Asia Pac Weekly ETF Market Review

Deutsche Bank Markets Research

Asia

Synthetic Equity & Index Strategy

Asia Pac Weekly ETF Market Review

Date

15 July 2015

China ETF Flows Reveal Insights into Recent Market Turmoil

Data in this report is as of 10th July 2015

________________________________________________________________________________________________________________

Deutsche Bank AG/Hong Kong

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

Author

Shan Lan

Strategist

(+852) 22036716

[email protected]

Team Contacts

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Sebastian Mercado

Strategist

(+1) 212 250-8690

[email protected]

Activities in China focused ETFs elevated during recent market turmoil After three weeks of steep losses (CSI 300 index down almost 30%), Chinese stock markets took turnaround last week post a series of government interventions including interest rate cuts, suspended IPOs, liquidity injection to the market etc. During this market turmoil, activities related to China focused ETFs elevated: ETFs listed in China saw +$16.5bn inflow last two weeks while ETFs listed overseas saw +$1.7bn inflows. The trading volume for onshore ETFs recorded at $38bn last week and $36bn on average in the past 4 weeks vs the $19.5bn average YTD.

$16.5bn inflows to ETFs listed in China in the last 2 weeks driven by government purchase Majority of the inflows to China ETFs came from the top five out of the total 114 ETFs listed in China, receiving $16bn inflows since 26-June-2015. As part of the measures to stabilize the market, Chinese government has bought ETFs through state-owned asset management companies. It is likely that inflows to these 5 ETFs are driven by the government purchase.

Figure 1: Top 5 ETFs with the largest inflows

ETP Name Bloomberg Underlying IndexInflows since 26-

June-15 $bn

Huatai-Pinebridge CSI 300 ETF 510300 CH CSI 300 4.87China 50 ETF 510050 CH SSE 50 4.25Shanghai SSE180 Index Fund 510180 CH SSE180 3.87China CSI 500 ETF 510500 CH CSI 500 2.20China AMC CSI 300 Index ETF 510330 CH CSI 300 1.17

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

A-H premium drives inflows to H-share ETFs and outflows to A-shares ETFs Offshore China focused ETFs also attracted +$0.4bn inflow last week and +$1.3bn in the previous week. We see divergent flow trend for ETFs focus on A-share vs H-share: A-share ETFs attracted -$10.2bn outflow YTD vs +$7.4bn inflow for H-share ETFs. This is most likely driven by the fact that A shares have been trading at significant premium vs the H shares: Hang Seng China AH premium index is averaged at 130 YTD, while 100 indicates a parity.

15 July 2015



Figure 2: YTD cumulative flows into China focused Onshore vs Offshore ETFs

-20

-15

-10

-5

0

5

Cu

mu

lati

ve F

low

s $

bn

Onshore ETFs Offshore ETFs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 3: YTD cumulative flow to China Offshore ETFs, breakdown by focus on

A-share and H-shares/Others

-15

-10

-5

0

5

10

Ch

ina

Off

sh

ore

ET

Fs C

um

. F

low

s $

bn

A-share H-share & Others


Stock suspensions cause ETFs trading at significant discount Starting from July 3, many companies in China asked for trading halts to shield themselves from the market slump. The number of suspended stocks reached over 1400 at the peak on July 9th, leaving about 40% of the A-share market cap non-tradable. On the other hand, ETFs with A-share underlying are still continuously traded at exchanges by market makers and investors, contributing to price discovery. This causes the A-share ETFs traded at significant discount as investors use them to estimate the true level of the market. This is consistent for ETFs listed in different region, and tracking different A-share benchmark.

15 July 2015



Figure 4: Price premium/discount to NAV

-40%

-30%

-20%

-10%

0%

10%

Pre

miu

m /

Dis

cou

nt

iShares FTSE A50 China Index ETF (2823 HK)

db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR US)

CSOP SZSE ChiNext ETF (3147 HK) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Divergent flow trend for US listed leveraged/short ETFs vs others There are a number of Leveraged/Short ETFs listed in the US tracking China A shares. The flow trend started to significantly diverge from 4 weeks ago, coincident with the market slump. During this time period, the leveraged/short ETFs attracted close to +$250mn inflows while non-leveraged/short ETFs tracking China A shares saw over -$400mn outflows. This suggests that investors are concerned about the recent market conditions and pulled money out of China focused ETFs, while speculators try to use these leveraged/short ETFs as tactical trading tool to profit from the market volatility.

Figure 5: YTD cumulative flows into US listed A-share LevInv & A-share non

LevInv ETFs

(500)

(400)

(300)

(200)

(100)

-

100

200

300

400

US

lis

ted

Cum

. Flo

ws $

mn

A-share LevInv A-share non LevInv


15 July 2015



Inflows to both leveraged longs and shorts reveal uncertain market direction

In the past two weeks, we saw significant inflows to both leverage longs and shorts ETFs listed in US. This seems to suggest that investors are divided on the market direction going forward.

Figure 6: YTD cumulative flows into US listed China Focused Leveraged long

and inverse ETFs

-100

-50

0

50

100

150

200

250

300

US

lis

ted

ETFs C

um

. Flo

ws $

mn

Leverage Long ETFs Inverse ETFs


15 July 2015



Weekly Market Review Last week, all the major markets in the Asia-Pacific region were negative except China. After three weeks of steep losses, Chinese stock markets took turnaround post interest rate cuts, suspended IPOs and relaxed margin lending measures taken by China’s central bank. Compared to the week before, from north to south:

Japan (Nikkei 225) -3.70% South Korea (KOSPI2) -3.07% China (CSI 300) +5.68% Taiwan (TWSE) -4.75% Hong Kong (HSI) -4.46% India (Sensex) -1.54% Singapore (FSSTI) -1.88% Australia (S&P/ASX 200) -0.84%

ETP Weekly Flows – China and Japan registered inflows Asia-Pacific ETPs received strong inflows for the third consecutive week recording +$11.6bn worth of inflows last week (+$12.9bn & +$5.2bn in the previous two week respectively), bringing YTD weekly flows average to +$863mn (+$23.7bn in YTD flows). China and Japan focused ETFs were major flow receivers of the week registering inflows of +$7.5bn and +$1.5bn respectively. Among others, leveraged long strategy and money market ETFs saw major flows activity recording +$1.8bn and +$545mn of net inflows respectively over the last week.

Winners and losers for fund flows: At ETP level, Shanghai SSE180 Index Fund (510180 CH), China CSI 500 ETF (510500 CH) and Huatai-Pinebridge CSI 300 ETF (510300 CH) were the largest flows receivers of the week collecting +$2bn, +$1.5bn, and +$1.4bn respectively. Biggest outflows were experienced by E Fund Hang Seng China Enterprises Index ETF (510900 CH) and CSOP FTSE China A50 ETF (82822 HK) recording -$227mn and -$113mn of outflows respectively.

Turnover Review – Week-on-week floor activity up by 9% Asia-Pacific ETP turnover totaled $79bn for the last week, 9% up from the previous week’s total. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $39bn, 13% down as compared to previous week, followed by Japan ($17.4bn, +75%), Hong Kong ($16bn, +28%), and South Korea ($4.1bn, +45%). At ETP level, China 50 ETF (510050 CH), Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and Huatai-Pinebridge CSI 300 ETF (510300 CH) were the most traded products of the week recording total turnover of $13.7bn, $12bn and $7.9bn respectively.

New Product Launch Review Three new ETFs were launched in Asia-Pacific ETP market during last week. GF Fund Management Co Ltd listed two equity ETFs on the Shenzhen Stock Exchange providing exposure to CSI All Share Energy Index (159945 CH) and CSI All Share Materials Index (159944 CH). Dacheng Fund Management Co Ltd launched an equity ETF on the Shenzhen Stock Exchange tracking Shenzhen Stock Exchange Component Stock Index (159943 CH).

Assets under Management Review – Assets increased by $7.3bn Asia-Pac ETP AUM increased by $7.3bn and ended the week at $244.4bn. On a year-to-date basis, Asia-Pac ETP market is up by $42.2bn or 21% above last year’s closing.

15 July 2015



Table Of Contents

1. ETP – Market Overview ................................................... 7 Current Week ..................................................................................................... 7 Country Breakdown ............................................................................................ 9 Issuer Rankings ................................................................................................ 10

2. ETP – Net Cash Flows ................................................... 17 Investment Focus ............................................................................................. 17 Sub Segment .................................................................................................... 18 Issuer ................................................................................................................ 21 Index Provider ................................................................................................... 22 Underlying Index/Security................................................................................. 23 Top ETPs ........................................................................................................... 24

3. ETP – Turnover .............................................................. 25 Investment Focus ............................................................................................. 25 Sub Segment .................................................................................................... 26 Exchange .......................................................................................................... 28 Issuer ................................................................................................................ 29 Index Provider ................................................................................................... 30 Underlying Index/Security................................................................................. 30 Top ETPs ........................................................................................................... 31

4. ETP – Assets under Management ................................. 32 Investment Focus ............................................................................................. 32 Sub Segment .................................................................................................... 33 Issuer ................................................................................................................ 35 Index Provider ................................................................................................... 36 Underlying Index/Security................................................................................. 36 Top ETPs ........................................................................................................... 37

Appendix A: Useful Information ........................................ 39

Appendix B: Glossary ........................................................ 40

Appendix C: How we define ETPs ..................................... 41

15 July 2015



1. ETP – Market Overview

Current Week

Figure 7: Number of ETPs by Asset Class

Prev. Week End of 2014

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 597 81.4% 594 3 0.5% 548 49 8.9%

Fixed income 56 7.6% 56 - 0.0% 54 2 3.7%

Commodity 69 9.4% 69 - 0.0% 65 4 6.2%

Currency 6 0.8% 6 - 0.0% 5 1 20.0%

Multi Asset 3 0.4% 3 - 0.0% 4 (1) -25.0%

Alternative 2 0.3% 2 - 0.0% 2 - 0.0%

Total 733 100% 730 3 0.4% 678 55 8.1%

Current Week WoW Change YTD Change


Figure 8: ETP Net Cash Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity 10,960 5.0% 13,033 6.1% 20,463 10.9%

Fixed income 545 4.2% (129) -1.0% 2,135 18.1%

Commodity 128 4.0% 4 0.1% 850 32.4%

Currency (2) -0.5% 1 0.3% 71 24.8%

Multi Asset - 0.0% - 0.0% (0) -0.5%

Alternative (24) -8.8% (0) 0.0% 201 161.9%

Total 11,608 4.9% 12,909 5.6% 23,719 11.7%

YTDCurrent Week Prev. Week


Figure 9: ETP Turnover (US$ Million) by Asset Class Prev. Week Year 2014

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 74,561 94.4% 67,191 7,370 11.0% 15,172 59,389 391.4%

