Deutsche Bank Markets Research Europe
Synthetic Equity & Index Strategy
European Monthly ETF Market Review
Date
9 November 2015
Authors
Fixed Income Dominates ETF Flows Data in this report is as of 30th October 2015
Anil Gademsetty, CFA Strategist (+44) 20 754-52198 anil-kumar.gademsetty@db.com
Team Contacts European ETP Highlights As of the end of October 2015, global ETP assets stood at $2.9 trillion with European ETP assets at $514bn (€465bn). European ETPs had another good month with net inflows of +€6.4bn in October (+€1.8bn in the prev. month). Fixed Income ETFs led the charge with notable inflows of +€3.5bn followed by Equity ETFs (+€2.5bn) over the last month. Commodity ETPs listed in Europe reversed previous month’s trend and recorded inflows of +€0.4bn during the same period. Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows Investors trading European-listed ETPs were net buyers of broad emerging market focused ETFs. We observed net demand of +€0.9bn into emerging market equities during October.
Shan Lan Strategist (+852) 22036716 shan.lan@db.com Sebastian Mercado Strategist (+1) 212 250-8690 sebastian.mercado@db.com
European equity exposure ETFs continued the positive run in October and attracted investors from Europe and the US. Where European-listed ETFs were concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows) into European equities in Oct’15. US-listed ETFs providing exposure to European equities registered monthly inflows of +$2.3bn bringing YTD total to over +$32.4bn. Investors remained bullish on the Energy sector and put +€0.1bn of new money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15). Short and Leverage Long focused ETFs lost momentum and experienced outflows of -€0.4bn and -€0.2bn, respectively, over the same period. European ETF flows dominated by Fixed Income ETFs Fixed income ETF flows dominated overall European ETF flows in October recording +€3.5bn inflows vs. the region’s overall inflows of +€6.4bn. Within fixed income, investment grade led the flows, attracting +€2.9bn over the last month (+€20.4bn YTD). High yield bonds reversed previous month’s trend and recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn YTD). European ETFs Turnover (%) increased into overall Cash Equity Turnover into European ETFs has significantly increased since the start of 2015. ETFs turnover (%) vs. the overall Cash Equity market has increased to 9.1% from 7.6% in 2014.
________________________________________________________________________________________________________________ Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.
9 November 2015 European Monthly ETF Market Review
Table of Contents European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 5 Product Launch Activity ........................................................................................... 5 Other regions’ cash flow summary.......................................................................... 6
1.
Investment Trends ...................................................... 7
Cross-Asset Class ETPs ........................................................................................... 7 Equity ETFs .............................................................................................................. 7 Fixed Income ETFs .................................................................................................10 Commodity ETPs ....................................................................................................10
2.
Market Metrics .......................................................... 11
ETF Industry Asset Evolution ..................................................................................11 ETFs vs. Cash Equities ............................................................................................14 ETFs vs. Unlisted Mutual Funds .............................................................................16 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) ................................................................................................................................18 Industry Growth Analysis ........................................................................................20
3.
Cash Flow Analysis ................................................... 22
Regional Cash Flow Analysis ..................................................................................22 Asset Class Cash Flow Analysis .............................................................................22 Product Rankings ....................................................................................................27
4.
Product Review ......................................................... 29
New Products Launched in the Month ...................................................................29 Average TERs .........................................................................................................32
5.
Provider Rankings ..................................................... 35
Global Provider Rankings ........................................................................................35 European Provider Rankings – General ...................................................................37 European Provider Rankings – by Asset Class ........................................................41 European Provider Analysis by Replication Method ...............................................44
6.
Trading Perspective .................................................. 45
ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................45 Asset Class Analysis ...............................................................................................45 Product Rankings ....................................................................................................50
7.
European ETF Exchanges ............................................ 55
8.
Assets ......................................................................... 58
ETP Monthly AUM Analysis by Asset Class ...........................................................58 Asset Class Analysis ...............................................................................................58 Product Rankings ....................................................................................................63
9.
ETF Broker rankings .................................................. 65
US ETP Broker Rankings .........................................................................................65 European ETP Broker Rankings ..............................................................................67
Appendix A: How we define ETPs ..................................... 69 Appendix B: The road from beta to alpha ......................... 70
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Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
European Investment Trends Fixed Income and Equity ETFs collected healthy inflows, Commodity comes into positive territory European-listed ETPs brought in +€6.4bn inflows in October dominated by fixed income ETFs receiving +€3.5bn inflows followed by Equity ETFs (+€2.5bn). Commodity ETPs listed in Europe reversed the previous month’s trend and recorded inflows of +€0.4bn over the last month. Year-to-date flows for European-listed ETPs was at +€61.4bn as of the end of October. US-domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October taking YTD flows total to +$172bn. Most of the inflows were contributed by equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of +$11.5bn into fixed income ETFs. Commodity ETPs recovered from negative flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15. Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows Investors trading European-listed ETPs were net buyers of broad emerging market focused ETFs. We observed net demand of +€0.9bn into emerging market equities during October. US-listed ETFs providing exposure to emerging market equities also registered monthly inflows of +$2.1bn. European equity exposure ETFs continued the positive run in October and attracted investors in Europe and US. Where European-listed ETFs were concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows) into European equities in Oct’15. US-listed ETFs providing exposure to European equities registered monthly inflows of +$2.3bn, bringing YTD total to over +$32.4bn. European equities remained preferred over US equities in October by investors. Investors remained bullish on the Energy sector and put +€0.1bn of new money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15). Short and Leverage Long focused ETFs lost momentum and experienced outflows of -€0.4bn and -€0.2bn, respectively, over the same period. European ETF flows dominated by Fixed Income ETFs Fixed income ETF flows dominated overall European ETF flows in October recording +€3.5bn inflows vs. the region’s overall inflow of +€6.4bn. Within fixed income, investment grades led the flows attracting +€2.9bn over the last month (+€20.4bn YTD). High yield bonds reversed the previous month’s trend and recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn YTD). Figure 1 illustrates the monthly trend of flows into fixed income ETFs (breakdown into Investment Grade and High Yield bond ETFs during 2015).
Deutsche Bank AG/London
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9 November 2015 European Monthly ETF Market Review
Figure 1: Monthly Flows into Fixed Income ETFs (Breakdown into IG and HY Bonds during 2015)
6,000
FI M o nthly Flows €mn
5,000 4,000 3,000 2,000
1,000 (1,000) (2,000)
Investment Grade
High Yield
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
European ETFs Turnover (%) increased into overall Cash Equity Turnover into European ETFs has significantly increased since the start of 2015 (YTD). ETFs turnover (%) vs. the overall Cash Equity market has been increased to 9.1% from 7.6% in 2014. Figure 2: ETF vs Cash Equity Turnover (%)
ETF vs Cash Equity (%)
9.5% 9.0%
8.5% 8.0% 7.5% 7.0%
6.5% 6.0% 2011
2012
2013
2014
2015
ETF (%) in total Cash Equity Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Inflows into Crude Oil and Gold based ETPs Commodity ETPs reversed the previous month’s trend and registered inflows of +€393mn during October (-€256mn in September). This was majorly driven by inflows into Crude oil ETPs (+€189mn) followed by inflows of +€139mn into Gold-based ETPs. Crude oil ETPs are the most popular commodity ETPs in 2015 attracting +€1.6bn in YTD flows, primarily driven by low oil prices.
Page 4
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
ETF Comparatives: Mutual Funds, cash equity turnover
European ETF turnover 1 as a percentage of the region’s cash equities turnover2, decreased to 8.6% (from 8.7% in Sep’15) as of the end of October 2015. The equivalent number for the US market also decreased to 25.1% over the same period (from 28.2% in Sep’15).
European ETFs comprised 3.4% of the continent’s mutual fund industry as of August 2015. European domiciled ETFs registered inflows of +€9.7bn through August 2015, while UCITS mutual funds registered outflows totalling -€3bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA).
US ETFs comprised 15.2% of the mutual fund industry as of the end of Sep’15. US domiciled ETFs registered inflows of +$20.4bn in Sep’15, while US mutual funds experienced outflows of -$34bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI).
Product Launch Activity ETP launch calendar in October: 12 new launches led by Fixed Income ETFs The European ETP industry registered 12 new products launches during October including 5 Fixed Income, 4 Equity and 3 Commodity ETPs. Equity
During October, Wisdom Tree listed 2 new Equity ETFs on London Stock Exchange tracking the performance of WisdomTree Emerging Asia Equity Income Index (DEMA LN) and WisdomTree UK Equity Income Index (WUKD LN)
Lyxor listed one new Equity ETF (LYX5 GY) on Deutsche Borse tracking the performance of JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index.
Van Eck Funds listed one Equity ETF (MOAT LN) on London Stock Exchange tracking Morningstar Wide Moat Focus Index.
Fixed Income
Comstage listed 4 new Fixed income ETFs on Deutsche Borse tracking the performance of Commerzbank 10Y US-Treasury Future TR (E570 GY), Commerzbank 10Y US-Treasury Future Short TR (E571 GY), Commerzbank US-Treasury Bond Future Short TR (E572 GY) and Commerzbank USTreasury Bond Future Double Short TR (E573 GY).
Deutsche AWM Listed One new Fixed Income ETF (XDGU GY) on Deutsche Borse tracking the performance of Barclays USD Liquid Investment Grade Corporate Index.
1
On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2
Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg
Deutsche Bank AG/London
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9 November 2015 European Monthly ETF Market Review
Commodity
Boost listed 2 Commodity ETCs during October providing 3x (3BRL IM) and -3x (3BRS IM) exposure to NASDAQ Commodity Brent Crude Oil Index. These ETCs were listed on the Borsa Italiana.
Comstage listed one new Commodity ETF (C099 GY) on Deutsche Borse tracking the performance of Commerzbank ex-Agriculture Monthly EUR Hedged Index.
For additional information on new product launches and listings please refer to figures 62 to 64.
Other regions’ cash flow summary US: Equity continued the positive run, fixed income follows US domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October taking YTD flows total to +$172bn. Most of the inflows were contributed by equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of +$11.5bn into Fixed income ETFs. Commodity ETPs recovered from negative flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$4.8bn), Sector (+$4.4bn), Emerging Markets (+$2.8bn), Style (+$1.9bn) Size (+$1.8bn) and Thematic (-$0.7bn) Sub-segments: Europe DM broad (+$2.3bn), EM Broad (+$2.1bn), Value (+$1.8bn), DM Broad (+$1.6bn) and Leveraged (-$1.8bn). Within fixed income, major inflows were recorded by ETFs benchmarked to Corporates (+$9.3bn) and Sovereign & Corporates (+$1.3bn) bond indices over the last month. Among commodity ETPs, crude oil and gold based ETPs registered inflows of +$0.3bn and +$0.2bn respectively during the month of October. Asia: Outflows from Asian ETPs driven by Japan and money market ETFs, partially offset by inflows into South Korea and China ETFs Asia-Pacific ETPs experienced monthly outflows of -$1bn in October (+$12.2bn in Sep’15) taking YTD total to +$41.1bn. With this, monthly flows average for 2015 stands at +$4.1bn. Equity and fixed income both recorded negative flows over the last month. Within equity, South Korea, China and Japan saw significant flow movement last month. ETFs focusing on South Korea and China saw inflows of +$867mn and +$831mn respectively while Japan focused ETFs saw outflows of -$1.2bn. Beside these, leveraged long (-$1.1bn), short (+$399mn) and leveraged short (+$211mn) saw major flow activity. During Q3, fixed income ETFs gathered healthy inflows (+11.3bn), primarily into China money market ETFs. However in October these ETFs experienced redemptions worth of -$950mn. Flow activity with commodity ETPs remained negligible over the last month.
Page 6
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
1. Investment Trends
3
Cross-Asset Class ETPs Figure 3: Cash flows by asset class – YTD
Figure 4: Cash flows by asset class – Month | ETPs | Europe |
70,000
7,000
60,000
6,000
50,000
5,000
40,000
4,000
€ millions
€ millions
| ETPs | Europe |
30,000
20,000
3,000
2,000
10,000
1,000
0
0
-10,000
-1,000
Equity
Commodity
Fixed Income
Others
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Equity
Commodity
Fixed Income
Others
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Equity ETFs Figure 5: Top 3 aggregate equity segments – YTD
Figure 6: Top 3 aggregate equity segments – Month
| ETFs | Europe |
| ETFs | Europe |
40,000
2,500
35,000
2,000
30,000 1,500 € millions
€ millions
25,000 20,000 15,000
10,000
1,000 500 -
5,000 (500)
(5,000)
(1,000)
Developed Markets
Strategy
Sector
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
3
Developed Markets
Emerging Markets
Strategy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Investment trends as expressed by cumulative monthly and YTD cash flows
Deutsche Bank AG/London
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9 November 2015 European Monthly ETF Market Review
Figure 7: Top 3 DM countries – YTD
| ETFs | Europe |
Figure 8: Top 3 DM countries – Month | ETFs | Europe |
8,000
600
7,000
500
6,000
400 300 200
4,000
€ millions
€ millions
5,000
3,000 2,000 1,000
100 0 -100 -200
0
-300
-1,000
-400
-2,000
-500
Japan
Germany
UK
Germany
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
US
Italy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 9: Top 3 DM regions – YTD
Figure 10: Top 3 DM regions – Month | ETFs | Europe |
| ETFs | Europe |
25,000
1,200
20,000
1,000
800 € millions
€ millions
15,000 10,000 5,000
600 400 200
-
-
(5,000)
(200)
Europe
North America
Asia Pacific
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Europe
Global
North America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 11: Top 3 EM countries – YTD
Figure 12: Top 3 EM countries – Month | ETFs | Europe |
| ETFs | Europe |
500
100
0
50
-500
0 € millions
150
€ millions
1,000
-1,000
-1,500
-50
-100
-2,000
-150
-2,500
-200
-3,000
-250
China
India
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 8
Taiwan
Taiwan
China
Russia
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 13: Top 3 EM regions – YTD
Figure 14: Top 3 EM regions – Month | ETFs | Europe |
1,000
| ETFs | Europe | 1,000 800
500
€ millions
€ millions
600 -
(500)
400 200
(1,000)
-
(1,500)
(200)
Asia Pacific
Europe
Global
Global
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asia Pacific
Latin America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 15: Top 3 sectors – YTD
Figure 16: Top 3 sectors – Month | ETFs | Europe |
| ETFs | Europe |
2,500
300 250
2,000
200 150
€ millions
€ millions
1,500 1,000
100 50 -
500
(50) (100)
-
(150) (500)
(200)
Financials
Energy
Telecommunication Services
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Energy
Consumer Staples
Consumer Discretionary
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 17: Top 3 strategy segments – YTD
Figure 18: Top 3 strategy segments – Month
| ETFs | Europe |
| ETFs | Europe |
3,000
300 200
2,500
100
2,000
(100) € millions
€ millions
1,500 1,000
(200) (300)
(400)
500
(500)
-
(600)
(500)
(700)
Quantitative
Fundamental
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Short
Short
Leveraged Long
Quantitative
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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9 November 2015 European Monthly ETF Market Review
Fixed Income ETFs Figure 19: Top 3 aggregate fixed income segments –
Figure 20: Top 3 aggregate fixed income segments –
YTD
Month
| ETFs | Europe |
| ETFs | Europe |
4,000
25,000
3,500 20,000
3,000 2,500
€ millions
€ millions
15,000
10,000
2,000 1,500 1,000
500 5,000
0 -500
0
-1,000
Corporates
Sovereign
Overall
Sovereign
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Corporates
Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Commodity ETPs Figure 21: Top 3 aggregate commodity segments –
Figure 22: Top 3 aggregate commodity segments –
YTD
Month
| ETPs | Europe |
3,000 2,500
400
2,000
300
€ millions
€ millions
1,500 1,000 500 0
0
-1,000 -1,500
-100
Energy
Precious Metals
Overall
Energy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Overall
Precious Metals
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 23: Top 5 commodity sub-segments – YTD | ETPs | Europe |
Figure 24: Top 5 commodity sub-segments – Month | ETPs | Europe |
3,000
600
2,500
500
2,000
400
1,500
300
€ millions
€ millions
200 100
-500
1,000 500 0
200 100 0
-500 -1,000
-100
-1,500
-200
Crude Oil
Gold
Commodity Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 10
| ETPs | Europe |
500
Copper
Energy Overall
Crude Oil
Commodity Overall
Gold
Copper
Palladium
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
2. Market Metrics ETF Industry Asset Evolution Figure 25: Global ETP regional asset growth
| ETPs | Global |
3,500
5,000
4,500
3,000
$ billion
3,500 3,000
2,000
2,500
1,500
2,000
Number of ETPs
4,000 2,500
1,500
1,000
1,000
500 0
500 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015**
Asia Pacific ($)
34.8
39.9
42.8
48.4
60.8
53.4
65.7
Europe ($)
20.5
33.0
51.3
91.4
131.7
144.9
243.9
85.6
91.3
136.0
169.0
202.2
249.8
309.8
298.1
369.2
416.5
458.4
US ($)
149.9
225.9
306.0
429.3
583.2
558.0
781.5
513.6
994.9
1,046.4
1,333.5
1,677.9
1,979.1
2,111.3
US, Europe & Asia Pacific ($)
205.3
298.8
400.1
569.1
775.7
756.3
Europe (â‚Ź)
16.3
24.3
43.3
69.3
90.1
104.2
1,091.1
1,390.3
1,435.9
1,838.7
2,263.4
2,639.7
2,874.6
170.0
230.9
229.6
280.1
302.2
378.9
Number of ETPs*
269
324
432
737
1,213
1,666
464.9
2,042
2,582
3,127
3,494
3,713
3,996
4,297
0
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 26: Global ETPs (ETF,ETV & ETC) asset growth
| ETPs | Global |
3,500
5,000 4,500 4,000
2,500
3,500 3,000
2,000
2,500 1,500
2,000 1,500
1,000
1,000
500 0
500
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015**
ETCs
-
0.7
1.3
2.0
5.2
7.4
17.6
26.8
28.7
35.8
21.7
20.7
19.8
ETVs
5.8
8.5
14.0
24.9
34.3
41.7
75.2
101.6
107.1
119.3
63.5
56.7
53.8
ETFs
199.5
289.7
384.8
542.3
736.2
707.2
998.4
1,261.8
1,300.1
1,683.6
2,178.2
2,562.2
2,800.9
Total
205.3
298.8
400.1
569.1
775.7
756.3
1,091.1
1,390.3
1,435.9
1,838.7
2,263.4
2,639.7
2,874.6
269
324
432
737
1,213
1,666
2,042
2,582
3,127
3,494
3,713
3,996
4,297
Number of ETPs*
Number of ETPs
$ billion
3,000
-
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Deutsche Bank AG/London
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9 November 2015 European Monthly ETF Market Review
Figure 27: Global ETF regional asset growth
| ETFs | Global |
3,000
4,000
3,000
$ billion
2,000
2,500
1,500
2,000 1,500
1,000
Number of ETFs
3,500
2,500
1,000 500 0 Asia Pacific ($)
500 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015**
34.8
39.9
42.8
48.4
60.3
53.1
65.1
84.9
90.7
135.2
168.6
201.8
249.4
Europe ($)
20.5
32.3
50.0
89.4
127.1
137.7
226.9
283.6
270.1
334.2
395.2
438.1
494.1
US ($)
144.1
217.4
292.0
404.5
548.8
516.3
706.3
893.3
939.3
1,214.2
1,614.4
1,922.4
2,057.4
US, Europe & Asia Pacific ($)
199.5
289.7
384.8
542.3
736.2
707.2
998.4
1,261.8
1,300.1
1,683.6
2,178.2
2,562.2
2,800.9
Europe (€)
16.3
23.8
42.2
67.8
86.9
99.1
158.2
211.4
208.1
253.5
286.8
362.0
447.3
Number of ETFs*
257
310
415
677
1,116
1,481
1,803
2,233
2,699
3,004
3,183
3,460
3,773
0
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 28: European ETF asset growth by asset class
| ET Fs | Europe |
500,000
1,500
450,000 400,000
1,200
€ million
300,000
900
250,000 200,000
600
150,000
100,000
300
Number of ETFs
350,000
50,000 0
2003
2004
Other
-
-
-
-
96
168
1,078
1,995
1,549
1,620
861
1,410
1,496
Commodity
-
-
340
1,402
2,314
3,591
10,570
19,310
23,057
26,152
14,512
13,412
13,296
Fixed Income
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015**
801
2,034
4,002
9,370
13,743
29,857
35,915
42,538
43,725
54,193
60,444
86,151
111,66
Equity
15,532
21,815
37,907
57,029
70,776
65,473
110,59
147,53
139,72
171,52
210,35
261,07
320,81
Total
16,332
23,849
42,249
67,801
86,930
99,089
158,16
211,37
208,05
253,48
286,17
362,04
447,27
100
114
163
267
419
614
819
1,053
1,215
1,311
1,350
1,417
1,473
Number of ETFs*
0
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Page 12
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 29: European Commodity ETP (ETF & ETC) asset growth by segment
| ETPs | Europe |
60,000
450 360
40,000
Number of ETPs
€ million
50,000
270
30,000 180
20,000
90
10,000 0
2004
2005
2006
2007
2008
Livestock
-
-
1
21
63
49
67
59
40
17
19
14
Industrial Metals
-
-
4
44
99
413
828
734
1,063
713
777
496
Agriculture
-
-
58
799
507
1,553
1,825
1,356
1,093
895
826
844
Energy
-
50
153
174
349
1,918
2,056
1,494
1,547
1,397
1,078
2,419
Overall
2009
2010
2011
2012
2013
2014
2015**
-
-
1,103
1,444
981
3,531
