Deutsche Bank Markets Research
Europe
Synthetic Equity & Index Strategy
European Monthly ETF Market Review
Date
10 July 2015
Inflows into European Equities Despite Greek Crisis
Data in this report is as of 30th June 2015
________________________________________________________________________________________________________________
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.
Author
Ari Rajendra
Strategist
(+44) 20 754-52282
Team Contacts
Shan Lan
Strategist
(+852) 22036716
Sebastian Mercado
Strategist
(+1) 212 250-8690
European ETP Highlights
As of the end of June 2015, global ETP assets stood at $2.8 trillion with
European ETP assets amounting to $499bn (€448bn). Equity ETFs registered
inflows of +€2.8bn which were partly offset by outflows from Fixed Income
ETFs (-€1.1bn) during the month of June. Commodity ETPs listed in Europe
saw outflows of -€0.2bn.
European equities, particularly German equities favoured over US equities
European equities were, again, preferred over US Equities, both among
European and US investors. European equities exposed ETFs gathered over
+€3.3bn of inflows compared to +€164mn of inflows into ETFs exposed to US
equities. In both listing regions, German equities commanded significant
inflows.
Fixed income ETFs experience outflows for the second consecutive month
The selloff in bond markets which had started in late April continued in June
resulting in bond yields to rise to its highest level for the year in early June.
Correspondingly, European fixed income ETPs saw net outflows for the second
consecutive month in 2015 (-€1.1bn). This was driven mainly by sovereign and
corporate bonds based ETFs.
Greece crisis triggers significant increase in Greek ETF turnover
Greece focused ETFs listed globally saw an increase in on-exchange activity as
the Greek crisis escalated in June ($506mn of turnover in June vs $262mn in
May’15). However, total assets remained flat during the month ($563mn).
Greek ETFs listed in Europe halted trading on June 26th but an ETF listed in US
(GREK US) has continued to trade despite the Greek stock market closure in
late June.
China outflows continue as equity markets sell off
Since mid June, the Shanghai Composite Index had lost over 32%. This rout
had resulted in China focused ETFs listed globally to experience -$3.3bn of
outflows in June (-$18bn so far this year).
New thematic, smart beta and currency hedged product launches
Source launched two thematic ETFs that provide exposure to European and
Japanese exporting companies while Lyxor launched two min variance ETFs
on the FTSE Developed Europe and FTSE Emerging benchmarks. Several
currency hedged ETFs (details on pg 7) were also launched by UBS and
Blackrock.
10 July 2015
European Monthly ETF Market Review
Page 2 Deutsche Bank AG/London
Table of Contents
European Investment Trends ................................................................................... 3 ETF Comparatives: Mutual Funds, cash equity turnover ......................................... 6 Product Launch Activity ........................................................................................... 6 Other regions’ cash flow summary.......................................................................... 7
1. Investment Trends ...................................................... 8 Cross-Asset Class ETPs ........................................................................................... 8 Equity ETFs .............................................................................................................. 8 Fixed Income ETFs .................................................................................................11 Commodity ETPs ....................................................................................................11
2. Market Metrics .......................................................... 12 ETF Industry Asset Evolution ..................................................................................12 ETFs vs. Cash Equities ............................................................................................15 ETFs vs. Unlisted Mutual Funds .............................................................................17 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
................................................................................................................................19 Industry Growth Analysis ........................................................................................21
3. Cash Flow Analysis ................................................... 23 Regional Cash Flow Analysis ..................................................................................23 Asset Class Cash Flow Analysis .............................................................................23 Product Rankings ....................................................................................................28
4. Product Review ......................................................... 30 New Products Launched in the Month ...................................................................30 Average TERs .........................................................................................................33
5. Provider Rankings ..................................................... 36 Global Provider Rankings ........................................................................................36 European Provider Rankings – General ...................................................................38 European Provider Rankings – by Asset Class ........................................................42 European Provider Analysis by Replication Method ...............................................45
6. Trading Perspective .................................................. 46 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................46 Asset Class Analysis ...............................................................................................46 Product Rankings ....................................................................................................51
7. European ETF Exchanges ............................................ 56
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
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 3
European Investment Trends
Equities continued its positive run while Fixed Income ETFs saw redemptions
European domiciled ETPs recorded yet another month of inflows where we
observed +€1.6bn of inflows into ETPs. Equity ETFs registered inflows of
+€2.8bn which were partly offset by outflows from Fixed Income ETFs (-
€1.1bn) during the month of June. Commodity ETPs listed in Europe saw
outflows of -€0.2bn. Year-to-date flows for European listed ETPs is at +€35.9bn
as of the end of June.