Fixed income 4,052 5.1% 5,082 (1,030) -20.3% 2,544 1,508 59.3%

Commodity 215 0.3% 167 47 28.2% 75 140 187.1%

Currency 22 0.0% 23 (1) -2.3% 9 13 144.3%

Multi Asset 0 0.0% 1 (0) -53.9% 0 0 60.9%

Alternative 140 0.2% 79 61 76.7% 33 107 318.7%

Total 78,990 100% 72,543 6,448 8.9% 17,834 61,156 342.9%

Current Week WoW Change Change from 2014


15 July 2015



Figure 10: ETP AUM (US$ Million) by Asset Class


Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 226,985 92.9% 220,260 6,724 3.1% 187,338 39,647 21.2%

Fixed income 13,515 5.5% 12,994 521 4.0% 11,810 1,705 14.4%

Commodity 3,256 1.3% 3,204 52 1.6% 2,621 635 24.2%

Currency 349 0.1% 354 (5) -1.3% 286 64 22.3%

Multi Asset 31 0.0% 32 (1) -2.1% 32 (1) -3.9%

Alternative 266 0.1% 268 (3) -1.1% 124 141 113.9%

Total 244,401 100% 237,112 7,289 3.1% 202,211 42,190 20.9%



Figure 11: New ETF launches

ETP Name IssuerAsset Class

& StructureExchange TER

Bloom-

berg

Reuters

Code

GF CSI All Share Energy Index ETF GF Fund Management Co Ltd Equity ETF Shenzhen 0.5% 159945 CH 159945.SZ

GF CSI All Share Materials Index ETF GF Fund Management Co Ltd Equity ETF Shenzhen 0.5% 159944 CH 159944.SZ

Dacheng SZSE Component Index Dacheng Fund Management Co Ltd Equity ETF Shenzhen na 159943 CH 159943.SZ Source: Deutsche Bank, Bloomberg Finance LP, Reuters

15 July 2015



Country Breakdown

Figure 12: ETF Summary by listing country

Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) AUM (US$m) Mkt Share (AUM)

Australia 87 112 19 0.2% 270 0.3% 8,525 3.5%

China 114 114 7,644 65.9% 38,917 49.3% 44,605 18.3%

Hong Kong 91 151 593 5.1% 16,108 20.4% 43,137 17.7%

India 48 48 (1) 0.0% 42 0.1% 2,332 1.0%

Indonesia 7 7 1 0.0% 0 0.0% 125 0.1%

Japan 138 183 2,887 24.9% 17,395 22.0% 118,316 48.4%

Philippines 1 1 1 0.0% 1 0.0% 31 0.0%

Korea 177 177 308 2.7% 4,126 5.2% 16,429 6.7%

Malaysia 7 7 - 0.0% 0 0.0% 281 0.1%

New Zealand 5 5 (0) 0.0% 2 0.0% 275 0.1%

Singapore 9 94 1 0.0% 47 0.1% 1,617 0.7%

Vietnam 1 1 (0) 0.0% 0 0.0% 9 0.0%

Taiwan 27 30 152 1.3% 2,074 2.6% 8,570 3.5%

Thailand 21 21 3 0.0% 7 0.0% 150 0.1%

Total 733 951 11,608 100.0% 78,990 100.0% 244,401 100.0%


Figure 13: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy ThematicEquity

Total

Fixed

IncomeComdty Other Equity Total Fixed Income Comdty

Australia 4,110 323 864 156 1,036 132 12 6,633 1,163 406 323 80.9% 14.2% 4.9%

China 37,119 - 2,443 201 882 47 319 41,010 3,521 74 - 91.9% 7.9% 0.2%

Hong Kong 38,251 104 127 23 223 78 8 38,815 4,201 121 - 90.0% 9.7% 0.3%

India 261 - 30 14 3 4 673 986 84 1,262 - 42.3% 3.6% 54.1%

Indonesia 55 - 23 - - - 46 125 - - - 100.0% 0.0% 0.0%

Japan 107,035 213 3,388 118 381 5,780 30 116,944 98 1,007 266 99.1% 0.1% 0.9%

Philippines 31 - - - - - - 31 - - - 100.0% 0.0% 0.0%

Korea 7,731 73 704 44 337 2,425 1,025 12,340 3,720 312 58 75.4% 22.7% 1.9%

Malaysia 6 1 - - - - 85 91 191 - - 32.3% 67.7% 0.0%

New Zealand 239 - - 36 - - - 275 - - - 100.0% 0.0% 0.0%

Singapore 1,020 44 - - 17 - - 1,080 537 - - 66.8% 33.2% 0.0%

Vietnam 9 - - - - - - 9 - - - 100.0% 0.0% 0.0%

Taiwan 6,885 - 95 - 151 1,379 24 8,534 - 36 - 99.6% 0.0% 0.4%

Thailand 89 2 14 5 2 - - 112 - 38 - 74.6% 0.0% 25.4%

Total 202,841 759 7,689 597 3,031 9,845 2,222 226,985 13,515 3,256 646 93.1% 5.5% 1.3%

Equity Product Type Asset Class Mkt Share by country


15 July 2015



Figure 14: ETF Turnover (US$ Million) by Country

Figure 15: ETF AUM (US$ Million) by Country

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Indonesia

Malaysia

Vietnam

Philippines

New Zealand

Thailand

India

Singapore

Australia

Taiwan

Korea

Hong Kong

Japan

China

TO (US$ Million)

- 20,000 40,000 60,000 80,000 100,000 120,000

Vietnam

Philippines

Indonesia

Thailand

New Zealand

Malaysia

Singapore

India

Australia

Taiwan

Korea

Hong Kong

China

Japan

AUM (US$ Million)


Issuer Rankings

Net Cash Flows\

Figure 16: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

Huaan Fund Management 1,933 - (1) - 1,932 1,368

China Asset Management 1,763 - - - 1,763 2,594

Nomura Asset Management 1,469 - 39 - 1,508 8,987

China Southern Fund Management Co Ltd 1,450 (16) - - 1,434 878

Huatai-PineBridge Fund Management Co 1,370 - - - 1,370 (306)

Nikko Asset Management 770 0 - - 770 5,225

Yinhua Fund Management 1 625 - - 626 1,307

State Street 354 18 - - 372 1,511

Harvest Fund Management Co 318 - - - 318 (4,629)

Mitsubishi UFJ Asset Mg 276 - - - 276 2,465

Total Top 10 (Inflows) 9,705 627 38 - 10,370 19,401

Current Week inflows (US$ Million)


Figure 17: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

CSOP Asset Management (110) - - - (110) (1,651)

China Merchants Fund Management Co (6) (48) - - (54) (560)

KB Asset Management (10) (23) - - (33) 54

Invesco Great Wall Fund Management Co. Ltd (26) - - - (26) 86

Fortune SGAM Fund Management (25) - - - (25) (221)

Kokusai Asset Management Co Ltd - - - (24) (24) 201

GF Fund Management Co Ltd (18) - - - (18) 65

Fullgoal Fund Management Co (17) - - - (17) (7)

Horizons ETFs (15) - - - (15) (53)

China Universal Asset Management Co (18) 4 - - (13) 191

Total Top 10 (Outflows) (244) (66) - (24) (334) (1,896)

Current Week outflows (US$ Million)


15 July 2015



Turnover

Turnover information

Weekly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1-week span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain week, after which the daily turnover is aggregated for all the days within the week generating the total weekly turnover figure.

Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Figure 18: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

China Asset Management 16,494.9 - - - 16,494.9 20.9%

Nomura Asset Management 14,906.6 - 37.6 - 14,944.2 18.9%

Huatai-PineBridge Fund Management Co 8,009.7 - - - 8,009.7 10.1%

CSOP Asset Management 5,136.0 2.2 - - 5,138.2 6.5%

BlackRock 4,503.0 5.5 - - 4,508.5 5.7%

Huaan Fund Management 3,185.1 - 13.9 - 3,199.0 4.0%

Samsung Asset Management 2,865.4 98.7 6.7 - 2,970.8 3.8%

Hang Seng Investment Management 2,784.3 - 0.0 - 2,784.3 3.5%

Yinhua Fund Management 10.6 2,720.4 - - 2,731.0 3.5%

China Southern Fund Management Co Ltd 2,324.4 370.5 - - 2,694.9 3.4%

State Street 2,459.4 1.5 6.9 - 2,467.7 3.1%

E Fund Management 2,160.0 213.4 3.1 - 2,376.4 3.0%

Guotai Asset Management Co Ltd 2,087.2 72.5 1.4 - 2,161.1 2.7%

Simplex Asset Management Co Ltd 1,368.9 - 70.7 - 1,439.6 1.8%

Harvest Fund Management Co 1,010.9 0.1 - - 1,011.0 1.3%

Yuanta Securities Inv trust Co Ltd. 963.5 - 2.8 - 966.3 1.2%

Fubon Securities Investment Trust Co 917.2 - - - 917.2 1.2%

Mirae Asset MAPS Global Investments 758.9 2.0 29.2 - 790.1 1.0%

Daiwa Asset Management 457.3 - - - 457.3 0.6%

China Merchants Fund Management Co 2.7 352.1 - - 354.8 0.4%

Nikko Asset Management 241.1 3.0 - - 244.1 0.3%

Fortune SGAM Fund Management 226.6 - - - 226.6 0.3%

Invesco Great Wall Fund Management Co. Ltd 160.5 - - - 160.5 0.2%

Korea Investment Trust Mg 152.6 2.1 - - 154.8 0.2%

Bosera Fund Management Co Ltd 148.1 0.1 0.2 - 148.4 0.2%

ICBC Credit Suisse Asset Management 146.4 - - - 146.4 0.2%

Kokusai Asset Management Co Ltd - - - 140.0 140.0 0.2%

GF Fund Management Co Ltd 131.6 - - - 131.6 0.2%

Mitsubishi UFJ Asset Mg 112.3 - - - 112.3 0.1%

Woori Asset Management 9.2 95.0 - 2.1 106.3 0.1%

Cathay Securities Investment Trust 103.8 - - - 103.8 0.1%

China Universal Asset Management Co 34.0 64.9 - - 98.9 0.1%

BOCOM Schroders 92.0 - - - 92.0 0.1%

Fuh-Hwa Securities Investment Trust 84.9 - - - 84.9 0.1%

Dacheng Fund Management Co Ltd 77.5 - - - 77.5 0.1%

KB Asset Management 73.9 1.1 0.2 0.3 75.5 0.1%

Vanguard 52.8 4.5 - - 57.3 0.1%

BOCI - Prudential Asset Man Ltd 53.9 - - - 53.9 0.1%

BetaShares Capital Ltd 14.7 11.7 2.2 20.4 49.0 0.1%

GTJA Allianze Fund Management Co 48.9 - - - 48.9 0.1%

Total (Top 40) 74,371 4,021 175 163 78,730 99.7%

Current Week Turnover (US$ Million)


15 July 2015



Figure 19: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Goldman Sachs 4.27 29.02 2.84 - 36.13 0.0%

