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Deutsche Bank Markets Research

Asia

Synthetic Equity & Index Strategy

Asia Pac Weekly ETF Market Review

Date

17 June 2015

China focused ETFs Record $4.5bn Outflows

Data in this report is as of 12th June 2015

________________________________________________________________________________________________________________

Deutsche Bank AG/Hong Kong

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

Author

Shan Lan

Strategist

(+852) 22036716

[email protected]

Team Contacts

Ari Rajendra

Strategist

(+44) 20 754-52282

[email protected]

Sebastian Mercado

Strategist

(+1) 212 250-8690

[email protected]

Weekly Market Review Last week, Asia-Pacific region had mixed markets. Compared to the week before, from north to south:

Japan (Nikkei 225) -0.26% South Korea (KOSPI2) -1.29% China (CSI 300) +2.00% Taiwan (TWSE) -0.41% Hong Kong (HSI) +0.07% India (Sensex) -1.28% Singapore (FSSTI) +0.61% Australia (S&P/ASX 200) +0.85%

New Product Launch Review Seven new ETFs were launched in Asia-Pacific ETP market during last week. ANZ Asset Management listed one commodity ETF (ZGOL AU) and one equity ETF (ZYUS AU) on the Australia Stock Exchange providing exposure to physical gold and high yielding US stocks respectively. Mirae Asset MAPS Global Investments launched an equity ETF (217780 KS) on the Korea Stock Exchange tracking CSI 300 Index. BNP Paribas and Huatai-PineBridge Fund Management Co each launched an equity ETF providing exposure to CSI 500 Index. These ETFs were listed on the Korea Stock Exchange (220130 KS) and Shanghai Stock Exchange (512510 CH) respectively. KB Asset Management listed a commodity ETF (219390 KS) on the Korea Stock Exchange tracking S&P Oil & Gas Exploration & Production Select Industry Index. Samsung Asset Management listed an equity ETF (219480 KS) on the Korea Stock Exchange tracking S&P 500 Futures TR Index.

ETP Weekly Flows – China and South Korea saw outflows, Taiwan and Japan registered inflows Asia-Pacific ETP market experienced outflows for the second consecutive week recording -$2.5bn worth of redemptions last week (-$3.3bn in the previous week), bringing YTD weekly flows average to -$248mn (-$5.8bn in YTD flows). China and South Korea focused ETFs experienced outflows of -$4.5bn and -$0.6bn respectively, while Taiwan and Japan focused ETFs registered inflows of +$0.7bn and +$0.7bn respectively. Among others, leveraged long strategy and money market ETFs saw major flows activity recording +$817mn and +$348mn of net flows respectively over the last week.

Winners and losers: At ETP level, China 50 ETF (510050 CH), Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and Yuanta/P-Shares MSCI Taiwan ETF (006203 TT) were the largest flows receivers of the week collecting +$1.2bn, +$760mn, and +$696mn respectively. Biggest outflows were experienced by Huatai-Pinebridge CSI 300 ETF (510300 CH), Harvest Shanghai and Shenzhen 300 Index ETF (159919 CH) and CSOP FTSE China A50 ETF (82822 HK) recording -$3.2bn, -$601mn and -$386mn of outflows respectively.

Turnover Review – Week-on-week floor activity up by 13% Asia-Pacific ETP turnover totaled $56.9bn for the last week, 12.5% up from the previous week’s total. On a country level, stock exchanges in China topped the

17 June 2015



turnover ranking with aggregate turnover of $35.4bn, 11.5% up as compared to previous week, followed by Japan ($9.3bn, +47.7%), Hong Kong ($8bn, +4%), and South Korea ($3bn, -9%). At ETP level, China 50 ETF (510050 CH), Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and Huatai-Pinebridge CSI 300 ETF (510300 CH) were the most traded products of the week recording total turnover of $6.6bn, $6.3bn and $5.6bn respectively.

Assets under Management Review – Assets remains flat Asia-Pac ETP AUM remains flat and ended the week at $232.7bn. On a year-to-date basis, Asia-Pac ETP market is up by $30.5bn or 15% above last year’s closing.

17 June 2015



Table Of Contents

1. ETP – Market Overview ................................................... 4 Current Week ..................................................................................................... 4 Country Breakdown ............................................................................................ 6 Issuer Rankings .................................................................................................. 7

2. ETP – Net Cash Flows ................................................... 14 Investment Focus ............................................................................................. 14 Sub Segment .................................................................................................... 15 Issuer ................................................................................................................ 18 Index Provider ................................................................................................... 19 Underlying Index/Security................................................................................. 20 Top ETPs ........................................................................................................... 21

3. ETP – Turnover .............................................................. 22 Investment Focus ............................................................................................. 22 Sub Segment .................................................................................................... 23 Exchange .......................................................................................................... 25 Issuer ................................................................................................................ 26 Index Provider ................................................................................................... 27 Underlying Index/Security................................................................................. 27 Top ETPs ........................................................................................................... 28

4. ETP – Assets under Management ................................. 29 Investment Focus ............................................................................................. 29 Sub Segment .................................................................................................... 30 Issuer ................................................................................................................ 32 Index Provider ................................................................................................... 33 Underlying Index/Security................................................................................. 33 Top ETPs ........................................................................................................... 34

Appendix A: Useful Information ........................................ 36

Appendix B: Glossary ........................................................ 37

Appendix C: How we define ETPs ..................................... 38

17 June 2015



1. ETP – Market Overview

Current Week

Figure 1: Number of ETPs by Asset Class

Prev. Week End of 2014

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 582 81.2% 578 4 0.7% 548 34 6.2%

Fixed income 56 7.8% 56 - 0.0% 54 2 3.7%

Commodity 69 9.6% 68 1 1.5% 65 4 6.2%

Currency 5 0.7% 5 - 0.0% 5 - 0.0%

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

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

Total 717 100% 712 5 0.7% 678 39 5.8%

Current Week WoW Change YTD Change

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 2: ETP Net Cash Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity (2,885) -1.3% (3,444) -1.6% (8,694) -4.6%

Fixed income 406 3.1% 228 1.7% 1,832 15.5%

Commodity (48) -1.5% (49) -1.4% 748 28.5%

Currency (1) -0.1% 0 0.0% 77 26.9%

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

Alternative (0) 0.0% (0) 0.0% 215 173.5%

Total (2,528) -1.1% (3,265) -1.4% (5,822) -2.9%

Prev. Week YTDCurrent Week


Figure 3: ETP Turnover (US$ Million) by Asset Class Prev. Week Year 2014

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 46,571 81.8% 46,261 311 0.7% 15,172 31,399 207.0%

Fixed income 10,072 17.7% 4,052 6,020 148.6% 2,544 7,528 295.9%

Commodity 221 0.4% 222 (1) -0.4% 75 146 195.6%

Currency 11 0.0% 18 (8) -42.8% 9 1 14.6%

Multi Asset 0 0.0% 1 (0) -33.8% 0 0 163.0%

Alternative 31 0.1% 22 9 39.8% 33 (2) -7.3%

Total 56,907 100% 50,576 6,331 12.5% 17,834 39,073 219.1%

Current Week WoW Change Change from 2014


17 June 2015



Figure 4: ETP AUM (US$ Million) by Asset Class


Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 215,484 92.6% 216,029 (546) -0.3% 187,338 28,146 15.0%

Fixed income 13,308 5.7% 12,902 406 3.1% 11,810 1,498 12.7%

Commodity 3,307 1.4% 3,302 4 0.1% 2,621 685 26.1%

Currency 359 0.2% 359 (0) 0.0% 286 73 25.6%

Multi Asset 32 0.0% 32 (0) -1.1% 32 (0) -1.2%

Alternative 233 0.1% 248 (14) -5.8% 124 109 87.9%

Total 232,722 100% 232,872 (150) -0.1% 202,211 30,510 15.1%



Figure 5: New ETF launches

ETP Name IssuerAsset Class

& StructureExchange TER

Bloom-

berg

Reuters

Code

ANZ ETFS Physical Gold ETF ANZ Asset Management Commodity ETF ASX 0.40% ZGOL AU ZGOL.AX

Mirae Asset Tiger Synth-China A Inverse ETF Mirae Asset MAPS Global Investments Equity ETF KSE 0.59% 217780 KS 217780.KS

ANZ ETFS S&P 500 High Yield Low Volatility ETF ANZ Asset Management Equity ETF ASX 0.35% ZYUS AU ZYUS.AX

Shinhan BNPP Smart Synth CSI500 ETF H BNP Paribas Equity ETF KSE 0.60% 220130 KS 220130.KS

KB KStar Synth-US Oil&Gas E&P Company ETF-H KB Asset Management Commodity ETF KSE 0.25% 219390 KS 219390.KS

Samsung Kodex S&P500 Futures ETF H Samsung Asset Management Equity ETF KSE 0.25% 219480 KS 219480.KS

Huatai-PB CSI 500 ETF Huatai-PineBridge Fund Management Co Equity ETF Shanghai 0.00% 512510 CH 512510.SS Source: Deutsche Bank, Bloomberg Finance LP, Reuters

