Investment Themes for the Month ETF Monthly Asia Asia ... · Leveraged/inverse (-$1.1bn) and China...

13 July 2017

ETF Monthly Asia

Asia Synthetic Equity & Index Strategy

ETF Monthly AsiaDate13 July 2017

Deutsche BankMarkets Research

First monthly outflow in 2017

Data in this report is as of 30th June 2017

Asia listed ETP Monthly Highlights (Assets & Flows):■ Assets: ETP AUM up by $2.8bn on MoM basis and ended the month at

$372bn.

■ Flows: June saw the first monthly net outflows in 2017 of -$0.6bn (YTD+$25.1bn).

New Product Launches – 9 new products, fixed income ETFs dominateAsia-Pac ETP market recorded 9 new launches which include 1 equity, 6 fixedincome and 2 commodity ETFs. New launches were primarily around Koreanequities, US treasuries, Australian bonds, crude oil and grains.

Investment Themes for the Month■ Equity ETFs attracted +$1.8bn in June (+$407mn in May). Primary

contributors were Japan focused ETFs registering inflows of +$2.3bndriven by Bank of Japan purchases.

■ South Korea, Taiwan and Hong Kong focused ETFs were otherbeneficiaries in June collecting inflows of +$414mn, +$388mn and +$287mn respectively.

■ Leveraged/inverse (-$1.1bn) and China (-$628mn) focused ETFs sawredemptions in June.

■ Fixed income ETFs witnessed outflows of -$2.9bn, primarily from Chinamoney market ETFs (-$3.3bn).

■ Non Asia listed Equity ETFs with investment focus in the Asia-Pacificregion drew +$2.6bn driven also by Japan focused ETFs (+$1.5bn).

Turnover: MoM turnover increased by 12.6%The total turnover activity into Asian ETPs increased by 12.6% ($187.7bn)compared to the previous month’s total ($166.8bn).

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: 13/07/2017 11:18:09 GMT

0bed7b6cf11c

mailto:[email protected]

mailto:[email protected]

13 July 2017

ETF Monthly Asia

Table Of Contents

1. Market Overview .......................................................... 3Market review: Most major Asian markets saw positive returns in J ............. 3

2. Asia-Pac Listed ETF Activity Summary ........................ 4Japan equities accumulates inflows while China money markets saw ........... 4

3. Product Insights ........................................................... 6New launches – 9 new ETFs in Asia .............................................................. 6

4. Global ETP Industry Overview and Investment Tre........................................................................................... 7Global ETP AUM above $4 trillion with over $56bn monthly inflows .............. 7Regional positioning: Broad DM, Europe and EM preferred ........................... 8Global Investor positioning in Asia: Inflow to Japan, outflow fro ................... 8ETFs vs. Mutual Funds in Asia Pac .............................................................. 10

5. Performance and Growth ........................................... 11Performance and growth for Asia-Pac focused ETFs listed globally ............. 11Top ETPs – Asia-Pac listed ........................................................................... 13Top ETPs – Other regions with Asia-Pac focus ............................................. 16

6. Asia-Pac Listed ETPs - Statistics ................................ 20Country Breakdown ...................................................................................... 22Issuer Rankings ............................................................................................ 23

7. ETP - Net Flows ......................................................... 30Investment Focus ......................................................................................... 30Sub Segment ................................................................................................ 31Issuer ............................................................................................................ 34Index Provider ............................................................................................... 35Underlying Index/Security ............................................................................. 36

8. ETP - Turnover ............................................................ 37Investment Focus ......................................................................................... 37Sub Segment ................................................................................................ 39Exchange ...................................................................................................... 41Issuer ............................................................................................................ 42Index Provider ............................................................................................... 43Underlying Index/Security ............................................................................. 44

9. ETP - Assets Under Management .............................. 46Investment Focus ......................................................................................... 46Sub Segment ................................................................................................ 48Issuer ............................................................................................................ 50Index Provider ............................................................................................... 51Underlying Index/Security ............................................................................. 52

Appendix A: Glossary ..................................................... 55

Appendix B: How we define ETPs ................................. 56


13 July 2017

ETF Monthly Asia

1. Market OverviewMarket review: Most major Asian markets saw positivereturns in June

Many of the equity markets globally continued to record positive returns on amonth-over-month basis. During June, within Asia-Pac region, China, Taiwan andSouth Korea were the best performers. Broad global emerging markets and broadAsia-Pac market return were also positive over the last month. Outside Asia-Pacregion, US witnessed positive returns however Europe retreated sharply.

On a YTD basis, all the major markets ended in positive territory at the end ofJune. Emerging markets were strongly positive posting double digit growth sofar, especially Korea, Hong Kong, India, broad global emerging markets and broadAsia-Pac. US and European markets returned below 10% but were positive.

Following is the snapshot of major benchmarks’ recent performance:

Figure 1: Major Benchmark Performance

Japan (Nikkei 225) 1.95% 2.36% 4.81% 28.62%

South Korea (KOSPI2) 2.33% 6.08% 19.90% 27.70%

China (CSI 300) 4.98% 1.54% 10.78% 16.26%

Taiwan (TWSE) 3.53% 1.71% 12.34% 19.94%

Hong Kong (HSI) 0.41% 4.25% 17.11% 23.90%

India (Sensex) -0.72% 4.10% 16.13% 14.53%

Singapore (FSSTI) 0.49% 1.11% 12.00% 13.57%

Australia (S&P/ASX 200) -0.05% -3.37% 0.98% 9.33%

US (S&P 500) 0.48% 1.16% 8.24% 15.46%

Europe (STOXX Europe 600) -2.72% 0.75% 4.97% 15.00%

Asia-Pac (MSCI AC Asia Pacific - MXAP) 1.25% 2.56% 14.48% 19.93%

EM (MSCI Emerging Markets - MXEF) 0.54% 2.80% 17.23% 21.18%

BenchmarksJun - 17

(MoM)

May - 17

(MoM)YTD TTM

Source: Deutsche Bank, Bloomberg Finance LP

Figure 2: Jun-17 (MoM) benchmark performance

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Figure 3: YTD benchmark performance

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KOSPI2

S&P/ASX 200



13 July 2017

ETF Monthly Asia

2. Asia-Pac Listed ETFActivity SummaryJapan equities accumulates inflows while China moneymarkets saw redemptions

Asia-Pac listed ETPs recorded first monthly outflows in June this year totalling -$0.6bn bringing YTD flows total to +$25.1bn. After receiving mild inflows in May(+$407mn), equity ETF flows picked up in June bringing in +$1.8bn in new money.However, it was offset by fixed income ETF outflows of -$2.9bn over the lastmonth.

Equity ETF inflows in June were primarily contributed by Japan focused ETFsregistering inflows of +$2.3bn. Moreover, Japan focused ETF YTD inflows (+$28.6bn), driven by Bank of Japan purchases, dominated entire equity ETF flowsin H1 (+$26.8bn). Apart from Japan, South Korea, Taiwan and Hong Kong focusedETFs also benefited in June recording inflows of +$414mn, +$388mn and +$287mn respectively. These were partially offset by leveraged/inverse (-$1.1bn)and China (-$628mn) focused ETFs.

In the region, fixed income ETF flows have been dominated by China moneymarket ETFs. Unlike previous months when these ETFs posted strong inflows, inJune China money market ETFs experienced -$3.3bn worth of redemptions amidbullish equity markets.

Figure 4: Major flow activity by country – Jun 2017

(6) (5) (4) (3) (2) (1) - 1 2 3 4

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bn

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Japan South Korea China Taiwan

India Hong Kong Australia

*Includes Asia listed equity and fixed income ETFs by investment focus country

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 5: Major flow activity by country – YTD

(10)

(5)

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35

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

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Japan China Hong Kong Taiwan

South Korea Australia India

*Includes Asia listed equity and fixed income ETFs by investment focus countrySource: Deutsche Bank, Bloomberg Finance LP, Reuters

Wins and losses: At ETP level, TOPIX ETF (1306 JP), Nomura Nikkei 225 ETF (1321JP) and Nikko Exchange Traded Index 225 (1330 JP) collecting +$1.2bn, +$1bnand +$866mn respectively. Largest redemptions were experienced by YinhuaTraded Money Market Fund (511880 CH), Fortune SGAM Xianjin Tianyi MoneyMarket (511990 CH) and Maxis Nikkei 225 ETF (1346 JP) with outflows of -$1.4bn,-$1.3bn and -$953mn, respectively.

Turnover: Floor activity up by 12.6% in JuneAsia-Pac-listed ETP turnover was up by 12.6% and totaled $187.7bn for themonth of June. On a country level, stock exchanges in China topped the turnover


13 July 2017

ETF Monthly Asia

ranking with aggregate turnover of $118.1bn, followed by Japan ($26.5bn), Korea($19.2bn) and Hong Kong ($15.9bn).

At ETP level, Fortune SGAM Xianjin Tianyi Money Market (511990 CH), YinhuaTraded Money Market Fund (511880 CH) and Next Funds Nikkei 225 LeveragedIndex ETF (1570 JP) were the most traded products of the month recording totalturnovers of $42.9bn, $27.4bn and $17.4bn, respectively.

AUM: Assets close the month at $372bnAsia-Pac-listed ETP AUM increased marginally in June and closed the month at$372.1bn with 0.8% or $2.8bn rise on MoM basis. On a year-to-date basis assetsare up 18.3% or $57.6bn above last year levels.


13 July 2017

ETF Monthly Asia

3. Product InsightsNew launches – 9 new ETFs in Asia

Asia-Pac listings: 9 new ETFs launched around Korean equities, US treasuries,Australian money market and floating rate bonds, crude oil and grainsDuring June 2017, Asia-Pac ETP market recorded 9 new launches which include1 equity, 6 fixed income and 2 commodity ETFs.

The only equity ETF was launched by KB Asset Management on Korea StockExchange tracking KOSDAQ 150 Index.

Yuanta Securities listed three fixed income ETFs on Taiwan Stock Exchange.One of these ETFs provides long only exposure to US treasuries while other twoprovide leveraged long and inverse exposures respectively to US treasuries.

BlackRock listed two Australian money market ETFs on Australian SecuritiesExchange.

BetaShares launched a fixed income ETFs on Australian Securities Exchangetracking the performance of Australian floating rate bonds.

Samsung Asset Management launched two commodity ETFs on Korea StockExchange. One of these ETFs is providing inverse exposure to crude oil priceswhile the other one is focusing on grains.

Figure 6: New Launches in June



13 July 2017

ETF Monthly Asia

4. Global ETP IndustryOverview and InvestmentTrendsGlobal ETP AUM above $4 trillion with over $56bn monthlyinflows

Global ETP AUM maintained above $4 trillion level and closed the month at$4.13 trillion. ETP AUM witnessed a 1.6% ($63.1bn) month-on-month rise and17.6% ($619bn) year-on-year rise, supported by strong inflows. ETP AUM growthachieved during H1 2017 (17.6%) is very significant and it is almost equal tothe full year AUM growth in 2016 (17.9%). Asia-Pac listed ETP assets closed themonth at of $372.1bn.

Inflows for ETPs listed globally (ex-RoW) stood stronger than last month andreceived about +$56bn in June taking YTD total to +$331.3bn. Inflows weredominated by US ETPs bringing in +$46.9bn in new money, followed by EuropeETPs attracting +$9.8bn. Asia ETPs experienced outflows recording -$0.6bnworth of redemptions. On asset class level, equity and fixed income drove theinflows contributing +$37.8bn and +$15.6bn inflows respectively over the lastmonth.

Figure 7: Global ETP regional asset growth historically

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

RoW 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7 94.9 112.0

Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 372.1

Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.2 690.7

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 2,956.3

Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.7 1,444.3 1,491.5 1,913.6 2,339.9 2,725.9 2,978.2 3,512.1 4,131.1

0

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M ($

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*As of last month except for RoW which is as of 7 Jul 2017



13 July 2017

ETF Monthly Asia

Figure 8: Global flows summary by region

Jun-17 May-17 YTD (Monthly

Avg)

Asia-Pac (597) 2,847 4,176

Europe 9,786 12,111 10,282

US 46,889 30,758 40,763

(10,000)

-

10,000

20,000

30,000

40,000

50,000

Net

Flo

ws ($

mn

)


Figure 9: Regional flows as a % of AUM

Jun-17 May-17 YTD (Monthly

Avg)

Asia-Pac -0.2% 0.8% 1.3%

Europe 1.4% 1.9% 1.8%

US 1.6% 1.1% 1.6%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

Net

Flo

ws a

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UM


Regional positioning: Broad DM, Europe and EM preferred

Based on June flows to ETFs listed globally with regional focus, Broad (global)DM have been most favored receiving major inflows, followed by DM Europe andBroad (global) EM. This has been the trend throughout this year so far.

Figure 10: Broad market flows movement – Jun 2017*

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DM - Europe DM - Broad DM - Asia Pac EM - Asia Pac Broad - Asia Pac EM - Broad EM - EMEA EM - LATAM

*These figures includes globally listed broad market focused ETFs from all the segments within equityasset class (i.e. country, regional, sector, size, strategy, style and thematic).