Deutsche AWM 33.39 0.00 2.17 - 35.56 0.0%

Mitsubishi UFJ Trust and Banking Corporation - - 26.64 - 26.64 0.0%

Kyobo AXA Investment Mg Co Ltd 19.17 0.02 - - 19.19 0.0%

HFT Investment Management Co Ltd 15.29 0.42 - - 15.71 0.0%

Fullgoal Fund Management Co 14.38 - - - 14.38 0.0%

Enhanced Investment Products Limited 7.73 - - - 7.73 0.0%

Bank of China Investment Management 7.52 - - - 7.52 0.0%

Penghua Fund Management Co Ltd 7.12 - - - 7.12 0.0%

Yuanda Chinese Holdings Ltd 6.50 - - - 6.50 0.0%

Haitong International 6.50 - - - 6.50 0.0%

Value Partners 5.70 - 0.37 - 6.06 0.0%

UBS 5.89 - - - 5.89 0.0%

ETF Securities - - 5.66 - 5.66 0.0%

Krung Thai Asset Management 5.60 - 0.03 - 5.64 0.0%

Hanwha Investment Trust Management 4.88 0.25 - - 5.13 0.0%

Van Eck Funds 4.68 - - - 4.68 0.0%

Lyxor 4.30 - 0.04 - 4.34 0.0%

Lion Fund Management Co Ltd 4.28 - - - 4.28 0.0%

UOB Asset Management Ltd 4.14 - - - 4.14 0.0%

Changsheng Fund 4.04 - - - 4.04 0.0%

Kotak Mahindra Asset Man 3.28 - 0.40 - 3.68 0.0%

Horizons ETFs 3.60 - - - 3.60 0.0%

BNP Paribas 3.15 - 0.02 - 3.17 0.0%

DIAM Asset Management 3.11 - - - 3.11 0.0%

Smartshares Ltd 2.22 - - - 2.22 0.0%

Russell Investments 1.40 0.67 - - 2.08 0.0%

Wanjia Asset Management 1.22 - - - 1.22 0.0%

One Asset Management Ltd 0.97 - 0.00 - 0.97 0.0%

BMO Global Asset Management Asia Ltd 0.80 0.03 - - 0.83 0.0%

China International Fund Mgmt 0.80 - - - 0.80 0.0%

Yurie Asset Management 0.75 - - - 0.75 0.0%

First Metro Asset Management 0.65 - - - 0.65 0.0%

Reliance Capital Asset Management 0.26 - 0.33 - 0.59 0.0%

SBI Funds Management 0.01 - 0.57 - 0.58 0.0%

CIMB-GK Securities Pte Ltd 0.45 - - - 0.45 0.0%

CCB Principal Asset Management Co Ltd. 0.39 - - - 0.39 0.0%

Viet Fund Management 0.39 - - - 0.39 0.0%

UTI Asset Management - - 0.33 - 0.33 0.0%

Ping An of China Asset Management 0.23 - - - 0.23 0.0%

Passive Funds Management Ltd 0.20 - - - 0.20 0.0%

HDFC Asset Management Co Ltd - - 0.19 - 0.19 0.0%

NZAM 0.19 - - - 0.19 0.0%

Maybank Asset Management Thailand Co Ltd 0.16 - - - 0.16 0.0%

Motilal Oswal Mutual Fund 0.14 - - - 0.14 0.0%

Tong Yang Investment Trust Mg 0.12 - - - 0.12 0.0%

Sumitomo Mitsui Asset Management 0.11 - - - 0.11 0.0%

Birla Sun Life Asset Management Co 0.01 - 0.10 - 0.11 0.0%

HSBC Inv Funds Ltd/Hong Kong - 0.07 - - 0.07 0.0%

ANZ Asset Management 0.07 - - - 0.07 0.0%

SinoPac Securities Investment Trust Co 0.06 - - - 0.06 0.0%

i-VCAP Management 0.06 - - - 0.06 0.0%

IDBI Asset Management - - 0.05 - 0.05 0.0%

Quantum Asset Management 0.00 - 0.05 - 0.05 0.0%

Total 74,561 4,052 215 163 78,990 100%



15 July 2015



Figure 20: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Dongbu Asset Management 0.05 - - - 0.05 0.0%

Axis Asset Management - - 0.05 - 0.05 0.0%

Daishin Investment Trust Mg 0.05 - - - 0.05 0.0%

Midas Asset Management Co 0.03 - - - 0.03 0.0%

Thanachart Fund Management - - 0.02 - 0.02 0.0%

Prudential ICICI Asset Management 0.01 - 0.02 - 0.02 0.0%

Religare Mutual Fund 0.01 - 0.01 - 0.02 0.0%

Mizuho Asset Management Co Ltd - - 0.01 - 0.01 0.0%

Canara Robeco - - 0.01 - 0.01 0.0%

Indo Premier Securities 0.01 - - - 0.01 0.0%

Edelweiss Asset Management 0.01 - - - 0.01 0.0%

KTB Asset Management Co Ltd/Korea 0.01 - - - 0.01 0.0%

Heungkuk Asset Management 0.00 - - - 0.00 0.0%

Kasikorn Asset Management - - 0.00 - 0.00 0.0%

AmInvestment Services Berhad/Malaysia 0.00 - - - 0.00 0.0%

BBL Asset Management Co - - 0.00 - 0.00 0.0%

India Infoline Asset Management Co 0.00 - - - 0.00 0.0%

KDB Asset Management Co Ltd/Korea 0.00 - - - 0.00 0.0%

TMB Asset Management 0.00 - - - 0.00 0.0%

Kiwoom Asset Management Co Ltd 0.00 - - - 0.00 0.0%

UBS Hana Asset Management Co Ltd 0.00 - - - 0.00 0.0%

Total ( All Local Issuers) 74,561 4,052 215 163 78,990 100%



15 July 2015



AUM

AUM information

Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.

AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 18 for details on Foreign Issuers’ AUMs.

Figure 21: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Nomura Asset Management 55,718 - 306 - 56,025 22.9%

Nikko Asset Management 24,132 506 - - 24,637 10.1%

Daiwa Asset Management 22,429 - - - 22,429 9.2%

State Street 13,384 3,189 - - 16,573 6.8%

China Asset Management 15,972 - - - 15,972 6.5%

Hang Seng Investment Management 13,045 - 9 - 13,054 5.3%

BlackRock 11,306 326 - - 11,632 4.8%

Mitsubishi UFJ Asset Mg 9,568 - - - 9,568 3.9%

Samsung Asset Management 6,282 1,545 75 - 7,903 3.2%

Huatai-PineBridge Fund Management Co 7,283 - - - 7,283 3.0%

Yuanta Securities Inv trust Co Ltd. 6,937 - 36 - 6,973 2.9%

Harvest Fund Management Co 4,932 4 - - 4,936 2.0%

Huaan Fund Management 4,716 - 60 - 4,776 2.0%

CSOP Asset Management 4,172 454 - - 4,625 1.9%

Mirae Asset MAPS Global Investments 2,846 810 229 - 3,885 1.6%

China Southern Fund Management Co Ltd 3,701 113 - - 3,813 1.6%

E Fund Management 3,482 265 7 - 3,754 1.5%

Yinhua Fund Management 22 2,025 - - 2,046 0.8%

Vanguard 1,764 192 - - 1,956 0.8%

BetaShares Capital Ltd 515 523 44 322 1,404 0.6%

Goldman Sachs 853 84 403 - 1,341 0.5%

Simplex Asset Management Co Ltd 973 - 328 - 1,302 0.5%

Fubon Securities Investment Trust Co 1,218 - - - 1,218 0.5%

Korea Investment Trust Mg 998 138 - - 1,137 0.5%

KB Asset Management 571 468 8 31 1,078 0.4%

HFT Investment Management Co Ltd 22 994 - - 1,016 0.4%

Guotai Asset Management Co Ltd 845 69 6 - 920 0.4%

Hanwha Investment Trust Management 601 312 - - 913 0.4%

DIAM Asset Management 879 - - - 879 0.4%

BOCI - Prudential Asset Man Ltd 787 - - - 787 0.3%

Kyobo AXA Investment Mg Co Ltd 636 140 - - 776 0.3%

NZAM 764 - - - 764 0.3%

GF Fund Management Co Ltd 673 - - - 673 0.3%

Woori Asset Management 254 306 - 27 587 0.2%

Russell Investments 218 254 - - 472 0.2%

Reliance Capital Asset Management 18 - 393 - 411 0.2%

Sumitomo Mitsui Asset Management 404 - - - 404 0.2%

China Universal Asset Management Co 352 43 - - 395 0.2%

HSBC Inv Funds Ltd/Hong Kong - 390 - - 390 0.2%

ETF Securities - - 376 - 376 0.2%

Total (Top 40) 223,273 13,151 2,281 379 239,084 97.8%

Current Week AUM (US$ Million)


15 July 2015



Figure 22: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Mitsubishi UFJ Trust and Banking Corporation - - 372 - 372 0.2%

Dacheng Fund Management Co Ltd 333 - - - 333 0.1%

UBS 299 - - - 299 0.1%

Kokusai Asset Management Co Ltd - - - 266 266 0.1%

Smartshares Ltd 213 - - - 213 0.1%

Invesco Great Wall Fund Management Co. Ltd 213 - - - 213 0.1%

Bosera Fund Management Co Ltd 171 36 1 - 208 0.1%

Fuh-Hwa Securities Investment Trust 206 - - - 206 0.1%

AmInvestment Services Berhad/Malaysia 1 191 - - 191 0.1%

Kotak Mahindra Asset Man 38 - 148 - 186 0.1%

BOCOM Schroders 178 - - - 178 0.1%

China Merchants Fund Management Co 48 126 - - 174 0.1%

Value Partners 71 - 98 - 169 0.1%

Cathay Securities Investment Trust 163 - - - 163 0.1%

Horizons ETFs 153 - - - 153 0.1%

ICBC Credit Suisse Asset Management 142 - - - 142 0.1%

Indo Premier Securities 125 - - - 125 0.1%

Van Eck Funds 111 - - - 111 0.0%

HDFC Asset Management Co Ltd - - 98 - 98 0.0%

UTI Asset Management - - 88 - 88 0.0%

Enhanced Investment Products Limited 88 - - - 88 0.0%

i-VCAP Management 85 - - - 85 0.0%

Fortune SGAM Fund Management 84 - - - 84 0.0%

One Asset Management Ltd 77 - 3 - 80 0.0%

Haitong International 75 - - - 75 0.0%

CIMB-GK Securities Pte Ltd 66 - - - 66 0.0%

Passive Funds Management Ltd 62 - - - 62 0.0%

Prudential ICICI Asset Management 37 - 18 - 56 0.0%

Yurie Asset Management 53 - - - 53 0.0%

BMO Global Asset Management Asia Ltd 33 12 - - 45 0.0%

UOB Asset Management Ltd 44 - - - 44 0.0%

CCB Principal Asset Management Co Ltd. 42 - - - 42 0.0%

Penghua Fund Management Co Ltd 38 - - - 38 0.0%

Dongbu Asset Management 37 - - - 37 0.0%

Motilal Oswal Mutual Fund 29 - 8 - 37 0.0%

SBI Funds Management 4 - 33 - 36 0.0%

BNP Paribas 35 - - - 35 0.0%

Axis Asset Management - - 35 - 35 0.0%

Krung Thai Asset Management 24 - 11 - 35 0.0%

Fullgoal Fund Management Co 34 - - - 34 0.0%

First Metro Asset Management 31 - - - 31 0.0%

GTJA Allianze Fund Management Co 31 - - - 31 0.0%

Midas Asset Management Co 30 - - - 30 0.0%

Ping An of China Asset Management 29 - - - 29 0.0%

Yuanda Chinese Holdings Ltd 29 - - - 29 0.0%

Lion Fund Management Co Ltd 24 - - - 24 0.0%

IDBI Asset Management - - 15 - 15 0.0%

Birla Sun Life Asset Management Co 3 - 9 - 12 0.0%

UBS Hana Asset Management Co Ltd 12 - - - 12 0.0%

Tong Yang Investment Trust Mg 11 - - - 11 0.0%

Total 226,880 13,515 3,217 645 244,257 100%



15 July 2015



Figure 23: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Lippo Investments Management 11 - - - 11 0.0%