17 June 2015



Country Breakdown

Figure 6: ETF Summary by listing country

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

Australia 84 106 (33) 1.3% 215 0.4% 8,646 3.7%

China 110 110 (3,465) 137.1% 35,400 62.2% 34,577 14.9%

Hong Kong 91 151 (799) 31.6% 7,988 14.0% 46,025 19.8%

India 47 47 (3) 0.1% 60 0.1% 2,309 1.0%

Indonesia 7 7 16 -0.6% 0 0.0% 118 0.1%

Japan 138 183 1,455 -57.5% 9,258 16.3% 116,355 50.0%

Philippines 1 1 1 0.0% 0 0.0% 30 0.0%

Korea 172 172 (333) 13.2% 3,039 5.3% 16,281 7.0%

Malaysia 7 7 - 0.0% 0 0.0% 287 0.1%

New Zealand 5 5 - 0.0% 2 0.0% 293 0.1%

Singapore 9 94 0 0.0% 28 0.1% 1,593 0.7%

Vietnam 1 1 - 0.0% 0 0.0% 9 0.0%

Taiwan 24 27 635 -25.1% 914 1.6% 6,048 2.6%

Thailand 21 21 (0) 0.0% 2 0.0% 152 0.1%

Total 717 932 (2,528) 100.0% 56,907 100.0% 232,722 100.0%


Figure 7: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy ThematicEquity

Total

Fixed

IncomeComdty Other Equity Total Fixed Income Comdty

Australia 4,080 320 889 157 1,088 142 13 6,688 1,207 423 328 80.4% 14.5% 5.1%

China 26,292 - 2,859 265 1,097 66 547 31,127 3,376 74 - 90.0% 9.8% 0.2%

Hong Kong 41,068 108 203 25 223 92 20 41,740 4,159 126 - 90.7% 9.0% 0.3%

India 243 - 28 13 2 4 656 947 83 1,278 - 41.0% 3.6% 55.4%

Indonesia 48 - 27 - - - 43 118 - - - 100.0% 0.0% 0.0%

Japan 106,339 224 3,657 138 386 4,246 42 115,031 99 992 233 99.1% 0.1% 0.9%

Philippines 30 - - - - - - 30 - - - 100.0% 0.0% 0.0%

Korea 7,773 79 695 45 266 2,331 1,035 12,224 3,657 337 62 75.4% 22.6% 2.1%

Malaysia 6 1 - - - - 86 93 194 - - 32.5% 67.5% 0.0%

New Zealand 255 - - 38 - - - 293 - - - 100.0% 0.0% 0.0%

Singapore 998 45 - - 18 - - 1,061 533 - - 66.6% 33.4% 0.0%

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

Taiwan 4,961 - 100 - 146 779 25 6,011 - 37 - 99.4% 0.0% 0.6%

Thailand 88 2 15 6 2 - - 113 - 39 - 74.5% 0.0% 25.5%

Total 192,191 779 8,472 687 3,229 7,660 2,467 215,484 13,308 3,307 624 92.8% 5.7% 1.4%

Equity Product Type Asset Class Mkt Share by country


17 June 2015



Figure 8: ETF Turnover (US$ Million) by Country

Figure 9: ETF AUM (US$ Million) by Country

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

Indonesia

Vietnam

Malaysia

Philippines

New Zealand

Thailand

Singapore

India

Australia

Taiwan

Korea

Hong Kong

Japan

China

TO (US$ Million)

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

Vietnam

Philippines

Indonesia

Thailand

Malaysia

New Zealand

Singapore

India

Taiwan

Australia

Korea

China

Hong Kong

Japan

AUM (US$ Million)


Issuer Rankings

Net Cash Flows\

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

Issuer Equity Fixed Commo- Other Total YTD Total

Nomura Asset Management 1,125 - (18) - 1,107 5,692

Yuanta Securities Inv trust Co Ltd. 682 - - - 682 (59)

China Asset Management 667 - - - 667 (2,606)

Yinhua Fund Management (1) 230 - - 229 1,010

Nikko Asset Management 180 - - - 180 3,474

Daiwa Asset Management 164 - - - 164 1,474

State Street 68 5 - - 73 1,672

Mirae Asset MAPS Global Investments (15) 77 (8) - 54 179

Hang Seng Investment Management 44 - - - 44 4,472

NZAM 18 - - - 18 66

Total Top 10 (Inflows) 2,932 311 (26) - 3,218 15,374

Current Week inflows (US$ Million)


Figure 11: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Other Total YTD Total

Huatai-PineBridge Fund Management Co (3,100) - - - (3,100) (5,245)

Harvest Fund Management Co (617) (0) - - (617) (4,689)

China Southern Fund Management Co Ltd (395) - - - (395) (1,074)

CSOP Asset Management (374) 24 - - (349) (2,459)

E Fund Management (331) - 2 - (329) (543)

BlackRock (259) 9 - - (250) (4,806)

Samsung Asset Management (292) 82 2 - (209) (1,576)

Korea Investment Trust Mg (120) 17 - - (103) (328)

China Universal Asset Management Co (68) - - - (68) 337

Huaan Fund Management (55) - 5 - (50) (2,474)

Total Top 10 (Outflows) (5,610) 132 8 - (5,470) (22,857)

Current Week outflows (US$ Million)


17 June 2015



Turnover

Turnover information

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

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

Figure 12: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

China Asset Management 9,692.4 - - - 9,692.4 17.0%

Nomura Asset Management 7,912.6 - 32.2 - 7,944.7 14.0%

E Fund Management 4,814.8 2,924.8 4.6 - 7,744.2 13.6%

Huatai-PineBridge Fund Management Co 5,704.7 - - - 5,704.7 10.0%

China Southern Fund Management Co Ltd 439.7 3,201.0 - - 3,640.6 6.4%

BlackRock 2,322.6 4.8 - - 2,327.4 4.1%

CSOP Asset Management 2,218.5 0.7 - - 2,219.3 3.9%

Samsung Asset Management 2,100.8 29.5 4.1 - 2,134.3 3.8%

Guotai Asset Management Co Ltd 964.5 1,101.7 21.6 - 2,087.9 3.7%

Yinhua Fund Management 1.1 2,083.4 - - 2,084.5 3.7%

State Street 1,730.3 1.9 8.0 - 1,740.2 3.1%

Huaan Fund Management 1,407.3 - 36.4 - 1,443.7 2.5%

Hang Seng Investment Management 1,095.7 - - - 1,095.7 1.9%

Harvest Fund Management Co 1,002.1 0.2 - - 1,002.3 1.8%

Simplex Asset Management Co Ltd 649.1 - 42.8 - 691.9 1.2%

Mirae Asset MAPS Global Investments 505.3 1.0 43.4 - 549.7 1.0%

Lion Fund Management Co Ltd 487.9 - - - 487.9 0.9%

China Merchants Fund Management Co 44.8 441.9 - - 486.7 0.9%

GF Fund Management Co Ltd 480.2 - - - 480.2 0.8%

Fubon Securities Investment Trust Co 469.6 - - - 469.6 0.8%

Yuanta Securities Inv trust Co Ltd. 335.4 - 7.3 - 342.7 0.6%

Invesco Great Wall Fund Management Co. Ltd 279.2 - - - 279.2 0.5%

Daiwa Asset Management 270.1 - - - 270.1 0.5%

Nikko Asset Management 226.9 1.5 - - 228.4 0.4%

GTJA Allianze Fund Management Co 186.5 - - - 186.5 0.3%

Woori Asset Management 6.5 159.8 - 2.0 168.4 0.3%

Bosera Fund Management Co Ltd 134.5 0.2 0.1 - 134.9 0.2%

ICBC Credit Suisse Asset Management 125.7 - - - 125.7 0.2%

BOCOM Schroders 123.5 - - - 123.5 0.2%

BOCI - Prudential Asset Man Ltd 110.5 - - - 110.5 0.2%

Korea Investment Trust Mg 107.5 0.6 - - 108.1 0.2%

China Universal Asset Management Co 24.5 62.5 - - 87.0 0.2%

Cathay Securities Investment Trust 65.7 - - - 65.7 0.1%

Mitsubishi UFJ Asset Mg 61.8 - - - 61.8 0.1%

Fortune SGAM Fund Management 55.2 - - - 55.2 0.1%

Goldman Sachs 18.4 32.9 3.7 - 55.1 0.1%

KB Asset Management 50.8 3.5 0.0 0.4 54.8 0.1%

HFT Investment Management Co Ltd 49.7 0.1 - - 49.8 0.1%

BetaShares Capital Ltd 21.9 15.3 1.2 8.5 46.9 0.1%

Dacheng Fund Management Co Ltd 42.3 - - - 42.3 0.1%

Total (Top 40) 46,341 10,067 205 11 56,625 99.5%

Current Week Turnover (US$ Million)


17 June 2015



Figure 13: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Fullgoal Fund Management Co 39.44 - - - 39.44 0.1%

