0 0 8,639 1.5% 42 574 -31 79

ComStage 5,603 1,302 593 53 7,551 1.3% 111 473 8 526

BNP Paribas 6,921 171 214 0 7,306 1.3% 45 308 318 1,077

Zuercher Kantonalbank 0 0 6,794 0 6,794 1.2% 4 230 -24 131

HSBC 4,839 0 0 0 4,839 0.8% 27 313 23 -114

Xact Fonder AB 3,100 43 6 0 3,149 0.5% 14 663 -16 31

Ossiam 2,156 0 53 50 2,259 0.4% 12 86 100 380

ETF Securities 1,280 335 493 0 2,107 0.4% 29 523 -30 699

Julius Baer Inv 0 0 2,006 0 2,006 0.3% 4 64 -8 -10

ThinkCapital ETFs N.V. 1,098 310 0 33 1,441 0.2% 14 106 67 -206

WisdomTree 677 0 82 0 759 0.1% 35 217 58 377

BMO Global Asset Management 163 199 0 0 362 0.1% 13 16 18 146

First Trust 355 0 0 3 358 0.1% 15 20 20 144

BBVA Gestion SA SGIIC 356 0 0 0 356 0.1% 2 28 7 -21

Fundlogic Global Solutions plc 321 0 0 0 321 0.1% 2 9 -2 -83

IndexIQ 218 100 0 0 318 0.1% 5 0 2 318

China Post Global 132 0 124 0 256 0.0% 8 34 2 -2

Seligson & Co Fund Man 221 0 0 0 221 0.0% 1 6 0 6

Van Eck Funds 177 44 0 0 221 0.0% 4 49 0 73

Raiffeisen Schweiz Genossenschaft 0 0 214 0 214 0.0% 3 8 0 15

Fidelity International 138 0 0 0 138 0.0% 2 10 8 144

Nomura Asset Management 117 0 0 0 117 0.0% 3 2 -9 -1

DnB Kapitalforvaltning 114 0 0 0 114 0.0% 1 7 0 -15

UniCredit Bank 0 92 0 0 92 0.0% 1 1 0 0

Commerzbank AG 23 32 0 0 55 0.0% 3 0 0 0

SEB Investment Management AB 49 0 0 0 49 0.0% 3 1 0 0

FinEx Fund Plc 0 28 6 0 34 0.0% 2 1 0 4

Expat Capital 16 0 0 0 16 0.0% 1 0 0 0

Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0

ZyFin Holdings 2 9 0 0 12 0.0% 3 4 -3 -8

Fullgoal Fund Management Co 0 8 0 0 8 0.0% 1 0 0 -1

GF International Fund Management 5 0 0 0 5 0.0% 1 0 -13 5

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

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

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

Total 409,232 155,308 18,448 1,343 584,332 100.0% 1,555 48,860 3,587 65,704




12 September 2017

ETF Monthly Europe

Figure 55: European ETC Providers (All) – Assets, Flows, Products, Turnover - | ETCs | Europe |

Issuer Commodity Currency Total AUM

Mkt

Share % Nu. Current TO Current CF YTD CF

ETF Securities 14,745 446 15,191 55.4% 330 2,415 -118 983

PowerShares 4,205 0 4,205 15.3% 4 227 243 1113

Deutsche AM 3,125 0 3,125 11.4% 17 176 -79 567

Blackrock 2,299 0 2,299 8.4% 4 257 15 137

Deutsche Borse Commodities GmbH 1,791 0 1,791 6.5% 1 206 0 0

WisdomTree 309 8 316 1.2% 30 464 -2 153

Borse Stuttgart Securities GmbH 294 0 294 1.1% 1 - -2 48

Commerzbank AG 102 0 102 0.4% 68 9 -5 9

UBS 67 0 67 0.2% 4 1 -1 76

Lyxor 19 0 19 0.1% 2 0 0 39

BNP Paribas 4 0 4 0.0% 63 0 0 3

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

Total 26,961 453 27,414 100.0% 524 3,755 50 3,128




12 September 2017

ETF Monthly Europe

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

Issuer Equity

Fixed

Income Commodity Others

Total

AUM

Mkt Share

% Nu.

Current Current

YTD CF

BlackRock 178,411 94,750 4,191 387 277,740 45.4% 299 24,147 2,153 24,449

Deutsche AM 46,734 12,842 3,475 559 63,610 10.4% 195 4,066 -80 6,560

Lyxor 43,830 14,604 967 137 59,537 9.7% 227 7,293 287 8,252

UBS 30,713 3,569 3,756 47 38,086 6.2% 119 2,103 87 8,495

Amundi 23,830 9,174 0 0 33,004 5.4% 115 3,178 -169 6,620

Vanguard 26,027 351 0 0 26,377 4.3% 22 2,121 350 2,787

PowerShares 12,588 6,692 5,191 0 24,470 4.0% 95 1,386 275 2,749

State Street 12,981 8,034 0 75 21,089 3.4% 99 1,475 370 4,030

ETF Securities 1,280 335 15,238 446 17,298 2.8% 359 2,938 -149 1,682

Deka Investment GmbH 6,020 2,619 0 0 8,639 1.4% 42 574 -31 79

ComStage 5,603 1,302 593 53 7,551 1.2% 111 473 8 526

BNP Paribas 6,921 171 218 0 7,310 1.2% 108 308 318 1,080

Zuercher Kantonalbank 0 0 6,794 0 6,794 1.1% 4 230 -24 131

HSBC 4,839 0 0 0 4,839 0.8% 27 313 23 -114

Xact Fonder AB 3,100 43 6 0 3,149 0.5% 14 663 -16 31

Ossiam 2,156 0 53 50 2,259 0.4% 12 86 100 380

Julius Baer Inv 0 0 2,006 0 2,006 0.3% 4 64 -8 -10

Deutsche Borse Commodities GmbH 0 0 1,791 0 1,791 0.3% 1 206 0 0

ThinkCapital ETFs N.V. 1,098 310 0 33 1,441 0.2% 14 106 67 -206

WisdomTree 677 0 391 8 1,076 0.2% 65 681 56 530

BMO Global Asset Management 163 199 0 0 362 0.1% 13 16 18 146

First Trust 355 0 0 3 358 0.1% 15 20 20 144

BBVA Gestion SA SGIIC 356 0 0 0 356 0.1% 2 28 7 -21

Fundlogic Global Solutions plc 321 0 0 0 321 0.1% 2 9 -2 -83

IndexIQ 218 100 0 0 318 0.1% 5 0 2 318

Borse Stuttgart Securities GmbH 0 0 294 0 294 0.0% 1 0 -2 48

China Post Global 132 0 124 0 256 0.0% 8 34 2 -2

Seligson & Co Fund Man 221 0 0 0 221 0.0% 1 6 0 6

Van Eck Funds 177 44 0 0 221 0.0% 4 49 0 73

Raiffeisen Schweiz Genossenschaft 0 0 214 0 214 0.0% 3 8 0 15

Commerzbank AG 23 32 102 0 158 0.0% 71 10 -6 9

Fidelity International 138 0 0 0 138 0.0% 2 10 8 144

Nomura Asset Management 117 0 0 0 117 0.0% 3 2 -9 -1

DnB Kapitalforvaltning 114 0 0 0 114 0.0% 1 7 0 -15

UniCredit Bank 0 92 0 0 92 0.0% 1 1 0 0

SEB Investment Management AB 49 0 0 0 49 0.0% 3 1 0 0

FinEx Fund Plc 0 28 6 0 34 0.0% 2 1 0 4

Expat Capital 16 0 0 0 16 0.0% 1 0 0 0

Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0

ZyFin Holdings 2 9 0 0 12 0.0% 3 4 -3 -8

Fullgoal Fund Management Co 0 8 0 0 8 0.0% 1 0 0 -1

GF International Fund Management 5 0 0 0 5 0.0% 1 0 -13 5

NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0

Royal Bank of Scotland plc 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

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

Total 409,232 155,308 45,409 1,796 611,745 100.0% 2,079 52,616 3,637 68,832




12 September 2017

ETF Monthly Europe

European Provider Analysis by Replication Method

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

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

European Providers

BlackRock Physical 177,390 198 94,750 87 690 3 387 1 273,217 99% 289

Synthetic 1,021 4 - - 1,202 2 - - 2,223 1% 6

Deutsche AM Physical 31,982 68 4,321 16 - - 29 1 36,332 60% 85

Synthetic 14,751 49 8,521 40 350 2 530 2 24,153 40% 93

Lyxor Physical 16,224 18 5,806 30 - - - - 22,030 37% 48

Synthetic 27,606 144 8,798 28 947 3 137 2 37,488 63% 177

UBS Physical 24,065 67 3,569 24 2,171 5 - - 29,805 78% 96

Synthetic 6,648 6 - - 1,518 11 47 2 8,213 22% 19

Amundi Physical 6,007 11 94 7 - - - - 6,101 18% 18

Synthetic 17,823 70 9,079 27 - - - - 26,902 82% 97

Vanguard Physical 26,027 16 351 6 - - - - 26,377 100% 22

State Street Physical 12,981 62 8,034 36 - - 75 1 21,089 100% 99

PowerShares Physical 2,303 17 6,143 12 - - - - 8,447 42% 29

Synthetic 10,284 57 548 2 986 3 - - 11,818 58% 62

Deka Investment GmbH Physical 5,999 25 2,619 16 - - - - 8,618 100% 41

Synthetic 21 1 - - - - - - 21 0% 1

ComStage Physical 259 7 - - - - 53 1 312 4% 8

Synthetic 5,343 73 1,302 28 593 2 - - 7,239 96% 103

BNP Paribas Physical 2,899 17 166 1 - - - - 3,065 42% 18

Synthetic 4,022 22 6 3 214 2 - - 4,241 58% 27

Zuercher Kantonalbank Physical - - - - 6,794 4 - - 6,794 100% 4

HSBC Physical 4,839 27 - - - - - - 4,839 100% 27

Xact Fonder AB Physical 3,100 12 43 1 6 1 - - 3,149 100% 14

Ossiam Physical 34 1 - - - - - - 34 2% 1

Synthetic 2,122 9 - - 53 1 50 1 2,225 98% 11

ETF Securities Synthetic 483 19 - - 493 3 - - 975 100% 22

Physical 797 3 335 4 - - - - 1,132 100% 7

Julius Baer Inv Physical - - - - 2,006 4 - - 2,006 100% 4

ThinkCapital ETFs N.V. Physical 1,098 8 310 3 - - 33 3 1,441 100% 14

WisdomTree Physical 567 25 - - - - - - 567 100% 25

Synthetic 110 8 0 1 82 1 - - 192 100% 10

BMO Global Asset Management Physical 163 9 199 4 - - - - 362 100% 13

First Trust Physical 355 14 - - - - 3 1 358 100% 15

BBVA Gestion SA Physical 356 2 - - - - - - 356 100% 2

Fundlogic Global Solutions plc Synthetic 321 2 - - - - - - 321 100% 2

IndexIQ Physical 218 3 100 2 - - - - 318 100% 5

China Post Global Synthetic 132 5 - - 124 3 - - 256 100% 8

Seligson & Co Fund Mgmt. Physical 221 1 - - - - - - 221 100% 1

Van Eck Funds Physical 177 3 44 1 - - - - 221 100% 4

Raiffeisen Schweiz Genossenschaft Physical - - - - 214 3 - - 214 100% 3

Fidelity International Physical 138 2 - - - - - - 138 100% 2

Nomura Asset Management Physical 117 3 - - - - - - 117 100% 3

DnB Kapitalforvaltning Physical 114 1 - - - - - - 114 100% 1

UniCredit Bank Synthetic - - 92 1 - - - - 92 100% 1

Commerzbank AG Physical 12 1 32 1 - - - - 44 80% 2

Synthetic 11 1 - - - - - - 11 20% 1

SEB Investment Management AB Synthetic 49 3 - - - - - - 49 100% 3

FinEx Fund Plc Physical - - 28 1 - - - - 28 81% 1

Synthetic - - - - 6 1 - - 6 19% 1

GF International Fund Management Physical 5 1 - - - - - - 5 100% 1

Expat Capital Physical 16 1 - - - - - - 16 100% 1

ZyFin Holdings Physical 2 1 9 2 - - - - 12 31% 3

Alpha Asset Mgmt. Physical 13 1 - - - - - - 13 100% 1

Fullgoal Fund Management Co Physical - - 8 1 - - - - 8 100% 1

NBG Asset Mgmt. Physical 3 1 - - - - - - 3 52% 1

Synthetic 2 1 - - - - - - 2 48% 1

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

Total 409,232 1,101 155,308 385 18,448 54 1,343 15 584,332 1,555

Total


Replication

Method Equity Fixed Income Commodity Other



12 September 2017

ETF Monthly Europe

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

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

Asset Class Jul-172016 (Monthly

Avg.)