SinoPac Securities Investment Trust Co 10 - - - 10 0.0%

BBL Asset Management Co - - 10 - 10 0.0%

Daishin Investment Trust Mg 10 - - - 10 0.0%

Kiwoom Asset Management Co Ltd 9 - - - 9 0.0%

Viet Fund Management 9 - - - 9 0.0%

Maybank Asset Management Thailand Co Ltd 8 - - - 8 0.0%

Kasikorn Asset Management - - 8 - 8 0.0%

Bank of China Investment Management 8 - - - 8 0.0%

KTB Asset Management Co Ltd/Korea 8 - - - 8 0.0%

Heungkuk Asset Management 8 - - - 8 0.0%

Thanachart Fund Management - - 7 - 7 0.0%

Religare Mutual Fund 1 - 6 - 7 0.0%

Quantum Asset Management 0 - 6 - 6 0.0%

KDB Asset Management Co Ltd/Korea 5 - - - 5 0.0%

ANZ Asset Management 3 - 1 1 4 0.0%

Changsheng Fund 4 - - - 4 0.0%

China International Fund Mgmt 3 - - - 3 0.0%

TMB Asset Management 2 - - - 2 0.0%

Edelweiss Asset Management 2 - - - 2 0.0%

Canara Robeco - - 2 - 2 0.0%

India Infoline Asset Management Co 1 - - - 1 0.0%

Wanjia Asset Management 1 - - - 1 0.0%

Mizuho Asset Management Co Ltd - - 0 - 0 0.0%

Total ( All Local Issuers) 226,985 13,515 3,256 646 244,401 100%



Figure 24: ETP AUM (US$ Million) ranking by Foreign Issuer

Issuer EquityFixed

IncomeCommodity Other Total

Mkt

Share %

BlackRock 300,249 - - - 300,249 46.7%

State Street 192,695 - 26,370 - 219,065 34.1%

Vanguard 70,547 - - - 70,547 11.0%

Deutsche AWM 24,492 2,161 510 - 27,163 4.2%

Lyxor 8,889 - 1,170 - 10,060 1.6%

UBS 8,135 - - - 8,135 1.3%

ETF Securities - - 7,593 - 7,593 1.2%

BNP Paribas - - 310 - 310 0.0%

Total ( All Foreign Issuers) 605,007 2,161 35,952 - 643,121 100%



The Foreign Issuer AUM

ranking includes the AUM of

all products cross listed in the

Asia-Pacific Region, with a

domicile region outside Asia-

Pacific (e.g. the US or Europe)

15 July 2015



2. ETP – Net Cash Flows

Investment Focus

Figure 25: ETP Net Cash Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets 1,736 1.3% 820 0.6% 20,114 20.3%

Emerging Markets 7,588 11.6% 10,804 18.5% (2,935) -4.3%

Global Markets 2 1.3% - 0.0% 26 18.0%

Sectors 106 1.4% 237 3.0% 1,475 24.0%

Capitalization (10) -1.6% 4 0.7% (198) -26.3%

Strategy 1,610 19.1% 964 12.7% 1,820 24.3%

Style (11) -0.4% 200 6.5% 144 5.3%

Thematic (60) -2.6% 4 0.2% 17 0.8%

Total 10,960 5.0% 13,033 6.1% 20,463 10.9%

Current Week Prev. Week YTD


Figure 26: ETP Net Cash Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 0 0.0% 103 1.4% 449 6.3%

Corporates - 0.0% 5 0.4% (70) -6.1%

Money Market 545 13.3% (246) -5.7% 1,691 52.9%

Overall 0 0.0% 9 2.2% 66 18.5%

Total 545 4.2% (129) -1.0% 2,135 18.1%



Figure 27: ETP Net Cash Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals 9.9 0.4% 0.1 0.0% 195.3 8.0%

Energy 118.1 16.4% 3.3 0.4% 631.1 491.4%

Agriculture 0.0 0.0% 0.7 1.4% 20.4 75.5%

Industrial Metals - 0.0% - 0.0% 0.5 3.2%

Total 128 4.0% 4 0.1% 850 32.4%



15 July 2015



Sub Segment

Figure 28: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets

Investment Focus

Developed Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Australia 9 0.2% 133 3.1% 651 16.7%

Hong Kong 291 1.8% 176 1.1% 1,364 10.2%

Japan 1,459 1.3% 489 0.4% 18,146 22.5%

New Zealand - 0.0% - 0.0% 3 2.0%

Singapore 0 0.2% (1) -0.2% (93) -22.1%

Asia Pacific 1,759 1.3% 798 0.6% 20,072 20.4%

Germany (27) -38.5% (1) -1.6% (108) -74.4%

US (0) 0.0% 13 6.5% 10 4.9%

Global broad indices 3 0.7% 10 2.1% 141 40.9%

DM Total 1,736 1.3% 820 0.6% 20,114 20.3%



Figure 29: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets

Investment Focus

Emerging Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

China 7,517 14.8% 10,697 24.4% (4,490) -8.1%

India 0 0.0% (0) 0.0% 28 2.6%

Indonesia 1 1.8% 1 2.3% 41 150.2%

Malaysia - 0.0% - 0.0% 2 19.2%

Philippines 1 3.2% - 0.0% 10 47.0%

South Korea 109 1.5% 21 0.3% (1,470) -15.9%

Taiwan (40) -0.7% 80 1.4% 2,952 118.7%

Thailand 1 0.6% - 0.0% (1) -1.1%

Vietnam (0) -1.0% - 0.0% (0) -1.5%

Asia Pacific broad - 0.0% - 0.0% - 0.0%

Asia Pacific 7,588 11.6% 10,800 18.6% (2,929) -4.3%

Brazil 0 0.0% (0) 0.0% 3 6.9%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America 0 0.0% (0) 0.0% 3 6.3%

Russia 0 0.0% (0) 0.0% (2) -9.6%

South Africa (0) 0.0% 0 0.0% (10) -55.5%

Global broad indices 0 0.0% 4 3.6% 3 3.5%

EM Total 7,588 11.6% 10,804 18.5% (2,935) -4.3%



15 July 2015



Figure 30: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Equity - Others

Investment Focus

Sub segments - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Consumer Discretionary (24) -7.2% (53) -13.2% 21 8.4%

Consumer Staples (14) -2.6% (33) -5.1% 271 136.5%

Energy 31 76.7% (1) -3.2% 14 27.5%

Financials 149 2.6% 368 6.8% 1,407 30.9%

Healthcare (10) -2.9% (17) -4.2% (144) -35.1%

Industrials (4) -3.9% (14) -10.7% (53) -81.7%

Information Technology (11) -3.4% (12) -3.5% 68 30.5%

Materials 26 18.1% 0 0.0% (123) -57.6%

Telecommunication Services - 0.0% 0 4.1% (0) -0.1%

Utilities 0 0.0% (0) 0.0% (0) -0.2%

Overall (37) -17.1% (1) -0.4% 14 8.7%

Sector 106 1.4% 237 3.0% 1,475 24.0%

Large Cap 1 0.4% 12 3.6% (111) -27.1%

Mid Cap (11) -8.5% (3) -2.1% (94) -48.3%

Small Cap 0 0.0% (5) -3.4% 7 4.7%

Capitalization (10) -1.6% 4 0.7% (198) -26.3%

Short (73) -5.0% (2) -0.1% 786 98.4%

Leveraged 1,805 32.5% 1,028 22.1% 407 6.9%

Leveraged Short (104) -11.5% (74) -7.8% 707 230.5%

Quantitative (6) -2.0% 10 3.6% (6) -2.1%

Fundamental (13) -6.1% 2 0.9% (75) -29.9%

Strategy 1,610 19.1% 964 12.7% 1,820 24.3%

Growth 9 1.3% 82 12.1% 160 40.7%

Value (28) -11.0% 46 21.1% (83) -28.8%

Dividend 8 0.4% 71 3.3% 68 3.3%

Style (11) -0.4% 200 6.5% 144 5.3%

Sustainability 1 1.3% (1) -1.8% (45) -48.7%

Commodities (1) -2.4% (1) -1.3% (22) -42.9%

Other Theme (60) -2.7% 6 0.3% 83 4.1%

Thematic (60) -2.6% 4 0.2% 17 0.8%

Total 1,634 7.4% 1,409 6.6% 3,258 16.9%



15 July 2015



Figure 31: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Commodity

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall - n.a - 0.0% 2.4 44.7%

Agriculture

Overall 0.0 0.0% 0.7 1.6% 20.4 98.6%

Corn - 0.0% - 0.0% - 0.0%

Soybeans - 0.0% - 0.0% - 0.0%

Wheat - 0.0% - 0.0% - 0.0%

Grains - 0.0% - 0.0% - 0.0%

Energy

Overall - 0.0% - 0.0% 0.1 245.9%

Crude Oil 118.1 16.5% 3.3 0.4% 622.0 484.7%

Oil & Gas - n.a - n.a 9.0 n.a

Natural Gas - 0.0% - 0.0% - 0.0%

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper - 0.0% - 0.0% 0.5 4.1%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold 6.6 0.3% (3.8) -0.2% 166.9 7.3%

Palladium (0.2) -2.8% 0.7 10.6% 0.9 12.7%

Platinum (0.0) 0.0% 2.2 4.8% 20.9 65.0%

Silver 3.6 3.5% 1.0 1.0% 6.6 6.5%

Total 128.0 4.0% 4.1 0.1% 849.6 32.4%

YTDPrev. WeekCurrent Week


15 July 2015



Issuer

Figure 32: ETP inflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Huaan Fund Management 1,932 77.3% 1,898 234.5% 1,368 55.3%