Vanguard 36.56 2.56 - - 39.12 0.1%

Fuh-Hwa Securities Investment Trust 34.18 - - - 34.18 0.1%

Kokusai Asset Management Co Ltd - - - 30.99 30.99 0.1%

Deutsche AWM 23.91 0.06 - - 23.97 0.0%

Penghua Fund Management Co Ltd 17.26 - - - 17.26 0.0%

Hanwha Investment Trust Management 13.82 0.32 - - 14.15 0.0%

Haitong International 11.10 - - - 11.10 0.0%

Mitsubishi UFJ Trust and Banking Corporation - - 10.30 - 10.30 0.0%

Bank of China Investment Management 8.83 - - - 8.83 0.0%

Value Partners 7.13 - 0.09 - 7.22 0.0%

UBS 5.80 - - - 5.80 0.0%

BNP Paribas 5.25 - 0.02 - 5.27 0.0%

Russell Investments 2.27 1.95 - - 4.21 0.0%

Enhanced Investment Products Limited 3.33 - - - 3.33 0.0%

Kyobo AXA Investment Mg Co Ltd 2.94 0.07 - - 3.01 0.0%

Kotak Mahindra Asset Man 2.31 - 0.48 - 2.79 0.0%

ETF Securities Ltd - - 2.42 - 2.42 0.0%

Lyxor 1.78 - 0.01 - 1.79 0.0%

CCB Principal Asset Management Co Ltd. 1.62 - - - 1.62 0.0%

Krung Thai Asset Management 1.60 - 0.02 - 1.62 0.0%

UOB Asset Management Ltd 1.60 - - - 1.60 0.0%

Smartshares Ltd 1.57 - - - 1.57 0.0%

Horizons ETFs 1.54 - - - 1.54 0.0%

Van Eck Funds 1.48 - - - 1.48 0.0%

SBI Funds Management 0.00 - 0.75 - 0.76 0.0%

DIAM Asset Management 0.74 - - - 0.74 0.0%

Wanjia Asset Management 0.71 - - - 0.71 0.0%

Yurie Asset Management 0.58 - - - 0.58 0.0%

First Metro Asset Management 0.42 - - - 0.42 0.0%

UTI Asset Management - - 0.38 - 0.38 0.0%

Ping An of China Asset Management 0.33 - - - 0.33 0.0%

HDFC Asset Management Co Ltd - - 0.32 - 0.32 0.0%

Reliance Capital Asset Management 0.01 - 0.31 - 0.32 0.0%

China International Fund Mgmt 0.31 - - - 0.31 0.0%

Canara Robeco - - 0.27 - 0.27 0.0%

Changsheng Fund 0.24 - - - 0.24 0.0%

CIMB-GK Securities Pte Ltd 0.24 - - - 0.24 0.0%

Passive Funds Management Ltd 0.23 - - - 0.23 0.0%

BMO Global Asset Management Asia Ltd 0.10 0.09 - - 0.19 0.0%

Prudential ICICI Asset Management 0.01 - 0.15 - 0.16 0.0%

One Asset Management Ltd 0.15 - 0.00 - 0.15 0.0%

KDB Asset Management Co Ltd/Korea 0.13 - - - 0.13 0.0%

Motilal Oswal Mutual Fund 0.12 - - - 0.12 0.0%

Tong Yang Investment Trust Mg 0.10 - - - 0.10 0.0%

NZAM 0.10 - - - 0.10 0.0%

Daishin Investment Trust Mg 0.08 - - - 0.08 0.0%

Viet Fund Management 0.07 - - - 0.07 0.0%

HSBC Inv Funds Ltd/Hong Kong - 0.06 - - 0.06 0.0%

i-VCAP Management 0.06 - - - 0.06 0.0%

Maybank Asset Management Thailand Co Ltd 0.06 - - - 0.06 0.0%

SinoPac Securities Investment Trust Co 0.05 - - - 0.05 0.0%

Quantum Asset Management 0.00 - 0.04 - 0.04 0.0%

Birla Sun Life Asset Management Co 0.00 - 0.04 - 0.04 0.0%

Total 46,571 10,072 221 42 56,906 100%



17 June 2015



Figure 14: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

IDBI Asset Management - - 0.04 - 0.04 0.0%

ANZ Asset Management 0.03 - 0.00 - 0.03 0.0%

Dongbu Asset Management 0.03 - - - 0.03 0.0%

Axis Asset Management - - 0.03 - 0.03 0.0%

Heungkuk Asset Management 0.03 - - - 0.03 0.0%

Sumitomo Mitsui Asset Management 0.02 - - - 0.02 0.0%

Thanachart Fund Management - - 0.02 - 0.02 0.0%

Religare Mutual Fund 0.00 - 0.01 - 0.01 0.0%

Lippo Investments Management 0.01 - - - 0.01 0.0%

Indo Premier Securities 0.01 - - - 0.01 0.0%

Kasikorn Asset Management - - 0.00 - 0.00 0.0%

BBL Asset Management Co - - 0.00 - 0.00 0.0%

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

Edelweiss Asset Management 0.00 - - - 0.00 0.0%

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

TMB Asset Management 0.00 - - - 0.00 0.0%

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

Midas Asset Management Co 0.00 - - - 0.00 0.0%

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

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

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

Total ( All Local Issuers) 46,571 10,072 221 42 56,907 100%



17 June 2015



AUM

AUM information

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

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

Figure 15: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Nomura Asset Management 54,836 - 309 - 55,145 23.7%

Nikko Asset Management 23,490 504 - - 23,994 10.3%

Daiwa Asset Management 22,785 - - - 22,785 9.8%

State Street 14,629 3,133 - - 17,762 7.6%

Hang Seng Investment Management 14,138 - 9 - 14,148 6.1%

China Asset Management 12,684 - - - 12,684 5.5%

BlackRock 11,738 335 - - 12,073 5.2%

Mitsubishi UFJ Asset Mg 9,392 - - - 9,392 4.0%

Samsung Asset Management 6,517 1,565 72 - 8,154 3.5%

Harvest Fund Management Co 6,219 4 - - 6,223 2.7%

E Fund Management 4,424 288 11 - 4,723 2.0%

Yuanta Securities Inv trust Co Ltd. 4,298 - 37 - 4,335 1.9%

CSOP Asset Management 3,747 473 - - 4,219 1.8%

Mirae Asset MAPS Global Investments 2,625 733 255 - 3,614 1.6%

Huatai-PineBridge Fund Management Co 2,993 - - - 2,993 1.3%

China Southern Fund Management Co Ltd 2,467 177 - - 2,644 1.1%

Vanguard 1,760 192 - - 1,952 0.8%

Yinhua Fund Management 26 1,724 - - 1,750 0.8%

BetaShares Capital Ltd 516 546 49 328 1,439 0.6%

Goldman Sachs 825 83 408 - 1,316 0.6%

Fubon Securities Investment Trust Co 1,249 - - - 1,249 0.5%

GF Fund Management Co Ltd 1,232 - - - 1,232 0.5%

BOCI - Prudential Asset Man Ltd 1,057 - - - 1,057 0.5%

KB Asset Management 569 443 9 32 1,053 0.5%

Korea Investment Trust Mg 925 122 - - 1,047 0.4%

HFT Investment Management Co Ltd 34 1,002 - - 1,036 0.4%

Simplex Asset Management Co Ltd 717 - 316 - 1,033 0.4%

Huaan Fund Management 898 - 52 - 949 0.4%

DIAM Asset Management 909 - - - 909 0.4%

Hanwha Investment Trust Management 525 319 - - 844 0.4%

Kyobo AXA Investment Mg Co Ltd 647 144 - - 791 0.3%

NZAM 782 - - - 782 0.3%

China Universal Asset Management Co 623 60 - - 683 0.3%

Woori Asset Management 268 331 - 30 630 0.3%

Russell Investments 231 261 - - 493 0.2%

Guotai Asset Management Co Ltd 379 69 11 - 458 0.2%

Sumitomo Mitsui Asset Management 429 - - - 429 0.2%

Reliance Capital Asset Management 13 - 398 - 411 0.2%

ETF Securities Ltd - - 389 - 389 0.2%

HSBC Inv Funds Ltd/Hong Kong - 388 - - 388 0.2%

Total (Top 40) 211,592 12,897 2,326 390 227,206 97.6%

Current Week AUM (US$ Million)


17 June 2015



Figure 16: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Mitsubishi UFJ Trust and Banking Corporation - - 367 - 367 0.2%