All figures in € million Turnover Market

Share %

MoM

%Change

2016 (Monthly

Avg.) %Change Turnover Turnover

ETFs

Equity 36,647 69.7% -2.2% -20.9% 37,456 46,357

Fixed income 11,376 21.6% -14.3% -38.7% 13,274 18,567

Commodity 768 1.5% -33.3% -27.4% 1,151 1,058

Currency 0 0.0% 0.0% na 0 0

Multi Asset 19 0.0% -42.2% -2.7% 33 20

Alternative 50 0.1% -39.3% -58.5% 82 119

Total 48,861 92.9% -6.0% -26.1% 51,996 66,120

ETCs

Commodity 3,521 6.7% 2.8% -43.5% 3,426 6,227

Currency 235 0.4% 25.4% 10.4% 187 213

Total 3,755 7.1% 3.9% -41.7% 3,613 6,439

Total ETPs 52,616 100.0% -5.4% -27.5% 55,609 72,559

Aug-17


Asset Class Analysis

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

Equity Turnover Jul-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets 21,680 59.2% 1.6% 77.7% 21,339 27,909

Emerging Markets 3,893 10.6% 13.7% 85.8% 3,423 4,536

Global Markets 777 2.1% -2.8% 109.4% 800 710

Sector 3,420 9.3% -23.3% 95.5% 4,457 3,583

Capitalization 696 1.9% 0.8% 99.0% 690 703

Strategy 4,271 11.7% -5.8% 64.2% 4,534 6,651

Style 1,059 2.9% -25.3% 69.4% 1,417 1,527

Thematic 851 2.3% 7.2% 115.4% 794 738

Total Equities 36,647 100% -2% 79.1% 37,456 46,357

Aug-17



12 September 2017

ETF Monthly Europe

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


Avg.)


Share %

MoM

%Change

2016 (Monthly


Sector 3,420 33.2% -23.3% -4.5% 4,457 3,583

Consumer discretionary 101 1.0% -22.3% -29.6% 129 143

Consumer staples 146 1.4% -21.3% -3.1% 186 151

Energy 336 3.3% 1.8% -15.0% 330 396

Financials 1497 14.5% -31.9% 5.7% 2200 1,417

Healthcare 266 2.6% -15.0% -10.2% 313 296

Industrials 74 0.7% -47.9% -18.5% 142 91

Information Technology 215 2.1% -26.9% 27.0% 294 169

Materials 251 2.4% -25.0% 17.0% 335 215

Overall 0 0.0% 0.0% na 0 -

Real Estate 310 3.0% -4.2% -37.5% 323 495

Telecommunications 138 1.3% 36.9% 71.0% 101 81

Utilities 86 0.8% -17.6% -33.7% 104 130

Capitalization 696 6.8% 0.8% -1.0% 690 703

Large Cap 11 0.1% 89.7% -62.7% 6 30

Mid Cap 252 2.4% -1.2% 26.7% 255 199

Small Cap 433 4.2% 0.7% -8.7% 430 474

Strategy 4,271 41.5% -5.8% -35.8% 4,534 6,651

Fundamental 33 0.3% -55.1% -60.8% 74 84

Leveraged Long 1509 14.7% 4.3% -30.4% 1447 2167

Leveraged Short 1000 9.7% 6.5% -51.4% 939 2058

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 1261 12.2% -19.7% -16.1% 1571 1502

Short 468 4.5% -7.2% -44.3% 504 840

Style 1,059 10.3% -25.3% -30.6% 1,417 1,527

Dividend 958 9.3% -22.9% -30.2% 1,243 1,373

Growth 14 0.1% -7.2% -61.5% 15 37

Value 87 0.8% -45.7% -25.6% 160 117

Thematic 851 8.3% 7.2% 15.4% 794 738

Commodities 229 2.2% 22.7% -33.2% 187 343

Cyclical 0 0.0% 0.0% 0.0% 0 -

Faith 22 0.2% -41.2% -7.0% 38 24

Other Theme 318 3.1% 13.3% 160.5% 281 122

Sustainability 282 2.7% -2.5% 13.5% 289 248

Total 10,297 100.0% -13.4% -22.0% 11,894 13,202

Aug-17



12 September 2017

ETF Monthly Europe

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


Avg.)


Share %

MoM

%Change

2016 (Monthly


Developed Markets

Europe 12,965 59.8% -4.5% -23.0% 13,582 16,843

Austria 11 0.1% -9.0% -1.4% 12 11

Belgium 1 0.0% -27.8% 437.6% 1 0

Finland 6 0.0% -23.6% -11.8% 8 7

France 227 1.0% -47.6% -49.6% 434 451

Germany 2,590 11.9% -6.4% -25.9% 2,766 3,495

Greece 21 0.1% -28.4% -10.9% 30 24

Ireland 1 0.0% 11.3% 0.5% 1 1

Italy 523 2.4% -24.9% -27.2% 697 719

Netherlands 103 0.5% 68.9% -51.3% 61 211

Norway 16 0.1% 23.8% -29.0% 13 22

Portugal 2 0.0% -18.0% -55.1% 3 5

Iceland 0 0.0% -21.1% -93.4% 0 4

Spain 85 0.4% -7.0% -47.2% 91 161

Sweden 124 0.6% -48.6% -61.4% 241 320

Switzerland 627 2.9% 7.1% -32.8% 585 933

UK 1,855 8.6% -8.5% -32.6% 2,028 2,754

Europe broad 6,773 31.2% 2.4% -12.3% 6,612 7,724

Americas 5,198 24.0% 17.6% -18.5% 4,419 6,380

US 4,741 21.9% 12.4% -21.7% 4,217 6,057

Canada 352 1.6% 292.2% 128.7% 90 154

North America 105 0.5% -6.8% -38.3% 112 170

Asia 2,101 9.7% 14.0% -19.3% 1,843 2,602

Australia 42 0.2% 3.8% -63.8% 40 115

Hong Kong 14 0.1% -28.7% -13.5% 20 16

Japan 1,701 7.8% 18.8% -25.2% 1,432 2,273

Singapore 1 0.0% -47.5% -49.2% 3 3

Asia Pacific broad 343 1.6% -1.8% 76.7% 349 194

EMEA 3 0.0% 701.9% -3.8% 0 3

Israel 3 0.0% 701.9% -3.8% 0 3

Global 1,413 6.5% -5.5% -32.1% 1,495 2,081

Broad indices 1,413 6.5% -5.5% -32.1% 1,495 2,081

DM Total 21,680 100.0% 1.6% -22.3% 21,339 27,906

Aug-17



12 September 2017

ETF Monthly Europe

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


Avg.)


Share %

MoM

%Change

2016 (Monthly


Emerging Markets

BRIC 680 17.5% 9.2% -21.4% 623 865

Brazil 166 4.3% 82.6% 1.2% 91 164

Russia 110 2.8% 1.4% -31.1% 109 160

India 106 2.7% -54.8% -45.9% 234 195

China 299 7.7% 57.2% -13.6% 190 346

Latin America 74 1.9% -29.5% -50.0% 104 147

Chile 0 0.0% 0.0% na 0 0

Mexico 18 0.5% 17.7% -53.6% 16 40

LATAM broad 55 1.4% -37.8% -48.7% 89 107

Asia 657 16.9% 13.1% 20.8% 581 544

Bangladesh 2 0.1% -22.6% 24.1% 3 2

Indonesia 10 0.3% -61.5% -66.8% 27 31

Malaysia 2 0.1% -77.3% -84.7% 9 13

Pakistan 3 0.1% 44.2% 13.2% 2 3

Philippines 6 0.1% -44.7% -45.0% 10 10

South Korea 97 2.5% 6.7% -16.0% 91 116

Taiwan 232 6.0% 114.6% 171.8% 108 85

Thailand 6 0.1% -17.5% -50.8% 7 12

Vietnam 5 0.1% -34.4% -76.4% 7 20

Asia Pacific broad 294 7.6% -7.1% 16.7% 317 252

EMEA 121 3.1% -10.3% -30.0% 134 172

Bulgaria 0 0.0% 386.5% 4.5% 0 0

Kuwait 0 0.0% -99.8% -99.7% 2 1

Poland 9 0.2% 9.6% -34.7% 9 15

South Africa 26 0.7% 32.3% 5.2% 20 25

Turkey 29 0.7% -37.2% -28.7% 46 41

Europe broad 53 1.4% -2.3% -36.0% 54 83

Middle East & Africa 3 0.1% -29.5% -67.5% 4 9

Global Markets 2,361 60.7% 19.3% -15.9% 1,980 2,807

Global 2,361 60.7% 19.3% -15.9% 1,980 2,807

EM Total 3,893 100.0% 13.7% -14.2% 3,422 4,536

Total (EM + DM) 25,573 100.0% 3.3% -21.2% 24,762 32,442

Aug-17



12 September 2017

ETF Monthly Europe

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

Fixed Income Turnover Jul-172016 (Monthly

Avg.)


Share %

MoM

%Change

2016 (Monthly


Overall 395 3.5% -18.8% -21.3% 487 502

Corporates 4,950 43.5% -6.6% -33.5% 5,300 7,449

Covered Bonds 59 0.5% 1.9% -58.2% 58 142

Credit Exposure 15 0.1% 66.0% -47.3% 9 29

Sovereign 5,278 46.4% -20.4% -46.4% 6,633 9,850

Money Market 678 6.0% -13.8% 14.1% 786 594

Total Fixed Income 11,376 100.0% -14.3% -38.7% 13,274 18,567

Aug-17



12 September 2017

ETF Monthly Europe

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

Commodity Turnover Jul-172016 (Monthly

Avg.)


