US ETF Market Monthly Review · US ETF Market Monthly Review Deutsche Bank Securities Inc. Page 3...

Deutsche Bank Markets Research

North America

United States

Synthetic Equity & Index Strategy

US ETF Market Monthly Review

Date

5 November 2015

Markets and healthy inflows push ETP assets up by $147.3bn

Data in this report is as of Friday, October 30th

________________________________________________________________________________________________________________

Deutsche Bank Securities Inc.

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

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Source: Deutsche Bank

US ETP assets rose by $147.3bn ETP assets in the US rose by $147.3bn to $2.111 trillion [YTD +6.7%] last month. Global ETP industry assets closed at $2.874.6 trillion [YTD 8.9%]. ETF AUM was 15.2% of the Mutual Fund AUM at the end of September vs.14.6% at the end of 2014, and 6.5% at the end of 2007.

Flows Review: ETPs capture $28.0bn during October US ETPs experienced inflows of $28.0bn during October (+1.4% of last month's AUM). Equity, Fixed Income, and Commodity ETPs experienced inflows during October of $15.8bn, $11.5bn, and $0.5bn, respectively. Corporate HY and IG received their largest monthly inflows on record with $5.5bn and $3.3bn, respectively.

New Launch Calendar: Twenty six new products reached the market during October There were twenty new ETFs and six ETNs listed during the previous month; twenty of these were listed in the NYSE Arca; three were listed in the BATS, while the remaining three were listed in the NASDAQ. The new products offer exposure to China A-share market; China A and H-Shares market using a dynamic share class arbitrage strategy, FX hedged exposure to the China A-share market, high dividend yielding stocks in the S&P 500 Index, S&P 500 Index focused on Value and Momentum factors, respectively; currency hedged exposure to Global ex-US Real Estate equities; FX hedged exposure to Japan, HY and IG US Corporate Bonds, respectively; Real Estate sector, Financial Services sector, Sector Rotation portfolio; currency hedged exposure to Europe and Asia Pacific regions, FX hedged exposure to Low Volatility Japan equities; thematic exposures to companies that develop therapies to treat cancer, EM companies with significant revenue from exports; European companies that may benefit from Europe’s economic recovery, and Restaurants, respectively; while, the notes offer exposure to MLPs, Infrastructure MLPs, Commodity futures, 2x Leveraged exposure to REITs; and two Alternative portfolios.

Turnover Review: Floor activity decreased by 8.2% in October ETP turnover totaled $1.620 trillion last month, 8.2% (-$145.5bn) lower than the previous month figure of $1.766 trillion, and 16.1% above last year's monthly average of $1.395 trillion. Fixed Income and Commodity ETPs turnover increased by $20.7bn (+19.4%) and $2.7bn (+8.0%), respectively; while, Equity ETPs turnover decreased by $153.7bn (-9.7%) during October. ETP trading made up 26.1% of all US cash equity trading in October, down from this year's peak of 30.4% in August, and in line with its 3-year monthly average of 26.2%.

5 November 2015



Table Of Contents

Monthly Commentary ......................................................... 3 Market Review .................................................................................................... 3 ETF Industry Scorecard....................................................................................... 5

Product Launches & Delistings ........................................... 6 New Launch Calendar: Twenty six new products reached the market during October ............................................................................................................... 6 Lastest trends in product launches ..................................................................... 7 Products delisted ................................................................................................ 9

ETP Historical Trends ........................................................ 10 ETP Industry Asset Evolution ............................................................................ 10 Mutual Funds Flows – Unites States ................................................................ 11 Cash Equities (ex ETPs) vs. ETP turnover – United States ................................ 12 Historical ETP monthly trends: AUM, CF, TO ................................................... 13

ETP Market Monthly Review ............................................. 15 Asset Class Snapshot ....................................................................................... 15 ETN Data Snapshot .......................................................................................... 17 ETP Rankings .................................................................................................... 18 Top 20 ETPs by Inflows and Outflows .............................................................. 18 Global Issuer Rankings ..................................................................................... 20 US Issuer Rankings ........................................................................................... 21 Investment Focus Snapshot ............................................................................. 24

Appendix A: How we define ETPs ..................................... 34

5 November 2015



Monthly Commentary1

Market Review

The US (S&P 500) edged higher by 8.30%; while, outside the US, the MSCI

EAFE (in USD) and the MSCI EM (USD) rose by 7.82% and 7.13%, respectively.

In the meantime, performance was positive across all US sectors. Materials

(+13.43%) and Energy (+10.95%) sectors recorded the largest increases

(Figure 1).

Figure 1: Asset Class Monthly Performance Summary - Equity

Region Country Focus NameBloomberg

TickerAugust September October YTD

EQUITY

North America US Broad MSCI US Broad Market MSCIBM -6.21% -3.10% 7.77% 0.47%

North America US Large Cap S&P 500 SPX -6.26% -2.64% 8.30% 0.99%

North America US Mid Cap S&P 400 MID -5.73% -3.38% 5.54% -0.53%

North America US Small Cap Russell 2000 RTY -6.40% -5.07% 5.56% -3.56%

North America US Energy S&P Energy Select Sector IXE -4.63% -7.36% 10.95% -14.24%

North America US Materials S&P Materials Select Sector IXB -5.77% -7.70% 13.43% -6.88%

North America US Healthcare S&P Healthcare Select Sector IXV -8.02% -5.81% 7.66% 4.22%

North America US Utilities S&P Utilities Select Sector IXU -4.00% 2.61% 1.06% -7.43%

North America US Cons. Staples S&P Cons. Staples Select Sector IXR -5.99% 0.10% 5.47% 2.67%

North America US Financials S&P Financials Select Sector IXM -6.94% -3.17% 6.11% -2.80%

North America US Industrials S&P Industrials Select Sector IXI -5.71% -2.32% 8.67% -4.19%

North America US Cons. Discretionary S&P Cons. Discretionary Select Sector IXY -6.57% -0.79% 8.99% 12.15%

North America US Technology S&P Technology Select Sector IXT -5.56% -1.36% 10.14% 5.41%

North America US Real Estate MSCI US REIT RMZ -6.49% 2.45% 5.55% -1.72%

North America US Dividend Div. Achievers Select DVG -6.14% -1.97% 6.56% -3.11%

Global DM ex-NA Large+Mid Cap MSCI EAFE NDDUEAFE -7.36% -5.08% 7.82% 2.13%

North America Canada Large+Mid Cap MSCI Canada NDDUCA -6.46% -4.71% 4.18% -16.73%

Asia Pacific Japan Large+Mid Cap MSCI Japan NDDUJN -5.81% -6.80% 10.09% 10.32%

Europe Germany Large+Mid Cap MSCI Germany NDDUGR -7.51% -6.18% 10.62% 0.77%

Global EM Large+Mid Cap MSCI EM NDUEEGF -9.04% -3.01% 7.13% -9.45%

Asia Pacific China Large Cap FTSE China XINOU -10.88% -3.27% 9.33% -8.71%

Latin America Brazil Large+Mid Cap MSCI Brazil NDUEBRAF -14.17% -11.88% 5.20% -36.23%

Europe Russia Large Cap DAXglobal Russia+ MVRSXTR -4.83% -3.99% 6.85% 10.83%

Classification Index/Benchmark Performance

Source: Deutsche Bank, Bloomberg Finance LP

1The Monthly commentary section focuses on long only ETP Flows. Short and Long-Short ETP Flows are excluded.

5 November 2015



The DB Liquid Commodity Index rose by 0.72%; similarly, the Agriculture

sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold and Silver

prices rose by 1.76%, 3.33%, 2.43% and 7.09%, respectively. . Moving into

other asset classes, the 10Y US Treasury Yield increased 10bps ending at

2.16%. Meanwhile on the FX side the USD strengthened against the Euro

(1.53%), the Swiss Franc (1.50%), and the Japanese Yen (0.62%); while it

weakened against the British Pound (1.98%). Last but not least, Volatility (VIX)

dropped by 38.49% during the same period (Figure 2).

Figure 2: Asset Class Monthly Performance Summary - Other Asset Classes

Region Country Focus NameBloomberg

TickerAugust September October YTD

FIXED INCOME

North America US Broad Market Barclays Capital US Aggregate LBUSTRUU -0.14% 0.68% 0.02% 1.14%

North America US IG Corporate Markit iBoxx $ IG Corporate IBOXIG -0.68% 0.94% 0.70% 0.27%

North America US HY Corporate Markit iBoxx $ High Yield Corporate IBOXHY -1.72% -3.05% 3.27% -0.46%

North America US Inflation Linked Barclays Capital US Treasury Inflation Notes TIP -0.95% -0.80% 0.24% -0.94%

North America US Short Term Sovereign Barclays Capital 1-3 Year Treasury Bond SHY -0.09% 0.25% -0.19% 0.45%

North America US Mid Term Sovereign Barclays Capital 7-10 Year Treasuy Bond IEF -0.08% 1.42% -0.79% 0.97%

North America US Long Term Sovereign Barclays Capital 20+ Year Treasury Bond TLT -0.91% 1.75% -0.62% -2.49%

North America US Short Term Credit Barclays Capital 1-3 Year Credit Bond CSJ -0.11% 0.06% 0.12% 0.08%

North America US Mid Term Credit Barclays Intermediate U.S. Credit Index CIU -0.64% 0.27% 0.18% -0.48%

North America US Preferred Stock S&P Preferred Stock SPPREF -1.16% -1.55% 1.99% -0.73%

North America US Mortgage-backed Securities Barclays Capital US MBS Fixed Rate MBB -0.21% 0.41% -0.16% 0.11%

North America US Municipal S&P National Municipal Bond SPMUNUST 0.17% 0.67% 0.38% 1.93%

Global DM ex-US Intl. IG Sovereign Debt Barclays Capital International Treasury Bond BWX -0.19% 0.50% 0.42% -5.49%

Global EM EM Sovereign Debt JP Morgan Emerging Markets Bond USD JPEICORE -1.01% -1.38% 2.97% 2.33%

COMMODITIES

Broad US Diversified - Optimum Yield DB Liquid Commodity - OY Diversified TR DBLCIX -0.91% -3.35% 0.72% -16.61%

Agriculture US Broad Agriculture DB Diversified Agriculture TR DBAGIX -2.74% 0.18% 1.76% -13.63%

Energy US Crude Oil - WTI WTI USD Price/barrel CL1 4.41% -8.35% 3.33% -12.54%

Energy UK Crude Oil - Brent Brent USD Price/barrel CO1 1.65% 0.00% 0.11% 5.82%

Precious Metals US Gold Gold USD Price/oz GOLDS 3.56% -1.74% 2.43% -3.60%

Precious Metals US Silver Silver USD Price/oz SILV -1.07% -0.72% 7.09% -0.98%

CURRENCY

Currency Pair US EUR/USD EUR / USD cross FX rate EURUSD 2.07% -0.30% -1.53% -9.03%

Currency Pair US GBP/USD GBP / USD cross FX rate GBPUSD -1.77% -1.41% 1.98% -0.96%

Currency Pair US USD/CHF USD / CHF cross FX rate USDCHF 0.10% 0.62% 1.50% -0.64%

Currency Pair US USD/JPY USD / JPY cross FX rate USDJPY -2.15% -1.11% 0.62% 0.70%

ALTERNATIVE

Volatility US Equity CBOE S&P 500 Options Volatility VIX 134.57% -13.82% -38.49% -21.51%

Classification Index/Benchmark Performance

Source: Deutsche Bank, Bloomberg Finance LP

5 November 2015



ETF Industry Scorecard

ETP assets in the US rose by $147.3bn to $2.111 trillion [YTD +6.7%]

last month (Figures 5).

US ETPs experienced inflows of $28.0bn during October (+1.4% of last

month's AUM) (Figure 16).

Equity, Fixed Income, and Commodity ETPs experienced inflows

during October of $15.8bn, $11.5bn, and $0.5bn, respectively (Figure

16).

ETP turnover totaled $1.620 trillion last month, 8.2% (-$145.5bn) lower

than the previous month figure of $1.766 trillion, and 16.1% above last

year's monthly average of $1.395 trillion (Figure 17).