UBS 356 - - - 356 0.2%

China Merchants Fund Management Co 85 169 - - 255 0.1%

Fuh-Hwa Securities Investment Trust 243 - - - 243 0.1%

BOCOM Schroders 241 - - - 241 0.1%

Kokusai Asset Management Co Ltd - - - 233 233 0.1%

Bosera Fund Management Co Ltd 193 36 1 - 229 0.1%

Smartshares Ltd 228 - - - 228 0.1%

Cathay Securities Investment Trust 210 - - - 210 0.1%

Horizons ETFs 197 - - - 197 0.1%

AmInvestment Services Berhad/Malaysia 1 194 - - 195 0.1%

Kotak Mahindra Asset Man 35 - 150 - 185 0.1%

Value Partners 71 - 101 - 172 0.1%

Invesco Great Wall Fund Management Co. Ltd 170 - - - 170 0.1%

ICBC Credit Suisse Asset Management 163 - - - 163 0.1%

Indo Premier Securities 118 - - - 118 0.1%

Haitong International 116 - - - 116 0.0%

Van Eck Funds 111 - - - 111 0.0%

HDFC Asset Management Co Ltd - - 99 - 99 0.0%

Fortune SGAM Fund Management 93 - - - 93 0.0%

Enhanced Investment Products Limited 92 - - - 92 0.0%

Dacheng Fund Management Co Ltd 91 - - - 91 0.0%

UTI Asset Management - - 90 - 90 0.0%

i-VCAP Management 86 - - - 86 0.0%

One Asset Management Ltd 76 - 3 - 78 0.0%

CIMB-GK Securities Pte Ltd 68 - - - 68 0.0%

Passive Funds Management Ltd 65 - - - 65 0.0%

Yurie Asset Management 56 - - - 56 0.0%

Penghua Fund Management Co Ltd 56 - - - 56 0.0%

CCB Principal Asset Management Co Ltd. 55 - - - 55 0.0%

Prudential ICICI Asset Management 35 - 19 - 54 0.0%

UOB Asset Management Ltd 51 - - - 51 0.0%

Lion Fund Management Co Ltd 49 - - - 49 0.0%

GTJA Allianze Fund Management Co 48 - - - 48 0.0%

BMO Global Asset Management Asia Ltd 36 12 - - 48 0.0%

Fullgoal Fund Management Co 42 - - - 42 0.0%

BNP Paribas 38 - - - 38 0.0%

Krung Thai Asset Management 26 - 11 - 37 0.0%

SBI Funds Management 3 - 33 - 37 0.0%

Motilal Oswal Mutual Fund 29 - 8 - 36 0.0%

Axis Asset Management - - 36 - 36 0.0%

Ping An of China Asset Management 31 - - - 31 0.0%

Midas Asset Management Co 31 - - - 31 0.0%

Dongbu Asset Management 31 - - - 31 0.0%

First Metro Asset Management 30 - - - 30 0.0%

IDBI Asset Management - - 15 - 15 0.0%

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

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

Lippo Investments Management 12 - - - 12 0.0%

Bank of China Investment Management 11 - - - 11 0.0%

Total 215,386 13,308 3,267 624 232,585 100%



17 June 2015



Figure 17: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

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

Daishin Investment Trust Mg 11 - - - 11 0.0%

SinoPac Securities Investment Trust Co 11 - - - 11 0.0%

BBL Asset Management Co - - 10 - 10 0.0%

Kiwoom Asset Management Co Ltd 10 - - - 10 0.0%

KTB Asset Management Co Ltd/Korea 10 - - - 10 0.0%

Maybank Asset Management Thailand Co Ltd 9 - - - 9 0.0%

Viet Fund Management 9 - - - 9 0.0%

Kasikorn Asset Management - - 8 - 8 0.0%

Heungkuk Asset Management 8 - - - 8 0.0%

Thanachart Fund Management - - 7 - 7 0.0%

Religare Mutual Fund 1 - 6 - 7 0.0%

Quantum Asset Management 0 - 6 - 6 0.0%

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

Changsheng Fund 4 - - - 4 0.0%

China International Fund Mgmt 4 - - - 4 0.0%

TMB Asset Management 2 - - - 2 0.0%

Edelweiss Asset Management 2 - - - 2 0.0%

Canara Robeco - - 2 - 2 0.0%

Wanjia Asset Management 1 - - - 1 0.0%

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

Mizuho Asset Management Co Ltd - - 1 - 1 0.0%

Total ( All Local Issuers) 215,484 13,308 3,307 624 232,722 100%



Figure 18: ETP AUM (US$ Million) ranking by Foreign Issuer

Issuer EquityFixed

IncomeCommodity Other Total

Mkt

Share %

BlackRock 308,489 - - - 308,489 47.3%

State Street 189,739 - 26,765 - 216,505 33.2%

Vanguard 71,485 - - - 71,485 11.0%

Deutsche AWM 25,607 2,223 528 - 28,357 4.3%

Lyxor 9,360 - 1,169 - 10,529 1.6%

UBS 8,189 - - 214 8,403 1.3%

ETF Securities Ltd - - 7,944 - 7,944 1.2%

BNP Paribas - - 315 - 315 0.0%

Total ( All Foreign Issuers) 612,869 2,223 36,721 214 652,026 100%



The Foreign Issuer AUM

ranking includes the AUM of

all products cross listed in the

Asia-Pacific Region, with a

domicile region outside Asia-

Pacific (e.g. the US or Europe)

17 June 2015



2. ETP – Net Cash Flows

Investment Focus

Figure 19: ETP Net Cash Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets 775 0.6% (197) -0.2% 15,071 15.2%

Emerging Markets (4,304) -6.4% (3,267) -4.9% (23,882) -34.8%

Global Markets - 0.0% - 0.0% 22 15.3%

Sectors 31 0.4% (116) -1.4% 1,215 19.8%

Capitalization (13) -1.9% (2) -0.4% (187) -24.8%

Strategy 732 10.7% 64 0.9% (883) -11.8%

Style (67) -2.1% 124 4.0% (154) -5.6%

Thematic (39) -1.5% (49) -1.9% 104 4.8%

Total (2,885) -1.3% (3,444) -1.6% (8,694) -4.6%

Current Week Prev. Week YTD


Figure 20: ETP Net Cash Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 57 0.8% (0) 0.0% 366 5.2%

Corporates - 0.0% - 0.0% (75) -6.5%

Money Market 348 8.5% 227 5.6% 1,486 46.5%

Overall 0 0.1% 1 0.2% 54 15.2%

Total 406 3.1% 228 1.7% 1,832 15.5%



Figure 21: ETP Net Cash Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals (4.8) -0.2% 0.3 0.0% 179.7 7.3%

Energy (43.1) -5.2% (49.3) -5.7% 558.6 435.0%

Agriculture - 0.0% 0.0 0.1% 7.4 27.5%

Industrial Metals - 0.0% - 0.0% 0.5 3.2%

Total (48) -1.5% (49) -1.4% 748 28.5%

YTDPrev. WeekCurrent Week


17 June 2015



Sub Segment

Figure 22: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets

Investment Focus

Developed Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Australia 12 0.3% 49 1.2% 364 9.3%

Hong Kong 76 0.4% 108 0.6% 1,854 13.8%

Japan 676 0.7% (352) -0.3% 12,900 16.0%

New Zealand - 0.0% - 0.0% 3 2.0%

Singapore - 0.0% - 0.0% (93) -22.3%

Asia Pacific 765 0.6% (196) -0.2% 15,027 15.3%

Germany (2) -3.0% (1) -1.6% (75) -51.8%

US - 0.0% (0) -0.1% (3) -1.5%

Global broad indices 13 2.7% (0) 0.0% 122 35.6%

DM Total 775 0.6% (197) -0.2% 15,071 15.2%



Figure 23: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets

Investment Focus

Emerging Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

China (4,499) -8.1% (3,068) -5.6% (22,597) -40.7%

India 1 0.1% (0) 0.0% 29 2.6%

Indonesia 14 31.2% - 0.0% 33 120.0%

Malaysia - 0.0% - 0.0% 2 19.2%

Philippines 1 3.3% (0) 0.0% 9 42.2%

South Korea (561) -7.1% (98) -1.1% (1,701) -18.4%

Taiwan 740 33.6% (97) -4.0% 359 14.4%

Thailand - 0.0% (4) -4.5% (5) -4.7%

Vietnam - 0.0% - 0.0% - 0.0%

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

Asia Pacific (4,304) -6.4% (3,267) -4.9% (23,871) -34.8%

Brazil 0 0.0% 0 0.0% 3 6.9%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America 0 0.0% 0 0.0% 3 6.3%

Russia (0) 0.0% (0) 0.0% (2) -9.7%

South Africa 0 0.1% 0 0.0% (10) -55.5%

Global broad indices - 0.0% - 0.0% (2) -1.7%

EM Total (4,304) -6.4% (3,267) -4.9% (23,882) -34.8%



17 June 2015



Figure 24: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Equity - Others

Investment Focus

Sub segments - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Consumer Discretionary (11) -2.2% (19) -3.9% 151 61.5%

Consumer Staples (42) -5.0% (70) -8.0% 420 212.1%

Energy (0) -0.1% (1) -2.0% (11) -20.6%

Financials 96 1.8% (51) -0.9% 905 19.9%

Healthcare 17 4.0% 19 4.9% (138) -33.6%

Industrials (12) -7.4% (6) -4.3% (29) -45.1%

Information Technology 29 7.8% 22 6.7% 102 45.5%

Materials (46) -16.6% (7) -2.4% (94) -44.1%

Telecommunication Services - 0.0% - 0.0% (0) -8.4%

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

Overall (0) -0.2% (3) -1.9% (91) -55.2%

Sector 31 0.4% (116) -1.4% 1,215 19.8%

Large Cap (7) -1.9% 4 1.1% (120) -29.2%

Mid Cap (6) -3.5% (6) -3.9% (80) -41.2%

Small Cap - 0.0% (0) -0.1% 14 9.2%

Capitalization (13) -1.9% (2) -0.4% (187) -24.8%

Short (47) -3.1% (32) -2.0% 912 114.2%

Leveraged 817 21.4% 82 2.2% (2,623) -44.7%

Leveraged Short (36) -3.5% 14 1.4% 901 293.6%

Quantitative (0) -0.1% 1 0.5% (10) -3.7%

Fundamental (1) -0.6% (2) -0.7% (63) -25.0%

Strategy 732 10.7% 64 0.9% (883) -11.8%

Growth (30) -3.4% 144 21.8% 21 5.4%

Value (1) -0.5% (3) -1.4% (104) -36.0%

Dividend (37) -1.7% (16) -0.7% (71) -3.5%

Style (67) -2.1% 124 4.0% (154) -5.6%

Sustainability (1) -1.4% (1) -1.5% (42) -45.3%

Commodities (1) -0.9% (2) -4.6% (19) -37.0%

Other Theme (37) -1.5% (46) -1.9% 164 8.0%

Thematic (39) -1.5% (49) -1.9% 104 4.8%

Total 645 3.0% 20 0.1% 95 0.5%



17 June 2015



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

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall - n.a - 0.0% 1.6 30.1%

Agriculture

Overall - 0.0% 0.0 0.1% 7.4 35.9%

Corn - 0.0% - 0.0% - 0.0%

Soybeans - 0.0% - 0.0% - 0.0%

Wheat - 0.0% - 0.0% - 0.0%

Grains - 0.0% - 0.0% - 0.0%

Energy

Overall - 0.0% - 0.0% 0.1 245.9%

Crude Oil (43.1) -5.3% (58.3) -6.7% 549.5 428.2%

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

Natural Gas - 0.0% - 0.0% - 0.0%

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper - 0.0% - 0.0% 0.5 4.1%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold (7.1) -0.3% 0.3 0.0% 165.5 7.2%

Palladium - 0.0% - 0.0% - 0.0%

Platinum (0.0) 0.0% 0.0 0.0% 13.7 42.6%

Silver 2.4 2.4% - 0.0% 0.5 0.5%

Total (47.9) -1.5% (48.9) -1.4% 747.7 28.5%

Prev. WeekCurrent Week YTD


17 June 2015



Issuer

Figure 26: ETP inflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Nomura Asset Management 1,107 2.1% (75) -0.1% 5,692 13.2%

Yuanta Securities Inv trust Co Ltd. 682 18.8% (108) -2.9% (59) -1.5%

China Asset Management 667 5.6% (197) -1.7% (2,606) -23.4%

Yinhua Fund Management 229 15.0% 97 5.9% 1,010 108.7%

Nikko Asset Management 180 0.8% (144) -0.6% 3,474 19.2%

Daiwa Asset Management 164 0.7% (52) -0.2% 1,474 7.9%

State Street 73 0.4% 164 0.9% 1,672 11.5%

Mirae Asset MAPS Global Investments 54 1.5% 29 0.8% 179 5.5%

Hang Seng Investment Management 44 0.3% 39 0.3% 4,472 55.0%

NZAM 18 2.4% 11 1.5% 66 13.2%

Total Top 10 (Inflows) 3,218 2.1% (235) -0.2% 15,374 12.6%



Figure 27: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Huatai-PineBridge Fund Management Co (3,100) -51.8% (1,855) -27.8% (5,245) -96.6%