Figure 11: Broad market flows movement – YTD*

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DM - Europe DM - Broad DM - Asia Pac EM - Asia Pac Broad - Asia Pac EM - Broad EM - EMEA EM - LATAM

*These figures includes globally listed broad market focused ETFs from all the segments within equityasset class (i.e. country, regional, sector, size, strategy, style and thematic).Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Global Investor positioning in Asia: Inflow to Japan,outflow from China

Total assets of equity ETFs listed globally (offshore only) with investment focusin the Asia-Pacific region closed the month at $138.8bn, 3.3% above previousmonth's level.

These ETFs recorded healthy inflows of +$2.6bn in June which is the biggestmonthly inflow this year. Inflows were lead by Japan focused ETFs attracting+$1.5bn in new money followed by South Korea (+$479mn) and Australia (+$322mn) focused ETFs. In addition, DM (broad) Asia also received major inflowsrecording +$332 mn worth of new creations. On the contrary, China focused ETFsshed -$238mn as outflows. On YTD basis, Japan (+$2.3bn) and India (+$1bn)were the top flow receivers while China (-$1.7bn) saw the most redemptions.


13 July 2017

ETF Monthly Asia

Figure 12: Offshore equity ETFs listed globally with investment focus in Asia*

Investment Focus Jun-17% of

AUMMay-17 Apr-17 YTD

% of

AUMJun-17 May-17 Dec-16

Emerging Markets

Bangladesh -1 -4.5% -1 0 -2 -6.7% 26 26 25

China -238 -0.8% -276 36 -1,743 -6.1% 31,181 30,658 28,476

India 62 0.5% 138 263 951 11.0% 11,467 11,530 8,667

Indonesia -19 -2.3% -31 50 -14 -2.0% 814 823 739

Malaysia 2 0.5% 48 27 156 52.5% 496 499 297

Pakistan -2 -3.0% 3 3 26 53.3% 69 78 48

Philippines -10 -3.7% 3 20 25 12.2% 252 267 203

South Korea 479 10.1% 153 -208 344 8.8% 5,192 4,729 3,897

Taiwan 10 0.2% 77 50 299 9.2% 4,228 4,067 3,243

Thailand -18 -3.9% -23 -4 -12 -2.8% 450 470 427

Vietnam 5 0.9% -16 -6 -28 -5.4% 553 531 518

EM Asia Broad 120 3.8% 130 90 604 27.9% 3,319 3,149 2,170

Total 389 0.7% 204 321 607 1.2% 58,045 56,828 48,710

Developed Markets

Australia 322 11.1% -83 -59 -366 -10.8% 3,258 2,894 3,379

Hong Kong -176 -6.4% 23 13 -288 -12.0% 2,550 2,741 2,410

Japan 1,466 2.9% 200 -83 2,341 5.1% 52,725 50,557 46,353

New Zealand 9 5.9% -4 4 35 30.4% 168 153 114

Singapore -2 -0.3% 56 -11 -9 -1.6% 650 653 564

DM Asia Broad 332 2.7% 311 248 1,880 19.4% 12,805 12,319 9,712

Total 1,951 2.8% 502 112 3,593 5.7% 72,156 69,317 62,531

Asia Broad Indices 296 3.6% 258 340 1,081 17.5% 8,602 8,196 6,160

Grand Total 2,637 2.0% 964 772 5,280 4.5% 138,803 134,341 117,402

Net Flows ($ million) AUM ($ million)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style andthematic).


Figure 13: Flows by DM country – Jun 2017*

-500 0 500 1,000 1,500

Hong Kong

Singapore

New Zealand

Australia

Japan

Monthly Flows ($mn)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country,regional, sector, size, strategy, style and thematic).


Figure 14: Flows by DM country – YTD*

-500 0 500 1,000 1,500 2,000 2,500

Australia

Hong Kong

Singapore

New Zealand

Japan

YTD Flows ($mn)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country,regional, sector, size, strategy, style and thematic).Source: Deutsche Bank, Bloomberg Finance LP, Reuters


13 July 2017

ETF Monthly Asia

Figure 15: Flows by EM country – Jun 2017*

-300 -200 -100 0 100 200 300 400 500 600

China

Indonesia

Thailand

Philippines

Malaysia

Vietnam

Taiwan

India

South Korea

Monthly Flows ($mn)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country,regional, sector, size, strategy, style and thematic).


Figure 16: Flows by EM country – YTD

-2,000 -1,500 -1,000 -500 0 500 1,000

China

Vietnam

Indonesia

Thailand

Philippines

Malaysia

Taiwan

South Korea

India

YTD Flows ($mn)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country,regional, sector, size, strategy, style and thematic).Source: Deutsche Bank, Bloomberg Finance LP, Reuters

ETFs vs. Mutual Funds in Asia Pac

Asia-Pac ETPs comprised 7% of the continent’s mutual fund industry as ofQ1 2017 according to mutual fund industry data published by the InvestmentCompany Institute (ICI). This has steadily grown from 4.6% at the end of Q12014. US ETPs comprised 19.6% while Europe ETPs comprised 4% of respectiveregion’s mutual fund industry as of Q1 2017. Within Asia-Pac, Taiwan is on the topwith ETP assets accounting for 17.5% of mutual fund assets, followed by JapanETP assets accounting for 15.2% of mutual fund assets.

Figure 17: Asia-Pac ETP vs. mutual fund assets

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17

ETP AUM 171,174 189,629 190,061 206,844 228,083 243,236 267,534 283,865 294,131 298,101 327,288 314,426 352,004

ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.7% 6.4% 6.5% 6.5% 6.6% 6.7% 7.0%

4.0%

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ETP

vs M

utu

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nd

s

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AU

M (

$m

n)

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

Figure 18: Asia-Pac ETP vs. mutual fund flows

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17

Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.4% 5.8% -0.3% 1.7% 3.4% 1.9% 2.2%

ETPs 5.8% -0.2% 1.1% 1.9% 2.0% 26.9% -0.4% 7.6% 0.6% 4.4% -1.8% 6.7%

-5.0%

0.0%

5.0%

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15.0%

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25.0%

30.0%

Qu

art

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y F

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s a

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f A

UM

($

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)

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


13 July 2017

ETF Monthly Asia

5. Performance andGrowthPerformance and growth for Asia-Pac focused ETFs listedglobally

ETF Performance - Outperformers and underperformersTop performing ETFs of the month were dominated by China focused ETFs whilean ETF tracking large cap Indian equities via CPSE Index was the worst performerof the month.

Figure 19: Top 10 best performance

ETF Name Bloomberg Underlying Index 30-Jun-17 31-May-17 28-Apr-17 YTD

Fubon SZSE 100 ETF 00639 TT SZSE 100 Index 9.5% 1.4% -1.6% 9.7%

E Fund SI100 Index Fund 159901 CH SI100 Index 9.2% -0.9% -0.6% 13.8%

China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index 9.1% 1.4% -1.3% 22.8%

Mirae Asset Tiger China A300 ETF 192090 KS CSI 300 Index 8.9% 1.4% 2.0% 10.5%

China SME ETF 159902 CH Shenzhen SME Index 8.5% -2.8% -1.7% 7.4%

Capital SZSE SME Price Index Exchange Traded Fund 00643 TT SZSE SME Price Index 8.4% -1.3% -2.2% 3.1%

Kindex China Main Land CSI300 ETF 168580 KS CSI 300 Index 8.3% 1.6% 1.0% 9.2%

Nomura Topix Banks 1615 JP TOPIX Banks Index 8.2% -4.2% 1.6% 2.6%

db x-trackers CSI300 Index UCITS ETF 1C XCHA LN CSI 300 Index 7.7% 3.0% -0.9% 15.6%

Fuh-Hwa SZSE300 Index ETF 006207 TT CSI 300 Index 7.7% 2.6% -1.4% 8.3%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month


Figure 20: Top 3 ETFs by performance Jun - Daily performance YTD

-10%

-5%

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25%


Daily P

erf

orm

an

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00639 TT 159901 CH 159928 CH

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previousmonth



13 July 2017

ETF Monthly Asia

Figure 21: Top 10 least performance

ETF Name Bloomberg Underlying Index 30-Jun-17 31-May-17 28-Apr-17 YTD

R*Shares CPSE BeES CPSEBE IN CPSE Index -9.4% -5.0% 6.7% 2.6%

NZAM ETF TOPIX Ex-Financials 1596 JP TOPIX Ex-Financials Index -8.6% 3.0% 13.2% 1.6%

Next Funds NOMURA Crude Oil 1699 JP Nomura Crude Oil Long Index -8.2% -1.2% -2.9% -24.1%

WTI Crude Oil Price Linked ETF 1671 JP UBS Bloomberg Constant Maturity Commodity Index -7.9% -1.3% -2.7% -24.6%

Mirae Asset MAPS TIGER WTI Futures ETF 130680 KS S&P GSCI Crude Oil Enhanced Index -7.7% -1.8% -1.0% -19.4%

Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index -7.5% -1.8% -1.1% -19.9%

SPDR S&P/ASX 200 Listed Prop SLF AU S&P/ASX 200 Listed Property Fund -6.1% -0.9% 2.0% -6.3%

SPDR S&P World ex Australia Fund WXOZ AU S&P Developed ex Australia LargeMidCap AUD Index -4.8% 2.6% 3.9% 2.2%

Gold Bullion Securities GOLD AU Commodity Gold -4.6% -0.1% 4.3% 0.9%

Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index -4.4% 7.3% 3.5% 10.8%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month


Figure 22: Bottom 3 ETFs by performance in Jun - Daily performance YTD

-40%

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Daily P

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CPSEBE IN 1596 JP 1699 JP

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previousmonth


ETP flow growth - Winners and losersAn ETF tracking Chinese money market led the table as largest fund flow receiveras a percentage of AUM during last month, whereas an ETF tracking JPX/S&PCapex & Human Capital Index saw the largest outflows as a percentage of AUMover the same period.


13 July 2017

ETF Monthly Asia

Figure 23: Top 10 Inflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

China AMC Express Traded Money Market Fund 511650 CH Other 251.7% 369.0 516.3 -33.4% -72.6 -6.3% -14.5 0.0% 511.6

Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF 00672L TT S&P GSCI Crude Oil 2X Leveraged Index ER 160.2% 264.8 421.7 29.3% 37.3 -24.2% -41.5 314.4% 332.3

KraneShares Bosera MSCI China A ETF KBA US MSCI China A 73.4% 82.9 206.3 81.9% 49.5 30.5% 14.3 687.5% 168.1

SMAM Nikkei 225 ETF 1397 JP Nikkei 225 64.8% 182.4 461.8 -20.7% -71.0 0.0% 0.0 106.8% 228.4

Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index 62.6% 84.5 213.1 20.9% 23.6 -14.6% -19.6 60.6% 85.8

Cathay US Treasury 20+ YR ETF 00687B TT Bloomberg Barclays US Treasury 20+ Year Bond Index 51.7% 58.2 170.8 142.5% 65.0 0.0% 45.8 0.0% 169.0

iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia 37.8% 353.2 935.2 0.7% 3.9 -1.7% (9.9) -23.3% -256.8

iShares MSCI Korea UCITS ETF (Inc) IKOR LN MSCI Korea 32.2% 273.2 847.4 13.4% 76.2 -7.8% -35.8 70.0% 304.8

E Fund CSI 300 Financials Ex Banks Index ETF 512070 CH CSI 300 Financials Ex Banks Index 30.6% 51.9 233.2 6.7% 10.0 -1.0% (1.4) 37.5% 57.5

Mirae Asset MAPS Tiger IT ETF 139260 KS KOSPI 200 IT Sector Index 30.4% 40.4 181.7 -2.0% -2.5 55.3% 43.9 252.8% 107.4

Jun-17 May-17 Apr-17 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month


Figure 24: Top 10 outflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

iShares JPX/S&P CAPEX & Human Capital ETF 1483 JP JPX/S&P Capex & Human Capital Index -66.5% (172.9) 91.9 173.5% 162.6 -10.4% (10.7) -25.5% (26.5)

Huaan Ririxin Monetary Market Fund ETF 511600 CH Other -43.0% (44.1) 59.0 0.0% - -36.3% (58.0) -91.5% (579.5)

Amundi ETF MSCI India UCITS ETF CI2 FP MSCI India -41.0% (81.5) 199.0 0.0% - 3.5% 9.6 -10.7% (18.9)

China AMC Shanghai-HK Stock Connect Hang Seng Index ETF 513660 CH Hang Seng Index -38.0% (150.3) 246.2 -2.4% (9.4) 2.1% 8.0 -33.3% (95.6)

China Merchants Sec Deposite Fast-Swing Money Market Fund 159003 CH Other -36.7% (177.8) 308.2 9.6% 42.1 8.1% 32.7 6.2% 17.5

Samsung Kodex KOSDAQ150 Leverage ETF 233740 KS KOSDAQ150 Index -29.4% (49.6) 126.6 -19.1% (35.0) -15.3% (32.0) -62.8% (134.9)

Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -27.7% (52.2) 142.1 -23.3% (53.7) -9.8% (24.1) -50.8% (110.3)

Next Funds Nikkei 225 Leveraged Index ETF 1570 JP Nikkei 225 Leveraged Index -27.3% (715.3) 1,975.1 -29.8% (1,032.3) 1.9% 62.9 -47.5% (1,357.1)

Penghua Profit Added Traded Money Market Fund 511820 CH Other -26.0% (102.8) 295.0 3.8% 14.5 -7.1% (29.0) -63.4% (492.8)