Fixed Income and Commodity ETPs turnover increased by $20.7bn

(+19.4%) and $2.7bn (+8.0%), respectively; while Equity ETPs turnover

decreased by $153.7bn (-9.7%) during October (Figure 17).

ETF AUM was 15.2% of the Mutual Fund AUM at the end of

September vs.14.6% at the end of 2014, and 6.5% at the end of 2007

(Figure 7).

ETF assets decreased by 0.5% at the end of September, despite YTD

positive flow of $142.8bn (+7.4% of December AUM); meanwhile, MF

assets decreased by 4.1%, experienced outflows of $9.6bn (-0.5% of

December AUM) (Figures 8).

ETP trading made up 26.1% of all US cash equity trading in October,

down from this year's peak of 30.4% in August, and in line with its 3-

year monthly average of 26.2% (Figures 10).

5 November 2015



Product Launches & Delistings

New Launch Calendar: Twenty six new products reached the market during October

There were twenty new ETFs and six ETNs listed during the previous month; twenty of these were listed in the NYSE Arca; three were listed in the BATS, while the remaining three were listed in the NASDAQ. The new products offer exposure to China A-share market; China A and H-Shares market using a dynamic share class arbitrage strategy, FX hedged exposure to the China A-share market, high dividend yielding stocks in the S&P 500 Index, S&P 500 Index focused on Value and Momentum factors, respectively; currency hedged exposure to Global ex-US Real Estate equities; FX hedged exposure to Japan, HY and IG US Corporate Bonds, respectively; Real Estate sector, Financial Services sector, Sector Rotation portfolio; currency hedged exposure to Europe and Asia Pacific regions, FX hedged exposure to Low Volatility Japan equities; thematic exposures to companies that develop therapies to treat cancer, EM companies with significant revenue from exports; European companies that may benefit from Europe’s economic recovery, and Restaurants, respectively; while, the notes offer exposure to MLPs, Infrastructure MLPs, Commodity futures, 2x Leveraged exposure to REITs; and two Alternative portfolios.

Figure 3: New Listings ETPs+ETNs during October

ETP Name IssuerAsset Class

& StructureExchange TER

Bloom-

berg

AUM

($Million)

iShares Currency Hedged JPX-Nikkei 400 ETF BlackRock Equity ETF NYSE Arca 0.48% HJPX US 2.7

CSOP China CSI 300 A-H Dynamic ETF CSOP Asset Management Equity ETF NYSE Arca 0.75% HAHA US 5.1

CSOP MSCI China A International Hedged ETF CSOP Asset Management Equity ETF NYSE Arca 0.79% CNHX US 6.0

Deutsche X-Trackers CSI 300 China A-Shares Hedged Equity ETF Deutsche AWM Equity ETF NYSE Arca 0.85% ASHX US 4.6

The Restaurant ETF ETFMG Equity ETF Nasdaq 0.75% BITE US 4.7

Loncar Cancer Immunotherapy ETF Exchange Traded Concepts Equity ETF Nasdaq 0.79% CNCR US 42.6

Guggenheim BulletShares 2023 High Yield Corporate Bond ETF Guggenheim Investments Fixed Income ETF NYSE Arca 0.42% BSJN US 2.6

Guggenheim BulletShares 2025 Corporate Bond ETF Guggenheim Investments Fixed Income ETF NYSE Arca 0.24% BSCP US 2.7

PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio PowerShares Equity ETF NYSE Arca 0.25% FXEP US 2.7

PowerShares DWA Tactical Sector Rotation Portfolio PowerShares Equity ETF Nasdaq 0.15% DWTR US 2.6

PowerShares Japan Currency Hedged Low Volatility Portfolio PowerShares Equity ETF NYSE Arca 0.25% FXJP US 31.4

PowerShares S&P 500 Momentum Portfolio PowerShares Equity ETF NYSE Arca 0.25% SPMO US 30.2

PowerShares S&P 500 Value Portfolio PowerShares Equity ETF NYSE Arca 0.25% SPVU US 43.3

Financial Services Select Sector SPDR Fund State Street Equity ETF NYSE Arca 0.14% XLFS US 20.5

Real Estate Select Sector SPDR Fund State Street Equity ETF NYSE Arca 0.14% XLRE US 24.1

SPDR MSCI China A Shares IMI ETF State Street Equity ETF NYSE Arca 0.65% XINA US 20.2

SPDR S&P 500 High Dividend ETF State Street Equity ETF NYSE Arca 0.12% SPYD US 11.1

ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN Series B UBS Alternative ETN NYSE Arca 0.85% LBDC US 4.5

ETRACS Alerian MLP Index ETN Series B UBS Equity ETN NYSE Arca 0.80% AMUB US 3.0

ETRACS Alerian MLP Infrastructure Index ETN Series B UBS Equity ETN NYSE Arca 0.85% MLPB US 2.5

ETRACS CMCI Total Return ETN Series B UBS Commodity ETN NYSE Arca 0.55% UCIB US 3.0

ETRACS Linked to the Wells Fargo Business Development Company Index ETN Series B UBS Alternative ETN NYSE Arca 0.85% BDCZ US 2.5

ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B UBS Equity ETN NYSE Arca 0.40% MRRL US 2.5

WisdomTree Europe Local Recovery Fund WisdomTree Equity ETF BATS 0.48% EZR US 2.5

WisdomTree Global ex-U.S. Hedged Real Estate Fund WisdomTree Equity ETF BATS 0.43% HDRW US 2.5

WisdomTree Strong Dollar Emerging Markets Equity Fund WisdomTree Equity ETF BATS 0.58% EMSD US 2.5 Source: Deutsche Bank, Bloomberg Finance LP

5 November 2015



Lastest trends in product launches

Equity welcomed twenty one new products during October.

PowerShares listed five new ETFs during October. Two of them offer

FX hedged low volatility exposure to Japan (FXJP) and Euro Pacific ex-

South Korea region (FXEP), respectively; meanwhile, two funds offer

exposure to the S&P 500 Index focused on Value (SPVU) and

Momentum (SPMO) factors, respectively. Finally, the last product

(DWTR) is fund of funds which offers an equal-weighted exposure to

US equity markets through a tactical sector rotation strategy. DWTR

comes with an annual expense ratio of 0.15%; while, the remaining

funds with an annual expense ratio of 0.25%.

State Street listed four new ETFs during last month. The first one

offers exposure to China A-Shares market (XINA) and comes with an

annual expense ratio of 0.65%. The second fund offers exposure to

high dividend yielding stocks in the S&P 500 Index (SPYD) and comes

with an annual expense ratio of 0.12%. Finally, the remaining two

funds offer exposure to the Financial Services (XLFS) and Real Estate

(XLRE) US sectors; respectively. Both products come with a total

expense ratio of 0.14%.

WisdomTree listed three new ETFs the past month. One of them

(HDRW) offers FX hedged exposure to Global ex-US Real Estate

companies and comes with an annual expense ratio of 0.43%. The

second fund (EMSD) is designed to provide exposure to EM

companies with significant revenue from exports that may benefit

from a strengthening U.S. dollar. EMSD tracks the WisdomTree Strong

Dollar Emerging Markets Equity Index and comes with annual expense

ratio of 0.58%. Finally, the last one (EZR) offers exposure to European

companies that may benefit from Europe’s economic recovery and

European’s increased buying power. EZR tracks the WisdomTree

Europe Local Recovery Index and comes with a total expense ratio of

0.48%.

CSOP Asset Management listed two ETFs. One of them (CNHX) offers

FX hedged exposure to the China A-share market; while, the second

fund (HAHA) offers exposure to China A and H-Shares market using a

dynamic share class arbitrage strategy. CNHX and HAHA come with

an annual expense ratio of 0.79% and 0.75%, respectively.

Deutsche AWM listed one new ETF (ASHX) which offers currency

hedged exposure to the China A-share market. The fund tracks the CSI

300 USD Hedged Index and comes with an annual expense ratio of

0.85%.

5 November 2015



BlackRock listed one new ETF (HJPX) offering FX hedged exposure to

Japanese equities in the JPX-Nikkei Index 400. HJPX comes with a

total expense ratio of 0.48%.

ETFMG listed one new thematic equal-weighted ETF (BITE) which

offers exposure to restaurants that are publicly traded in the United

States, representing over 50 of the world’s most recognizable and

iconic brands. The fund tracks the BITE index and comes with an

annual expense ratio of 0.75%.

Exchange Traded Concepts listed one new thematic ETF (CNCR) which

is designed to provide exposure to companies that develop therapies

to treat cancer. CNCR tracks the Immunotherapy Index and comes

with an annual expense ratio of 0.79%.

UBS listed three new equity ETNs during October. The notes offer

exposure to MLPs (AMUB), Infrastructure MLPs (MLPB), and double

leveraged exposure to REITs (MRRL). The notes come with an annual

expense ratio of 0.80%, 0.85%, and 0.40%, respectively.

Meanwhile, in the fixed-income space, two new products reached the market.

Guggenhein Investments listed two fixed income ETFs during October.

The funds offer exposure to High Yield (BSJN) and Investment Grade

(BSCP) corporate bonds with effective maturities in 2023 and 2015,

respectively. BSJN and BSCP come with an annual expense ratio of

0.42% and 0.24%, respectively.

Furthermore, two Alternative ETNs were listed.

UBS listed two alternative ETNs during October. The notes offer

exposure to Business Developed Companies (LBDC) including a

double leveraged version (BDCZ). Both notes come with an expense

ratio of 0.85%.

Last but not least, one new Commodity ETN was launched.

UBS listed one new commodity ETN (UCIB) which offers exposure to a

basket of commodity futures contracts including: energy, precious

metals, industrial metals, agricultural, and livestock sectors. UCIB

come with an expense ratio of 0.55%.

5 November 2015



Products delisted

Figure 4: Delistings during October


& StructureExchange TER

Bloom-

berg

Reuters

Code

Delisting

Date

AdvisorShares Pring Turner Business Cycle ETF AdvisorShares Trust Multi Asset ETF NYSE Arca 1.49% DBIZ US DBIZ.K 10/5/2015

Direxion Daily 7-10 Year Treasury Bull 2X Shares DirexionShares Fixed Income ETF NYSE Arca 0.60% SYTL US SYTL.K 10/21/2015

Direxion Daily Basic Materials Bull 3x Shares DirexionShares Equity ETF NYSE Arca 0.95% MATL US MATL.K 10/21/2015

Direxion Daily Mid Cap Bull 2X Shares DirexionShares Equity ETF NYSE Arca 0.60% MDLL US MDLL.K 10/21/2015

Global X Brazil Financials ETF Global X Funds Equity ETF NYSE Arca 0.77% BRAF US BRAF.K 10/9/2015

Global X Central Asia & Mongolia Index ETF Global X Funds Equity ETF NYSE Arca 0.69% AZIA US AZIA.K 10/9/2015

Global X Guru Small Cap Index ETF Global X Funds Equity ETF NYSE Arca 0.75% GURX US GURX.K 10/9/2015

Global X Junior Miners ETF Global X Funds Equity ETF NYSE Arca 0.69% JUNR US JUNR.K 10/9/2015 Source: Deutsche Bank, Bloomberg Finance LP

5 November 2015



ETP Historical Trends

ETP Industry Asset Evolution

Figure 5: Global ETP regional asset growth ($Billion - Annual)

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

Asia Pacific ($) 34.8 39.9 42.8 48.4 60.8 53.4 65.7 85.6 91.3 136.0 169.0 202.2 249.8

Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 458.4 513.6

US ($) 144.0 204.8 297.5 427.0 611.7 535.0 781.5 994.9 1,046.4 1,333.5 1,677.9 1,979.1 2,111.3

US, Europe & Asia Pacific ($) 199.4 277.7 391.6 566.8 804.2 733.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,639.7 2,874.6

Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 378.9 464.9

Number of ETPs** 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

500

1,000

1,500

2,000

2,500

3,000

Nu

mb

er o

f E

TP

s

$ b

illion

Source: Deutsche Bank, Bloomberg Finance LP, FactSet *2015 figures are as of October 30, 2015 **Number of ETPs corresponds to the net number of ETPs at the end of each period (i.e. Listed – Delisted products)