Share %

MoM

%Change Avg.) %Change Turnover Turnover

Overall 333 7.8% -55.7% -24.3% 752 440

Overall 320 7.5% -56.8% -24.8% 740 425

Overall ex Energy 14 0.3% 19.1% -10.3% 11 15

Overall Light Energy 0 0.0% 0.0% -100.0% 0 0

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

Agriculture 222 5.2% -11.2% 15.9% 250 191

Overall 32 0.8% 5.0% -26.2% 31 44

Cocoa 27 0.6% -25.6% 210.9% 36 9

Coffee 38 0.9% 12.1% 7.8% 34 35

Corn 17 0.4% 6.9% 43.5% 16 12

Cotton 7 0.2% -16.4% 104.7% 9 3

Grains 2 0.0% 7.2% -42.8% 2 3

Softs 1 0.0% -59.3% -28.7% 1 1

Soybean Oil 1 0.0% -50.1% -88.6% 2 8

Soybeans 7 0.2% -28.9% -14.5% 10 8

Sugar 41 0.9% 67.4% 71.9% 24 24

Wheat 50 1.2% -41.9% 10.8% 86 45

Energy 1,024 23.9% -7.2% -49.0% 1,103 2,008

Overall 7 0.2% -56.4% -73.8% 16 27

Carbon 0 0.0% 124.1% 251.9% 0 0

Crude Oil 899 21.0% -6.9% -48.8% 966 1756

Gasoline 8 0.2% 325.5% -8.8% 2 9

Heating Oil 2 0.1% 41.3% -49.8% 2 5

Natural Gas 107 2.5% -9.1% -49.5% 118 211

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 171 4.0% 29.4% -0.5% 132 171

Overall 51 1.2% 116.8% 30.8% 24 39

Aluminium 6 0.1% -64.0% -24.2% 17 8

Copper 49 1.1% -2.2% -48.8% 50 95

Lead 2 0.0% -13.1% -13.9% 2 2

Nickel 52 1.2% 76.7% 185.5% 30 18

Tin 2 0.1% 48.0% 63.4% 1 1

Zinc 8 0.2% -1.9% 8.8% 8 7

Precious Metals 2,530 59.0% 8.3% -43.4% 2,337 4,468

Overall 20 0.5% 0.3% 4.5% 20 19

Gold 2120 49.4% 13.0% -46.2% 1876 3940

Palladium 16 0.4% -13.9% -75.4% 19 66

Platinum 80 1.9% 43.0% 26.0% 56 63

Rhodium 1 0.0% 177.1% 87.1% 0 1

Silver 293 6.8% -19.9% -22.8% 366 379

Livestock 9 0.2% 148.1% 82.7% 4 5

Overall 4 0.1% 1187.4% 924.3% 0 0

Cattle 0 0.0% -73.7% -84.4% 1 1

Lean Hogs 5 0.1% 71.1% 31.8% 3 4

Total 4,288 100.0% -6.3% -41.1% 4,577 7,284

Aug-17



12 September 2017

ETF Monthly Europe

Product Rankings

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


Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1,442.7 987.4 12,926.5

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1,407.8 1,593.7 11,116.3

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,043.6 1,157.0 7,617.3

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 805.9 1,003.4 6,401.9

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 779.8 809.9 11,734.6

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 603.4 503.0 4,177.3

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 541.9 359.7 4,401.1

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 509.9 675.1 6,027.3

iShares Euro STOXX Banks (DE) SX7EEX GR BlackRock Beta 501.1 443.7 3,337.9

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 483.9 227.6 2,855.2

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 472.2 215.9 2,518.0

Vanguard FTSE Developed Europe ex UK UCITS ETF VERX LN Vanguard Beta 471.9 68.0 967.1

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 411.4 529.9 5,355.5

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 410.0 487.1 4,514.0

iShares MSCI Europe ex-UK UCITS ETF IEUX LN BlackRock Beta 406.6 320.4 2,158.7

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 382.9 360.9 4,193.6

Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 371.0 590.1 4,010.0

Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 356.3 266.4 2,552.5

iShares Core MSCI Japan IMI UCITS ETF SJPA LN BlackRock Beta 349.5 111.1 1,728.9

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 321.5 612.6 4,650.0


Figure 66: Top 20 Fixed Income ETFs by Turnover (€ million) - | ETFs | Europe |

ETF Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 850.9 622.6 7,115.3

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 512.4 525.7 5,328.9

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 461.0 565.2 3,512.9

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 432.2 818.6 6,219.7

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 365.6 539.5 4,842.9

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 309.5 175.9 2,148.0

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 272.8 339.8 4,429.0

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 240.3 184.6 1,642.4

LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 221.7 253.5 1,812.2

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 213.5 133.9 2,031.1

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 209.9 182.9 1,708.5

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 203.3 152.2 1,897.5

iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 196.6 87.8 1,010.3

iShares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta 173.3 160.7 1,715.3

iShares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta 169.7 69.3 536.8

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 164.5 227.5 1,749.4

iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 158.7 161.3 1,562.4

db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AM Beta 150.3 276.9 723.4

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 147.4 222.0 2,525.0

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 140.6 131.4 2,937.1



12 September 2017

ETF Monthly Europe

Figure 67: Top 20 Commodity ETPs by Turnover (€ million) - | ETPs | Europe |

ETP Name BBG Code Issuer Invest.

Strategy

Current

Month TO

Prev.

Month TO YTD TO

ETFS Physical Gold PHAU LN ETF Securities Beta 545.9 426.4 4,641.1

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 362.7 344.3 2,384.9

Gold Bullion Securities GBS LN ETF Securities Beta 277.9 214.0 2,221.4

iShares Physical Gold ETC SGLN LN Blackrock Beta 237.2 174.7 1,986.3

Source Physical Gold ETC (P-ETC) SGLD LN PowerShares Beta 215.6 426.3 3,111.9

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 205.8 172.1 2,157.8

Boost Wti Oil 3X Leverage Daily ETP 3OIL LN WisdomTree Beta+ 183.8 195.2 2,025.1

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 182.3 169.1 1,619.6

ETFS Physical Silver PHAG LN ETF Securities Beta 168.8 211.0 1,029.3

Boost Wti Oil 3X Short Daily ETP 3OIS LN WisdomTree Beta+ 132.4 129.5 1,140.8

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 92.6 69.7 803.2

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 57.4 36.9 506.7

Boost Natural Gas 3X Leverage Daily ETP 3NGL LN WisdomTree Beta+ 57.4 57.1 627.8

ETFS Physical Platinum PHPT LN ETF Securities Beta 51.0 25.5 361.4

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 50.5 31.3 366.7

ETFS GBP Daily Hedged Physical Gold GBSP LN ETF Securities Beta 47.0 8.3 178.0

ETFS Industrial Metals AIGI LN ETF Securities Beta 46.6 21.3 397.4


ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 44.7 50.7 593.6

ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta 43.4 33.6 360.0


Figure 68: Top 10 ETPs by Turnover (€ million) – Deutsche Borse - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core DAX UCITS ETF DE DAXEX GR 1,346.87 1 ComStage ETF Commerzbank EONIA Index TR CBEONIA GR 45.19

2 iShares Euro STOXX 50 (DE) SX5EEX GR 789.21 2 db x-trackers II iBoxx € Germany 3-5 TR Index UCITS ETF XGN5 GY 43.83

3 iShares STOXX 600 (DE) SXXPIEX GR 500.56 3 iShares Barclays Euro Corporate Bond EUN5 GR 43.62

4 iShares Euro STOXX Banks (DE) SX7EEX GR 401.95 4 iShares Euro Ultrashort Bond UCITS ETF IS3M GY 40.86

5 Deka DAX UCITS ETF ETFDAX GR 238.57 5 iShares Markit iBoxx Euro High Yield EUNW GR 38.05

6 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 207.09 6 iShares Barclays Euro Corporate Bond 1-5 (EUR) EUNT GR 36.58

7 iShares MDAX (DE) MDAXEX GR 131.18 7 SPDR Barclays 0-3 Year Euro Corporate Bond UCITS ETF SYBD GY 35.76

8 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 120.90 8 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 26.07

9 db x-trackers ShortDAX UCITS ETF XSDX GR 108.56 9 db x-trackers II EONIA TR Index UCITS ETF XEON GR 25.71

10 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 107.51 10 iShares Barclays Capital Emerging Market Local Govt Bond IUSP GY 24.87

Commodity ETPs BBG Ticker Turnover BBG Ticker Turnover

1 XETRA-Gold XAUEUR 205.84 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 6.20

2 db Physical Gold Euro Hedged ETC XAD1 GR 44.10 2 ComStage Vermogensstrategie UCITS ETF F701 GY 2.60

3 ETFS Physical Gold VZLD GR 40.18 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 2.58

4 Gold Bullion Securities GG9B GR 26.74 4 ETFS 5X Short USD Long EUR 5CH6 GY 2.40

5 ETFS Physical Silver VZLC GR 20.38 5 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY 1.57

6 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 15.28 6 iShares S&P Listed Private Equity Fund IQQL GR 1.34

7 Source Physical Gold ETC (P-ETC) 8PSG GY 11.15 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.97

8 iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR 8.88 8 db-x trackers Portfolio Income UCITS ETF XS7W GR 0.55

9 ETFS Industrial Metals OD7Z GR 7.15 9 ETFS Short USD Long EUR XBJQ GR 0.49

10 db Physical Gold ETC (EUR) XAD5 GR 7.13 10 ETFS 5X Long USD Short EUR 5CH5 GY 0.41



12 September 2017

ETF Monthly Europe

Figure 69: Top 10 ETPs by Turnover (€ million) – London SE - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core S&P 500 UCITS ETF CSPX LN 1,027.19 1 iShares Euro Corporate Bond UCITS ETF IEAC LN 690.91

2 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,010.63 2 iShares $ Corporate Bond UCITS ETF LQDE LN 462.29

3 Vanguard FTSE Developed Europe ex UK UCITS ETF VERX LN 441.76 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 328.08

4 Vanguard S&P 500 ETF VUSD LN 430.86 4 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 294.49

5 iShares MSCI Europe ex-UK UCITS ETF IEUX LN 358.65 5 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 282.76

6 iShares MSCI Emerging Markets IMI UCITS ETF EIMI LN 306.50 6 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN 227.71

7 db x-trackers MSCI Canada TRN Index UCITS ETF XCAD LN 285.16 7 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 225.23

8 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 284.28 8 iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN 197.07

9 Vanguard FTSE 100 UCITS ETF VUKE LN 268.88 9 iShares Euro Corporate Bond ex-Financials UCITS ETF IEXF LN 185.43

10 iShares MSCI Europe ex-UK GBP Hedged UCITS ETF EUXS LN 257.18 10 iShares UK Gilts 0-5yr UCITS ETF IGLS LN 173.26


1 ETFS Physical Gold PHAU LN 363.87 1 ETFS Short JPY Long USD SJPY LN 17.15

2 ETFS WTI Crude Oil CRUD LN 288.55 2 ETFS Short CNY Long USD SCNY LN 16.86

3 Gold Bullion Securities GBS LN 208.83 3 ETFS Short GBP Long USDGBP USD2 LN 10.57

4 Source Physical Gold ETC (P-ETC) SGLD LN 160.47 4 iShares Listed Private Equity UCITS ETF IPRV LN 9.61

5 iShares Physical Gold ETC IGLN LN 145.43 5 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 8.80

6 ETFS Physical Silver PHAG LN 128.81 6 ETFS Bullish USD vs G10 Currency Basket Securities LUSB LN 4.30

7 ETFS Physical Gold GBP PHGP LN 92.90 7 iShares Listed Private Equity UCITS ETF IDPE LN 2.60

8 iShares Physical Gold ETC SGLN LN 90.74 8 ETFS 3x Long JPY Short USD LJP3 LN 2.56

9 ETFS GBP Daily Hedged Physical Gold GBSP LN 47.04 9 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 2.56

10 iShares Diversified Commodity Swap UCITS ETF ICOM LN 42.93 10 First Trust FactorFX UCITS ETF FTFX LN 2.21


Figure 70: Top 10 ETPs by Turnover (€ million) – Swiss SE - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares Core S&P 500 UCITS ETF CSSPX SW 172.49 1 iShares $ TIPS UCITS ETF ITPS SW 52.84

2 iShares SMI CH CSSMI SW 119.41 2 UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to EUR CBUS5E SW 43.34

3 iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW 113.14 3 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 39.15

4 iShares Euro STOXX Banks (DE) SX7EEX SW 99.11 4 UBS ETF - SBI Foreign AAA-BBB 1-5 UCITS ETF (CHF) SF1CHA SW 36.53

5 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 76.68 5 db x-trackers II EONIA TR Index UCITS ETF XEON SW 36.19

6 iShares MSCI EMU UCITS ETF CSEMU SW 74.63 6 iShares CHF Corporate Bond (CH) CHCORP SW 29.47

7 UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW 73.32 7 db x-trackers II Emerging Markets Liquid EuroBond UCITS ETF 1C EUR - Hedged XEMB SW 26.72