5,580
4,439
4,846
3,779
3,580
3,877
Precious Metals
520
886
1,595
2,993
6,713
14,930
28,256
36,334
43,887
22,813
23,555
22,934
Total
520
936
2,914
5,475
8,712
22,395
38,612
44,417
52,475
29,614
29,835
30,584
1
3
40
76
144
185
249
326
423
416
391
389
Number of ETPs*
-
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Figure 30: European ETPs (ETF & ETC) asset growth
| ETPs | Europe |
500,000
2,000
450,000 400,000
1,600
300,000
1,200
250,000 200,000
800
150,000 100,000
Number of ETPs
€ million
350,000
400
50,000 0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015**
ETCs
-
491
1,077
1,512
3,161
5,121
11,847
19,514
21,587
26,581
15,415
16,813
17,635
ETFs
16,332
23,849
42,249
67,801
86,930
99,089
158,16
211,37
208,05
253,48
286,83
362,04
447,27
Total
16,332
24,340
43,326
69,313
90,091
104,21
170,00
230,89
229,64
280,06
302,24
378,86
464,91
100
115
165
299
476
738
995
1,332
1,565
1,749
1,794
1,868
1,913
Number of ETPs
-
Source: Deutsche Bank, Bloomberg Finance LP, Reuters. *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month
Deutsche Bank AG/London
Page 13
9 November 2015 European Monthly ETF Market Review
ETFs vs. Cash Equities Figure 31: ETFs vs. cash equities turnover – US market
| ETFs | US |
9,000
35.0%
8,000
30.0%
7,000
ETFs vs cash equities
25.0%
$ billion
6,000 5,000
20.0%
4,000
15.0%
3,000
10.0%
2,000 5.0%
1,000 0
0.0%
Cash Equities
ETF Turnover
ETFs vs Cash Equities (right axis)
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
Figure 32: ETFs vs. cash equities turnover – European market
| ETFs | Europe |
900
12.0%
800 10.0%
€billion
600
8.0%
500 6.0% 400 300
4.0%
ETFs vs cash equities
700
200 2.0% 100 0
0.0%
Cash Equities
ETF Turnover
ETFs vs Cash Equities (right axis)
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
Page 14
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 33: Turnover Comparatives – ETF vs. Cash equities
| ETFs | Global |
Turnover Region: Statistic: Date Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Period Total 2011 Total 2012 Total 2013 Total 2014 Total 2015
Europe (€ million) ETFs
Cash Equities
1
USA ($ million)
ETFs vs CEs
3
ETFs
Cash Equities
2
ETFs vs CEs
(A)
(B)
A/B
(C)
(D)
C/D
44,775 39,727 56,650 37,241 43,260 40,248 49,408 78,618 60,255 47,315 48,824 37,754 38,802 38,274 40,586 35,556 40,192 34,637 34,709 33,065 35,699 33,246 31,865 29,990 41,368 38,177 37,049 43,335 41,900 45,363 36,399 32,071 33,269 35,928 32,917 35,290 47,555 40,439 41,224 37,627 35,846 36,412 39,749 41,212 40,885 65,854 46,065 55,198 69,583 58,143 75,698 65,644 57,277 67,201 63,279 71,128 58,466 56,493 2,634,739 584,074 426,623 453,065 528,065 642,912
678,671 677,042 800,579 579,786 689,545 629,445 637,911 849,520 664,144 586,541 585,429 470,322 532,019 562,071 603,623 547,570 567,481 544,748 516,002 438,534 515,771 516,668 457,274 388,295 520,486 522,341 537,460 533,294 545,873 553,979 504,648 463,703 520,579 569,482 522,320 470,474 615,780 574,557 629,592 553,711 542,175 525,127 534,478 486,201 569,717 764,882 606,888 588,307 734,963 665,512 796,097 718,989 668,610 766,139 702,931 708,169 674,930 656,331 34,387,713 7,848,935 6,190,055 6,264,638 6,991,414 7,092,671
6.6% 5.9% 7.1% 6.4% 6.3% 6.4% 7.7% 9.3% 9.1% 8.1% 8.3% 8.0% 7.3% 6.8% 6.7% 6.5% 7.1% 6.4% 6.7% 7.5% 6.9% 6.4% 7.0% 7.7% 7.9% 7.3% 6.9% 8.1% 7.7% 8.2% 7.2% 6.9% 6.4% 6.3% 6.3% 7.5% 7.7% 7.0% 6.5% 6.8% 6.6% 6.9% 7.4% 8.5% 7.2% 8.6% 7.6% 9.4% 9.5% 8.7% 9.5% 9.1% 8.6% 8.8% 9.0% 10.0% 8.7% 8.6% 7.7% 7.4% 6.9% 7.2% 7.6% 9.1%
1,139,729 1,111,786 1,651,335 1,077,243 1,306,334 1,521,226 1,319,878 2,607,718 1,829,995 1,766,121 1,518,554 1,222,458 1,058,682 1,098,599 1,208,186 1,127,926 1,371,490 1,227,990 1,008,950 905,592 938,537 1,015,281 1,102,650 1,043,483 1,050,769 1,014,370 1,005,941 1,282,375 1,273,888 1,548,668 1,130,701 1,110,628 1,126,546 1,389,248 1,034,383 1,152,234 1,363,583 1,318,969 1,448,238 1,387,681 1,095,590 1,027,002 1,171,060 1,112,387 1,283,754 2,181,253 1,058,826 1,733,218 1,718,582 1,221,851 1,539,062 1,297,812 1,197,595 1,420,153 1,465,731 1,971,994 1,692,334 1,561,540 76,567,710 18,072,376 13,107,366 14,119,751 16,181,562 15,086,655
4,891,202 4,644,687 5,817,073 4,638,417 5,163,662 5,323,852 4,868,052 7,953,225 5,775,005 5,688,208 4,881,775 4,126,527 4,325,076 4,534,757 4,916,705 4,511,294 5,127,965 4,568,078 4,115,109 3,908,430 4,047,495 4,273,995 4,300,950 4,035,958 4,571,220 4,333,513 4,211,982 4,988,895 5,101,501 5,079,507 4,533,650 4,343,795 4,420,293 5,458,653 4,422,205 4,694,747 5,725,248 5,440,230 5,675,181 5,746,223 4,784,563 4,772,810 5,149,704 4,529,181 5,295,777 7,491,505 4,755,269 6,081,196 6,112,460 5,242,460 6,060,125 5,518,235 5,111,824 5,762,644 6,025,688 6,731,171 6,003,237 6,230,426 296,842,611 63,771,684 52,665,812 56,159,960 65,446,885 58,798,270
23.3% 23.9% 28.4% 23.2% 25.3% 28.6% 27.1% 32.8% 31.7% 31.0% 31.1% 29.6% 24.5% 24.2% 24.6% 25.0% 26.7% 26.9% 24.5% 23.2% 23.2% 23.8% 25.6% 25.9% 23.0% 23.4% 23.9% 25.7% 25.0% 30.5% 24.9% 25.6% 25.5% 25.5% 23.4% 24.5% 23.8% 24.2% 25.5% 24.1% 22.9% 21.5% 22.7% 24.6% 24.2% 29.1% 22.3% 28.5% 28.1% 23.3% 25.4% 23.5% 23.4% 24.6% 24.3% 29.3% 28.2% 25.1% 25.8% 28.3% 24.9% 25.1% 24.7% 25.7%
3
US vs Europe comparatives ETFs vs CEs ETFs CEs 3.5x 4.1x 4.0x 3.6x 4.0x 4.5x 3.5x 3.5x 3.5x 3.8x 3.7x 3.7x 3.4x 3.6x 3.7x 3.9x 3.8x 4.2x 3.6x 3.1x 3.4x 3.7x 3.7x 3.3x 2.9x 3.2x 3.5x 3.2x 3.3x 3.7x 3.5x 3.7x 4.0x 4.0x 3.7x 3.3x 3.1x 3.4x 3.9x 3.6x 3.5x 3.1x 3.1x 2.9x 3.4x 3.4x 2.9x 3.0x 3.0x 2.7x 2.7x 2.6x 2.7x 2.8x 2.7x 2.9x 3.3x 2.9x 3.4x 3.8x 3.6x 3.5x 3.3x 2.8x
7.2x 6.9x 7.3x 8.0x 7.5x 8.5x 7.6x 9.4x 8.7x 9.7x 8.3x 8.8x 8.1x 8.1x 8.1x 8.2x 9.0x 8.4x 8.0x 8.9x 7.8x 8.3x 9.4x 10.4x 8.8x 8.3x 7.8x 9.4x 9.3x 9.2x 9.0x 9.4x 8.5x 9.6x 8.5x 10.0x 9.3x 9.5x 9.0x 10.4x 8.8x 9.1x 9.6x 9.3x 9.3x 9.8x 7.8x 10.3x 8.3x 7.9x 7.6x 7.7x 7.6x 7.5x 8.6x 9.5x 8.9x 9.5x 8.7x 8.1x 8.6x 9.0x 9.4x 8.3x
25.5x 28.0x 29.2x 28.9x 30.2x 37.8x 26.7x 33.2x 30.4x 37.3x 31.1x 32.4x 27.3x 28.7x 29.8x 31.7x 34.1x 35.5x 29.1x 27.4x 26.3x 30.5x 34.6x 34.8x 25.4x 26.6x 27.2x 29.6x 30.4x 34.1x 31.1x 34.6x 33.9x 38.7x 31.4x 32.7x 28.7x 32.6x 35.1x 36.9x 30.6x 28.2x 29.5x 27.0x 31.4x 33.1x 23.0x 31.4x 24.7x 21.0x 20.3x 19.8x 20.9x 21.1x 23.2x 27.7x 28.9x 27.6x 29.6x 30.9x 30.8x 31.3x 30.6x 23.5x
1
As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. 2
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
Deutsche Bank AG/London
Page 15
9 November 2015 European Monthly ETF Market Review
ETFs vs. Unlisted Mutual Funds Figure 34: European ETP vs mutual fund assets
| ETPs | Europe |
500
4.2%
450
3.7%
350 300
3.2%
250 200
2.7%
150 100
ETP vs mutual funds
ETP AUM (€ billion)
400
2.2%
50 0 ETCs ETFs
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Q3-13
Q4-13
Q1-14
Q2-14
Q3-14
Q4-14
Q1-15
Q2-15
Q3-15*
19
19
21
22
23
23
28
27
26
18
18
15
17
17
17
17
20
19
17
217
222
201
208
228
222
242
254
268
256
271
287
299
326
344
363
439
429
424
ETPs vs mutual funds
2.9%
3.0%
2.9%
2.9%
3.0%
2.9%
3.1%
3.1%
3.1%
3.0%
3.1%
3.1%
3.1%
3.3%
3.3%
3.4%
3.7%
3.6%
3.6%
ETFs vs mutual funds
2.7%
2.7%
2.6%
2.6%
2.7%
2.6%
2.8%
2.8%
2.8%
2.8%
2.9%
2.9%
3.0%
3.1%
3.1%
3.2%
3.5%
3.4%
3.4%
1.7%
*Data as of 31-Aug-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Figure 35: European ETP vs mutual fund cash flows
| ETPs | Europe |
90
80 70
Cash Flows (€ billion)
60
50 40 30 20
10 0 -10
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
ETCs
-0.77
-0.03
-0.11
-0.13
-0.13
-0.68
-0.13
0.18
0.40
0.13
-0.16
-0.08
0.38
0.07
-0.46
-0.12
0.24
0.06
0.90
0.82
-0.48
0.07
0.00
-0.31
-0.51
0.43
ETFs
3.16
0.39
0.99
2.93
2.78
1.64
3.69
3.36
0.88
6.20
4.68
4.20
7.57
5.98
-1.78
5.68
4.13
0.06
Jan-15 11.26
10.26
7.18
4.18
0.28
1.68
7.94
9.73
Mutual funds
34.60
0.50
9.40
25.90
20.60
26.80
41.90
50.40
46.70
63.20
48.00
36.90
40.90
32.10
28.10
22.70
30.80
16.10
54.70
71.40
71.40
66.50
51.10
18.10
38.80
-3.00
Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Page 16
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 36: US ETP vs mutual fund assets
| ETPs | US |
2,500
17.7%
15.7% 2,000
11.7%
1,500
9.7% 1,000
7.7%
5.7%
ETP vs mutual funds
ETP AUM ($ billion)
13.7%
500 3.7% 0 ETVs
ETFs
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Q3-13
Q4-13
Q1-14
Q2-14
Q3-14
Q4-14
Q1-15
Q2-15
Q3-15
108
108
111
107
116
108
125
119
109
72
76
64
67
67
61
57
59
57
52
954
976
848
939
1,077
1,054
1,158
1,214
1,340
1,348
1,467
1,614
1,645
1,767
1,776
1,922
2,011
2,034
1,912
ETPs vs mutual funds
11.2%
11.3%
11.4%
11.7%
12.1%
12.0%
12.6%
12.9%
13.1%
12.8%
13.3%
13.6%
13.6%
14.0%
14.2%
15.1%
15.3%
15.5%
15.6%
ETFs vs mutual funds
10.1%
10.2%
10.1%
10.5%
10.9%
10.9%
11.4%
11.7%
12.1%
12.2%
12.6%
13.1%
13.0%
13.5%
13.7%
14.6%
14.9%
15.0%
15.2%
1.7%
Source: Deutsche Bank, Bloomberg Finance LP, ICI
Figure 37: US ETP vs mutual fund cash flows
| ETPs | US |
80
60
Cash flows ($ billion)
40
20
0
-20
-40
-60 ETVs
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30 -0.56
ETFs
41.32
-18.25
32.85
28.33
14.22
23.19
-14.27
18.19
10.54
20.70
12.56
25.20
16.43
14.92
17.65
26.76
42.45
51.51
-7.88
31.79
28.73
13.80
12.91
18.52
Jul-15 Aug-15 Sep-15 -0.76 0.67 -0.42 23.73
0.85
20.36
Mutual funds
10.28
-17.17
-4.90
10.30
9.10
-20.05
27.88
32.65
26.88
16.94
14.94
13.02
3.37
7.42
22.76
-3.00
13.76
-47.08
25.20
29.05
14.54
5.39
2.96
5.27
-18.97
-39.13
-34.27
Source: Deutsche Bank, Bloomberg Finance LP, ICI
Deutsche Bank AG/London
Page 17
9 November 2015 European Monthly ETF Market Review
European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 38: Historical Composition by ETF Structure
| ETFs | Europe |
900
500
800
450 400
700
Number of ETFs
300
500 250 400 200
300
AUM (€ billion)
350
600
150
200
100
100
50
0
-
Physical-AUM
Synthetic-AUM
Physical-funds
Synthetic -funds
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 39: European AUM ETF market historical asset class analysis by replication technique
| ETFs | Europe | Physical
AUM (€ million) Equity Fixed Income Commodity Others Total ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows (€ million) Equity Fixed Income Commodity Others Total
Synthetic
2013
Physical
Synthetic
2014
Physical
Synthetic
Oct-15
135,822 45,672 10,892 352 192,737
74,558 14,773 3,620 1,175 94,126
188,495 67,114 10,027 344 265,980
73,101 19,062 3,385 1,065 96,614
234,723 85,694 9,542 453 330,412
86,092 25,975 3,754 1,043 116,864
421 165 23 9 618
516 161 35 20 732
474 179 22 9 684
523 164 27 20 734
532 195 22 9 758
519 154 28 14 715
18,302 7,760 -4,360 62 21,764
-3,209 326 -697 -231 -3,810
22,993 16,880 -1,577 -34 38,263
3,072 3,265 160 -101 6,398
2,293 2,722 -81 9 4,943
185 802 161 -17 1,130
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 18
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 40: European ETF AUM by replication method
Figure 41: European ETF flows by replication method
| ETFs | Europe | Oct-15
€330,412
€116,864
| ETFs | Europe | Oct-15
€4,943
2015
2014
€265,980
€96,614
€192,737 0%
20%
40% Physical
€15,598
€44,781
2014
2013
€1130
€94,126 60%
80%
2013
€38,263
€21,764
-€3,810
-20%
100%
0%
20%
40%
Physical
Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
€6,398
60%
80%
100%
Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 42: European ETFs product count by replication
Figure 43: European Equity ETFs AUM by replication
method
method
Oct-15
| ETFs | Europe | 758
2014
715
684
2013
734
618 0%
40%
60%
Physical
Oct-15
€234,723
€86,092
2014
€188,495
€73,101
2013
732
20%
| ETFs | Europe |
80%
€135,822 0%
100%
20%
40%
€74,558 60%
Physical
Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
80% Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 44: European Fixed Income ETFs AUM by
Figure 45: European Commodity ETFs AUM by
replication method
replication method
| ETFs | Europe |
| ETFs | Europe |
Oct-15
€85,694
€25,975
Oct-15
2014
€67,114
€19,062
2014
€10,027
€3,385
2013
€45,672
€14,773
2013
€10,892
€3,620
0%
20%
40% Physical
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
100%
60%
80%
Synthetic
100%
€9,542
0%
20%
40%
Physical
€3,754
60%
80%
100%
Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 19
9 November 2015 European Monthly ETF Market Review
Industry Growth Analysis | ETFs | Global |
3.0%
10.0%
2.5%
8.0%
2.0%
6.0%
1.5%
4.0%
1.0%
2.0%
0.5%
0.0%
0.0%
-2.0%
-0.5%
-4.0%
-1.0%
-6.0%
-1.5%
ETF asset price growth contribution (line)
ETF cash flow growth contribution (Bars)
Figure 46: Global ETF Industry growth attribution
-8.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other flows
Fixed Income flows 0.3% -0.3%
0.4% -0.1%
0.0%
0.0%
0.9% -0.1%
0.3%
0.6%
0.0%
0.1%
0.5% -0.1%
0.9%
0.2%
0.3%
0.6%
0.7%
0.1%
0.4% -0.1% -0.1%
0.4%
0.4%
0.6%
0.6%
Equity flows
2.2% -0.5%
1.5%
1.7%
0.8%
1.3% -0.4%
0.4%
0.6%
1.2%
0.3%
1.5%
1.1%
0.5%
0.6%
0.6%
1.4%
2.0% -0.3%
1.0%
1.2%
0.2%
1.4%
0.3%
0.8%
0.7%
Price growth
3.6% -2.0%
4.0%
3.2%
1.1%
0.7% -3.0%
3.8% -0.2%
0.4%
1.7%
1.6% -1.5%
2.1% -3.3%
1.1%
1.5% -1.4% -0.5%
3.6% -0.9%
2.0% -0.2% -2.4%
0.0% -5.6% -3.4%
6.3%
Total growth
6.1% -2.8%
5.8%
4.8%
2.0%
2.0% -3.3%
5.2%
1.9%
2.6%
3.1% -0.2%
3.1% -2.7%
2.5%
3.1%
5.4%
2.6%
1.8% -4.9% -2.1%
7.6%
0.1%
0.3%
0.9% -0.3%
0.4%
0.7%
1.0%
0.5% -1.5%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
| ETFs | US |
3.5%
10.0%
3.0%
8.0%
ETF cash flows growth contribution (Bars)
2.5%
6.0%
2.0%
4.0%
1.5%
2.0%
1.0% 0.0%
0.5%
-2.0%
0.0%
-4.0%
-0.5%
-6.0%
-1.0%
-1.5%
Other flows
ETF asset price growth contribution (Line)
Figure 47: US ETF Industry growth attribution
-8.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fixed Income flows 0.4% -0.5%
0.4% -0.2%
0.0%
0.0%
1.1% -0.4%
0.2%
0.7% -0.1%
0.0%
0.5% -0.1%
1.0%
0.1%
0.2%
0.4%
0.7%
0.0%
0.2%
0.0% -0.1%
0.3%
0.3%
0.5%
0.6%
Equity flows
2.7% -0.7%
2.0%
2.1%
0.9%
1.5% -0.9%
0.0%
1.0%
1.0%
0.0%
1.6%
0.9%
0.3%
1.1%
0.5%
2.2%
2.5% -0.8%
0.9%
1.5%
0.5%
0.6%
0.8% -0.2%
0.6%
0.8%
Price growth
3.7% -2.3%
3.5%
3.3%
1.2%
0.8% -2.7%
3.9%
0.0%
0.3%
1.8%
1.6% -1.6%
2.8% -3.3%
1.8%
1.4% -1.7% -1.0%
4.1% -1.1%
1.1%
0.4% -2.5%
0.5% -5.6% -3.2%
6.3%
Total growth
6.7% -3.6%
5.8%
5.3%
2.2%
2.3% -3.6%
5.0%
0.6%
1.6%
2.6%
3.1% -0.7%
3.7% -2.4%
3.3%
3.7%
5.7%
1.8%
1.0% -1.6%
1.7% -5.5% -2.2%
7.7%
0.1%
1.0% -1.4%
0.3%
1.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
| ETFs | Europe |
3.5%
14.0%
3.0%
12.0% 10.0%
2.5%
8.0% 2.0%
6.0%
1.5%
4.0%
1.0%
2.0% 0.0%
0.5%
-2.0% 0.0%
-4.0%
-0.5%
-6.0%
-1.0%
Other flows
ETF asset price growth contribution (Line)
ETF cash flows growth contribution (Bars)
Figure 48: European ETF Industry growth attribution
-8.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0%
Fixed Income flows 0.1%
0.3%
0.5%
0.4%
0.2%
0.2%
0.5%
0.7%
0.6%
0.8%
0.4%
0.3%
0.6%
0.7%
0.0%
0.6%
0.6%
0.4%
1.3%
1.0%
0.9%
1.2%
-0.2% -0.2%
0.5%
0.5%
0.2%
0.9%
Equity flows
1.3%
0.0%
0.1%
0.8%
0.8%
0.6%
0.9%
1.0%
-0.3%
1.2%
1.2%
1.1%
1.7%
1.1%
-0.5%
1.1%
0.6% -0.3%
2.0%
1.5%
0.8%
-0.2%
0.2%
0.5%
1.4%
1.6%
0.4%
0.6%
Price growth
2.3%
-0.8%
2.4%
3.3%
0.2%
-0.1% -1.2%
2.4%
-0.3%
0.5%
2.5%
0.7%
-0.4%
2.1%
0.3%
0.1%
2.1%
0.2%
8.1%
2.2%
2.2%
-1.2%
1.0%
-3.5%
1.3%
-6.4% -2.9%
6.8%
Total growth
3.5%
-0.6%
2.9%
4.4%
1.1%
0.5%
4.0%
-0.1%
2.6%
4.0%
2.0%
1.9%
3.9%
-0.2%
1.7%
3.3%
0.2% 11.3% 4.7%
4.0%
-0.2%
1.0%
-3.2%
3.2%
-4.3% -2.4%
8.2%
0.1%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 20
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
| ETCs | Europe |
8.0%
20.0%
6.0%
15.0%
4.0%
10.0%
2.0%
5.0%
0.0%
0.0%
-2.0%
-5.0%
-4.0%
-10.0%
-6.0%
Currency Flows
ETC asset price growth contribution (line)
ETC cash flows growth contribution (Bars)
Figure 49: European ETC Industry growth attribution
-15.0%
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1%
Commodity Flows -4.4%
0.1% -0.9% -0.5% -0.7% -4.1% -0.9%
1.0%
2.2%
0.8% -2.4% -0.6%
1.4%
0.4%
Price growth
5.5%
6.5% -6.6% -0.7% -4.6% -3.6%
4.6%
3.6% -1.8% -0.6% -0.7%
3.5%
0.1%
1.0% -2.6% -3.0%
0.1%
1.6% 10.5% -1.6%
Total growth
1.2%
6.7% -7.3% -1.4% -5.3% -7.6%
3.7%
4.7%
3.0%
2.3%
1.6% -5.2% -3.7%
1.6%
2.0% 15.9% 2.7% -1.8% -1.5%
2.5% 0.8%
0.5% -0.9% -0.5% 0.2% -1.5%
5.5%
4.4% -2.4%
0.2%
0.0% -1.4% -2.7%
2.5% -0.7%
1.9%
0.5% -1.9%
1.9% -3.4% -7.7%
0.6% -2.3%
3.3%
1.8% -4.9% -10.4% 3.2% -3.1%
5.1%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 21
9 November 2015 European Monthly ETF Market Review
3. Cash Flow Analysis Regional Cash Flow Analysis Figure 50: Global ETP cash flows by region and asset class
| ETPs | Global |
All figures in $ million except where otherwise stated
Oct-15 Asset Class
Sep-15
US
EU ($)
EU (€)
Asia
Equity
15,782
2,757
Fixed income
11,533
3,948
Commodity
12
90
80
48
Currency
-92
0
0
Multi Asset
-28
6
Alternative
14
-16
27,221
6,785
6,074
Commodity
500
349
313
0
Currency
-10
-15
-14
0
Alternative
292
0
0
Total
782
335
300
Equity
15,782
2,757
Fixed income
11,533
3,948
Commodity
513
439
393
48
Currency
-103
-15
-14
Multi Asset
-28
6
Alternative
306 28,003
YTD
Total
US
EU ($)
EU (€)
Asia
2,478
-154 18,384
10,817
1,622
1,445
3,524
-950 14,531
9,594
706
632
150
7
-157
10
-82
-17
6
-5
-27
-14
22
21
-1,028 32,977
Total
US
EU ($)
EU (€)
Asia
Total
7,483
19,923 111,797
40,400
35,978
27,612 179,809
4,934
15,234
57,474
27,004
24,283
12,042
96,520
-140
-41
-191
404
95
98
1,312
1,811
0
0
16
-1
-129
-14
-13
127
-16
-20
-8
-7
0
-28
298
133
121
-6
425
-18
-10
-9
-159
-187
198
-99
-88
28
127
20,363
2,153
1,921
12,234
34,750 170,042
67,519
60,379
850
-454
-131
-117
0
-585
1,411
1,405
1,167
-22
-25
-50
-22
-20
0
-73
20
-111
-99
0
-91
0
292
83
0
0
0
83
671
0
0
0
671
0
1,116
-421
-153
-137
0
-574
2,103
1,294
1,068
-22
3,375
2,478
-154 18,384
10,817
1,622
1,445
7,483
19,923 111,797
40,400
35,978
27,612 179,809
3,524
-950 14,531
9,594
706
632
4,934
15,234
57,474
27,004
24,283
12,042
96,520
1,000
-447
-288
-256
-41
-775
1,815
1,501
1,265
1,290
4,606
10
-107
-67
-22
-20
16
-74
-108
-125
-112
127
-107
6
-5
-27
-20
-8
-7
0
-28
298
133
121
-6
425
-16
-14
22
313
65
-10
-9
-159
-104
870
-99
-88
28
799
7,120
6,373
-1,028 34,094
19,942
2,000
1,784
12,234
34,175 172,145
68,813
61,448
ETFs
Total
41,115 278,676
ETCs/ETVs 2,795
ETPs
Total
41,093 282,051
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Cash Flow Analysis Figure 51: European Equity ETF cash flow summary (€ million)
All figures in € million Developed Markets
| ETFs | Europe |
Oct-15
Equity Cash Flows Beta
Beta+
Semiactive
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
YTD Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
1,283
0
0
-2
1,281
1,303
0
0
-31
1,272
28,197
0
0
-246
27,950
Emerging Markets
823
0
0
-1
823
-229
0
0
0
-229
-1,810
0
0
-1
-1,811
Global Markets
300
0
0
0
300
-151
0
0
0
-151
-637
0
0
0
-637
81
0
0
0
81
-61
0
0
0
-61
2,658
0
0
0
2,658
Sector Capitalization
-16
0
0
0
-16
-175
0
0
0
-175
1,734
0
0
0
1,734
Strategy
199
-667
43
0
-425
400
178
-46
-51
480
1,843
906
376
-108
3,017
Style
220
0
0
0
220
165
0
0
0
165
2,029
0
0
0
2,029
Thematic Total equities
214
0
0
0
214
144
0
0
0
144
1,038
0
0
0
1,038
3,106
-667
43
-3
2,478
1,396
178
-46
-83
1,445
35,052
906
376
-355
35,978
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 22
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 51A: European Equity ETF cash flow summary - A (â‚Ź Million) Oct-15
Equity Cash Flows All figures in â‚Ź million
Beta
Sector
Beta+
Semiactive
| ETFs | Europe |
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
YTD Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
81
0
0
0
81
-61
0
0
0
-61
2,658
0
0
0
2,658
Consumer discretionary
93
0
0
0
93
-108
0
0
0
-108
174
0
0
0
174
Consumer staples
-98
0
0
0
-98
-71
0
0
0
-71
54
0
0
0
54
Energy
121
0
0
0
121
210
0
0
0
210
310
0
0
0
310
Financials
60
0
0
0
60
189
0
0
0
189
1,751
0
0
0
1,751
Healthcare
-86
0
0
0
-86
-146
0
0
0
-146
-99
0
0
0
-99
Industrials
-50
0
0
0
-50
-40
0
0
0
-40
-8
0
0
0
-8
Information Technology
35
0
0
0
35
-11
0
0
0
-11
85
0
0
0
85
Materials
-43
0
0
0
-43
-120
0
0
0
-120
145
0
0
0
145
Telecommunications
52
0
0
0
52
46
0
0
0
46
205
0
0
0
205
Utilities
-4
0
0
0
-4
-10
0
0
0
-10
42
0
0
0
42
-16
0
0
-16
-175
0
0
0
-175
1,734
0
0
0
1,734
Capitalization Large Cap
-
0
0
0
0
0
3
0
0
0
3
-42
0
0
0
-42
Mid Cap
-26
0
0
0
-26
-80
0
0
0
-80
634
0
0
0
634
Small Cap
10
0
0
0
10
-98
0
0
0
-98
1,142
0
0
0
1,142
Strategy
199
-667
43
0
-425
400
178
-46
-51
480
1,843
906
376
-108
3,017
Fundamental
-5
0
28
0
23
15
0
10
0
26
199
0
390
0
589
Leveraged Long
0
-241
0
0
-241
0
132
0
0
132
0
79
0
0
79
Leveraged Short
0
-25
0
0
-25
0
-18
0
0
-18
0
343
0
0
343
Options Strategy Quantitative Short
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
204
0
14
0
219
384
0
-56
-51
277
1,610
0
-14
-108
1,487
0
-401
0
0
-401
0
64
0
0
64
34
484
0
0
518
220
0
0
0
220
165
0
0
0
165
2,029
0
0
0
2,029
Dividend
90
0
0
0
90
3
0
0
0
3
1,675
0
0
0
1,675
Growth
6
0
0
0
6
19
0
0
0
19
115
0
0
0
115
Value
124
0
0
0
124
143
0
0
0
143
239
0
0
0
239
Thematic
214
0
0
0
214
144
0
0
0
144
1,038
0
0
0
1,038
19
0
0
0
19
11
0
0
0
11
159
0
0
0
159
1
0
0
0
1
3
0
0
0
3
-28
0
0
0 -
Other Theme
42
0
0
0
42
74
0
0
0
74
312
0
0
0
312
Sustainability
152
0
0
0
152
56
0
0
0
56
594
0
0
0
594
699
-667
43
0
74
473
178
-46
-51
554
9,302
906
376
-108
10,476
Style
Commodities Faith
Total
28
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 23
9 November 2015 European Monthly ETF Market Review
Figure 51B: European Equity ETF cash flow summary – B (€ million) Oct-15
Equity Cash Flows All figures in € million
Beta
Beta+
Semiactive
| ETFs | Europe |
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
YTD Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
Developed Markets Europe
1,080
0
0
-2
1,078
2,234
0
0
-31
2,202
25,760
0
0
-246
25,514
Austria
63
0
0
0
63
5
0
0
0
5
35
0
0
0
35
Belgium
1
0
0
0
1
0
0
0
0
0
3
0
0
0
3
Finland
6
0
0
0
6
0
0
0
0
0
10
0
0
0
10
France
21
0
0
0
21
20
0
0
0
20
688
0
0
0
688
Germany
353
0
0
0
353
347
0
0
0
347
2,522
0
0
0
2,522
Greece
2
0
0
0
2
3
0
0
0
3
64
0
0
0
64
Ireland
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
147
0
0
0
147
210
0
0
0
210
401
0
0
0
401
Netherlands
-1
0
0
0
-1
23
0
0
0
23
127
0
0
0
127
Norway
4
0
0
0
4
0
0
0
0
0
-28
0
0
0
-28
Portugal
0
0
0
0
0
0
0
0
0
0
22
0
0
0
22
-102
0
0
0
-102
-65
0
0
0
-65
74
0
0
0
74
12
0
0
0
12
-102
0
0
0
-102
-152
0
0
0
-152
Switzerland
115
0
0
0
115
-30
0
0
0
-30
315
0
0
0
315
UK
-10
0
0
0
-10
205
0
0
0
205
842
0
0
0
842
Europe broad
469
0
0
-2
467
1,619
0
0
-31
1,587
20,835
0
0
-246
20,589
Italy
Spain Sweden
Americas US Canada North America
-82
0
0
0
-82
89
0
0
0
89
-507
0
0
0
-507
-161
0
0
0
-161
200
0
0
0
200
-90
0
0
0
-90
0
0
0
0
0
-4
0
0
0
-4
21
0
0
0
21
79
0
0
0
79
-107
0
0
0
-107
-438
0
0
0
-438
121
0
0
0
121
-753
0
0
0
-753
3,019
0
0
0
3,019
Australia
-6
0
0
0
-6
5
0
0
0
5
-324
0
0
0
-324
Hong Kong
2
0
0
0
2
0
0
0
0
0
139
0
0
0
139
119
0
0
0
119
-775
0
0
0
-775
3,309
0
0
0
3,309
Singapore
0
0
0
0
0
6
0
0
0
6
50
0
0
0
50
Asia Pacific broad
7
0
0
0
7
10
0
0
0
10
-154
0
0
0
-154
164
0
0
0
164
-267
0
0
0
-267
-75
0
0
0
-75
164
0
0
0
164
-267
0
0
0
-267
-75
0
0
0
-75
1,283
0
0
-2
1,281
1,303
0
0
-31
1,272
28,197
0
0
-246
27,950
Asia
Japan
Global Broad indices DM Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 24
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 51C: European Equity ETF cash flow summary – C (€ million) Oct-15
Equity Cash Flows All figures in € million
Beta
Semiactive
Beta+
| ETFs | Europe |
Sep-15 Alpha
Total
Beta
YTD
Semiactive
Beta+
Alpha
Total
Beta
Semiactive
Beta+
Alpha
Total
Emerging Markets BRIC
41
0
0
-1
40
-187
0
0
0
-187
-1,747
0
0
-1
Brazil
16
0
0
0
16
11
0
0
0
11
-15
0
0
0
-15
Russia
-72
0
0
-1
-72
-25
0
0
0
-25
-138
0
0
-1
-139
India
-2
0
0
0
-2
-48
0
0
0
-48
465
0
0
0
465
China
98
0
0
0
98
-125
0
0
0
-125
-2,059
0
0
0
-2,059
11
0
0
0
11
-25
0
0
0
-25
-56
0
0
0
-56
Chile
0
0
0
0
0
-6
0
0
0
-6
-3
0
0
0
-3
Mexico
0
0
0
0
0
-3
0
0
0
-3
-76
0
0
0
-76
Latin America
LATAM broad
-1,748
11
0
0
0
11
-17
0
0
0
-17
24
0
0
0
24
-140
0
0
0
-140
-54
0
0
0
-54
145
0
0
0
145
Bangladesh
0
0
0
0
0
-1
0
0
0
-1
2
0
0
0
2
Indonesia
0
0
0
0
0
-7
0
0
0
-7
-14
0
0
0
-14
Malaysia
2
0
0
0
2
1
0
0
0
1
-20
0
0
0
-20
Pakistan
-4
0
0
0
-4
-2
0
0
0
-2
-3
0
0
0
-3
Philippines
0
0
0
0
0
-2
0
0
0
-2
-22
0
0
0
-22
South Korea
-8
0
0
0
-8
-48
0
0
0
-48
103
0
0
0
103
Asia
Taiwan
-118
0
0
0
-118
11
0
0
0
11
-212
0
0
0
-212
Thailand
0
0
0
0
0
-6
0
0
0
-6
-26
0
0
0
-26
Vietnam
6
0
0
0
6
1
0
0
0
1