US listed ETPs had another strong month with +$17.8bn of net inflow in June
(+$11.6bn in May). The equity segment was the largest contributor drawing
+$20bn of inflows. Flows for fixed income and commodity ETPs were negative
recording outflows of -$1.6bn and -$0.5mn respectively.
European equities, particularly German equities favoured over US equities
ETF investors, both in Europe and US, continued their preference for European
equities over US Equities. European equities exposed ETFs gathered over
+€3.3bn of inflows while ETFs with US equity exposure saw inflows of
€164mm in June. ETFs with exposure to German equities in particular
witnessed strong demand as shown in Figure 1 below. The top two European
products by inflows in Europe were ETFs benchmarked to the DAX (iShares
and db x-Trackers) while in the US, two products benchmarked to MSCI
Germany made it to the top 5 European exposed products.
Figure 1: Top 5 European exposed ETFs by monthly flows in Europe and US
ETF Name Bloomberg TER Underlying IndexJune '15
Flows ($mn)
Europe Listed
iShares Core DAX UCITS ETF DE DAXEX GR 0.16% DAX 544.5
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 0.09% DAX 456.7
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR 0.09% Euro STOXX 50 326.8
Vanguard FTSE 100 ETF VUKE LN 0.10% FTSE 100 319.3
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW 0.35% Euro STOXX 50 316.4
US Listed
WisdomTree Europe Hedged Equity Fund HEDJ US 0.58% WisdomTree Europe Hedged Equity 685.4
iShares MSCI Germany ETF EWG US 0.48% MSCI Germany 563.9
iShares MSCI United Kingdom ETF EWU US 0.47% MSCI United Kingdom 562.6
Vanguard FTSE Europe ETF VGK US 0.12% FTSE Developed Europe 432.0
iShares Currency Hedged MSCI Germany ETF HEWG US 0.53% MSCI Germany 266.2
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Fixed income ETFs experienced outflows for the second consecutive month
The selloff in bond markets which had started in late April continued in June
resulting in bond yields to rise to its highest level for the year in early June. As
a result European fixed income ETPs experienced net outflows for the second
consecutive month in 2015 (-€1.1bn). This was driven mainly by sovereign and
corporate bonds based ETFs from where investors’ pulled out over -€1.1bn and
-€0.5bn respectively which were partially offset by inflows into money markets
ETFs (+€0.5bn). Figure 3 illustrates the monthly trend of flows into Fixed
Income ETFs over the last 12 months.
10 July 2015
European Monthly ETF Market Review
Page 4 Deutsche Bank AG/London
Figure 2: Monthly inflows into Fixed Income ETFs over the last one year
(2,000)
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
Mo
nth
ly F
low
s (€
mn
)
Fixed Income ETFs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Greece crisis triggers significant increase in Greek ETF turnover
At the end of the June, the Greece crisis worsened as the government
announced the imposition of capital controls, closing of Greek banks and stock
exchanges for the short term. The referendum held by the Prime Minsiter
revealed that 61% of voters were against the proposed austerity measures by
the European Union. The Greece focused ETFs listed globally reacted to the
build up of these events in June and experienced $506mn of turnover in June
vs $262mn in May’15. However, total assets remained flat during June
($563mn).
Figure 3 below shows Greece equity ETFs listed globally with current assets,
turnover and monthly performance. GREK US is the only ETF that has
continued to trade despite the Greek stock market closure in late June. This
explains the significant difference in performance to the other ETFs listed
below.
Figure 3: Greece focused ETFs listed globally
Ticker Name TERJune'15
TO ($mn)
AUM
($mn)
Monthly
Perf. %
GREK US Global X FTSE Greece 20 ETF 0.65% 392 304.0 -17%
GRE FP Lyxor ETF FTSE Athex 20 0.45% 110 240.8 -4%
AETF GA Alpha ETF FTSE Athex 20 Large Cap Equity 0.38% 3 15.7 -7%
ETFASE GA NBGAM ETF Athex General Domestic Equities Fund 0.50% 0 3.0 -3% Monthly Performance was calculated by taking price of 29May vs 30 June 2015. Aum as of 30-June-2015. Source: Deutsche Bank, Bloomberg Finance LP, Reuters
China outflows continue as equity markets sell off
Chinese stock market had hit its all time high in June but has since sold off
significantly wiping out trillions of dollars from the country’s stock market.
Since mid June, the Shanghai Composite Index had lost over 32%. This rout
had resulted in China focused ETFs listed globally to experience -$3.3bn of
outflows in June (-$18bn so far this year).