Dacheng Tianyi Traded Money Market Fund 511690 CH Other -25.5% (190.7) 560.5 8.5% 58.0 17.5% 101.4 22.3% 99.4

Jun-17 May-17 Apr-17 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month


Top ETPs – Asia-Pac listed

Figure 25: Top 20 ETPs by AUM

ETP Name Issuer BBG TickerAsset Class

& StructureTER

AUM

US$ MM

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 46,634.3

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 41,723.3

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 22,142.1

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 21,458.0

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 21,430.9

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 18,939.8

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 11,861.8

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 10,649.8

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 8,680.8

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,365.3

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 6,326.8

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 5,126.6

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 4,443.7

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,424.0

Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 3,959.2

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,906.5

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,807.6

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,752.8

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 3,328.4

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 2,941.1



13 July 2017

ETF Monthly Asia

Figure 26: Top 20 ETPs by AUM change


& StructureTER

AUM

Change

US$ MM


Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (1,356.1)

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (1,240.0)


Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 945.6

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (886.5)

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 839.4

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 701.4

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (640.6)

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% 489.8

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 404.1

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (385.6)

DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% (385.1)

China AMC Express Traded Money Market Fund China Asset Management 511650 CH Fixed Income ETF 0.00% 369.7

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 324.2

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (271.9)

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 271.1

Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF Yuanta Securities Inv trust Co Ltd. 00672L TT Commodity ETF 1.19% 256.4

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (246.7)

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 195.8


Figure 27: Top 20 ETPs by inflow


& StructureTER

Net Flow

US$ MM



Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 866.1

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 575.6


Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% 404.4

China AMC Express Traded Money Market Fund China Asset Management 511650 CH Fixed Income ETF 0.00% 369.0

Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF Yuanta Securities Inv trust Co Ltd. 00672L TT Commodity ETF 1.19% 264.8


MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 196.9

KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% 188.7

SMAM Nikkei 225 ETF Sumitomo Mitsui Asset Management 1397 JP Equity ETF 0.14% 182.4

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 141.2

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 139.8

Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% 132.5

DIAM ETF JPX/S&P CAPEX & Human Capital Index DIAM Asset Management 1484 JP Equity ETF 0.17% 128.9

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% 113.8

CSOP China 5-year Treasury Bond ETF CSOP Asset Management 3199 HK Fixed Income ETF 0.56% 106.5

Yuanta US Treasury 20+ Year Bond ETF Yuanta Securities Inv trust Co Ltd. 00679B TT Fixed Income ETF 0.67% 99.8

China AMC CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.83% 96.1



13 July 2017

ETF Monthly Asia

Figure 28: Top 20 ETPs by outflow


& StructureTER

Net Flow

US$ MM

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (1,403.0)

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (1,304.1)

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (953.2)

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (715.3)

DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% (402.5)

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (287.2)


E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (252.8)

Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% (216.5)

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% (190.7)

China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% (177.8)

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (175.8)

iShares JPX/S&P CAPEX & Human Capital ETF BlackRock 1483 JP Equity ETF 0.19% (172.9)

China AMC Shanghai-HK Stock Connect Hang Seng Index ETF China Asset Management 513660 CH Equity ETF 0.50% (150.3)

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (148.9)

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% (130.7)

Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (125.7)

Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% (122.7)

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (119.5)

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (102.8)


Figure 29: Top 20 ETPs by Monthly Turnover


& StructureTER

Turnover

US$ MM


Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 27,348.9

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 17,375.3

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 7,842.6

China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 6,581.2

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 5,484.4

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 5,171.3

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 4,843.6

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,715.5

Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 3,764.0

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 3,452.1

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 3,190.6

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 2,733.4

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 2,271.5

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 2,263.9

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 2,163.7

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 1,854.0

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 1,781.8

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% 1,742.9

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 1,679.6



13 July 2017

ETF Monthly Asia

Figure 30: Top 20 ETPs by Monthly Turnover change


& StructureTER

Turnover

Change

US$ MM


Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 1,842.1

Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 1,539.4

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 946.3




iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 648.6

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 603.4

China AMC CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.83% 599.9

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 517.0

China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 501.0

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 493.0

Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% 436.7

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 397.2

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (385.0)

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (356.8)

Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% 339.3

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 321.1

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 318.3


Top ETPs – Other regions with Asia-Pac focus

Figure 31: Top 20 ETPs by AUM

ETP Name Issuer BBG TickerAsset Class &

StructureTER

AUM

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 17,285.9

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 8,259.8

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 5,017.1

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 4,259.4

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,743.0

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 3,656.3

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,623.4

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 3,163.3

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 2,945.7

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 2,706.9

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,543.3

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,465.1

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 2,341.3

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 2,221.6

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 1,922.6

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,787.9

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,763.5

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,698.1

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,651.7

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 1,632.1



13 July 2017

ETF Monthly Asia

Figure 32: Top 20 ETPs by AUM change


StructureTER

AUM

Change

US$ MM


iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 369.5

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 310.2

iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% 278.5

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 229.7

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 226.4

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 198.2

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (163.6)

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 151.0

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 150.0

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 134.5

iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% 117.3

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 104.6

Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% 98.5

KraneShares Bosera MSCI China A ETF KraneShares KBA US Equity ETF 1.10% 93.3

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 90.9

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 85.9

Amundi ETF MSCI India UCITS ETF Amundi CI2 FP Equity ETF 0.80% (83.7)

db x-trackers MSCI EM Asia TRN Index UCITS ETF Deutsche AM XMAS GR Equity ETF 0.65% 66.3

KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 59.9


Figure 33: Top 20 ETPs by inflow


StructureTER

Net Flow

US$ MM



iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% 273.2


iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 217.1


iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 173.4



db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 105.2

Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% 95.9

KraneShares Bosera MSCI China A ETF KraneShares KBA US Equity ETF 1.10% 82.9




db x-trackers MSCI EM Asia TRN Index UCITS ETF Deutsche AM XMAS GR Equity ETF 0.65% 55.1

BNP Paribas Easy MSCI Japan ex Controversial Weapons UCITS ETF BNP Paribas EJAH GY Equity ETF 0.25% 39.8

Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 35.3

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 35.2

iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% 32.7



13 July 2017

ETF Monthly Asia

Figure 34: Top 20 ETPs by outflow


StructureTER

Net Flow

US$ MM


Amundi ETF MSCI India UCITS ETF Amundi CI2 FP Equity ETF 0.80% (81.5)

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (74.2)

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% (56.1)

iShares MSCI Japan GBP Hedged UCITS ETF BlackRock IJPH LN Equity ETF 0.64% (24.8)

Lyxor UCITS ETF China Enterprise (HSCEI) Lyxor ASI FP Equity ETF 0.65% (24.6)

db x-trackers MSCI Pacific ex-Japan INDEX UCITS ETF Deutsche AM XPXJ GR Equity ETF 0.45% (24.2)

Lyxor UCITS ETF MSCI Indonesia C-EUR Lyxor INDO FP Equity ETF 0.55% (16.6)

db x-trackers MSCI China TRN Index UCITS ETF Deutsche AM XCS6 LN Equity ETF 0.65% (16.4)

iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% (15.7)

VanEck Vectors India Small-Cap Index ETF VanEck Vectors SCIF US Equity ETF 0.85% (11.1)

Direxion Daily CSI 300 China A Share Bull 2X Shares DirexionShares CHAU US Equity ETF 0.95% (10.7)

Direxion Daily CSI 300 China A Share Bear 1X Shares DirexionShares CHAD US Equity ETF 0.80% (9.4)

iShares MSCI Japan CHF Hedged UCITS ETF BlackRock IJPC SW Equity ETF 0.64% (9.0)

VanEck Vectors ChinaAMC A-Share ETF VanEck Vectors PEK US Equity ETF 0.72% (8.4)

Direxion Daily India Bull 3X Shares DirexionShares INDL US Equity ETF 0.95% (8.0)

db x-trackers MSCI Korea TRN Index UCITS ETF Deutsche AM XMKO GR Equity ETF 0.65% (7.4)

Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% (7.4)

iShares MSCI Philippines ETF BlackRock EPHE US Equity ETF 0.62% (7.3)

WisdomTree Japan Hedged Financials Fund WisdomTree DXJF US Equity ETF 0.43% (7.3)


Figure 35: Top 20 ETPs by Monthly Turnover


StructureTER

Turnover

US$ MM

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 12,827.2


iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,802.2

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,245.4

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 2,706.6

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,094.4

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 1,760.6

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 1,695.5

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,482.2

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,104.3

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,075.9




iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 483.6


iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% 429.6

iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 416.8


Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 284.9



13 July 2017

ETF Monthly Asia

Figure 36: Top 20 ETPs by Monthly Turnover change


StructureTER

Turnover

Change

US$ MM



iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% (764.7)

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 629.2

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 503.8


iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% (266.5)


iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (185.0)



iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% (123.2)


iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 106.9

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (86.6)

iShares MSCI Pacific ex Japan UCITS ETF Acc BlackRock CSPXJ SW Equity ETF 0.20% (85.4)

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% (79.7)


iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% (68.7)

Amundi ETF MSCI Pacific ex-Japan UCITS ETF Amundi CP9 FP Equity ETF 0.45% (67.1)



13 July 2017

ETF Monthly Asia

6. Asia-Pac Listed ETPs -Statistics

Figure 37: Number of ETPs by Asset Class

Prev. Month End of 2016

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 836 80.0% 835 1 0.1% 790 46 5.8%

Fixed income 115 11.0% 109 6 5.5% 93 22 23.7%

Commodity 63 6.0% 61 2 3.3% 60 3 5.0%

Currency 19 1.8% 19 - 0.0% 14 5 35.7%

Multi Asset 9 0.9% 9 - 0.0% 9 - 0.0%

Alternative 3 0.3% 3 - 0.0% 3 - 0.0%

Total 1,045 100% 1,036 9 0.9% 969 76 7.8%

Current Month MoM Change YTD Change

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 38: ETP Net Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity 1,820 0.6% 407 0.1% 26,835 10.0%

Fixed income (2,908) -7.1% 2,347 6.1% (2,195) -5.6%

Commodity 457 9.3% 35 0.7% 248 5.0%

Currency (2) -0.3% 7 1.0% 36 5.6%

Multi Asset (1) -0.7% (1) -0.7% 1 1.0%

Alternative 38 17.0% 52 27.1% 132 52.6%

Total (597) -0.2% 2,847 0.8% 25,057 8.0%

YTDCurrent Month Prev. Month


Figure 39: ETP Turnover (US$ Million) by Asset Class

Prev. Month Year 2016

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 74,959 39.9% 67,686 7,272 10.7% 82,815 (7,857) -9.5%

Fixed income 107,960 57.5% 95,325 12,635 13.3% 111,150 (3,190) -2.9%

Commodity 4,158 2.2% 3,108 1,050 33.8% 2,802 1,356 48.4%

Currency 408 0.2% 389 19 4.8% 198 211 106.6%

Multi Asset 16 0.0% 15 1 5.1% 10 6 66.4%

Alternative 186 0.1% 233 (46) -19.9% 321 (135) -42.0%

Total 187,688 100% 166,757 20,930 12.6% 197,295 (9,608) -4.9%

Current Month MoM Change Change from 2016



13 July 2017

ETF Monthly Asia

Figure 40: ETP AUM (US$ Million) by Asset Class


Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 327,494 88.0% 322,230 5,264 1.6% 269,341 58,153 21.6%

Fixed income 38,300 10.3% 41,066 (2,766) -6.7% 39,158 (858) -2.2%

Commodity 5,211 1.4% 4,915 296 6.0% 4,920 292 5.9%

Currency 698 0.2% 702 (4) -0.5% 655 43 6.5%

Multi Asset 114 0.0% 117 (3) -2.7% 101 12 11.9%

Alternative 245 0.1% 220 25 11.2% 251 (6) -2.2%

Total 372,062 100% 369,251 2,812 0.8% 314,426 57,636 18.3%




13 July 2017

ETF Monthly Asia

Country Breakdown

Figure 41: ETF Summary by Country

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

(AUM)

Australia 118 143 341 -57.1% 2,363 1.3% 14,439 3.9%

China 152 152 (4,119) 690.5% 118,100 62.9% 53,440 14.4%

Hong Kong 119 206 401 -67.3% 15,904 8.5% 40,747 11.0%

India 61 61 14 -2.4% 522 0.3% 4,648 1.2%

Indonesia 9 9 (27) 4.6% 0 0.0% 204 0.1%

Japan 163 210 2,011 -337.1% 26,535 14.1% 221,767 59.6%

Philippines 1 1 2 -0.4% 1 0.0% 24 0.0%

Korea 278 278 339 -56.8% 19,212 10.2% 22,201 6.0%

Vietnam 1 1 - 0.0% 2 0.0% 22 0.0%

Malaysia 8 8 - 0.0% 0 0.0% 452 0.1%

New Zealand 23 23 9 -1.6% 12 0.0% 1,336 0.4%

Singapore 12 86 (10) 1.7% 144 0.1% 1,774 0.5%

Taiwan 86 91 441 -73.9% 4,890 2.6% 10,872 2.9%

Thailand 14 14 1 -0.2% 3 0.0% 136 0.0%

Total 1045 1283 (597) 100.0% 187,688 100.0% 372,062 100.0%


Figure 42: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy Thematic Equity TotalFixed