45
0
0
0
45
-19
0
0
0
-19
-1
0
0
0
-1
292
0
0
0
292
Asia Pacific broad EMEA
-1
0
0
0
-1
-7
0
0
0
-7
-42
0
0
0
-42
Kuwait
-1
0
0
0
-1
-1
0
0
0
-1
1
0
0
0
1
Poland
-3
0
0
0
-3
3
0
0
0
3
33
0
0
0
33
South Africa
5
0
0
0
5
1
0
0
0
1
-1
0
0
0
-1
Turkey
-8
0
0
0
-8
-5
0
0
0
-5
26
0
0
0
26
Europe broad
5
0
0
0
5
-6
0
0
0
-6
-149
0
0
0
-149
Middle East & Africa
3
0
0
0
3
1
0
0
0
1
47
0
0
0
47
912
0
0
0
912
44
0
0
0
44
-110
0
0
0
-110
912
0
0
0
912
44
0
0
0
44
-110
0
0
0
-110
823
0
0
-1
823
-229
0
0
0
-229
-1,810
0
0
-1
-1,811
2,107
0
0
-3
2,104
1,074
0
0
-31
1,043
26,387
0
0
-247
26,139
Global Markets Global EM Total Total (EM + DM)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 52: European Fixed Income ETF cash flows (€ million) Oct-15
Fixed Income Cash Flows All figures in € million
Beta
Overall Corporates
| ETFs | Europe |
Beta+
Semiactive
45
0
0
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
YTD Alpha
272
317
72
0
0
200
Total 273
Beta
Beta+
Semiactive
580
0
0
-194 11,211
Alpha 1,464
Total 2,044
1,453
0
0
4
1,457
-217
0
0
24
0
0
171 11,382
Covered Bonds
-135
0
0
-35
-170
57
0
0
-6
52
-316
0
0
-56
Credit Exposure
-2
-7
0
0
-10
-39
-8
0
0
-47
39
20
0
0
60
1,998
-11
0
-4
1,983
518
68
0
-1
585
9,560
535
0
-169
9,927
-53
0
0
0
-53
-38
0
0
0
-38
1,243
0
0
0
1,243
3,305
-18
0
237
3,524
353
61
0
218
632 22,317
556
0
Sovereign Money Market Total Fixed Income
-372
1,410 24,283
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 25
9 November 2015 European Monthly ETF Market Review
Figure 53: European Commodity ETP cash flow summary (â‚Ź million) Oct-15
Commodity Cash Flows All figures in â‚Ź million
Beta
Beta+
Semiactive
| ETPs | Europe |
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
YTD Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
Overall
141
-1
1
0
141
-74
0
2
0
-72
715
1
3
0
719
Overall
147
-1
1
0
147
-74
0
2
0
-72
732
1
3
0
736
Overall ex Energy
-5
0
0
0
-5
0
0
0
0
0
-18
0
0
0
-18
Overall Light Energy
0
0
0
0
0
0
0
0
0
0
1
0
0
0
1
Overall Ultra Light Energy
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Agriculture
20
-12
0
0
9
10
5
0
0
15
37
33
0
0
70
Overall
28
0
0
0
28
7
0
0
0
7
14
0
0
0
14
Cocoa
-1
0
0
0
-1
1
0
0
0
1
0
-1
0
0
-1
Coffee
0
1
0
0
2
2
4
0
0
7
32
33
0
0
65
Corn
1
-1
0
0
1
1
1
0
0
2
-4
-1
0
0
-5
Cotton
-1
0
0
0
-2
-1
0
0
0
-1
-6
-4
0
0
-9
Grains
0
0
0
0
0
1
0
0
0
1
3
0
0
0
3
Softs
0
0
0
0
0
0
1
0
0
0
-1
0
0
0
-1
Soybean Oil
0
0
0
0
0
0
0
0
0
0
-1
-1
0
0
-2
Soybeans
0
0
0
0
-1
0
0
0
0
0
-8
-1
0
0
-8
Sugar
-6
-8
0
0
-15
1
-2
0
0
-1
17
5
0
0
22
Wheat
-2
-2
0
0
-4
-2
1
0
0
-1
-9
2
0
0
-7
Energy
154
74
0
0
228
23
0
0
0
23
1,293
487
0
0
1,780
Overall
9
0
0
0
10
34
0
0
0
34
97
1
0
0
98
Carbon
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
142
47
0
0
189
-8
-5
0
0
-13
1,172
413
0
0
1,585
Gasoline
0
0
0
0
0
-1
0
0
0
-1
4
1
0
0
5
Heating Oil
-1
0
0
0
0
0
0
0
0
0
3
1
0
0
3
Natural Gas
4
26
0
0
31
-1
4
0
0
3
17
71
0
0
89
Electricity
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Uranium
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-25
-33
0
0
-58
23
5
0
0
27
-126
-39
0
0
-165
Overall
-3
-1
0
0
-4
7
1
0
0
8
-34
-18
0
0
-52
Aluminium
-8
1
0
0
-7
7
-1
0
0
6
19
1
0
0
20
-13
-32
0
0
-45
7
4
0
0
11
-84
-36
0
0
-120
Crude Oil
Industrial Metals
Copper Lead
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nickel
-1
-1
0
0
-2
0
1
0
0
2
-26
13
0
0
-12
Tin
0
0
0
0
0
0
-1
0
0
0
0
0
0
0
0
Zinc
-1
0
0
0
-1
0
0
0
0
1
-2
0
0
0
-2
Precious Metals
93
-18
0
0
74
-247
-3
0
0
-250
-981
-155
0
0
-1,136
4
0
0
0
4
8
0
0
0
8
4
0
0
0
4
Gold
147
-8
0
0
139
-204
-1
0
0
-204
-882
-111
0
0
-993
Palladium
-37
0
0
0
-38
-38
0
0
0
-38
-95
0
0
0
-95
Platinum
-11
-1
0
0
-12
-16
0
0
0
-16
-86
2
0
0
-84
Rhodium
0
0
0
0
0
0
0
0
0
0
-4
0
0
0
-4
-10
-9
0
0
-20
3
-3
0
0
0
81
-46
0
0
35
Livestock
-1
0
0
0
-1
-1
0
0
0
-1
-3
0
0
0
-3
Overall
0
0
0
0
0
0
0
0
0
0
-3
0
0
0
-3
Cattle
0
0
0
0
0
0
0
0
0
0
-1
-1
0
0
-2
Lean Hogs
-1
0
0
0
-1
0
0
0
0
0
1
0
0
0
2
383
9
1
0
393
-265
7
2
0
-256
936
326
3
0
1,265
Overall
Silver
Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 26
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Product Rankings Figure 54: Top 10 monthly Equity ETF inflows (€ million)
| ETFs | Europe | Invest. Strategy
Current Month Flows
Prev. Month Flows
YTD Flows 1,169.5
ETF Name
BBG Ticker
Issuer
iShares EURO Core STOXX 50 - B UCITS ETF Acc
CSSX5E SW
BlackRock
Beta
462.0
46.6
UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A
EGUSAS SW
UBS
Beta
411.3
31.5
904.6
iShares STOXX 600 (DE)
SXXPIEX GR
BlackRock
Beta
277.3
265.6
1,807.7
iShares MSCI Emerging Markets IMI UCITS ETF
EMIM NA
BlackRock
Beta
271.4
105.7
728.4
db x-trackers DAX® UCITS ETF (DR) 1C
XDAX GR
Deutsche AWM
Beta
218.0
-91.1
1,831.3
iShares MSCI Emerging Markets UCITS ETF (Inc)
IEEM LN
BlackRock
Beta
206.4
73.4
-582.2
Lyxor ETF S&P 500
LYPS GR
Lyxor
Beta
171.0
-15.0
365.7
Lyxor UCITS ETF MSCI Europe
MEU FP
Lyxor
Beta
145.7
100.8
895.4
iShares MSCI Europe UCITS ETF (Inc)
IMEU LN
BlackRock
Beta
135.8
4.3
1,330.1
UBS ETF (CH) - SMI (CHF) A-dis
SMICHA SW
UBS
Beta
130.2
8.2
93.9
Invest. Strategy
Current Month Flows
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 55: Top 10 monthly Fixed Income ETF inflows (€ million)
| ETFs | Europe | Prev. Month Flows
YTD Flows
ETF Name
BBG Ticker
Issuer
iShares Emerging Markets Local Government Bond UCITS ETF
SEML LN
Blackrock
Beta
374.4
60.1
367.2
iShares Euro High Yield Corporate Bond UCITS ETF
IHYG LN
BlackRock
Beta
341.5
-223.1
1,244.7
iShares $ Corporate Bond UCITS ETF
LQDE LN
BlackRock
Beta
323.0
52.8
1,441.1
PIMCO Euro Short Maturity Source UCITS ETF
PJS1 GR
Source
Alpha
217.5
194.9
1,216.9
iShares Italy Government Bond UCITS ETF
SITB LN
BlackRock
Beta
174.6
66.0
550.0
iShares Euro Government Bond UCITS ETF
IEGA LN
BlackRock
Beta
173.8
-46.8
581.5
iShares $ High Yield Corporate Bond UCITS ETF
SHYU LN
BlackRock
Beta
173.1
17.6
1,488.9
iShares iBonds Sep 2018 USD Corporate UCITS ETF
EI18 LN
BlackRock
Beta
168.7
0.0
218.7
iShares Euro Corporate Bond UCITS ETF
IEBC LN
BlackRock
Beta
149.0
-229.5
1,290.8
Amundi ETF US Treasury 7-10 UCITS ETF
US7 FP
Amundi
Beta
134.9
-2.4
134.2
Invest. Strategy
Current Month Flows
Prev. Month Flows
YTD Flows
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 56: Top 10 monthly Commodity ETP inflows (€ million)
| ETPs | Europe |
ETP Name
BBG Ticker
Issuer
ETFS WTI Crude Oil
CRUD LN
ETF Securities
Beta
120.2
-35.4
546.8
Source Physical Gold ETC (P-ETC)
SGLD LN
Source
Beta
87.6
22.1
308.2
iShares Dow Jones UBS Commodity Swap (DE)
DJCOMEX GR
BlackRock
Beta
70.5
0.4
256.3
Gold Bullion Securities
GBS LN
ETF Securities
Beta
60.4
16.4
-384.7
ETFS Physical Gold
PHAU LN
ETF Securities
Beta
41.0
-173.7
-612.2
Lyxor ETF Commodities CRB
CRB FP
Lyxor
Beta
37.3
16.6
187.0
Source Physical Silver P-ETC
SSLV LN
Source
Beta
33.5
0.5
35.8
LGIM Commodity Composite Source ETF
LGCF LN
Source
Beta
33.2
4.3
83.3
ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF
C099 GY
ComStage
Beta
25.3
0.0
25.3
Boost Natural Gas 3X Leverage Daily ETP
3NGL LN
Boost
Beta+
22.6
4.5
54.1
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 27
9 November 2015 European Monthly ETF Market Review
Figure 57: Top 10 monthly Equity ETF outflows (€ million)
| ETFs | Europe | Invest. Strategy
Current Month Flows
Prev. Month Flows
YTD Flows 886.7
ETF Name
BBG Ticker
Issuer
iShares EURO STOXX 50 UCITS ETF (Inc)
EUNE SW
BlackRock
Beta
-290.6
264.0
UBS-ETF MSCI EMU
EMUEUA GR
UBS
Beta
-256.1
28.1
857.1
UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc
EUUSBH SW
UBS
Beta
-209.2
75.3
1,105.8
iShares STOXX 600 Food & Beverage (DE)
SX3PEX GR
BlackRock
Beta
-175.9
2.9
20.7
Amundi ETF MSCI USA UCITS ETF
CU2 FP
Amundi
Beta
-174.7
-13.1
463.8
iShares MSCI Taiwan UCITS ETF
ITWN LN
BlackRock
Beta
-118.9
11.6
-133.8
db x-trackers S&P 500 Inverse Daily UCITS ETF
DXS3 GY
Deutsche AWM
Beta+
-116.6
-36.5
-61.7
Lyxor ETF Leverage CAC 40
LVC FP
Lyxor
Beta+
-101.4
22.7
-32.3
UBS ETFs plc - MSCI USA TRN Index SF USD-A
UIQM GR
UBS
Beta
-96.2
3.6
-175.8
iShares S&P 500 UCITS ETF (Inc)
IUSA LN
BlackRock
Beta
-89.1
-180.3
-3,436.6
Invest. Strategy
Current Month Flows
Prev. Month Flows
YTD Flows 32.8
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 58: Top 10 monthly Fixed Income ETF outflows (€ million)
| ETFs | Europe |
ETF Name
BBG Ticker
Issuer
Think iBoxx Government Bond Tracker
TGBT NA
ThinkCapital ETFs N.V.
Beta
-327.9
36.3
Think iBoxx Corporate Bond Tracker
TCBT NA
ThinkCapital ETFs N.V.
Beta
-155.8
37.3
40.2
iShares $ Treasury Bond 1-3yr UCITS ETF
IBTS LN
BlackRock
Beta
-145.2
-373.5
-622.2
Think iBoxx AAA-AA Government Bond Tracker
TAT NA
ThinkCapital ETFs N.V.
Beta
-107.9
25.5
-3.8
Lyxor ETF Euro Corporate Bond
CRP FP
Lyxor
Beta
-75.7
-41.8
0.4
Lyxor UCITS ETF Euro Cash
CSH FP
Lyxor
Beta
-68.4
-52.4
-50.7
SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF
SYBW GY
State Street
Beta
-68.0
-21.9
-92.3
Lyxor UCITS ETF EuroMTS Covered Bond Aggregate
ECB FP
Lyxor
Beta
-63.7
0.0
-27.9
iShares Euro Corporate Bond 1-5yr UCITS ETF
SE15 LN
BlackRock
Beta
-48.2
1.0
676.6
db x-trackers II Short iBoxx Euro Sovereigns Eurozone TR UCITS ETF
XSGL GR
Deutsche AWM
Beta
-43.7
0.4
37.3
Invest. Strategy
Current Month Flows
Prev. Month Flows
YTD Flows -74.4
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 59: Top 10 monthly Commodity ETP outflows (€ million)
| ETPs | Europe |
ETP Name
BBG Ticker
Issuer
ETFS Physical Palladium
PHPD LN
ETF Securities
Beta
-32.1
-26.0
ETFS Daily Short Copper
SCOP LN
ETF Securities
Beta+
-31.6
3.5
-42.2
ZKB Gold ETF
ZGLD SW
Zuercher Kantonalbank
Beta
-27.0
-41.3
-152.8
db Physical Gold ETC
XGLD LN
Deutsche AWM
Beta
-20.1
0.0
-72.6
ZKB Silver ETF
ZSIL SW
Zuercher Kantonalbank
Beta
-17.6
-2.2
-92.4
ETFS Physical Silver
PHAG LN
ETF Securities
Beta
-16.2
5.9
98.5
ETFS Copper
COPA LN
ETF Securities
Beta
-13.4
6.8
-86.0
JB Physical Palladium-A USD
JBPAUA SW
Julius Baer Inv
Beta
-13.2
-0.6
3.3
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc
CCUSAS SW
UBS
Beta
-11.4
-40.8
166.8
Julius Baer Physical Gold Fund - A (USD listing)
JBGOUA SW
Julius Baer Inv
Beta
-8.5
-27.3
-143.1
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 28
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
4. Product Review New Products Launched in the Month Figure 60: Number of ETPs by Asset Class Oct-15 Asset Class
Sep-15
| ETPs | Global | MoM Change
End of 2014
YTD Change
Nu.
Mkt Share %
Nu.
Nu.
%
Nu.
Nu.
%
ETFs Equity
2,861
66.6%
2,834
27
66.4%
2,579
282
64.5%
Fixed income
692
16.1%
689
3
16.2%
664
28
16.6%
Commodity
1
2.6%
107
3
2.7%
0.4%
17
(2)
0.4%
110
2.6%
109
Currency
15
0.3%
15
Multi Asset
43
1.0%
44
(1)
1.0%
45
(2)
1.1%
Alternative
52
1.2%
53
(1)
1.2%
48
4
1.2%
3,773
87.8%
3,744
29
87.8%
3,460
313
86.6%
Equity
-
0.0%
0
Commodity
402
9.4%
400
Currency
118
2.7%
118
4
0.1%
4
524
12.2%
522
4,297
100.0%
4,266
Total
-
ETC/Vs
Alternative Total Total ETPs
-
0.0%
0
9.4%
406
-
2.8%
126
-
0.1%
4
2
12.2%
536
31
100.0%
3,996
2
-
0.0% (4)
10.2%
(8)
3.2%
-
0.1%
(12) 301
13.4% 100.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 61: Number of ETPs by Asset Class Oct-15 Asset Class
Sep-15
| ETPs | Europe | MoM Change
End of 2014
YTD Change
Nu.
Mkt Share %
Nu.
Nu.
%
Nu.
Nu.
%
1,051
54.9%
1,049
2
0.1%
998
53
2.8%
349
18.2%
347
2
0.1%
341
8
0.4%
50
2.6%
49
1
0.1%
49
1
0.1%
0.0%
0
-
0.0%
1
(1)
-0.1%
-
ETFs Equity Fixed income Commodity Currency
-
Multi Asset
8
0.4%
8
0.0%
8
Alternative
15
0.8%
16
(1)
-0.1%
20
(5)
-0.3%
1,473
77.0%
1,469
4
0.2%
1,417
56
3.0%
Commodity
339
17.7%
337
2
0.1%
342
(3)
-0.2%
Currency
101
5.3%
101
0.0%
109
(8)
-0.4%
Total
440
23.0%
438
2
0.1%
451
(11)
-0.6%
1,913
100.0%
1,907
6
0.3%
1,868
45
2.4%
Total
-
0.0%
ETCs
Total ETPs
-
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 29
Issuer
ETF Name
Asset class
Invest. Focus Strategy
Market Benchmark flag
Exchange Listed
New Launches 8-Oct-15 WUKD LN
WUKD.L
WisdomTree
WisdomTree UK Equity Income UCITS ETF
Equity
Beta
Dividend
DM
WisdomTree UK Equity Income Index
1L
0.29% London SE
9-Oct-15 DEMA LN
DEMA.L
WisdomTree
WisdomTree Emerging Asia Equity Income UCITS ETF
Equity
Beta
Fundamental
EM
WisdomTree Emerging Asia Equity Income Index
1L
0.54% London SE
9-Oct-15 LYX5 GY
LYX5.DE
Lyxor
Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR
Equity
Beta
Quantitative
DM
JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L
0.40% Deutsche Borse
14-Oct-15 XDGU GY
XDGU.DE
Deutsche AWM
db x-trackers Barclays USD Corporate Bond UCITS ETF (DR)
Fixed Income
Beta
Overall
DM
Barclays USD Liquid Investment Grade Corporate Index
1L
0.20% Deutsche Borse
15-Oct-15 E570 GY
E570.DE
ComStage
ComStage CBK 10Y US-Treasury Future TR UCITS ETF
Fixed Income
Beta
Overall
DM
Commerzbank 10Y US-Treasury Future TR
1L
0.20% Deutsche Borse
15-Oct-15 E571 GY
E571.DE
ComStage
ComStage CBK 10Y US-Treasury Future Short TR UCITS ETF
Fixed Income
Beta+
Overall
DM
Commerzbank 10Y US-Treasury Future Short TR
1S
0.20% Deutsche Borse
15-Oct-15 E572 GY
E572.DE
ComStage
ComStage CBK U.S. Treasury Bond Future Short TR UCITS ETF
Fixed Income
Beta+
Overall
DM
Commerzbank US-Treasury Bond Future Short TR
1S
0.20% Deutsche Borse
15-Oct-15 E573 GY
E573.DE
ComStage
ComStage CBK U.S. Treasury Bond Future Double Short TR UCITS ETF
Fixed Income
Beta+
Overall
DM
Commerzbank US-Treasury Bond Future Double Short TR
2S
0.20% Deutsche Borse
15-Oct-15 C099 GY
C099.DE
ComStage
ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF
Commodity
Beta
Overall
DM
Commerzbank ex-Agriculture Monthly EUR Hedged Index
1L
0.35% Deutsche Borse
28-Oct-15 MOAT LN
MOAT.L
Van Eck Funds
Market Vectors Morningstar US Wide Moat UCITS ETF
Equity
Beta
Other Theme
DM
Morningstar Wide Moat Focus
1L
0.49% London SE
1-Oct-15 EUMVD SW
EUMVD.S
Ossiam
Ossiam ETF ISTOXX Europe Minimum Variance NR 1D
Equity
Semi Active Quantitative
DM
Ossiam Europe Minimum Variance Index NR
1L
0.65% Swiss SE
1-Oct-15 CBSUSE SW
CBSUSE.S
UBS
UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to EUR
Fixed Income
Beta
Overall
DM
Baclays MSCI US Liquid Corporates Sustainable Hedged to EUR TR Index 1L
0.25% Swiss SE
2-Oct-15 IFSE SW
IFSE.S
BlackRock
iShares FactorSelect MSCI Europe UCITS ETF
Equity
Beta
Quantitative
DM
MSCI Europe Diversified Multi-Factor Index
1L
0.45% Swiss SE
2-Oct-15 EMUU SW
EMUU.S
BlackRock
iShares MSCI EMU USD Hedged UCITS ETF
Equity
Beta
Eurozone
DM
MSCI EMU USD Hdg Net
1L
0.38% Swiss SE
2-Oct-15 IFSW SW
IFSW.S
BlackRock
iShares FactorSelect MSCI World UCITS ETF
Equity
Beta
Quantitative
DM
MSCI World Diversified Multi-Factor Index
1L
0.50% Swiss SE
2-Oct-15 IFSU SW
IFSU.S
BlackRock
iShares FactorSelect MSCI USA UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Diversified Multi-Factor Index
1L
0.35% Swiss SE
2-Oct-15 CBSUSH SW
CBSUSH.S
UBS
UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to GBP
Fixed Income
Beta
Overall
DM
Baclays MSCI US Liquid Corporates Sustainable Hedged to GBP TR Index 1L
0.25% Swiss SE
5-Oct-15 IEGS LN
IEGS.L
BlackRock
iShares Euro Government Bond 1-3yr UCITS ETF
Fixed Income
Beta
Overall
DM
BarCap EU Govt 1 to 3 Year Bond
1L
0.20% London SE
5-Oct-15 ACUUKD SW
ACUUKD.S
UBS
UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD
Equity
Beta
Global
Overall
MSCI ACWI - DM 100% Hedged To USD Index
1L
0.31% Swiss SE
5-Oct-15 ACEUKD SW
ACEUKD.S
UBS
UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR
Equity
Beta
Global
Overall
MSCI ACWI - DM 100% Hedged To EUR Index
1L
0.31% Swiss SE
5-Oct-15 ACGUKD SW
ACGUKD.S
UBS
UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To GBP
Equity
Beta
Global
Overall
MSCI ACWI - DM 100% Hedged To GBP Index
1L
0.31% Swiss SE
6-Oct-15 CBSUST SW
CBSUST.S
UBS
UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to CHF
Fixed Income
Beta
Overall
DM
Baclays MSCI US Liquid Corporates Sustainable Hedged to CHF TR Index 1L
0.25% Swiss SE
7-Oct-15 UQLTDF SW
UQLTDF.S
UBS
UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Quality TR Index
1L
0.25% Swiss SE
7-Oct-15 UTSYDF SW
UTSYDF.S
UBS
UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Total Shareholder Yield TR Index
1L
0.25% Swiss SE
7-Oct-15 UPVLD SW
UPVLD.S
UBS
UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Prime Value TR Index
1L
0.25% Swiss SE
7-Oct-15 ULOVD SW
ULOVD.S
UBS
UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Select Dynamic 50% Risk Weighted TR Index
1L
0.25% Swiss SE
7-Oct-15 UQLTD SW
UQLTD.S
UBS
UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Quality TR Index
1L
0.25% Swiss SE
7-Oct-15 EPVLD SW
EPVLD.S
UBS
UBS ETF-Factor MSCI EMU Prime Value UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Prime Value Index
1L
0.28% Swiss SE
7-Oct-15 EQLTDF SW
EQLTDF.S
UBS
UBS ETF-Factor MSCI EMU Quality UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Quality TR Index
1L
0.28% Swiss SE
7-Oct-15 UTSYD SW
UTSYD.S
UBS
UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Total Shareholder Yield TR Index
1L
0.25% Swiss SE
7-Oct-15 ELOVDF SW
ELOVDF.S
UBS
UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Select Dynamic 50% Risk Weighted TR Index
1L
0.28% Swiss SE
7-Oct-15 EQLTD SW
EQLTD.S
UBS
UBS ETF-Factor MSCI EMU Quality UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Quality TR Index
1L
0.28% Swiss SE
7-Oct-15 ETSYDF SW
ETSYDF.S
UBS
UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Total Shareholder Yield TR Index
1L
0.28% Swiss SE
7-Oct-15 ETSYD SW
ETSYD.S
UBS
UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Total Shareholder Yield TR Index
1L
0.28% Swiss SE
7-Oct-15 UPVLDF SW
UPVLDF.S
UBS
UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Prime Value TR Index
1L
0.25% Swiss SE
7-Oct-15 ULOVDF SW
ULOVDF.S
UBS
UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF
Equity
Beta
Quantitative
DM
MSCI USA Select Dynamic 50% Risk Weighted TR Index
1L
0.25% Swiss SE
7-Oct-15 ELOVD SW
ELOVD.S
UBS
UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF
Equity
Beta
Quantitative
DM
MSCI EMU Select Dynamic 50% Risk Weighted TR Index
1L
0.28% Swiss SE
9-Oct-15 USIG IM
USIG.MI
Lyxor
Lyxor USD Liquid Investment Grade Corporate Bonds UCITS C-USD
Fixed Income
Beta
Overall
DM
Markit iBoxx USD Liquid Index
1L
0.15% Borsa Italiana
9-Oct-15 DEMP LN
DEMP.L
WisdomTree
WisdomTree Emerging Asia Equity Income UCITS ETF
Equity
Beta
Fundamental
EM
WisdomTree Emerging Asia Equity Income Index
1L
0.54% London SE
12-Oct-15 USPY GY
USPY.DE
ETF Securities
ETFS ISE Cyber Security GO UCITS ETF
Equity
Beta
Other Theme
Overall
ISE Cyber Security Index
1L
0.75% Deutsche Borse
13-Oct-15 TPXE FP
TPXE.PA
Amundi
Amundi ETF Japan TOPIX UCITS ETF - EUR
Equity
Beta
Developed non-Europe DM
TOPIX
1L
0.48% Euronext Paris
13-Oct-15 TPXY FP
TPXY.PA
Amundi
Amundi ETF Japan TOPIX UCITS ETF - JPY
Equity
Beta
Developed non-Europe DM
TOPIX
1L
0.48% Euronext Paris
13-Oct-15 TPHG FP
TPHG.PA
Amundi
Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP
Equity
Beta
Developed non-Europe DM
TOPIX
1L
0.48% Euronext Paris
13-Oct-15 TPHU FP
TPHU.PA
Amundi
Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD
Equity
Beta
Developed non-Europe DM
TOPIX
1L
0.48% Euronext Paris
Cross-Listings & share classes
Deutsche Bank AG/London
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
Launch/ cross Reuters BBG Ticker listing date Code
| ETFs | Europe | Long /Short/ TER Leverage
European Monthly ETF Market Review
Page 30
Figure 62: New ETF launches & cross listings
Issuer
ETF Name
Market Benchmark flag
Long /Short/ TER Leverage
Exchange Listed
Cross-Listings & share classes 14-Oct-15 LYXV LN
LYXV.L
Lyxor
Lyxor J.P. Morgan Europe Value Factor Index UCITS ETF
Equity
Beta
Quantitative
DM
JP Morgan Europe Value Factor Long Only Index
1L
0.30% London SE
14-Oct-15 XIEE GY
XIEE.DE
Deutsche AWM
db x-trackers MSCI Europe Index UCITS ETF (DR)
Equity
Beta
Europe
DM
MSCI Europe
1L
0.30% Deutsche Borse
14-Oct-15 LYXQ LN
LYXQ.L
Lyxor
Lyxor J.P. Morgan Europe Quality Factor Index UCITS ETF
Equity
Beta
Quantitative
DM
JP Morgan Europe Quality Factor Long Only Index
1L
0.30% London SE
14-Oct-15 LYXM LN
LYXM.L
Lyxor
Lyxor J.P. Morgan Europe Momentum Factor Index UCITS ETF
Equity
Beta
Quantitative
DM
JP Morgan Europe Momentum Factor Long Only Index
1L
0.30% London SE
15-Oct-15 DEMA IM
DEMA.MI
WisdomTree
WisdomTree Emerging Asia Equity Income UCITS ETF
Equity
Beta
Fundamental
EM
WisdomTree Emerging Asia Equity Income Index
1L
0.54% Borsa Italiana
15-Oct-15 WTEA GY
WTEA.DE
WisdomTree
WisdomTree Emerging Asia Equity Income UCITS ETF
Equity
Beta
Dividend
EM
WisdomTree Emerging Asia Equity Income Index
1L
0.54% Deutsche Borse
15-Oct-15 LYXS LN
LYXS.L
Lyxor
Lyxor J.P. Morgan Europe Low Size Factor Index UCITS ETF
Equity
Beta
Quantitative
DM
JP Morgan Europe Low Size Factor Long Only Index
1L
0.30% London SE
15-Oct-15 LYXL LN
LYXL.L
Lyxor
Lyxor J.P. Morgan Europe Low Beta Factor Index UCITS ETF
Equity
Beta
Quantitative
DM
JP Morgan Europe Low Beta Factor Long Only Index
1L
0.30% London SE
16-Oct-15 XDGU LN
XDGU.L
Deutsche AWM
db x-trackers Barclays USD Corporate Bond UCITS ETF (DR)
Fixed Income
Beta
Overall
DM
Barclays USD Liquid Investment Grade Corporate Index
1L
0.20% London SE
27-Oct-15 C50U FP
C50U.PA
Amundi
Amundi ETF Euro Stoxx 50 UCITS - USD
Equity
Beta
Eurozone
DM
Euro STOXX 50
1L
0.15% Euronext Paris
28-Oct-15 LYX5 LN
LYX5.L
Lyxor
Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR
Equity
Beta
Quantitative
DM
JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L
0.40% London SE
29-Oct-15 MAGI SW
MAGI.S
State Street
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF
Multi Asset
Beta
Moderate
Overall
Morningstar Global Multi-Asset Infrastructure Index
1L
0.40% Swiss SE
29-Oct-15 SXLY SW
SXLY.S
State Street
SPDR S&P US Consumer Discretionary Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Consumer Discretionary Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLP SW
SXLP.S
State Street
SPDR S&P US Consumer Staples Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Consumer Staples Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLE SW
SXLE.S
State Street
SPDR S&P US Energy Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Energy Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLF SW
SXLF.S
State Street
SPDR S&P US Financials Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Financials Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLV SW
SXLV.S
State Street
SPDR S&P US Health Care Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Health Care Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLI SW
SXLI.S
State Street
SPDR S&P US Industrials Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Industrial Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLB SW
SXLB.S
State Street
SPDR S&P US Materials Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Materials Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLK SW
SXLK.S
State Street
SPDR S&P US Technology Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Technology Select Sector Index
1L
0.15% Swiss SE
29-Oct-15 SXLU SW
SXLU.S
State Street
SPDR S&P US Utilities Select Sector UCITS ETF
Equity
Beta
Other Sector
DM
S&P Utilities Select Sector Index
1L
0.15% Swiss SE
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 64: New ETC launches & cross listings Launch/ BBG cross listing Ticker date
Reuters Code
Issuer
ETC Name
| ETCs | Europe | Asset class
Invest. Focus Strategy
Benchmark
Long /Short/ TER Leverage
Exchange Listed
Cross-Listings & share classes 16-Oct-15
3BRL IM
3BRL.MI
Boost
Boost Brent Oil 3x Leverage Daily ETP Commodity
16-Oct-15
3BRS IM
3BRS.MI
Boost
Boost Brent Oil 3x Short Daily ETP
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Commodity
Beta+ Beta+
Crude Oil
NASDAQ Commodity Brent Crude Oil Index
3L
0.99% Borsa Italiana
Crude Oil
NASDAQ Commodity Brent Crude Oil Index
3S
0.99% Borsa Italiana
9 November 2015
| ETFs | Europe | Invest. Asset class Focus Strategy
European Monthly ETF Market Review
Deutsche Bank AG/London
Figure 63: New ETF launches & cross listings Launch/ cross Reuters BBG Ticker listing date Code
Page 31
9 November 2015 European Monthly ETF Market Review
Average TERs Figure 65: ETF TERs using simple average Physical Asset class
Strategy
Equity
Alpha Beta Beta+ Semi Active
Fixed Income
2
0.39%
512
0.50% 0.54%
Nu.