Figure 6: US ETP asset growth by asset class ($Billion - Annual)

'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15*

Others 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 4 9 8 10 8 11 13 13

Commodity 0 0 0 0 0 0 0 0 0 0 0 1 5 13 25 33 68 96 100 115 59 53 50

Fixed Income 0 0 0 0 0 0 0 0 0 4 5 7 15 21 35 59 111 146 193 258 257 312 365

Equity 0 0 1 2 6 15 32 63 85 98 139 197 278 392 548 440 594 745 742 952 1350 1601 1683

Total 0 0 1 2 6 15 32 63 85 102 144 205 298 427 612 535 782 995 1046 1333 1678 1979 2111

Number of ETPs** 1 1 2 19 19 29 32 89 114 124 134 169 220 376 647 759 836 966 1164 1239 1332 1451 1604

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0

500

1,000

1,500

2,000

2,500

Nu

mb

er

of

ET

Ps

AU

M $

bill

ion

Source: Deutsche Bank, Bloomberg Finance LP, FactSet *2015 figures are as of October 30, 2015 **Number of ETPs corresponds to the net number of ETPs at the end of each period (i.e. Listed – Delisted products)

5 November 2015



Mutual Funds Flows – Unites States

Figure 7: US ETP vs Long Term Mutual Fund assets ($Billion - Monthly)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0

500

1,000

1,500

2,000

2,500

as

% o

f M

F A

UM

AU

M $

Bill

ion

ETF - lhs ETV - lhs ETF/MF % - rhs ETP/MF % - rhs

Source: Deutsche Bank, Bloomberg Finance LP, ICI

Figure 8: Annual AUM growth rate by growth component** - ETFs vs. Long Term Mutual Funds (%)

ETF AUM growth Long Term Mutual Funds AUM Growth

-100%

-50%

0%

50%

100%

150%

200%ETF Price Growth Component

ETF Flows Growth Component

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

MF Price Growth Component

MF Flows Growth Component

Source: Deutsche Bank, Bloomberg Finance LP, ICI *2015 data corresponds to YTD CF as of the end of September 2015. **AUM growth is equal to the sum of Flows growth and Price growth, calculated as % of the AUM in the previous year.

Note: Long Term Mutual Fund and ETP data used in these subsection charts is updated as of the end of September 2015

5 November 2015



Figure 9: US ETF vs. Long Term Mutual Fund net cash flows ($Billion - Annual)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*

CF ETF 0 (0) 0 1 3 6 12 42 34 44 10 43 58 64 140 165 86 105 113 174 214 243 143

CF MF 242 75 122 232 272 242 170 229 129 121 216 210 192 227 224 (225) 389 243 28 198 161 97 (10)

-300

-200

-100

0

100

200

300

400

500

600

$ b

illio

n

Source: Deutsche Bank, Bloomberg Finance LP, ICI *2015 data corresponds to YTD CF as of the end of September 2015.

Cash Equities (ex ETPs) vs. ETP turnover – United States

Figure 10: US Cash Equities (ex ETPs) vs. US ETP trading value ($Billion & % - Monthly)

0%

5%

10%

15%

20%

25%

30%

35%

-

1,000

2,000

3,000

4,000

5,000

6,000

ET

P t

rad

ing

as

% o

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ll U

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ash

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ies

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g

US

On

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ha

ng

e T

rad

ing

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$b

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n)

Cash Equities (ex ETPs) ETP ETP % of all trading

Source: Deutsche Bank, Bloomberg Finance LP, FactSet

5 November 2015



Historical ETP monthly trends: AUM, CF, TO

Figure 11: US ETP combined monthly Net Cash Flows, AUM, and Turnover history ($Billion)

(30)

(20)

(10)

-

10

20

30

40

50

60

0

500

1,000

1,500

2,000

2,500

Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15

$B

illio

n

$B

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n

AUM - lhs TO - lhs CF - rhs


Figure 12: US ETP monthly Net Cash Flows history by asset class ($Million)

-30,000

-20,000

-10,000

0

10,000

20,000

30,000

40,000

50,000

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$M

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Equity Fixed Income Commodity Currency Alternative Multi Asset


5 November 2015



Figure 13: US ETP monthly AUM history by asset class ($Million)

0

500,000

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Figure 14: US ETP monthly Turnover history by asset class ($Million)

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5 November 2015



ETP Market Monthly Review

Asset Class Snapshot

Figure 15: Number of ETPs by Asset Class

September 2015 End of 2014

Asset Class # of ETPsMkt

Share %# of ETPs in # in % # of ETPs in # in %

Equity 1,170 72.9% 1,158 12 1.0% 1034 136 13.2%

Fixed income 285 17.8% 284 1 0.4% 269 16 5.9%

Commodity 53 3.3% 53 - 0.0% 57 (4) -7.0%

Currency 25 1.6% 25 - 0.0% 28 (3) -10.7%

Multi Asset 32 2.0% 33 (1) -3.0% 33 (1) -3.0%

Alternative 39 2.4% 39 - 0.0% 30 9 30.0%

Total 1,604 100% 1,592 12 0.8% 1,451 153 10.5%

October 2015 MoM Change YTD Change


Figure 16: ETP Net Cash flows ($ Million) by Asset Class

Asset Class Net CF

$MM % AUM % AUM % AUM

Equity 15,782 1.0% 0.7% 7.0%

Fixed income 11,533 3.3% 2.8% 18.4%

Commodity 513 1.1% -0.9% 3.4%

Currency (103) -2.7% -1.7% -2.8%

Multi Asset (28) -0.5% -0.4% 5.5%

Alternative 306 8.0% 1.6% 23.3%

Total 28,003 1.4% 1.0% 8.7%19,942 172,145

October 2015 September 2015 YTD

Net CF $MM Net CF $MM

10,817

9,594

(447)

(67)

(20)

65

111,797

57,474

1,815

(108)

298

870


5 November 2015



Figure 17: ETP Turnover ($ Million) by Asset Class

September 2015

Asset Class TO $MMMkt

Share %TO $MM in $MM in % TO $MM in $MM in %

Equity 1,432,249 88.4% 1,585,957 (153,708) -9.7% 1,256,490 175,759 14.0%

Fixed income 127,724 7.9% 107,015 20,709 19.4% 90,622 37,102 40.9%

Commodity 35,976 2.2% 33,315 2,661 8.0% 35,095 881 2.5%

Currency 3,115 0.2% 3,411 (295) -8.7% 3,153 (37) -1.2%

Alternative 20,555 1.3% 35,486 (14,931) -42.1% 8,982 11,573 128.9%

Multi Asset 672 0.0% 653 18 2.8% 751 (79) -10.5%

Total 1,620,291 100% 1,765,838 (145,547) -8.2% 1,395,092 225,199 16.1%

October 2015 MoM Change Monthly Avg. 2014 | YTD Change


Figure 18: ETP AUM ($ Million) by Asset Class


Asset Class AUM $MMMkt

Share % AUM $MM in $MM in % AUM $MM in $MM in %

Equity 1,683,412 79.7% 1,551,216 132,196 8.5% 1,601,034 82,378 5.1%

Fixed income 364,729 17.3% 351,845 12,884 3.7% 312,280 52,449 16.8%

Commodity 49,947 2.4% 48,132 1,815 3.8% 52,809 (2,862) -5.4%

Currency 3,716 0.2% 3,789 (73) -1.9% 3,802 (86) -2.3%

Multi Asset 5,336 0.3% 5,166 169 3.3% 5,424 (89) -1.6%

Alternative 4,110 0.2% 3,839 271 7.1% 3,730 380 10.2%

Total 2,111,251 100% 1,963,988 147,263 7.5% 1,979,080 132,170 6.7%

YTD ChangeOctober 2015 MoM Change


5 November 2015



ETN Data Snapshot

Figure 19: ETN Summary by Asset Class

Asset Class Oct 2015End of

2014%Chg Oct 2015

Sep

2015YTD

YTD Chg

% AUMOct 2015

Sep

2015%Chg Oct 2015

End of

2014%Chg AUM Turnover Products

Equity 14,118 16,990 -16.9% 103 58 516 3.0% 3,432 3,222 6.5% 55 53 3.8% 59.7% 5.1% 27.4%

Fixed income 296 448 -33.9% (1) (7) (123) -27.4% 56 25 123.4% 19 23 -17.4% 1.3% 0.1% 9.5%

Commodity 5,709 5,409 5.5% 236 (65) 2,345 43.4% 15,073 12,697 18.7% 90 96 -6.3% 24.1% 22.2% 44.8%

Currency 91 119 -23.4% 11 (0) (23) -19.0% 21 15 37.0% 11 13 -15.4% 0.4% 0.0% 5.5%

Multi Asset 644 1,040 -38.1% (25) 15 (274) -26.4% 126 164 -23.0% 7 7 0.0% 2.7% 0.2% 3.5%

Alternative 2,802 2,803 0.0% 112 (655) 409 14.6% 49,053 71,429 -31.3% 19 19 0.0% 11.8% 72.4% 9.5%

Total 23,660 26,809 -11.7% 436 (654) 2,850 10.6% 67,761 87,552 -22.6% 201 211 -4.7% 100% 100% 100%

Market Share %AUM ($ MM) Turnover ($ MM) ProductsCash Flow ($ MM)


Figure 20: ETN Summary by Issuer

Issuer Oct 2015End of

2014%Chg Oct 2015

Sep

2015YTD

YTD Chg

% AUMOct 2015

Sep

2015%Chg Oct 2015

End of

2014%Chg AUM Turnover Products

Barclays Bank 7,324 8,971 -18.4% 267 (933) (342) -3.8% 28,768 46,563 -38.2% 81 81 0.0% 31.0% 42.5% 40.3%

UBS 5,235 5,188 0.9% 200 152 1,406 27.1% 1,165 1,139 2.3% 45 34 32.4% 22.1% 1.7% 22.4%

Credit Suisse 5,043 3,961 27.3% (45) 161 2,592 65.4% 35,256 37,554 -6.1% 26 27 -3.7% 21.3% 52.0% 12.9%

JPMorgan 4,125 5,694 -27.5% - - - 0.0% 2,013 1,869 7.7% 1 1 0.0% 17.4% 3.0% 0.5%

Deutsche Bank 798 881 -9.4% (10) (3) (91) -10.3% 339 263 29.0% 29 35 -17.1% 3.4% 0.5% 14.4%

Swedish Export CC 578 765 -24.5% 15 (31) (63) -8.2% 115 85 35.6% 7 7 0.0% 2.4% 0.2% 3.5%

Citigroup 227 186 22.3% - - 103 55.7% 68 13 438.6% 3 3 0.0% 1.0% 0.1% 1.5%

Goldman Sachs 125 158 -21.1% - - - 0.0% 17 50 -66.9% 1 1 0.0% 0.5% 0.0% 0.5%

Van Eck Funds 77 79 -3.6% 10 - 5 6.1% 13 12 6.9% 4 4 0.0% 0.3% 0.0% 2.0%

Morgan Stanley 70 111 -37.1% - - (8) -7.0% 2 1 98.6% 1 2 -50.0% 0.3% 0.0% 0.5%

HSBC USA Inc 28 30 -6.6% - - - 0.0% 0 0 -56.2% 1 1 0.0% 0.1% 0.0% 0.5%

RBC GAM 22 28 -20.6% - - 0 1.4% 4 2 76.4% 1 1 0.0% 0.1% 0.0% 0.5%

Guggenheim 8 9 -13.7% - - - 0.0% 0 0 16.9% 1 1 0.0% 0.0% 0.0% 0.5%

Total 23,660 26,062 -9.2% 436 (654) 3,604 13.8% 67,761 87,552 -22.6% 201 198 1.5% 100% 100% 100%

Market Share %Cash Flow ($ MM)AUM ($ MM) Turnover ($ MM) Products


5 November 2015



ETP Rankings

Top 20 ETPs by Inflows and Outflows

Figure 21: Top 20 ETPs by inflows ($ Million) (Includes ETNs also)