China Asset Management 1,763 13.6% 3,775 37.1% 2,594 23.3%

Nomura Asset Management 1,508 2.6% 662 1.2% 8,987 20.8%

China Southern Fund Management Co Ltd 1,434 60.8% 699 35.3% 878 49.0%

Huatai-PineBridge Fund Management Co 1,370 24.5% 3,342 123.6% (306) -5.6%

Nikko Asset Management 770 3.1% 15 0.1% 5,225 28.9%

Yinhua Fund Management 626 44.2% (231) -14.0% 1,307 140.7%

State Street 372 2.2% 239 1.4% 1,511 10.4%

Harvest Fund Management Co 318 7.3% 150 3.2% (4,629) -58.0%

Mitsubishi UFJ Asset Mg 276 2.9% 147 1.5% 2,465 37.5%

Total Top 10 (Inflows) 10,370 7.5% 10,697 9.5% 19,401 17.3%



Figure 33: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

CSOP Asset Management (110) -2.6% 511 12.9% (1,651) -29.7%

China Merchants Fund Management Co (54) -23.7% (20) -7.7% (560) -79.8%

KB Asset Management (33) -2.9% 24 2.2% 54 5.0%

Invesco Great Wall Fund Management Co. Ltd (26) -10.6% 25 9.8% 86 59.4%

Fortune SGAM Fund Management (25) -25.5% 33 44.1% (221) -81.6%

Kokusai Asset Management Co Ltd (24) -8.8% (0) 0.0% 201 161.9%

GF Fund Management Co Ltd (18) -2.5% (49) -5.4% 65 15.3%

Fullgoal Fund Management Co (17) -35.1% (18) -25.1% (7) -17.7%

Horizons ETFs (15) -8.7% - 0.0% (53) -27.3%

China Universal Asset Management Co (13) -3.4% (31) -6.6% 191 128.6%

Total Top 10 (Outflows) (334) -5.6% 475 6.2% (1,896) -24.7%



15 July 2015



Index Provider

Figure 34: ETP Net Cash Flows (US$ Million) by Index Provider – Equity

(500) - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

MSCI

Deutsche Borse

Maekyung FnGuide

FTSE

Nasdaq OMX

IISL

S&P Dow Jones

HSIL

KRX

Topix

Other

Nikkei

SSE

CSI

Net Cashflow (US$ Million)

Figure 35: ETP Net Cash Flows (US$ Million) by Index Provider – Fixed Income

(100) - 100 200 300 400 500 600

Maekyung FnGuide

S&P Dow Jones

KRX

Markit iBoxx

Other


Figure 36: ETP Net Cash Flows (US$ Million) by Index Provider – Commodity

(10) - 10 20 30 40 50 60 70 80

Nikkei

Commodity

S&P Dow Jones

Other

UBS



15 July 2015



Underlying Index/Security

Figure 37: ETP inflows (US$ Million) by Underlying Index

– Equity (Top 10)

Figure 38: ETP outflows (US$ Million) by Underlying Index

– Equity (Top 10)

0 1,000 2,000 3,000

Shenzhen Stock Exchange Component …

KOSPI 200 Index

Hang Seng Index

TOPIX

SSE 50 Index

Nikkei 225

Nikkei 225 Leveraged Index

CSI 500 Index

SSE180 Index

CSI 300 Index

Inflow (US$ Million)

-250 -200 -150 -100 -50 0

DAX

MSCI China A-Share Index

Shanghai Stock Exchange (SSE) 180 Value …

CSI TMT 150 Index

MSCI Taiwan

CSI Southern Well-off Industry Index

F-KOSPI200 Index

CSI 300 Financials Ex Banks Index

Nikkei 225 Double Inverse Index

Hang Seng China Enterprise Index

Outflow (US$ Million)

Figure 39: ETP inflows (US$ Million) by Underlying Index

– Fixed Income (Top 10)

Figure 40: ETP outflows (US$ Million) by Underlying Index

– Fixed Income

- 100 200 300 400 500 600

S&P/ASX Government Bond Index

S&P/ASX Australian Fixed Interest Index

iBoxx ABF Singapore Bond Index

KRW Cash Plus Index

KIS MSB 3M Index

KTB Index

iBoxx ABF Pan-Asia Index

Other


-25 -20 -15 -10 -5 0

KIS MSB Short Term Index

KAP Money Market Index

MaeKyung Money Market TR Index

KRW Cash Index TR

China PBOC Benchmark Notice Deposit 7 Day

KIS MSB 5M Index


Figure 41: ETP inflows (US$ Million) by Underlying

Index/Security – Commodity

Figure 42: ETP outflows (US$ Million) by Underlying

Index/Security – Commodity

0 20 40 60 80

S&P GSCI Agriculture

Enhanced Select Index

Commodity Silver

S&P GSCI Gold Index

S&P GSCI Sliver TR Index

Commodity Gold

S&P GSCI Crude Oil Enhanced

Index

Nomura Crude Oil Long Index

UBS Bloomberg Constant

Maturity Commodity Index


(0.25) (0.20) (0.15) (0.10) (0.05) -

Nikkei-TOCOM Platinum Index

Commodity Palladium



15 July 2015



Top ETPs

Figure 43: Top 20 ETPs by inflow (US$ Million)

ETP Name Issuer BBG TickerAsset Class

& StructureTER

Net Flow

US$ MM

Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% 1,962.8

China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% 1,522.2

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 1,376.0

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 1,121.6

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 957.5

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 656.9

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 625.3

China AMC CSI 300 Index ETF China Asset Management 510330 CH Equity ETF 0.00% 549.8

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 343.4

E Fund CSI 300 ETF E Fund Management 510310 CH Equity ETF 0.99% 338.2

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% 309.4

Dacheng SZSE Component Index Dacheng Fund Management Co Ltd 159943 CH Equity ETF 0.00% 225.0

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 198.4

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 190.8

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% 189.9

China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% 172.7

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 159.4

E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% 144.0

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 141.0

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 121.3


Figure 44: Top 20 ETPs by outflow (US$ Million)


& StructureTER

Net Flow

US$ MM

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.00% (227.0)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% (113.5)

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% (70.4)

E Fund CSI 300 Financials Ex Banks Index ETF E Fund Management 512070 CH Equity ETF 0.50% (59.7)

China AMC Shanghai-HK Stock Connect Hang Seng Index ETF China Asset Management 513660 CH Equity ETF 0.00% (57.3)

Guangfa CSI 500 ETF GF Fund Management Co Ltd 510510 CH Equity ETF 0.50% (50.6)

China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% (48.3)

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (47.7)

China Security Southern Well-off Industry Index ETF China Southern Fund Management Co Ltd 510160 CH Equity ETF 0.50% (40.8)

Yuanta/P-Shares MSCI Taiwan ETF Yuanta Securities Inv trust Co Ltd. 006203 TT Equity ETF 0.34% (32.0)

Invesco Great Wall CSI TMT 150 ETF Invesco Great Wall Fund Management Co. Ltd 512220 CH Equity ETF 0.50% (29.3)

SSE 180 Value Index Fund Fortune SGAM Fund Management 510030 CH Equity ETF 0.50% (28.6)

Huaxia MSCI China A-Share ETF China Asset Management 512990 CH Equity ETF 0.50% (27.5)

Huaan International Leading DAX Index ETF Huaan Fund Management 513030 CH Equity ETF 0.50% (26.8)

Kokusai S&P500 VIX Short Term Futures Index ETF Kokusai Asset Management Co Ltd 1552 JP Alternative ETF 0.36% (23.6)

Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% (23.5)

China Southern SSE 380 Index ETF China Southern Fund Management Co Ltd 510290 CH Equity ETF 0.60% (23.2)

KB KStar Short Term MSB ETF - Bond KB Asset Management 196230 KS Fixed Income ETF 0.13% (22.5)

Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% (21.3)

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% (21.0)


15 July 2015



3. ETP – Turnover

Turnover information

Weekly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1-week span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain week, after which the daily turnover is aggregated for all the days within the week generating the total weekly turnover figure.

Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Investment Focus

Figure 45: ETP Weekly Turnover (US$ Million) by Investment Focus – Equity Prev. Week Year 2014

Investment Focus - Equity TurnoverMkt


%


%

Turnover

Size 234 0.3% 420 (186) -44.2% 39 195 501.1%

Regional 74 0.1% 118 (44) -37.6% 43 30 70.7%

Style 932 1.2% 3,144 (2,212) -70.4% 244 688 281.5%

Sector 2,708 3.6% 2,371 336 14.2% 333 2,375 713.1%

Country 52,117 69.9% 48,483 3,634 7.5% 8,594 43,523 506.4%

Strategy 18,369 24.6% 11,153 7,216 64.7% 5,873 12,497 212.8%

Thematic 128 0.2% 1,502 (1,374) -91.5% 46 82 179.4%

Total 74,561 100% 67,191 7,370 11.0% 15,172 59,389 391.4%


Source: Deutsche Bank, Bloomberg Finance LP.

Figure 46: ETP Weekly Turnover (US$ Million) by Investment Focus – Fixed Income Prev. Week Year 2014

Investment Focus - Fixed Income TurnoverMkt


%


%

Turnover

Sovereign 94 2.3% 283 (189) -66.7% 535 (441) -82.3%

Corporates 1 0.0% 2 (1) -29.1% 7 (6) -80.7%

Money Market 3,950 97.5% 4,791 (840) -17.5% 1,999 1,952 97.6%

Overall 6 0.1% 6 (0) -3.5% 3 2 73.5%

Total 4,052 100% 5,082 (1,030) -20.3% 2,544 1,508 59.3%

Change from 2014WoW ChangeCurrent Week


Figure 47: ETP Weekly Turnover (US$ Million) by Investment Focus – Commodity Prev. Week Year 2014

Investment Focus - Commodity TurnoverMkt


%


%

Turnover

Precious Metals 73.5 34.2% 79.4 (5.9) -7.4% 68.2 5.4 7.8%

Overall 2.2 1.0% 0.1 2.2 4086.1% 0.2 2.0 800.5%

Energy 133.6 62.2% 80.0 53.6 66.9% 5.1 128.5 2519.3%

Agriculture 4.8 2.2% 7.9 (3.1) -39.2% 1.1 3.7 345.7%

Industrial Metals 0.6 0.3% 0.2 0.5 292.2% 0.2 0.4 189.5%

Total 215 100% 167 47 28.2% 75 140 187.1%

Current Week Change from 2014WoW Change


15 July 2015



Sub Segment

Figure 48: ETP Weekly Turnover (US$ Million) by Investment Focus Sub Segment – Equity Prev. Week Year 2014

Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 4,673 6.3% 2,588 2,085 80.5% 1,822 2,851 156.5%