IncomeComdty Equity Total

Fixed

IncomeComdty

Australia 5,652 889 1,488 311 1,684 735 260 11,018 2,435 541 445 78.7% 17.4% 3.9%

China 22,505 - 1,783 138 1,287 103 2,371 28,187 24,163 1,091 - 52.7% 45.2% 2.0%

Hong Kong 33,219 1,883 81 36 243 601 5 36,068 4,527 151 - 88.5% 11.1% 0.4%

India 1,907 - 51 13 11 5 1,592 3,580 102 965 - 77.0% 2.2% 20.8%

Indonesia 40 - 12 - - - 152 204 - - - 100.0% 0.0% 0.0%

Japan 204,621 261 6,613 98 1,238 5,510 1,500 219,842 411 1,348 166 99.2% 0.2% 0.6%

Philippines 24 - - - - - - 24 - - - 100.0% 0.0% 0.0%

Korea 10,084 172 1,263 123 490 4,067 1,118 17,319 4,148 386 349 79.3% 19.0% 1.8%

Vietnam 22 - - - - - - 22 - - - 100.0% 0.0% 0.0%

Malaysia 4 1 - - - - 101 106 347 - - 23.3% 76.7% 0.0%

New Zealand 364 222 101 180 129 - - 996 339 - - 74.6% 25.4% 0.0%

Singapore 892 30 53 - 52 - - 1,027 747 - - 57.9% 42.1% 0.0%

Taiwan 4,006 34 77 114 269 4,469 12 8,981 1,080 715 96 83.3% 10.0% 6.6%

Thailand 109 - 11 - 2 - - 121 - 15 - 89.1% 0.0% 10.9%

Total 283,449 3,491 11,533 1,014 5,405 15,491 7,111 327,494 38,300 5,211 1,057 88.3% 10.3% 1.4%

Equity Product Type Asset Class Mkt Share by country



13 July 2017

ETF Monthly Asia

Figure 43: ETF Turnover (US$ Million) by Country

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

Indonesia

Malaysia

Philippines

Vietnam

Thailand

New Zealand

Singapore

India

Australia

Taiwan

Hong Kong

Korea

Japan

China

TO (US$ Million)


Figure 44: ETF AUM (US$ Million) by Country

- 50,000 100,000 150,000 200,000 250,000

Vietnam

Philippines

Thailand

Indonesia

Malaysia

New Zealand

Singapore

India

Taiwan

Australia

Korea

Hong Kong

China

Japan

AUM (US$ Million)

TO (US$ Million)


Issuer Rankings

Net Flows

Figure 45: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Total YTD Total

Nomura Asset Management 1,790 - 40 - 1,830 12,339

Nikko Asset Management 1,011 21 - - 1,032 7,986

State Street 624 (28) - - 597 21

Yuanta Securities Inv trust Co Ltd. 87 129 339 (0) 554 1,319

CSOP Asset Management 185 106 2 - 294 325

China Asset Management (110) 369 - - 259 121

Daiwa Asset Management 245 - - - 245 5,840

KB Asset Management 176 36 - - 212 (76)

Sumitomo Mitsui Asset Management 187 - - - 187 277

BetaShares Capital Ltd 100 46 - 20 166 592

Total Top 10 (Inflows) 4,295 679 382 20 5,375 28,743

Current Month inflows (US$ Million)


Figure 46: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Total YTD Total

Yinhua Fund Management - (1,403) - - (1,403) 856

Fortune SGAM Fund Management 7 (1,304) - - (1,297) 1,485

Hang Seng Investment Management (333) - - - (333) (1,451)

DIAM Asset Management (330) - - - (330) (598)

Samsung Asset Management (242) (47) 28 (17) (278) (1,247)

China Merchants Fund Management Co (0) (207) - - (207) 117

Dacheng Fund Management Co Ltd (8) (191) - - (198) 89

Fubon Securities Investment Trust Co (222) (1) - 34 (190) (143)

China Southern Fund Management Co Ltd (11) (176) - - (187) (1,616)

Harvest Fund Management Co (120) (17) - - (137) (336)

Total Top 10 (Outflows) (1,259) (3,346) 28 17 (4,561) (2,845)

Current Month outflows (US$ Million)



13 July 2017

ETF Monthly Asia

Turnover

Figure 47: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Fortune SGAM Fund Management 17.6 42,913.4 - - 42,931.1 22.9%

Yinhua Fund Management 0.1 27,348.9 - - 27,349.0 14.6%

Nomura Asset Management 22,379.8 - 93.4 - 22,473.2 12.0%

Samsung Asset Management 13,260.7 83.4 50.7 185.3 13,580.2 7.2%

China Southern Fund Management Co Ltd 854.9 7,842.6 - - 8,697.5 4.6%

China Universal Asset Management Co 68.5 6,844.9 - - 6,913.4 3.7%

State Street 6,037.5 3.3 42.9 - 6,083.6 3.2%

E Fund Management 3,411.0 2,185.1 94.6 - 5,690.7 3.0%

CCB Principal Asset Management Co Ltd. 0.2 5,171.3 - - 5,171.5 2.8%

China Asset Management 4,442.9 523.3 - - 4,966.2 2.6%

Mirae Asset MAPS Global Investments 4,785.3 40.1 78.3 55.4 4,959.1 2.6%

Guotai Asset Management Co Ltd 146.5 3,764.0 510.1 - 4,420.7 2.4%

Dacheng Fund Management Co Ltd 3.8 3,452.1 - - 3,455.9 1.8%

Hang Seng Investment Management 3,228.4 - 0.2 - 3,228.5 1.7%

Yuanta Securities Inv trust Co Ltd. 1,912.2 135.0 609.6 4.6 2,661.3 1.4%

Huaan Fund Management 105.1 210.9 2,271.5 - 2,587.5 1.4%

CSOP Asset Management 2,494.6 8.3 5.0 - 2,507.9 1.3%

BlackRock 2,196.2 66.3 - - 2,262.4 1.2%

Simplex Asset Management Co Ltd 1,924.8 - 108.0 - 2,032.8 1.1%

Fullgoal Fund Management Co 0.2 1,781.8 - - 1,782.0 0.9%

Fubon Securities Investment Trust Co 1,567.2 117.0 - 54.7 1,738.9 0.9%

Huatai-PineBridge Fund Management Co 1,477.2 232.4 - - 1,709.6 0.9%

China Merchants Fund Management Co 0.2 1,668.0 - - 1,668.2 0.9%

Penghua Fund Management Co Ltd 0.7 1,527.2 - - 1,527.9 0.8%

KB Asset Management 522.7 260.9 - 5.7 789.3 0.4%

Daiwa Asset Management 685.5 - - - 685.5 0.4%

Vanguard 492.6 69.7 - - 562.2 0.3%

BetaShares Capital Ltd 254.3 220.9 7.2 64.0 546.4 0.3%

Nikko Asset Management 506.9 8.5 - - 515.4 0.3%

Bosera Fund Management Co Ltd 10.6 317.2 147.4 - 475.2 0.3%

Goldman Sachs 27.0 429.1 14.2 - 470.3 0.3%

Cathay Securities Investment Trust 211.9 151.4 - - 363.4 0.2%

Rakuten Investment Management 352.8 - - - 352.8 0.2%

Korea Investment Trust Mg 332.8 1.4 11.7 - 346.0 0.2%

Hanwha Investment Trust Management 244.7 38.9 - 2.8 286.4 0.2%

Mitsubishi UFJ Asset Mg 214.9 - - - 214.9 0.1%

Rongtong Fund Management - 200.5 - - 200.5 0.1%

Woori Asset Management 73.6 81.8 - 38.5 193.9 0.1%

Harvest Fund Management Co 143.6 33.1 - - 176.8 0.1%

Kokusai Asset Management Co Ltd - - - 131.6 131.6 0.1%

Total (Top 40) 74,389 107,733 4,045 543 186,710 99.5%

Current Month Turnover (US$ Million)



13 July 2017

ETF Monthly Asia

Figure 48: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Van Eck Funds 79.34 23.32 - - 102.66 0.05%

GF Fund Management Co Ltd 83.41 0.43 - - 83.84 0.04%

Kiwoom Asset Management Co Ltd 13.71 - - 67.92 81.62 0.04%

Zhongrong Fund Management Co Ltd - 65.82 - - 65.82 0.04%

Deutsche AM 60.65 0.59 - - 61.23 0.03%

Mitsubishi UFJ Trust and Banking Corporation - - 51.69 - 51.69 0.03%

Fuh-Hwa Securities Investment Trust 51.55 - - - 51.55 0.03%

CSC Investment Trust 40.42 - - - 40.42 0.02%

China Life AMP Asset Management Co 0.59 39.65 - - 40.24 0.02%

DIAM Asset Management 31.77 - - - 31.77 0.02%

ETF Securities - - 29.13 - 29.13 0.02%

Ping An Asset Management - 28.69 - - 28.69 0.02%

Russell Investments 14.03 11.48 - - 25.51 0.01%

Essence Asset Management - 25.12 - - 25.12 0.01%

HFT Investment Management Co Ltd 0.12 22.52 - - 22.63 0.01%

Reliance Capital Asset Management 20.62 0.00 - - 20.62 0.01%

Kotak Mahindra Asset Man 15.95 - 3.29 - 19.25 0.01%

Mega International Investment Trust Co Ltd/Taiwan 18.29 - - - 18.29 0.01%

ICBC Credit Suisse Asset Management 16.50 - - - 16.50 0.01%

ANZ Asset Management 15.12 - 0.77 0.05 15.94 0.01%

Paradigm Asset Management Co Ltd - - 15.31 - 15.31 0.01%

Kyobo AXA Investment Mg Co Ltd 13.34 1.69 - - 15.03 0.01%

BMO Global Asset Management 10.54 2.74 - - 13.28 0.01%

BOCI - Prudential Asset Man Ltd 13.09 - - - 13.09 0.01%

Smartshares Ltd 10.81 0.46 - - 11.27 0.01%

Value Partners 3.08 - 6.31 - 9.39 0.01%

UBS 9.15 - - - 9.15 0.00%

Enhanced Investment Products Limited 6.33 - - - 6.33 0.00%

Amundi 5.69 - - - 5.69 0.00%

Invesco Great Wall Fund Management Co. Ltd 1.24 4.35 - - 5.59 0.00%

Prudential ICICI Asset Management 4.71 - 0.10 - 4.81 0.00%

Phillip Capital Management 4.31 - - - 4.31 0.00%

Horizons ETFs 4.06 - - - 4.06 0.00%

Lyxor 3.19 - 0.09 - 3.28 0.00%

SBI Funds Management 0.46 0.00 2.64 - 3.10 0.00%

UBS Hana Asset Management Co Ltd 1.93 - - - 1.93 0.00%

CIMB-GK Securities Pte Ltd 1.86 - - - 1.86 0.00%

One Asset Management Ltd 1.61 - - - 1.61 0.00%

Viet Fund Management 1.58 - - - 1.58 0.00%

UTI Asset Management 0.04 - 1.46 - 1.50 0.00%

Enhanced Investment Products Ltd 1.34 - - - 1.34 0.00%

Bangkok Capital Asset Management 1.24 - - - 1.24 0.00%

HDFC Asset Management Co Ltd 0.03 - 1.13 - 1.16 0.00%

Passive Funds Management Ltd 1.10 - - - 1.10 0.00%

BNP Paribas 0.84 - 0.08 - 0.92 0.00%

Krung Thai Asset Management 0.54 - 0.24 - 0.78 0.00%

BOCOM Schroders 0.63 - - - 0.63 0.00%

First Metro Asset Management 0.51 - - - 0.51 0.00%

Yurie Asset Management 0.48 - - - 0.48 0.00%

Dongbu Asset Management 0.46 - - - 0.46 0.00%

Motilal Oswal Mutual Fund 0.44 - - - 0.44 0.00%

UOB Asset Management Ltd 0.42 - - - 0.42 0.00%

Heungkuk Asset Management 0.38 - - - 0.38 0.00%

IDBI Asset Management - - 0.36 - 0.36 0.00%

Total 74,957 107,960 4,157 611 187,685 100.00%




13 July 2017

ETF Monthly Asia

Figure 49: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

NZAM 0.29 - - - 0.29 0.0%

Bank of China Investment Management 0.23 - - - 0.23 0.0%

Yuanda Chinese Holdings Ltd 0.22 - - - 0.22 0.0%

SinoPac Securities Investment Trust Co 0.22 - - - 0.22 0.0%

GTJA Allianze Fund Management Co 0.17 - - - 0.17 0.0%

Axis Asset Management - - 0.16 - 0.16 0.0%

Haitong International 0.15 - - - 0.15 0.0%

Canara Robeco - - 0.14 - 0.14 0.0%

HSBC Inv Funds Ltd/Hong Kong - 0.13 - - 0.13 0.0%

Sumitomo Mitsui Asset Management 0.13 - - - 0.13 0.0%

Ping An of China Asset Management 0.13 - - - 0.13 0.0%

Quantum Asset Management 0.01 - 0.12 - 0.13 0.0%

Lion Fund Management Co Ltd 0.12 - - - 0.12 0.0%

Lippo Investments Management 0.12 - - - 0.12 0.0%

Thanachart Fund Management - - 0.10 - 0.10 0.0%

i-VCAP Management 0.09 - - - 0.09 0.0%

Wanjia Asset Management 0.09 - - - 0.09 0.0%

Midas Asset Management Co 0.07 - - - 0.07 0.0%

LIC Nomura MF Asset Management Co 0.01 0.06 - - 0.06 0.0%

Birla Sun Life Asset Management Co 0.01 - 0.04 - 0.05 0.0%

ComStage 0.04 - - - 0.04 0.0%

Tebon Fund Management - 0.04 - - 0.04 0.0%

Religare Mutual Fund 0.01 - 0.03 - 0.03 0.0%

Indo Premier Securities 0.02 - - - 0.02 0.0%

Edelweiss Asset Management 0.01 - - - 0.01 0.0%

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

AmInvestment Services Berhad/Malaysia 0.01 0.00 - - 0.01 0.0%

TMB Asset Management 0.00 - - - 0.00 0.0%

Pinnacle Investments - - - 0.00 0.00 0.0%

Total ( All Local Issuers) 74,959 107,960 4,158 611 187,688 100.0%




13 July 2017

ETF Monthly Asia

AUM

Figure 50: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Nomura Asset Management 100,198 - 365 - 100,563 27.0%