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 5
Figure 4: Monthly flows into China focused ETFs listed globally
(10,000)
(8,000)
(6,000)
(4,000)
(2,000)
-
2,000
4,000
Mo
nth
ly F
low
s (
$m
n)
China focused ETFs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 6 Deutsche Bank AG/London
ETF Comparatives: Mutual Funds, cash equity turnover
European ETF turnover1 as a percentage of the region’s cash equities
turnover2, increased to 8.8% (from 8.6% in May’15) as of the end of June
2015. The equivalent number for the US market also increased to 24.6%
over the same period (from 23.4% in May’15).
European ETFs comprised 3.5% of the continent’s mutual fund industry as
of April 2015. European domiciled ETFs registered inflows of +€4.2bn
through April 2015, while UCITS mutual funds registered inflows totalling
+€67bn in the same period, according to mutual fund industry data
published by the European Fund and Asset Management Association
(EFAMA).
US ETFs comprised 15% of the mutual fund industry as of the end of May
2015. US domiciled ETFs registered inflows of +$13bn in May 2015, while
US mutual funds registered inflows of +$3bn over the same period,
according to mutual fund industry data published by the Investment
Company Institute (ICI).
Product Launch Activity
ETP launch calendar in June: 14 new launches
European ETP industry registered 14 new product launches during June
including 12 equity and 2 fixed income ETFs.
Equity
Source launched four equity ETFs during June. Two of these ETFs provide
USD hedged (EZXU LN) and unhedged (EZEX GY) exposure to European
exporting companies and another two provide EUR hedged (JEXE GY) and
unhedged (JPEX LN) exposure to Japanese exporting companies allowing
international exposure to investors. These ETFs were listed on the London
Stock Exchange and Deutsche Borse.
UBS launched four equity ETFs on the SIX Swiss Exchange. Two of these
ETFs provide GBP (S2HGBD SW) and SGD hedged (S2HSGA SW) exposure
to MSCI Switzerland 20/35 Index. Another two ETFs tracks performance of
MSCI Hong Kong Index (HKDU SW) and MSCI Singapore Index (SGPDU
SW).
Lyxor listed two quantitative strategy equity ETFs during June tracking
FTSE Developed Europe Min Variance Index (MVAE FP) and FTSE
Emerging Min Variance Index (MVMX LN). These ETFs were listed on
Euronext Paris and London Stock Exchanges respectively.
BlackRock listed an equity ETF (EMUC SW) tracking MSCI EMU 100%
Hedged to CHF Index. This ETF was listed on Six Swiss Exchange.
PowerShares listed quantitative strategy equity ETF (SPVX LN) during June
tracking S&P 500 Dynamic Veqtor Index. This ETF was listed on the
London Stock Exchange.
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
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 7
Fixed Income
Lyxor launched one fixed income ETF (SMART IM) on the Borsa Italiana
tracking EuroMTS Eonia Investable Index.
Source listed one fixed income ETF (STHC SW) providing exposure to the
BofA Merrill Lynch 0-5 Year US High Yield Constrained Index. This ETF
was listed on Six Swiss Exchange.
For additional information on new product launches and listings please refer to
Figure .
Other regions’ cash flow summary
US: Equity registered strong inflows, fixed income witness outflows
US domiciled ETPs recorded strong inflows of +$17.8bn (+$11.6bn in May’15)
taking YTD flows total to +$99.6bn. Most of the inflows were contributed by
equity ETFs registering +$20.1bn (+$12.9bn in May’15) while fixed income
ETFs experienced outflows of -$1.6bn during June 15. Commodity ETPs
remains in negative territory with outflows of -$0.5bn.
Within equities, the following segments and sub-segments saw significant
activity:
Segments: Developed Markets (+$10bn), Size (+$3.3bn), Sector (+$2.8bn),
Strategy (+$2.5bn), Style (+$1.5bn) and Emerging Markets (-$1.4bn)
Sub-segments: Global DM broad (+$4.3bn), Small Cap (+$3.9bn), Healthcare
(+$2.2bn), Europe DM broad (+$1.7bn), Japan (+$1.6bn), Financials (+$1.5bn),
and Large Cap (-$2bn).
Within fixed income, major outflows were recorded by ETFs benchmarked to
corporate bonds (-$3.5bn) which were partially offset by inflows into Sovereign
& Corporate bonds indices (+$0.6bn). Among commodity ETPs, cure oil and
gold based ETPs saw outflows of -$0.4bn and -$0.1bn respectively over the
last month.
Asia: Japan and Taiwan focused ETFs registered healthy inflows while China
saw outflows
Asia-Pacific ETPs comes into positive territory in terms of net flows at the end
of June. These ETPs experienced inflows of +$5bn last month (+$4.7bn in
May’15) bringing YTD flows total to +$5bn.