8 iShares SMIM CH CSSMIM SW 64.38 8 Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) LYMTA SW 26.56

9 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR ACWIE SW 64.01 9 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 26.46

10 UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW 61.71 10 db x-trackers II - iBoxx Global Inflation-Linked UCITS ETF (DR) 1C EUR - Hedged XGIN SW 20.71


1 ZKB Gold ETF-A USD ZGLDUS SW 61.10 1 iShares Listed Private Equity UCITS ETF IPRV SW 6.67

2 ZKB Gold ETF ZGLD SW 60.78 2 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.90

3 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 39.56 3 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.56

4 ZKB Gold ETF-H (CHF) ZGLDHC SW 30.85 4 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.14

5 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 28.72 5 Lyxor ETF Privex LYPVX SW 0.10

6 UBS ETFs plc - CMCI Composite SF CHF-A CCCHAS SW 25.62 6 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW 0.05

7 UBS-IS CMCI Oil ETF (USD) A OILUSA SW 20.36

8 ZKB Silver ETF ZSIL SW 19.29

9 UBS-IS Gold (EUR) Hedged ETF A AUEUAH SW 18.05

10 ZKB Gold ETF-A EUR ZGLDEU SW 17.33



12 September 2017

ETF Monthly Europe

Figure 71: Top 10 ETPs by Turnover (€ million) – Euronext Paris - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor ETF Leverage CAC 40 LVC FP 356.28 1 Lyxor Bund Daily Short UCITS ETF BUNS FP 131.54

2 Lyxor UCITS ETF Euro STOXX 50 MSE FP 239.16 2 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP 96.99

3 Lyxor UCITS ETF Euro Stoxx Banks BNKE FP 221.18 3 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 82.43

4 Amundi ETF MSCI Emerging Markets UCITS ETF AUEM FP 189.24 4 Lyxor UCITS ETF Barclays Floating Rate Euro 0-7y FLOT FP 75.10

5 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP 172.75 5 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP 73.08

6 Lyxor ETF XBear CAC 40 BX4 FP 169.67 6 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP 64.04

7 Amundi ETF MSCI EMU UCITS ETF CMU FP 166.16 7 Amundi ETF Euro Corporates UCITS ETF CC4 FP 54.94

8 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP 165.79 8 Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP 47.53

9 Lyxor UCITS ETF MSCI Europe MEU FP 140.31 9 Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP 42.17

10 Amundi ETF MSCI USA UCITS ETF CU2 FP 138.57 10 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 41.68


1 ETFS WTI Crude Oil CRUDP FP 9.96 1 Lyxor ETF Privex PVX FP 3.70

2 Lyxor ETF Commodities CRB Non-Energy CRN FP 9.95

3 Gold Bullion Securities GBS FP 9.77

4 Lyxor ETF Commodities CRB CRB FP 7.03

5 ETFS Silver SLVRP FP 1.32

6 ETFS Wheat WEATP FP 1.08

7 ETFS Brent 1mnth Oil OILBP FP 1.06

8 ETFS Gold BULLP FP 0.80

9 BNP Paribas Easy S&P GSCI Energy&Metals Capped Component 35/20 UCITSGSCU FP 0.64

10 ETFS All Commodities AIGCP FP 0.53


Figure 72: Top 10 ETPs by Turnover (€ million) – Borsa Italiana - | ETPs | Europe |Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 311.57 1 LYXOR UCITS ETF Smart Cash C-EUR SMART IM 119.42

2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 188.69 2 db x-trackers II EONIA TR Index UCITS ETF XEON IM 87.29

3 Lyxor UCITS ETF DAX (DR) DAXX IM 134.87 3 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 62.14

4 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 134.77 4 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 61.30

5 Lyxor ETF XBear FTSE/MIB XBRMIB IM 112.89 5 Lyxor UCITS ETF Smart Cash C-USD SMARTU IM 38.25

6 UBS-ETF MSCI EMU EMUEUA IM 110.82 6 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 37.01

7 Lyxor ETF Bear FTSE/MIB BERMIB IM 103.28 7 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 35.62

8 Boost EURO STOXX Banks 3x Leverage Daily ETP 3BAL IM 99.57 8 Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR HFRN IM 33.62

9 Lyxor UCITS S&P 500 Daily Hedged SPXH IM 88.28 9 Lyxor ETF Daily Double Short BTP BTP2S IM 33.22

10 db x-trackers DAX® UCITS ETF (DR) 1C XDAX IM 86.19 10 iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM 32.91


1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 159.11 1 ETFS 3X Short USD Long EUR USE3 IM 42.05

2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 106.11 2 ETFS 5X Short USD Long EUR USE5 IM 32.22

3 ETFS WTI Crude Oil CRUD IM 59.03 3 ETFS 3X Long USD Short EUR EUS3 IM 22.91

4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 51.92 4 ETFS 5X Long USD Short EUR EUS5 IM 11.81

5 db Physical Gold Euro Hedged ETC XAD1 IM 43.21 5 ETFS Short USD Long EUR USEU IM 6.78

6 ETFS Physical Gold PHAU IM 41.77 6 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 5.92

7 ETFS Daily Leveraged Crude Oil LOIL IM 32.80 7 ETFS Long USD Short EUR EUUS IM 5.13

8 Source Physical Gold ETC (P-ETC) SGLD IM 29.08 8 Boost Short USD Long EUR 5x Daily ETP 5EUS IM 5.10

9 Boost Natural Gas 3x Short Daily 3NGS IM 23.31 9 ETFS Long GBP Short EUR EUGB IM 3.53

10 Gold Bullion Securities GBS IM 19.09 10 ETFS 3X Short GBP Long EUR GBE3 IM 2.85



12 September 2017

ETF Monthly Europe

Figure 73: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam - | ETPs | Europe |Stockholmborsen

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 XACT Bear 2 XABEAR2 SS 135.44 1 XACT Obligation UCITS ETF XACTBOND SS 0.65

2 XACT OMXS30 XACTOMX SS 111.79

3 XACT Bull 2 XABULL2 SS 104.59

4 XACT Bear XACBEAR SS 34.17

5 XACT Bull XACBULL SS 22.31

6 XACT Nordic 30 XACTVINX SS 20.42

7 XACT Nordic High Dividend Low Volatility UCITS ETF XACTHDIV SS 13.89

8 XACT OMXSB XACTSBX SS 11.76

9 XACT Svenska Smabolag UCITS ETF XACTSMAC SS 4.92

10 db x-trackers DAX® UCITS ETF (DR) 1C XDAX SS 2.34

Euronext Amsterdam

Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover

1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 209.80 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 31.11

2 Vanguard S&P 500 ETF VUSA NA 110.09 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 23.33

3 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 61.05 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 22.91

4 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 54.94 4 Think iBoxx AAA-AA Government Bond Tracker TAT NA 18.39

5 iShares AEX UCITS ETF IAEX NA 44.44 5 Think iBoxx Government Bond Tracker TGBT NA 16.23

6 iShares MSCI Europe ex-UK UCITS ETF IEUX NA 39.58 6 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 11.17

7 Think AEX Tracker TDT NA 36.68 7 Think iBoxx Corporate Bond Tracker TCBT NA 9.95

8 iShares European Property Yield UCITS ETF IPRP NA 33.51 8 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 8.44

9 iShares MSCI World UCITS ETF (Inc) IWRD NA 32.36 9 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 8.13

10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 31.85 10 iShares France Government Bond UCITS ETF IFRB NA 6.69



12 September 2017

ETF Monthly Europe

7. European ETFExchangesFigure 74: European on-exchange trading ranking by exchange - | ETPs | Europe |

Exchanges (All

figures in € million)

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

ETF

Turnover

ETF Market

Share %

ETC

Turnover

ETC Market

Share %

Deutche Boerse

Deutsche Borse 9,763 20.0% 480 12.8% 10,146 19.5% 380 10.5% 11,568 18.4% 470 12.1%

LSE

London SE 20,427 41.8% 2,169 57.8% 20,690 39.8% 2,150 59.5% 28,681 45.7% 2,273 58.5%

Borsa Italiana 5,341 10.9% 1,053 28.0% 5,904 11.4% 1,034 28.6% 6,706 10.7% 1,036 26.6%

25,768 52.7% 3,222 85.8% 26,594 51.1% 3,184 88.1% 35,388 56.4% 3,310 85.1%

Euronext

Paris 6,504 13.3% 26 0.7% 8,300 16.0% 28 0.8% 7,174 11.4% 42 1.1%

Amsterdam 1,364 2.8% 15 0.4% 1,202 2.3% 11 0.3% 1,358 2.2% 19 0.5%

Lisbon 1 0.0% 0 0.0% 2 0.0% 0 0.0% 2 0.0% 0 0.0%

Brussels 1 0.0% 0 0.0% 1 0.0% 0 0.0% 1 0.0% 0 0.0%

7,870 16.1% 41 1.1% 9,505 18.3% 39 1.1% 8,535 13.6% 62 1.6%

Swiss SE 4,570 9.4% 12 0.3% 4,848 9.3% 10 0.3% 6,206 9.9% 47 1.2%

Stockholmborsen 474 1.0% 0 0.0% 511 1.0% 0 0.0% 501 0.8% 0 0.0%

Oslo Bors 207 0.4% 0 0.0% 203 0.4% 0 0.0% 189 0.3% 0 0.0%

BME 201 0.4% 0 0.0% 178 0.3% 0 0.0% 305 0.5% 0 0.0%

Others 8 0.0% 0 0.0% 10 0.0% 0 0.0% 11 0.0% 0 0.0%

Total 48,861 100.0% 3,755 100.0% 51,996 100.0% 3,613 100.0% 62,703 100.0% 3,888 100.0%

Aug-17 Jul-17 Jun-17



12 September 2017

ETF Monthly Europe

Figure 75: Total ETP on-exchange Turnover by asset class and by exchange - | ETPs | Europe |

Deutsche

BorseLondon SE

Euronext

Paris

Borsa

Italiana

Euronext

AmsterdamSwiss SE

Stockholm

Borsen

Turnover* Mkt Share %

Equity

Developed Markets 49,878.8 74,424.0 27,896.1 19,099.6 6,821.7 24,049.0 2,579.2 204,748.4 39.7%

Emerging Markets 4,595.4 14,389.1 6,485.8 3,364.2 1,163.0 3,586.1 43.2 33,626.8 6.5%

Global Markets 468.8 3,494.3 260.8 308.5 222.4 2,722.0 2.6 7,479.3 1.5%

Sector 11,222.7 9,308.1 9,258.7 3,031.6 401.4 2,098.2 6.4 35,327.1 6.9%

Capitalization 1,456.6 3,633.9 428.2 1,208.8 236.7 1,006.5 158.4 8,129.0 1.6%

Style 2,815.7 6,229.2 845.4 895.8 557.7 898.9 0.0 12,242.7 2.4%

Strategy 4,433.1 11,441.2 8,642.8 8,488.0 39.7 548.3 1,979.1 35,572.2 6.9%

Thematic 1,744.7 2,970.8 481.8 533.3 199.5 1,038.3 0.0 6,968.4 1.4%

Total 76,616 125,891 54,300 36,930 9,642 35,947 4,769 344,093.8 66.8%

Fixed Income

Overall 576.5 3,070.9 29.7 184.2 243.0 413.4 4.8 4,522.5 0.9%

Corporates 4,122.8 36,518.1 3,927.1 5,053.3 860.8 1,920.2 0.0 52,402.3 10.2%

Covered Bonds 453.8 117.3 13.5 46.4 18.0 6.5 0.0 655.5 0.1%

Credit Exposure 71.3 0.0 0.0 41.3 0.0 3.8 0.0 116.4 0.0%

Sovereign 6,054.6 40,980.2 6,303.1 7,472.9 791.9 4,704.8 0.0 66,307.4 12.9%

Money Market 782.0 1,220.5 1,143.0 1,451.5 0.0 58.3 0.0 4,655.3 0.9%

Total 12,061 81,907 11,416 14,250 1,914 7,107 5 128,659.4 25.0%

Commodity 0.0%

Overall 694.2 2,158.4 207.3 328.6 28.7 873.5 42.1 4,332.8 0.8%

Agriculture 161.4 584.9 12.1 934.0 0.0 36.6 0.0 1,728.9 0.3%

Energy 406.0 3,638.1 80.5 5,466.3 0.0 148.0 0.0 9,738.8 1.9%

Industrial Metals 105.6 1,008.3 3.7 347.1 0.0 16.8 0.0 1,481.4 0.3%

Precious Metals 3,584.5 12,558.1 169.7 2,405.5 201.5 3,708.0 0.0 22,627.4 4.4%

Livestock 13.5 26.8 0.0 14.8 0.0 0.0 0.0 55.1 0.0%

Total 4,965 19,974 473 9,496 230 4,783 42 39,964.3 7.8%

0.0%

Alternative 118.6 296.2 40.6 102.4 37.0 55.2 0.0 650.0 0.1%

Currency 78.9 512.8 0.0 988.6 19.2 0.0 0.0 1,599.4 0.3%

Multi Asset 120.6 37.4 0.0 27.4 19.7 2.5 0.0 207.6 0.0%

Total 318 846 41 1,118 76 58 - 2,457.0 0.5%

Grand Total 93,960 228,618 66,230 61,794 11,862 47,895 4,816 515,175 100%

* Total turnover year to date (not daily average)