& StructureBBG Ticker TER

Net Flow

$ MM

SPDR Barclays High Yield Bond ETF State Street Fixed Income ETF JNK US 0.40% 2,701

iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock Fixed Income ETF LQD US 0.15% 2,571

iShares iBoxx $ High Yield Corporate Bond ETF BlackRock Fixed Income ETF HYG US 0.50% 2,447

iShares MSCI Eurozone ETF BlackRock Equity ETF EZU US 0.48% 1,506

iShares Russell 1000 Value ETF BlackRock Equity ETF IWD US 0.21% 1,127

iShares Core U.S. Aggregate Bond ETF BlackRock Fixed Income ETF AGG US 0.08% 987

PowerShares QQQ PowerShares Equity ETF QQQ US 0.20% 978

iShares Core MSCI Emerging Markets ETF BlackRock Equity ETF IEMG US 0.18% 939

Vanguard S&P 500 ETF Vanguard Equity ETF VOO US 0.05% 924

iShares Core S&P 500 ETF BlackRock Equity ETF IVV US 0.07% 725

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.05% 720

SPDR S&P MidCap 400 ETF State Street Equity ETF MDY US 0.25% 715

iShares MSCI Emerging Markets ETF BlackRock Equity ETF EEM US 0.67% 691

Vanguard REIT ETF Vanguard Equity ETF VNQ US 0.12% 681

Consumer Discretionary Select Sector SPDR Fund State Street Equity ETF XLY US 0.14% 662

Vanguard Intermediate-Term Bond ETF Vanguard Fixed Income ETF BIV US 0.10% 637

Consumer Staples Select Sector SPDR Fund State Street Equity ETF XLP US 0.14% 585

Vanguard FTSE Developed Markets ETF Vanguard Equity ETF VEA US 0.10% 571

iShares MSCI EAFE ETF BlackRock Equity ETF EFA US 0.33% 501

iShares Cohen & Steers REIT ETF BlackRock Equity ETF ICF US 0.35% 424 Source: Deutsche Bank, Bloomberg Finance LP, FactSet

Figure 22: Top 20 ETPs by outflows ($ Million) (Includes ETNs also)



Net Flow

$ MM

SPDR S&P 500 ETF State Street Equity ETF SPY US 0.09% (2,674)

iShares Russell 2000 ETF BlackRock Equity ETF IWM US 0.24% (700)

iShares 3-7 Year Treasury Bond ETF BlackRock Fixed Income ETF IEI US 0.15% (586)

iShares Short Treasury Bond ETF BlackRock Fixed Income ETF SHV US 0.15% (529)

iShares Nasdaq Biotechnology ETF BlackRock Equity ETF IBB US 0.48% (514)

Market Vectors Gold Miners ETF Van Eck Funds Equity ETF GDX US 0.52% (470)

iShares 1-3 Year Treasury Bond ETF BlackRock Fixed Income ETF SHY US 0.15% (442)

VelocityShares Daily Inverse VIX Short-Term ETN Credit Suisse Alternative ETN XIV US 1.35% (436)

Vanguard Small-Cap Growth ETF Vanguard Equity ETF VBK US 0.10% (388)

ProShares UltraPro QQQ ProShares Equity ETF TQQQ US 0.95% (375)

iShares MSCI Germany ETF BlackRock Equity ETF EWG US 0.48% (355)

PIMCO Enhanced Short Maturity Exchange-Traded Fund PIMCO Fixed Income ETF MINT US 0.35% (353)

Deutsche X-trackers MSCI EAFE Currency-Hedged Equity ETFDeutsche AWM Equity ETF DBEF US 0.35% (322)

SPDR Barclays 1-3 Month T-Bill ETF State Street Fixed Income ETF BIL US 0.13% (320)

iShares Aaa - A Rated Corporate Bond ETF BlackRock Fixed Income ETF QLTA US 0.15% (315)

iShares Floating Rate Bond ETF BlackRock Fixed Income ETF FLOT US 0.20% (272)

ProShares UltraPro S&P500 ProShares Equity ETF UPRO US 0.95% (248)

SPDR S&P Retail ETF State Street Equity ETF XRT US 0.35% (226)

iShares MSCI Japan ETF BlackRock Equity ETF EWJ US 0.47% (205)

iShares U.S. Healthcare ETF BlackRock Equity ETF IYH US 0.43% (197) Source: Deutsche Bank, Bloomberg Finance LP, FactSet

5 November 2015



Top 20 ETPs by Turnover

Figure 23: Top 20 ETPs by Monthly Turnover ($ Million) (Includes ETNs also)



Turnover

$ MM

SPDR S&P 500 ETF State Street Equity ETF SPY US 0.09% 512,441

iShares Russell 2000 ETF BlackRock Equity ETF IWM US 0.24% 91,430

PowerShares QQQ PowerShares Equity ETF QQQ US 0.20% 80,141

iShares MSCI Emerging Markets ETF BlackRock Equity ETF EEM US 0.67% 49,496

Health Care Select Sector SPDR Fund State Street Equity ETF XLV US 0.14% 32,481

Energy Select Sector SPDR Fund State Street Equity ETF XLE US 0.14% 29,527

iPath S&P 500 VIX Short-Term Futures ETN Barclays Bank Alternative ETN VXX US 0.89% 27,387

Market Vectors Gold Miners ETF Van Eck Funds Equity ETF GDX US 0.52% 24,875

SPDR Dow Jones Industrial Average ETF State Street Equity ETF DIA US 0.17% 24,661

iShares Nasdaq Biotechnology ETF BlackRock Equity ETF IBB US 0.48% 24,293

iShares MSCI EAFE ETF BlackRock Equity ETF EFA US 0.33% 24,026

iShares 20+ Year Treasury Bond ETF BlackRock Fixed Income ETF TLT US 0.15% 22,399

Financial Select Sector SPDR Fund State Street Equity ETF XLF US 0.14% 19,459

iShares iBoxx $ High Yield Corporate Bond ETF BlackRock Fixed Income ETF HYG US 0.50% 18,900

iShares China Large-Cap ETF BlackRock Equity ETF FXI US 0.74% 18,776

iShares Core S&P 500 ETF BlackRock Equity ETF IVV US 0.07% 18,030

VelocityShares Daily Inverse VIX Short-Term ETN Credit Suisse Alternative ETN XIV US 1.35% 17,949

Industrial Select Sector SPDR Fund State Street Equity ETF XLI US 0.14% 16,598

SPDR Gold Shares State Street Commodity ETV GLD US 0.40% 14,612

ProShares Ultra VIX Short-Term Futures ETF ProShares Alternative ETV UVXY US 0.95% 13,753 Source: Deutsche Bank, Bloomberg Finance LP, FactSet

Top 20 ETPs by AUM

Figure 24: Top 20 ETPs by AUM ($ Million) (Includes ETNs also)



AUM

$ MM

SPDR S&P 500 ETF State Street Equity ETF SPY US 0.09% 179,508

iShares Core S&P 500 ETF BlackRock Equity ETF IVV US 0.07% 69,920

iShares MSCI EAFE ETF BlackRock Equity ETF EFA US 0.33% 58,348

Vanguard Total Stock Market ETF Vanguard Equity ETF VTI US 0.05% 57,212

PowerShares QQQ PowerShares Equity ETF QQQ US 0.20% 42,120

Vanguard S&P 500 ETF Vanguard Equity ETF VOO US 0.05% 38,463

Vanguard FTSE Emerging Markets ETF Vanguard Equity ETF VWO US 0.15% 37,070

iShares Russell 1000 Growth ETF BlackRock Equity ETF IWF US 0.20% 30,217

Vanguard FTSE Developed Markets ETF Vanguard Equity ETF VEA US 0.10% 28,380

iShares Core U.S. Aggregate Bond ETF BlackRock Fixed Income ETF AGG US 0.08% 27,574

Vanguard Total Bond Market ETF Vanguard Fixed Income ETF BND US 0.08% 26,940

Vanguard REIT ETF Vanguard Equity ETF VNQ US 0.12% 26,637

iShares Core S&P Mid-Cap ETF BlackRock Equity ETF IJH US 0.15% 26,544

iShares Russell 1000 Value ETF BlackRock Equity ETF IWD US 0.21% 26,465

iShares Russell 2000 ETF BlackRock Equity ETF IWM US 0.24% 25,983

SPDR Gold Shares State Street Commodity ETV GLD US 0.40% 25,416

iShares iBoxx $ Investment Grade Corporate Bond ETF BlackRock Fixed Income ETF LQD US 0.15% 24,787

iShares MSCI Emerging Markets ETF BlackRock Equity ETF EEM US 0.67% 23,478

Vanguard Growth ETF Vanguard Equity ETF VUG US 0.10% 20,531

WisdomTree Europe Hedged Equity Fund WisdomTree Equity ETF HEDJ US 0.58% 20,367 Source: Deutsche Bank, Bloomberg Finance LP, FactSet

5 November 2015



Global Issuer Rankings

Figure 25: Global* Top 10 ETP Providers (AUM, CF, and TO in $MM)

Issuer Current AUM Mkt. Share 2014 AUM2014 Mkt.

ShareNu.

Current

Month CF

Current

Month TOYTD CF

BlackRock 1,062,296 37.0% 987,699 37.4% 624 19,020 482,508 95,473

Vanguard 499,432 17.4% 443,404 16.8% 96 7,170 72,478 64,763

State Street 447,952 15.6% 481,063 18.2% 246 3,890 773,430 -27,571

PowerShares 99,873 3.5% 98,537 3.7% 162 1,962 90,675 -209

Deutsche AWM 84,465 2.9% 60,511 2.3% 276 1,092 11,280 26,605

Nomura Asset Management 63,449 2.2% 43,106 1.6% 49 -1,313 36,505 16,155

WisdomTree 58,225 2.0% 39,297 1.5% 94 -177 15,664 19,628

Lyxor 52,945 1.8% 45,768 1.7% 232 258 12,728 8,731

First Trust 41,291 1.4% 33,266 1.3% 102 510 7,697 9,109

Charles Schwab 37,574 1.3% 26,922 1.0% 21 1,173 4,862 11,000

Total Top 10 2,447,501 85.1% 2,259,572 85.6% 1,902 33,586 1,507,828 223,685

Others 427,071 14.9% 380,138 14.4% 2,395 508 289,295 58,366

Global Total 2,874,572 100.0% 2,639,710 100.0% 4,297 34,094 1,797,123 282,051 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. *Includes US, Europe, and Asia Pacific

Figure 26: Global* Top 10 ETF Providers (AUM, CF, and TO in $MM)


ShareNu.

Current

Month CF

Current

Month TOYTD CF

BlackRock 1,050,254 37.5% 975,205 38.1% 616 19,042 479,052 95,257

Vanguard 499,432 17.8% 443,404 17.3% 96 7,170 72,478 64,763

State Street 422,536 15.1% 453,738 17.7% 245 3,697 758,783 -27,267

PowerShares 94,396 3.4% 91,378 3.6% 151 2,060 89,165 586

Deutsche AWM 82,380 2.9% 58,319 2.3% 248 1,119 11,163 26,377

Nomura Asset Management 63,449 2.3% 43,106 1.7% 49 -1,313 36,505 16,155

WisdomTree 58,225 2.1% 39,297 1.5% 94 -177 15,664 19,628

Lyxor 52,945 1.9% 45,768 1.8% 232 258 12,728 8,731

First Trust 41,291 1.5% 33,266 1.3% 102 510 7,697 9,109

Charles Schwab 37,574 1.3% 26,922 1.1% 21 1,173 4,862 11,000

Total Top 10 2,402,481 85.8% 2,210,403 86.3% 1,854 33,539 1,488,099 224,339

Others 398,447 14.2% 351,844 13.7% 1,919 -562 246,275 54,336

Global Total 2,800,929 100.0% 2,562,246 100.0% 3,773 32,977 1,734,374 278,676 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. *Includes US, Europe, and Asia Pacific

Figure 27: Global* Top 10 ETV/ETC Providers (AUM, CF, and TO in $MM)


ShareNu.