Majority of the region’s inflows were from equity ETFs recording +$4.6bn in
new money followed by inflows into fixed income ETFs (+$552mn). Within
equity, Japan and Taiwan focused ETFs registered inflows of +$3.5bn and
+$3.3bn respectively while China and South Korea focused ETFs experienced
outflows of -$3.1bn and -$0.5bn during Jun’15. Among other equity segments,
leveraged long strategy ETFs witnessed notable inflows of +$1.8bn in the
month of June.
Within fixed income, money market bond ETFs attracted +$447mn in new
money. While among commodities, crude oil based ETPs, recorded outflows of
-$153mn in June.
10 July 2015
European Monthly ETF Market Review
Page 8 Deutsche Bank AG/London
1. Investment Trends3
Cross-Asset Class ETPs
Figure 5: Cash flows by asset class – YTD
| ETPs | Europe |
Figure 6: Cash flows by asset class – Month
| ETPs | Europe |
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
€m
illio
ns
Equity Commodity Fixed Income Others
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
€m
illio
ns
Equity Commodity Fixed Income Others
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Equity ETFs
Figure 7: Top 3 aggregate equity segments – YTD
| ETFs | Europe |
Figure 8: Top 3 aggregate equity segments – Month
| ETFs | Europe |
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
€m
illio
ns
Developed Markets Strategy Capitalization
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
€m
illio
ns
Developed Markets Capitalization Global Markets
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
3 Investment trends as expressed by cumulative monthly and YTD cash flows
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 9
Figure 9: Top 3 DM countries – YTD | ETFs | Europe | Figure 10: Top 3 DM countries – Month | ETFs | Europe |
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
€m
illio
ns
Japan US Germany
-500
0
500
1,000
1,500
2,000
€m
illio
ns
Germany UK Switzerland
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 11: Top 3 DM regions – YTD
| ETFs | Europe |
Figure 12: Top 3 DM regions – Month
| ETFs | Europe |
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
€m
illio
ns
Europe North America Global
(600)
(400)
(200)
-
200
400
600
800
1,000
1,200
1,400
€m
illio
ns
Europe Asia Pacific Global
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 13: Top 3 EM countries – YTD
| ETFs | Europe |
Figure 14: Top 3 EM countries – Month
| ETFs | Europe |
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
€m
illio
ns
China India South Korea
-600
-500
-400
-300
-200
-100
0
100
200
300
400
€m
illio
ns
China India South Korea
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 10 Deutsche Bank AG/London
Figure 15: Top 3 EM regions – YTD
| ETFs | Europe |
Figure 16: Top 3 EM regions – Month
| ETFs | Europe |
(1,200)
(1,000)
(800)
(600)
(400)
(200)
-
200
400
600
€m
illio
ns
Global Asia Pacific Europe
(250)
(200)
(150)
(100)
(50)
-
50
100
150
€m
illio
ns
Global Asia Pacific Latin America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 17: Top 3 sectors – YTD
| ETFs | Europe |
Figure 18: Top 3 sectors – Month
| ETFs | Europe |
(200)
-
200
400
600
800
1,000
€m
illio
ns
Financials Consumer Discretionary Consumer Staples
(200)
(150)
(100)
(50)
-
50
100
150
€m
illio
ns
Energy Healthcare Information Technology
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 19: Top 3 strategy segments – YTD
| ETFs | Europe |
Figure 20: Top 3 strategy segments – Month
| ETFs | Europe |
(500)
-
500
1,000
1,500
2,000
2,500
€m
illio
ns
Quantitative Short Fundamental
(150)
(100)
(50)
-
50
100
150
200
250
300
350
€m
illio
ns
Leveraged Long Leveraged Short Short
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 11
Fixed Income ETFs
Figure 21: Top 3 aggregate fixed income segments –
YTD | ETFs | Europe |
Figure 22: Top 3 aggregate fixed income segments –
Month | ETFs | Europe |
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
€m
illio
ns
Corporates Sovereign Overall
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
€m
illio
ns
Sovereign Money Market Corporates
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Commodity ETPs
Figure 23: Top 3 aggregate commodity segments –
YTD | ETPs | Europe |
Figure 24: Top 3 aggregate commodity segments –
Month | ETPs | Europe |
-500
0
500
1,000
1,500
2,000
2,500
€m
illio
ns
Energy Overall Precious Metals
-300
-250
-200
-150
-100
-50
0
50
100
150
200
€m
illio
ns
Precious Metals Overall Industrial Metals
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 25: Top 5 commodity sub-segments – YTD
| ETPs | Europe |
Figure 26: Top 5 commodity sub-segments – Month
| ETPs | Europe |