Nikko Asset Management 46,153 1,018 - - 47,171 12.7%

Daiwa Asset Management 43,877 - - - 43,877 11.8%

State Street 16,396 3,940 - - 20,336 5.5%

Mitsubishi UFJ Asset Mg 17,630 - - - 17,630 4.7%

BlackRock 13,093 637 - - 13,729 3.7%

Hang Seng Investment Management 11,546 - 8 - 11,554 3.1%

Fortune SGAM Fund Management 83 10,650 - - 10,733 2.9%

Samsung Asset Management 8,561 1,951 139 65 10,715 2.9%

China Asset Management 9,876 516 - - 10,392 2.8%

Yuanta Securities Inv trust Co Ltd. 6,069 882 701 18 7,670 2.1%

Mirae Asset MAPS Global Investments 4,457 727 251 51 5,485 1.5%

China Southern Fund Management Co Ltd 3,335 1,608 - - 4,943 1.3%

Yinhua Fund Management 15 4,444 - - 4,459 1.2%

Vanguard 3,439 714 - - 4,153 1.1%

E Fund Management 3,232 335 198 - 3,765 1.0%

Huaan Fund Management 2,858 59 806 - 3,723 1.0%

Huatai-PineBridge Fund Management Co 3,087 605 - - 3,692 1.0%

DIAM Asset Management 3,620 - - - 3,620 1.0%

CSOP Asset Management 3,209 152 18 - 3,379 0.9%

China Universal Asset Management Co 2,291 634 - - 2,925 0.8%

BetaShares Capital Ltd 1,404 968 85 445 2,902 0.8%

Harvest Fund Management Co 2,827 33 - - 2,860 0.8%

Fubon Securities Investment Trust Co 2,086 19 - 79 2,184 0.6%

KB Asset Management 1,202 555 - 47 1,804 0.5%

CCB Principal Asset Management Co Ltd. 32 1,755 - - 1,787 0.5%

Reliance Capital Asset Management 1,606 3 - - 1,610 0.4%

Hanwha Investment Trust Management 921 417 - 21 1,359 0.4%

Simplex Asset Management Co Ltd 955 - 367 - 1,322 0.4%

Smartshares Ltd 931 339 - - 1,270 0.3%

Korea Investment Trust Mg 938 95 26 - 1,058 0.3%

GF Fund Management Co Ltd 973 15 - - 988 0.3%

Woori Asset Management 634 276 - 66 977 0.3%

NZAM 975 - - - 975 0.3%

HFT Investment Management Co Ltd 11 897 - - 908 0.2%

SBI Funds Management 683 4 152 - 839 0.2%

Guotai Asset Management Co Ltd 685 65 45 - 795 0.2%

Sumitomo Mitsui Asset Management 768 - - - 768 0.2%

Goldman Sachs 210 83 428 - 721 0.2%

Fullgoal Fund Management Co 21 679 - - 700 0.2%

Total (Top 40) 320,885 35,074 3,590 791 360,340 96.8%

Current Month AUM (US$ Million)



13 July 2017

ETF Monthly Asia

Figure 51: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

UTI Asset Management 618 - 69 - 687 0.18%

Kyobo AXA Investment Mg Co Ltd 545 128 - - 673 0.18%

Dacheng Fund Management Co Ltd 101 561 - - 662 0.18%

Mitsubishi UFJ Trust and Banking Corporation - - 615 - 615 0.17%

Van Eck Funds 568 28 - - 596 0.16%

Cathay Securities Investment Trust 411 179 - - 590 0.16%

BOCI - Prudential Asset Man Ltd 578 - - - 578 0.16%

China Merchants Fund Management Co 30 485 - - 515 0.14%

Russell Investments 268 195 - - 463 0.12%

ETF Securities - - 446 - 446 0.12%

Bosera Fund Management Co Ltd 144 223 42 - 408 0.11%

HSBC Inv Funds Ltd/Hong Kong - 351 - - 351 0.09%

AmInvestment Services Berhad/Malaysia 1 347 - - 348 0.09%

Penghua Fund Management Co Ltd 25 295 - - 320 0.09%

UBS 253 - - - 253 0.07%

BMO Global Asset Management 134 112 - - 246 0.07%

China Life AMP Asset Management Co 35 177 - - 212 0.06%

Fuh-Hwa Securities Investment Trust 212 - - - 212 0.06%

One Asset Management Ltd 207 - - - 207 0.06%

Indo Premier Securities 204 - - - 204 0.05%

Kotak Mahindra Asset Man 43 - 155 - 199 0.05%

Prudential ICICI Asset Management 176 - 16 - 192 0.05%

CSC Investment Trust 178 - - - 178 0.05%

Kiwoom Asset Management Co Ltd 71 - - 99 169 0.05%

Invesco Great Wall Fund Management Co. Ltd 153 15 - - 167 0.04%

Kokusai Asset Management Co Ltd - - - 166 166 0.04%

LIC Nomura MF Asset Management Co 152 12 - - 164 0.04%

Horizons ETFs 160 - - - 160 0.04%

Value Partners 56 - 94 - 150 0.04%

Rakuten Investment Management 138 - - - 138 0.04%

HDFC Asset Management Co Ltd 29 - 75 - 104 0.03%

i-VCAP Management 101 - - - 101 0.03%

ANZ Asset Management 87 - 10 0 98 0.03%

BOCOM Schroders 83 - - - 83 0.02%

ICBC Credit Suisse Asset Management 79 - - - 79 0.02%

Passive Funds Management Ltd 65 - - - 65 0.02%

Amundi 62 - - - 62 0.02%

CIMB-GK Securities Pte Ltd 51 - - - 51 0.01%

Yurie Asset Management 42 - - - 42 0.01%

Birla Sun Life Asset Management Co 31 - 11 - 42 0.01%

Midas Asset Management Co 39 - - - 39 0.01%

Enhanced Investment Products Limited 36 - - - 36 0.01%

Lion Fund Management Co Ltd 36 - - - 36 0.01%

Dongbu Asset Management 32 - - - 32 0.01%

Motilal Oswal Mutual Fund 30 - - - 30 0.01%

Bangkok Capital Asset Management 30 - - - 30 0.01%

Essence Asset Management - 30 - - 30 0.01%

Ping An Asset Management - 30 - - 30 0.01%

Rongtong Fund Management - 29 - - 29 0.01%

Haitong International 28 - - - 28 0.01%

Axis Asset Management - - 27 - 27 0.01%

UOB Asset Management Ltd 27 - - - 27 0.01%

Heungkuk Asset Management 26 - - - 26 0.01%

Krung Thai Asset Management 15 - 10 - 24 0.01%

Total 327,274 38,269 5,160 1,057 371,759 100%




13 July 2017

ETF Monthly Asia

Figure 52: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

First Metro Asset Management 24 - - - 24 0.01%

Phillip Capital Management 23 - - - 23 0.01%

Viet Fund Management 22 - - - 22 0.01%

GTJA Allianze Fund Management Co 22 - - - 22 0.01%

Mega International Investment Trust Co Ltd/Taiwan 19 - - - 19 0.01%

Wanjia Asset Management 19 - - - 19 0.01%

UBS Hana Asset Management Co Ltd 17 - - - 17 0.00%

Tebon Fund Management - 17 - - 17 0.00%

IDBI Asset Management - - 15 - 15 0.00%

BNP Paribas 15 - - - 15 0.00%

Zhongrong Fund Management Co Ltd - 15 - - 15 0.00%

Ping An of China Asset Management 14 - - - 14 0.00%

Paradigm Asset Management Co Ltd - - 14 - 14 0.00%

Yuanda Chinese Holdings Ltd 13 - - - 13 0.00%

Lippo Investments Management 13 - - - 13 0.00%

Quantum Asset Management 1 - 9 - 10 0.00%

Enhanced Investment Products Ltd 7 - - - 7 0.00%

Religare Mutual Fund 0 - 6 - 7 0.00%

Thanachart Fund Management - - 5 - 5 0.00%

SinoPac Securities Investment Trust Co 5 - - - 5 0.00%

Bank of China Investment Management 3 - - - 3 0.00%

TMB Asset Management 2 - - - 2 0.00%

Canara Robeco - - 2 - 2 0.00%

Edelweiss Asset Management 1 - - - 1 0.00%

Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

Total ( All Local Issuers) 327,494 38,300 5,211 1,057 372,062 100%



The Foreign Issuer AUM ranking includesthe AUM of all products cross listed in theAsia-Pacific Region, with a domicile regionoutside Asia-Pacific (e.g. the US or Europe).

Figure 53: ETP AUM (US$ Million) ranking by Foreign Issuer

Issuer EquityFixed

IncomeCommodity Total

Mkt

Share %

BlackRock 315,673 9,137 - - 324,810 41.0%

State Street 269,205 3,940 34,037 - 307,183 38.8%

Vanguard 102,233 714 - - 102,947 13.0%

Deutsche AM 26,830 2,743 - - 29,573 3.7%

ETF Securities - - 10,322 - 10,322 1.3%

Lyxor 8,286 - 1,898 - 10,184 1.3%

UBS 7,029 - - - 7,029 0.9%

ComStage 109 - - - 109 0.0%

BNP Paribas 15 - 93 - 108 0.0%

Total ( All Foreign Issuers) 729,381 16,535 46,350 - 792,265 100%




13 July 2017

ETF Monthly Asia

7. ETP - Net FlowsInvestment Focus

Figure 54: ETP Net Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets 2,766 1.2% 570 0.3% 28,541 15.7%

Emerging Markets 170 0.3% 23 0.0% (3,431) -6.9%

Global Markets (62) -3.1% 545 39.8% 343 26.3%

Sectors 239 2.1% 278 2.5% 1,399 14.0%

Capitalization (13) -1.3% 10 1.0% 198 27.0%

Strategy (1,074) -6.5% (1,154) -6.7% (1,403) -8.9%

Style (90) -1.7% 222 4.3% 622 13.8%

Thematic (115) -1.6% (88) -1.2% 565 9.7%

Total 1,820 0.6% 407 0.1% 26,835 10.0%

Current Month Prev. Month YTD


Figure 55: ETP Net Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 332 4.3% 114 1.5% 1,070 15.9%

Corporates (1) 0.0% 7 0.5% (24) -1.6%

Money Market (3,304) -10.8% 2,211 7.9% (3,435) -11.5%

Overall 65 5.3% 16 1.3% 193 18.0%

Total (2,908) -7.1% 2,347 6.1% (2,195) -5.6%



Figure 56: ETP Net Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals (48.0) -1.3% (67.1) -1.8% (359.9) -10.0%

Overall - n.a - 0.0% (0.8) -10.5%

Energy 501.5 41.6% 100.5 9.2% 575.3 46.3%

Agriculture 4.2 5.4% 1.0 1.4% 31.2 62.8%

Industrial Metals (1.0) -5.9% 0.5 3.0% 2.4 19.1%

Total 457 9.3% 35 0.7% 248 5.0%




13 July 2017

ETF Monthly Asia

Sub Segment

Figure 57: ETP Net 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 60 1.1% 119 2.1% 363 7.3%

Hong Kong 287 1.5% (419) -2.3% (736) -4.4%

Japan 2,348 1.2% 843 0.4% 28,591 18.1%

New Zealand 3 1.5% 4 1.8% 11 5.9%

Singapore 1 0.3% (4) -0.8% 8 1.7%

Asia Pacific 2,699 1.2% 543 0.2% 28,238 15.7%

US 52 14.5% 13 3.9% 73 24.9%

UK - 0.0% - 0.0% - 0.0%

Germany 0 0.0% 2 5.4% (2) -5.8%

Global broad indices 15 1.1% 13 1.0% 232 22.9%

DM Total 2,766 1.2% 570 0.3% 28,541 15.7%



Figure 58: ETP Net 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 (628) -1.7% (207) -0.6% (2,572) -7.0%

India (5) -0.2% 49 2.1% 240 13.7%

Indonesia (5) -8.9% (9) -15.4% (9) -17.3%

Malaysia - 0.0% - 0.0% - 0.0%

Philippines 2 7.0% - 0.0% 6 24.0%

South Korea 414 4.5% 197 2.4% (1,446) -16.0%

Taiwan 388 23.4% (10) -0.7% 337 23.9%

Thailand 1 1.4% 1 1.1% (1) -1.2%

Vietnam - 0.0% - 0.0% - 0.0%

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

Asia Pacific 168 0.3% 21 0.0% (3,444) -7.0%

Brazil 0 0.0% (0) -0.6% (6) -14.8%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America 0 0.0% (0) -0.6% (6) -13.6%