Developed non-Asia Pac 47 0.1% 140 (93) -66.4% 14 33 238.7%

Emerging Country 47,397 63.6% 45,755 1,642 3.6% 6,759 40,639 601.3%

Regional

Asia Pacific 3 0.0% 3 0 18.6% 3 (0) -0.1%

Asia Pacific ex-Japan 5 0.0% 2 2 105.9% 2 3 187.6%

Emerging Markets 11 0.0% 67 (56) -84.2% 10 1 10.5%

Eurozone 0 0.0% 0 0 33% - 0 n.a

Europe 20 0.0% 17 3 16.1% 6 13 206.7%

Global 33 0.0% 29 4 15.6% 22 11 51.1%

Greater China 2 0.0% 0 2 1158.2% 0 1 431.3%

Sector

Global 5 0.0% 7 (2) -34.0% 4 1 36.0%

Other Sector 107 0.1% 98 9 9.1% 21 86 410.7%

Asian Country 2,596 3.5% 2,266 330 14.6% 308 2,287 741.5%

Size

Large Cap 171 0.2% 201 (30) -14.9% 34 137 402.6%

Mid Cap 61 0.1% 217 (156) -71.7% 2 59 2529.6%

Small Cap 2 0.0% 2 (0) -3.7% 3 (1) -38.6%

Style

Growth 577 0.8% 1,579 (1,003) -63.5% 172 405 235.2%

Value 207 0.3% 264 (57) -21.7% 31 176 570.3%

Dividend 148 0.2% 1,300 (1,152) -88.6% 41 107 258.8%

Strategy

Short 1,012 1.4% 771 241 31.3% 634 377 59.5%

Leveraged 16,011 21.5% 9,610 6,400 66.6% 5,123 10,888 212.5%

Leveraged Short 1,338 1.8% 752 586 77.9% 107 1,231 1151.8%

Quantitative 4 0.0% 6 (2) -37.6% 5 (1) -25.5%

Fundamental 5 0.0% 14 (9) -64.0% 4 1 41.0%

Thematic

Sustainability 0 0.0% 0 0 72.9% 0 0 41.9%

Commodities 49 0.1% 147 (98) -66.6% 9 40 462.6%

Other Theme 78 0.1% 1,355 (1,277) -94.2% 37 42 113.2%

Total 74,561 100% 67,191 7,370 11.0% 15,172 59,389 391.4%

WoW ChangeCurrent Week Change from 2014


15 July 2015



Figure 49: ETP Weekly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity Prev. Week Year 2014

Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 2.25 1.1% 0.05 2.19 4086.1% 0.18 2.07 1161.0%

Overall ex Energy - 0.0% - - n.a. 0.06 (0.06) -100.0%

Overall Light Energy - 0.0% - - n.a. 0.01 (0.01) -100.0%

Agriculture

Overall 4.53 2.1% 6.91 (2.37) -34.4% 0.72 3.81 526.2%

Corn 0.06 0.0% 0.17 (0.11) -65.2% 0.03 0.03 92.7%

Soybeans 0.13 0.1% 0.39 (0.26) -67.4% 0.23 (0.10) -44.0%

Wheat 0.05 0.0% 0.38 (0.33) -86.6% 0.07 (0.02) -27.1%

Grains 0.01 0.0% 0.02 (0.01) -54.2% 0.02 (0.01) -61.7%

Cotton - 0.0% - - n.a - - n.a

Energy

Overall - 0.0% - - n.a. 0.00 (0.00) -100.0%

Crude Oil 133.41 62.8% 79.86 53.56 67.1% 5.00 128.41 2565.7%

Gasoline - 0.0% 0.00 (0.00) -100.0% 0.00 (0.00) -100.0%

Oil & Gas 0.17 0.1% 0.15 0.02 9.9% - 0.17 n.a

Natural Gas 0.02 0.0% 0.03 (0.00) -15.0% 0.10 (0.07) -73.9%

Heating Oil - 0.0% - - n.a. - - n.a

Industrial Metals

Overall 0.01 0.0% 0.01 0.00 28.4% 0.03 (0.02) -62.4%

Aluminium - 0.0% - - n.a 0.00 (0.00) -100.0%

Nickel 0.01 0.0% - 0.01 n.a. 0.00 0.00 540.5%

Lead - 0.0% - - n.a - - n.a

Precious Metals

Overall 0.19 0.1% 0.56 (0.37) -66.8% 0.06 0.12 204.5%

Gold 54.99 25.9% 70.60 (15.61) -22.1% 63.17 (8.18) -12.9%

Palladium 0.83 0.4% 0.39 0.43 110.0% 0.33 0.50 151.7%

Platinum 7.77 3.7% 1.60 6.17 385.2% 0.88 6.89 784.0%

Silver 9.73 4.6% 6.22 3.51 56.4% 3.72 6.01 161.4%

Total 215 101% 167 47 28.2% 75 140 187.1%

Change from 2014WoW ChangeCurrent Week


15 July 2015



Exchange

Figure 50: ETP Weekly Turnover (US$ Million) by Exchange Prev. Week Year 2014

Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 35,106.72 44.4% 37,022.58 (1,915.85) -5.2% 4,866.61 30,240.12 621.4%

Hong Kong - HKE 16,108.07 20.4% 12,577.87 3,530.20 28.1% 2,891.01 13,217.06 457.2%

Japan - Osaka 13,541.30 17.1% 7,792.00 5,749.30 73.8% 4,121.61 9,419.70 228.5%

Korea - KSE 4,125.93 5.2% 2,853.97 1,271.96 44.6% 3,082.81 1,043.12 33.8%

Japan - Tokyo SE 3,853.99 4.9% 2,143.35 1,710.64 79.8% 1,308.44 2,545.56 194.5%

China - Shenzhen 3,810.21 4.8% 7,693.32 (3,883.11) -50.5% 978.44 2,831.77 289.4%

Taiwan - TSEC 2,074.47 2.6% 1,975.39 99.07 5.0% 271.27 1,803.20 664.7%

Australia - ASX 270.02 0.3% 363.85 (93.84) -25.8% 229.57 40.44 17.6%

Singapore - SGX 46.92 0.1% 38.69 8.23 21.3% 35.54 11.38 32.0%

India - NSE 41.93 0.1% 76.28 (34.35) -45.0% 44.92 (2.98) -6.6%

Thailand - SET 6.80 0.0% 2.73 4.07 148.9% 1.99 4.82 242.5%

New Zealand - NZ 2.42 0.0% 2.06 0.37 17.8% 1.11 1.31 118.5%

Philippines - PSE 0.65 0.0% 0.32 0.33 104.8% 0.27 0.37 135.6%

Vietnam - HOSE 0.39 0.0% 0.04 0.35 832.7% 0.08 0.30 365.2%

Malaysia - Kuala Lumpur 0.33 0.0% 0.16 0.17 106.9% 0.12 0.21 182.9%

Japan - Nagoya 0.14 0.0% 0.03 0.11 382.2% 0.04 0.10 233.6%

India - Bombay 0.03 0.0% 0.01 0.02 204.8% 0.02 0.01 46.0%

Indonesia - Jakarta 0.01 0.0% 0.01 (0.00) -29.0% 0.01 (0.00) -26.3%

Total 78,990 100% 72,543 6,448 8.9% 17,834 61,156 342.9%



15 July 2015



Issuer

Figure 51: ETP Weekly Turnover (US$ Million) by Top 40 Issuer Prev. Week Year 2014

Issuer TurnoverMkt


%


%

Turnover

China Asset Management 16,495 20.9% 16,281 214 1.3% 1,132 15,363 1357.2%

Nomura Asset Management 14,944 18.9% 8,458 6,486 76.7% 4,294 10,650 248.0%

Huatai-PineBridge Fund Management Co 8,010 10.1% 8,890 (881) -9.9% 1,204 6,805 565.1%

CSOP Asset Management 5,138 6.5% 5,047 91 1.8% 874 4,265 488.2%

BlackRock 4,508 5.7% 3,980 528 13.3% 1,217 3,292 270.6%

Huaan Fund Management 3,199 4.0% 2,947 252 8.6% 253 2,946 1165.9%

Samsung Asset Management 2,971 3.8% 1,821 1,150 63.1% 2,615 356 13.6%

Hang Seng Investment Management 2,784 3.5% 1,232 1,552 125.9% 158 2,626 1659.6%

Yinhua Fund Management 2,731 3.5% 3,347 (616) -18.4% 1,728 1,003 58.0%

China Southern Fund Management Co Ltd 2,695 3.4% 2,115 580 27.4% 69 2,626 3823.1%

State Street 2,468 3.1% 1,420 1,048 73.8% 585 1,883 321.9%

E Fund Management 2,376 3.0% 5,578 (3,201) -57.4% 453 1,923 424.6%

Guotai Asset Management Co Ltd 2,161 2.7% 1,747 414 23.7% 598 1,563 261.3%

Simplex Asset Management Co Ltd 1,440 1.8% 772 667 86.4% 577 862 149.3%

Harvest Fund Management Co 1,011 1.3% 1,041 (30) -2.9% 348 663 190.8%

Yuanta Securities Inv trust Co Ltd. 966 1.2% 853 113 13.3% 201 765 379.8%

Fubon Securities Investment Trust Co 917 1.2% 878 40 4.5% 56 861 1536.9%

Mirae Asset MAPS Global Investments 790 1.0% 661 130 19.6% 222 568 255.8%

Daiwa Asset Management 457 0.6% 284 173 61.1% 164 293 178.6%

China Merchants Fund Management Co 355 0.4% 272 83 30.5% 72 283 394.9%

Nikko Asset Management 244 0.3% 219 25 11.3% 271 (27) -10.0%

Fortune SGAM Fund Management 227 0.3% 313 (86) -27.6% 31 195 626.3%

Invesco Great Wall Fund Management Co. Ltd 160 0.2% 313 (152) -48.7% 10 151 1522.9%

Korea Investment Trust Mg 155 0.2% 116 38 33.1% 56 98 174.6%

Bosera Fund Management Co Ltd 148 0.2% 185 (36) -19.7% 17 131 766.0%

ICBC Credit Suisse Asset Management 146 0.2% 411 (265) -64.4% 24 122 502.4%

Kokusai Asset Management Co Ltd 140 0.2% 79 61 76.7% 33 107 318.7%

GF Fund Management Co Ltd 132 0.2% 239 (108) -45.1% 23 109 484.1%

Mitsubishi UFJ Asset Mg 112 0.1% 86 26 30.7% 62 50 80.0%

Woori Asset Management 106 0.1% 204 (98) -47.9% 120 (13) -11.2%

Cathay Securities Investment Trust 104 0.1% 163 (59) -36.2% - 104 n.a.