Current

Month CF

Current

Month TOYTD CF

State Street 25,416 34.5% 27,325 35.3% 1 193 14,647 -304

ETF Securities 14,594 19.8% 16,586 21.4% 319 128 2,498 -317

BlackRock 12,042 16.4% 12,494 16.1% 8 -22 3,456 216

PowerShares 5,476 7.4% 7,159 9.2% 11 -98 1,509 -795

United States Commodity Funds 4,088 5.6% 2,790 3.6% 11 329 10,900 1,985

ProShares 3,736 5.1% 3,282 4.2% 19 321 26,213 1,274

Source 2,151 2.9% 1,920 2.5% 4 148 518 375

Deutsche AWM 2,086 2.8% 2,192 2.8% 28 -27 117 229

Deutsche Borse Commodities GmbH 1,847 2.5% 1,902 2.5% 1 0 124 0

Guggenheim Investments 1,161 1.6% 935 1.2% 9 88 1,848 299

Total Top 10 72,597 98.6% 76,584 98.9% 411 1,061 61,831 2,962

Others 1,046 1.4% 880 1.1% 113 56 918 414

Global Total 73,643 100.0% 77,464 100.0% 524 1,116 62,749 3,375 Source: Deutsche Bank, Bloomberg Finance LP, FactSet. *Includes US, Europe, and Asia Pacific

5 November 2015



US Issuer Rankings

Net Cash Flows

Figure 28: ETP Net Cash flows ($ Million) ranking by Issuer

Issuer EquityFixed

Income

Commo-

dity Other Total % AUM Total % AUM Total % AUM

BlackRock 7,889 5,621 (39) 6 13,477 1.8% 11,989 1.6% 72,391 9.5%

Vanguard 4,739 2,059 - - 6,799 1.5% 4,391 1.0% 60,093 14.1%

State Street 361 3,191 193 (21) 3,724 1.0% 4,052 1.0% (31,939) -7.0%

PowerShares 1,452 636 (34) (55) 1,999 2.2% (965) -1.0% (333) -0.3%

Charles Schwab 1,018 156 - - 1,173 3.4% 1,145 3.4% 11,000 40.9%

Guggenheim Investments 331 165 - 71 567 2.1% (397) -1.4% 1,403 4.9%

First Trust 428 79 17 (16) 509 1.3% (696) -1.7% 9,055 27.3%

Deutsche AWM 497 - - - 497 2.7% 462 2.4% 16,947 385.0%

United States Commodity Funds 1 - 329 - 329 8.7% (400) -8.7% 1,987 71.1%

Fidelity Investments 243 62 - - 305 10.8% (449) -13.2% 661 24.0%

Goldman Sachs 199 - - - 199 251.3% 80 n.a. 278 n.a.

QuantShares - - - 52 52 300.3% (44) -72.6% 61 666.5%

KraneShares 37 (3) - - 34 22.0% 27 21.1% (79) -29.4%

FlexShares 88 (55) - - 33 0.4% (8) -0.1% 331 3.9%

Etfis Capital 6 22 - 4 32 10.5% 3 0.8% 355 2899.3%

John Hancock Investments 32 - - - 32 70.7% 44 n.a. 75 n.a.

Pacer Advisors 31 - - - 31 7.3% 46 12.2% 469 n.a.

Compass EMP 21 - - - 21 7.5% 11 3.9% 189 139.5%

Millington Securities (1) - - 10 9 0.6% 40 2.7% 474 41.1%

CSOP Asset Management 7 - - - 7 108.7% (3) -30.8% (43) n.a.

Principal Financial Group - - - 4 4 14.1% - 0.0% 33 n.a.

O'Shares Investments 3 - - - 3 6.7% 2 6.5% 42 n.a.

Innovator Management 2 - - - 2 3.8% 2 3.8% 75 n.a.

GreenHaven Funds - - 2 - 2 0.8% 2 0.8% 17 6.5%

AccuShares Management LLC - - - 2 2 76.2% 1 38.6% 26 n.a.

Recon Capital 1 - - - 1 3.4% 2 6.6% 16 65.0%

Revenue Shares 0 - - - 0 0.0% (8) -0.7% 136 14.3%

Columbia Management - - - - - 0.0% 2 6.0% 5 13.3%

Precidian - - - - - 0.0% (9) -13.7% (39) -44.9%

ArrowShares - - - - - 0.0% (5) -2.7% 57 36.7%

Huntington Strategy Shares - - - - - 0.0% - 0.0% (6) -30.9%

LocalShares - - - - - 0.0% (1) -11.0% 3 33.6%

Renaissance Capital - - - - - 0.0% - 0.0% (3) -11.9%

Franklin Templeton Investments - - - - - 0.0% - 0.0% 163 596.6%

Horizons ETFs - - - - - 0.0% - 0.0% (4) -45.9%

JPMorgan - - - - - 0.0% 10 5.8% 137 235.0%

Calamos Investments - - - - - 0.0% - 0.0% 1 1.9%

ARK Investment Management - - - - - 0.0% 1 2.4% 16 60.0%

Validea Capital Management - - - - - 0.0% 1 5.2% 19 299.6%

ETF Managers Capital - - - - - 0.0% - 0.0% 7 n.a.

AlphaMark Advisors - - - - - 0.0% - 0.0% 27 n.a.

U.S. Global Investors - - - - - 0.0% (5) -10.0% 44 n.a.

Elkhorn Investments LLC - - - - - 0.0% - 0.0% 3 n.a.

TrimTabs - - - - - 0.0% - 0.0% 16 n.a.

Tortoise Capital - - - - - 0.0% - 0.0% 27 n.a.

Reality Shares (1) - - - (1) -2.0% (1) -1.9% 21 257.1%

Highland Capital - (2) - 1 (1) -0.3% - 0.0% 39 12.5%

Diamond Hill Invesment (1) - - - (1) -9.1% 2 19.5% 13 n.a.

Teucrium Trading - - (1) - (1) -1.3% (4) -3.8% (19) -13.0%

ETFMG (2) - - - (2) -0.2% (24) -2.0% 1,169 1040.0%

Empowered Funds (5) - - - (5) -7.3% (4) -4.9% 45 174.5%

Global X Funds 0 (6) - (2) (8) -0.3% (66) -2.0% 124 3.3%

Lattice Strategies (10) - - - (10) -12.7% - 0.0% 77 n.a.

Cambria Funds (11) - - - (11) -3.4% (22) -5.9% (2) -0.5%

AdvisorShares Trust (13) 8 (2) (6) (12) -1.0% (11) -0.9% (13) -1.0%

ETF Securities (1) - (16) - (17) -0.9% (60) -3.0% (287) -11.3%

Exchange Traded Concepts (11) (10) - (1) (23) -1.0% (15) -0.6% 397 18.0%

IndexIQ Advisors 9 - - (37) (27) -1.8% 72 4.9% 221 16.5%

ALPS (77) (4) - - (81) -0.9% 213 2.0% 898 7.7%

Van Eck Funds (270) 170 0 (0) (100) -0.5% (216) -1.1% 1,590 7.8%

Emerging Global Shares (115) - - - (115) -10.4% (32) -2.7% (399) -24.4%

WisdomTree (20) (47) - (97) (163) -0.3% (1,278) -2.2% 19,363 49.3%

PIMCO - (379) - - (379) -3.3% 43 0.4% (155) -1.3%

DirexionShares (438) 2 - - (436) -5.0% 580 6.5% 2,626 32.5%

ProShares (637) (134) 64 260 (447) -1.7% 1,438 5.6% 2,291 9.1%

Total 15,782 11,533 513 175 28,003 1.4% 19,942 1.0% 172,192 8.7%

September 2015 YTDOctober 2015


5 November 2015



Monthly Turnover

Figure 29: ETP Turnover ($ Million) by Issuer

Issuer EquityFixed

Income

Commo-

dity Other Total

Mkt Share

%Total

MoM $MM

ChgMoM % Chg Total YTD $MM Chg YTD % Chg

State Street 736,868 17,928 14,612 55 769,462 47.5% 870,020 (100,559) -11.6% 638,424 131,038 20.5%

BlackRock 361,213 87,261 3,425 264 452,162 27.9% 455,504 (3,342) -0.7% 407,613 44,550 10.9%

PowerShares 86,028 2,860 901 702 90,491 5.6% 101,132 (10,642) -10.5% 83,646 6,845 8.2%

ProShares 57,175 2,125 5,722 20,583 85,606 5.3% 115,394 (29,788) -25.8% 73,461 12,145 16.5%

Vanguard 60,016 10,685 - - 70,701 4.4% 87,093 (16,392) -18.8% 61,963 8,737 14.1%

Van Eck Funds 46,017 1,208 4 11 47,240 2.9% 34,338 12,902 37.6% 38,615 8,624 22.3%

DirexionShares 43,939 623 - - 44,562 2.8% 38,501 6,061 15.7% 44,831 (269) -0.6%

WisdomTree 15,099 272 - 252 15,623 1.0% 17,934 (2,311) -12.9% 11,263 4,359 38.7%

United States Commodity Funds 1 - 10,900 - 10,901 0.7% 10,709 193 1.8% 8,824 2,077 23.5%

First Trust 7,117 344 140 88 7,689 0.5% 7,255 434 6.0% 6,968 721 10.3%

Guggenheim Investments 3,249 836 - 1,898 5,983 0.4% 7,007 (1,024) -14.6% 6,478 (495) -7.6%