Russia (0) 0.0% (0) 0.0% 6 24.4%

South Africa 0 0.1% (0) -0.1% 0 0.0%

Global broad indices 2 1.1% 2 0.9% 12 8.7%

EM Total 170 0.3% 23 0.0% (3,431) -6.9%

YTDCurrent Month Prev. Month



13 July 2017

ETF Monthly Asia

Figure 59: ETP Net 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 (1) -0.4% (17) -6.0% (22) -8.0%

Consumer Staples (12) -2.1% (13) -2.4% (38) -7.5%

Energy 4 3.8% 1 0.7% 12 13.5%

Financials 46 2.8% (3) -0.2% 74 4.9%

Healthcare 1 0.2% 14 3.0% 102 27.3%

Industrials 5 2.9% 10 5.1% 6 3.1%

Information Technology 44 11.1% 27 7.8% 151 63.4%

Materials 12 5.9% 2 1.1% 16 8.2%

Real Estate 142 1.9% 263 3.7% 1,109 17.2%

Telecommunication Services - 0.0% 1 5.5% (1) -10.7%

Utilities 0 1.4% (0) 0.0% (1) -11.7%

Overall (1) -0.9% (7) -4.2% (9) -5.7%

Sector 239 2.1% 278 2.5% 1,399 14.0%

Large Cap (12) -1.7% 12 1.8% 186 39.7%

Mid Cap 1 1.1% (0) -0.4% 1 0.8%

Small Cap (3) -1.5% (2) -1.0% 11 7.3%

Capitalization (13) -1.3% 10 1.0% 198 27.0%

Short (12) -0.2% 198 3.7% 281 5.3%

Leveraged (1,393) -19.3% (1,752) -21.2% (2,841) -39.3%

Leveraged Short 259 10.0% 356 15.0% 907 42.0%

Quantitative 41 5.6% 39 5.7% 148 26.2%

Fundamental 31 4.4% 7 1.0% 102 18.7%

Strategy (1,074) -6.5% (1,154) -6.7% (1,403) -8.9%

Growth (27) -2.5% 174 18.6% 156 16.3%

Value 3 1.2% (23) -9.8% (26) -12.0%

Dividend (66) -1.6% 71 1.8% 493 14.9%

Style (90) -1.7% 222 4.3% 622 13.8%

Sustainability 8 6.6% 7 6.4% 63 102.7%

Commodities 2 4.8% 1 2.9% 2 4.7%

Other Theme (125) -1.8% (96) -1.4% 500 8.7%

Thematic (115) -1.6% (88) -1.2% 565 9.7%

Total (1,053) -2.5% (732) -1.8% 1,382 3.8%




13 July 2017

ETF Monthly Asia

Figure 60: ETP Net 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 - 0.0% - 0.0% (1) -10.5%

Agriculture

Overall 1 1.8% 1 1.9% 10 22.8%

Corn - n.a - n.a - n.a

Soybeans (3) -16.0% - 0.0% 14 302.6%

Wheat - n.a - n.a - n.a

Grains 7 n.a - n.a 7 n.a

Energy

Overall - n.a - n.a - n.a

Crude Oil 502 41.6% 101 9.2% 575 46.3%

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

Natural Gas - n.a - n.a - n.a

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper (1) -7.0% 0 3.5% 2 23.7%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold (47) -1.4% (71) -2.1% (361) -10.6%

Palladium (2) -25.6% - 0.0% (2) -30.8%

Platinum 2 1.7% 3 2.5% (1) -0.7%

Silver (0) -0.3% 1 1.2% 4 3.6%

Total 457 9.3% 35 0.7% 248 5.0%

YTDPrev. MonthCurrent Month



13 July 2017

ETF Monthly Asia

Issuer

Figure 61: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUMNomura Asset Management 1,830 1.9% 148 0.2% 12,339 15.5%

Nikko Asset Management 1,032 2.3% 726 1.7% 7,986 22.6%

State Street 597 3.1% (201) -1.0% 21 0.1%

Yuanta Securities Inv trust Co Ltd. 554 7.8% 8 0.1% 1,319 22.4%

CSOP Asset Management 294 9.9% (33) -1.2% 325 12.3%

China Asset Management 259 2.7% (134) -1.4% 121 1.3%

Daiwa Asset Management 245 0.6% (81) -0.2% 5,840 17.1%

KB Asset Management 212 13.2% 1 0.0% (76) -4.5%

Sumitomo Mitsui Asset Management 187 31.3% (48) -7.6% 277 56.9%

BetaShares Capital Ltd 166 6.2% 109 4.1% 592 26.4%

Total Top 10 (Inflows) 5,375 2.3% 494 0.3% 28,743 15.2%



Figure 62: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Yinhua Fund Management (1,403) -24.1% 688 13.6% 856 25.2%

Fortune SGAM Fund Management (1,297) -10.8% 1,224 11.5% 1,485 16.5%

Hang Seng Investment Management (333) -2.8% (214) -1.8% (1,451) -12.6%

DIAM Asset Management (330) -8.4% (934) -19.8% (598) -15.7%

Samsung Asset Management (278) -2.5% (65) -0.6% (1,247) -11.9%

China Merchants Fund Management Co (207) -28.9% 71 11.1% 117 30.8%

Dacheng Fund Management Co Ltd (198) -23.4% 53 6.8% 89 16.2%

Fubon Securities Investment Trust Co (190) -8.4% (144) -6.7% (143) -7.7%

China Southern Fund Management Co Ltd (187) -3.8% 254 5.3% (1,616) -25.2%

Harvest Fund Management Co (137) -4.9% (20) -0.7% (336) -11.8%

Total Top 10 (Outflows) (4,561) -20.2% 914 4.9% (2,845) -15.3%




13 July 2017

ETF Monthly Asia

Index Provider

Figure 63: ETP Net Flows (US$ Million) by Index Provider – Equity

(600) (400) (200) - 200 400 600

CSI

SSE

MSCI

Deutsche Borse

IISL

STOXX

S&P Dow Jones

Nasdaq OMX

Other

Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP..

Figure 64: ETP Net Flows (US$ Million) by Index Provider – Fixed Income

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

Other

Citigroup

CSI

UBS

KRX

Deutsche Bank

Markit iBoxx

Barclays

S&P Dow Jones

SSE

Maekyung FnGuide



Figure 65: ETP Net Flows (US$ Million) by Index Provider – Commodity

(200) (100) - 100 200 300 400 500

Commodity

Nikkei

Other

UBS

S&P Dow Jones




13 July 2017

ETF Monthly Asia

Underlying Index/Security

Figure 66: ETP inflows (US$ Million) by Underlying Index– Equity (Top 10)

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

TSE REIT Index

JPX Nikkei Index 400

Nikkei 225 Inverse Index

FTSE China A50 Index

Nikkei 225 Double Inverse Index

Nikkei 225

Hang Seng Index

KOSPI 200 Index

TSEC Taiwan 50 Index

TOPIX

Inflow (US$ Million)


Figure 67: ETP outflows (US$ Million) by UnderlyingIndex – Equity (Top 10)

(900) (800) (700) (600) (500) (400) (300) (200) (100) -

TOPIX Leveraged (2x) Index

JPX/S&P Capex & Human Capital Index

CSI Shanghai SOE Index

KOSDAQ150 Index

CSI 300 Daily Return Leveraged 2X Index

Taiwan Top 50 Index

SSE 180 Leveraged 2X Index

CSI 300 Index

Hang Seng China Enterprise Index

Nikkei 225 Leveraged Index

Outflow (US$ Million)


Figure 68: ETP inflows (US$ Million) by Underlying Index– Fixed Income (Top 10)

- 20 40 60 80 100 120

Solactive Australian Bank Senior Floating …

MaeKyung Money Market TR Index

SSE 5-Year China Treasury Note Index

ICE U.S. Treasury 7-10 Year Bond Index

Markit iBoxx AUD Corporates Yield Plus …

30 day Bank Bill Swap Rate

KIS MSB 5M Index

Bloomberg Barclays US Treasury 20+ …

ICE U.S. Treasury 20+ Year Bond Index

China Bond 5-year Treasurey Bond Index



Figure 69: ETP outflows (US$ Million) by UnderlyingIndex – Fixed Income

-3500 -3000 -2500 -2000 -1500 -1000 -500 0

KTB Index

KOBI Half Credit Index

KIS MSB Short Term Index

KAP Short-Term Bond Index

Citi US Treasury Select Index - JIT 7-10 Years …

iBoxx ABF Pan-Asia Index

KIS MSB 3M Index

KRW Cash Plus Index

China PBOC Benchmark Notice Deposit 7 Day

Other



Figure 70: ETP inflows (US$ Million) by Underlying Index/Security – Commodity

0 50 100 150 200 250 300

S&P Crude Oil Index Excess

Return

Nomura Crude Oil Long Index

S&P GSCI Crude Oil Enhanced

Index

UBS Bloomberg Constant Maturity

Commodity Index

S&P GSCI Crude Oil Excess Reurn

Index

S&P GSCI Crude Oil 2X Leveraged

Index ER



Figure 71: ETP outflows (US$ Million) by UnderlyingIndex/Security – Commodity

-45 -40 -35 -30 -25 -20 -15 -10 -5 0

S&P GSCI Gold 1X Inverse Index ER

Commodity Palladium

S&P GSCI Soybeans ER Index

S&P GSCI Crude Oil 1X Inverse Index ER

S&P GSCI Gold Excess Return Index

Commodity Gold




13 July 2017

ETF Monthly Asia

8. ETP - Turnover

Investment Focus

Figure 72: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity


Investment Focus - Equity TurnoverMkt


%


%

Turnover

Size 379 0.5% 250 130 52.0% 162 217 134.0%

Regional 432 0.6% 397 35 8.9% 234 198 84.8%

Style 1,377 1.8% 1,330 47 3.5% 2,342 (965) -41.2%

Sector 1,069 1.4% 754 315 41.8% 613 456 74.3%

Country 34,106 45.5% 30,883 3,223 10.4% 27,963 6,143 22.0%

Strategy 37,394 49.9% 33,872 3,522 10.4% 51,345 (13,951) -27.2%

Thematic 201 0.3% 201 1 0.3% 156 46 29.2%

Total 74,959 100% 67,686 7,272 10.7% 82,815 (7,857) -9.5%



Figure 73: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income TurnoverMkt


%


%

Turnover

Sovereign 4,541 4.2% 2,826 1,714 60.7% 1,379 3,162 229.3%

Corporates 57 0.1% 74 (18) -23.7% 33 24 71.5%

Money Market 103,232 95.6% 92,337 10,895 11.8% 109,661 (6,429) -5.9%

Overall 131 0.1% 88 43 48.8% 77 54 69.7%

Total 107,960 100% 95,325 12,635 13.3% 111,150 (3,190) -2.9%

Change from 2016MoM ChangeCurrent Month



13 July 2017

ETF Monthly Asia

Figure 74: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity TurnoverMkt


%


%

Turnover

Precious Metals 3,222 77.5% 2,440 782 32.0% 2,186 1,037 47.4%

Overall 0 0.0% 1 (1) -69.2% 0 (0) -15.4%

Energy 910 21.9% 637 272 42.7% 607 303 49.9%

Agriculture 23 0.6% 27 (4) -14.7% 6 17 266.1%

Industrial Metals 3 0.1% 2 0 23.3% 2 0 11.7%

Total 4,158 100% 3,108 1,050 33.8% 2,802 1,356 48.4%

MoM ChangeCurrent Month Change from 2016



13 July 2017

ETF Monthly Asia

Sub Segment

Figure 75: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 9,858 13.2% 8,391 1,467 17.5% 9,144 713 7.8%

Developed non-Asia Pac 155 0.2% 118 37 31.8% 90 65 72.4%

Emerging Country 24,093 32.1% 22,374 1,719 7.7% 18,728 5,365 28.6%

Regional

Asia Pacific 16 0.0% 15 2 12.9% 10 6 59.5%

Asia Pacific ex-Japan 16 0.0% 43 (27) -62.9% 38 (23) -58.6%

Emerging Markets 49 0.1% 42 6 15.2% 22 27 122.6%

Eurozone 0 0.0% 0 (0) -64.7% 0 0 76.8%

Europe 84 0.1% 68 16 24.1% 41 43 105.2%

Global 265 0.4% 226 39 17.3% 121 144 119.1%

Greater China 2 0.0% 3 (1) -40.9% 1 1 56.4%

Sector

Global 41 0.1% 26 16 60.8% 23 19 82.4%

Other Sector 176 0.2% 100 75 74.8% 60 116 194.1%

Asian Country 852 1.1% 628 224 35.7% 531 321 60.5%

Size

Large Cap 350 0.5% 220 130 59.1% 144 206 143.0%

Mid Cap 9 0.0% 10 (1) -13.6% 5 3 66.1%

Small Cap 20 0.0% 19 1 4.7% 13 8 59.5%

Style

Growth 993 1.3% 961 32 3.3% 2,055 (1,062) -51.7%

Value 13 0.0% 36 (22) -63.0% 15 (2) -11.2%

Dividend 371 0.5% 334 37 11.2% 273 98 35.9%

Strategy

Short 2,726 3.6% 2,677 48 1.8% 3,778 (1,052) -27.8%

Leveraged 29,438 39.3% 26,005 3,433 13.2% 40,246 (10,808) -26.9%

Quantitative 70 0.1% 43 27 61.4% 26 44 170.7%

Fundamental 102 0.1% 93 9 9.3% 52 50 97.2%

Thematic

Sustainability 19 0.0% 13 5 38.3% 2 16 743.0%

Commodities 16 0.0% 9 7 82.8% 9 7 71.3%

Other Theme 166 0.2% 178 (12) -6.7% 144 22 15.5%

Total 74,959 100% 67,686 7,272 10.7% 82,815 (7,857) -9.5%




13 July 2017

ETF Monthly Asia

Figure 76: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 0.39 0.0% 1.33 (0.94) -70.5% 0.46 (0.07) -15.1%