Harvest Fund Management Co (617) -9.2% (190) -3.0% (4,689) -58.7%

China Southern Fund Management Co Ltd (395) -13.3% (563) -20.1% (1,074) -59.9%

CSOP Asset Management (349) -7.7% (86) -2.0% (2,459) -44.2%

E Fund Management (329) -6.6% 123 2.6% (543) -15.0%

Samsung Asset Management (250) -2.0% (51) -0.4% (4,806) -32.2%

Korea Investment Trust Mg (209) -2.5% 108 1.2% (1,576) -16.4%

China Universal Asset Management Co (103) -8.8% (6) -0.5% (328) -24.2%

Huaan Fund Management (68) -9.4% (79) -10.6% 337 227.4%

BetaShares Capital Ltd (50) -5.1% (170) -16.5% (2,474) -100.0%

Total Top 10 (Outflows) (5,470) -20.7% (2,770) -10.3% (22,857) -84.8%



17 June 2015



Index Provider

Figure 28: ETP Net Cash Flows (US$ Million) by Index Provider – Equity

(5,000) (4,000) (3,000) (2,000) (1,000) - 1,000 2,000

CSI

FTSE

KRX

Other

Maekyung FnGuide

Deutsche Borse

IISL

S&P Dow Jones

STOXX

HSIL

Topix

MSCI

SSE

Nikkei

Net Cashflow (US$ Million)

Figure 29: ETP Net Cash Flows (US$ Million) by Index Provider – Fixed Income

(50) - 50 100 150 200 250 300 350 400 450

Maekyung FnGuide

KRX

CSI

Markit iBoxx

UBS

Other


Figure 30: ETP Net Cash Flows (US$ Million) by Index Provider – Commodity

(20) (18) (16) (14) (12) (10) (8) (6) (4) (2) -

Other

UBS

Commodity

S&P Dow Jones

Nikkei



17 June 2015



Underlying Index/Security

Figure 31: ETP inflows (US$ Million) by Underlying Index

– Equity (Top 10)

Figure 32: ETP outflows (US$ Million) by Underlying Index

– Equity (Top 10)

0 500 1,000 1,500

FnGuide China Consumer Index

TSEC Taiwan 50 Index

TOPIX Banks Index

Hang Seng Index

JPX Nikkei Index 400

TOPIX

Nikkei 225

MSCI Taiwan

Nikkei 225 Leveraged Index

SSE 50 Index

Inflow (US$ Million)

-5000 -4000 -3000 -2000 -1000 0

CSI Southern Well-off Industry Index

GEM Index

CSI Consumer Staples Index

SSE180 Index

CSI 500 Index

Shenzhen SME Index

SI100 Index

KOSPI 200 Index

FTSE China A50 Index

CSI 300 Index

Outflow (US$ Million)

Figure 33: ETP inflows (US$ Million) by Underlying Index

– Fixed Income (Top 10)

Figure 34: ETP outflows (US$ Million) by Underlying Index

– Fixed Income

- 50 100 150 200 250

J.P. Morgan USD Asia Credit Bond Index

iBoxx ABF Pan-Asia Index

UBS Composite Bond Index

KIS MSB Short Term Index

China Bond 5-year Treasurey Bond Index

KIS MSB 5M Index

KIS MSB 3M Index

KRW Cash Plus Index

Other


-60 -50 -40 -30 -20 -10 0

CSI Gilt -Edged Medium Term Treasury Bond

Index

KRW Cash Index TR

MK Korea Monetary Stabilization Index

MaeKyung Money Market TR Index

30 day Bank Bill Swap Rate


Figure 35: ETP inflows (US$ Million) by Underlying

Index/Security – Commodity

Figure 36: ETP outflows (US$ Million) by Underlying

Index/Security – Commodity

0.00 0.50 1.00 1.50 2.00 2.50

S&P GSCI Gold Index

Commodity Silver


(20) (16) (12) (8) (4) -

Nikkei-TOCOM Platinum Index

S&P GSCI Crude Oil Enhanced Index

Commodity Gold

UBS Bloomberg Constant Maturity Commodity

Index

Nomura Crude Oil Long Index



17 June 2015



Top ETPs

Figure 37: Top 20 ETPs by inflow (US$ Million)

ETP Name Issuer BBG TickerAsset Class

& StructureTER

Net Flow

US$ MM

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 1,232.5

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 759.6

Yuanta/P-Shares MSCI Taiwan ETF Yuanta Securities Inv trust Co Ltd. 006203 TT Equity ETF 0.34% 695.9

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 229.9

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 209.5

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 138.2

Huatai-PB CSI 500 ETF Huatai-PineBridge Fund Management Co 512510 CH Equity ETF 0.00% 126.0

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 117.7

Listed Index Fund JPX-Nikkei Index 400 Nikko Asset Management 1592 JP Equity ETF 0.20% 91.7

Samsung KODEX KRW Cash Plus ETF - Bond Samsung Asset Management 214980 KS Fixed Income ETF 0.15% 84.8

Mirae Asset Tiger Money Market ETF Mirae Asset MAPS Global Investments 157450 KS Fixed Income ETF 0.09% 76.8

Nomura Topix Banks Nomura Asset Management 1615 JP Equity ETF 0.22% 69.5

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 67.4

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 66.8

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 44.8

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.32% 44.0

Mirae Asset MAPS Tiger China Consumer ETF Mirae Asset MAPS Global Investments 150460 KS Equity ETF 0.52% 41.9

GF CSI All Share Health Care ETF Index Fund GF Fund Management Co Ltd 159938 CH Equity ETF 0.50% 40.4

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 34.6

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 28.2


Figure 38: Top 20 ETPs by outflow (US$ Million)


& StructureTER

Net Flow

US$ MM

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (3,213.5)

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (601.4)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% (386.5)

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (296.1)

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (281.5)

China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% (255.5)

E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% (225.3)

China Southern Kaiyuan CSI 300 Index ETF China Southern Fund Management Co Ltd 159925 CH Equity ETF 0.60% (180.1)

China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% (162.7)

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% (137.7)

China AMC CSI 300 Index ETF China Asset Management 510330 CH Equity ETF 0.00% (117.6)

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% (113.4)

KITM Kindex 200 ETF Korea Investment Trust Mg 105190 KS Equity ETF 0.15% (96.8)

China Universal CSI Consumer Staples Index ETF China Universal Asset Management Co 159928 CH Equity ETF 0.60% (66.8)

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (58.6)

Yuanta/P-Shares CSI 300 Fund Yuanta Securities Inv trust Co Ltd. 0061 TT Equity ETF 0.40% (52.5)

Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% (50.9)

BetaShares Australian High Interest Cash ETF BetaShares Capital Ltd AAA AU Fixed Income ETF 0.18% (50.5)

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% (47.2)

China Security Southern Well-off Industry Index ETF China Southern Fund Management Co Ltd 510160 CH Equity ETF 0.50% (42.0)


17 June 2015



3. ETP – Turnover

Turnover information

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

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

Investment Focus

Figure 39: ETP Weekly Turnover (US$ Million) by Investment Focus – Equity Prev. Week Year 2014

Investment Focus - Equity TurnoverMkt


%


%

Turnover

Size 403 0.9% 519 (116) -22.4% 39 364 935.2%

Regional 62 0.1% 56 6 10.7% 43 18 43.0%

Style 2,523 5.4% 2,970 (447) -15.1% 244 2,278 932.6%

Sector 1,664 3.6% 1,718 (54) -3.1% 333 1,331 399.7%

Country 31,394 67.4% 32,111 (717) -2.2% 8,594 22,799 265.3%

Strategy 9,768 21.0% 7,523 2,245 29.8% 5,873 3,895 66.3%

Thematic 759 1.6% 1,364 (606) -44.4% 46 713 1559.4%

Total 46,571 100% 46,261 311 0.7% 15,172 31,399 207.0%

Change from 2014Current Week WoW Change

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 40: ETP Weekly Turnover (US$ Million) by Investment Focus – Fixed Income Prev. Week Year 2014

Investment Focus - Fixed Income TurnoverMkt


%


%

Turnover

Sovereign 1,141 11.3% 864 277 32.1% 535 606 113.3%

Corporates 2 0.0% 2 (1) -27.4% 7 (5) -75.2%

Money Market 8,926 88.6% 3,180 5,746 180.7% 1,999 6,927 346.6%

Overall 4 0.0% 6 (2) -32.0% 3 1 19.7%

Total 10,072 100% 4,052 6,020 148.6% 2,544 7,528 295.9%

Change from 2014WoW ChangeCurrent Week


Figure 41: ETP Weekly Turnover (US$ Million) by Investment Focus – Commodity Prev. Week Year 2014

Investment Focus - Commodity TurnoverMkt


%


%

Turnover

Precious Metals 101.7 46.0% 88.9 12.7 14.3% 68.2 33.5 49.1%

Overall 0.2 0.1% 0.2 (0.0) -1.9% 0.2 (0.0) -4.8%

Energy 108.5 49.1% 129.8 (21.3) -16.4% 5.1 103.4 2026.9%

Agriculture 10.7 4.8% 3.0 7.6 251.8% 1.1 9.6 895.8%

Industrial Metals 0.1 0.0% 0.1 0.0 27.1% 0.2 (0.1) -60.7%

Total 221 100% 222 (1) -0.4% 75 146 195.6%

Current Week Change from 2014WoW Change


17 June 2015



Sub Segment

Figure 42: ETP Weekly Turnover (US$ Million) by Investment Focus Sub Segment – Equity Prev. Week Year 2014

Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 3,047 6.5% 2,236 811 36.3% 1,822 1,225 67.3%