Total

Total Turnover (€ million)



12 September 2017

ETF Monthly Europe

8. AssetsETP Monthly AUM Analysis by Asset Class

Figure 76: AUM by asset class and instrument - | ETPs | Europe |

Asset Class Jul-17 End of 2016

All figures in € million

AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

ETFs

Equity 409,232 66.9% -0.2% 13.8% 410,126 359,706

Fixed income 155,308 25.4% 1.4% 12.5% 153,179 138,001

Commodity 18,448 3.0% 1.4% 12.1% 18,194 16,461

Currency 0 0.0% 0.0% 0.0% 0 0

Multi Asset 583 0.1% 1.9% 33.8% 572 436

Alternative 760 0.1% -11.4% -23.8% 858 998

Total 584,332 95.5% 0.2% 13.3% 582,929 515,601

ETCs

Commodity 26,961 4.4% 2.0% 9.4% 26,432 24,642

Currency 453 0.1% 10.8% -4.4% 409 474

Total 27,414 4.5% 2.1% 9.1% 26,841 25,116

Total ETPs 611,745 100.0% 0.3% 13.1% 609,770 540,717

Aug-17


Asset Class Analysis

Figure 77: European Equity ETF AUM summary - | ETFs | Europe |

Equity AUM Jul-17 End of 2016

All figures in € million AUM Market

Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets 270,235 66.0% -0.7% 8.7% 272,275 248,536

Emerging Markets 38,972 9.5% 2.4% 31.5% 38,042 29,644

Global Markets 10,397 2.5% 0.5% 82.9% 10,349 5,685

Sector 26,865 6.6% -0.9% 15.9% 27,096 23,172

Capitalization 9,975 2.4% -1.3% 34.9% 10,109 7,393

Strategy 22,825 5.6% 1.5% 16.6% 22,489 19,572

Style 21,125 5.2% -1.2% 8.0% 21,382 19,567

Thematic 8,838 2.2% 5.4% 44.0% 8,384 6,137

Total Equities 409,232 100.0% -0.2% 13.8% 410,126 359,706

Aug-17



12 September 2017

ETF Monthly Europe

Figure 78: European Equity ETF AUM summary - A - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Sector 26,865 30.0% -0.9% 15.9% 27,096 23,172

Consumer discretionary 837 0.9% -12.8% -18.9% 959 1,031

Consumer staples 1,107 1.2% -3.8% 13.3% 1,151 977

Energy 2,774 3.1% -2.2% 17.5% 2,838 2,361

Financials 8,924 10.0% 1.7% 40.0% 8,774 6,375

Healthcare 2,631 2.9% -2.6% -9.1% 2,702 2,895

Industrials 660 0.7% -12.7% -6.3% 756 704

Information Technology 2,439 2.7% 0.9% 37.0% 2,416 1,779

Materials 1,446 1.6% 11.9% 36.4% 1,293 1,060

Overall 2 0.0% -2.6% na 2 0

Real Estate 4,731 5.3% -1.6% -1.1% 4,809 4,786

Telecommunications 785 0.9% -11.9% 16.0% 891 676

Utilities 529 0.6% 5.0% 0.4% 503 527

Capitalization 9,975 11.1% -1.3% 34.9% 10,109 7,393

Large Cap 303 0.3% -4.4% -16.3% 317 362

Mid Cap 3,418 3.8% -2.8% 75.3% 3,516 1,950

Small Cap 6,254 7.0% -0.3% 23.1% 6,276 5,081

Strategy 22,825 25.5% 1.5% 16.6% 22,489 19,572

Fundamental 1,497 1.7% 0.4% -1.4% 1,490 1,518

Leveraged Long 1,691 1.9% -2.9% -4.9% 1,741 1,778

Leveraged Short 1,147 1.3% 3.9% 14.3% 1,104 1,003

Options Strategy 0 0.0% 0.0% 0.0% 0 0

Quantitative 16,783 18.7% 1.7% 21.2% 16,497 13,852

Short 1,708 1.9% 3.1% 20.2% 1,657 1,421

Style 21,125 23.6% -1.2% 8.0% 21,382 19,567

Dividend 18,772 20.9% -1.1% 6.2% 18,978 17,671

Growth 279 0.3% -5.1% 12.2% 294 249

Value 2,074 2.3% -1.7% 25.9% 2,110 1,647

Thematic 8,838 9.9% 5.4% 44.0% 8,384 6,137

Commodities 1,372 1.5% 5.9% 10.4% 1,297 1,243

Cyclical 0 0.0% 0.0% 0.0% 0 0

Faith 162 0.2% 6.4% -18.5% 153 199

Other Theme 3,175 3.5% 10.2% 87.5% 2,881 1,693

Sustainability 4,128 4.6% 1.9% 37.6% 4,053 3,001

Total 89,628 100.0% 0.2% 18.2% 89,459 75,840

Aug-17



12 September 2017

ETF Monthly Europe

Figure 79: European Equity ETF AUM summary - B - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Developed Markets

Europe 138,259 51.2% -0.6% 11.9% 139,064 123,525

Austria 342 0.1% 7.6% 32.4% 318 258

Belgium 43 0.0% 9.0% -2.1% 39 43

Finland 221 0.1% 0.7% 12.2% 220 197

France 5,791 2.1% 0.3% 21.8% 5,774 4,755

Germany 20,418 7.6% 1.1% 4.8% 20,195 19,483

Greece 221 0.1% 1.2% 34.2% 219 165

Ireland 21 0.0% -0.5% -25.6% 21 29

Italy 1,742 0.6% -0.4% -2.2% 1,749 1,782

Netherlands 534 0.2% 1.1% -2.1% 529 546

Norway 292 0.1% -0.5% 5.6% 294 277

Portugal 62 0.0% -2.2% 58.0% 64 39

Spain 1,408 0.5% -1.8% 18.2% 1,434 1,191

Sweden 1,805 0.7% -0.7% 7.2% 1,817 1,684

Switzerland 10,941 4.0% -1.2% 9.5% 11,072 9,989

UK 14,596 5.4% -1.1% -1.1% 14,756 14,761

Europe broad 79,820 29.5% -0.9% 16.8% 80,565 68,326

Americas 81,959 30.3% -0.1% 3.8% 82,037 78,950

US 78,591 29.1% 0.0% 4.9% 78,577 74,940

Canada 1,360 0.5% -6.5% -25.6% 1,455 1,828

North America 2,008 0.7% 0.1% -8.0% 2,006 2,182

Asia 22,931 8.5% -2.3% 8.8% 23,466 21,076

Australia 1,057 0.4% -1.0% -17.6% 1,068 1,284

Hong Kong 190 0.1% -1.9% 12.1% 193 169

Japan 18,816 7.0% -2.4% 8.8% 19,270 17,301

Singapore 58 0.0% 3.1% 21.2% 56 48

Asia Pacific broad 2,810 1.0% -2.4% 23.6% 2,879 2,274

EMEA 9 0.0% -4.8% 19.7% 9 7

Israel 9 0.0% -4.8% 19.7% 9 7

Global 27,076 10.0% -2.2% 8.4% 27,699 24,979

Broad indices 27,076 10.0% -2.2% 8.4% 27,699 24,979

DM Total 270,235 100.0% -0.7% 8.7% 272,266 248,529

Aug-17



12 September 2017

ETF Monthly Europe

Figure 80: European Equity ETF AUM summary - C - | ETFs | Europe |



Share %

MoM

%change

YTD

%change AUM AUM

Emerging Markets

BRIC 6,088 2.0% 0.9% 6.2% 6,034 5,730

Brazil 855 0.3% -4.2% 21.8% 892 702

Russia 950 0.3% 5.7% -22.6% 898 1,228

India 1,840 0.6% -2.8% 19.5% 1,892 1,539

China 2,444 0.8% 3.9% 8.1% 2,352 2,261

Latin America 1,111 0.4% 4.5% 6.9% 1,063 1,040

Chile 0 0.0% 0.0% 0.0% 0 0

Mexico 137 0.0% -2.3% 9.2% 140 125

LATAM broad 975 0.3% 5.6% 6.6% 923 915

Asia 4,806 1.6% 2.7% 38.7% 4,681 3,465

Bangladesh 20 0.0% 1.0% -14.1% 20 24

Indonesia 208 0.1% 2.1% 39.2% 204 150

Malaysia 49 0.0% -2.5% 7.9% 50 46

Pakistan 21 0.0% -10.4% -38.8% 23 34

Philippines 47 0.0% -7.2% -5.2% 50 49

South Korea 997 0.3% -9.1% 45.6% 1,097 685

Taiwan 611 0.2% 30.4% 37.2% 469 446

Thailand 45 0.0% -1.7% -8.9% 46 50

Vietnam 200 0.1% 2.6% -15.0% 195 235

Asia Pacific broad 2,607 0.8% 3.2% 49.2% 2,526 1,748

EMEA 1,185 0.4% 6.0% 24.4% 1,119 953

Bulgaria 16 0.0% -2.4% 22.7% 16 13

Kuwait 6 0.0% 3.9% 3.3% 6 6

Poland 105 0.0% 0.1% 41.8% 105 74

South Africa 116 0.0% 11.4% 12.9% 105 103

Turkey 336 0.1% 5.3% 54.9% 319 217

Europe broad 494 0.2% 4.0% 18.6% 475 417

Middle East & Africa 112 0.0% 2.2% -18.0% 109 136

Global Markets 25,782 8.3% 2.6% 39.8% 25,128 18,443

Global 25,782 8.3% 2.6% 39.8% 25,128 18,443

EM Total 38,972 12.6% 2.5% 31.5% 38,025 29,631

Total (EM + DM) 309,207 100.0% -0.3% 11.2% 310,292 278,160

Aug-17



12 September 2017

ETF Monthly Europe

Figure 81: European Fixed Income ETF AUM summary - | ETFs | Europe |

Fixed Income AUM Jul-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 9,852 6.3% 1.9% 6.0% 9,670 9,290