Overall ex Energy 0.02 0.0% 0.00 0.02 17840.2% 0.02 (0.01) -22.1%

Overall Light Energy - 0.0% - - n.a. - - n.a

Agriculture

Overall 4.14 0.1% 4.52 (0.38) -8.4% 4.79 (0.65) -13.6%

Corn 0.20 0.0% 0.06 0.15 251.8% 0.28 (0.07) -26.2%

Soybeans 17.00 0.4% 21.97 (4.96) -22.6% 0.43 16.57 3832.8%

Wheat 1.05 0.0% 0.40 0.65 162.9% 0.76 0.29 39.0%

Grains 0.61 0.0% 0.03 0.58 1889.4% 0.03 0.58 2000.5%

Energy

Overall 0.00 0.0% 0.00 0.00 3438.3% 0.03 (0.02) -87.1%

Crude Oil 909.25 21.9% 637.04 272.21 42.7% 606.52 302.72 49.9%

Oil & Gas - 0.0% - - n.a. - - n.a

Gasoline 0.00 0.0% 0.00 0.00 988.1% 0.02 (0.02) -86.0%

Natural Gas 0.48 0.0% 0.42 0.06 15.1% 0.34 0.15 43.6%

Industrial Metals

Overall 0.11 0.0% 0.07 0.04 53.0% 0.12 (0.01) -8.2%

Copper 2.47 0.1% 2.01 0.47 23.2% 2.19 0.28 12.9%

Nickel 0.01 0.0% 0.02 (0.02) -61.6% 0.01 0.00 12.3%

Precious Metals

Overall 0.28 0.0% 0.84 (0.56) -66.5% 0.71 (0.43) -60.2%

Gold 3,197.61 76.9% 2,414.52 783.09 32.4% 2,148.09 1,049.52 48.9%

Palladium 1.11 0.0% 0.55 0.55 99.7% 0.60 0.51 85.7%

Platinum 11.31 0.3% 11.21 0.09 0.8% 18.13 (6.82) -37.6%

Silver 11.84 0.3% 13.10 (1.27) -9.7% 18.07 (6.23) -34.5%

Total 4,158 100% 3,108 1,050 33.8% 2,802 1,356 48.4%




13 July 2017

ETF Monthly Asia

Exchange

Figure 77: ETP Monthly Turnover (US$ Million) by Exchange


Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 106,516.94 56.8% 93,843.77 12,673.18 13.5% 110,549.89 (4,032.95) -3.6%

Japan - Osaka 19,397.16 10.3% 17,438.07 1,959.09 11.2% 33,440.47 (14,043.31) -42.0%

Korea - KSE 19,212.17 10.2% 20,185.21 (973.04) -4.8% 13,938.86 5,273.31 37.8%

Hong Kong - HKE 15,903.68 8.5% 13,156.41 2,747.27 20.9% 10,812.17 5,091.51 47.1%

China - Shenzhen 11,583.32 6.2% 10,408.25 1,175.07 11.3% 9,929.48 1,653.84 16.7%

Japan - Tokyo SE 7,137.31 3.8% 6,221.46 915.86 14.7% 12,279.19 (5,141.87) -41.9%

Taiwan - TSEC 4,889.69 2.6% 3,155.94 1,733.74 54.9% 4,369.63 520.06 11.9%

Australia - ASX 2,362.97 1.3% 1,756.06 606.91 34.6% 1,346.94 1,016.03 75.4%

India - NSE 521.89 0.3% 386.75 135.14 34.9% 409.98 111.90 27.3%

Singapore - SGX 144.39 0.1% 184.93 (40.54) -21.9% 194.69 (50.31) -25.8%

New Zealand - NZ 12.38 0.0% 16.37 (3.99) -24.4% 14.73 (2.35) -16.0%

Thailand - SET 3.11 0.0% 2.69 0.43 16.0% 6.75 (3.63) -53.8%

Vietnam - HOSE 1.58 0.0% 0.33 1.25 381.3% 0.61 0.97 159.4%

Philippines - PSE 0.51 0.0% 0.47 0.04 9.1% 1.22 (0.71) -58.2%

India - Bombay 0.21 0.0% 0.26 (0.05) -20.7% 0.42 (0.21) -50.0%

Malaysia - Kuala Lumpur 0.19 0.0% 0.12 0.07 60.3% 0.31 (0.11) -37.1%

Japan - Nagoya 0.08 0.0% 0.08 (0.00) -1.0% 0.06 0.02 34.3%

Indonesia - Jakarta 0.02 0.0% 0.06 (0.05) -72.6% 0.07 (0.05) -74.4%

Total 187,688 100% 166,757 20,930 12.6% 197,295 (9,608) -4.9%




13 July 2017

ETF Monthly Asia

Issuer

Figure 78: ETP Monthly Turnover (US$ Million) by Top 40 Issuer


Issuer TurnoverMkt


%


%

Turnover

Fortune SGAM Fund Management 42,931 22.9% 34,608 8,323 24.0% 37,708 5,223 13.9%

Yinhua Fund Management 27,349 14.6% 27,028 321 1.2% 22,323 5,026 22.5%

Nomura Asset Management 22,473 12.0% 20,063 2,410 12.0% 38,168 (15,694) -41.1%

Samsung Asset Management 13,580 7.2% 13,909 (329) -2.4% 9,463 4,117 43.5%

China Southern Fund Management Co Ltd 8,698 4.6% 7,524 1,173 15.6% 10,752 (2,054) -19.1%

China Universal Asset Management Co 6,913 3.7% 6,638 276 4.2% 8,700 (1,786) -20.5%

State Street 6,084 3.2% 5,232 852 16.3% 4,281 1,802 42.1%

E Fund Management 5,691 3.0% 5,363 328 6.1% 9,254 (3,563) -38.5%

CCB Principal Asset Management Co Ltd. 5,172 2.8% 4,568 604 13.2% 436 4,735 1086.0%

China Asset Management 4,966 2.6% 3,702 1,264 34.1% 3,169 1,797 56.7%

Mirae Asset MAPS Global Investments 4,959 2.6% 4,954 5 0.1% 2,402 2,557 106.4%

Guotai Asset Management Co Ltd 4,421 2.4% 2,599 1,821 70.1% 1,035 3,386 327.2%

Dacheng Fund Management Co Ltd 3,456 1.8% 3,762 (306) -8.1% 702 2,754 392.5%

Hang Seng Investment Management 3,229 1.7% 3,939 (710) -18.0% 2,501 727 29.1%

Yuanta Securities Inv trust Co Ltd. 2,661 1.4% 1,724 937 54.4% 2,552 109 4.3%

Huaan Fund Management 2,587 1.4% 2,024 564 27.9% 2,387 200 8.4%

CSOP Asset Management 2,508 1.3% 1,655 853 51.5% 1,941 567 29.2%

BlackRock 2,262 1.2% 1,511 751 49.7% 2,114 148 7.0%

Simplex Asset Management Co Ltd 2,033 1.1% 1,762 271 15.4% 4,502 (2,470) -54.9%

Fullgoal Fund Management Co 1,782 0.9% 1,464 318 21.7% 7,550 (5,768) -76.4%

Fubon Securities Investment Trust Co 1,739 0.9% 1,063 676 63.5% 1,534 205 13.3%

Huatai-PineBridge Fund Management Co 1,710 0.9% 1,560 149 9.6% 2,485 (775) -31.2%

China Merchants Fund Management Co 1,668 0.9% 1,609 59 3.7% 1,967 (299) -15.2%

Penghua Fund Management Co Ltd 1,528 0.8% 1,884 (356) -18.9% 3,560 (2,032) -57.1%

KB Asset Management 789 0.4% 641 148 23.2% 442 347 78.6%

Daiwa Asset Management 686 0.4% 635 50 7.9% 1,126 (440) -39.1%

Vanguard 562 0.3% 412 150 36.5% 309 254 82.2%

BetaShares Capital Ltd 546 0.3% 408 139 34.0% 310 237 76.5%

Nikko Asset Management 515 0.3% 446 69 15.6% 612 (97) -15.8%

Bosera Fund Management Co Ltd 475 0.3% 375 100 26.8% 5,420 (4,945) -91.2%

Goldman Sachs 470 0.3% 328 143 43.5% 383 87 22.8%

Cathay Securities Investment Trust 363 0.2% 283 80 28.3% 195 168 86.4%

Rakuten Investment Management 353 0.2% 299 53 17.9% 564 (211) -37.4%

Korea Investment Trust Mg 346 0.2% 417 (71) -17.1% 437 (91) -20.8%

Hanwha Investment Trust Management 286 0.2% 410 (123) -30.1% 99 187 189.0%

Mitsubishi UFJ Asset Mg 215 0.1% 189 26 13.9% 240 (25) -10.3%

Rongtong Fund Management 200 0.1% 278 (78) -28.0% 649 (448) -69.1%

Woori Asset Management 194 0.1% 201 (7) -3.3% 976 (782) -80.1%

Harvest Fund Management Co 177 0.1% 130 46 35.7% 1,347 (1,171) -86.9%

Kokusai Asset Management Co Ltd 132 0.1% 173 (41) -23.8% 321 (190) -59.0%

Total Top 40 186,710 99.5% 165,770 20,940 12.6% 194,917 (8,207) -4.2%

MoM Change Change from 2016Current Month



13 July 2017

ETF Monthly Asia

Index Provider

Figure 79: ETP Monthly Turnover (US$ Million) by Index Provider – Equity (Top10)

- 7,000 14,000 21,000 28,000

MSCI

Other

S&P Dow Jones

Topix

SSE

FTSE

CSI

HSIL

KRX

Nikkei

Turnover (US$ Million)


Figure 80: ETP Monthly Turnover (US$ Million) by Index Provider – FixedIncome

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

CSI

Deutsche Bank

UBS

Maekyung FnGuide

Markit iBoxx

KRX

Citigroup

S&P Dow Jones

SSE

Other




13 July 2017

ETF Monthly Asia

Figure 81: ETP Monthly Turnover (US$ Million) by Index Provider – Commodity

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

Nikkei

Reuters/Jefferies

Reuters/Jefferies

Other

UBS

S&P Dow Jones

Commodity




Figure 82: ETP Monthly Turnover (US$ Million) by Underlying Index – Equity(Top 10)

0 5000 10000 15000 20000

Nikkei 225

SSE 50 Index

Nikkei 225 Double Inverse Index

F-KOSPI 200 Index


CSI 300 Index


Hang Seng Index

KOSPI 200 Index

Nikkei 225 Leveraged Index




13 July 2017

ETF Monthly Asia

Figure 83: ETP Monthly Turnover (US$ Million) by Underlying Index – FixedIncome

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

KRW Cash Index TR

KIS MSB 5M Index


Bloomberg Barclays US Treasury 20+ Year …

S&P US Treasury Bond Futures Excess Return …


Active

SSE 5-Year China Treasury Note Index


Other



Figure 84: ETP Monthly Turnover (US$ Million) by Underlying Index/Security –Commodity (Top 10

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

S&P WCI Gold Excess Return Index

S&P GSCI Soybeans ER Index

S&P GSCI Gold Excess Return Index

S&P GSCI Crude Oil 1X Inverse Index ER

S&P GSCI Crude Oil Enhanced Index


UBS Bloomberg Constant Maturity Commodity …

S&P GSCI Crude Oil Excess Reurn Index

S&P GSCI Crude Oil 2X Leveraged Index ER

Commodity Gold




13 July 2017

ETF Monthly Asia

9. ETP - Assets UnderManagement

Investment Focus

Figure 85: ETP AUM (US$ Million) by Investment Focus – Equity


Investment Focus - Equity AUMMkt


Size 1,014 0.3% 1,009 5 0.5% 736 278 37.8%

Regional 3,491 1.1% 3,508 (17) -0.5% 2,474 1,017 41.1%

Style 5,405 1.7% 5,424 (19) -0.4% 4,494 911 20.3%

Sector 11,533 3.5% 11,447 86 0.8% 9,973 1,560 15.6%

Country 283,449 86.6% 276,938 6,511 2.4% 230,053 53,396 23.2%

Strategy 15,491 4.7% 16,650 (1,159) -7.0% 15,758 (267) -1.7%

Thematic 7,111 2.2% 7,254 (143) -2.0% 5,853 1,258 21.5%

Total 327,494 100% 322,230 5,264 1.6% 269,341 58,153 21.6%



Figure 86: ETP AUM (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income AUMMkt