Deutsche AWM 5,220 2 - - 5,222 0.3% 4,992 230 4.6% 749 4,473 597.2%

Charles Schwab 4,076 786 - - 4,862 0.3% 6,222 (1,360) -21.9% 2,918 1,945 66.6%

ALPS 2,543 30 - 0 2,574 0.2% 2,530 44 1.7% 1,720 853 49.6%

PIMCO - 2,303 - - 2,303 0.1% 2,716 (413) -15.2% 2,892 (589) -20.4%

Fidelity Investments 956 96 - - 1,052 0.1% 1,116 (64) -5.8% 619 432 69.8%

FlexShares 577 153 - - 730 0.0% 620 111 17.9% 618 112 18.2%

Global X Funds 518 41 - 2 562 0.0% 516 46 8.9% 997 (436) -43.7%

Emerging Global Shares 281 - - - 281 0.0% 161 120 74.3% 256 26 10.1%

ETFMG 273 - - - 273 0.0% 239 34 14.2% 20 253 1240.5%

IndexIQ Advisors 18 - - 209 226 0.0% 212 15 6.9% 151 75 49.6%

Exchange Traded Concepts 151 13 - 56 220 0.0% 250 (30) -11.9% 253 (33) -13.1%

AdvisorShares Trust 125 69 10 3 207 0.0% 214 (7) -3.1% 543 (335) -61.8%

ETF Securities 1 - 207 - 207 0.0% 226 (18) -8.1% 376 (168) -44.8%

KraneShares 120 15 - - 135 0.0% 95 41 42.8% 83 53 64.2%

Millington Securities 55 - - 40 95 0.0% 131 (35) -27.1% 105 (10) -9.8%

Revenue Shares 94 - - - 94 0.0% 66 27 40.8% 91 3 2.9%

Pacer Advisors 92 - - - 92 0.0% 72 20 27.5% - 92 n.a

QuantShares - - - 89 89 0.0% 94 (5) -5.4% 7 82 1224.8%

John Hancock Investments 76 - - - 76 0.0% 4 72 2003.4% - 76 n.a

Etfis Capital 32 33 - 7 72 0.0% 57 16 27.4% 2 70 2858.7%

ArrowShares 1 - - 68 68 0.0% 52 16 30.6% 43 25 59.0%

Goldman Sachs 66 - - - 66 0.0% 25 41 166.4% - 66 n.a

Compass EMP 52 - - - 52 0.0% 31 21 67.2% 16 37 232.6%

JPMorgan 43 - - - 43 0.0% 12 31 250.6% 4 39 963.3%

Highland Capital - 39 - 2 41 0.0% 39 2 5.7% 44 (3) -6.0%

Cambria Funds 28 - - 4 32 0.0% 65 (34) -51.4% 62 (30) -48.9%

Teucrium Trading - - 30 - 30 0.0% 35 (5) -14.8% 135 (106) -78.0%

GreenHaven Funds - - 26 - 26 0.0% 20 6 30.1% 40 (14) -35.3%

Innovator Management 21 - - - 21 0.0% 26 (4) -17.2% - 21 n.a

U.S. Global Investors 20 - - - 20 0.0% 14 5 37.6% - 20 n.a

O'Shares Investments 17 - - - 17 0.0% 9 8 84.8% - 17 n.a

Precidian 17 - - - 17 0.0% 20 (3) -15.5% 101 (84) -82.9%

Lattice Strategies 10 - - - 10 0.0% 2 8 377.3% - 10 n.a

Recon Capital 7 - - - 7 0.0% 7 0 5.7% 3 4 140.8%

Reality Shares 7 - - - 7 0.0% 7 1 8.1% 1 6 820.3%

Empowered Funds 7 - - - 7 0.0% 10 (3) -33.9% 3 4 121.2%

CSOP Asset Management 6 - - - 6 0.0% 18 (12) -64.4% - 6 n.a

Principal Financial Group - - - 6 6 0.0% 2 4 213.3% - 6 n.a

Columbia Management 4 2 - - 5 0.0% 5 0 4.5% 6 (1) -10.7%

Diamond Hill Invesment 3 - - - 3 0.0% 4 (0) -8.4% - 3 n.a

Renaissance Capital 2 - - - 2 0.0% 2 0 17.0% 9 (6) -72.4%

AccuShares Management LLC - - - 2 2 0.0% 2 (0) -8.5% - 2 n.a

ARK Investment Management 1 - - - 1 0.0% 3 (1) -47.5% 1 0 29.4%

Huntington Strategy Shares 1 - - - 1 0.0% 0 1 133.5% 110 (108) -98.9%

Validea Capital Management 1 - - - 1 0.0% 2 (1) -40.0% 1 0 29.1%

AlphaMark Advisors 1 - - - 1 0.0% 1 (0) -4.3% - 1 n.a

Tortoise Capital 1 - - - 1 0.0% 1 0 22.0% - 1 n.a

Elkhorn Investments LLC 1 - - - 1 0.0% 0 1 368.2% - 1 n.a

Franklin Templeton Investments - 1 - - 1 0.0% 4 (3) -82.7% 1 (1) -45.6%

LocalShares 0 - - - 0 0.0% 1 (1) -64.9% 5 (5) -93.3%

Horizons ETFs 0 - - - 0 0.0% 0 (0) -44.1% 7 (7) -98.4%

TrimTabs 0 - - - 0 0.0% 0 0 56.0% - 0 n.a

ETF Managers Capital - 0 - - 0 0.0% 0 0 217.7% - 0 n.a

Calamos Investments 0 - - - 0 0.0% 0 (0) -18.1% 2 (2) -97.7%

Total 1,432,249 127,724 35,976 24,342 1,620,291 100.0% 1,765,838 (145,547) -8.2% 1,395,080 225,211 16.1%

October 2015 September 2015 Monthly Avg. 2014


5 November 2015



Assets Under Management (AUM)

Figure 30: ETP AUM ($ Million) ranking by Issuer

Issuer EquityFixed

Income

Commo-

dity Other Total

Mkt

Share %Total

MoM $MM

ChgMoM % Chg Total YTD $MM Chg YTD % Chg

BlackRock 616,730 187,671 11,847 1,736 817,984 38.7% 761,685 56,299 7.4% 760,357 57,627 7.6%

Vanguard 397,217 81,084 - - 478,301 22.7% 445,524 32,776 7.4% 426,665 51,636 12.1%

State Street 354,191 39,045 25,416 379 419,032 19.8% 388,599 30,432 7.8% 455,256 (36,224) -8.0%

PowerShares 75,702 15,620 4,361 2,206 97,889 4.6% 89,308 8,581 9.6% 96,764 1,125 1.2%

WisdomTree 56,565 657 - 732 57,955 2.7% 53,050 4,905 9.2% 39,280 18,675 47.5%

First Trust 38,487 1,493 211 982 41,174 2.0% 38,424 2,749 7.2% 33,202 7,971 24.0%

Charles Schwab 33,202 4,373 - - 37,574 1.8% 34,174 3,400 10.0% 26,922 10,653 39.6%

Guggenheim Investments 20,071 7,398 - 1,720 29,190 1.4% 27,225 1,965 7.2% 28,403 786 2.8%

ProShares 17,370 4,464 1,574 2,734 26,141 1.2% 26,141 1 0.0% 25,059 1,083 4.3%

Deutsche AWM 20,588 43 - - 20,631 1.0% 18,623 2,008 10.8% 4,402 16,229 368.7%

Van Eck Funds 14,074 5,602 79 79 19,834 0.9% 18,713 1,121 6.0% 20,461 (627) -3.1%

PIMCO - 11,329 - - 11,329 0.5% 11,631 (302) -2.6% 11,682 (353) -3.0%

ALPS 9,771 467 - 2 10,241 0.5% 9,508 732 7.7% 11,604 (1,363) -11.7%

DirexionShares 8,448 666 - - 9,114 0.4% 8,761 354 4.0% 8,090 1,025 12.7%

FlexShares 5,660 2,552 - - 8,212 0.4% 7,768 444 5.7% 8,389 (177) -2.1%

United States Commodity Funds 6 - 4,088 - 4,094 0.2% 3,798 295 7.8% 2,794 1,300 46.5%

Fidelity Investments 3,110 247 - - 3,357 0.2% 2,837 520 18.3% 2,757 600 21.8%

Global X Funds 2,987 271 - 21 3,278 0.2% 3,098 180 5.8% 3,706 (428) -11.6%

Exchange Traded Concepts 1,639 413 - 273 2,326 0.1% 2,243 83 3.7% 2,205 120 5.5%

ETF Securities 23 - 1,981 - 2,004 0.1% 1,931 72 3.8% 2,532 (528) -20.8%

Millington Securities 950 - - 593 1,544 0.1% 1,513 31 2.0% 1,154 390 33.8%

IndexIQ Advisors 268 - - 1,252 1,521 0.1% 1,519 1 0.1% 1,338 183 13.7%

AdvisorShares Trust 484 624 33 43 1,184 0.1% 1,187 (3) -0.3% 1,266 (82) -6.5%

ETFMG 1,131 - - - 1,131 0.1% 1,070 62 5.8% 112 1,019 906.5%

Emerging Global Shares 1,070 - - - 1,070 0.1% 1,113 (43) -3.8% 1,634 (564) -34.5%

Revenue Shares 1,052 - - - 1,052 0.0% 987 65 6.6% 948 104 11.0%

Pacer Advisors 450 - - - 450 0.0% 419 31 7.4% - 450 n.a

Etfis Capital 145 153 - 49 346 0.0% 307 39 12.9% 12 334 2729.4%

Cambria Funds 278 - - 60 338 0.0% 331 6 2.0% 354 (16) -4.6%

Highland Capital - 307 - 29 337 0.0% 337 (0) -0.1% 312 25 7.9%

Compass EMP 320 - - - 320 0.0% 283 37 13.0% 135 184 136.4%

Goldman Sachs 287 - - - 287 0.0% 79 208 262.9% - 287 n.a

GreenHaven Funds - - 247 - 247 0.0% 241 6 2.5% 267 (20) -7.3%

KraneShares 173 40 - - 213 0.0% 153 60 38.9% 268 (55) -20.6%

Franklin Templeton Investments - 190 - - 190 0.0% 190 (0) -0.1% 27 162 593.1%

JPMorgan 190 - - - 190 0.0% 179 11 5.9% 58 132 226.4%

ArrowShares 6 - - 169 175 0.0% 167 8 4.7% 155 20 12.7%

Teucrium Trading - - 109 - 109 0.0% 111 (2) -2.0% 147 (39) -26.2%

John Hancock Investments 79 - - - 79 0.0% 45 35 77.7% - 79 n.a

Lattice Strategies 72 - - - 72 0.0% 77 (5) -6.3% - 72 n.a

Innovator Management 68 - - - 68 0.0% 62 6 9.0% - 68 n.a

QuantShares - - - 68 68 0.0% 17 50 288.5% 9 58 636.4%

Empowered Funds 65 - - - 65 0.0% 66 (1) -2.0% 26 39 148.7%

Precidian 56 - - - 56 0.0% 52 4 7.9% 86 (30) -35.1%

U.S. Global Investors 47 - - - 47 0.0% 43 4 10.1% - 47 n.a

O'Shares Investments 43 - - - 43 0.0% 38 5 14.1% - 43 n.a

ARK Investment Management 42 - - - 42 0.0% 39 3 6.6% 26 15 57.6%

Columbia Management 28 13 - - 41 0.0% 38 2 5.9% 35 6 16.7%

Recon Capital 39 - - - 39 0.0% 35 4 11.3% 25 14 56.8%

Principal Financial Group - - - 31 31 0.0% 27 5 17.1% - 31 n.a

Reality Shares 30 - - - 30 0.0% 30 (0) -1.0% 8 22 264.1%

Calamos Investments 28 - - - 28 0.0% 27 2 6.1% 27 1 5.4%

Renaissance Capital 25 - - - 25 0.0% 23 2 7.4% 29 (5) -16.3%

Validea Capital Management 24 - - - 24 0.0% 23 1 3.5% 6 18 280.1%

AlphaMark Advisors 24 - - - 24 0.0% 22 1 4.8% - 24 n.a

Tortoise Capital 23 - - - 23 0.0% 22 2 7.3% - 23 n.a

CSOP Asset Management 15 - - - 15 0.0% 7 8 115.3% - 15 n.a

TrimTabs 15 - - - 15 0.0% 14 1 7.8% - 15 n.a

Huntington Strategy Shares 13 - - - 13 0.0% 12 1 7.5% 19 (5) -27.9%

Diamond Hill Invesment 13 - - - 13 0.0% 13 (0) -1.0% - 13 n.a

LocalShares 11 - - - 11 0.0% 11 0 0.8% 9 2 20.8%

ETF Managers Capital - 7 - - 7 0.0% 7 0 1.3% - 7 n.a

Horizons ETFs 5 - - - 5 0.0% 4 0 9.5% 9 (4) -47.3%

AccuShares Management LLC - - - 3 3 0.0% 2 1 43.0% - 3 n.a

Elkhorn Investments LLC 2 - - - 2 0.0% 2 0 7.5% - 2 n.a

Russell Investments - - - - - 0.0% - - n.a 7 (7) -100.0%

Source - - - - - 0.0% - - n.a 38 (38) -100.0%

Total 1,683,412 364,729 49,947 13,162 2,111,251 100.0% 1,963,988 147,263 7.5% 1,979,080 132,170 6.7%