1.48%
3
1.19%
5
0.42%
439
0.40%
951
2
0.51%
59
0.51%
61
16
0.55%
18
0.54%
34 1,051
0.44%
519
0.42%
8
0.41%
2
0.54%
10
Beta
0.24%
187
0.19%
133
0.22%
320
Alpha
Beta Beta+ Semi Active Beta Beta Alpha
Total
TER
532
Semi Active
Multi Asset
0.75%
Total Nu.
0.59%
Beta+
Currency
TER
0.40%
Beta
Commodity
Nu.
Alpha Beta+
Alternative
TER
| ETFs | Europe | Synthetic
NA
NA
0.23%
19
0.23%
19
0.26%
195
0.20%
154
0.23%
349 4
NA
NA
0.67%
4
0.67%
0.75%
2
0.70%
2
0.73%
4
NA
NA
NA
NA
NA
NA
0.30%
1
0.57%
6
0.54%
7
0.006
3
0.63%
12
0.63%
15
0.49%
22
0.49%
27
0.49%
49
NA
NA
NA
NA
NA
NA
NA
NA
0.45%
1
0.45%
1
0.49%
22
0.49%
28
0.49%
50
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1
NA
NA
NA
1
0.52%
5
0.73%
2
0.60%
7
0.52%
6
0.73%
2
0.60%
8
0.37%
758
0.40%
715
0.38%
1,473
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 32
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 66: ETC TERs using simple average
| ETCs | Europe |
Physical Asset Class Segment
Strategy
Commodity Agriculture Energy
Overall
Nu.
TER
Nu.
TER
Nu.
Beta
NA
NA
0.51%
39
0.50%
39
Beta+
NA
NA
0.91%
29
0.91%
29
Beta
NA
NA
0.48%
52
0.46%
52
Beta+
NA
NA
0.79%
49
0.79%
49
NA
NA
0.49%
28
0.48%
28
Beta+
NA
NA
0.89%
23
0.89%
23
Beta
NA
NA
0.49%
6
0.49%
6
Beta+
NA
NA
0.98%
6
0.98%
6
Beta
NA
NA
0.50%
13
0.47%
13
Beta+
NA
NA
0.98%
4
0.98%
4
0.45%
31
0.44%
20
0.43%
51
NA
NA
0.74%
39
0.74%
39
Precious Metals Beta Beta+ Commodity Currency
Currency
Total
TER
Industrial Metals Beta Livestock
Synthetic
0.45%
31
0.65%
308
0.62%
339
Beta
NA
NA
0.41%
40
0.41%
40
Beta+
NA
NA
0.81%
61
0.81%
61
NA
NA
0.65%
101
0.65%
101
Currency Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 33
9 November 2015 European Monthly ETF Market Review
Figure 67: ETF TERs using AUM weighted average Physical Asset class
Strategy
Equity
Alpha Beta Beta+ Semi Active
Fixed Income
TER
TER
0.75%
2
0.95%
3
0.76%
5
0.32%
512
0.34%
439
0.32%
951
0.50%
2
0.48%
59
0.48%
61
0.57%
16
0.54%
18
0.55%
34
0.32%
532
0.35%
519
0.33%
1,051
Alpha
0.36%
8
0.39%
2
0.36%
10
Beta
0.26%
187
0.18%
133
0.24%
320
NA
NA
0.22%
19
0.22%
19
0.26%
195
0.18%
154
0.24%
349
NA
NA
0.85%
4
0.85%
4
0.75%
2
0.70%
2
0.73%
4
NA
NA
NA
NA
NA
NA
0.30%
1
0.65%
6
0.41%
7
0.70%
3
0.80%
12
0.76%
15
0.42%
22
0.43%
27
0.42%
49
NA
NA
NA
NA
NA
NA
Alpha Beta Beta+ Semi Active
Commodity
Beta Beta+ Semi Active
Currency Multi Asset
Total
Nu.
Beta+ Alternative
| ETFs | Europe |
Synthetic Nu.
TER
Nu.
NA
NA
0.45%
1
0.45%
1
0.42%
22
0.43%
28
0.42%
50
NA
NA
NA
NA
NA
NA
NA
NA
NA
-
NA
-
Beta
0.40%
1
NA
NA
0.40%
1
Alpha
0.60%
5
0.72%
2
0.71%
7
0.60%
6
0.72%
2
0.71%
7
0.31%
758
0.32%
715
0.31%
1,473
Beta
Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 68: ETC TERs using AUM weighted average Physical Asset Class Segment
Strategy
Commodity Agriculture Energy
Overall
Nu.
TER
Nu.
TER
Nu.
Beta
NA
NA
0.53%
39
0.53%
39
Beta+
NA
NA
0.98%
29
0.98%
29
Beta
NA
NA
0.52%
52
0.52%
52
Beta+
NA
NA
0.98%
49
0.98%
49
NA
NA
0.49%
28
0.49%
28
Beta+
NA
NA
0.98%
23
0.98%
23
Beta
NA
NA
0.49%
6
0.49%
6
Beta+
NA
NA
0.98%
6
0.98%
6
Beta
NA
NA
0.50%
13
0.50%
13
Beta+ Precious Metals Beta Beta+ Commodity Currency
Currency
Total
TER
Industrial Metals Beta Livestock
| ETCs | Europe |
Synthetic
NA
NA
0.98%
4
0.98%
4
0.39%
31
0.37%
20
0.38%
51
NA
NA
0.97%
39
0.97%
39
0.39%
31
0.53%
308
0.43%
339
Beta
NA
NA
0.39%
40
0.39%
40
Beta+
NA
NA
0.91%
61
0.91%
61
NA
NA
0.75%
101
0.75%
101
Currency Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 34
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
5. Provider Rankings Global Provider Rankings Figure 69: Global Top 10 ETF Providers ($ million)
| ETFs | Global |
Current AUM
Mkt. Share
1,050,254
37.5%
975,205
38.1%
616
19,042
479,052
Vanguard
499,432
17.8%
443,404
17.3%
96
7,170
72,478
64,763
3
State Street
422,536
15.1%
453,738
17.7%
245
3,697
758,783
-27,267
4
PowerShares
94,396
3.4%
91,378
3.6%
151
2,060
89,165
586
5
Deutsche AWM
82,380
2.9%
58,319
2.3%
248
1,119
11,163
26,377
6
Nomura Asset Management
63,449
2.3%
43,106
1.7%
49
-1,313
36,505
16,155
7
WisdomTree
58,225
2.1%
39,297
1.5%
94
-177
15,664
19,628
8
Lyxor
52,945
1.9%
45,768
1.8%
232
258
12,728
8,731
9
First Trust
41,291
1.5%
33,266
1.3%
102
510
7,697
9,109
10
Charles Schwab
37,574
1.3%
26,922
1.1%
21
1,173
4,862
11,000
2,402,481
85.8%
2,210,403
86.3%
1,854
33,539
1,488,099
224,339
398,447
14.2%
351,844
13.7%
1,919
-562
246,275
54,336
2,800,929
100.0%
2,562,246
100.0%
3,773
32,977
1,734,374
278,676
Rank
Issuer
1
BlackRock
2
Total Top 10 Others Global Total
2014 AUM 2014 Mkt. Share
Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Nu.
Current Current Month Month CF TO
YTD CF 95,257
.
Figure 70: Global Top 10 ETC/V Providers ($ million)
| ETCs/Vs | Global |
Current AUM
Mkt. Share
2014 AUM
2014 Mkt. Share
1
State Street
25,416
34.5%
27,325
35.3%
1
193
14,647
-304
2
ETF Securities
14,594
19.8%
16,586
21.4%
319
128
2,498
-317
3
BlackRock
12,042
16.4%
12,494
16.1%
8
-22
3,456
216
4
PowerShares
5,476
7.4%
7,159
9.2%
11
-98
1,509
-795
5
United States Commodity Funds
4,088
5.6%
2,790
3.6%
11
329
10,900
1,985
6
ProShares
3,736
5.1%
3,282
4.2%
19
321
26,213
1,274
7
Source
2,151
2.9%
1,920
2.5%
4
148
518
375
8
Deutsche AWM
2,086
2.8%
2,192
2.8%
28
-27
117
229
9
Deutsche Borse Commodities GmbH
1,847
2.5%
1,902
2.5%
1
0
124
0
10
Guggenheim Investments
1,161
1.6%
935
1.2%
9
88
1,848
299
72,597
98.6%
76,584
98.9%
411
1,061
61,831
2,962
1,046
1.4%
880
1.1%
113
56
918
414
73,643
100.0%
77,464
100.0%
524
1,116
62,749
3,375
Rank
Issuer
Total Top 10 Others Global Total
Nu.
Current Current Month Month CF TO
YTD CF
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 35
9 November 2015 European Monthly ETF Market Review
Figure 71: Global Top 10 ETP Providers ($ million) Rank
Issuer
| ETPs | Global |
Current AUM
Mkt. Share
2014 AUM
2014 Mkt. Share
Nu.
Current Current Month Month CF TO
YTD CF
1
BlackRock
1,062,296
37.0%
987,699
37.4%
624
19,020
482,508
2
Vanguard
499,432
17.4%
443,404
16.8%
96
7,170
72,478
64,763
3
State Street
447,952
15.6%
481,063
18.2%
246
3,890
773,430
-27,571
4
PowerShares
99,873
3.5%
98,537
3.7%
162
1,962
90,675
-209
5
Deutsche AWM
84,465
2.9%
60,511
2.3%
276
1,092
11,280
26,605
6
Nomura Asset Management
63,449
2.2%
43,106
1.6%
49
-1,313
36,505
16,155
7
WisdomTree
58,225
2.0%
39,297
1.5%
94
-177
15,664
19,628
8
Lyxor
52,945
1.8%
45,768
1.7%
232
258
12,728
8,731
9
First Trust
41,291
1.4%
33,266
1.3%
102
510
7,697
9,109
10
Charles Schwab
37,574
1.3%
26,922
1.0%
21
1,173
4,862
11,000
2,447,501
85.1%
2,259,572
85.6%
1,902
33,586
1,507,828
223,685
427,071
14.9%
380,138
14.4%
2,395
508
289,295
58,366
2,874,572
100.0%
2,639,710
100.0%
4,297
34,094
1,797,123
282,051
Total Top 10 Others Global Total
Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 36
95,473
.
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
European Provider Rankings – General Figure 72: European ETF Providers (All) – Assets, Flows, Products, Turnover All figures in € million except products
AUM
| ETFs | Europe |
Cash Flow
Issuer
Current Month
End of 2014
Diff.
Current Month
BlackRock
211,266
175,377
20%
4,333
Deutsche AWM
55,899
44,558
25%
550
Lyxor
47,929
37,823
27%
UBS
24,720
17,073
45%
Amundi
19,885
15,386
Vanguard
17,126
Source State Street
Prev. Month
Turnover YTD
Current Month
Prev. Month
700 23,605
Products Diff.
Current Month
End of 2014
Diff.
24,315
23,407
4%
269
256
5%
43
8,484
5,181
6,116
-15%
215
246
-13%
232
-63
7,802
11,332
11,642
-3%
232
215
8%
156
539
6,446
1,730
1,560
11%
133
124
7%
29%
347
151
3,253
5,395
4,877
11%
100
98
2%
12,538
37%
274
268
3,384
1,438
2,052
-30%
13
13
0%
16,465
12,625
30%
149
317
2,966
1,326
1,396
-5%
78
76
3% 25%
11,794
9,274
27%
160
-6
1,970
1,182
1,065
11%
75
60
ComStage
7,487
5,391
39%
228
202
1,756
522
859
-39%
107
98
9%
Deka Investment GmbH
6,872
6,433
7%
357
-104
145
1,067
1,338
-20%
46
42
10%
Zuercher Kantonalbank
5,916
6,032
-2%
-49
-43
-274
204
146
40%
4
4
0%
HSBC
5,085
5,363
-5%
-19
-28
-658
381
632
-40%
28
28
0%
BNP Paribas
4,591
3,756
22%
-23
-47
437
163
205
-20%
37
38
-3%
Xact Fonder AB
2,436
2,379
2%
-21
-75
-68
1,349
1,979
-32%
10
10
0%
Julius Baer Inv
1,827
2,060
-11%
-28
-81
-238
58
54
7%
4
8
-50%
PowerShares
1,796
1,465
23%
-33
-18
110
164
172
-4%
21
19
11%
Ossiam
1,721
1,430
20%
2
-83
-80
59
113
-48%
9
7
29%
ThinkCapital ETFs N.V.
1,329
1,030
29%
-576
123
252
84
99
-15%
11
11
0%
ETF Securities
715
456
57%
16
63
293
358
540
-34%
18
14
29%
BBVA Gestion SA SGIIC
522
434
20%
-5
14
82
48
52
-9%
2
2
0%
Royal Bank of Scotland plc
383
379
1%
19
4
35
17
15
11%
12
12
0%
WisdomTree
244
13 1726%
-12
33
240
37
50
-27%
12
6
100%
Nomura Asset Management
241
0
NA
4
0
244
7
7
-8%
3
0
NA
Fundlogic Global Solutions plc
175
104
69%
6
36
37
3
3
17%
2
1
100%
Seligson & Co Fund Man
174
144
21%
6
0
10
13
10
34%
1
1
0%
Raiffeisen Schweiz Genossenschaft
159
137
16%
0
0
20
3
3
3%
3
3
0%
DnB Kapitalforvaltning
108
112
-4%
0
0
-8
15
10
55%
1
1
0%
First Trust
106
53
100%
1
5
49
8
12
-38%
7
4
75%
SEB Investment Management AB
83
82
1%
0
-5
-2
5
13
-58%
3
3
0%
Van Eck Funds
77
0
NA
2
0
103
22
10
125%
3
0
NA
UniCredit Bank
54
0
NA
0
12
54
1
3
-53%
1
0
NA
Commerzbank AG
36
49
-27%
-4
-37
-16
0
1
-54%
2
1
100%
FinEx Fund Plc
33
28
18%
0
0
-2
0
0
-30%
2
2
0%
Alpha Asset Management
13
16
-19%
0
0
0
0
0
518%
1
1
0%
Boost
5
1
510%
0
2
4
3
3
-12%
3
3
0%
NBG Asset Management MFMC
5
6
-18%
0
0
0
0
0
123%
2
2
0%
Alpcot Capital Management
0
0 -100%
-1
0
-1
0
0
33%
Swedbank Robur
0
19 -100%
0
0
-23
0
0
NA
0
3 -100%
Landsbankinn
0
0
NA
0
0
0
0
1
-94%
1
1
0%
Nordea Investment Funds
0
0
NA
0
0
0
0
0
NA
2
2
0%
NCB Stockbrokers
0
24 -100%
0
0
-29
0
0
NA
0
1 -100%
1,921 60,379
56,493
58,444
-3%
1473
Total
447,276
362,049
24%
6,074
-
1 -100%
1,417
4%
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 37
9 November 2015 European Monthly ETF Market Review
Figure 73: European ETC Providers (All) – Assets, Flows, Products, Turnover All figures in € million except products
AUM
Cash Flow
Current Month
End of 2014
Diff.
Current Month
Prev. Month
11,103
11,282
-2%
129
Source
1,947
1,586
23%
Deutsche AWM
1,888
1,811
4%
Deutsche Borse Commodities GmbH
Issuer ETF Securities
| ETCs | Europe | Turnover
Products
YTD
Current Month
Prev. Month
Diff.
Current Month
End of 2014
-161
-63
2,030
Diff.
1,912
6%
298
306
132
8
332
-3%
460
206
123%
4
4
-24
12
0%
200
104
103
1%
28
39
-28% 0%
1,672
1,572
6%
0
0
0
111
72
54%
1
1
BlackRock
406
179
127%
12
1
230
44
22
99%
4
4
0%
Boost
263
42
520%
50
3
330
743
658
13%
30
21
43%
Royal Bank of Scotland plc
241
251
-4%
0
0
18
9
8
9%
6
7
-14%
Borse Stuttgart Securities GmbH
114
88
29%
0
1
21
4
3
28%
1
1
0%
1
1
-12%
0
0
0
13
10
25%
68
68
0%
17,635
16,813
5%
300
-137
1,068
3,516
2,994
17%
440
451
-2%
Commerzbank AG Total Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 38
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 74: European ETP Providers (All) – Assets, Flows, Products, Turnover All figures in € million except products
AUM
Cash Flow
Current Month
End of 2014
Diff.
Current Month
211,672
175,556
21%
4,346
Deutsche AWM
57,787
46,369
25%
527
Lyxor
47,929
37,823
27%
UBS
24,720
17,073
45%
Amundi
19,885
15,386
Source
18,413
Vanguard
Issuer BlackRock
| ETPs | Europe |
Prev. Month
Turnover YTD
Current Month
Prev. Month
701 23,835
24,359
Products Diff.
Current Month
End of 2014
23,430
4%
273
260
5%
-15%
243
285
-15%
Diff.
54
8,684
5,285
6,218
232
-63
7,802
11,332
11,642
-3%
232
215
8%
156
539
6,446
1,730
1,560
11%
133
124
7%
29%
347
151
3,253
5,395
4,877
11%
100
98
2%
14,212
30%
282
325
3,298
1,786
1,602
12%
82
80
2%
17,126
12,538
37%
274
268
3,384
1,438
2,052
-30%
13
13
0%
ETF Securities
11,819
11,738
1%
145
-98
230
2,388
2,451
-3%
316
320
-1%
State Street
25%
11,794
9,274
27%
160
-6
1,970
1,182
1,065
11%
75
60
ComStage
7,487
5,391
39%
228
202
1,756
522
859
-39%
107
98
9%
Deka Investment GmbH
6,872
6,433
7%
357
-104
145
1,067
1,338
-20%
46
42
10%
Zuercher Kantonalbank
5,916
6,032
-2%
-49
-43
-274
204
146
40%
4
4
0%
HSBC
5,085
5,363
-5%
-19
-28
-658
381
632
-40%
28
28
0%
BNP Paribas
4,591
3,756
22%
-23
-47
437
163
205
-20%
37
38
-3%
Xact Fonder AB
2,436
2,379
2%
-21
-75
-68
1,349
1,979
-32%
10
10
0%
Julius Baer Inv
1,827
2,060
-11%
-28
-81
-238
58
54
7%
4
8
-50%
PowerShares
1,796
1,465
23%
-33
-18
110
164
172
-4%
21
19
11%
Ossiam
1,721
1,430
20%
2
-83
-80
59
113
-48%
9
7
29%
Deutsche Borse Commodities GmbH
1,672
1,572
6%
0
0
0
111
72
54%
1
1
0%
ThinkCapital ETFs N.V.
1,329
1,030
29%
-576
123
252
84
99
-15%
11
11
0%
Royal Bank of Scotland plc
624
630
-1%
19
4
53
26
23
10%
18
19
-5%
BBVA Gestion SA SGIIC
522
434
20%
-5
14
82
48
52
-9%
2
2
0%
Boost
268
43
520%
50
5
334
745
661
13%
33
24
38%
WisdomTree
244
13
1726%
-12
33
240
37
50
-27%
12
6
100%
Nomura Asset Management
241
0
NA
4
0
244
7
7
-8%
3
0
NA
Fundlogic Global Solutions plc
175
104
69%
6
36
37
3
3
17%
2
1
100%
Seligson & Co Fund Man
174
144
21%
6
0
10
13
10
34%
1
1
0%
Raiffeisen Schweiz Genossenschaft
159
137
16%
0
0
20
3
3
3%
3
3
0%
Borse Stuttgart Securities GmbH
114
88
29%
0
1
21
4
3
28%
1
1
0%
DnB Kapitalforvaltning
108
112
-4%
0
0
-8
15
10
55%
1
1
0%
First Trust
106
53
100%
1
5
49
8
12
-38%
7
4
75%
SEB Investment Management AB
83
82
1%
0
-5
-2
5
13
-58%
3
3
0%
Van Eck Funds
77
0
NA
2
0
103
22
10
125%
3
0
NA
UniCredit Bank
54
0
NA
0
12
54
1
3
-53%
1
0
NA
Commerzbank AG
37
50
-26%
-4
-37
-16
13
11
20%
70
69
1%
FinEx Fund Plc
33
28
18%
0
0
-2
0
0
-30%
2
2
0%
Alpha Asset Management
13
16
-19%
0
0
0
0
0
518%
1
1
0%
NBG Asset Management MFMC
5
6
-18%
0
0
0
0
0
123%
2
2
0%
Alpcot Capital Management
0
0
-100%
-1
0
-1
0
0
33%
0
1 -100%
Swedbank Robur
0
19
-100%
0
0
-23
0
0
NA
0
3 -100%
NCB Stockbrokers
0
24
-100%
0
0
-29
0
0
NA
0
1 -100%
PDR Services LLC
0
0
NA
0
0
0
0
0
147%
0
0
NA
Nordea Investment Funds
0
0
NA
0
0
0
0
0
NA
2
2
0%
0
0
0
1
-94%
1
1
0%
1,784 61,448
60,009
61,438
-2%
1,913
1,868
2%
Landsbankinn Total
0
0
NA
0
464,911
378,862
23%
6,373
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 39
9 November 2015 European Monthly ETF Market Review
Figure 75: European ETP Providers tier market share
| ETPs | Europe |
Oct-15
Q3 15
Q2 15
Q1 15
Q4 14 60%
65%
70%
75%
80%
85%
90%
95%
Tier 1
Q4 14 68.6%
Q1 15 68.7%
Q2 15 68.3%
Q3 15 68.1%
Oct-15 68.3%
Tier 2
27.3%
27.2%
27.6%
27.7%
27.8%
Tier 3
4.2%
4.0%
4.1%
4.2%
4.0%
100%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 40
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
European Provider Rankings – by Asset Class Figure 76: European ETF Providers (All) – Assets, Flows, Products, Turnover
| ETFs | Europe |
All figures in € million except products Issuer BlackRock
Fixed Income
Equity
Commodity
Mkt Share %
Nu.
Current TO
Current CF
YTD CF
323 211,266
47.2%
269
24,315
4,333
23,605
Others
Total AUM
142,722
66,879
1,342
Deutsche AWM
41,110
13,509
351
928
55,899
12.5%
215
5,181
550
8,484
Lyxor
37,865
9,043
982
39
47,929
10.7%
232
11,332
232
7,802
UBS
21,326
1,757
1,547
90
24,720
5.5%
133
1,730
156
6,446
Amundi
14,940
4,926
19
0
19,885
4.4%
100
5,395
347
3,253
Vanguard
16,972
154
0
0
17,126
3.8%
13
1,438
274
3,384
Source
10,089
6,076
242
58
16,465
3.7%
78
1,326
149
2,966
State Street
8,224
3,527
0
43
11,794
2.6%
75
1,182
160
1,970
ComStage
4,867
2,361
260
0
7,487
1.7%
107
522
228
1,756
Deka Investment GmbH
4,569
2,303
0
0
6,872
1.5%
46
1,067
357
145
0
0
5,916
0
5,916
1.3%
4
204
-49
-274
Zuercher Kantonalbank HSBC
5,085
0
0
0
5,085
1.1%
28
381
-19
-658
BNP Paribas
4,221
158
211
0
4,591
1.0%
37
163
-23
437
Xact Fonder AB
2,436
0
0
0
2,436
0.5%
10
1,349
-21
-68
0
0
1,827
0
1,827
0.4%
4
58
-28
-238
PowerShares
1,739
53
0
4
1,796
0.4%
21
164
-33
110
Ossiam
1,673
0
48
0
1,721
0.4%
9
59
2
-80
ThinkCapital ETFs N.V.