Sovereign 8,131 21.2% 7,801 330 4.2% 6,741 1,390 20.6%

Corporates 1,482 3.9% 1,475 7 0.5% 1,464 18 1.2%

Money Market 27,370 71.5% 30,559 (3,188) -10.4% 29,882 (2,512) -8.4%

Overall 1,316 3.4% 1,231 85 6.9% 1,071 246 22.9%

Total 38,300 100% 41,066 (2,766) -6.7% 39,158 (858) -2.2%




13 July 2017

ETF Monthly Asia

Figure 87: ETP AUM (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity AUMMkt


Precious Metals 3,502 67.2% 3,609 (107) -3.0% 3,607 (105) -2.9%

Overall 7 0.1% 7 0 1.0% 8 (1) -99.1%

Energy 1,606 30.8% 1,206 401 33.2% 1,243 364 29.3%

Agriculture 80 1.5% 77 3 4.1% 50 30 60.8%

Industrial Metals 16 0.3% 17 (0) -2.9% 13 4 29.1%

Total 5,211 100% 4,915 296 6.0% 4,920 292 5.9%




13 July 2017

ETF Monthly Asia

Sub Segment

Figure 88: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 229,771 70.2% 225,092 4,679 2.1% 180,333 49,438 27.4%

Developed non-Asia Pac 449 0.1% 406 43 10.7% 338 112 33.2%

Emerging Country 53,228 16.3% 51,440 1,788 3.5% 49,383 3,846 7.8%

Regional

Asia Pacific 75 0.0% 77 (2) -2.7% 68 7 10.2%

Asia Pacific ex-Japan 1,797 0.5% 1,829 (33) -1.8% 1,120 677 60.5%

Emerging Markets 194 0.1% 193 2 0.9% 160 35 21.8%

Global 1,049 0.3% 1,039 10 0.9% 911 137 15.1%

Greater China 63 0.0% 61 1 1.9% 46 16 34.7%

Sector

Other Sector 733 0.2% 628 105 16.7% 483 249 51.5%

Asian Country 10,742 3.3% 10,766 (24) -0.2% 9,456 1,286 13.6%

Size

Large Cap 709 0.2% 715 (6) -0.9% 470 239 50.9%

Mid Cap 134 0.0% 127 7 5.4% 116 19 16.1%

Small Cap 170 0.1% 166 4 2.4% 150 20 13.5%

Style

Growth 1,095 0.3% 1,082 13 1.2% 958 136 14.2%

Value 231 0.1% 227 5 2.1% 219 12 5.5%

Dividend 4,079 1.2% 4,116 (37) -0.9% 3,316 763 23.0%

Strategy

Short 5,155 1.6% 5,402 (246) -4.6% 5,259 (103) -2.0%

Leveraged 6,136 1.9% 7,210 (1,074) -14.9% 7,228 (1,092) -15.1%

Quantitative 774 0.2% 744 30 4.1% 566 208 36.8%

Fundamental 726 0.2% 695 31 4.5% 544 182 33.4%

Thematic

Sustainability 133 0.0% 124 9 7.3% 61 72 116.7%

Commodities 39 0.0% 34 5 14.5% 33 5 16.0%

Other Theme 6,939 2.1% 7,096 (157) -2.2% 5,758 1,181 20.5%

Total 327,494 100% 322,230 5,264 1.6% 269,341 58,153 21.6%




13 July 2017

ETF Monthly Asia

Figure 89: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 7 0.1% 7 0 n.a 8 (1) -9.4%

Agriculture

Overall 55 1.1% 55 0 0.5% 45 10 23.2%

Corn - 0.0% - - n.a - - n.a

Soybeans 18 0.3% 22 (4) -17.0% 5 13 279.3%

Wheat - 0.0% - - n.a - - n.a

Grains 7 0.1% - 7 n.a - 7 n.a

Energy

Overall - 0.0% - - n.a - - n.a

Oil & Gas - 0.0% - - n.a - - n.a

Crude Oil 1,606 30.9% 1,206 401 33.2% 1,243 364 29.3%

Natural Gas - 0.0% - - n.a - - n.a

Industrial Metals

Overall 3 0.1% 3 0 0.1% 2 0 12.0%

Copper 14 0.3% 14 (0) -3.5% 10 3 33.2%

Precious Metals

Overall 8 0.1% 8 (0) -3.0% 7 1 10.4%

Gold 3,278 63.0% 3,377 (99) -2.9% 3,392 (114) -3.4%

Palladium 6 0.1% 8 (2) -20.0% 6 (0) -4.0%

Platinum 104 2.0% 105 (1) -1.2% 103 1 1.3%

Silver 106 2.0% 112 (6) -5.3% 99 7 6.6%

Total 5,211 100.1% 4,915 296 6.0% 4,920 292 5.9%

YTD ChangeCurrent Month MoM Change



13 July 2017

ETF Monthly Asia

Issuer

Figure 90: ETP AUM (US$ Million) by Top 40 Local Issuer


Issuer AUMMkt


Nomura Asset Management 100,563 27.0% 98,079 2,484 2.5% 79,781 20,782 26.0%

Nikko Asset Management 47,171 12.7% 45,833 1,338 2.9% 35,341 11,830 33.5%

Daiwa Asset Management 43,877 11.8% 43,276 602 1.4% 34,148 9,730 28.5%

State Street 20,336 5.5% 19,546 790 4.0% 18,103 2,233 12.3%

Mitsubishi UFJ Asset Mg 17,630 4.7% 18,237 (607) -3.3% 14,028 3,602 25.7%

BlackRock 13,729 3.7% 13,861 (132) -1.0% 11,965 1,764 14.7%

Hang Seng Investment Management 11,554 3.1% 12,021 (467) -3.9% 11,503 51 0.4%

Fortune SGAM Fund Management 10,733 2.9% 11,962 (1,230) -10.3% 8,984 1,749 19.5%

Samsung Asset Management 10,715 2.9% 11,058 (343) -3.1% 10,472 244 2.3%

China Asset Management 10,392 2.8% 9,667 725 7.5% 8,991 1,401 15.6%

Yuanta Securities Inv trust Co Ltd. 7,670 2.1% 7,068 602 8.5% 5,878 1,791 30.5%

Mirae Asset MAPS Global Investments 5,485 1.5% 5,458 28 0.5% 4,784 701 14.7%

China Southern Fund Management Co Ltd 4,943 1.3% 4,924 19 0.4% 6,423 (1,480) -23.0%

Yinhua Fund Management 4,459 1.2% 5,815 (1,356) -23.3% 3,399 1,060 31.2%

Vanguard 4,153 1.1% 4,068 85 2.1% 3,695 459 12.4%

E Fund Management 3,765 1.0% 4,023 (257) -6.4% 4,336 (571) -13.2%

Huaan Fund Management 3,723 1.0% 3,685 37 1.0% 4,096 (373) -9.1%

Huatai-PineBridge Fund Management Co 3,692 1.0% 3,520 171 4.9% 3,436 256 7.4%

DIAM Asset Management 3,620 1.0% 3,916 (296) -7.6% 3,823 (203) -5.3%

CSOP Asset Management 3,379 0.9% 2,957 422 14.3% 2,640 739 28.0%

China Universal Asset Management Co 2,925 0.8% 2,882 43 1.5% 3,393 (468) -13.8%

BetaShares Capital Ltd 2,902 0.8% 2,691 210 7.8% 2,237 665 29.7%

Harvest Fund Management Co 2,860 0.8% 2,827 33 1.2% 2,844 16 0.6%

Fubon Securities Investment Trust Co 2,184 0.6% 2,273 (89) -3.9% 1,842 343 18.6%

KB Asset Management 1,804 0.5% 1,611 193 12.0% 1,712 92 5.4%

CCB Principal Asset Management Co Ltd. 1,787 0.5% 1,908 (121) -6.3% 806 981 121.8%

Reliance Capital Asset Management 1,610 0.4% 1,779 (169) -9.5% 656 953 145.2%

Hanwha Investment Trust Management 1,359 0.4% 1,297 62 4.8% 1,059 300 28.4%

Simplex Asset Management Co Ltd 1,322 0.4% 1,328 (6) -0.5% 1,453 (131) -9.0%

Smartshares Ltd 1,270 0.3% 1,226 44 3.6% 1,110 160 14.4%

Korea Investment Trust Mg 1,058 0.3% 1,045 13 1.3% 1,104 (46) -4.2%

GF Fund Management Co Ltd 988 0.3% 927 61 6.5% 839 148 17.7%

Woori Asset Management 977 0.3% 911 66 7.3% 825 152 18.4%

NZAM 975 0.3% 975 1 0.1% 916 59 6.4%

HFT Investment Management Co Ltd 908 0.2% 901 7 0.7% 872 36 4.1%

SBI Funds Management 839 0.2% 847 (8) -1.0% 707 132 18.6%

Guotai Asset Management Co Ltd 795 0.2% 766 29 3.8% 759 36 4.8%

Sumitomo Mitsui Asset Management 768 0.2% 598 170 28.4% 487 281 57.5%

Goldman Sachs 721 0.2% 724 (3) -0.4% 644 76 11.8%

Fullgoal Fund Management Co 700 0.2% 681 18 2.7% 2,395 (1,695) -70.8%

Total Top 40 360,340 96.8% 357,173 3,167 0.9% 302,486 57,854 19.1%




13 July 2017

ETF Monthly Asia

Index Provider

Figure 91: ETP AUM (US$ Million) by Index Provider – Equity (Top 10)

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

MSCI

S&P …

SSE

FTSE

KRX

Other

CSI

HSIL

Topix

Nikkei

AUM (US$ Million)


Figure 92: ETP AUM (US$ Million) by Index Provider – Fixed Income

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

SSE

Maekyung FnGuide

KRX

Citigroup

Barclays

Deutsche Bank

UBS

S&P Dow Jones

Markit iBoxx

Other

AUM (US$ Million)



13 July 2017

ETF Monthly Asia

Figure 93: ETP AUM (US$ Million) by Index Provider – Commodity

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

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)



Figure 94: ETP AUM (US$ Million) by Underlying Index – Equity (Top 10)

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

TSE REIT Index

SSE 50 Index



JPX Nikkei Index 400

KOSPI 200 Index

CSI 300 Index

Hang Seng Index

Nikkei 225

TOPIX

AUM (US$ Million)



13 July 2017

ETF Monthly Asia

Figure 95: ETP AUM (US$ Million) by Underlying Index – Fixed Income (Top 10)

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

iBoxx ABF Singapore Bond Index

KIS MSB 3M Index

KRW Cash Plus Index


Pledgeable urban Investment Bond Index


KRW Cash Index TR


iBoxx ABF Pan-Asia Index

Other

AUM (US$ Million)


Figure 96: ETP AUM (US$ Million) by Underlying Index/Security – Commodity(Top 10)

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

S&P GSCI Gold Index

S&P GSCI Agriculture Enhanced Select Index

Commodity Silver

Commodity Platinum

S&P GSCI Crude Oil Enhanced Index

S&P GSCI Crude Oil Excess Reurn Index


UBS Bloomberg Constant Maturity Commodity …

S&P GSCI Crude Oil 2X Leveraged Index ER

Commodity Gold

AUM (US$ Million)



13 July 2017

ETF Monthly Asia

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


13 July 2017

ETF Monthly Asia

Appendix A: Glossary


13 July 2017

ETF Monthly Asia

Appendix B: How wedefine 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 noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

The figure below provides a summary of our current coverage universe by regionand structure 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 97: 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.

Exchange-Traded Collateralized Instruments (2.6%)

Exchange-Traded Commodities (ETCs, 0.8%)


13 July 2017

ETF Monthly Asia

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.


13 July 2017

ETF Monthly Asia

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


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

https://gm.db.com/equities

13 July 2017

ETF Monthly Asia

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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13 July 2017

ETF Monthly Asia

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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13 July 2017

ETF Monthly Asia

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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13 July 2017

ETF Monthly Asia

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporatedin the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized underGerman Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s FederalFinancial Supervisory Authority.

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.

Korea: Distributed by Deutsche Securities Korea Co.?

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch RegisterNumber in South Africa: 1998/003298/10).??Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One RafflesQuay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters arisingfrom, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not anaccredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations),they accept legal responsibility to such person for its contents.

Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers shouldindependently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank researchmay not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without written consent.Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to beconstrued as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branchmay not execute transactions for clients in these securities/instruments.??


13 July 2017

ETF Monthly Asia

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial CentreRegulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall withinthe scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, WestBay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financialproducts or services are only available to Business Customers, as defined by the Qatar Financial Centre RegulatoryAuthority.

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Additional information relative to securities, other financial products or issuers discussed in this report is available uponrequest. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent.??Copyright © 2017 Deutsche Bank AG


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Research

Michael SpencerHead of APAC Research

Global Head of Economics

Steve PollardHead of Americas Research

Global Head of Equity Research

Anthony KlarmanGlobal Head ofDebt Research

Paul ReynoldsHead of EMEA

Equity Research

Dave ClarkHead of APAC

Equity Research

Pam FinelliGlobal Head of

Equity Derivatives Research

Andreas NeubauerHead of Research - Germany

Stuart KirkHead of Thematic Research

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