End of 2014October 2015 September 2015


5 November 2015



Investment Focus Snapshot

Net Cash Flows

Figure 31: ETP Net Cash flows ($ Million) by Investment Focus - Equity

Investment Focus

Sub Segment - Equity

Net CF

$MM % AUM

Net CF

$MM % AUM

Net CF

$MM % AUM

Country

US Broad 1,061 1.5% 119 0.2% 8,526 12.4%

Developed non-US (234) -0.4% (388) -0.6% 15,598 32.3%

Emerging Country 717 2.6% (917) -3.1% 982 2.9%

1,544 1.0% (1,186) -0.7% 25,106 16.7%

Regional

Asia Pacific (37) -0.4% (327) -3.6% 333 3.5%

Emerging Markets 2,097 3.1% (981) -1.4% (4,407) -5.0%

Europe 2,338 4.1% 1,308 2.3% 32,390 100.4%

Global 48 0.4% 104 0.8% 39 0.3%

Global ex-US 1,805 1.4% 1,423 1.1% 36,614 34.8%

6,252 2.3% 1,527 0.5% 64,969 26.0%

Sector

Global (53) -0.7% (168) -2.1% 594 7.9%

Global ex-US (159) -1.7% (81) -0.9% 1,092 12.7%

Other Sector (135) -8.5% (17) -1.0% (594) -25.9%

US 4,768 2.3% (2,339) -1.1% 2,707 1.2%

4,420 1.9% (2,606) -1.1% 3,799 1.5%

Size

Large Cap 1,055 0.3% 7,426 2.1% (29,397) -7.2%

Mid Cap 1,317 2.0% 873 1.3% 7,945 12.5%

Small Cap (522) -0.8% 1,594 2.3% 3,814 5.5%

1,849 0.4% 9,894 2.0% (17,637) -3.3%

Style

Growth 387 0.4% 1,297 1.2% 9,014 9.3%

Value 1,775 2.1% 707 0.8% 5,951 6.5%

Dividend (297) -0.3% (730) -0.8% (5,037) -5.0%

1,865 0.7% 1,274 0.5% 9,928 3.4%

Strategy

Short (329) -7.7% 636 17.8% 1,191 45.1%

Leveraged (1,761) -13.3% 574 4.1% (461) -3.0%

Leveraged Short 957 14.1% 894 16.2% 2,299 48.9%

Quantitative 1,271 3.2% 608 1.5% 14,310 47.9%

Fundamental 430 1.4% (749) -2.3% 4,712 15.8%

Active 27 0.9% (42) -1.3% 622 22.1%

595 0.6% 1,922 1.9% 22,674 26.6%

Thematic

Sustainability (21) -0.7% (10) -0.3% (105) -3.0%

Commodities (638) -4.1% 238 1.4% 742 3.7%

Other Theme (85) -0.7% (236) -1.8% 2,320 19.4%

(744) -2.4% (8) 0.0% 2,957 8.4%

Total 15,782 1.0% 10,817 0.7% 111,796 7.0%



5 November 2015



Figure 32: ETP Net Cash flows ($ Million) by Investment Focus - Fixed Income

Investment Focus

Sub Segment - Fixed Income

Net CF

$MM % AUM

Net CF

$MM % AUM

Net CF

$MM % AUM

Overall

Overall 1,223 1.7% 1,749 2.5% 10,335 16.4%

1,223 1.7% 1,749 2.5% 10,335 16.4%

Corporates

Financials 46 3.2% 5 0.4% 24 1.7%

Overall 9,264 6.9% 587 0.4% 20,558 16.0%

Industrials - n.a. - n.a. (5) -98.0%

Utilities - n.a. - n.a. (15) -97.9%

9,310 6.8% 593 0.4% 20,562 15.9%

Sovereign

Overall (981) -1.3% 5,479 7.7% 15,281 25.1%

(981) -1.3% 5,479 7.7% 15,281 25.1%

Sovereign & Corporates

Overall 1,282 4.5% 983 3.6% 5,768 24.2%

1,282 4.5% 983 3.6% 5,768 24.2%

Sub-Sovereign

Local Governments 593 3.4% 172 1.0% 3,075 20.4%

Foreign Sovereigns 29 0.3% 383 3.5% 704 6.2%

Agency (114) -16.7% 40 6.2% 82 17.2%

509 1.7% 594 2.1% 3,862 14.4%

Collateralized Debt

MBS 190 2.0% 196 2.1% 1,665 20.8%

Covered Bonds - 0.0% - 0.0% - 0.0%

190 2.0% 196 2.1% 1,665 20.8%

Total 11,533 3.3% 9,594 2.8% 57,474 18.4%



5 November 2015



Figure 33: ETP Net Cash flows ($ Million) by Investment Focus - Commodity

Investment Focus

Sub Segment - Commodity

Net CF

$MM % AUM

Net CF

$MM % AUM

Net CF

$MM % AUM

Overall

Overall 18 0.4% 3 0.1% (560) -9.3%

18 0.4% 3 0.1% (560) -9.3%

Agriculture

Overall (17) -2.1% (17) -2.0% (82) -7.9%

Corn (1) -1.7% (5) -6.4% (29) -26.8%

Soybean - 0.0% - 0.0% (3) -29.2%

Sugar (0) -6.4% - 0.0% 2 69.0%

Wheat (0) -0.1% 0 1.8% 12 52.4%

(18) -2.0% (21) -2.2% (101) -8.5%

Energy

Overall (5) -4.2% 3 2.1% 7 4.8%

Crude Oil 343 8.4% (449) -8.8% 3,172 140.5%

Gasoline 3 4.2% (2) -2.0% 36 89.6%

Heating Oil - 0.0% - 0.0% 2 64.6%

Natural Gas 46 7.4% 10 1.5% 70 9.3%

388 7.9% (437) -7.3% 3,287 103.0%

Industrial Metals

Overall (8) -5.2% (8) -4.7% (30) -13.5%

Copper - 0.0% 1 49.5% (0) -2.5%

(8) -5.2% (7) -4.2% (30) -13.4%

Precious Metals

Overall (7) -2.7% (0) 0.0% (134) -32.4%

Gold 218 0.7% 186 0.6% (270) -0.8%

Palladium (3) -1.5% (25) -11.3% (108) -27.1%

Platinum (10) -2.3% (28) -5.6% (42) -6.8%

Silver (64) -1.2% (118) -2.2% (228) -3.9%

133 0.4% 15 0.0% (781) -1.9%

Total 513 1.1% (447) -0.9% 1,814 3.4%



5 November 2015



Monthly Turnover

Figure 34: ETP Monthly Turnover ($ Million) by Investment Focus - Equity

September 2015 Year 2014

Investment Focus

Sub Segment - EquityTO $MM

Mkt


Country

US Broad 7,597 0.5% 11,510 (3,913) -34.0% 7,279 318 4.4%

Developed non-US 28,790 2.0% 34,455 (5,665) -16.4% 24,114 4,676 19.4%

Emerging Country 48,233 3.4% 50,733 (2,500) -4.9% 54,466 (6,232) -11.4%

84,620 5.9% 96,699 (12,078) -12.5% 85,859 (1,239) -1.4%

Regional

Asia Pacific 2,110 0.1% 3,210 (1,100) -34.3% 2,234 (124) -5.6%

Emerging Markets 67,779 4.7% 66,980 800 1.2% 67,558 221 0.3%

Europe 18,239 1.3% 21,758 (3,519) -16.2% 13,132 5,107 38.9%

Global 3,349 0.2% 3,636 (287) -7.9% 2,163 1,186 54.8%

Global ex-US 37,319 2.6% 45,892 (8,573) -18.7% 29,675 7,644 25.8%

128,796 9.0% 141,476 (12,680) -9.0% 114,762 14,034 12.2%

Sector

Global 1,227 0.1% 1,192 36 3.0% 1,002 226 22.5%

Global ex-US 1,105 0.1% 967 138 14.3% 851 254 29.8%

Other Sector 501 0.0% 361 140 38.7% 466 35 7.5%

US 262,043 18.3% 239,942 22,100 9.2% 186,530 75,513 40.5%

264,875 18.5% 242,462 22,414 9.2% 188,848 76,027 40.3%

Size

Large Cap 650,172 45.4% 807,034 (156,862) -19.4% 566,256 83,916 14.8%

Mid Cap 15,399 1.1% 14,320 1,079 7.5% 17,024 (1,625) -9.5%

Small Cap 97,115 6.8% 92,935 4,180 4.5% 108,552 (11,437) -10.5%

762,686 53.3% 914,289 (151,602) -16.6% 691,832 70,854 10.2%

Style

Growth 15,846 1.1% 17,679 (1,833) -10.4% 13,404 2,441 18.2%

Value 14,979 1.0% 16,172 (1,192) -7.4% 11,838 3,141 26.5%

Dividend 8,460 0.6% 9,203 (743) -8.1% 9,521 (1,061) -11.1%

39,285 2.7% 43,053 (3,768) -8.8% 34,764 4,521 13.0%

Strategy

Short 5,538 0.4% 6,588 (1,050) -15.9% 3,629 1,909 52.6%

Leveraged 53,447 3.7% 53,545 (98) -0.2% 59,801 (6,355) -10.6%

Leveraged Short 41,653 2.9% 47,400 (5,747) -12.1% 35,679 5,973 16.7%

Quantitative 9,468 0.7% 8,666 802 9.3% 4,389 5,079 115.7%

Fundamental 5,880 0.4% 6,891 (1,011) -14.7% 6,993 (1,113) -15.9%

Active 449 0.0% 491 (41) -8.4% 493 (44) -8.9%

116,434 8.1% 123,580 (7,146) -5.8% 110,984 5,450 4.9%

Thematic

Sustainability 254 0.0% 246 7 3.0% 700 (447) -63.8%

Commodities 33,405 2.3% 22,302 11,103 49.8% 27,073 6,332 23.4%

Other Theme 1,892 0.1% 1,850 42 2.2% 1,665 227 13.6%

35,550 2.5% 24,399 11,152 45.7% 29,438 6,112 20.8%

Total 1,432,248 100.0% 1,585,957 (153,709) -9.7% 1,256,489 175,759 14.0%

October 2015 MoM Change Change from 2014


5 November 2015



Figure 35: Monthly Turnover ($ Million) by Investment Focus - Fixed Income


Investment Focus

Sub Segment - Fixed IncomeTO $MM

Mkt


Overall

Overall 13,299 10.4% 12,152 1,147 9.4% 9,777 3,522 36.0%

13,299 10.4% 12,152 1,147 9.4% 9,777 3,522 36.0%

Corporates

Financials 143 0.1% 102 41 39.7% 102 40 39.3%

Overall 55,310 43.3% 41,013 14,297 34.9% 30,689 24,621 80.2%

Industrials - 0.0% - - n.a. 12 (12) -100.0%

Utilities - 0.0% - - n.a. 3 (3) -100.0%

55,452 43.4% 41,115 14,337 34.9% 30,806 24,646 80.0%

Sovereign

Overall 46,431 36.4% 43,839 2,593 5.9% 40,815 5,616 13.8%

46,431 36.4% 43,839 2,593 5.9% 40,815 5,616 13.8%


Overall 3,800 3.0% 3,503 296 8.5% 2,884 916 31.7%

3,800 3.0% 3,503 296 8.5% 2,884 916 31.7%

Sub-Sovereign

Local Governments 2,242 1.8% 1,935 306 15.8% 1,754 488 27.8%

Foreign Sovereigns 3,813 3.0% 3,319 494 14.9% 3,467 346 10.0%

Agency 275 0.2% 85 190 223.1% 54 221 406.2%

6,330 5.0% 5,340 990 18.5% 5,275 1,055 20.0%

Collateralized Debt

MBS 2,412 1.9% 1,066 1,346 126.2% 1,064 1,348 126.7%

Covered Bonds 1 0.0% 0 0 160.6% 1 (0) -32.6%

2,412 1.9% 1,066 1,346 126.2% 1,065 1,348 126.6%

Total 127,724 100% 107,015 20,709 19.4% 90,622 37,102 40.9%



5 November 2015



Figure 36: ETP Monthly Turnover ($ Million) by Investment Focus - Commodity


Investment Focus

Sub Segment - CommodityTO $MM

Mkt


Overall

Overall 872 2.4% 667 205 30.6% 1,463 (591) -40.4%

872 2.4% 667 205 30.6% 1,463 (591) -40.4%

Agriculture

Overall 112 0.3% 109 3 3.1% 382 (270) -70.7%

Corn 13 0.0% 22 (8) -38.6% 110 (97) -87.9%

Soybean 3 0.0% 3 0 12.7% 5 (2) -34.1%

Sugar 1 0.0% 1 0 89.3% 1 (0) -30.9%

Wheat 12 0.0% 9 3 29.6% 18 (6) -34.3%

141 0.4% 142 (2) -1.1% 516 (375) -72.7%

Energy

Overall 49 0.1% 16 33 213.8% 67 (19) -27.5%

Crude Oil 14,651 40.7% 16,083 (1,431) -8.9% 5,621 9,031 160.7%

Gasoline 36 0.1% 24 12 47.9% 25 11 43.8%

Heating Oil 1 0.0% 1 (0) -11.3% 2 (1) -34.3%

Natural Gas 1,673 4.7% 1,494 179 12.0% 5,023 (3,350) -66.7%

16,410 45.6% 17,618 (1,208) -6.9% 10,738 5,672 52.8%

Industrial Metals

Overall 41 0.1% 23 19 83.0% 96 (55) -56.9%

Copper 0 0.0% 1 (1) -84.8% 1 (1) -91.1%

41 0.1% 23 18 78.1% 97 (56) -57.3%

Precious Metals

Overall 43 0.1% 31 12 38.1% 77 (35) -44.8%

Gold 16,156 44.9% 13,172 2,985 22.7% 18,621 (2,465) -13.2%

Palladium 44 0.1% 52 (7) -13.8% 102 (58) -56.6%

Platinum 51 0.1% 80 (29) -36.6% 98 (47) -48.1%

Silver 2,217 6.2% 1,529 687 44.9% 3,383 (1,166) -34.5%

18,511 51.5% 14,864 3,647 24.5% 22,282 (3,771) -16.9%

Total 35,975 100% 33,315 2,660 8.0% 35,095 880 2.5%



5 November 2015



Assets Under Management (AUM)