-500
0
500
1,000
1,500
2,000
2,500
€m
illio
ns
Crude Oil Commodity Overall Gold Energy Overall Copper
-400
-300
-200
-100
0
100
200
€m
illio
ns
Gold Commodity Overall Crude Oil Platinum Industrial Metals Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 12 Deutsche Bank AG/London
2. Market Metrics
ETF Industry Asset Evolution
Figure 27: Global ETP regional asset growth | ETPs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Asia Pacific ($) 34.8 39.9 42.8 48.4 60.8 53.4 65.7 85.6 91.3 136.0 169.0 202.2 234.6
Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 458.6 498.7
US ($) 149.9 225.9 306.0 429.3 583.2 558.0 781.5 994.9 1,046.4 1,333.5 1,677.9 1,979.1 2,091.2
US, Europe & Asia Pacific ($) 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 2,639.9 2,824.5
Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 379.0 447.6
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,147
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETP
s
$ b
illion
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: Global ETPs (ETF,ETV & ETC) asset growth | ETPs | Global |
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 21.2
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 57.0
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 2,562.4 2,746.2
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 2,639.9 2,824.5
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,147
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETP
s
$ b
illion
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
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 13
Figure 29: Global ETF regional asset growth | ETFs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 201.8 234.2
Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.3 477.9
US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,922.4 2,034.2
US, Europe & Asia Pacific ($) 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 2,562.4 2,746.2
Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.2 428.9
Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,624
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
500
1,000
1,500
2,000
2,500
3,000
Num
ber
of
ETFs
$ b
illion
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 ETF asset growth by asset class | ETFs | Europe |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Other - - - - 96 168 1,078 1,995 1,549 1,620 955 1,410 1,607
Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,600
Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 102,35
Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,22 310,33
Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,27 362,19 428,89
Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,417 1,451
0
300
600
900
1,200
1,500
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Num
ber
of
ETFs
€m
illio
n
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
10 July 2015
European Monthly ETF Market Review
Page 14 Deutsche Bank AG/London
Figure 31: European Commodity ETP (ETF & ETC) asset growth by segment | ETPs | Europe |
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Livestock - - 1 21 63 49 67 59 40 17 19 18
Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 681
Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 954
Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,078 2,304
Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 4,440
Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 24,567
Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 32,965
Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 386
-
90
180
270
360
450
0
10,000
20,000
30,000
40,000
50,000
60,000
Num
ber
of
ETP
s
€m
illio
n
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 32: European ETPs (ETF & ETC) asset growth | ETPs | Europe |
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 18,735
ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,19 428,89
Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 379,00 447,62
Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,868 1,889
-
400
800
1,200
1,600
2,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Num
ber
of
ETP
s
€m
illion
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
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 15
ETFs vs. Cash Equities
Figure 33: ETFs vs. cash equities turnover – US market | ETFs | US |
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
ETFs v
s c
ash e
quitie
s
$ b
illion
Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Source: Deutsche Bank , Bloomberg Finance LP, Reuters
Figure 34: ETFs vs. cash equities turnover – European market | ETFs | Europe |