627
692
0
10
1,329
0.3%
11
84
-576
252
ETF Securities
400
122
193
0
715
0.2%
18
358
16
293
BBVA Gestion SA SGIIC
522
0
0
0
522
0.1%
2
48
-5
82
Royal Bank of Scotland plc
188
0
195
0
383
0.1%
12
17
19
35
WisdomTree
244
0
0
0
244
0.1%
12
37
-12
240
Nomura Asset Management
241
0
0
0
241
0.1%
3
7
4
244
Fundlogic Global Solutions plc
175
0
0
0
175
0.0%
2
3
6
37
Seligson & Co Fund Man
174
0
0
0
174
0.0%
1
13
6
10
0
0
159
0
159
0.0%
3
3
0
20
DnB Kapitalforvaltning
108
0
0
0
108
0.0%
1
15
0
-8
First Trust
106
0
0
0
106
0.0%
7
8
1
49
SEB Investment Management AB
83
0
0
0
83
0.0%
3
5
0
-2
Van Eck Funds
77
0
0
0
77
0.0%
3
22
2
103
Julius Baer Inv
Raiffeisen Schweiz Genossenschaft
UniCredit Bank Commerzbank AG FinEx Fund Plc Alpha Asset Management
0
54
0
0
54
0.0%
1
1
0
54
10
26
0
0
36
0.0%
2
0
-4
-16
0
30
3
0
33
0.0%
2
0
0
-2
13
0
0
0
13
0.0%
1
0
0
0
Boost
5
0
0
0
5
0.0%
3
3
0
4
NBG Asset Management MFMC
5
0
0
0
5
0.0%
2
0
0
0
Alpcot Capital Management
0
0
0
0
0
0.0%
-
0
-1
-1
Swedbank Robur
0
0
0
0
0
0.0%
-
0
0
-23
NCB Stockbrokers
0
0
0
0
0
0.0%
0
0
0
-29
Nordea Investment Funds
0
0
0
0
0
0.0%
2
0
0
0
Landsbankinn
0
0
0
0
0
0.0%
1
0
0
0
PDR Services LLC
0
0
0
0
0
0.0%
0
0
0
0
320,814
111,669
13,296
1,496 447,276
100.0%
1,473
56,493
6,074
60,379
Total
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 41
9 November 2015 European Monthly ETF Market Review
Figure 77: European ETC Providers (All) – Assets, Flows, Products, Turnover
| ETCs | Europe |
All figures in € million except products Issuer ETF Securities
Commodity
Currency
Mkt Share %
Total AUM
Nu.
Current TO
Current CF YTD CF
10,764
339
11,103
63.0%
298
2,030
129
-63
Source
1,947
0
1,947
11.0%
4
460
132
332
Deutsche AWM
1,888
0
1,888
10.7%
28
104
-24
200
Deutsche Borse Commodities GmbH
1,672
0
1,672
9.5%
1
111
0
0
BlackRock
406
0
406
2.3%
4
44
12
230
Boost
256
7
263
1.5%
30
743
50
330
Royal Bank of Scotland plc
241
0
241
1.4%
6
9
0
18
Borse Stuttgart Securities GmbH
114
0
114
0.6%
1
4
0
21
Commerzbank AG Total
1
0
1
0.0%
68
13
0
0
17,288
347
17,635
100.0%
440
3,516
300
1,068
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 42
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 78: European ETP Providers (All) – Assets, Flows, Products, Turnover
| ETPs | Europe |
All figures in € million except products Issuer BlackRock
Fixed Income
Equity
Total AUM
Commodity Others
Mkt Share %
Nu.
Current TO
Current CF
YTD CF
142,722
66,879
1,748
323
211,672
45.5%
273
24,359
4,346
23,835
Deutsche AWM
41,110
13,509
2,239
928
57,787
12.4%
243
5,285
527
8,684
Lyxor
37,865
9,043
982
39
47,929
10.3%
232
11,332
232
7,802
UBS
21,326
1,757
1,547
90
24,720
5.3%
133
1,730
156
6,446
Amundi
14,940
4,926
19
0
19,885
4.3%
100
5,395
347
3,253
Source
10,089
6,076
2,190
58
18,413
4.0%
82
1,786
282
3,298
Vanguard
16,972
154
0
0
17,126
3.7%
13
1,438
274
3,384
400
122
10,957
339
11,819
2.5%
316
2,388
145
230
State Street
8,224
3,527
0
43
11,794
2.5%
75
1,182
160
1,970
ComStage
4,867
2,361
260
0
7,487
1.6%
107
522
228
1,756
Deka Investment GmbH
4,569
2,303
0
0
6,872
1.5%
46
1,067
357
145
0
0
5,916
0
5,916
1.3%
4
204
-49
-274
ETF Securities
Zuercher Kantonalbank HSBC
5,085
0
0
0
5,085
1.1%
28
381
-19
-658
BNP Paribas
4,221
158
211
0
4,591
1.0%
37
163
-23
437
Xact Fonder AB
2,436
0
0
0
2,436
0.5%
10
1,349
-21
-68
0
0
1,827
0
1,827
0.4%
4
58
-28
-238
PowerShares
1,739
53
0
4
1,796
0.4%
21
164
-33
110
Ossiam
1,673
0
48
0
1,721
0.4%
9
59
2
-80
Julius Baer Inv
Deutsche Borse Commodities GmbH
0
0
1,672
0
1,672
0.4%
1
111
0
0
ThinkCapital ETFs N.V.
627
692
0
10
1,329
0.3%
11
84
-576
252
Royal Bank of Scotland plc
188
0
436
0
624
0.1%
18
26
19
53
BBVA Gestion SA SGIIC
522
0
0
0
522
0.1%
2
48
-5
82
Boost
5
0
256
7
268
0.1%
33
745
50
334
WisdomTree
244
0
0
0
244
0.1%
12
37
-12
240
Nomura Asset Management
241
0
0
0
241
0.1%
3
7
4
244
Fundlogic Global Solutions plc
175
0
0
0
175
0.0%
2
3
6
37
Seligson & Co Fund Man
174
0
0
0
174
0.0%
1
13
6
10
Raiffeisen Schweiz Genossenschaft
0
0
159
0
159
0.0%
3
3
0
20
Borse Stuttgart Securities GmbH
0
0
114
0
114
0.0%
1
4
0
21
DnB Kapitalforvaltning
108
0
0
0
108
0.0%
1
15
0
-8
First Trust
49
106
0
0
0
106
0.0%
7
8
1
SEB Investment Management AB
83
0
0
0
83
0.0%
3
5
0
-2
Van Eck Funds
77
0
0
0
77
0.0%
3
22
2
103
UniCredit Bank
0
54
0
0
54
0.0%
1
1
0
54
10
26
1
0
37
0.0%
70
13
-4
-16
0
30
3
0
33
0.0%
2
0
0
-2
13
0
0
0
13
0.0%
1
0
0
0
NBG Asset Management MFMC
5
0
0
0
5
0.0%
2
0
0
0
Alpcot Capital Management
0
0
0
0
0
0.0%
0
0
-1
-1
Swedbank Robur
0
0
0
0
0
0.0%
0
0
0
-23
NCB Stockbrokers
0
0
0
0
0
0.0%
0
0
0
-29
Nordea Investment Funds
0
0
0
0
0
0.0%
2
0
0
0
Landsbankinn
0
0
0
0
0
0.0%
1
0
0
0
PDR Services LLC
0
0
0
0
0
0.0%
0
0
0
0
320,814
111,669
30,584
1,843
464,911
100.0%
1,913
60,009
6,373
61,448
Commerzbank AG FinEx Fund Plc Alpha Asset Management
Total
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 43
9 November 2015 European Monthly ETF Market Review
European Provider Analysis by Replication Method Figure 79: European ETF Providers list by replication
| ETFs | Europe|
All figures in € million except products European Providers
ETFs Replication AUM (€) Method Equity
BlackRock
Physical
AUM (€) ETFs Fixed Income
AUM (€) ETFs Commodity
AUM (€) ETFs Other
AUM (€)
AUM (%) Total
ETFs 265
142,540
175
66,879
86
668
3
323
1
210,410
100%
182
3
-
-
674
1
-
-
856
0%
4
Physical
27,304
52
80
3
-
-
28
2
27,412
49%
57
Synthetic
13,807
83
13,429
69
351
3
900
3
28,487
51%
158
Physical
1,052
15
4,216
21
-
-
-
-
5,268
11%
36
Synthetic
36,813
158
4,827
25
982
6
39
7
42,661
89%
196
Physical
18,316
74
1,754
22
969
7
-
-
21,039
85%
103
Synthetic
3,010
19
3
1
578
8
90
2
3,682
15%
30
Physical
1,057
7
-
-
-
-
-
-
1,057
5%
7
Synthetic
13,883
67
4,926
25
19
1
-
-
18,828
95%
93
Vanguard
Physical
16,972
12
154
1
-
-
-
-
17,126
100%
13
Source
Physical
1,484
13
5,889
11
-
-
44
1
7,417
45%
25
Synthetic
8,605
48
187
2
242
1
14
2
9,048
55%
53
State Street
Physical
8,224
51
3,527
23
-
-
43
1
11,794
100%
75
ComStage
Physical
141
2
-
-
-
-
-
-
141
2%
2
Synthetic
4,726
75
2,361
28
260
2
-
-
7,347
98%
105
Physical
4,554
26
2,303
19
-
-
-
-
6,857
100%
45
15
1
-
-
-
-
-
-
15
0%
1
Synthetic Deutsche AWM Lyxor UBS Amundi
Deka Investment GmbH
Synthetic Zuercher Kantonalbank
Physical
-
-
-
-
5,916
4
-
-
5,916
100%
4
HSBC
Physical
5,085
28
-
-
-
-
-
-
5,085
100%
28
BNP Paribas
Physical
2,016
17
-
-
-
-
-
-
2,016
44%
17
Synthetic
2,205
18
158
1
211
1
-
-
2,575
56%
20
Physical
2,028
4
-
-
-
-
-
-
2,028
83%
4
408
6
-
-
-
-
-
-
408
17%
6
Xact Fonder AB
Synthetic Julius Baer Inv
Physical
-
-
-
-
1,827
4
-
-
1,827
100%
4
PowerShares
Physical
1,698
15
53
1
-
-
4
1
1,755
98%
17
Synthetic
41
4
-
-
-
-
-
-
41
2%
4
Physical
54
1
-
-
-
-
-
-
54
3%
1
1,619
7
-
-
48
1
-
-
1,667
97%
8
692
3
-
-
10
3
1,329
100%
11
Ossiam
Synthetic ThinkCapital ETFs N.V.
Physical
627
5
ETF Securities
Synthetic
316
10
-
-
193
1
-
-
509
100%
11
Physical
85
3
122
4
-
-
-
-
207
100%
7
BBVA Gestion SA
Physical
522
2
-
-
-
-
-
-
522
100%
2
RBS plc
Synthetic
188
9
-
-
195
3
-
-
383
100%
12
WisdomTree
Physical
244
12
-
-
-
-
-
-
244
100%
12
Nomura Asset Management
Physical
241
3
-
-
-
-
-
-
241
100%
3
Fundlogic Global Solutions plc
Synthetic
175
2
-
-
-
-
-
-
175
100%
2
Seligson & Co Fund Mgmt.
Physical
174
1
-
-
-
-
-
-
174
100%
1
Raiffeisen Schweiz Genossenschaft DnB Kapitalforvaltning
Physical
-
-
-
-
159
3
-
-
159
100%
3
Physical
108
1
-
-
-
-
-
-
108
100%
1
First Trust
Physical
106
7
-
-
-
-
-
-
106
100%
7
SEB Investment Management AB Synthetic
83
3
-
-
-
-
-
-
83
100%
3
Van Eck Funds
Physical
77
3
-
-
-
-
-
-
77
100%
3
UniCredit Bank
Synthetic
-
-
54
1
-
-
-
-
54
100%
1
Commerzbank AG
Synthetic
10
1
-
-
-
-
-
-
10
100%
1
Physical
-
-
26
1
-
-
-
-
26
100%
1
Physical
-
-
-
-
3
1
-
-
3
10%
1
Synthetic
-
-
30
1
-
-
-
-
30
90%
1
FinEx Fund Plc Alpha Asset Mgmt.
Physical
13
1
-
-
-
-
-
-
13
100%
1
Boost
Synthetic
5
2
0
1
-
-
-
-
5
100%
3
NBG Asset Mgmt.
Physical
2
1
-
-
-
-
-
-
2
49%
1
Synthetic
2
1
-
-
-
-
-
-
2
51%
1
Landsbankinn
Physical
-
1
-
-
-
-
-
-
-
NA
1
Nordea Investment Funds
Synthetic
-
2
-
-
-
-
-
-
-
NA
320,814
1,051
111,669
349
13,296
50
1,496
23
447,276
Total
2 1,473
*New entrant in 2015 is highlighted in light grey. *Blackrock’s acquisition of Credit Suisse’s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 44
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 80: Turnover by asset class and instrument (â‚Ź million) Asset Class
Beta
Beta+
| ETPs | Europe |
Oct-15
Sep-15
2014
Semiactive
Semiactive
Semiactive
Alpha
Total
Beta
Beta+
Alpha
Total
Beta
Beta+
YTD Alpha
Total
Total
ETFs Equity
34,987
4,828
155
4
39,974
38,523
6,251
187
13
44,973
31,090
4,428
117
30
35,664
497,740
Fixed income
15,375
330
0
90
15,796
12,351
325
0
72
12,747
7,137
150
0
77
7,364
135,117
628
0
0
0
628
623
0
2
0
625
796
0
1
0
797
7,787
Currency
0
0
0
0
-
0
0
0
0
-
1
0
0
0
1
7
Multi Asset
6
0
0
20
0
0
0
12
0
0
0
15
15
279
Commodity
Alternative Total
26
12
43
0
4
22
69
49
0
9
28
86
47
0
12
71
131
1,100
51,040
5,158
159
136
56,493
51,546
6,576
197
125
58,444
39,072
4,577
129
194
43,972
642,030
2,280
1,071
0
0
3,351
1,796
1,066
0
0
2,862
1,708
429
0
0
2,136
38,283
16
150
0
0
166
17
114
0
0
131
26
91
0
0
117
2,501
2,295
1,221
0
0
3,516
1,813
1,180
0
0
2,994
1,734
520
0
0
2,254
40,784
53,336
6,379
159
136
60,009
53,359
7,756
197
125
61,438
40,806
5,097
129
194
46,226
682,814
ETCs Commodity Currency Total Total ETPs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis Figure 81: European Equity ETF Turnover Summary (â‚Ź million) Oct-15 Equity Turnover
Beta
Semiactive
Beta+
| ETFs | Europe | Sep-15
Alpha
Total
Beta
Semiactive
Beta+
2014 Alpha
Total
Beta
YTD
Semiactive
Beta+
Alpha
Total
Total
Developed Markets
25,455
0
0
3
25,458
29,310
0
0
10
29,320
21,803
0
0
27
21,830
325,319
Emerging Markets
3,896
0
0
0
3,896
3,679
0
0
0
3,679
4,108
0
0
0
4,108
47,595
517
0
0
0
517
586
0
0
0
586
659
0
0
0
659
7,867
2,666
0
0
0
2,666
2,234
0
0
0
2,234
2,166
0
0
0
2,166
30,149
Global Markets Sector Capitalization
515
0
0
0
515
649
0
0
0
649
613
0
0
0
613
7,339
Strategy
385
4,828
155
1
5,368
338
6,251
187
3
6,778
299
4,428
117
3
4,846
59,086
1,128
0
0
0
1,128
1,317
0
0
0
1,317
1,179
0
0
0
1,179
16,168
426
0
0
0
426
411
0
0
0
411
263
0
0
0
263
4,216
34,987
4,828
155
4
39,974
38,523
6,251
187
13
44,973
31,090
4,428
117
30
35,664
497,740
Style Thematic Total Equities
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 45
9 November 2015 European Monthly ETF Market Review
Figure 81A: European Equity ETF Turnover Summary – A (₏ million) Oct-15 Equity Turnover Sector
Beta
Semiactive
Beta+
| ETFs | Europe |
Sep-15 Alpha
Total
Beta
Semiactive
Beta+
2014 Alpha
Total
Beta
YTD
Semiactive
Beta+
Alpha
Total
Total
2,666
0
0
0
2,666
2,234
0
0
0
2,234
2,166
0
0
0
2,166
30,149
Consumer discretionary
115
0
0
0
115
105
0
0
0
105
109
0
0
0
109
1720
Consumer staples
229
0
0
0
229
189
0
0
0
189
72
0
0
0
72
1503
Energy
333
0
0
0
333
190
0
0
0
190
238
0
0
0
238
3710
Financials
1141
0
0
0
1,141
958
0
0
0
958
984
0
0
0
984
13,502
Healthcare
331
0
0
0
331
248
0
0
0
248
133
0
0
0
133
2585
Industrials
78
0
0
0
78
125
0
0
0
125
144
0
0
0
144
1557
Information Technology
137
0
0
0
137
112
0
0
0
112
128
0
0
0
128
1676
Materials
142
0
0
0
142
136
0
0
0
136
215
0
0
0
215
1967
Telecommunications
91
0
0
0
91
90
0
0
0
90
65
0
0
0
65
965
Utilities
70
0
0
0
70
80
0
0
0
80
78
0
0
0
78
965
515
0
0
0
515
649
0
0
0
649
613
0
0
0
613
7,339
Capitalization Large Cap
28
0
0
0
28
37
0
0
0
37
52
0
0
0
52
381
Mid Cap
184
0
0
0
184
320
0
0
0
320
173
0
0
0
173
2988
Small Cap
303
0
0
0
303
292
0
0
0
292
388
0
0
0
388
3,970
385
4,828
155
1
5,368
338
6,251
187
3
6,778
299
4,428
117
3
4,846
59,086
Strategy Fundamental
27
0
60
0
87
19
0
49
0
68
143
0
56
0
199
1192
Leveraged Long
0
2,267
0
0
2,267
0
2,831
0
0
2,831
0
2,254
0
0
2,254
27,713
Leveraged Short
0
2,013
0
0
2,013
0
2,628
0
0
2,628
0
1,736
0
0
1,736
17,976
Options Strategy
0
0
0
0
-
0
0
0
0
-
0
0
0
0
-
357
0
95
1
453
318
0
138
3
458
155
0
61
3
219
Quantitative Short Style Dividend
0 5670
0
548
0
0
548
1
792
0
0
793
0
437
0
0
437
6,535
1,128
0
0
0
1,128
1,317
0
0
0
1,317
1,179
0
0
0
1,179
16,168
1,034
0
0
0
1,034
1,166
0
0
0
1,166
1,079
0
0
0
1,079
14,595
Growth
22
0
0
0
22
68
0
0
0
68
23
0
0
0
23
747
Value
73
0
0
0
73
82
0
0
0
82
77
0
0
0
77
826
Thematic
426
0
0
0
426
411
0
0
0
411
263
0
0
0
263
4,216
146
0
0
0
146
68
0
0
0
96
0
0
0
96
1261
0
0
0
0
-
0
0
0
0
0
0
0
28
0
0
0
28
12
0
0
0
12
20
0
0
0
20
169
Other Theme
106
0
0
0
106
203
0
0
0
203
65
0
0
0
65
1194
Sustainability
145
0
0
0
145
128
0
0
0
128
83
0
0
0
83
1591
5,120
4,828
155
1
10,103
4,948
6,251
187
3
11,389
4,520
4,428
117
3
9,067
116,958
Commodities Cyclical Faith
Total
68 -
-
-
0
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 46
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 81B: European Equity ETF Turnover Summary – B (₏ million) Oct-15 Equity Turnover
Beta
Semiactive
Beta+
| ETFs | Europe |
Sep-15 Alpha
Total
Beta
Semiactive
Beta+
2014 Alpha
Total
Beta
YTD
Semiactive
Beta+
Alpha
Total
Total
Developed Markets Europe
16,294
0
0
3
16,297
17,303
0
0
10
17,313
13,795
0
0
27
13,823
206,039
Austria
13
0
0
0
13
3
0
0
0
3
16
0
0
0
16
136
Belgium
1
0
0
0
1
2
0
0
0
2
2
0
0
0
2
41
Finland
13
0
0
0
13
10
0
0
0
10
9
0
0
0
9
110
France
511
0
0
0
511
412
0
0
0
412
342
0
0
0
342
5,644
3,537
0
0
0
3,537
3,968
0
0
0
3,968
3,368
0
0
0
3,368
48,432
Greece
25
0
0
0
25
38
0
0
0
38
70
0
0
0
70
675
Ireland
2
0
0
0
2
13
0
0
0
13
1
0
0
0
1
30
1,022
0
0
0
1,022
1,017
0
0
0
1,017
901
0
0
0
901
9,281
Germany
Italy Netherlands
207
0
0
0
207
210
0
0
0
210
99
0
0
0
99
2,322
Norway
17
0
0
0
17
13
0
0
0
13
49
0
0
0
49
276
Portugal
12
0
0
0
12
9
0
0
0
9
27
0
0
0
27
215
Iceland
0
0
0
0
0
0
0
0
0
-
0
0
0
0
-
Spain
216
0
0
0
216
197
0
0
0
197
282
0
0
0
282
3,347
Sweden
211
0
0
0
211
243
0
0
0
243
308
0
0
0
308
3,076
Switzerland
788
0
0
0
788
840
0
0
0
840
824
0
0
0
824
13,001
UK
1,811
0
0
0
1,811
2,056
0
0
0
2,056
2,125
0
0
0
2,125
26,232
Europe broad
7,907
0
0
3
7,910
8,270
0
0
10
8,281
5,373
0
0
27
5,400
93,220
4,464
0
0
0
4,464
6,324
0
0
0
6,324
4,151
0
0
0
4,151
61,074
4,276
0
0
0
4,276
6,085
0
0
0
6,085
3,862
0
0
0
3,862
58,445
53
0
0
0
53
60
0
0
0
60
109
0
0
0
109
869
134
0
0
0
134
179
0
0
0
179
180
0
0
0
180
1,760
Americas US Canada North America Asia
3
2,741
0
0
0
2,741
3,368
0
0
0
3,368
2,218
0
0
0
2,218
33,043
Australia
24
0
0
0
24
37
0
0
0
37
89
0
0
0
89
662
Hong Kong
29
0
0
0
29
33
0
0
0
33
40
0
0
0
40
610
2,599
0
0
0
2,599
3,161
0
0
0
3,161
1,967
0
0
0
1,967
30,091
Japan Singapore Asia Pacific broad Global Broad indices DM Total
1
0
0
0
1
5
0
0
0
5
1
0
0
0
1
29
87
0
0
0
87
132
0
0
0
132
120
0
0
0
120
1,651
1,956
0
0
0
1,956
2,314
0
0
0
2,314
1,638
0
0
0
1,638
25,163
1,956
0
0
0
1,956
2,314
0
0
0
2,314
1,638
0
0
0
1,638
25,163
25,455
0
0
3
25,458
29,309
0
0
10
29,319
21,802
0
0
27
21,830
325,319
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 47
9 November 2015 European Monthly ETF Market Review
Figure 81C: European Equity ETF Turnover Summary – C (€ million) Oct-15 Equity Turnover
Beta
Semiactive
Beta+
| ETFs | Europe |
Sep-15 Alpha
Total
Beta
Semiactive
Beta+
2014 Alpha
Total
Beta
YTD
Semiactive
Beta+
Alpha
Total
Total
Emerging Markets BRIC
1,055
0
0
0
1,055
965
0
0
0
965
1,319
0
0
0
1,320
17,747
Brazil
131
0
0
0
131
141
0
0
0
141
273
0
0
0
273
1,683
Russia
267
0
0
0
267
154
0
0
0
154
318
0
0
0
318
2,350
India
183
0
0
0
183
203
0
0
0
203
220
0
0
0
220
3,698
China
474
0
0
0
474
468
0
0
0
468
509
0
0
0
509
10,017
69
0
0
0
69
105
0
0
0
105
170
0
0
0
170
1,172
3
0
0
0
3
4
0
0
0
4
5
0
0
0
5
61
21
0
0
0
21
34
0
0
0
34
54
0
0
0
54
324
Latin America Chile Mexico LATAM broad Asia
45
0
0
0
45
67
0
0
0
67
112
0
0
0
112
786
580
0
0
0
580
499
0
0
0
499
451
0
0
0
451
6,957
Bangladesh
1
0
0
0
1
1
0
0
0
1
1
0
0
0
1
11
Indonesia
25
0
0
0
25
14
0
0
0
14
35
0
0
0
35
366
Malaysia
22
0
0
0
22
19
0
0
0
19
23
0
0
0
23
227
Pakistan
2
0
0
0
2
2
0
0
0
2
2
0
0
0
2
26
Philippines
7
0
0
0
7
8
0
0
0
8
7
0
0
0
7
126
South Korea
180
0
0
0
180
122
0
0
0
122
149
0
0
0
149
1,807
Taiwan
79
0
0
0
79
54
0
0
0
54
62
0
0
0
62
1,089
Thailand
8
0
0
0
8
17
0
0
0
17
21
0
0
0
21
155
Vietnam
16
0
0
0
16
17
0
0
0
17
32
0
0
0
32
378
240
0
0
0
240
246
0
0
0
246
119
0
0
0
119
2,773 2,324
Asia Pacific broad EMEA
187
0
0
0
187
192
0
0
0
192
334
0
0
0
334
Kuwait
2
0
0
0
2
2
0
0
0
2
2
0
0
0
2
14
Poland
6
0
0
0
6
9
0
0
0
9
13
0
0
0
13
114
South Africa
31
0
0
0
31
21
0
0
0
21
29
0
0
0
29
241
Turkey
55
0
0
0
55
91
0
0
0
91
163
0
0
0
163
1,007
Europe broad
83
0
0
0
83
63
0
0
0
63
114
0
0
0
114
826
Middle East & Africa
10
0
0
0
10
7
0
0
0
7
13
0
0
0
13
123
2,004
0
0
0
2,004
1,918
0
0
0
1,918
1,833
0
0
0
1,833
19,395
2,004
0
0
0
2,004
1,918
0
0
0
1,918
1,833
0
0
0
1,833
19,395
3,896
0
0
0
3,896
3,679
0
0
0
3,679
4,108
0
0
0
4,108
47,595
29,350
0
0
3
29,354
32,987
0
0
10
32,998
25,910
0
0
28
25,938
372,915
Global Markets Global EM Total Total (EM + DM)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 82: European Fixed Income ETF Turnover (€ million) Fixed Income Turnover Overall
Beta
Beta+
| ETFs | Europe |
Oct-15
Sep-15
2014
Semiactive
Semiactive
Semiactive
Alpha
Total
Beta
Beta+
Alpha
Total
Beta
Beta+
YTD Alpha
Total
Total
346
0
0
76
422
276
0
0
61
337
210
0
0
65
276
4,187
5,653
0
0
10
5,663
4,498
0
0
7
4,505
2,496
0
0
1
2,496
47,818
Covered Bonds
818
0
0
3
821
174
0
0
3
177
113
0
0
5
118
2,110
Credit Exposure
11
8
0
0
19
15
12
0
0
27
14
9
0
0
24
324
8,066
323
0
1
8,389
6,851
312
0
1
7,164
4,054
140
0
7
4,201
74,693
482
0
0
0
482
536
0
0
0
536
249
0
0
0
249
5,986
15,375
330
0
90
15,796
12,351
325
0
72
12,747
7,137
150
0
77
7,364
135,117
Corporates
Sovereign Money Market Total Fixed Income
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 48
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 83: European Commodity ETP Turnover summary (â‚Ź million) Oct-15 Commodity Turnover
Beta
Semiactive
Beta+
| ETPs | Europe |
Sep-15 Alpha
Total
Beta
Semiactive
Beta+
2014 Alpha
Total
Beta
YTD
Semiactive
Beta+
Alpha
Total
Total
Overall
312
1
0
0
313
360
1
2
0
362
273
2
1
0
275
3,575
Overall
296
1
0
0
297
352
1
2
0
355
254
2
1
0
257
3340
16
0
0
0
16
7
0
0
0
7
18
0
0
0
18
234
Overall Light Energy
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
Overall Ultra Light Energy
0
0
0
0
-
0
0
0
0
-
0
0
0
0
-
109
73
0
0
182
87
86
0
0
173
120
95
0
0
215
2,322
Overall
47
0
0
0
47
23
0
0
0
23
46
1
0
0
47
450
Cocoa
1
2
0
0
3
2
3
0
0
5
2
2
0
0
4
52
Coffee
10
31
0
0
40
13
30
0
0
43
18
38
0
0
57
548
Corn
5
3
0
0
8
7
4
0
0
11
10
6
0
0
16
133
Cotton
5
1
0
0
6
2
3
0
0
5
5
4
0
0
9
69
Grains
2
0
0
0
2
3
0
0
0
4
5
1
0
0
5
54
Softs
0
1
0
0
1
1
1
0
0
1
1
0
0
0
1
8
Soybean Oil
2
1
0
0
3
3
1
0
0
5
1
2
0
0
3
56
2
2
0
0
3
2
2
0
0
4
5
2
0
0
7
58
17
15
0
0
32
10
13
0
0
23
8
10
0
0
18
260
Overall ex Energy
Agriculture
Soybeans Sugar
0
Wheat
20
18
0
0
37
20
28
0
0
48
19
29
0
0
48
635
Energy
655
857
0
0
1,512
537
865
0
0
1,402
185
208
0
0
393
16,991
Overall
45
1
0
0
46
73
1
0
0
73
16
0
0
0
16
532
Carbon
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
579
653
0
0
1,232
419
731
0
0
1,150
147
59
0
0
206
13725
Gasoline
2
2
0
0
4
3
4
0
0
7
1
1
0
0
2
87
Heating Oil
1
2
0
0
3
1
1
0
0
1
1
0
0
0
1
37
Natural Gas
28
199
0
0
227
40
129
0
0
170
20
146
0
0
167
2609
Electricity
0
0
0
0
-
0
0
0
0
-
0
0
0
0
-
Uranium
0
0
0
0
-
0
0
0
0
-
0
0
0
0
-
105
52
0
0
157
97
30
0
0
127
140
23
0
0
163
1,809
Overall
24
1
0
0
25
44
1
0
0
45
29
4
0
0
33
435
Aluminium
18
5
0
0
23
18
2
0
0
21
31
2
0
0
33
262
Copper
54
38
0
0
92
22
20
0
0
41
50
11
0
0
61
770
Lead
0
1
0
0
1
0
0
0
0
0
0
0
0
0
0
7
Nickel
5
5
0
0
10
11
5
0
0
16
22
5
0
0
27
258
Tin
0
1
0
0
1
1
0
0
0
1
2
0
0
0
2
26
Zinc
2
2
0
0
5
1
2
0
0
3
5
1
0
0
6
52
1,725
87
0
0
1,812
1,337
80
0
0
1,418
1,782
98
0
0
1,880
20,860
Crude Oil
Industrial Metals
Precious Metals Overall
0 0
23
0
0
0
23
18
0
0
0
18
11
1
0
0
11
390
1453
32
0
0
1,485
1082
21
0
0
1,103
1412
35
0
0
1,447
17202
Palladium
64
0
0
0
64
55
0
0
0
55
90
0
0
0
90
525
Platinum
53
3
0
0
56
74
2
0
0
76
82
2
0
0
83
771
Rhodium
1
0
0
0
1
1
0
0
0
1
3
0
0
0
3
26
131
51
0
0
183
107
57
0
0
164
185
60
0
0
246
1945
Livestock
2
1
0
0
3
2
4
0
0
6
3
4
0
0
7
59
Overall
0
0
0
0
0
0
0
0
0
1
1
0
0
0
1
7
Cattle
0
0
0
0
0
0
0
0
0
0
1
1
0
0
2
11
2
1
0
0
3
1
4
0
0
5
2
2
0
0
4
41
2,908
1,071
0
0
3,979
2,420
1,066
2
0
3,487
2,504
429
1
0
2,933
45,616
Gold
Silver
Lean Hogs Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 49
9 November 2015 European Monthly ETF Market Review
Product Rankings Figure 84: Top 20 Equity ETFs by Turnover (€ million)
| ETFs | Europe | Invest. Strategy
Current Month TO
Prev. Month TO
YTD TO
ETF Name
BBG Ticker
Issuer
iShares Core DAX UCITS ETF DE
DAXEX GR
BlackRock
Beta
1,337.2
1,415.3
17,917.5
Lyxor UCITS ETF Euro STOXX 50
MSE FP
Lyxor
Beta
1,148.3
1,469.8
13,339.1
iShares Euro STOXX 50 (DE)
SX5EEX GR
BlackRock
Beta
976.2
813.5
9,080.5
iShares MSCI Emerging Markets UCITS ETF (Inc)
IEEM LN
BlackRock
Beta
861.6
833.7
7,879.2
iShares FTSE 100 UCITS ETF (Inc)