Figure 37: ETP AUM($ Million) by Investment Focus - Equity


Investment Focus

Sub Segment - EquityAUM $MM

Mkt


Country

US Broad 77,711 4.6% 71,109 6,601 9.3% 68,912 8,799 12.8%

Developed non-US 64,151 3.8% 58,747 5,404 9.2% 48,295 15,856 32.8%

Emerging Country 30,493 1.8% 27,799 2,694 9.7% 33,407 (2,913) -8.7%

172,356 10.2% 157,656 14,700 9.3% 150,614 21,742 14.4%

Regional

Asia Pacific 9,079 0.5% 8,460 619 7.3% 9,433 (354) -3.8%

Emerging Markets 73,871 4.4% 67,560 6,312 9.3% 88,799 (14,928) -16.8%

Europe 63,784 3.8% 56,493 7,291 12.9% 32,277 31,508 97.6%

Global 13,780 0.8% 12,735 1,045 8.2% 13,919 (139) -1.0%

Global ex-US 139,584 8.3% 128,292 11,292 8.8% 105,104 34,480 32.8%

300,099 17.8% 273,540 26,560 9.7% 249,532 50,567 20.3%

Sector

Global 8,000 0.5% 7,501 499 6.7% 7,542 458 6.1%

Global ex-US 9,584 0.6% 9,202 382 4.2% 8,609 974 11.3%

Other Sector 1,604 0.1% 1,592 12 0.7% 2,291 (687) -30.0%

US 230,807 13.7% 210,689 20,118 9.5% 231,448 (641) -0.3%

249,995 14.9% 228,984 21,012 9.2% 249,890 105 0.0%

Size

Large Cap 384,686 22.9% 353,151 31,535 8.9% 407,485 (22,799) -5.6%

Mid Cap 71,156 4.2% 65,996 5,160 7.8% 63,680 7,475 11.7%

Small Cap 71,773 4.3% 68,416 3,357 4.9% 69,503 2,270 3.3%

527,615 31.3% 487,563 40,052 8.2% 540,669 (13,054) -2.4%

Style

Growth 109,765 6.5% 101,481 8,284 8.2% 96,870 12,895 13.3%

Value 94,289 5.6% 86,398 7,891 9.1% 91,712 2,578 2.8%

Dividend 92,493 5.5% 86,661 5,832 6.7% 101,286 (8,792) -8.7%

296,548 17.6% 274,540 22,008 8.0% 289,868 6,680 2.3%

Strategy

Short 3,636 0.2% 4,292 (656) -15.3% 2,640 996 37.7%

Leveraged 14,272 0.8% 13,271 1,001 7.5% 15,485 (1,214) -7.8%

Leveraged Short 6,423 0.4% 6,789 (366) -5.4% 4,702 1,721 36.6%

Quantitative 43,867 2.6% 40,118 3,748 9.3% 29,854 14,012 46.9%

Fundamental 33,169 2.0% 30,936 2,233 7.2% 29,772 3,397 11.4%

Active 3,112 0.2% 2,972 140 4.7% 2,813 299 10.6%

104,478 6.2% 98,378 6,100 6.2% 85,266 19,212 22.5%

Thematic

Sustainability 3,126 0.2% 2,884 242 8.4% 3,455 (329) -9.5%

Commodities 16,114 1.0% 15,406 708 4.6% 19,803 (3,689) -18.6%

Other Theme 13,078 0.8% 12,264 814 6.6% 11,935 1,143 9.6%

32,318 1.9% 30,554 1,764 5.8% 35,193 (2,875) -8.2%

Total 1,683,409 100% 1,551,214 132,196 8.5% 1,601,033 82,376 5.1%



5 November 2015



Figure 38: ETP AUM ($ Million) by Investment Focus - Fixed Income


Investment Focus

Sub Segment - Fixed IncomeAUM $MM

Mkt


Overall

Overall 72,843 20.0% 71,678 1,165 1.6% 62,965 9,878 15.7%

72,843 20.0% 71,678 1,165 1.6% 62,965 9,878 15.7%

Corporates

Financials 1,486 0.4% 1,413 72 5.1% 1,439 47 3.3%

Overall 145,694 39.9% 135,132 10,562 7.8% 128,230 17,464 13.6%

Industrials - 0.0% - - n.a. 5 (5) -100.0%

Utilities - 0.0% - - n.a. 15 (15) -100.0%

147,180 40.4% 136,546 10,634 7.8% 129,689 17,491 13.5%

Sovereign

Overall 75,315 20.6% 76,436 (1,121) -1.5% 60,906 14,409 23.7%

75,315 20.6% 76,436 (1,121) -1.5% 60,906 14,409 23.7%


Overall 29,552 8.1% 28,335 1,217 4.3% 23,803 5,749 24.2%

29,552 8.1% 28,335 1,217 4.3% 23,803 5,749 24.2%

Sub-Sovereign

Local Governments 18,120 5.0% 17,489 631 3.6% 15,081 3,039 20.2%

Foreign Sovereigns 11,460 3.1% 11,162 298 2.7% 11,346 114 1.0%

Agency 566 0.2% 682 (115) -16.9% 481 86 17.8%

30,146 8.3% 29,333 813 2.8% 26,908 3,238 12.0%

Collateralized Debt

MBS 9,686 2.7% 9,510 175 1.8% 8,003 1,683 21.0%

Covered Bonds 7 0.0% 7 (0) -0.4% 7 0 0.2%

9,692 2.7% 9,517 175 1.8% 8,009 1,683 21.0%

Total 364,729 100% 351,845 12,884 3.7% 312,280 52,449 16.8%



5 November 2015



Figure 39: ETP AUM ($ Million) by Investment Focus - Commodity


Investment Focus

Sub Segment - CommodityAUM $MM

Mkt


Overall

Overall 4,485 9.0% 4,440 45 1.0% 6,024 (1,539) -25.5%

4,485 9.0% 4,440 45 1.0% 6,024 (1,539) -25.5%

Agriculture

Overall 815 1.6% 818 (3) -0.4% 1,042 (227) -21.8%

Corn 68 0.1% 70 (2) -3.4% 109 (41) -37.7%

Soybean 7 0.0% 7 (0) -1.0% 12 (5) -40.5%

Sugar 4 0.0% 4 0 3.2% 3 1 43.4%

Wheat 29 0.1% 29 0 0.4% 22 6 28.5%

922 1.8% 928 (6) -0.6% 1,187 (265) -22.3%

Energy

Overall 117 0.2% 122 (5) -3.9% 140 (23) -16.4%

Crude Oil 4,516 9.0% 4,066 450 11.1% 2,257 2,258 100.0%

Gasoline 74 0.1% 71 3 4.2% 41 33 82.3%

Heating Oil 4 0.0% 5 (0) -3.4% 3 1 36.9%

Natural Gas 568 1.1% 626 (58) -9.3% 748 (180) -24.0%

5,280 10.6% 4,891 390 8.0% 3,190 2,090 65.5%

Industrial Metals

Overall 142 0.3% 153 (11) -7.5% 223 (81) -36.4%

Copper 2 0.0% 2 (0) -1.0% 3 (1) -18.7%

144 0.3% 155 (11) -7.4% 226 (82) -36.2%

Precious Metals

Overall 268 0.5% 265 3 1.2% 413 (145) -35.1%

Gold 32,624 65.3% 31,547 1,077 3.4% 34,841 (2,216) -6.4%

Palladium 229 0.5% 227 2 0.9% 399 (170) -42.6%

Platinum 453 0.9% 425 28 6.5% 611 (157) -25.8%

Silver 5,541 11.1% 5,253 287 5.5% 5,920 (379) -6.4%

39,115 78.3% 37,717 1,398 3.7% 42,183 (3,068) -7.3%

Total 49,946 100% 48,131 1,815 3.77% 52,809 (2,863) -5.4%



5 November 2015



The authors of this report wish to acknowledge the contribution made by Alfonso Delgado Valdivia, employee of Evalueserve, a third-party provider of offshore research support services to Deutsche Bank.

5 November 2015



Appendix A: How we define ETPs

Exchange-Traded Products (ETPs)

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

open-ended delta-one exchange-traded equity or debt instrument with no embedded

optionality and market-wide appeal to investors. This includes exchange traded funds,

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

The figure below provides a summary of our current coverage universe by region and

structure type as on 31 December 2014.

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

remainder being ETCs (0.7%, 451 products, $20.4bn) in Europe and ETVs (2.1%, 70

products, $56.7bn) in the US.

Figure 40: ETP Coverage Universe Summary - End of 2014

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

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

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

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

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

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

ETPs ETFs ETC/Vs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Exchange-Traded Funds (ETFs, 97%)

US (71%): Fund structures that issue shares that are traded on an exchange much the

same way as equities. ETFs indexed to equity and fixed income benchmarks are

registered under the investment company act of 1940. Only physical index replication

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

Europe (16%): Fund structures that issue units or shares that are traded on an

exchange much the same way as equities. The vast majorities of European ETFs are

UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The

Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of

European Union directives that aim to allow collective investment schemes to operate

freely throughout the EU on the basis of a single authorization from one member state.

Both physical and synthetic index replication is permissible by UCITS and funds are

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

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

Exchange-Traded Collateralized Instruments (3%)

Exchange-Traded Commodities (ETCs, 1%)

In Europe as UCITS III does not permit the creation of funds tracking non diversified

commodity indices (for example wheat or oil), exchange-traded products that track

single commodity profiles are issued under the EU Prospectus Directive in two

structures that have become widely known as exchange-traded commodities (ETCs).

ETCs can either be physically backed or they can be issued through a bankruptcy

5 November 2015



remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as

Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed

with securities that closely resemble the composition of a product’s benchmark index.

SPV structures are collateralized by assets that could bear no resemblance to those of

their respective benchmark index and replicate their index return through a total return

swap structure or by holding other derivative instruments such as futures. In the vast

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

money market instruments, government bonds and gold. For more information, please

refer to our research report issued on March 11 2010 titled ‘The race for assets in the

European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 2%)

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

instruments track primarily commodity benchmarks. They differ from ETFs in that they

are registered under the Securities Act of 1933 and not the Investment Company Act of

1940, hence they are not classed as funds. Vehicles that replicate commodity

benchmarks, more often known as pools, and funds targeting alternative index returns

are formed under the Commodities Exchange Act and are listed under the 33 Securities

Act, and report under 34 Corporate Act.

5 November 2015



Appendix 1

Important Disclosures

Additional information available upon request

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

Analyst Certification

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

Equity rating key Equity rating dispersion and banking relationships

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

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

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

50 % 47 %

2 %

57 %42 %

35 %0

100

200

300

400

500

600

Buy Hold Sell

North American Universe

Companies Covered Cos. w/ Banking Relationship

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

5 November 2015



Regulatory Disclosures

1.Additional Information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

http://gm.db.com/

5 November 2015



Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication

may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or

otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any

particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

instruments discussed in this report may not be suitable for all investors and investors must make their own informed

investment decisions. Prices and availability of financial instruments are subject to change without notice and

investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

(including changes in assets holding limits for different types of investors), changes in tax policies, currency

convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

5 November 2015



to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized

Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the

website please contact your Deutsche Bank representative for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)

exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected by the currency of an underlying security, effectively assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not

be subject to FINRA regulations concerning communications with subject company, public appearances and securities

held by the analysts.

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David Folkerts-Landau Chief Economist and Global Head of Research

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

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