Developed non-Asia Pac 251 0.5% 235 16 6.9% 14 237 1713.2%

Emerging Country 28,095 60.3% 29,639 (1,544) -5.2% 6,759 21,337 315.7%

Regional

Asia Pacific 3 0.0% 4 (1) -29.9% 3 (1) -18.0%

Asia Pacific ex-Japan 8 0.0% 0 8 2197.0% 2 6 390.8%

Emerging Markets 8 0.0% 9 (1) -14.3% 10 (2) -15.9%

Eurozone 0 0.0% 0 0 114% - 0 n.a

Europe 16 0.0% 17 (2) -9.0% 6 9 145.7%

Global 27 0.1% 24 2 9.6% 22 5 21.0%

Greater China 0 0.0% 0 (0) -38.2% 0 (0) -13.5%

Sector

Global 4 0.0% 6 (3) -40.9% 4 0 4.7%

Other Sector 130 0.3% 149 (19) -12.7% 21 110 521.5%

Asian Country 1,530 3.3% 1,562 (32) -2.1% 308 1,221 396.0%

Size

Large Cap 147 0.3% 210 (63) -30.1% 34 113 331.4%

Mid Cap 255 0.5% 286 (31) -10.9% 2 253 10808.1%

Small Cap 1 0.0% 23 (22) -94.1% 3 (1) -45.9%

Style

Growth 2,311 5.0% 2,829 (518) -18.3% 172 2,139 1243.0%

Value 61 0.1% 36 25 69.1% 31 30 98.2%

Dividend 150 0.3% 105 46 43.4% 41 109 263.7%

Strategy

Short 707 1.5% 836 (129) -15.5% 634 73 11.4%

Leveraged 8,160 17.5% 6,172 1,988 32.2% 5,123 3,037 59.3%

Leveraged Short 888 1.9% 507 382 75.4% 107 781 731.2%

Quantitative 5 0.0% 4 2 43.3% 5 0 3.7%

Fundamental 7 0.0% 4 3 75.1% 4 4 97.9%

Thematic

Sustainability 1 0.0% 1 0 82.2% 0 1 288.3%

Commodities 187 0.4% 156 31 19.9% 9 178 2041.4%

Other Theme 571 1.2% 1,208 (637) -52.7% 37 534 1453.3%

Total 46,571 100% 46,261 311 0.7% 15,172 31,399 207.0%

WoW ChangeCurrent Week Change from 2014


17 June 2015



Figure 43: ETP Weekly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity Prev. Week Year 2014

Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 0.24 0.1% 0.24 (0.00) -1.7% 0.18 0.06 33.3%

Overall ex Energy - 0.0% 0.00 (0.00) -100.0% 0.06 (0.06) -100.0%

Overall Light Energy - 0.0% 0.00 (0.00) -100.0% 0.01 (0.01) -100.0%

Agriculture

Overall 10.46 4.7% 2.81 7.65 272.0% 0.72 9.74 1344.5%

Corn 0.01 0.0% 0.00 0.01 296.6% 0.03 (0.02) -68.0%

Soybeans 0.10 0.0% 0.12 (0.02) -16.9% 0.23 (0.12) -54.1%

Wheat 0.10 0.0% 0.09 0.00 4.6% 0.07 0.03 39.0%

Grains 0.01 0.0% 0.00 0.00 93.8% 0.02 (0.02) -70.2%

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

Energy

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

Crude Oil 108.45 49.1% 129.57 (21.12) -16.3% 5.00 103.45 2067.0%

Gasoline 0.00 0.0% 0.03 (0.02) -94.3% 0.00 0.00 680.8%

Oil & Gas 0.01 0.0% 0.08 (0.07) -83.6% - 0.01 n.a

Natural Gas 0.02 0.0% 0.08 (0.06) -75.5% 0.10 (0.08) -79.4%

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

Industrial Metals

Overall 0.01 0.0% 0.01 0.00 59.9% 0.03 (0.02) -63.3%

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

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

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

Precious Metals

Overall 0.11 0.1% 0.07 0.04 52.4% 0.06 0.05 82.9%

Gold 96.68 43.8% 84.49 12.19 14.4% 63.17 33.51 53.0%

Palladium 0.22 0.1% 0.09 0.12 136.1% 0.33 (0.11) -34.5%

Platinum 0.86 0.4% 0.93 (0.07) -7.3% 0.88 (0.02) -2.4%

Silver 3.79 1.7% 3.33 0.46 13.8% 3.72 0.07 1.7%

Total 221 100% 222 (1) -0.4% 75 146 195.6%

Change from 2014WoW ChangeCurrent Week


17 June 2015



Exchange

Figure 44: ETP Weekly Turnover (US$ Million) by Exchange Prev. Week Year 2014

Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 24,207.92 42.5% 22,903.95 1,303.98 5.7% 4,866.61 19,341.32 397.4%

China - Shenzhen 11,192.08 19.7% 8,842.18 2,349.90 26.6% 978.44 10,213.64 1043.9%

Hong Kong - HKE 7,987.87 14.0% 7,673.86 314.01 4.1% 2,891.01 5,096.86 176.3%

Japan - Osaka 7,082.99 12.4% 4,718.60 2,364.39 50.1% 4,121.61 2,961.38 71.9%

Korea - KSE 3,038.59 5.3% 3,341.22 (302.63) -9.1% 3,082.81 (44.22) -1.4%

Japan - Tokyo SE 2,175.06 3.8% 1,549.81 625.25 40.3% 1,308.44 866.63 66.2%

Taiwan - TSEC 914.25 1.6% 1,079.53 (165.28) -15.3% 271.27 642.98 237.0%

Australia - ASX 214.66 0.4% 359.05 (144.38) -40.2% 229.57 (14.91) -6.5%

India - NSE 60.32 0.1% 58.35 1.97 3.4% 44.92 15.40 34.3%

Singapore - SGX 28.49 0.1% 44.56 (16.07) -36.1% 35.54 (7.05) -19.8%

Thailand - SET 1.85 0.0% 3.32 (1.47) -44.3% 1.99 (0.13) -6.7%

New Zealand - NZ 1.80 0.0% 1.23 0.57 46.0% 1.11 0.69 62.2%

Philippines - PSE 0.42 0.0% 0.10 0.32 321.2% 0.27 0.14 51.4%

Malaysia - Kuala Lumpur 0.19 0.0% 0.15 0.05 31.4% 0.12 0.08 66.8%

Vietnam - HOSE 0.07 0.0% 0.03 0.04 157.9% 0.08 (0.01) -16.1%

India - Bombay 0.03 0.0% 0.04 (0.00) -10.8% 0.02 0.01 80.6%

Japan - Nagoya 0.02 0.0% 0.02 (0.00) -22.5% 0.04 (0.03) -60.1%

Indonesia - Jakarta 0.01 0.0% 0.01 0.00 12.5% 0.01 (0.01) -47.6%

Total 56,907 100% 50,576 6,331 12.5% 17,834 39,073 219.1%



17 June 2015



Issuer

Figure 45: ETP Weekly Turnover (US$ Million) by Top 40 Issuer Prev. Week Year 2014

Issuer TurnoverMkt


%


%

Turnover

China Asset Management 9,692 17.0% 6,322 3,370 53.3% 1,132 8,560 756.2%

Nomura Asset Management 7,945 14.0% 5,299 2,646 49.9% 4,294 3,650 85.0%

E Fund Management 7,744 13.6% 6,463 1,281 19.8% 453 7,291 1609.4%

Huatai-PineBridge Fund Management Co 5,705 10.0% 6,937 (1,232) -17.8% 1,204 4,500 373.7%

China Southern Fund Management Co Ltd 3,641 6.4% 2,285 1,356 59.3% 69 3,572 5199.8%

BlackRock 2,327 4.1% 2,186 141 6.5% 1,217 1,111 91.3%

CSOP Asset Management 2,219 3.9% 2,250 (31) -1.4% 874 1,346 154.1%

Samsung Asset Management 2,134 3.8% 2,427 (293) -12.1% 2,615 (481) -18.4%

Guotai Asset Management Co Ltd 2,088 3.7% 1,847 241 13.0% 598 1,490 249.1%

Yinhua Fund Management 2,084 3.7% 1,773 312 17.6% 1,728 356 20.6%

State Street 1,740 3.1% 1,399 341 24.4% 585 1,155 197.5%

Huaan Fund Management 1,444 2.5% 2,398 (954) -39.8% 253 1,191 471.3%

Hang Seng Investment Management 1,096 1.9% 1,331 (235) -17.7% 158 938 592.5%

Harvest Fund Management Co 1,002 1.8% 1,129 (127) -11.2% 348 655 188.3%

Simplex Asset Management Co Ltd 692 1.2% 579 113 19.5% 577 114 19.8%

Mirae Asset MAPS Global Investments 550 1.0% 488 62 12.6% 222 328 147.5%

Lion Fund Management Co Ltd 488 0.9% 1,105 (618) -55.9% 8 480 6225.6%

China Merchants Fund Management Co 487 0.9% 235 252 107.3% 72 415 578.8%

GF Fund Management Co Ltd 480 0.8% 692 (211) -30.6% 23 458 2032.2%

Fubon Securities Investment Trust Co 470 0.8% 548 (79) -14.4% 56 414 738.1%

Yuanta Securities Inv trust Co Ltd. 343 0.6% 382 (40) -10.4% 201 141 70.2%

Invesco Great Wall Fund Management Co. Ltd 279 0.5% 279 0 0.2% 10 269 2724.1%

Daiwa Asset Management 270 0.5% 176 94 53.2% 164 106 64.5%

Nikko Asset Management 228 0.4% 127 102 80.4% 271 (43) -15.8%

GTJA Allianze Fund Management Co 187 0.3% 156 31 19.9% 9 178 2081.3%

Woori Asset Management 168 0.3% 184 (16) -8.7% 120 49 40.6%

Bosera Fund Management Co Ltd 135 0.2% 156 (21) -13.5% 17 118 687.2%

ICBC Credit Suisse Asset Management 126 0.2% 161 (35) -21.8% 24 101 417.2%

BOCOM Schroders 124 0.2% 262 (138) -52.8% 10 114 1161.3%

BOCI - Prudential Asset Man Ltd 111 0.2% 50 61 122.8% 16 94 569.8%

Korea Investment Trust Mg 108 0.2% 136 (28) -20.6% 56 52 91.7%

China Universal Asset Management Co 87 0.2% 67 20 29.6% 11 75 658.6%

Cathay Securities Investment Trust 66 0.1% 89 (24) -26.4% - 66 n.a.