ISF LN
BlackRock
Beta
853.9
1,072.1
12,319.7
iShares EURO STOXX 50 UCITS ETF (Inc)
EUNE SW
BlackRock
Beta
839.7
970.4
10,980.1
iShares Core S&P 500 UCITS ETF
CSSPX SW
BlackRock
Beta
749.4
794.6
9,207.1
Vanguard S&P 500 ETF
VUSA LN
Vanguard
Beta
744.8
1,191.0
10,675.0
iShares Core MSCI World UCITS ETF (Acc)
SWDA LN
BlackRock
Beta
733.5
739.5
5,796.1
db x-trackers DAX® UCITS ETF (DR) 1C
XDAX GR
Deutsche AWM
Beta
630.7
617.3
7,132.1
Lyxor UCITS ETF FTSE MIB
ETFMIB IM
Lyxor
Beta
628.9
696.8
5,686.3
iShares STOXX 600 (DE)
SXXPIEX GR
BlackRock
Beta
608.3
644.0
7,139.3
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D
XESX GR
Deutsche AWM
Beta
597.8
775.8
6,282.9
iShares S&P 500 UCITS ETF (Inc)
IUSA LN
BlackRock
Beta
583.4
882.2
10,492.3
Deka DAX UCITS ETF
ETFDAX GR
Deka Investment GmbH
Lyxor ETF Leverage CAC 40
LVC FP
Lyxor
iShares MSCI World UCITS ETF (Inc)
IWRD LN
BlackRock
Lyxor ETF Leveraged FTSE/MIB
LEVMIB IM
Lyxor
iShares MSCI Europe UCITS ETF (Inc)
IMEU LN
iShares MSCI Japan EUR Hedged UCITS ETF
IJPE LN
Beta
516.9
703.2
10,444.3
Beta+
508.0
590.5
5,505.9
Beta
494.3
574.3
8,977.6
Beta+
479.3
501.9
6,989.2
BlackRock
Beta
443.5
315.1
4,545.8
Blackrock
Beta
436.2
599.9
5,632.3
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 85: Top 20 Fixed Income ETFs by Turnover (€ million)
| ETFs | Europe | Current Month TO
Prev. Month TO
YTD TO
Beta
1,017.5
650.3
8,012.2
Beta
742.0
3.0
790.4
BlackRock
Beta
723.2
486.3
7,169.8
SHYU LN
BlackRock
Beta
669.8
783.4
5,958.7
SEML LN
Blackrock
Beta
641.9
135.0
2,147.7
iShares Euro Corporate Bond UCITS ETF
IEBC LN
BlackRock
Beta
489.8
459.4
6,112.7
Amundi ETF Euro Corporates UCITS ETF
CC4 FP
Amundi
Beta
435.9
217.8
1,084.4
Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF
C10 FP
Amundi
Beta
382.3
367.6
1,232.2
iShares $ Corporate Bond UCITS ETF
LQDE LN
BlackRock
Beta
370.8
427.2
4,057.5
iShares UK Gilts UCITS ETF
IGLT LN
BlackRock
Beta
335.3
202.6
3,082.2
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF
X1G FP
Amundi
Beta
316.7
120.2
1,547.9
iShares Euro Corporate Bond 1-5yr UCITS ETF
SE15 LN
BlackRock
Beta
282.8
115.4
1,444.7
iShares $ TIPS UCITS ETF
IDTP LN
BlackRock
Beta
268.2
100.7
1,389.9
Amundi ETF US Treasury 7-10 UCITS ETF
US7 FP
Amundi
Beta
267.3
7.5
307.6
Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF
AFRN FP
Amundi
Beta
247.1
227.4
838.6
Lyxor UCITS ETF Euro Cash
CSH FP
Lyxor
Beta
225.6
264.4
2,795.9
iShares $ Short Duration HY Corporate Bond UCITS ETF
SDHY LN
BlackRock
Beta
190.6
24.0
553.1
Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR)
MI10 FP
Lyxor
Beta
179.1
30.1
369.7
iShares $ Treasury Bond 7-10yr UCITS ETF
IDTM LN
BlackRock
Beta
177.3
228.0
2,669.9
iShares Euro Corporate Bond Large Cap UCITS ETF
IBCS GR
BlackRock
Beta
164.6
114.3
2,336.4
ETF Name
BBG Code
Issuer
iShares Euro High Yield Corporate Bond UCITS ETF
IHYG LN
BlackRock
Lyxor UCITS ETF EuroMTS Covered Bond Aggregate
ECB FP
Lyxor
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF
SEMB LN
iShares $ High Yield Corporate Bond UCITS ETF iShares Emerging Markets Local Government Bond UCITS ETF
Invest. Strategy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 50
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 86: Top 20 Commodity ETPs by Turnover (€ million)
| ETP s | Europe | Invest. Strategy
Current Month TO
Prev. Month TO
YTD TO
Beta
443.3
271.5
4,017.6
ETP Name
BBG Code
Issuer
ETFS WTI Crude Oil
CRUD LN
ETF Securities
Source Physical Gold ETC (P-ETC)
SGLD LN
Source
Beta
425.6
180.8
2,835.2
Boost Wti Oil 3X Leverage Daily ETP
3OIL LN
Boost
Beta+
364.2
386.8
2,760.5
ETFS Physical Gold
PHAU LN
ETF Securities
Beta
282.2
213.7
4,374.7
Gold Bullion Securities
GBS LN
ETF Securities
Beta
232.9
298.4
3,237.1
ZKB Gold ETF
ZGLD SW
Zuercher Kantonalbank
Beta
155.2
108.0
2,009.4
Boost Wti Oil 3X Short Daily ETP
3OIS LN
Boost
Beta+
146.6
102.4
1,044.7
Boost Natural Gas 3X Leverage Daily ETP
3NGL LN
Boost
Beta+
116.7
74.5
909.3
XETRA-Gold
XAUEUR
Deutsche Borse Commodities GmbH
Beta
110.7
72.1
1,239.6
ETFS Daily Leveraged Crude Oil
LOIL LN
ETF Securities
Beta+
98.5
123.7
1,965.2
iShares Dow Jones UBS Commodity Swap (DE)
DJCOMEX GR
BlackRock
Beta
83.7
22.8
341.1
Lyxor ETF Commodities CRB
CRB FP
Lyxor
Beta
78.2
44.9
830.5
ETFS Physical Silver
PHAG LN
ETF Securities
Beta
73.3
55.2
688.8
Boost Natural Gas 3X Short Daily ETP
3NGS LN
Boost
Beta+
55.7
31.3
553.9
ETFS Copper
COPA LN
ETF Securities
Beta
53.6
20.9
570.5
Julius Baer Physical Gold Fund - A (USD listing)
JBGOUA SW
Julius Baer Inv
Beta
48.2
44.8
605.3
ETFS Energy
AIGE LN
ETF Securities
Beta
44.2
69.9
497.9
ETFS Agriculture
AIGA LN
ETF Securities
Beta
41.8
19.7
376.7
db Physical Gold Euro Hedged ETC
XAD1 GR
Deutsche AWM
Beta
40.9
25.8
482.3
iShares Physical Gold ETC
SGLN LN
Blackrock
Beta
40.8
18.7
540.2
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 87: Top 10 ETPs by Turnover (€ million) – Deutsche Borse Equity ETFs
BBG Ticker
1
iShares Core DAX UCITS ETF DE
DAXEX GR
2
iShares Euro STOXX 50 (DE)
3
Turnover
| ETPs | Europe |
Fixed Income ETFs
BBG Ticker
Turnover
1,320.33
1
db x-trackers II EONIA TR Index UCITS ETF
XEON GR
79.96
SX5EEX GR
975.02
2
db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF
XGLE GR
58.53
db x-trackers DAX® UCITS ETF (DR) 1C
XDAX GR
619.62
3
iShares Markit iBoxx Euro High Yield
EUNW GR
53.43
4
iShares STOXX 600 (DE)
SXXPIEX GR
556.64
4
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF
XY4P GR
50.07
5
Deka DAX UCITS ETF
ETFDAX GR
516.86
5
db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF
XG71 GY
47.31
6
iShares EURO STOXX 50 UCITS ETF (Inc)
EUN2 GR
336.05
6
iShares Euro Corporate Bond Large Cap UCITS ETF
IBCS GR
47.10
7
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D
XESX GR
239.98
7
db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF
XYP1 GY
35.58
8
iShares MDAX (DE)
MDAXEX GR
223.33
8
iShares eb.rexx Government Germany 2.5-5.5 (DE)
RXP2EX GR
33.65
9
db x-trackers ShortDAX UCITS ETF
XSDX GR
173.19
9
Lyxor UCITS ETF Euro Cash
LYXCSH GR
29.68
ETFSX5E GR
171.17
10 iShares Barclays Capital Emerging Market Local Govt Bond
10 Deka EURO STOXX 50 UCITS ETF Commodity ETPs
BBG Ticker
1
XETRA-Gold
XAUEUR
110.74
2
iShares Dow Jones UBS Commodity Swap (DE)
DJCOMEX GR
80.22
3
Source Physical Gold ETC (P-ETC)
8PSG GY
4
db Physical Gold Euro Hedged ETC
5
28.21
Other
BBG Ticker
1
db x-trackers Portfolio TR Index UCITS ETF
XQUI GR
8.73
2
db x-trackers LPX Major Market Private Equity UCITS ETF
XLPE GR
8.50
43.32
3
db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged
XHFI GR
7.23
XAD1 GR
29.38
4
iShares S&P Listed Private Equity Fund
IQQL GR
2.04
Gold Bullion Securities
GG9B GR
17.73
5
db-x trackers Portfolio Income UCITS ETF
XS7W GR
1.95
6
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged
XDBC GR
13.64
6
ETFS Short USD Long EUR
XBJQ GR
1.34
7
ETFS Brent Oil
OESA GR
10.21
7
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF
ZPRI GY
0.90
8
ETFS Physical Gold
VZLD GR
8.95
8
ETFS Long USD Short EUR
XBJP GR
0.64
9
ETFS WTI Crude Oil
OD7F GR
8.92
9
ETFS 5X Long USD Short EUR
5CH5 GY
0.56
9J6N GR
8.68
10 db x-trackers Stiftungs-UCITS ETF Stabilitat
XSBT GR
0.50
10 RICI Enhanced WTI Crude Oil TR Index ETC
Turnover
IUSP GY
Turnover
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 51
9 November 2015 European Monthly ETF Market Review
Figure 88: Top 10 ETPs by Turnover (€ million) – London SE Equity ETFs
BBG Ticker
1
iShares FTSE 100 UCITS ETF (Inc)
ISF LN
838.76
2
Vanguard S&P 500 ETF
VUSD LN
3
iShares MSCI Emerging Markets UCITS ETF (Inc)
4
| ETPs | Europe | Fixed Income ETFs
BBG Ticker
1
iShares Euro High Yield Corporate Bond UCITS ETF
IHYG LN
898.91
442.85
2
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF
IEMB LN
617.61
IEEM LN
331.67
3
iShares $ High Yield Corporate Bond UCITS ETF
IHYU LN
500.48
Vanguard FTSE 100 ETF
VUKE LN
301.64
4
iShares Euro Corporate Bond UCITS ETF
IEAC LN
366.36
5
iShares FTSE 250 UCITS ETF
MIDD LN
282.26
5
iShares UK Gilts UCITS ETF
IGLT LN
312.62
6
iShares Core MSCI World UCITS ETF (Acc)
IWDA LN
237.09
6
iShares Emerging Markets Local Government Bond UCITS ETF
SEML LN
312.15
7
iShares Core S&P 500 UCITS ETF
CSPX LN
219.09
7
iShares $ Corporate Bond UCITS ETF
LQDE LN
295.60
8
iShares MSCI Japan GBP Hedged UCITS ETF
IJPH LN
209.49
8
iShares Emerging Markets Local Government Bond UCITS ETF
IEML LN
252.91
9
Vanguard S&P 500 ETF
VUSA LN
193.53
9
iShares Euro Corporate Bond 1-5yr UCITS ETF
IE15 LN
249.20
IDEM LN
182.86
10 iShares $ TIPS UCITS ETF
10 iShares MSCI Emerging Markets UCITS ETF (Inc)
Turnover
Commodity ETPs
BBG Ticker
1
Source Physical Gold ETC (P-ETC)
SGLD LN
325.81
2
ETFS WTI Crude Oil
CRUD LN
311.26
3
Gold Bullion Securities
GBS LN
4
ETFS Physical Gold
5
222.81
Other
BBG Ticker
1
db x-trackers LPX Major Market Private Equity UCITS ETF
XLPE LN
17.62
2
ETFS 3x Short EUR Long USD
SEU3 LN
7.54
178.98
3
iShares Listed Private Equity UCITS ETF
IPRV LN
6.80
PHAU LN
149.31
4
db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged
XHFG LN
5.82
ETFS Physical Gold GBP
PHGP LN
68.71
5
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF
MAGI LN
4.91
6
ETFS Copper
COPA LN
51.05
6
db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged
XHFD LN
3.66
7
ETFS Physical Silver
PHAG LN
43.13
7
ETFS Short AUD Long USD
SAUD LN
1.86
8
ETFS Energy
AIGE LN
38.77
8
ETFS Short EUR Long USD
SEUR LN
1.85
9
ETFS Agriculture
AIGA LN
36.75
9
ETFS 3x Long EUR Short USD
LEU3 LN
1.59
3OIL LN
36.54
10 ETFS Short EUR Long USDGBP
SEUP LN
1.44
10 Boost Wti Oil 3X Leverage Daily ETP
Turnover
IDTP LN
Turnover
Turnover
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 89: Top 10 ETPs by Turnover (€ million) – Swiss SE Equity ETFs
BBG Ticker
Turnover
1
iShares Core S&P 500 UCITS ETF
CSSPX SW
274.80
2
iShares SMI CH
CSSMI SW
3
iShares S&P 500 UCITS ETF (Inc)
4
| ETPs | Europe | Fixed Income ETFs
BBG Ticker
1
iShares USD Government Bond 3-7 UCITS ETF
CSBGU7 SW
66.00
212.22
2
iShares $ Treasury Bond 7-10yr UCITS ETF
IBTM SW
64.94
IUSA SW
164.14
3
iShares CHF Corporate Bond (CH)
CHCORP SW
47.22
UBS ETF (CH) - SMI (CHF) A-dis
SMICHA SW
124.99
4
iShares $ Corporate Bond UCITS ETF
LQDE SW
30.05
5
UBS-ETF MSCI EMU
EMUEUA SW
108.59
5
iShares Euro Corporate Bond Large Cap UCITS ETF
IBCX SW
29.03
6
UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc
EUUSBH SW
88.33
6
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF
IEMB SW
21.06
7
iShares MSCI Japan CHF Hedged UCITS ETF
IJPC SW
76.70
7
iShares $ Treasury Bond 1-3yr UCITS ETF
IBTS SW
18.75
8
iShares SPI (CH)
CHSPI SW
68.88
8
db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged)
XBAC SW
17.48
9
iShares MSCI Emerging Markets IMI UCITS ETF
EIMI SW
66.86
9
iShares $ TIPS UCITS ETF
ITPS SW
17.08
EQQQ SW
66.39
10 iShares USD Government Bond 7-10 UCITS ETF
Commodity ETPs
BBG Ticker
Turnover
1
ZKB Gold ETF-H (EUR)
ZGLDHE SW
44.24
2
ZKB Gold ETF
ZGLD SW
35.73
3
ZKB Gold ETF-A USD
ZGLDUS SW
4
ZKB Gold ETF-A EUR
5
10 PowerShares EQQQ Nasdaq-100 UCITS ETF
CSBGU0 SW
Turnover
15.52
Other
BBG Ticker
1
db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged
XHFC SW
1.56
2
J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF
MHDU SW
1.02
30.90
3
iShares Listed Private Equity UCITS ETF
IPRV SW
0.93
ZGLDEU SW
29.47
4
db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged
XHFD SW
0.30
Source Physical Gold ETC (P-ETC)
SGLD SW
23.76
5
UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc
M7USAS SW
0.10
6
Julius Baer Physical Gold Fund - A (USD listing)
JBGOUA SW
20.65
6
UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc
HFUSAS SW
0.08
7
ZKB Silver ETF
ZSIL SW
19.75
7
UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc
HFCHAS SW
0.05
8
UBS ETF (CH) – Gold (USD) I-dis
AUUSI SW
15.18
8
UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc
HFGBAS SW
0.04
9
ZKB Gold ETF-H (CHF)
ZGLDHC SW
14.78
9
Nomura Voltage Mid-Term Source ETF
VOLT SW
0.00
CCUSAS SW
14.72
10 Lyxor ETF Privex
LYPVX SW
0.00
10 UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc
Turnover
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 52
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 90: Top 10 ETPs by Turnover (€ million) – Euronext Paris Equity ETFs
BBG Ticker
1
Lyxor UCITS ETF Euro STOXX 50
MSE FP
951.66
2
Lyxor ETF Leverage CAC 40
LVC FP
3
Lyxor ETF XBear CAC 40
4
| ETPs | Europe |
Fixed Income ETFs
BBG Ticker
1
Lyxor UCITS ETF EuroMTS Covered Bond Aggregate
ECB FP
738.93
507.97
2
Amundi ETF Euro Corporates UCITS ETF
CC4 FP
426.60
BX4 FP
413.22
3
Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF
C10 FP
377.35
Lyxor UCITS ETF CAC 40 (DR) -D-EUR
CAC FP
381.15
4
Amundi ETF US Treasury 7-10 UCITS ETF
US7 FP
267.28
5
Amundi ETF Euro STOXX 50 UCITS ETF
C50 FP
257.82
5
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF
X1G FP
256.57
6
Lyxor UCITS ETF MSCI Europe
MEU FP
206.92
6
Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF
AFRN FP
239.62
7
Lyxor ETF MSCI Emerging Markets - A
LEM FP
198.44
7
Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR)
MI10 FP
171.85
8
Amundi ETF MSCI EMU UCITS ETF
CMU FP
177.11
8
AMUNDI ETF Floting Rate USD Corporate UCITS ETF
AFLT FP
148.11
9
Lyxor ETF Leveraged Euro STOXX 50
LVE FP
154.70
9
Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF
C53 FP
136.59
TPXH FP
129.02
10 Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF
10 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR
Turnover
Commodity ETPs
BBG Ticker
1
Lyxor ETF Commodities CRB
CRB FP
33.68
2
ETFS WTI Crude Oil
CRUDP FP
8.38
3
Gold Bullion Securities
GBS FP
4
Lyxor ETF Commodities CRB Non-Energy
5
131.03
Other
BBG Ticker
1
Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll
ULVO FP
0.03
2
Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll
ULVX FP
0.03
7.75
3
Lyxor ETF Privex
PVX FP
0.03
CRN FP
4.48
4
PowerShares Global Listed Private Equity UCITS ETF
PSP FP
0.02
ETFS Brent 1mnth Oil
OILBP FP
2.34
6
ETFS All Commodities
AIGCP FP
2.17
7
Amundi ETF Commodities S&P GSCI Metals UCITS ETF
CME FP
1.08
8
ETFS Natural Gas
NGASP FP
0.87
9
ETFS Wheat
WEATP FP
0.72
AIGPP FP
0.60
10 ETFS Precious Metals
Turnover
X13G FP
Turnover
Turnover
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 91: Top 10 ETPs by Turnover (€ million) – Borsa Italiana Equity ETFs
BBG Ticker
Turnover
1
Lyxor UCITS ETF FTSE MIB
ETFMIB IM
575.88
2
Lyxor ETF Leveraged FTSE/MIB
LEVMIB IM
3
Lyxor ETF XBear FTSE/MIB
4
| ETPs | Europe |
Fixed Income ETFs
BBG Ticker
1
iShares Euro Government Bond 3-5yr UCITS ETF
IBGX IM
82.91
479.25
2
db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF
XFFE IM
78.91
XBRMIB IM
327.91
3
db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF
XG71 IM
50.35
iShares EURO STOXX 50 UCITS ETF (Inc)
EUE IM
274.99
4
iShares Euro High Yield Corporate Bond UCITS ETF
IHYG IM
49.90
5
iShares FTSE MIB UCITS ETF (Inc)
IMIB IM
246.52
5
iShares Emerging Markets Local Government Bond UCITS ETF
SEML IM
48.45
6
Lyxor UCITS ETF Euro STOXX 50
MSE IM
138.04
6
Lyxor UCITS ETF Euro Cash
LEONIA IM
46.46
7
Lyxor UCITS ETF DAX (DR)
DAXX IM
135.12
7
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF
X1G IM
38.86
8
UBS-ETF MSCI EMU
EMUEUA IM
116.56
8
iShares $ Treasury Bond 1-3yr UCITS ETF
IBTS IM
37.78
9
iShares MSCI Emerging Markets UCITS ETF (Inc)
IEEM IM
110.83
9
iShares Euro Corporate Bond UCITS ETF
IEAC IM
30.42
EMKT IM
99.73
10 Lyxor ETF MSCI Emerging Markets - A Commodity ETPs
BBG Ticker
1
Boost Wti Oil 3X Leverage Daily ETP
3OIL IM
316.42
2
Boost Wti Oil 3X Short Daily ETP
3OIS IM
118.88
3
ETFS WTI Crude Oil
CRUD IM
4
Boost Natural Gas 3X Leverage Daily ETP
5
10 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF
27.57
Other
BBG Ticker
1
ETFS 3X Long USD Short EUR
EUS3 IM
55.56
2
ETFS 5X Long USD Short EUR
EUS5 IM
29.08
114.70
3
ETFS 3X Short USD Long EUR
USE3 IM
19.20
3NGL IM
109.39
4
ETFS 5X Short USD Long EUR
USE5 IM
8.19
ETFS Daily Leveraged Crude Oil
LOIL IM
77.81
5
Boost Long USD Short EUR 5x Daily ETP
5USE IM
7.24
6
Boost Natural Gas 3x Short Daily
3NGS IM
51.45
6
db-x trackers Portfolio Income UCITS ETF
XS7W IM
5.82
7
ETFS Physical Gold
PHAU IM
44.64
7
db x-trackers LPX Major Market Private Equity UCITS ETF
XLPE IM
3.39
8
Gold Bullion Securities
GBS IM
23.64
8
Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR
LVO IM
2.27
9
Boost Silver 3X Leverage Daily ETP
3SIL IM
21.96
9
ETFS Long USD Short EUR
EUUS IM
1.94
CRB IM
20.35
10 Boost Short USD Long EUR 5x Daily ETP
5EUS IM
1.64
10 Lyxor ETF Commodities CRB
Turnover
XYP1 IM
Turnover
Turnover
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 53
9 November 2015 European Monthly ETF Market Review
Figure 92: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam
| ETPs | Europe |
Stockholmborsen Equity ETFs
BBG Ticker
1
XACT Bear 2
XABEAR2 SS
291.09
2
XACT Bull 2
XABULL2 SS
247.24
3
XACT OMXS30
XACTOMX SS
203.09
4
XACT Bear
XACBEAR SS
91.29
5
XACT Bull
XACBULL SS
65.31
6
XACT Nordic 30
XACTVINX SS
37.64
7
db x-trackers MSCI World Index UCITS ETF 1C
XMWO SS
7.43
8
XACT OMXSB
XACTSBX SS
4.36
9
SpotR OMXS30
SPOTROMX SS
3.26
XSPX SS
2.78
10 db x-trackers S&P 500 UCITS ETF 1C
Turnover
Fixed Income ETFs
BBG Ticker
Turnover
Turnover
No Fixed Income ETFs
Euronext Amsterdam Equity ETFs
BBG Ticker
Fixed Income ETFs
BBG Ticker
1
iShares MSCI Europe UCITS ETF (Inc)
IMEU NA
271.84
1
iShares Euro Corporate Bond UCITS ETF
IEAC NA
65.50
2
iShares EURO STOXX 50 UCITS ETF (Inc)
EUEA NA
149.97
2
iShares Euro Aggregate Bond UCITS ETF
IEAG NA
54.73
3
iShares AEX UCITS ETF
IAEX NA
146.46
3
iShares Euro Government Bond 1-3yr UCITS ETF
IBGS NA
34.14
4
iShares MSCI Japan EUR Hedged UCITS ETF
IJPE NA
118.37
4
iShares Euro Corporate Bond Large Cap UCITS ETF
IBCX NA
27.13
5
iShares Core MSCI World UCITS ETF (Acc)
IWDA NA
113.95
5
iShares Euro Inflation Linked Government Bond UCITS ETF
IBCI NA
12.92
6
iShares MSCI World UCITS ETF (Inc)
IWRD NA
103.10
6
iShares Euro Government Bond 15-30yr UCITS ETF
IBGL NA
11.99
7
Vanguard S&P 500 ETF
VUSA NA
102.86
7
iShares Euro Government Bond 7-10yr UCITS ETF
IBGM NA
11.76
8
iShares MSCI Emerging Markets UCITS ETF (Inc)
IEMM NA
94.88
8
iShares Euro Government Bond 3-5yr UCITS ETF
IBGX NA
10.64
9
iShares S&P 500 UCITS ETF (Inc)
IUSA NA
63.49
9
iShares $ Corporate Bond UCITS ETF
LQDA NA
9.48
TDT NA
43.25
10 iShares $ Treasury Bond 7-10yr UCITS ETF
BTMA NA
9.07
10 Think AEX Tracker
Turnover
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 54
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
7. European ETF Exchanges Figure 93: European on-exchange ETF trading ranking by exchange (€ million) Summary
| ETFs | Europe |
Jun-15
Market Share %
Jul-15
Market Share %
Aug-15
Market Share %
Sep-15
Market Share %
Oct-15
Market Share %
18,540
27.6%
16,231
25.6%
17,074
24.3%
13,322
22.8%
12,502
22.1%
21,668
32.2%
21,210
33.5%
22,489
32.0%
19,046
32.6%
18,078
32.0%
6,869
10.2%
7,015
11.1%
6,848
9.7%
6,058
10.4%
6,124
10.8%
28,537
42.5%
28,225
44.6%
29,337
41.8%
25,104
43.0%
24,202
42.8%
10,070
15.0%
8,922
14.1%
12,555
17.9%
11,080
19.0%
11,489
20.3%
2,569
3.8%
2,589
4.1%
2,472
3.5%
2,036
3.5%
2,009
3.6%
19
0.0%
13
0.0%
12
0.0%
7
0.0%
9
0.0%
Deutche Boerse Deutsche Borse LSE London SE Borsa Italiana Euronext Paris Amsterdam Lisbon Brussels
3
0.0%
7
0.0%
6
0.0%
2
0.0%
1
0.0%
12,662
18.8%
11,531
18.2%
15,045
21.4%
13,124
22.5%
13,508
23.9%
Swiss SE
5,395
8.0%
5,527
8.7%
6,562
9.3%
4,388
7.5%
4,443
7.9%
Stockholmborsen
1,048
1.6%
824
1.3%
1,300
1.8%
1,454
2.5%
967
1.7%
Oslo Bors
370
0.6%
264
0.4%
497
0.7%
575
1.0%
425
0.8%
BME
643
1.0%
673
1.1%
442
0.6%
456
0.8%
432
0.8%
10
0.0%
5
0.0%
10
0.0%
20
0.0%
15
0.0%
67,205
100.0%
63,281
100.0%
70,266
100.0%
58,444
100.0%
56,493
100.0%
Others Total
* Borse Stuttgart ETFs turnover totalled €0.9bn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETFs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETF listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 55
9 November 2015 European Monthly ETF Market Review
Figure 94: European on-exchange ETC trading ranking by exchange (€ million)
| ETCs | Europe |
Jun-15
Market Share %
Jul-15
Market Share %
Aug-15
Market Share %
Sep-15
Market Share %
Oct-15
Market Share %
London SE
1,419
2.1%
2,381
3.8%
1,719
2.4%
1,410
2.4%
1,785
3.2%
Borsa Italiana
1,677
2.5%
1,682
2.7%
1,357
1.9%
1,257
2.2%
1,321
2.3%
3,096
4.6%
4,063
6.4%
3,076
4.4%
2,666
4.6%
3,106
5.5%
372
0.6%
425
0.7%
471
0.7%
270
0.5%
338
0.6%
13
0.0%
15
0.0%
14
0.0%
11
0.0%
16
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
40
0.1%
61
0.1%
69
0.1%
39
0.1%
40
0.1%
29
0.0%
27
0.0%
15
0.0%
18
0.0%
32
0.1%
3,536
5.3%
4,577
7.2%
3,632
5.2%
2,994
5.1%
3,516
6.2%
Summary
LSE
Deutche Boerse Deutsche Borse Euronext Amsterdam Brussels Others Total
* Borse Stuttgart ETCs turnover totalled €92mn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETCs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETC listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 56