Corporates 69,641 44.8% 1.3% 12.7% 68,772 61,766

Covered Bonds 2,769 1.8% -3.0% -4.5% 2,853 2,899

Credit Exposure 260 0.2% 4.1% 25.2% 249 207

Sovereign 69,518 44.8% 1.8% 12.6% 68,265 61,742

Money Market 3,269 2.1% -3.0% 56.0% 3,369 2,095

Total Fixed Income 155,308 100.0% 1.4% 12.5% 153,179 138,001

Aug-17



12 September 2017

ETF Monthly Europe

Figure 82: European Commodity ETP AUM summary - | ETPs | Europe |

Commodity AUM Jul-17 End of 2016


Share %

MoM

%change

YTD

%change AUM AUM

Overall 6,591 14.5% -0.7% 8.7% 6,639 6,062

Overall 6480 14.3% -0.7% 10.4% 6526 5870

Overall ex Energy 111 0.2% -2.1% -40.9% 113 187

Overall Light Energy 0 0.0% 0.0% -100.0% 0 5

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

Agriculture 956 2.1% -0.9% 25.1% 965 764

Overall 496 1.1% 1.7% 32.3% 487 374

Cocoa 74 0.2% -8.7% 231.3% 82 22

Coffee 82 0.2% -11.6% 36.7% 93 60

Corn 60 0.1% -4.1% 4.6% 62 57

Cotton 11 0.0% 7.3% 7.1% 10 10

Grains 21 0.0% -6.1% -39.8% 23 35

Softs 4 0.0% 9.3% -21.0% 3 5

Soybean Oil 4 0.0% -5.2% -7.4% 4 4

Soybeans 14 0.0% -4.6% -9.3% 15 16

Sugar 44 0.1% -1.0% 46.2% 44 30

Wheat 146 0.3% 3.6% -2.6% 141 150

Energy 2,258 5.0% -12.0% -12.4% 2,565 2,579

Overall 59 0.1% -1.7% -60.5% 60 150

Carbon 1 0.0% 12.3% 2.2% 1 1

Crude Oil 2039 4.5% -13.8% -10.3% 2366 2272

Gasoline 7 0.0% -9.3% -13.5% 7 8

Heating Oil 4 0.0% 5.8% -20.5% 4 5

Natural Gas 148 0.3% 17.1% 3.8% 126 143

Electricity 0 0.0% 0.0% 0.0% 0 0

Uranium 0 0.0% 0.0% 0.0% 0 0

Industrial Metals 1,023 2.3% 7.0% 48.4% 956 689

Overall 427 0.9% 11.3% 73.0% 383 247

Aluminium 126 0.3% 15.8% 36.4% 109 92

Copper 317 0.7% 2.2% 56.4% 310 203

Lead 3 0.0% 13.0% -16.6% 3 4

Nickel 124 0.3% -3.8% 13.7% 129 109

Tin 3 0.0% -14.5% -21.9% 4 4

Zinc 23 0.0% 23.0% -25.4% 18 30

Precious Metals 34,573 76.1% 3.2% 11.5% 33,492 30,998

Overall 141 0.3% -2.7% -5.8% 145 150

Gold 30546 67.3% 3.5% 13.1% 29525 26998

Palladium 338 0.7% 3.5% -22.6% 327 437

Platinum 756 1.7% 1.8% -5.5% 743 801

Rhodium 51 0.1% 15.7% 27.4% 44 40

Silver 2740 6.0% 1.2% 6.5% 2708 2572

Livestock 9 0.0% -16.0% -19.1% 10 11

Overall 2 0.0% -6.1% 7.3% 2 2

Cattle 2 0.0% -17.7% 2.4% 2 2

Lean Hogs 5 0.0% -18.9% -32.1% 6 7

Total 45,409 100.0% 1.8% 10.5% 44,627 41,103

Aug-17



12 September 2017

ETF Monthly Europe

Product Rankings

Figure 83: Top 20 Products by AUM – Equity ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 19,302.1 19,019.4 18,252.4

Vanguard S&P 500 ETF VUSA LN Vanguard Beta 16,029.6 16,148.7 15,926.4

iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 9,057.1 9,013.3 7,918.2

iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 8,847.1 9,269.4 7,409.9

iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,364.2 8,060.9 8,100.4

Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,120.0 7,179.7 7,029.6

iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 6,362.1 6,486.3 7,462.6

iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 5,871.7 5,794.0 3,689.0

iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,814.1 5,620.1 5,469.1

iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,411.4 5,407.0 5,372.1

db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 5,308.7 5,267.5 4,773.2

iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,141.2 5,457.3 5,787.0

iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 4,927.1 4,968.0 5,448.7

iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,837.4 4,773.3 4,078.2

iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4,481.9 4,585.0 5,411.3

Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 4,086.0 4,093.3 3,709.6

iShares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 4,000.1 3,943.6 2,252.4

UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD ACWIU SW UBS Beta 3,977.9 3,876.6 882.4

db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 3,839.2 4,095.5 4,002.4

Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta 3,737.8 3,319.7 2,092.7


Figure 84: Top 20 Products by AUM – Fixed Income ETFs (€ million) - | ETFs | Europe |

ETF Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 7,913.0 7,784.6 7,674.5

iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 6,855.0 6,758.6 5,400.7

iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 5,822.1 5,808.3 3,273.2

iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 5,385.6 5,394.3 4,585.6

iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5,382.8 5,426.9 5,780.2

iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4,510.2 4,525.8 5,115.0

iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3,562.7 3,569.2 3,564.3

iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3,508.4 3,682.7 3,480.5

Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Amundi Beta 3,252.1 3,177.3 1,062.3

SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 2,840.7 2,922.1 1,613.9

iShares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta 2,411.1 2,153.7 1,204.9

PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR PowerShares Alpha 2,363.2 2,328.6 2,277.7

iShares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta 2,298.4 2,182.3 1,889.3

iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,130.6 2,024.3 1,555.5

iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 2,072.7 2,068.1 1,701.2

PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN PowerShares Alpha 2,050.5 2,035.1 1,765.8

iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 2,017.3 2,031.8 3,255.0

iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,912.7 1,908.9 1,866.5

iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,895.7 1,830.8 1,823.7

iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,747.0 1,739.5 1,826.8



12 September 2017

ETF Monthly Europe

Figure 85: Top 20 Products by AUM – Commodity ETPs (€ million) - | ETPs | Europe |

ETP Name BBG Ticker Issuer

Invest.

Strategy

Current Month

AUM

Prev. Month

AUM 2016 AUM

ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5,272.3 5,164.7 5,087.1

ETFS Physical Gold PHAU LN ETF Securities Beta 5,157.2 4,936.7 5,076.4

Source Physical Gold ETC (P-ETC) SGLD LN PowerShares Beta 4,128.6 3,818.9 3,015.8

Gold Bullion Securities GBS LN ETF Securities Beta 3,576.6 3,478.9 3,307.6

iShares Physical Gold ETC SGLN LN Blackrock Beta 2,224.2 2,152.7 2,111.0

XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,790.6 1,736.9 1,774.6

Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,656.2 1,613.0 1,619.1

db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta 1,463.8 1,419.6 800.2

ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,150.0 1,101.7 1,084.5

UBS ETF (CH) – Gold (USD) I-dis AUUSI SW UBS Beta 1,112.2 1,078.7 393.0

UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 961.1 961.2 822.8

ETFS Physical Silver PHAG LN ETF Securities Beta 813.3 888.0 797.7

UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 773.4 759.9 668.3


iShares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 727.8 725.1 1,261.8

ETFS WTI Crude Oil CRUD LN ETF Securities Beta 670.9 830.1 782.3

db Physical Gold ETC XGLD LN Deutsche AM Beta 619.5 608.6 520.7

Source Bloomberg Commodity UCITS ETF CMOD LN PowerShares Beta 588.1 596.1 -

iShares Diversified Commodity Swap UCITS ETF ICOM LN BlackRock Beta 474.2 441.6 -

db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta 468.7 459.9 515.6



12 September 2017

ETF Monthly Europe

9. ETF Broker rankingsUS ETP Broker Rankings

Figure 86: Top 20 US ETF Brokers - | ETFs | US |

Rank Broker

Advertised

value ($ million)

Market

Share

Advertised

Trades

Advertised

value ($ million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CDRG) CITADEL SECURITIES LLC 193,683 19.80% 148,178 1,130,650 14.93% 813,531 (CDRG) CITADEL SECURITIES LLC 3,136 22.17% 148,178 20,419 16.89% 813,532

2 (VIRT) VIRTU FINANCIAL 148,716 15.20% 185,440 1,223,270 16.15% 1,463,873 (VIRT) VIRTU FINANCIAL 2,366 16.73% 185,491 22,521 18.63% 1,464,330

3 (CSFB) CREDIT SUISSE 79,186 8.09% 28,425 667,421 8.81% 201,357 (CSFB) CREDIT SUISSE 1,096 7.75% 28,520 9,901 8.19% 201,927

4 (MLCO) MERRILL LYNCH 67,121 6.86% 49,348 547,448 7.23% 360,487 (UBS) UBS INVESTMENT BANK 1,052 7.44% 42,571 10,284 8.51% 322,725

5 (UBS) UBS INVESTMENT BANK 66,781 6.83% 42,424 596,904 7.88% 321,769 (MLCO) MERRILL LYNCH 860 6.08% 49,453 8,222 6.80% 361,598

6 (GS) GOLDMAN SACHS & CO. 62,841 6.42% 93,367 486,796 6.43% 957,530 (CITI) CITIGROUP GLOBAL MARKETS 759 5.37% 14,578 5,846 4.84% 114,755

7 (JPM) JP MORGAN 60,926 6.23% 134,222 459,749 6.07% 914,948 (JPM) JP MORGAN 728 5.15% 134,222 6,046 5.00% 914,955

8 (CITI) CITIGROUP GLOBAL MARKETS 47,080 4.81% 14,575 416,022 5.49% 114,742 (BCAP) BARCLAYS CAPITAL 713 5.04% 61,113 5,496 4.55% 463,449

9 (BCAP) BARCLAYS CAPITAL 45,887 4.69% 61,113 343,019 4.53% 463,447 (GS) GOLDMAN SACHS & CO. 631 4.46% 93,376 5,765 4.77% 957,679

10 (FCM) FIDELITY CAPITAL MARKETS 33,254 3.40% 45,810 265,422 3.50% 359,314 (FCM) FIDELITY CAPITAL MARKETS 564 3.99% 45,810 5,160 4.27% 359,314

11 (MSCO) MORGAN STANLEY 30,781 3.15% 13,337 276,331 3.65% 111,610 (MSCO) MORGAN STANLEY 420 2.97% 13,337 4,134 3.42% 111,613

12 (DBAB) DEUTSCHE BANK SECURITIES INC 27,784 2.84% 15,734 259,478 3.43% 152,554 (DBAB) DEUTSCHE BANK SECURITIES INC 403 2.85% 15,734 4,351 3.60% 152,557

13 (INCA) INSTINET 16,372 1.67% 9,764 106,052 1.40% 63,729 (INCA) INSTINET 138 0.98% 9,764 1,050 0.87% 63,729

14 (SG) SG SECURITIES 13,668 1.40% 382 85,092 1.12% 3,289 (BNYM) BANK OF NEW YORK, THE 111 0.79% 13,188 1,266 1.05% 115,785

15 (JEFF) JEFFERIES & CO., INC. 6,691 0.68% 5,750 52,422 0.69% 47,145 (RBC) ROYAL BANK OF CANADA 105 0.74% 10,994 1,161 0.96% 133,630

16 (BNYM) BANK OF NEW YORK, THE 6,404 0.65% 13,183 70,960 0.94% 115,734 (SG) SG SECURITIES 100 0.70% 382 686 0.57% 3,289

17 (RBC) ROYAL BANK OF CANADA 6,139 0.63% 10,989 68,464 0.90% 133,566 (WBET) WALLACHBETH CAPITAL LLC 79 0.56% 220 491 0.41% 1,495

18 (ITGI) INVESTMENT TECHNOLOGY GROUP 4,637 0.47% 29,664 32,811 0.43% 172,218 (JEFF) JEFFERIES & CO., INC. 76 0.54% 5,750 671 0.56% 47,145

19 (COWN) COWEN & COMPANY 4,572 0.47% 9,883 17,596 0.23% 34,972 (ITGI) INVESTMENT TECHNOLOGY GROUP 67 0.47% 29,664 528 0.44% 172,218

20 (WBET) WALLACHBETH CAPITAL LLC 4,556 0.47% 220 26,091 0.34% 1,494 (COWN) COWEN & COMPANY 66 0.47% 9,884 253 0.21% 34,973

Other 51,133 5.23% 124,639 441,965 5.84% 1,148,594 Other 674 4.76% 124,661 6,642 5.49% 1,148,872

Total 978,213 100.00% 1,036,447 7,573,962 100.00% 7,955,903 Total 14,145 100.00% 1,036,890 120,891 100.00% 7,959,570

Value Trade Summary Volume Trade Summary

Aug-17 YTD Aug-17 YTD

Source:Deutsche Bank, Bloomberg Finance LP.

Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Figure 87: Top 20 US ETV Brokers - | ETVs | US |

Rank Broker

Advertised

value ($ million)

Market

Share

Advertised

Trades

Advertised

value ($ million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CDRG) CITADEL SECURITIES LLC 17,681 31.14% 8,343 67,744 22.75% 45,647 (CDRG) CITADEL SECURITIES LLC 561 30.40% 8,343 2,883 24.01% 45,647

2 (VIRT) VIRTU FINANCIAL 14,155 24.93% 17,236 76,168 25.58% 119,616 (VIRT) VIRTU FINANCIAL 458 24.79% 17,237 3,116 25.95% 119,631

3 (UBS) UBS INVESTMENT BANK 4,744 8.35% 2,191 29,810 10.01% 16,450 (UBS) UBS INVESTMENT BANK 158 8.57% 2,204 1,199 9.98% 16,562

4 (FCM) FIDELITY CAPITAL MARKETS 3,439 6.06% 4,628 16,175 5.43% 32,555 (CSFB) CREDIT SUISSE 117 6.36% 1,138 859 7.16% 8,528

5 (CSFB) CREDIT SUISSE 3,059 5.39% 1,138 21,340 7.17% 8,514 (FCM) FIDELITY CAPITAL MARKETS 105 5.69% 4,628 654 5.45% 32,555

6 (JPM) JP MORGAN 2,068 3.64% 6,962 10,370 3.48% 47,385 (JPM) JP MORGAN 67 3.62% 6,962 377 3.14% 47,386

7 (BCAP) BARCLAYS CAPITAL 1,818 3.20% 4,832 11,060 3.71% 34,248 (BCAP) BARCLAYS CAPITAL 65 3.55% 4,832 459 3.82% 34,248

8 (CITI) CITIGROUP GLOBAL MARKETS 1,719 3.03% 1,163 10,048 3.37% 8,678 (CITI) CITIGROUP GLOBAL MARKETS 49 2.63% 1,165 307 2.55% 8,681

9 (INCA) INSTINET 1,580 2.78% 274 3,783 1.27% 2,334 (MSCO) MORGAN STANLEY 43 2.35% 803 257 2.14% 5,523

10 (MLCO) MERRILL LYNCH 1,434 2.53% 2,052 9,578 3.22% 14,261 (MLCO) MERRILL LYNCH 42 2.29% 2,056 357 2.97% 14,279

11 (GS) GOLDMAN SACHS & CO. 990 1.74% 5,017 8,842 2.97% 59,465 (INCA) INSTINET 37 2.02% 274 116 0.96% 2,334

12 (MSCO) MORGAN STANLEY 977 1.72% 803 6,572 2.21% 5,523 (GS) GOLDMAN SACHS & CO. 32 1.75% 5,017 299 2.49% 59,465

13 (DBAB) DEUTSCHE BANK SECURITIES INC 831 1.46% 949 6,988 2.35% 6,976 (DBAB) DEUTSCHE BANK SECURITIES INC 31 1.66% 949 271 2.26% 6,976

14 (BNYM) BANK OF NEW YORK, THE 386 0.68% 557 2,421 0.81% 4,868 (BNYM) BANK OF NEW YORK, THE 13 0.71% 557 107 0.89% 4,870

15 (ITGI) INVESTMENT TECHNOLOGY GROUP 245 0.43% 2,261 1,809 0.61% 8,437 (JEFF) JEFFERIES & CO., INC. 8 0.44% 464 60 0.50% 4,400

16 (JEFF) JEFFERIES & CO., INC. 203 0.36% 464 1,043 0.35% 4,400 (ITGI) INVESTMENT TECHNOLOGY GROUP 7 0.39% 2,261 79 0.66% 8,437

17 (COWS) COWEN EXECUTION SERVICES LLC 185 0.33% 716 314 0.11% 1,176 (COWS) COWEN EXECUTION SERVICES LLC 7 0.38% 716 12 0.10% 1,176

18 (RBC) ROYAL BANK OF CANADA 125 0.22% 250 2,580 0.87% 5,771 (GFIG) GFI GROUP INC. 5 0.27% 99 35 0.29% 742

19 (BMOC) BMO CAPITAL MARKETS 113 0.20% 148 1,040 0.35% 1,326 (RBC) ROYAL BANK OF CANADA 4 0.24% 250 110 0.91% 5,771

20 (GFIG) GFI GROUP INC. 111 0.20% 99 671 0.23% 742 (ING) ING BANK 4 0.21% 20 35 0.29% 139

Other 919 1.62% 4,497 9,445 3.17% 43,685 Other 31 1.66% 4,625 416 3.46% 44,890

Total 56,782 100.00% 64,580 297,801 100.00% 472,057 Total 1,846 100.00% 64,600 12,008 100.00% 472,240



Source: Deutsche Bank, Bloomberg Finance LP.

Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.


12 September 2017

ETF Monthly Europe

European ETP Broker Rankings

Figure 88: Top 20 European ETF brokers - | ETFs | Europe |

Rank Broker

Advertised

value (€ million)

Market

Share

Advertised

Trades

Advertised

value (€ million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (CBK) COMMERZBANK 10,965 14.33% 22,951 103,236 13.23% 198,153 (FLOW) FLOW TRADERS 301 11.59% 3,242 2,314 9.68% 25,176

2 (FLOW) FLOW TRADERS 8,538 11.16% 2,914 77,824 9.97% 23,519 (CBK) COMMERZBANK 298 11.47% 23,374 2,947 12.33% 201,759

3 (BNPP) BNP PARIBAS 7,144 9.34% 11,105 53,478 6.85% 67,950 (BNPP) BNP PARIBAS 263 10.13% 11,180 1,597 6.68% 68,380

4 (SIS) SUSQUEHANNA INTERNATIONAL GRP 4,964 6.49% 4,257 54,037 6.92% 27,276 (SIS) SUSQUEHANNA INTERNATIONAL GRP 216 8.33% 4,265 2,204 9.22% 27,390

5 (JPMS) JPMORGAN CHASE BANK, N.A. 3,897 5.09% 3,071 29,715 3.81% 28,118 (BCAP) BARCLAYS CAPITAL 134 5.16% 3,820 1,015 4.25% 32,976

6 (BCAP) BARCLAYS CAPITAL 3,774 4.93% 3,816 33,143 4.25% 32,960 (WINS) WINTERFLOOD SECURITIES 105 4.05% 7,550 760 3.18% 59,539

7 (CSFB) CREDIT SUISSE 3,575 4.67% 3,654 37,829 4.85% 28,531 (MSCO) MORGAN STANLEY 105 4.02% 13,270 930 3.89% 111,159

8 (CITI) CITIGROUP GLOBAL MARKETS 3,486 4.56% 4,010 37,096 4.75% 32,092 (CITI) CITIGROUP GLOBAL MARKETS 99 3.81% 4,026 1,060 4.43% 32,256

9 (MSCO) MORGAN STANLEY 2,656 3.47% 13,250 28,154 3.61% 111,009 (CSFB) CREDIT SUISSE 98 3.76% 3,722 1,122 4.69% 28,991

10 (IMC) IMC TRADING BV 2,593 3.39% 3,840 27,306 3.50% 23,733 (IMC) IMC TRADING BV 95 3.65% 3,857 1,009 4.22% 23,874

11 (KEPL) KEPLER CAPITAL MARKETS 2,324 3.04% 2,690 27,591 3.54% 29,133 (KEPL) KEPLER CAPITAL MARKETS 84 3.23% 2,694 889 3.72% 29,159

12 (WINS) WINTERFLOOD SECURITIES 2,167 2.83% 7,538 17,865 2.29% 59,465 (DBK) DEUTSCHE BANK AG 80 3.09% 3,278 749 3.13% 31,129

13 (UBS) UBS INVESTMENT BANK 1,996 2.61% 1,719 21,219 2.72% 14,919 (UBS) UBS INVESTMENT BANK 69 2.67% 1,726 774 3.24% 15,016

14 (DBK) DEUTSCHE BANK AG 1,911 2.50% 3,247 46,278 5.93% 30,832 (OPTV) OPTIVER VOF 60 2.30% 1,033 532 2.23% 17,534

15 (HSBC) HSBC GROUP PLC 1,852 2.42% 2,559 21,226 2.72% 21,696 (JPMS) JPMORGAN CHASE BANK, N.A. 59 2.28% 3,071 473 1.98% 28,139

16 (SG) SG SECURITIES 1,765 2.31% 3,203 20,647 2.65% 23,406 (SG) SG SECURITIES 54 2.08% 3,205 579 2.42% 23,424

17 (MLCO) MERRILL LYNCH 1,653 2.16% 3,198 9,388 1.20% 21,263 (HSBC) HSBC GROUP PLC 54 2.06% 2,566 690 2.89% 21,722

18 (OPTV) OPTIVER VOF 1,642 2.15% 1,003 15,299 1.96% 17,371 (ITGE) ITG EUROPE 53 2.03% 660 299 1.25% 5,503

19 (UNIC) UNICREDIT 1,555 2.03% 559 16,547 2.12% 4,930 (MLCO) MERRILL LYNCH 47 1.80% 3,198 328 1.37% 21,275

20 (GS) GOLDMAN SACHS & CO. 1,538 2.01% 9,594 16,367 2.10% 87,605 (UNIC) UNICREDIT 44 1.69% 559 379 1.59% 4,934

Other 6,520 8.52% 29,024 86,222 11.05% 253,437 Other 281 10.80% 38,291 3,257 13.62% 338,308

Total 76,516 100.00% 137,202 780,466 100.00% 1,137,398 Total 2,599 100.00% 138,587 23,909 100.00% 1,147,643




Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.