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0
100
200
300
400
500
600
700
800
900
ETFs v
s c
ash e
quitie
s
€billion
Cash Equities ETF Turnover ETFs vs Cash Equities (right axis)
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
10 July 2015
European Monthly ETF Market Review
Page 16 Deutsche Bank AG/London
Figure 35: Turnover Comparatives – ETF vs. Cash equities | ETFs | Global |
Region:
Statistic: ETFs Cash Equities1
ETFs vs CEs3 ETFs Cash Equities
2ETFs vs CEs
3 ETFs vs
CEsCEs ETFs
Date (A) (B) A/B (C) (D) C/D
Jan-11 44,775 678,671 6.6% 1,139,729 4,891,202 23.3% 3.5x 7.2x 25.5x
Feb-11 39,727 677,042 5.9% 1,111,786 4,644,687 23.9% 4.1x 6.9x 28.0x
Mar-11 56,650 800,579 7.1% 1,651,335 5,817,073 28.4% 4.0x 7.3x 29.2x
Apr-11 37,241 579,786 6.4% 1,077,243 4,638,417 23.2% 3.6x 8.0x 28.9x
May-11 43,260 689,545 6.3% 1,306,334 5,163,662 25.3% 4.0x 7.5x 30.2x
Jun-11 40,248 629,445 6.4% 1,521,226 5,323,852 28.6% 4.5x 8.5x 37.8x
Jul-11 49,408 637,911 7.7% 1,319,878 4,868,052 27.1% 3.5x 7.6x 26.7x
Aug-11 78,618 849,520 9.3% 2,607,718 7,953,225 32.8% 3.5x 9.4x 33.2x
Sep-11 60,255 664,144 9.1% 1,829,995 5,775,005 31.7% 3.5x 8.7x 30.4x
Oct-11 47,315 586,541 8.1% 1,766,121 5,688,208 31.0% 3.8x 9.7x 37.3x
Nov-11 48,824 585,429 8.3% 1,518,554 4,881,775 31.1% 3.7x 8.3x 31.1x
Dec-11 37,754 470,322 8.0% 1,222,458 4,126,527 29.6% 3.7x 8.8x 32.4x
Jan-12 38,802 532,019 7.3% 1,058,682 4,325,076 24.5% 3.4x 8.1x 27.3x
Feb-12 38,274 562,071 6.8% 1,098,599 4,534,757 24.2% 3.6x 8.1x 28.7x
Mar-12 40,586 603,623 6.7% 1,208,186 4,916,705 24.6% 3.7x 8.1x 29.8x
Apr-12 35,556 547,570 6.5% 1,127,926 4,511,294 25.0% 3.9x 8.2x 31.7x
May-12 40,192 567,481 7.1% 1,371,490 5,127,965 26.7% 3.8x 9.0x 34.1x
Jun-12 34,637 544,748 6.4% 1,227,990 4,568,078 26.9% 4.2x 8.4x 35.5x
Jul-12 34,709 516,002 6.7% 1,008,950 4,115,109 24.5% 3.6x 8.0x 29.1x
Aug-12 33,065 438,534 7.5% 905,592 3,908,430 23.2% 3.1x 8.9x 27.4x
Sep-12 35,699 515,771 6.9% 938,537 4,047,495 23.2% 3.4x 7.8x 26.3x
Oct-12 33,246 516,668 6.4% 1,015,281 4,273,995 23.8% 3.7x 8.3x 30.5x
Nov-12 31,865 457,274 7.0% 1,102,650 4,300,950 25.6% 3.7x 9.4x 34.6x
Dec-12 29,990 388,295 7.7% 1,043,483 4,035,958 25.9% 3.3x 10.4x 34.8x
Jan-13 41,368 520,486 7.9% 1,050,769 4,571,220 23.0% 2.9x 8.8x 25.4x
Feb-13 38,177 522,341 7.3% 1,014,370 4,333,513 23.4% 3.2x 8.3x 26.6x
Mar-13 37,049 537,460 6.9% 1,005,941 4,211,982 23.9% 3.5x 7.8x 27.2x
Apr-13 43,335 533,294 8.1% 1,282,375 4,988,895 25.7% 3.2x 9.4x 29.6x
May-13 41,900 545,873 7.7% 1,273,888 5,101,501 25.0% 3.3x 9.3x 30.4x
Jun-13 45,363 553,979 8.2% 1,548,668 5,079,507 30.5% 3.7x 9.2x 34.1x
Jul-13 36,399 504,648 7.2% 1,130,701 4,533,650 24.9% 3.5x 9.0x 31.1x
Aug-13 32,071 463,703 6.9% 1,110,628 4,343,795 25.6% 3.7x 9.4x 34.6x
Sep-13 33,269 520,579 6.4% 1,126,546 4,420,293 25.5% 4.0x 8.5x 33.9x
Oct-13 35,928 569,482 6.3% 1,389,248 5,458,653 25.5% 4.0x 9.6x 38.7x
Nov-13 32,917 522,320 6.3% 1,034,383 4,422,205 23.4% 3.7x 8.5x 31.4x
Dec-13 35,290 470,474 7.5% 1,152,234 4,694,747 24.5% 3.3x 10.0x 32.7x
Jan-14 47,555 615,780 7.7% 1,363,583 5,725,248 23.8% 3.1x 9.3x 28.7x
Feb-14 40,439 574,557 7.0% 1,318,969 5,440,230 24.2% 3.4x 9.5x 32.6x
Mar-14 41,224 629,592 6.5% 1,448,238 5,675,181 25.5% 3.9x 9.0x 35.1x
Apr-14 37,627 553,711 6.8% 1,387,681 5,746,223 24.1% 3.6x 10.4x 36.9x
May-14 35,846 542,175 6.6% 1,095,590 4,784,563 22.9% 3.5x 8.8x 30.6x
Jun-14 36,412 525,127 6.9% 1,027,002 4,772,810 21.5% 3.1x 9.1x 28.2x
Jul-14 39,749 534,478 7.4% 1,171,060 5,149,704 22.7% 3.1x 9.6x 29.5x
Aug-14 41,212 486,201 8.5% 1,112,387 4,529,181 24.6% 2.9x 9.3x 27.0x
Sep-14 40,885 569,717 7.2% 1,283,754 5,295,777 24.2% 3.4x 9.3x 31.4x
Oct-14 65,854 764,882 8.6% 2,181,253 7,491,505 29.1% 3.4x 9.8x 33.1x
Nov-14 46,065 606,888 7.6% 1,058,826 4,755,269 22.3% 2.9x 7.8x 23.0x
Dec-14 55,198 588,307 9.4% 1,733,218 6,081,196 28.5% 3.0x 10.3x 31.4x
Jan-15 69,583 734,963 9.5% 1,718,582 6,112,460 28.1% 3.0x 8.3x 24.7x
Feb-15 58,143 665,512 8.7% 1,221,851 5,242,460 23.3% 2.7x 7.9x 21.0x
Mar-15 75,698 796,097 9.5% 1,539,062 6,060,125 25.4% 2.7x 7.6x 20.3x
Apr-15 65,644 718,989 9.1% 1,297,812 5,518,235 23.5% 2.6x 7.7x 19.8x
May-15 57,277 668,610 8.6% 1,197,595 5,111,824 23.4% 2.7x 7.6x 20.9x
Jun-15 67,201 766,139 8.8% 1,420,153 5,762,644 24.6% 2.8x 7.5x 21.1x
Period 2,385,373 31,645,352 7.5% 69,876,110 271,852,089 25.7% 3.4x 8.7x 29.8x
Total 2011 584,074 7,848,935 7.4% 18,072,376 63,771,684 28.3% 3.8x 8.1x 30.9x
Total 2012 426,623 6,190,055 6.9% 13,107,366 52,665,812 24.9% 3.6x 8.6x 30.8x
Total 2013 453,065 6,264,638 7.2% 14,119,751 56,159,960 25.1% 3.5x 9.0x 31.3x
Total 2014 528,065 6,991,414 7.6% 16,181,562 65,446,885 24.7% 3.3x 9.4x 30.6x