China Universal Asset Management Co 99 0.1% 101 (2) -1.8% 11 87 762.8%

BOCOM Schroders 92 0.1% 459 (367) -80.0% 10 82 839.5%

Fuh-Hwa Securities Investment Trust 85 0.1% 79 5 6.8% 12 73 628.7%

Dacheng Fund Management Co Ltd 78 0.1% 22 56 252.5% 3 74 2282.7%

KB Asset Management 75 0.1% 32 44 138.3% 40 36 89.6%

Vanguard 57 0.1% 59 (2) -2.8% 39 18 45.2%

BOCI - Prudential Asset Man Ltd 54 0.1% 72 (19) -25.6% 16 37 226.8%

BetaShares Capital Ltd 49 0.1% 63 (14) -22.6% 45 4 7.7%

GTJA Allianze Fund Management Co 49 0.1% 146 (97) -66.6% 9 40 471.9%

Total Top 40 78,730 99.7% 70,988 7,742 10.9% 17,654 61,075 346.0%



15 July 2015



Index Provider Underlying Index/Security

Figure 52: ETP Weekly Turnover (US$ Million) by Index

Provider – Equity (Top 10)

Figure 53: ETP Weekly Turnover (US$ Million) by

Underlying Index – Equity (Top 10)

- 5,000 10,000 15,000 20,000 25,000

MSCI

S&P Dow Jones

Topix

Other

KRX

HSIL

FTSE

CSI

Nikkei

SSE

Turnover (US$ Million)

- 2,000 4,000 6,000 8,000 10,000 12,000 14,000

SSE 180 Financial Index

CSI 500 Index

KOSPI 200 Index

Hang Seng Index


SSE180 Index

FTSE China A50 Index

CSI 300 Index


SSE 50 Index



Provider – Fixed Income


Underlying Index – Fixed Income

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

CSI

Deutsche Bank

KRX

S&P Dow Jones

Markit iBoxx

UBS

SSE

Maekyung FnGuide

Other


0 500 1000 1500 2000 2500 3000 3500

KTB Index

UBS Composite Bond Index

KRW Cash Index TR

30 day Bank Bill Swap Rate

Active

SSE 5-Year China Treasury Note Index

KRW Cash Plus Index

MaeKyung Money Market TR Index

China PBOC Benchmark Notice Deposit 7 Day

Other



Provider – Commodity


Underlying Index/Security – Commodity (Top 10)

- 20 40 60 80

Reuters/Jefferies

Nikkei

Deutsche Bank

Other

S&P Dow Jones

Commodity

UBS


- 20 40 60 80

S&P GSCI Gold Excess Return Index


S&P GSCI Gold Index

S&P GSCI Agriculture Enhanced Select Index

Commodity Silver

Commodity Platinum

S&P GSCI Crude Oil Enhanced Index


Commodity Gold

UBS Bloomberg Constant Maturity …



15 July 2015



Top ETPs

Figure 58: Top 20 ETPs by Weekly Turnover (US$ Million)


& StructureTER

Turnover

US$ MM

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 13,679.2



CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 5,107.4

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 4,357.4


Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 2,763.7

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 2,720.4

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 2,398.0


Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd 510230 CH Equity ETF 0.50% 2,061.7

China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% 1,299.1

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 1,149.4

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 1,140.6

E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% 1,096.7



Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 925.1

Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 776.1



Figure 59: Top 20 ETPs by Weekly Turnover change (US$ Million)


& StructureTER

Turnover

Change

US$ MM


E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% (2,370.7)


Lion SSE Emerging Industries Index ETF Lion Fund Management Co Ltd 510260 CH Equity ETF 0.63% (1,217.7)


China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% 999.1

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% (964.2)

Huatai-PineBridge Dividend ETF Huatai-PineBridge Fund Management Co 510880 CH Equity ETF 0.05% (931.6)

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 893.6

Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd 510230 CH Equity ETF 0.50% 697.9

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% (584.3)

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (578.8)

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 573.3


Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 528.1

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 500.2

Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 391.3

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 385.5

Bank Of Communications Schroder SSE180 Fund BOCOM Schroders 510010 CH Equity ETF 0.50% (368.5)

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 296.8


15 July 2015



4. ETP – Assets under Management

AUM information

Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.

AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 18 for details on Foreign Issuers’ AUMs.

Investment Focus

Figure 60: ETP AUM (US$ Million) by Investment Focus – Equity


Investment Focus - Equity AUMMkt


Size 597 0.3% 609 (12) -2.0% 755 (158) -21.0%

Regional 759 0.3% 773 (14) -1.8% 608 152 24.9%

Style 3,031 1.3% 3,093 (61) -2.0% 2,742 289 10.6%

Sector 7,689 3.4% 7,745 (56) -0.7% 6,137 1,552 25.3%

Country 202,841 89.4% 197,299 5,542 2.8% 167,421 35,420 21.2%

Strategy 9,845 4.3% 8,424 1,421 16.9% 7,493 2,352 31.4%

Thematic 2,222 1.0% 2,317 (96) -4.1% 2,182 40 1.8%

Total 226,985 100% 220,260 6,724 3.1% 187,338 39,647 21.2%



Figure 61: ETP AUM (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed

IncomeAUM

Mkt


Sovereign 7,335 54.3% 7,347 (11) -0.2% 7,100 235 3.3%

Corporates 1,142 8.4% 1,136 5 0.5% 1,159 (17) -1.5%

Money Market 4,610 34.1% 4,080 529 13.0% 3,193 1,416 44.3%

Overall 428 3.2% 431 (2) -0.6% 358 70 19.7%

Total 13,515 100% 12,994 521 4.0% 11,810 1,705 14.4%



Figure 62: ETP AUM (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity AUMMkt


Precious Metals 2,402 73.8% 2,410 (8) -0.3% 2,446 (43) -1.8%

Overall 7 0.2% 7 (0) -3.3% 5 1 -104.3%

Energy 784 24.1% 722 62 8.6% 128 656 510.5%

Agriculture 50 1.5% 51 (1) -1.8% 27 23 84.2%

Industrial Metals 14 0.4% 14 (0) -3.3% 15 (1) -9.3%

Total 3,256 100% 3,204 52 1.6% 2,621 635 24.2%



15 July 2015



Sub Segment

Figure 63: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity Prev. Week End of 2014

Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 127,105 56.0% 131,567 (4,461) -3.4% 98,477 28,628 29.1%

Developed non-Asia Pac 242 0.1% 276 (33) -12.1% 340 (98) -28.7%

Emerging Country 75,493 33.3% 65,457 10,036 15.3% 68,604 6,890 10.0%

Regional

Asia Pacific 62 0.0% 64 (1) -2.4% 64 (2) -3.7%

Asia Pacific ex-Japan 17 0.0% 18 (1) -3.7% 19 (3) -13.0%

Emerging Markets 123 0.1% 129 (6) -4.9% 122 1 0.7%

Europe 40 0.0% 40 (0) -0.1% 20 20 101.6%

Global 480 0.2% 485 (5) -1.1% 356 124 34.8%

Greater China 37 0.0% 37 0 0.9% 26 11 44.6%

Sector

Asian Country 7,189 3.2% 7,187 3 0.0% 5,907 1,283 21.7%

Size

Large Cap 348 0.2% 343 5 1.5% 411 (64) -15.4%

Mid Cap 120 0.1% 132 (12) -9.3% 195 (75) -38.3%

Small Cap 129 0.1% 134 (5) -3.7% 149 (20) -13.6%

Style

Growth 679 0.3% 678 1 0.2% 392 287 73.3%

Value 234 0.1% 256 (21) -8.4% 290 (55) -19.1%

Dividend 2,118 0.9% 2,159 (41) -1.9% 2,060 57 2.8%

Strategy

Short 1,407 0.6% 1,461 (54) -3.7% 799 608 76.2%

Leveraged 7,104 3.1% 5,560 1,544 27.8% 5,869 1,235 21.0%

Leveraged Short 862 0.4% 906 (44) -4.9% 307 555 180.8%

Quantitative 269 0.1% 284 (16) -5.5% 267 1 0.5%

Fundamental 204 0.1% 213 (9) -4.3% 251 (47) -18.7%

Thematic

Sustainability 54 0.0% 52 2 3.9% 92 (37) -40.8%

Commodities 37 0.0% 38 (1) -2.9% 50 (13) -26.1%

Other Theme 2,130 0.9% 2,227 (96) -4.3% 2,040 90 4.4%

Total 226,985 100% 220,260 6,724 3.1% 187,338 39,647 21.2%



15 July 2015



Figure 64: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity Prev. Week End of 2014

Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 7 0.2% 7 (0) n.a 5 1 24.2%

Agriculture

Overall 44 1.3% 44 (1) -1.8% 21 23 111.2%

Corn 0 0.0% 0 0 2.8% 0 0 13.1%

Soybeans 5 0.2% 5 (0) -2.0% 5 (0) -4.3%

Wheat 0 0.0% 0 (0) -2.5% 0 (0) -3.7%

Grains 1 0.0% 1 (0) -0.3% 1 (0) 0.0%

Energy

Overall 0 0.0% 0 (0) -4.7% 0 0 214.3%

Crude Oil 776 23.9% 713 62 8.7% 128 648 504.6%

Oil & Gas 8 0.2% 8 (0) -2.7% - 8 n.a

Natural Gas 0 0.0% 0 (0) -2.1% 0 (0) -11.8%

Industrial Metals

Overall 3 0.1% 3 (0) -3.2% 3 (1) -15.0%

Copper 11 0.3% 11 (0) -3.4% 12 (1) -7.8%

Precious Metals

Overall 7 0.2% 7 (0) -1.4% 8 (0) -6.1%

Gold 2,238 68.9% 2,245 (7) -0.3% 2,297 (59) -2.6%

Palladium 6 0.2% 7 (1) -10.6% 7 (1) -9.4%

Platinum 46 1.4% 49 (3) -5.6% 32 14 43.6%

Silver 104 3.2% 102 2 2.1% 102 2 2.3%

Total 3,256 100% 3,204 52 1.6% 2,621 635 24.2%

YTD ChangeCurrent Week WoW Change


15 July 2015



Issuer

Figure 65: ETP AUM (US$ Million) by Top 40 Local Issuer Prev. Week End of 2014

Issuer AUMMkt


Nomura Asset Management 56,025 22.9% 57,355 (1,330) -2.3% 43,106 12,919 30.0%

Nikko Asset Management 24,637 10.1% 25,128 (490) -2.0% 18,050 6,588 36.5%

Daiwa Asset Management 22,429 9.2% 23,595 (1,166) -4.9% 18,581 3,848 20.7%

State Street 16,573 6.8% 16,695 (122) -0.7% 14,585 1,988 13.6%

China Asset Management 15,972 6.5% 12,927 3,045 23.6% 11,132 4,840 43.5%

Hang Seng Investment Management 13,054 5.3% 13,747 (693) -5.0% 8,138 4,916 60.4%

BlackRock 11,632 4.8% 10,880 752 6.9% 14,910 (3,278) -22.0%

Mitsubishi UFJ Asset Mg 9,568 3.9% 9,676 (108) -1.1% 6,574 2,994 45.5%

Samsung Asset Management 7,903 3.2% 8,046 (143) -1.8% 9,601 (1,699) -17.7%

Huatai-PineBridge Fund Management Co 7,283 3.0% 5,594 1,689 30.2% 5,430 1,853 34.1%

Yuanta Securities Inv trust Co Ltd. 6,973 2.9% 7,200 (226) -3.1% 3,889 3,084 79.3%