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 95: Total ETP on-exchange Turnover by asset class and by exchange Deutsche Borse
London SE
Euronext Paris
Borsa Italiana
Euronext Amsterdam
| ETPs | Europe | Swiss SE
Stockholm Borsen
Total Turnover (â‚Ź million)
Total
Turnover* Mkt Share %
Equity Developed Markets
98,856.3
83,733.8
48,629.9
30,163.7
17,046.4
39,675.7
3,693.7
321,799.6
47.8%
Emerging Markets
8,735.3
16,450.2
9,604.4
5,640.5
1,842.6
5,227.8
83.3
47,584.0
7.1%
923.2
3,999.7
1,214.6
223.5
486.3
1,013.4
6.0
7,866.6
1.2%
Global Markets Sector
11,448.2
7,486.8
7,555.5
2,027.5
636.2
971.8
7.7
30,133.6
4.5%
Capitalization
2,114.9
2,779.1
798.2
574.3
207.7
779.3
0.0
7,253.4
1.1%
Style
4,423.1
7,159.6
810.4
1,206.3
1,221.4
1,340.4
0.0
16,161.1
2.4%
Strategy
9,149.2
7,869.4
14,833.0
14,332.7
7.3
856.7
6,515.7
53,563.9
8.0%
Thematic
1,018.6
1,818.9
450.5
436.3
166.9
321.7
0.0
4,213.0
0.6%
136,669
131,297
83,896
54,605
21,615
50,187
10,306
488,575.3
72.5%
788.8
2,321.3
9.7
216.7
612.1
237.0
0.0
4,185.5
0.6%
Corporates
3,976.6
34,545.9
2,769.8
3,587.1
1,524.5
1,412.7
0.0
47,816.6
7.1%
Covered Bonds
1,000.0
132.2
747.0
113.7
101.1
15.8
0.0
2,109.8
0.3%
Credit Exposure
235.3
4.7
0.0
66.3
0.0
17.4
0.0
323.6
0.0%
Total Fixed Income Overall
Sovereign
12,412.2
38,651.6
10,028.4
8,591.8
1,770.5
3,205.2
0.0
74,659.7
11.1%
Money Market
1,496.5
1,722.9
1,132.2
1,552.1
0.0
79.7
0.0
5,983.4
0.9%
Total
19,909
77,378
14,687
14,128
4,008
4,968
135,078.6
20.1%
-
Commodity
0.0%
Overall
787.9
1,305.6
368.5
362.0
46.9
703.0
0.0
3,573.8
0.5%
Agriculture
219.0
977.4
13.4
1,091.5
0.7
20.2
0.0
2,322.2
0.3%
Energy
1,369.2
5,163.7
225.3
10,083.5
0.0
149.5
0.0
16,991.1
2.5%
Industrial Metals
127.2
1,378.2
21.9
274.1
0.1
7.4
0.0
1,808.9
0.3%
Precious Metals
2,778.7
11,376.6
137.5
2,291.2
176.2
4,490.6
0.0
21,250.8
3.2%
8.1
31.2
0.0
19.6
0.0
0.0
0.0
58.8
0.0%
5,290
20,233
767
14,122
224
5,371
46,005.7
6.8%
Livestock Total
-
Other
0.0%
Alternative
257.0
512.0
32.7
85.2
59.9
153.3
0.0
1,100.0
0.2%
Currency
108.7
554.2
0.0
1,841.6
3.1
0.0
0.0
2,507.5
0.4%
Multi Asset
189.5
42.1
0.0
35.0
10.9
1.5
0.0
279.0
0.0%
555
1,108
33
1,962
74
155
-
3,886.6
0.6%
162,424
230,017
99,383
84,816
25,921
60,680
10,306
673,546
100%
Total Grand Total
* Total turnover year to date (not daily average) Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 57
9 November 2015 European Monthly ETF Market Review
8. Assets ETP Monthly AUM Analysis by Asset Class Figure 96: AUM by asset class and instrument (â‚Ź million)
| ETPs | Europe |
Oct-15 Asset Class
Beta
Sep-15
Semiactive
Beta+
Alpha
Total
Beta
Semiactive
Beta+
End of 2014 Alpha
Total
Beta
Semiactive
Beta+
Alpha
Total
ETFs Equity
312,406
4,496
3,737
175
320,814
283,673
5,165
3,398
165
292,401
254,157
3,613
2,831
475
261,076
Fixed income
105,009
1,738
0
4,922
111,669
100,133
1,772
0
4,660
106,565
81,498
1,245
0
3,408
86,151
13,248
0
48
0
13,296
12,741
0
46
0
12,787
13,363
0
49
0
13,412
0
0
0
0
-
0
0
0
0
-
13
0
0
0
13
43
0
0
379
42
0
0
357
0
0
0
300
300
Commodity Currency Multi Asset Alternative Total
422
399
565
0
64
446
1,074
530
0
64
450
1,043
453
0
97
547
1,097
431,271
6,233
3,849
5,922
447,276
397,118
6,937
3,508
5,631
413,194
349,483
4,859
2,977
4,731
362,049
16,529
759
0
0
17,288
15,681
743
0
0
16,424
15,780
643
0
0
16,423
110
236
0
0
347
112
242
0
0
354
144
246
0
0
390
16,639
996
0
0
17,635
15,793
985
0
0
16,778
15,924
889
0
0
16,813
447,910
7,229
3,849
5,922
464,911
412,911
7,922
3,508
5,631
429,972
365,407
5,748
2,977
4,731
378,862
ETCs Commodity Currency Total Total ETPs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis Figure 97: European Equity ETF AUM summary (â‚Ź million)
| ETFs | Europe |
Oct-15 Equity AUM
Beta
Beta+
Semiactive
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
End of 2014 Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
Developed Markets
232,750
0
0
139
232,889
211,417
0
0
131
211,548
184,580
0
0
341
184,922
Emerging Markets
23,072
0
0
0
23,072
20,688
0
0
1
20,688
25,192
0
0
0
25,192
4,817
0
0
0
4,817
4,130
0
0
0
4,130
5,244
0
0
0
5,244
19,686
0
0
0
19,686
18,264
0
0
0
18,264
15,443
0
0
0
15,443 4,485
Global Markets Sector Capitalization
6,804
0
0
0
6,804
6,353
0
0
0
6,353
4,485
0
0
0
Strategy
5,001
4,496
3,737
36
13,270
4,451
5,165
3,398
34
13,047
2,849
3,613
2,831
134
9,428
16,370
0
0
0
16,370
14,987
0
0
0
14,987
13,549
0
0
0
13,549
3,907
3,383
0
0
0
3,383
2,814
0
0
0
2,814
320,814 283,673
5,165
3,398
165
292,401 254,157
3,613
2,831
475
261,076
Style Thematic Total Equities
3,907
0
0
0
312,406
4,496
3,737
175
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 58
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 97A: European Equity ETF AUM summary - A (â‚Ź million)
| ETFs | Europe |
Oct-15 Equity AUM
Beta
Sector
Beta+
Semiactive
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
End of 2014 Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
19,686
0
0
0
19,686
18,264
0
0
0
18,264
15,443
0
0
0
15,443
Consumer discretionary
901
0
0
0
901
720
0
0
0
720
624
0
0
0
624
Consumer staples
999
0
0
0
999
1,018
0
0
0
1,018
790
0
0
0
790
1,397
0
0
0
1,397
1,144
0
0
0
1,144
1,102
0
0
0
1,102
Financials
10,564
0
0
0
10,564
9,891
0
0
0
9,891
7,996
0
0
0
7,996
Healthcare
2,041
0
0
0
2,041
2,004
0
0
0
2,004
1,855
0
0
0
1,855
Industrials
476
0
0
0
476
484
0
0
0
484
436
0
0
0
436
1,286
0
0
0
1,286
1,146
0
0
0
1,146
1,027
0
0
0
1,027
Materials
754
0
0
0
754
723
0
0
0
723
670
0
0
0
670
Telecommunications
758
0
0
0
758
650
0
0
0
650
478
0
0
0
478
Utilities
511
0
0
0
511
484
0
0
0
484
466
0
0
0
466
6,804
0
0
0
6,804
6,353
0
0
0
6,353
4,485
0
0
0
4,485
Energy
Information Technology
Capitalization Large Cap
412
0
0
0
412
375
0
0
0
375
408
0
0
0
408
Mid Cap
2,328
0
0
0
2,328
2,195
0
0
0
2,195
1,497
0
0
0
1,497
Small Cap
4,065
0
0
0
4,065
3,783
0
0
0
3,783
2,579
0
0
0
2,579
5,001
4,496
3,737
36
13,270
4,451
5,165
3,398
34
13,047
2,849
3,613
2,831
134
9,428
1,237
0
1,355
0
2,591
1,152
0
1,233
0
2,385
1,000
0
892
0
1,893
Leveraged Long
0
2,010
0
0
2,010
0
1,903
0
0
1,903
0
1,583
0
0
1,583
Leveraged Short
0
896
0
0
896
0
1,088
0
0
1,088
0
789
0
0
789
Options Strategy
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,734
0
2,383
36
6,153
3,266
0
2,165
34
5,464
1,849
0
1,938
134
3,921
Strategy Fundamental
Quantitative Short
30
1,590
0
0
1,620
33
2,173
0
0
2,206
0
1,241
0
0
1,241
16,370
0
0
0
16,370
14,987
0
0
0
14,987
13,549
0
0
0
13,549
14,810
0
0
0
14,810
13,678
0
0
0
13,678
12,456
0
0
0
12,456
291
0
0
0
291
258
0
0
0
258
158
0
0
0
158
Value
1,269
0
0
0
1,269
1,051
0
0
0
1,051
935
0
0
0
935
Thematic
3,907
0
0
0
3,907
3,383
0
0
0
3,383
2,814
0
0
0
2,814
717
0
0
0
717
625
0
0
0
625
647
0
0
0
647
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
189
0
0
0
189
172
0
0
0
172
201
0
0
0
201
Other Theme
981
0
0
0
981
876
0
0
0
876
682
0
0
0
682
Sustainability
2,019
0
0
0
2,019
1,710
0
0
0
1,710
1,285
0
0
0
1,285
51,768
4,496
3,737
36
60,037
47,438
5,165
3,398
34
56,035
39,140
3,613
2,831
134
45,719
Style Dividend Growth
Commodities Cyclical Faith
Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 59
9 November 2015 European Monthly ETF Market Review
Figure 97B: European Equity ETF AUM summary - B (â‚Ź million)
| ETFs | Europe |
Oct-15 Equity AUM
Beta
Beta+
Semiactive
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
End of 2014 Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
Developed Markets Europe
131,741
0
0
139
0
0
131
119,668
96,005
0
0
341
96,347
Austria
417
0
0
0
417
326
0
0
0
326
334
0
0
0
334
Belgium
42
0
0
0
42
38
0
0
0
38
35
0
0
0
35
Finland
174
0
0
0
174
151
0
0
0
151
144
0
0
0
144
France
131,880 119,537
5,004
0
0
0
5,004
4,529
0
0
0
4,529
3,756
0
0
0
3,756
20,734
0
0
0
20,734
18,165
0
0
0
18,165
16,129
0
0
0
16,129
Greece
229
0
0
0
229
206
0
0
0
206
211
0
0
0
211
Ireland
30
0
0
0
30
28
0
0
0
28
24
0
0
0
24
3,120
0
0
0
3,120
2,823
0
0
0
2,823
2,271
0
0
0
2,271
Netherlands
600
0
0
0
600
547
0
0
0
547
431
0
0
0
431
Norway
229
0
0
0
229
209
0
0
0
209
248
0
0
0
248
Portugal
88
0
0
0
88
81
0
0
0
81
58
0
0
0
58
Spain
1,863
0
0
0
1,863
1,812
0
0
0
1,812
1,792
0
0
0
1,792
Sweden
1,270
0
0
0
1,270
1,189
0
0
0
1,189
1,342
0
0
0
1,342
Switzerland
9,943
0
0
0
9,943
9,273
0
0
0
9,273
8,743
0
0
0
8,743
UK
13,781
0
0
0
13,781
12,790
0
0
0
12,790
12,023
0
0
0
12,023
Europe broad
74,216
0
0
139
74,355
67,369
0
0
131
67,500
48,465
0
0
341
48,806
60,525
0
0
0
60,525
55,348
0
0
0
55,348
54,952
0
0
0
54,952
57,288
0
0
0
57,288
52,427
0
0
0
52,427
51,463
0
0
0
51,463
Germany
Italy
Americas US Canada North America Asia
846
0
0
0
846
805
0
0
0
805
907
0
0
0
907
2,390
0
0
0
2,390
2,116
0
0
0
2,116
2,582
0
0
0
2,582
22,077
0
0
0
22,077
19,804
0
0
0
19,804
16,812
0
0
0
16,812
Australia
369
0
0
0
369
351
0
0
0
351
677
0
0
0
677
Hong Kong
284
0
0
0
284
257
0
0
0
257
149
0
0
0
149
19,978
0
0
0
19,978
17,866
0
0
0
17,866
14,404
0
0
0
14,404
Japan Singapore Asia Pacific broad Global Broad indices DM Total
63
0
0
0
63
57
0
0
0
57
18
0
0
0
18
1,383
0
0
0
1,383
1,272
0
0
0
1,272
1,564
0
0
0
1,564
18,408
0
0
0
18,408
16,729
0
0
0
16,729
16,812
0
0
0
16,812
18,408
0
0
0
18,408
16,729
0
0
0
16,729
16,812
0
0
0
16,812
232,750
0
0
139
232,889 211,417
0
0
131
211,548 184,580
0
0
341
184,922
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 60
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Figure 97C: European Equity ETF AUM summary - C (€ million)
| ETFs | Europe |
Oct-15 Equity AUM
Beta
Beta+
Semiactive
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
End of 2014 Alpha
Total
Beta
Semiactive
Beta+
Alpha
Total
Emerging Markets BRIC
6,290
0
0
0
6,290
5,828
0
0
1
5,828
7,842
0
0
0
7,842
Brazil
532
0
0
0
532
487
0
0
0
487
793
0
0
0
793
Russia
742
0
0
0
742
759
0
0
1
760
769
0
0
0
770
India
2,065
0
0
0
2,065
2,016
0
0
0
2,016
1,588
0
0
0
1,588
China
2,951
0
0
0
2,951
2,566
0
0
0
2,566
4,693
0
0
0
4,693
542
0
0
0
542
494
0
0
0
494
685
0
0
0
685
15
0
0
0
15
14
0
0
0
14
19
0
0
0
19
135
0
0
0
135
125
0
0
0
125
206
0
0
0
206
Latin America Chile Mexico LATAM broad Asia
392
0
0
0
392
355
0
0
0
355
460
0
0
0
460
3,634
0
0
0
3,634
3,466
0
0
0
3,466
3,566
0
0
0
3,566
Bangladesh
20
0
0
0
20
21
0
0
0
21
18
0
0
0
18
Indonesia
104
0
0
0
104
89
0
0
0
89
141
0
0
0
141
Malaysia
44
0
0
0
44
40
0
0
0
40
73
0
0
0
73
Pakistan
22
0
0
0
22
24
0
0
0
24
24
0
0
0
24
Philippines
43
0
0
0
43
41
0
0
0
41
63
0
0
0
63
South Korea
899
0
0
0
899
809
0
0
0
809
813
0
0
0
813
Taiwan
616
0
0
0
616
694
0
0
0
694
842
0
0
0
842
Thailand
37
0
0
0
37
35
0
0
0
35
66
0
0
0
66
Vietnam
352
0
0
0
352
320
0
0
0
320
310
0
0
0
310
1,497
0
0
0
1,497
1,393
0
0
0
1,393
1,216
0
0
0
1,216
1,005
0
0
0
1,005
945
0
0
0
945
1,138
0
0
0
1,138
Kuwait
12
0
0
0
12
13
0
0
0
13
13
0
0
0
13
Poland
65
0
0
0
65
69
0
0
0
69
39
0
0
0
39
South Africa
87
0
0
0
87
75
0
0
0
75
87
0
0
0
87
Turkey
368
0
0
0
368
332
0
0
0
332
415
0
0
0
415
Europe broad
332
0
0
0
332
320
0
0
0
320
471
0
0
0
471
Middle East & Africa
141
0
0
0
141
136
0
0
0
136
114
0
0
0
114
11,601
0
0
0
11,601
9,955
0
0
0
9,955
11,960
0
0
0
11,960
11,601
0
0
0
11,601
9,955
0
0
0
9,955
11,960
0
0
0
11,960
23,072
0
0
0
23,072
20,688
0
0
1
20,688
25,192
0
0
0
25,192
255,822
0
0
139
255,961 232,105
0
0
132
232,236 209,772
0
0
341
210,113
Asia Pacific broad EMEA
Global Markets Global EM Total Total (EM + DM)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 98: European Fixed Income ETF AUM summary (€ million) Oct-15 Fixed Income AUM Overall Corporates
Beta
Beta+
Semiactive
| ETFs | Europe | Sep-15
Alpha
Total
Beta
Beta+
Semiactive
End of 2014 Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
3,875
0
0
4,336
8,211
3,779
0
0
4,043
7,822
3,219
0
0
2,763
5,983
40,747
0
0
187
40,934
38,532
0
0
181
38,713
29,657
0
0
15
29,672 3,488
Covered Bonds
2,739
0
0
356
3,095
2,868
0
0
391
3,259
3,065
0
0
423
Credit Exposure
253
78
0
0
331
246
87
0
0
334
184
61
0
0
245
54,370
1,660
0
43
56,073
51,645
1,685
0
45
53,374
43,658
1,185
0
206
45,049
3,025
0
0
0
3,025
3,063
0
0
0
3,063
1,714
0
0
0
1,714
105,009
1,738
0
4,922
111,669 100,133
1,772
0
4,660
106,565
81,498
1,245
0
3,408
86,151
Sovereign Money Market Total Fixed Income
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 61
9 November 2015 European Monthly ETF Market Review
Figure 99: European Commodity ETP AUM summary (â‚Ź million)
| ETPs | Europe |
Oct-15 Commodity AUM
Beta
Beta+
Semiactive
Sep-15 Alpha
Total
Beta
Beta+
Semiactive
End of 2014 Alpha
Total
Beta
Beta+
Semiactive
Alpha
Total
Overall
3,819
10
48
0
3,877
3,629
11
46
0
3,686
3,523
8
49
0
3,580
Overall
3594
10
48
0
3,652
3406
11
46
0
3,462
3270
8
49
0
3,327 246
Overall ex Energy
218
0
0
0
218
217
0
0
0
217
246
0
0
0
Overall Light Energy
7
0
0
0
7
7
0
0
0
7
8
0
0
0
Overall Ultra Light Energy
0
0
0
0
0
0
0
0
0
0
0
0
Agriculture
736
109
0
0
844
698
114
0
0
811
737
88
0
0
826
Overall
466
4
0
0
470
430
4
0
0
433
480
4
0
0
484
Cocoa
11
3
0
0
14
11
3
0
0
14
9
4
0
0
13
Coffee
43
34
0
0
77
43
32
0
0
75
21
12
0
0
33
Corn
32
8
0
0
40
31
9
0
0
40
36
9
0
0
45
Cotton
29
4
0
0
32
29
4
0
0
32
31
6
0
0
37
Grains
38
1
0
0
39
38
1
0
0
39
37
1
0
0
38
Softs
4
1
0
0
5
4
1
0
0
5
5
0
0
0
6
Soybean Oil
3
2
0
0
4
2
2
0
0
4
4
2
0
0
6
Soybeans
8
2
0
0
10
8
3
0
0
11
16
3
0
0
18
Sugar
35
19
0
0
54
37
22
0
0
59
24
15
0
0
38
Wheat
66
33
0
0
99
66
34
0
0
100
75
32
0
0
107
Energy
1,969
450
0
0
2,419
1,779
388
0
0
2,167
916
163
0
0
1,078
Overall
185
1
0
0
187
179
1
0
0
180
132
0
0
0
132
Carbon
2
0
0
0
2
2
0
0
0
2
1
0
0
0
1
1704
364
0
0
2,067
1515
302
0
0
1,817
708
84
0
0
793
Gasoline
9
2
0
0
11
9
2
0
0
11
5
1
0
0
6
Heating Oil
5
2
0
0
6
5
1
0
0
7
3
1
0
0
4
Natural Gas
64
81
0
0
146
68
82
0
0
150
67
76
0
0
142
Electricity
0
0
0
0
-
0
0
0
0
-
0
0
0
0
-
Uranium
0
0
0
0
-
0
0
0
0
-
0
0
0
0
-
Industrial Metals
445
50
0
0
496
480
86
0
0
566
682
95
0
0
777
Overall
187
2
0
0
189
191
3
0
0
194
267
18
0
0
285
Crude Oil
-
-
8 -
Aluminium
82
5
0
0
87
96
4
0
0
100
85
5
0
0
91
Copper
81
27
0
0
108
94
60
0
0
154
174
58
0
0
233
Lead
1
1
0
0
2
1
1
0
0
2
1
1
0
0
2
Nickel
80
13
0
0
93
83
14
0
0
98
136
8
0
0
144
Tin
2
2
0
0
3
2
2
0
0
4
2
2
0
0
4
Zinc
12
1
0
0
14
13
1
0
0
14
17
2
0
0
18
22,797
138
0
0
22,934
21,823
142
0
0
21,965
23,269
286
0
0
23,555
181
1
0
0
182
168
1
0
0
169
178
1
0
0
179
19050
54
0
0
19,104
18280
59
0
0
18,340
19347
156
0
0
19,503
Palladium
612
1
0
0
613
622
1
0
0
623
762
1
0
0
763
Platinum
781
6
0
0
786
722
6
0
0
727
973
5
0
0
978
Rhodium
67
0
0
0
67
68
0
0
0
68
107
0
0
0
107
2107
76
0
0
2,183
1964
75
0
0
2,038
1903
123
0
0
2,026
Precious Metals Overall Gold
Silver Livestock
11
3
0
0
14
12
4
0
0
16
15
3
0
0
19
Overall
6
0
0
0
6
6
0
0
0
6
9
0
0
0
10
Cattle
1
1
0
0
2
1
1
0
0
2
3
2
0
0
4
Lean Hogs
4
2
0
0
6
5
2
0
0
7
3
2
0
0
5
29,777
759
48
0
30,584
28,422
743
46
0
29,211
29,143
643
49
0
29,835
Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 62
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
Product Rankings Figure 100: Top 20 Products by AUM – Equity ETFs (€ million)
| ETFs | Europe | Invest. Strategy
Current Month AUM
Prev. Month AUM
ETF Name
BBG Ticker
Issuer
iShares Core S&P 500 UCITS ETF
CSSPX SW
BlackRock
Beta
11,367.1
10,455.9
2014 AUM 8,461.6
Vanguard S&P 500 ETF
VUSA LN
Vanguard
Beta
11,215.1
10,117.7
8,301.8
iShares Core DAX UCITS ETF DE
DAXEX GR
BlackRock
Beta
9,179.6
8,178.4
8,650.4
iShares S&P 500 UCITS ETF (Inc)
IUSA LN
BlackRock
Beta
9,163.0
8,452.7
11,426.2
iShares Euro STOXX 50 (DE)
SX5EEX GR
BlackRock
Beta
8,158.5
7,457.9
5,193.6
Lyxor UCITS ETF Euro STOXX 50
MSE FP
Lyxor
Beta
7,760.7
6,924.9
5,949.9
iShares EURO STOXX 50 UCITS ETF (Inc)
EUNE SW
BlackRock
Beta
6,524.5
6,187.9
5,153.8
iShares STOXX 600 (DE)
SXXPIEX GR
BlackRock
Beta
5,859.2
5,159.0
3,681.6
iShares MSCI Europe UCITS ETF (Inc)
IMEU LN
BlackRock
Beta
5,565.1
5,015.2
3,923.6
iShares MSCI World UCITS ETF (Inc)
IWRD LN
BlackRock
Beta
5,563.1
5,063.3
6,516.2
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D
XESX GR
Deutsche AWM
Beta
5,399.7
4,803.5
2,879.5
iShares FTSE 100 UCITS ETF (Inc)
ISF LN
BlackRock
Beta
5,210.3
4,770.1
4,927.9
db x-trackers DAX® UCITS ETF (DR) 1C
XDAX GR
Deutsche AWM
Beta
5,062.2
4,303.3
2,972.9
iShares Core MSCI World UCITS ETF (Acc)
SWDA LN
BlackRock
Beta
4,374.3
4,052.2
2,072.6
Lyxor UCITS ETF CAC 40 (DR) -D-EUR
CAC FP
Lyxor
Beta
3,968.3
3,598.5
2,541.6
iShares MSCI Japan EUR Hedged UCITS ETF
IJPE LN
Blackrock
Beta
3,573.3
3,242.1
3,566.5
iShares MSCI Emerging Markets UCITS ETF (Inc)
IEEM LN
BlackRock
Beta
3,524.7
3,069.9
4,185.3
db x-trackers MSCI Europe Index UCITS ETF (DR)
XMEU GR
Deutsche AWM
Beta
3,119.9
2,902.1
1,927.1
iShares Developed Markets Property Yield UCITS ETF
IWDP LN
BlackRock
Beta
2,858.0
2,619.7
2,369.3
iShares SMI CH
CSSMI SW
BlackRock
Beta
2,695.6
2,594.3
2,640.1
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 101: Top 20 Products by AUM – Fixed Income ETFs (€ million)
| ETFs | Europe | Invest. Strategy
Current Month AUM
Prev. Month AUM
ETF Name
BBG Ticker
Issuer
iShares Euro Corporate Bond UCITS ETF
IEBC LN
BlackRock
Beta
6,058.6
5,826.0
2014 AUM 4,912.4
iShares Euro Corporate Bond Large Cap UCITS ETF
IBCS GR
BlackRock
Beta
3,918.0
3,739.0
4,743.6
iShares Euro High Yield Corporate Bond UCITS ETF
IHYG LN
BlackRock
Beta
3,757.5
3,320.8
2,653.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF
SEMB LN
BlackRock
Beta
3,465.8
3,329.4
3,066.2
iShares $ Corporate Bond UCITS ETF
LQDE LN
BlackRock
Beta
3,302.0
2,923.0
1,758.5
PIMCO Euro Short Maturity Source UCITS ETF
PJS1 GR
Source
Alpha
2,827.5
2,607.5
1,612.1
iShares $ High Yield Corporate Bond UCITS ETF
SHYU LN
BlackRock
Beta
2,489.6
2,213.4
1,003.3
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF
XY4P GR
Deutsche AWM
Beta
2,271.3
2,117.9
1,730.0
iShares £ Corporate Bond UCITS ETF
SLXX LN
BlackRock
Beta
1,991.3
1,905.3
1,612.8
iShares UK Gilts UCITS ETF
IGLT LN
BlackRock
Beta
1,945.5
1,799.6
1,306.5
iShares Euro Aggregate Bond UCITS ETF
SEAG LN
BlackRock
Beta
1,905.0
1,859.9
1,641.1
iShares Emerging Markets Local Government Bond UCITS ETF
SEML LN
Blackrock
Beta
1,844.4
1,388.0
1,563.8
iShares Euro Corporate Bond ex-Financials UCITS ETF
EEXF LN
BlackRock
Beta
1,843.4
1,788.3
2,084.6
iShares $ Treasury Bond 1-3yr UCITS ETF
IBTS LN
BlackRock
Beta
1,833.8
1,961.9
2,260.1
iShares Euro Corporate Bond 1-5yr UCITS ETF
SE15 LN
BlackRock
Beta
1,797.6
1,833.5
1,133.0
iShares $ Treasury Bond 7-10yr UCITS ETF
IDTM LN
BlackRock
Beta
1,733.9
1,690.6
1,088.3
iShares Euro Government Bond 3-5yr UCITS ETF
IEGX LN
BlackRock
Beta
1,708.2
1,609.2
1,311.3
iShares Euro Government Bond UCITS ETF
IEGA LN
BlackRock
Beta
1,630.7
1,441.9
1,036.5
db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF
XYP1 GY
Deutsche AWM
Beta
1,479.1
1,380.7
980.9
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF
X1G FP
Amundi
Beta
1,447.9
1,374.8
1,582.3
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Deutsche Bank AG/London
Page 63
9 November 2015 European Monthly ETF Market Review
Figure 102: Top 20 Products by AUM – Commodity ETPs (€ million)
| ETPs | Europe | Invest. Strategy
Current Month AUM
Prev. Month AUM
ETP Name
BBG Ticker
Issuer
ZKB Gold ETF
ZGLD SW
Zuercher Kantonalbank
Beta
4,514.6
4,393.2
2014 AUM 4,550.0
ETFS Physical Gold
PHAU LN
ETF Securities
Beta
3,463.6
3,304.2
3,896.5
Gold Bullion Securities
GBS LN
ETF Securities
Beta
2,395.0
2,253.7
2,684.6
Source Physical Gold ETC (P-ETC)
SGLD LN
Source
Beta
1,733.3
1,589.7
1,382.3
XETRA-Gold
XAUEUR
Deutsche Borse Commodities GmbH
Beta
1,671.7
1,612.4
1,571.8
Julius Baer Physical Gold Fund - A (USD listing)
JBGOUA SW
Julius Baer Inv
Beta
1,480.7
1,445.3
1,607.6
ZKB Silver ETF
ZSIL SW
Zuercher Kantonalbank
Beta
1,022.4
962.3
1,033.1
Lyxor ETF Commodities CRB
CRB FP
Lyxor
Beta
750.9
699.5
618.9
ETFS WTI Crude Oil
CRUD LN
ETF Securities
Beta
688.1
546.3
200.7
iShares Dow Jones UBS Commodity Swap (DE)
DJCOMEX GR
BlackRock
Beta
674.2
599.2
488.2
ETFS Physical Silver
PHAG LN
ETF Securities
Beta
585.6
558.6
461.4
UBS-IS Gold (CHF) Hedged ETF A
AUCHAH SW
UBS
Beta
490.9
481.2
430.8
db Physical Gold ETC
XGLD LN
Deutsche AWM
Beta
456.0
459.8
511.4
db Physical Gold Euro Hedged ETC
XAD1 GR
Deutsche AWM
Beta
445.2
434.8
446.0
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc
CCUSAS SW
UBS
Beta
422.5
429.7
312.8
iShares Physical Gold ETC
SGLN LN
Blackrock
Beta
379.6
354.9
151.7
db Physical Gold ETC (EUR)
XAD5 GR
Deutsche AWM
Beta
377.9
364.7
284.2
iShares Gold CHF Hedged CH
CSGLDC SW
BlackRock
Beta
299.1
286.1
309.6
iShares Gold CH
CSGOLD SW
BlackRock
Beta
296.7
290.4
670.2
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged
XDBC GR
Deutsche AWM
Beta
291.2
288.3
517.6
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Page 64
Deutsche Bank AG/London
Figure 103: Top 20 US ETF Brokers
| ETFs | US | Value Trade Summary
Volume Trade Summary
Oct-15
Rank Broker
Advertised value ($ million)
Market Share
YTD
Oct-15
Advertised Trades
Advertised value ($ million)
Market Share
Advertised Trades Broker 2,354,136 (MLCO) MERRILL LYNCH
1
(KCG) KCG HOLDINGS, INC.