Total 2015 393,546 4,350,309 9.0% 8,395,055 33,807,748 24.8% 2.7x 7.8x 21.3x
3 On-exchange turnover comparision between ETFs and Cash Equities.
Europe (€ million) USA ($ million)
Turnover
US vs Europe comparatives
1As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe.
2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange.
Source: Deutsche Bank , Bloomberg Finance LP, Reuters
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 17
ETFs vs. Unlisted Mutual Funds
Figure 36: European ETP vs mutual fund assets | ETPs | Europe |
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*
ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 2
ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 438
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% 3.5%
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% 3.5%
1.7%
2.2%
2.7%
3.2%
3.7%
4.2%
0
50
100
150
200
250
300
350
400
450
500
ETP
vs m
utu
al fu
nds
ETP
AU
M (
€billion)
*Data as of 30-Apr-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Figure 37: European ETP vs mutual fund cash flows | ETPs | Europe |
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
ETCs 0.28 -0.46 -0.60 -0.20 -0.99 -0.95 -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
ETFs 4.56 1.64 0.22 -0.30 0.65 -1.02 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 11.26 10.26 7.18 4.18
Mutual funds 53.30 40.50 40.90 49.40 39.10 -25.30 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
-40
-20
0
20
40
60
80
100
Cash F
low
s (
€billion)
Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
10 July 2015
European Monthly ETF Market Review
Page 18 Deutsche Bank AG/London
Figure 38: US ETP vs mutual fund assets | ETPs | US |
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*
ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 58
ETFs 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 2,068
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%
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% 15.1%
1.7%
3.7%
5.7%
7.7%
9.7%
11.7%
13.7%
15.7%
17.7%
0
500
1,000
1,500
2,000
2,500
ETP
vs m
utu
al fu
nds
ETP
AU
M (
$ b
illion)
*Data as of 5/29/2015. Source: Deutsche Bank, Bloomberg Finance LP, ICI
Figure 39: US ETP vs mutual fund cash flows | ETPs | US |
-80
-60
-40
-20
0
20
40
60
80
100
120
Cash flo
ws (
$ b
illion)
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
ETVs -0.71 -3.70 -1.75 -8.19 -3.92 -2.58 -1.18 -0.19 -0.41 -2.47 -1.37 -3.56 -0.93 0.70 0.33 -1.24 0.07 0.10 1.16 -0.10 -1.19 -0.46 -0.41 0.07 3.67 1.41 -0.96 -0.42 -1.30
ETFs 30.19 11.50 18.83 17.80 22.03 -8.23 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
Mutual funds 80.34 42.92 37.97 29.02 23.61 -58.82 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 2.95
Source: Deutsche Bank, Bloomberg Finance LP, ICI
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 19
European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
Figure 40: Historical Composition by ETF Structure | ETFs | Europe |
0
100
200
300
400
500
600
700
800
900
-
50
100
150
200
250
300
350
400
450
500
Num
ber
of
ETFs
AU
M (
€billion)
Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 41: European AUM ETF market historical asset class analysis by replication
technique | ETFs | Europe |
Physical Synthetic Physical Synthetic Physical Synthetic
AUM (€ million)
Equity 135,822 74,558 188,495 73,101 224,702 85,631
Fixed Income 45,672 14,773 67,114 19,062 79,144 23,208
Commodity 10,892 3,620 10,027 3,385 10,324 4,276
Others 352 1,175 344 1,065 470 1,138
Total 192,737 94,126 265,980 96,614 314,640 114,253
Equity 421 516 474 523 501 526
Fixed Income 165 161 179 164 190 159
Commodity 23 35 22 27 22 27
Others 9 20 9 20 10 16
Total 618 732 684 734 723 728
Equity 18,302 -3,209 22,993 3,072 2,554 276
Fixed Income 7,760 326 16,880 3,265 -1,105 -9
Commodity -4,360 -697 -1,577 160 -39 137
Others 62 -231 -34 -101 3 81
Total 21,764 -3,810 38,263 6,398 1,414 484
ETFs (number of products)
Cash Flows (€ million)
Jun-152013 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 20 Deutsche Bank AG/London
Figure 42: European ETF AUM by replication method
| ETFs | Europe |
Figure 43: European ETF flows by replication method
| ETFs | Europe |
€192,737
€265,980
€314,640
€94,126
€96,614
€114,253
0% 20% 40% 60% 80% 100%
2013
2014
Jun-15
Physical Synthetic
€21,764
€38,263
€24,927
€1,414
-€3,810
€6,398
€9,958
€484
-20% 0% 20% 40% 60% 80% 100%
2013
2014
2015
Jun-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 44: European ETFs product count by replication
method | ETFs | Europe |
Figure 45: European Equity ETFs AUM by replication
method | ETFs | Europe |