Harvest Fund Management Co 4,936 2.0% 4,364 572 13.1% 7,985 (3,050) -38.2%

Huaan Fund Management 4,776 2.0% 2,501 2,274 90.9% 2,473 2,302 93.1%

CSOP Asset Management 4,625 1.9% 4,291 334 7.8% 5,568 (943) -16.9%

Mirae Asset MAPS Global Investments 3,885 1.6% 3,757 128 3.4% 3,226 659 20.4%

China Southern Fund Management Co Ltd 3,813 1.6% 2,359 1,455 61.7% 1,792 2,021 112.8%

E Fund Management 3,754 1.5% 3,540 213 6.0% 3,623 131 3.6%

Yinhua Fund Management 2,046 0.8% 1,417 629 44.4% 929 1,117 120.3%

Vanguard 1,956 0.8% 1,995 (39) -2.0% 1,568 388 24.7%

BetaShares Capital Ltd 1,404 0.6% 1,419 (16) -1.1% 1,298 106 8.2%

Goldman Sachs 1,341 0.5% 1,357 (16) -1.2% 1,367 (26) -1.9%

Simplex Asset Management Co Ltd 1,302 0.5% 1,079 222 20.6% 745 557 74.7%

Fubon Securities Investment Trust Co 1,218 0.5% 1,101 116 10.6% 1,011 207 20.5%

Korea Investment Trust Mg 1,137 0.5% 1,151 (15) -1.3% 1,353 (216) -16.0%

KB Asset Management 1,078 0.4% 1,132 (53) -4.7% 1,080 (2) -0.1%

HFT Investment Management Co Ltd 1,016 0.4% 1,010 6 0.6% 1,074 (58) -5.4%

Guotai Asset Management Co Ltd 920 0.4% 729 191 26.2% 492 428 86.9%

Hanwha Investment Trust Management 913 0.4% 941 (28) -3.0% 817 96 11.7%

DIAM Asset Management 879 0.4% 919 (40) -4.4% - 879 n.a.

BOCI - Prudential Asset Man Ltd 787 0.3% 717 70 9.8% 1,274 (486) -38.2%

Kyobo AXA Investment Mg Co Ltd 776 0.3% 795 (19) -2.4% 971 (195) -20.1%

NZAM 764 0.3% 790 (26) -3.3% 500 264 52.7%

GF Fund Management Co Ltd 673 0.3% 717 (44) -6.1% 426 247 57.8%

Woori Asset Management 587 0.2% 588 (1) -0.2% 601 (14) -2.4%

Russell Investments 472 0.2% 480 (8) -1.6% 471 1 0.3%

Reliance Capital Asset Management 411 0.2% 413 (2) -0.4% 423 (12) -2.8%

Sumitomo Mitsui Asset Management 404 0.2% 409 (4) -1.1% 17 388 2311.2%

China Universal Asset Management Co 395 0.2% 395 (0) -0.1% 148 247 166.4%

HSBC Inv Funds Ltd/Hong Kong 390 0.2% 390 1 0.2% 388 2 0.5%

ETF Securities 376 0.2% 379 (3) -0.9% 415 (39) -9.5%

Total Top 40 239,084 97.8% 231,980 7,104 3.1% 196,032 43,052 22.0%



15 July 2015



Index Provider Underlying Index/Security

Figure 66: ETP AUM (US$ Million) by Index Provider –

Equity (Top 10)

Figure 67: ETP AUM (US$ Million) by Underlying Index –

Equity (Top 10)

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000

MSCI

S&P …

KRX

FTSE

Other

SSE

HSIL

CSI

Topix

Nikkei

AUM (US$ Million)

- 15,000 30,000 45,000 60,000


SSE180 Index


KOSPI 200 Index

SSE 50 Index

FTSE China A50 Index

Hang Seng Index

CSI 300 Index

TOPIX

Nikkei 225

AUM (US$ Million)


Fixed Income

Figure 69: ETP AUM (US$ Million) by Underlying Index –

Fixed Income (Top 10)

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

CSI

S&P Dow Jones

Citigroup

SSE

Maekyung FnGuide

KRX

Deutsche Bank

UBS

Markit iBoxx

Other

AUM (US$ Million)

- 1,000 2,000 3,000 4,000

KRW Cash Plus Index

iBoxx ABF Hong Kong Index

iBoxx ABF Singapore Bond Index

KTB Index

30 day Bank Bill Swap Rate

KIS MSB 3M Index

Pledgeable urban Investment Bond Index

KRW Cash Index TR

Other

iBoxx ABF Pan-Asia Index

AUM (US$ Million)


Commodity

Figure 71: ETP AUM (US$ Million) by Underlying

Index/Security – Commodity (Top 10)

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

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)

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


S&P GSCI Gold Excess Return Index

Commodity Platinum

S&P GSCI Agriculture Enhanced Select …

S&P GSCI Gold Index

Commodity Silver

S&P GSCI Crude Oil Enhanced Index


UBS Bloomberg Constant Maturity …

Commodity Gold

AUM (US$ Million) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

15 July 2015



Top ETPs

Figure 72: Top 20 ETPs by AUM (US$ Million)


& StructureTER

AUM

US$ MM

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 24,966.2

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 21,740.0

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 12,169.6

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 11,051.9

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 10,432.6

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 10,132.0





iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 7,019.4

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 5,738.7

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 5,461.5

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% 4,647.7


CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 4,085.1

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.32% 3,840.9


China AMC CSI 300 Index ETF China Asset Management 510330 CH Equity ETF 0.00% 3,449.1

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,230.0


Figure 73: Top 20 ETPs by AUM change(US$ Million)


& StructureTER

AUM

Change

US$ MM





TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% (1,061.8)

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% (1,038.6)

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 957.5

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 847.0


Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 625.7

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% (609.3)


Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (561.4)

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% (552.6)

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (458.1)

E Fund CSI 300 ETF E Fund Management 510310 CH Equity ETF 0.99% 392.1

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 331.2

China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% 307.1

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.00% (276.7)

Dacheng SZSE Component Index Dacheng Fund Management Co Ltd 159943 CH Equity ETF 0.00% 267.9


15 July 2015



The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva,

employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services.

15 July 2015



Appendix A: Useful Information

ETF Exchanges

Exchanges Website

Australia ASX www.asx.com.au

China Shenzhen www.szse.cn

China Shanghai www.sse.com.cn

Hong Kong HKE www.hkex.com.hk

India NSE www.nseindia.com

India Bombay www.bseindia.com

Indonesia Jakarta www.idx.co.id

Japan Osaka www.ose.or.jp

Japan Tokyo SE www.tse.or.jp

Japan Nagoya www.nse.or.jp

Korea SE KSE www.kse.or.kr

New Zealand NZ www.nzx.com

Philippines PSE www.pse.com.ph

Singapore SE SGX www.sgx.com

Taiwan SE TSEC www.twse.com.tw

Thailand SET www.set.or.th/en/

Malaysia BURSA www.bursamalaysia.com

Vietnam HOSE www.hsx.vn/

15 July 2015



Appendix B: Glossary

ETF Glossary

Term Definition

Cross Listing A Cross Listing is an additional listing of a previously existing ETF on a trading venue different from the ETF’s Primary Listing Exchange. A Cross Listing is a symbol of the number of investment options available in the local market.

Primary Listing ETFs may trade on multiple exchanges but they always have one primary exchange. The listing on the primary exchange is referred as the primary listing, which usually corresponds also to the first/oldest listing. A primary listing offers access to a new product which was not available for trading before. The number of primary listings is a symbol of the distinct investment options available across different markets.

TER Total Expense Ratio or TER is the overall cost borne by a fund’s share holder for a 1 year ownership period. It usually includes the management fee and other expenses paid by the fund. TER is, in general, expressed as a percentage of the amount invested and it is proportionally discounted according to the actual holding period.

15 July 2015



Appendix C: How we define ETPs

Exchange-Traded Products (ETPs)

We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-

traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes

exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2014.

The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451

products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US.

Figure 74: ETP Coverage Universe Summary

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

US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1%

Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7%

Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0%

RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1%

Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0%

ETPs ETFs ETC/Vs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Exchange-Traded Funds (ETFs, 97%)

US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs

indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only

physical index replication techniques are permissible by this legislation while synthetic replication is not allowed.

Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as

equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and

Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union

directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single

authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds

are allowed to track equity, fixed income as well as diversified commodity indices.

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

Exchange-Traded Collateralized Instruments (3%)

Exchange-Traded Commodities (ETCs, 1%)

In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example

wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus

Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either

be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms

utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed

with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized

by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their

index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast

majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,

government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled

‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 2%)

This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily

commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the

investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,

more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange

Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

15 July 2015



Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

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

Equity rating key Equity rating dispersion and banking relationships

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

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

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

52 %

38 %

10 %23 %19 % 17 %

0

50

100

150

200

250

300

350

400

450

Buy Hold Sell

Asia-Pacific Universe

Companies Covered Cos. w/ Banking Relationship

http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

15 July 2015



Regulatory Disclosures

1.Additional Information

Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a

solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's

investment objectives, risk factors, and charges and expenses before investing. This and other information can be found

in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling

1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not

necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand

the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is

important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through

any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very

large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate

tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,

advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it

receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions

expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

http://gm.db.com/

15 July 2015



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 sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication

may differ from 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 securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any

particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

instruments discussed in this report may not be suitable for all investors and investors must make their own informed

investment decisions. Prices and availability of financial instruments are subject to change without notice and

investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic 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 issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that 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

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

15 July 2015



to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized

Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the

website please contact your 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 by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected 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 the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not

be subject to FINRA regulations concerning communications with subject company, public appearances and securities

held by the analysts.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated

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Copyright © 2015 Deutsche Bank AG

https://australia.db.com/australia/content/research-information.html

David Folkerts-Landau Group Chief Economist

Member of the Group Executive Committee

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

International Locations

Deutsche Bank AG

Deutsche Bank Place

Level 16

Corner of Hunter & Phillip Streets

Sydney, NSW 2000

Australia

Tel: (61) 2 8258 1234

Deutsche Bank AG

Große Gallusstraße 10-14

60272 Frankfurt am Main

Germany

Tel: (49) 69 910 00

Deutsche Bank AG

Filiale Hongkong

International Commerce Centre,

1 Austin Road West,Kowloon,

Hong Kong

Tel: (852) 2203 8888

Deutsche Securities Inc.

2-11-1 Nagatacho

Sanno Park Tower

Chiyoda-ku, Tokyo 100-6171

Japan

Tel: (81) 3 5156 6770

Deutsche Bank AG London

1 Great Winchester Street

London EC2N 2EQ

United Kingdom

Tel: (44) 20 7545 8000

Deutsche Bank Securities Inc.

60 Wall Street

New York, NY 10005

United States of America

Tel: (1) 212 250 2500

Asia Pac Weekly ETF Market Review

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