Mitsubishi UFJ Asset Mg 62 0.1% 45 16 36.1% 62 (1) -0.9%

Fortune SGAM Fund Management 55 0.1% 28 27 98.6% 31 24 76.9%

Goldman Sachs 55 0.1% 52 3 5.1% 39 16 42.0%

KB Asset Management 55 0.1% 85 (31) -35.8% 40 15 37.6%

HFT Investment Management Co Ltd 50 0.1% 39 10 26.6% 9 41 450.8%

BetaShares Capital Ltd 47 0.1% 65 (18) -27.8% 45 1 3.2%

Dacheng Fund Management Co Ltd 42 0.1% 10 32 303.1% 3 39 1199.0%

Total Top 40 56,625 99.5% 50,244 6,380 12.7% 17,625 38,999 221.3%



17 June 2015



Index Provider Underlying Index/Security

Figure 46: ETP Weekly Turnover (US$ Million) by Index

Provider – Equity (Top 10)

Figure 47: ETP Weekly Turnover (US$ Million) by

Underlying Index – Equity (Top 10)

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

Nasdaq OMX

S&P Dow Jones

Topix

KRX

HSIL

FTSE

Other

Nikkei

CSI

SSE

Turnover (US$ Million)

- 2,000 4,000 6,000 8,000

Hang Seng Index

SSE180 Index

KOSPI 200 Index

Shenzhen SME Index

SI100 Index

GEM Index


Nikkei 225 Leveraged Index

SSE 50 Index

CSI 300 Index



Provider – Fixed Income


Underlying Index – Fixed Income

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

Citigroup

CSI

S&P Dow Jones

KRX

Markit iBoxx

Deutsche Bank

UBS

Maekyung FnGuide

SSE

Other


0 1000 2000 3000 4000 5000 6000

KRW Cash Plus Index

UBS Composite Bond Index

KTB Index


KRW Cash Index TR

Active

MaeKyung Money Market TR Index

SSE 5-Year China Treasury Note Index

China PBOC Benchmark Notice Deposit 7 …

Other



Provider – Commodity


Underlying Index/Security – Commodity (Top 10)

- 20 40 60 80 100

Reuters/Jefferies

Nikkei

Other

UBS

S&P Dow Jones

Commodity


- 20 40 60 80 100

S&P GSCI Crude Oil Index

S&P GSCI Sliver TR Index

Commodity Silver

S&P GSCI Gold Index

S&P GSCI Gold Excess Return Index

S&P GSCI Agriculture Enhanced Select Index



UBS Bloomberg Constant Maturity …

Commodity Gold



17 June 2015



Top ETPs

Figure 52: Top 20 ETPs by Weekly Turnover (US$ Million)


& StructureTER

Turnover

US$ MM


Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 6,283.9

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 5,570.1

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 3,201.0

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 2,924.7

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 2,289.3

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 2,211.3

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 2,201.6

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 2,083.4

E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% 2,029.8

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% 1,917.3

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 1,686.0

Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% 1,292.5

Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 1,101.7

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 1,088.6

Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% 945.1

Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd 510230 CH Equity ETF 0.50% 797.4

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 776.6

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 771.0

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 718.4


Figure 53: Top 20 ETPs by Weekly Turnover change (US$ Million)


& StructureTER

Turnover

Change

US$ MM

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 2,736.4


China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 2,488.8

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 2,038.9


China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% (1,085.3)

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% 956.4


Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% (922.5)

Lion SSE Emerging Industries Index ETF Lion Fund Management Co Ltd 510260 CH Equity ETF 0.63% (616.8)

E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% (496.3)

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 402.2

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 333.3

Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 332.7


Guangfa CSI 500 ETF GF Fund Management Co Ltd 510510 CH Equity ETF 0.50% (259.1)


Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (232.9)

China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% 220.1

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 195.7


17 June 2015



4. ETP – Assets under Management

AUM information

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

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

Investment Focus

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


Investment Focus - Equity AUMMkt


Size 687 0.3% 690 (4) -0.5% 755 (68) -9.0%

Regional 779 0.4% 762 17 2.2% 608 171 28.1%

Style 3,229 1.5% 3,260 (32) -1.0% 2,742 487 17.7%

Sector 8,472 3.9% 8,285 188 2.3% 6,137 2,335 38.1%

Country 192,191 89.2% 193,614 (1,423) -0.7% 167,421 24,769 14.8%

Strategy 7,660 3.6% 6,869 791 11.5% 7,493 167 2.2%

Thematic 2,467 1.1% 2,549 (82) -3.2% 2,182 285 13.1%

Total 215,484 100% 216,029 (546) -0.3% 187,338 28,146 15.0%



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


Investment Focus - Fixed

IncomeAUM

Mkt


Sovereign 7,292 54.8% 7,242 49 0.7% 7,100 192 2.7%

Corporates 1,148 8.6% 1,147 1 0.1% 1,159 (11) -0.9%

Money Market 4,443 33.4% 4,089 353 8.6% 3,193 1,249 39.1%

Overall 426 3.2% 423 2 0.6% 358 68 18.9%

Total 13,308 100% 12,902 406 3.1% 11,810 1,498 12.7%

YTD ChangeCurrent Week WoW Change


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


Investment Focus - Commodity AUMMkt


Precious Metals 2,432 73.5% 2,427 5 0.2% 2,446 (14) -0.6%

Overall 6 0.2% 6 0 3.1% 5 1 -96.4%

Energy 821 24.8% 821 (0) 0.0% 128 693 539.5%

Agriculture 33 1.0% 33 (1) -2.0% 27 6 20.5%

Industrial Metals 15 0.4% 15 (0) -0.8% 15 (1) -3.6%

Total 3,307 100% 3,302 4 0.1% 2,621 685 26.1%



17 June 2015



Sub Segment

Figure 57: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity Prev. Week End of 2014

Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 128,212 59.5% 125,951 2,261 1.8% 98,477 29,735 30.2%

Developed non-Asia Pac 274 0.1% 274 0 0.2% 340 (66) -19.4%

Emerging Country 63,704 29.6% 67,389 (3,685) -5.5% 68,604 (4,900) -7.1%

Regional

Asia Pacific 64 0.0% 64 (0) -0.5% 64 (1) -0.8%

Asia Pacific ex-Japan 18 0.0% 18 (0) -0.9% 19 (2) -8.0%

Emerging Markets 125 0.1% 125 0 0.1% 122 3 2.7%

Europe 42 0.0% 29 13 43.5% 20 22 108.0%

Global 491 0.2% 487 4 0.9% 356 135 38.0%

Greater China 38 0.0% 38 (0) -0.4% 26 13 49.3%

Sector

Asian Country 7,685 3.6% 7,505 180 2.4% 5,907 1,779 30.1%

Size

Large Cap 371 0.2% 372 (2) -0.4% 411 (41) -9.9%

Mid Cap 169 0.1% 174 (4) -2.4% 195 (25) -12.9%

Small Cap 146 0.1% 144 2 1.5% 149 (2) -1.6%

Style

Growth 837 0.4% 863 (26) -3.0% 392 445 113.6%

Value 237 0.1% 238 (1) -0.3% 290 (52) -18.1%

Dividend 2,154 1.0% 2,159 (5) -0.2% 2,060 94 4.6%

Strategy

Short 1,484 0.7% 1,516 (32) -2.1% 799 685 85.8%

Leveraged 4,644 2.2% 3,813 831 21.8% 5,869 (1,226) -20.9%

Leveraged Short 1,006 0.5% 1,017 (10) -1.0% 307 699 228.0%

Quantitative 277 0.1% 276 1 0.2% 267 9 3.5%

Fundamental 249 0.1% 247 2 0.8% 251 (1) -0.5%

Thematic

Sustainability 65 0.0% 65 (0) -0.7% 92 (27) -29.8%

Commodities 56 0.0% 55 1 2.0% 50 6 11.3%

Other Theme 2,347 1.1% 2,429 (83) -3.4% 2,040 307 15.1%

Total 215,484 100% 216,029 (546) -0.3% 187,338 28,146 15.0%

YTD ChangeCurrent Week WoW Change


17 June 2015



Figure 58: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity Prev. Week End of 2014

Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 6 0.2% 6 0 n.a 5 1 18.9%

Agriculture

Overall 27 0.8% 28 (1) -2.1% 21 6 30.8%

Corn 0 0.0% 0 (0) -3.8% 0 (0) -10.5%

Soybeans 5 0.1% 5 (0) -1.5% 5 (1) -13.1%

Wheat 0 0.0% 0 (0) -2.5% 0 (0) -14.6%

Grains 1 0.0% 1 (0) -1.9% 1 (0) -13.7%

Energy

Overall 0 0.0% 0 0 2.7% 0 0 239.5%

Crude Oil 812 24.6% 812 (0) 0.0% 128 684 532.8%

Oil & Gas 9 0.3% 9 0 1.7% - 9 n.a

Natural Gas 0 0.0% 0 0 6.2% 0 (0) -11.3%

Industrial Metals

Overall 3 0.1% 3 (0) -0.4% 3 (0) -9.1%

Copper 12 0.4% 12 (0) -0.9% 12 (0) -2.1%

Precious Metals

Overall 8 0.2% 8 0 0.1% 8 (0) -2.5%

Gold 2,274 68.9% 2,270 3 0.2% 2,297 (23) -1.0%

Palladium 6 0.2% 6 (0) -0.7% 7 (1) -8.6%

Platinum 42 1.3% 42 1 1.2% 32 10 31.2%

Silver 102 3.1% 101 1 1.4% 102 0 0.1%

Total 3,307 100% 3,302 4 0.1% 2,621 685 26.1%



17 June 2015



Issuer

Figure 59: ETP AUM (US$ Million) by Top 40 Local Issuer Prev. Week End of 2014

Issuer AUMMkt


Nomura Asset Management 55,145 23.7% 53,315 1,830 3.4% 43,106 12,039 27.9%

Nikko Asset Management 23,994 10.3% 23,500 494 2.1% 18,050 5,944 32.9%

Daiwa Asset Management 22,785 9.8% 22,329 455 2.0% 18,581 4,204 22.6%

State Street 17,762 7.6% 17,610 153 0.9% 14,585 3,177 21.8%

Hang Seng Investment Management 14,148 6.1% 14,049 99 0.7% 8,138 6,010 73.9%

China Asset Management 12,684 5.5% 11,842 842 7.1% 11,132 1,552 13.9%

BlackRock 12,073 5.2% 12,237 (164) -1.3% 14,910 (2,837) -19.0%

Mitsubishi UFJ Asset Mg 9,392 4.0% 9,287 106 1.1% 6,574 2,818 42.9%

Samsung Asset Management 8,154 3.5% 8,488 (335) -3.9% 9,601 (1,448) -15.1%

Harvest Fund Management Co 6,223 2.7% 6,719 (495) -7.4% 7,985 (1,762) -22.1%

E Fund Management 4,723 2.0% 4,995 (272) -5.4% 3,623 1,100 30.4%

Yuanta Securities Inv trust Co Ltd. 4,335 1.9% 3,623 712 19.6% 3,889 447 11.5%

CSOP Asset Management 4,219 1.8% 4,538 (319) -7.0% 5,568 (1,349) -24.2%

Mirae Asset MAPS Global Investments 3,614 1.6% 3,570 43 1.2% 3,226 388 12.0%

Huatai-PineBridge Fund Management Co 2,993 1.3% 5,979 (2,987) -49.9% 5,430 (2,438) -44.9%

China Southern Fund Management Co Ltd 2,644 1.1% 2,971 (326) -11.0% 1,792 852 47.6%

Vanguard 1,952 0.8% 1,912 40 2.1% 1,568 384 24.5%

Yinhua Fund Management 1,750 0.8% 1,522 228 15.0% 929 821 88.4%

BetaShares Capital Ltd 1,439 0.6% 1,467 (28) -1.9% 1,298 141 10.9%

Goldman Sachs 1,316 0.6% 1,333 (17) -1.3% 1,367 (51) -3.7%

Fubon Securities Investment Trust Co 1,249 0.5% 1,246 3 0.3% 1,011 238 23.6%

GF Fund Management Co Ltd 1,232 0.5% 1,192 39 3.3% 426 805 188.8%

BOCI - Prudential Asset Man Ltd 1,057 0.5% 1,068 (12) -1.1% 1,274 (217) -17.0%

KB Asset Management 1,053 0.5% 1,055 (2) -0.2% 1,080 (27) -2.5%

Korea Investment Trust Mg 1,047 0.4% 1,162 (115) -9.9% 1,353 (306) -22.6%

HFT Investment Management Co Ltd 1,036 0.4% 1,039 (3) -0.3% 1,074 (38) -3.5%

Simplex Asset Management Co Ltd 1,033 0.4% 1,029 4 0.4% 745 288 38.6%

Huaan Fund Management 949 0.4% 983 (33) -3.4% 2,473 (1,524) -61.6%

DIAM Asset Management 909 0.4% 877 31 3.6% - 909 n.a.

Hanwha Investment Trust Management 844 0.4% 877 (33) -3.8% 817 27 3.3%

Kyobo AXA Investment Mg Co Ltd 791 0.3% 844 (53) -6.3% 971 (180) -18.5%

NZAM 782 0.3% 754 28 3.7% 500 282 56.3%

China Universal Asset Management Co 683 0.3% 720 (37) -5.1% 148 534 360.5%

Woori Asset Management 630 0.3% 655 (25) -3.8% 601 28 4.7%

Russell Investments 493 0.2% 482 10 2.1% 471 22 4.6%

Guotai Asset Management Co Ltd 458 0.2% 439 20 4.5% 492 (34) -6.8%

Sumitomo Mitsui Asset Management 429 0.2% 412 17 4.1% 17 412 2458.6%

Reliance Capital Asset Management 411 0.2% 412 (1) -0.1% 423 (12) -2.7%

ETF Securities Ltd 389 0.2% 382 7 1.8% 415 (27) -6.5%

HSBC Inv Funds Ltd/Hong Kong 388 0.2% 388 (1) -0.2% 388 (1) -0.2%

Total Top 40 227,206 97.6% 227,302 (96) 0.0% 196,032 31,174 15.9%

WoW Change YTD ChangeCurrent Week


17 June 2015



Index Provider Underlying Index/Security

Figure 60: ETP AUM (US$ Million) by Index Provider –

Equity (Top 10)

Figure 61: ETP AUM (US$ Million) by Underlying Index –

Equity (Top 10)

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

MSCI

S&P …

KRX

SSE

Other

FTSE

CSI

HSIL

Topix

Nikkei

AUM (US$ Million)

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

CSI 500 Index

JPX Nikkei Index 400

SSE 50 Index

KOSPI 200 Index

Hang Seng China Enterprise Index


CSI 300 Index

Hang Seng Index

TOPIX

Nikkei 225

AUM (US$ Million)


Fixed Income

Figure 63: ETP AUM (US$ Million) by Underlying Index –

Fixed Income (Top 10)

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

CSI

S&P Dow Jones

Citigroup

SSE

KRX

Maekyung FnGuide

Deutsche Bank

UBS

Markit iBoxx

Other

AUM (US$ Million)

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

China Bond 5-year Treasurey Bond Index

iBoxx ABF Hong Kong Index

iBoxx ABF Singapore Bond Index

KTB Index


KIS MSB 3M Index

Pledgeable urban Investment Bond Index

KRW Cash Index TR

Other

iBoxx ABF Pan-Asia Index

AUM (US$ Million)


Commodity

Figure 65: ETP AUM (US$ Million) by Underlying

Index/Security – Commodity (Top 10)

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

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)

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

S&P GSCI Sliver TR Index

S&P GSCI Agriculture Enhanced Select …

S&P GSCI Gold Excess Return Index

Commodity Platinum

S&P GSCI Gold Index

Commodity Silver



UBS Bloomberg Constant Maturity …

Commodity Gold

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

17 June 2015



Top ETPs

Figure 66: Top 20 ETPs by AUM (US$ Million)


& StructureTER

AUM

US$ MM

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 24,748.2

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 21,978.9

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 11,549.2

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 11,148.0

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 11,012.3

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 10,729.3

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 10,023.9

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 7,766.8

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 7,687.9

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,259.5


Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% 5,772.7

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 5,190.3

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 3,658.1

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,441.3

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,117.3

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 3,080.6

China AMC CSI 300 Index ETF China Asset Management 510330 CH Equity ETF 0.00% 2,985.6

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 2,699.5

Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.32% 2,173.5


Figure 67: Top 20 ETPs by AUM change(US$ Million)


& StructureTER

AUM

Change

US$ MM



Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 778.4

Yuanta/P-Shares MSCI Taiwan ETF Yuanta Securities Inv trust Co Ltd. 006203 TT Equity ETF 0.34% 697.3


Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (493.5)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% (356.5)

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (356.1)

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 346.2

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 296.5

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 253.2


iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (223.7)

China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% (209.4)


China Southern Kaiyuan CSI 300 Index ETF China Southern Fund Management Co Ltd 159925 CH Equity ETF 0.60% (173.4)

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% (134.0)

China SME ETF China Asset Management 159902 CH Equity ETF 0.60% (131.1)

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 129.9

Huatai-PB CSI 500 ETF Huatai-PineBridge Fund Management Co 512510 CH Equity ETF 0.00% 126.0


17 June 2015



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

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

17 June 2015



Appendix A: Useful Information

ETF Exchanges

Exchanges Website

Australia ASX www.asx.com.au

China Shenzhen www.szse.cn

China Shanghai www.sse.com.cn

Hong Kong HKE www.hkex.com.hk

India NSE www.nseindia.com

India Bombay www.bseindia.com

Indonesia Jakarta www.idx.co.id

Japan Osaka www.ose.or.jp

Japan Tokyo SE www.tse.or.jp

Japan Nagoya www.nse.or.jp

Korea SE KSE www.kse.or.kr

New Zealand NZ www.nzx.com

Philippines PSE www.pse.com.ph

Singapore SE SGX www.sgx.com

Taiwan SE TSEC www.twse.com.tw

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

Malaysia BURSA www.bursamalaysia.com

Vietnam HOSE www.hsx.vn/

17 June 2015



Appendix B: Glossary

ETF Glossary

Term Definition

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

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

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

17 June 2015



Appendix C: How we define ETPs

Exchange-Traded Products (ETPs)

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

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

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

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

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

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

Figure 68: ETP Coverage Universe Summary

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

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

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

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

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

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

ETPs ETFs ETC/Vs

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Exchange-Traded Funds (ETFs, 97%)

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

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

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

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

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

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

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

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

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

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

Exchange-Traded Collateralized Instruments (3%)

Exchange-Traded Commodities (ETCs, 1%)

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

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

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

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

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

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

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

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

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

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

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

Exchange-traded vehicles (ETVs, 2%)

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

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

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

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

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

17 June 2015



Appendix 1

Important Disclosures

Additional information available upon request

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

Analyst Certification

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

Equity rating key Equity rating dispersion and banking relationships

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

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

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

52 %

38 %

10 %23 %19 % 17 %

0

50

100

150

200

250

300

350

400

450

Buy Hold Sell

Asia-Pacific Universe

Companies Covered Cos. w/ Banking Relationship

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

17 June 2015



Regulatory Disclosures

1.Additional Information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2. Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

http://www.dbxus.com/

http://gm.db.com/

17 June 2015



Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

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Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any

particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

instruments discussed in this report may not be suitable for all investors and investors must make their own informed

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current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

(including changes in assets holding limits for different types of investors), changes in tax policies, currency

convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

17 June 2015



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17 June 2015



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David Folkerts-Landau Group Chief Economist

Member of the Group Executive Committee

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

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