Figure 89: Top 20 European ETC brokers - | ETCs | Europe |

Rank Broker

Advertised

value (€ million)

Market

Share

Advertised

Trades

Advertised

value (€ million)

Market

Share

Advertised

Trades Broker

Advertised

volume

(million)

Market

Share

Advertised

Trades

Advertised

volume

(million)

Market

Share

Advertised

Trades

1 (FLOW) FLOW TRADERS 572 17.90% 253 5,220 16.10% 1,974 (BNPP) BNP PARIBAS 137 21.63% 141 684 14.60% 854

2 (WINS) WINTERFLOOD SECURITIES 373 11.66% 2,038 2,656 8.19% 16,656 (MSCO) MORGAN STANLEY 76 11.92% 2,511 943 20.14% 20,049

3 (CITI) CITIGROUP GLOBAL MARKETS 341 10.65% 725 2,436 7.51% 5,974 (OPTV) OPTIVER VOF 74 11.61% 138 468 9.99% 3,702

4 (MSCO) MORGAN STANLEY 236 7.38% 2,511 2,268 6.99% 20,049 (WINS) WINTERFLOOD SECURITIES 72 11.44% 2,038 538 11.50% 16,656

5 (OPTV) OPTIVER VOF 228 7.13% 136 2,251 6.94% 3,690 (BCAP) BARCLAYS CAPITAL 58 9.16% 216 116 2.47% 2,027

6 (SIS) SUSQUEHANNA INTERNATIONAL GRP 182 5.69% 352 1,238 3.82% 804 (CITI) CITIGROUP GLOBAL MARKETS 39 6.20% 725 273 5.82% 5,974

7 (KEPL) KEPLER CAPITAL MARKETS 153 4.78% 185 810 2.50% 1,883 (FLOW) FLOW TRADERS 34 5.39% 287 340 7.27% 2,162

8 (BNPP) BNP PARIBAS 119 3.71% 141 989 3.05% 854 (SIS) SUSQUEHANNA INTERNATIONAL GRP 26 4.03% 353 142 3.03% 805

9 (HSBC) HSBC GROUP PLC 104 3.26% 167 2,598 8.01% 1,452 (UBS) UBS INVESTMENT BANK 20 3.13% 197 189 4.03% 1,812

10 (GS) GOLDMAN SACHS & CO. 99 3.08% 342 425 1.31% 1,127 (SBER) SBERBANK CIB CJSC 19 2.93% 16 23 0.50% 157

11 (UNIC) UNICREDIT 97 3.04% 8 437 1.35% 49 (KEPL) KEPLER CAPITAL MARKETS 11 1.74% 185 89 1.90% 1,883

12 (UBS) UBS INVESTMENT BANK 89 2.80% 196 975 3.01% 1,798 (VIRT) VIRTU FINANCIAL 10 1.63% 182 40 0.85% 2,983

13 (BCAP) BARCLAYS CAPITAL 65 2.05% 216 996 3.07% 2,027 (MACQ) MACQUARIE SECURITIES 7 1.07% 56 63 1.35% 481

14 (CSFB) CREDIT SUISSE 54 1.69% 142 1,637 5.05% 1,409 (GS) GOLDMAN SACHS & CO. 5 0.81% 342 16 0.35% 1,127

15 (PEEL) PEEL HUNT LLP 51 1.59% 530 333 1.03% 3,880 (DBK) DEUTSCHE BANK AG 4 0.67% 344 133 2.84% 3,256

16 (DBK) DEUTSCHE BANK AG 51 1.59% 344 486 1.50% 3,256 (MED) MEDIOBANCA SPA 4 0.64% 692 40 0.86% 6,489

17 (MACQ) MACQUARIE SECURITIES 49 1.54% 55 1,187 3.66% 478 (MLCO) MERRILL LYNCH 4 0.61% 255 30 0.64% 1,322

18 (ITGE) ITG EUROPE 48 1.49% 36 805 2.48% 279 (CSFB) CREDIT SUISSE 4 0.58% 142 71 1.52% 1,414

19 (VIRT) VIRTU FINANCIAL 45 1.40% 182 324 1.00% 2,983 (SG) SG SECURITIES 4 0.56% 58 31 0.65% 270

20 (MLCO) MERRILL LYNCH 37 1.15% 255 303 0.93% 1,322 (HSBC) HSBC GROUP PLC 3 0.55% 167 90 1.91% 1,453

Other 205 6.42% 2,287 4,058 12.51% 20,608 Other 23 3.70% 2,097 363 7.74% 17,907

Total 3,198 100.00% 11,101 32,433 100.00% 92,552 Total 634 100.00% 11,142 4,683 100.00% 92,783




Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.


12 September 2017

ETF Monthly Europe

Appendix A: How wedefine ETPsExchange-Traded Products (ETPs)We define an exchange-traded product (ETP) as a secure (funded or collateralized)open-ended delta-one exchange-traded equity or debt instrument with noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region andstructure type as on 30 December 2016.

The vast majority of instruments are ETFs (97.4%, 4,779 products, $3,422bn) withthe remainder being ETCs (0.8%, 474 products, $26.5bn) in Europe and ETVs(1.8%, 64 products, $61.7bn) in the US.

Figure 90: ETP Coverage Universe Summary


Exchange-Traded Funds (ETFs, 97.4%)US (70.4%): Fund structures that issue shares that are traded on an exchangemuch the same way as equities. ETFs indexed to equity and fixed incomebenchmarks are registered under the investment company act of 1940. Onlyphysical index replication techniques are permissible by this legislation whilesynthetic replication is not allowed.

Europe (15.5%): Fund structures that issue units or shares that are traded on anexchange much the same way as equities. The vast majorities of European ETFsare UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. TheUndertakings for Collective Investment in Transferable Securities (UCITS) are aset of European Union directives that aim to allow collective investment schemesto operate freely throughout the EU on the basis of a single authorization fromone member state. Both physical and synthetic index replication is permissible byUCITS and funds are allowed to track equity, fixed income as well as diversifiedcommodity indices.

Asia (8.9%): Both European and US ETFs are cross sold into the Asian market.


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ETF Monthly Europe

Exchange-Traded Collateralized Instruments (2.6%)

Exchange-Traded Commodities (ETCs, 0.8%)In Europe as UCITS III does not permit the creation of funds tracking nondiversified commodity indices (for example wheat or oil), exchange-tradedproducts that track single commodity profiles are issued under the EU ProspectusDirective in two structures that have become widely known as exchange-tradedcommodities (ETCs). ETCs can either be physically backed or they can beissued through a bankruptcy remote special purpose vehicle (SPV). Both formsutilize offshore domiciles, such as Jersey, and are classed as debt instruments.Physically-backed ETCs are fully backed with securities that closely resemble thecomposition of a product’s benchmark index. SPV structures are collateralized byassets which could bear no resemblance to those of their respective benchmarkindex and ensure replication of their index return through a total return swapstructure or by holding other derivative instruments such as futures. In the vastmajority of cases, both types of ETCs are fully collateralized with secure assetssuch as money market instruments, government bonds and gold. For moreinformation, please refer to our research report issued on March 11 2010 titled‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 1.8%)This terminology typically refers to grantor trusts that exist in the US market.These instruments track primarily commodity benchmarks. They differ fromETFs in that they are registered under the Securities Act of 1933 and not theinvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.


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Appendix B: The road frombeta to alphaThe figure below illustrates the road from beta (diversified rule based marketaccess) to alpha (discretionary market access). Moving counter-clockwise frombeta, the potential for return increases, together with the potential risk.

Figure 91: The Roadmap From Beta (β) to Alpha (α)

Source: Deutsche Bank

The performance of beta products is measured against an index; a manager ismost successful when they manage to match the return of a product to its statedbenchmark. The performance of alpha products, or rather the performance of analpha product’s manager, is measured by the risk adjusted return it generates.The highest the return and the lowest the risk [typically measured by the standarddeviation of a product’s returns] the more successful a product is deemed to be.

There is however a whole host of products that fall between beta and alpha, wehave sought to create a classification system that classifies these products, takinginto consideration a number of variables, ranging from diversification to whatconstitutes a market segment.


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ETF Monthly Europe

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


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ETF Monthly Europe

Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. 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.

Analyst Certification

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

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

Equity Rating Key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holderreturn (TSR = percentage change in share price from currentprice to projected target price plus pro-jected dividend yield ) ,we recommend that investors buy the stock.Sell: Based on a current 12-month view of total share-holderreturn, 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 Buyor Sell.

Newly issued research recommendations and target pricessupersede previously published research.

Regulatory Disclosures


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ETF Monthly Europe

1.Additional InformationInformation on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or asolicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund'sinvestment objectives, risk factors, and charges and expenses before investing. This and other information can be foundin the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is notnecessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understandthe similarities and differences between investments, including investment objectives, risks, fees and expenses, it isimportant to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange throughany brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in verylarge creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generatetax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which itreceives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinionsexpressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.


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Additional Information

?The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content noris responsible for the accuracy or security controls of these websites.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report,or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank mayact as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for itsown account or with customers, in a manner inconsistent with the views taken in this research report. Others withinDeutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those takenin this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linkedanalysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differfrom recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise.Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analysts arepaid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking, tradingand principal trading revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They donot necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank providesliquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimeshave shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Tradeideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high conviction beliefby an analyst that a stock will outperform or underperform the market and/or sector delineated over a time frame of noless than two weeks. In addition to SOLAR ideas, the analysts named in this report may from time to time discuss withour clients, Deutsche Bank salespersons and Deutsche Bank traders, trading strategies or ideas that reference catalystsor events that may have a near-term or medium-term impact on the market price of the securities discussed in this report,which impact may be directionally counter to the analysts' current 12-month view of total return or investment return asdescribed herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipientthereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage andthe frequency of changes in market conditions and in both general and company specific economic prospects make itdifficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or ofthe Research Department Management and as such the majority of reports are published at irregular intervals. This reportis provided for informational purposes only and does not take into account the particular investment objectives, financialsituations, or needs of individual clients. It is not an offer or a solicitation of an offer to buy or sell any financial instrumentsor to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst ’ sjudgment. The financial instruments discussed in this report may not be suitable for all investors and investors must maketheir own informed investment decisions. Prices and availability of financial instruments are subject to change withoutnotice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financialinstrument is denominated in a currency other than an investor's currency, a change in exchange rates may adverselyaffect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, pricesare current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloombergand other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto our research is available on our website under Disclaimer found on the Legal tab.??Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows),


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ETF Monthly Europe

increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss.The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be theloss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adversemacroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation(including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility(which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issuesrelated to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instrumentsto macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or tospecified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- byconstruction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of theproper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed toa typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledgethat funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally,options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements.??Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstancesincluding their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such,investors should take expert legal and financial advice before entering into any transaction similar to or inspired by thecontents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As aresult of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greaterthan the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Priorto buying or selling an option investors must review the "Characteristics and Risks of Standardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contactyour Deutsche Bank representative for a copy of this important document.?

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected bynumerous market factors, including world and national economic, political and regulatory events, events in equity anddebt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposedexchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values areaffected by the currency of an underlying security, effectively assume currency risk.?

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in theinvestor's home jurisdiction. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review thisinformation before investing.

Deutsche Bank (which includes Deutsche Bank AG, its branches and all affiliated companies) is not acting as a financialadviser, consultant or fiduciary to you, any of your agents (collectively, "You" or "Your") with respect to any informationprovided in the materials attached hereto. Deutsche Bank does not provide investment, legal, tax or accounting advice,Deutsche Bank is not acting as Your impartial adviser, and does not express any opinion or recommendation whatsoeveras to any strategies, products or any other information presented in the materials. Information contained herein is beingprovided solely on the basis that the recipient will make an independent assessment of the merits of any investmentdecision, and it does not constitute a recommendation of, or express an opinion on, any product or service or any tradingstrategy.

The information presented is general in nature and is not directed to retirement accounts or any specific person or accounttype, and is therefore provided to You on the express basis that it is not advice, and You may not rely upon it in makingYour decision. The information we provide is being directed only to persons we believe to be financially sophisticated,who are capable of evaluating investment risks independently, both in general and with regard to particular transactionsand investment strategies, and who understand that Deutsche Bank has financial interests in the offering of its productsand services. If this is not the case, or if You are an IRA or other retail investor receiving this directly from us, we askthat you inform us immediately.


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ETF Monthly Europe

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United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at WinchesterHouse, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by thePrudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and FinancialConduct Authority. Details about the extent of our authorisation and regulation are available on request.??Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch or Deutsche Securities Asia Limited.??India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India (SEBI)as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received administrativewarnings from the SEBI for breaches of Indian regulations.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financialinstruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, TypeII Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involvedin stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying thetransaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a resultof share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming fromforeign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice,products and services. Recommended investment strategies, products and services carry the risk of losses to principaland other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Beforedeciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures,prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are notregistered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity.Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts withthe coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed accordingto the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are basedon a 12-month forecast period.

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ETF Monthly Europe

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ETF Monthly Europe 12 September 2017 Synthetic Equity & Index … · 12 September 2017 ETF Monthly Europe European ETP August Highlights Assets: European ETPs AUM increased by €2bn

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