182,341
17.66%
284,478
1,630,284
14.38%
2
(MLCO) MERRILL LYNCH
172,844
16.74%
49,229
2,803,622
24.73%
3
(UBS) UBS INVESTMENT BANK
101,658
9.85%
41,568
989,496
4
(CSFB) CREDIT SUISSE
90,707
8.79%
21,667
939,778
5
(JPM) JP MORGAN
65,438
6.34%
8,618
493,943
4.36%
6
(CITI) CITIGROUP GLOBAL MARKE
55,458
5.37%
19,091
573,834
7
(DBAB) DEUTSCHE BANK SECURITI
53,580
5.19%
24,030
8
(MSCO) MORGAN STANLEY
41,134
3.98%
Advertised volume (million)
Market Share
YTD Advertised Trades
Advertised volume (million)
Market Share
Advertised Trades
3,212
18.54%
49,232
37,386
21.82%
483,573
483,552 (KCG) KCG HOLDINGS, INC.
2,929
16.91%
284,478
26,078
15.22%
2,354,169
8.73%
406,946 (UBS) UBS INVESTMENT BANK
1,697
9.79%
41,568
16,163
9.43%
406,949
8.29%
211,034 (CSFB) CREDIT SUISSE
1,492
8.61%
21,765
14,559
8.50%
211,899
81,699 (CITI) CITIGROUP GLOBAL MARKE
988
5.70%
19,091
9,574
5.59%
190,033
5.06%
190,031 (DBAB) DEUTSCHE BANK SECURITI
960
5.54%
24,030
8,038
4.69%
204,769
447,472
3.95%
204,765 (JPM) JP MORGAN
953
5.50%
8,618
6,693
3.91%
81,700
15,246
375,852
3.32%
144,751 (GSHT) GOLDMAN, SACHS & CO.
754
4.35%
51,974
6,644
3.88%
666,318
666,314 (MSCO) MORGAN STANLEY
619
3.57%
15,246
4,886
2.85%
144,753
411
2.37%
124,825
4,178
2.44%
1,373,339 327,475
9
(GSHT) GOLDMAN, SACHS & CO.
40,166
3.89%
51,974
370,840
3.27%
10
(GSLT) GOLDMAN SACHS ELECTRON
31,152
3.02%
124,825
334,286
2.95%
11
(BCET) BARCLAYS CAPITAL INC.
22,777
2.21%
39,684
184,581
1.63%
327,475 (BCET) BARCLAYS CAPITAL INC.
377
2.18%
39,684
2,824
1.65%
12
(BCAP) BARCLAYS CAPITAL
21,368
2.07%
19,832
220,070
1.94%
175,173 (BNPP) BNP PARIBAS
358
2.07%
5,412
2,364
1.38%
59,925
13
(FCM) FIDELITY CAPITAL MARKET
17,018
1.65%
15,855
326,236
2.88%
417,200 (BCAP) BARCLAYS CAPITAL
357
2.06%
19,832
3,503
2.04%
175,175
14
(CVGX) CONVERGEX
16,753
1.62%
26,306
138,821
1.22%
235,977 (FCM) FIDELITY CAPITAL MARKET
280
1.62%
15,855
5,893
3.44%
417,200
15
(INCA) INSTINET
15,887
1.54%
7,633
193,649
1.71%
123,539 (CVGX) CONVERGEX
276
1.59%
26,306
2,328
1.36%
235,978
16
(JEFF) JEFFERIES & CO., INC.
15,515
1.50%
15,713
136,223
1.20%
133,529 (RBC) ROYAL BANK OF CANADA
210
1.21%
14,172
736
0.43%
117,192
17
(BNPP) BNP PARIBAS
11,651
1.13%
5,412
98,769
0.87%
207
1.20%
15,713
1,754
1.02%
133,529
18
(RBC) ROYAL BANK OF CANADA
10,701
1.04%
14,172
41,848
0.37%
173
1.00%
7,633
2,157
1.26%
123,544
19
(CANT) CANTOR FITZGERALD L.P.
9,184
0.89%
5,258
125,745
1.11%
75,374 (CANT) CANTOR FITZGERALD L.P.
164
0.95%
5,259
2,280
1.33%
75,381
20
(BTIG) BTIG LLC
4,271
0.41%
1,402
32,349
0.29%
13,327 (WBET) WALLACHBETH CAPITAL LL
78
0.45%
248
1,111
0.65%
3,223
52,872
5.12%
113,074
879,157
7.75%
829
4.79%
114,228
12,214
7.13%
1,431,479
1,032,475
100.00%
905,067
11,336,856
100.00%
17,326
100.00%
905,169
171,363
100.00%
9,217,603
Other Total
1,373,331 (GSLT) GOLDMAN SACHS ELECTRON
59,925 (JEFF) JEFFERIES & CO., INC. 117,192 (INCA) INSTINET
1,421,290 Other 9,216,560 Total
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
9 November 2015
US ETP Broker Rankings
European Monthly ETF Market Review
Deutsche Bank AG/London
9. ETF Broker rankings
Page 65
Volume Trade Summary
Oct-15
Rank Broker
Advertised value ($ million)
Market Share
YTD Advertised Trades
Advertised value ($ million)
Market Share
Oct-15 Advertised Trades Broker
1
(KCG) KCG HOLDINGS, INC.
9,346
27.26%
25,492
84,453
21.81%
2
(UBS) UBS INVESTMENT BANK
5,499
16.04%
2,276
49,336
12.74%
3
(CITI) CITIGROUP GLOBAL MARKE
4,195
12.23%
1,053
36,950
9.54%
4
(MLCO) MERRILL LYNCH
4,085
11.91%
2,175
69,411
17.93%
5
(CSFB) CREDIT SUISSE
2,621
7.65%
1,071
29,564
7.64%
6
(BCET) BARCLAYS CAPITAL INC.
1,376
4.01%
3,515
8,041
2.08%
7
(DBAB) DEUTSCHE BANK SECURITI
943
2.75%
856
8,287
2.14%
8
(JPM) JP MORGAN
801
2.33%
379
9,622
2.48%
9
(GSHT) GOLDMAN, SACHS & CO.
707
2.06%
2,501
7,454
1.93%
10
(GSLT) GOLDMAN SACHS ELECTRON
601
1.75%
7,353
10,446
2.70%
11
(MSCO) MORGAN STANLEY
589
1.72%
741
6,803
1.76%
12
(FCM) FIDELITY CAPITAL MARKET
485
1.42%
1,270
19,780
5.11%
44,274 (RBC) ROYAL BANK OF CANADA
13
(CVGX) CONVERGEX
452
1.32%
1,256
4,909
1.27%
12,074 (GSLT) GOLDMAN SACHS ELECTRON
14
(INCA) INSTINET
425
1.24%
502
6,492
1.68%
15
(BCAP) BARCLAYS CAPITAL
411
1.20%
1,345
3,654
0.94%
16
(RBC) ROYAL BANK OF CANADA
354
1.03%
366
2,705
0.70%
17
(ITGI) INVESTMENT TECHNOLOGY
171
0.50%
307
662
0.17%
5,458 (BNPP) BNP PARIBAS
18
(BNPP) BNP PARIBAS
168
0.49%
215
2,219
0.57%
19
(CANT) CANTOR FITZGERALD L.P.
118
0.34%
192
1,365
20
(JEFF) JEFFERIES & CO., INC.
118
0.34%
475
Other
820
2.39%
34,288
100.00%
Total
212,114 (KCG) KCG HOLDINGS, INC.
Advertised volume (million)
Market Share
YTD Advertised Trades
Advertised volume (million)
Market Share
Advertised Trades
320
26.84%
25,492
2,798
21.10%
212,114
23,089 (UBS) UBS INVESTMENT BANK
218
18.28%
2,276
1,767
13.33%
23,089
10,673 (MLCO) MERRILL LYNCH
145
12.15%
2,175
2,538
19.13%
25,019
25,019 (CITI) CITIGROUP GLOBAL MARKE
107
8.98%
1,053
1,243
9.38%
10,673
10,674 (CSFB) CREDIT SUISSE
91
7.60%
1,072
993
7.49%
10,709
28,232 (BCET) BARCLAYS CAPITAL INC.
39
3.27%
3,515
275
2.07%
28,232
7,979 (DBAB) DEUTSCHE BANK SECURITI
37
3.08%
856
259
1.96%
7,979
4,150 (JPM) JP MORGAN
26
2.16%
379
282
2.12%
4,150
29,234 (MSCO) MORGAN STANLEY
25
2.10%
741
263
1.98%
8,837
93,378 (GSHT) GOLDMAN, SACHS & CO.
23
1.90%
2,501
206
1.55%
29,234
8,837 (FCM) FIDELITY CAPITAL MARKET
21
1.79%
1,270
818
6.17%
44,274
20
1.71%
366
76
0.57%
10,464
20
1.65%
7,353
293
2.21%
93,378
7,506 (BCAP) BARCLAYS CAPITAL
17
1.41%
1,345
136
1.03%
9,669
9,669 (CVGX) CONVERGEX
13
1.06%
1,256
165
1.24%
12,074
11
0.96%
502
191
1.44%
7,506
7
0.56%
215
77
0.58%
3,942
3,942 (ITGI) INVESTMENT TECHNOLOGY
6
0.48%
307
17
0.13%
5,458
0.35%
3,036 (BMOC) BMO CAPITAL MARKETS
6
0.48%
112
25
0.19%
1,283
1,572
0.41%
6,035 (CANT) CANTOR FITZGERALD L.P.
6
0.47%
192
57
0.43%
3,036
4,371
23,485
6.07%
36
3.06%
4,734
784
5.91%
64,533
57,711
387,211
100.00%
1,193
100.00%
57,712
13,263
100.00%
615,653
10,464 (INCA) INSTINET
59,778 Other 615,615 Total
Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
9 November 2015
| ETVs | US | Value Trade Summary
European Monthly ETF Market Review
Page 66
Figure 104: Top 20 US ETV Brokers
Deutsche Bank AG/London
| ETFs | Europe |
Value Trade Summary
Volume Trade Summary
Oct-15
Rank Broker
Advertised value (€ million)
Market Share
YTD Advertised Trades
Advertised value (€ million)
Market Share
Oct-15 Advertised Trades Broker 204,466 (CBK) COMMERZBANK
Advertised volume (million)
Market Share
YTD Advertised Trades
Advertised volume (million)
Market Share
Advertised Trades
1
(CBK) COMMERZBANK
9,473
12.22%
18,863
132,893
14.82%
235
11.01%
18,863
3,343
13.20%
206,065
2
(CITI) CITIGROUP GLOBAL MARKE
6,286
8.11%
3,035
61,219
6.83%
29,650 (SIS) SUSQUEHANNA INTERNATION
198
9.26%
2,987
2,309
9.12%
31,998
3
(FLOW) FLOW TRADERS
6,245
8.05%
3,983
65,250
7.28%
40,618 (FLOW) FLOW TRADERS
176
8.21%
4,209
1,895
7.48%
41,535
4
(SIS) SUSQUEHANNA INTERNATION
5,987
7.72%
2,983
75,032
8.37%
31,945 (CITI) CITIGROUP GLOBAL MARKE
138
6.45%
3,035
1,598
6.31%
29,660
5
(BNPP) BNP PARIBAS
4,721
6.09%
4,622
56,497
6.30%
45,900 (KCG) KCG HOLDINGS, INC.
116
5.41%
5,585
993
3.92%
51,617
6
(JPMH) JPMORGAN CHASE BANK, N
3,936
5.08%
2,533
41,489
4.63%
26,302 (CSFB) CREDIT SUISSE
93
4.35%
2,965
1,016
4.01%
30,714
7
(UNIC) UNICREDIT
3,535
4.56%
1,139
31,393
3.50%
10,126 (WINS) WINTERFLOOD SECURITIES
87
4.05%
5,895
873
3.45%
60,651
8
(DBK) DEUTSCHE BANK AG
3,175
4.09%
1,391
46,396
5.18%
15,141 (UNIC) UNICREDIT
86
4.04%
1,146
654
2.58%
10,148
9
(CSFB) CREDIT SUISSE
3,146
4.06%
2,912
38,752
4.32%
30,031 (JPMH) JPMORGAN CHASE BANK, N
86
4.02%
2,533
871
3.44%
26,328
10
(BCAP) BARCLAYS CAPITAL
2,973
3.83%
2,649
31,527
3.52%
24,963 (BNPP) BNP PARIBAS
85
3.99%
4,642
1,060
4.19%
46,090
11
(SGSA) SOCIETE GENERALE
2,939
3.79%
2,490
8,098
0.90%
6,340 (SGSA) SOCIETE GENERALE
75
3.49%
2,490
215
0.85%
6,340
12
(UBS) UBS INVESTMENT BANK
2,742
3.54%
406
30,426
3.39%
7,647 (UBS) UBS INVESTMENT BANK
72
3.37%
406
1,042
4.11%
7,649
13
(KCG) KCG HOLDINGS, INC.
2,673
3.45%
5,584
21,526
2.40%
51,614 (BCAP) BARCLAYS CAPITAL
70
3.27%
2,649
862
3.40%
24,976
14
(GSHT) GOLDMAN, SACHS & CO.
2,292
2.96%
5,789
25,726
2.87%
51,002 (MSCO) MORGAN STANLEY
61
2.87%
1,545
840
3.32%
18,122
15
(MSCO) MORGAN STANLEY
2,167
2.79%
1,545
30,352
3.39%
18,118 (DBK) DEUTSCHE BANK AG
58
2.70%
1,393
1,073
4.24%
15,155
16
(BFIN) BLUEFIN EUROPE LLP
1,964
2.53%
398
15,907
1.77%
58
2.69%
2,988
676
2.67%
26,504
17
(WINS) WINTERFLOOD SECURITIES
1,891
2.44%
5,877
19,666
2.19%
41
1.91%
904
368
1.45%
6,986
18
(MLCO) MERRILL LYNCH
1,364
1.76%
904
12,647
1.41%
39
1.81%
1,981
394
1.55%
25,208
19
(KEPL) KEPLER CAPITAL MARKETS
1,280
1.65%
1,981
11,220
1.25%
25,206 (GSHT) GOLDMAN, SACHS & CO.
37
1.75%
5,789
469
1.85%
51,008
20
(CANT) CANTOR FITZGERALD L.P.
1,032
1.33%
1,701
18,721
2.09%
20,395 (CANT) CANTOR FITZGERALD L.P.
32
1.50%
1,702
615
2.43%
20,410
Other
7,727
9.96%
29,084
121,746
13.58%
296
13.84%
26,557
4,157
16.42%
312,560
Total
77,549
100.00%
99,869
896,483
100.00%
2,139
100.00%
100,264
25,323
100.00%
1,049,724
2,236 (MLCE) BANK OF AMERICA MERRIL 60,620 (MLCO) MERRILL LYNCH 6,986 (KEPL) KEPLER CAPITAL MARKETS
336,415 Other 1,045,721 Total
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
9 November 2015
Figure 105: Top 20 European ETF brokers
European Monthly ETF Market Review
Deutsche Bank AG/London
European ETP Broker Rankings
Page 67
Volume Trade Summary
Oct-15
Rank Broker
Advertised value (€ million)
Market Share
YTD Advertised Trades
Advertised value (€ million)
Market Share
Oct-15 Advertised Trades Broker
Advertised volume (million)
Market Share
YTD Advertised Trades
Advertised volume (million)
Market Share
Advertised Trades
1
(CBK) COMMERZBANK
209
10.84%
690
1,862
7.29%
7,590 (CSFB) CREDIT SUISSE
91
21.81%
126
153
3.49%
1,478
2
(CITI) CITIGROUP GLOBAL MARKE
197
10.21%
302
1,779
6.96%
3,244 (WINS) WINTERFLOOD SECURITIES
86
20.61%
1,648
1,095
25.03%
17,251
3
(KCG) KCG HOLDINGS, INC.
185
9.57%
598
862
3.37%
4,442 (SIS) SUSQUEHANNA INTERNATION
31
7.36%
16
80
1.83%
162
4
(MSCO) MORGAN STANLEY
162
8.37%
194
2,450
9.59%
2,504 (CITI) CITIGROUP GLOBAL MARKE
28
6.75%
302
225
5.15%
3,245
5
(FLOW) FLOW TRADERS
161
8.33%
159
1,419
5.55%
1,722 (HSBC) HSBC GROUP PLC
17
4.09%
83
41
0.94%
1,530
6
(WINS) WINTERFLOOD SECURITIES
152
7.89%
1,648
1,842
7.21%
16
3.83%
79
194
4.44%
1,156
7
(UBS) UBS INVESTMENT BANK
113
5.84%
79
1,131
4.43%
15
3.70%
167
117
2.68%
1,782
8
(MACQ) MACQUARIE SECURITIES
110
5.68%
78
1,810
7.08%
15
3.63%
598
98
2.24%
4,442
9
(HSBC) HSBC GROUP PLC
81
4.19%
83
785
3.07%
15
3.48%
171
143
3.27%
2,402
10
(SGSA) SOCIETE GENERALE
71
3.66%
91
124
0.48%
14
3.25%
247
313
7.15%
3,898
11
(CANT) CANTOR FITZGERALD L.P.
54
2.80%
300
884
3.46%
12
2.89%
194
71
1.63%
2,504
12
(BFIN) BLUEFIN EUROPE LLP
51
2.64%
43
982
3.84%
511 (CANT) CANTOR FITZGERALD L.P.
11
2.67%
300
309
7.07%
3,686
13
(SIS) SUSQUEHANNA INTERNATION
38
1.99%
16
450
1.76%
161 (CBK) COMMERZBANK
9
2.18%
690
100
2.29%
7,611
14
(DBK) DEUTSCHE BANK AG
38
1.99%
41
1,468
5.74%
375 (BFIN) BLUEFIN EUROPE LLP
9
2.14%
43
216
4.94%
511
15
(CSFB) CREDIT SUISSE
36
1.88%
126
1,405
5.50%
1,468 (INCA) INSTINET
8
1.91%
85
147
3.37%
919
16
(MLCE) BANK OF AMERICA MERRIL
29
1.50%
419
387
1.51%
3,977 (MLCE) BANK OF AMERICA MERRIL
6
1.50%
419
165
3.77%
3,978
17
(BNPP) BNP PARIBAS
28
1.43%
22
640
2.50%
252 (MACQ) MACQUARIE SECURITIES
6
1.50%
78
172
3.93%
520
18
(INTM) INTERMONTE SIM SPA
26
1.37%
11
40
0.15%
18 (MED) MEDIOBANCA SPA
5
1.20%
904
62
1.41%
9,065
19
(MLCO) MERRILL LYNCH
22
1.16%
25
840
3.29%
304 (SGSA) SOCIETE GENERALE
4
0.92%
91
7
0.17%
182
20
(ITGE) ITG EUROPE
21
1.07%
3
113
0.44%
3
0.76%
287
47
1.07%
3,117
147
7.60%
2,618
4,280
16.75%
30,343 Other
16
3.82%
1,028
618
14.12%
11,967
1,932
100.00%
7,546
25,553
100.00%
81,276 Total
417
100.00%
7,556
4,374
100.00%
81,406
Other Total
17,251 (UBS) UBS INVESTMENT BANK 1,156 (FLOW) FLOW TRADERS 520 (KCG) KCG HOLDINGS, INC. 1,530 (KEPL) KEPLER CAPITAL MARKETS 182 (DBKE) DEUTSCHE BANK AG, AUTO 3,686 (MSCO) MORGAN STANLEY
40 (CVGX) CONVERGEX
Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP
9 November 2015
| ETCs | Europe |
Value Trade Summary
European Monthly ETF Market Review
Page 68
Figure 106: Top 20 European ETC brokers
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
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 exchangetraded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US). Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2014. The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451 products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US. Figure 107: ETP Coverage Universe Summary ETPs Region
Products
US$ Mil.
ETFs %
Products
US$ Mil.
ETC/Vs %
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%
4,447
2,721,220
100.0%
3,906
2,640,532
97.0%
541
80,691
3.0%
Global
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Exchange-Traded Funds (ETFs, 97%) US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices. Asia (7%): Both European and US ETFs are cross sold into the Asian market. Exchange-Traded Collateralized Instruments (3%) Exchange-Traded Commodities (ETCs, 1%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled ‘The race for assets in the European Exchange-Traded Products Market”. Exchange-traded vehicles (ETVs, 2%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.
Deutsche Bank AG/London
Page 69
9 November 2015 European Monthly ETF Market Review
Appendix B: The road from beta to alpha The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market access). Moving counter-clockwise from beta, the potential for return increases, together with the potential risk. Figure 108: The Roadmap From Beta (β) to Alpha (α) Beta
Beta Key Characteristics: - Diversification rules apply - Long only exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Match very closely index return profile Risk profile: Match very closely index risk profile
Alpha
Alpha Key Characteristics: - Diversification rules do not typically apply - Long, short and/or leveraged exposure - Weighting not based on market capitalization - Composition not based on pre-determined rules - Not Representative of a pre-defined market segment Return profile: Aims to generate positive returns Risk profile: Dependent on investment decisions
Beta
Alpha
Beta+ (leveraged, long/short) Key Characteristics: - Diversification rules apply - Long, short and/or leveraged exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile
Beta Multiplied
Semi-active: Key Characteristics: - Diversification rules might apply - Long only exposure - Weighting not based on market capitalization - Composition based on pre-determined rules - Representative of a market segment per se Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile
Beta Adjusted
Source: Deutsche Bank
The performance of beta products is measured against an index; a manager is most successful when they manage to match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of an alpha product’s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest the risk [typically measured by the standard deviation of a product’s returns] the more successful a product is deemed to be. There is however a whole host of products that fall between beta and alpha, we have sought to create a classification system that classifies these products, taking into consideration a number of variables, ranging from diversification to what constitutes a market segment.
Page 70
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services.
Deutsche Bank AG/London
Page 71
9 November 2015 European Monthly ETF Market Review
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. Anil Gademsetty Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:
Equity rating dispersion and banking relationships 400 350 300 250 200 150 100 50 0
56 %
40 % 49 %
40 % 5 %4 1 %
Buy
Hold
Companies Covered
Sell
Cos. w/ Banking Relationship
European Universe
Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period
Page 72
Deutsche Bank AG/London
9 November 2015 European Monthly ETF Market Review
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.
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9 November 2015 European Monthly ETF Market Review
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. 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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 Page 74
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9 November 2015 European Monthly ETF Market Review
to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options�, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document. Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. Hong Korea:
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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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