618
684
723
732
734
728
0% 20% 40% 60% 80% 100%
2013
2014
Jun-15
Physical Synthetic
€135,822
€188,495
€224,702
€74,558
€73,101
€85,631
0% 20% 40% 60% 80% 100%
2013
2014
Jun-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 46: European Fixed Income ETFs AUM by
replication method | ETFs | Europe |
Figure 47: European Commodity ETFs AUM by
replication method | ETFs | Europe |
€45,672
€67,114
€79,144
€14,773
€19,062
€23,208
0% 20% 40% 60% 80% 100%
2013
2014
Jun-15
Physical Synthetic
€10,892
€10,027
€10,324
€3,620
€3,385
€4,276
0% 20% 40% 60% 80% 100%
2013
2014
Jun-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 21
Industry Growth Analysis
Figure 48: Global ETF Industry growth attribution | ETFs | Global |
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
ETF a
sset pri
ce g
row
th c
ontr
ibution (l
ine)
ETF c
ash flo
w g
row
th c
ontr
ibuti
on (B
ars
)
Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15
Other flows 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 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 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 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%
Equity flows 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 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% 0.7% 1.0%
Price growth 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 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%
Total growth 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 49: US ETF Industry growth attribution | ETFs | US |
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15
Other flows 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% 0.0% 0.0%
Fixed Income flows 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 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%
Equity flows 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 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% 1.0%
Price growth 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 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%
Total growth 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 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% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 22 Deutsche Bank AG/London
Figure 50: European ETF Industry growth attribution | ETFs | Europe |
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
ETF a
sset pri
ce g
row
th c
ontr
ibution (L
ine)
ETF c
ash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15
Other flows -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -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%
Fixed Income flows 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 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%
Equity flows 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 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%
Price growth 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 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%
Total growth 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 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%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 51: European ETC Industry growth attribution | ETCs | Europe |
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
ETC
asset pri
ce g
row
th c
ontr
ibution (l
ine)
ETC
cash flo
ws g
row
th c
ontr
ibution (B
ars
)
Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15
Currency Flows 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 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%
Commodity Flows 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4%
Price growth -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 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% 0.5% -1.9% 1.9% -3.4%
Total growth -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8% -1.5% 1.8% -4.9%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 23
3. Cash Flow Analysis
Regional Cash Flow Analysis
Figure 52: Global ETP cash flows by region and asset class | ETPs | Global |
Asset Class US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total US EU ($) EU (€) Asia Total
ETFs
Equity 20,112 3,172 2,830 4,584 27,869 12,871 1,090 996 5,524 19,486 72,975 21,395 18,824 2,219 96,590
Fixed income -1,633 -1,262 -1,114 552 -2,344 -281 -927 -813 -806 -2,014 23,762 17,226 15,495 1,750 42,738
Commodity -42 111 98 -134 -66 73 239 213 -75 237 426 528 490 729 1,683
Currency -149 0 0 -6 -154 154 0 0 27 181 35 -14 -13 71 92
Multi Asset 38 -10 -9 0 28 -16 18 16 3 4 390 127 116 0 517
Alternative 66 104 93 9 179 111 -141 -127 13 -17 152 -31 -27 225 346
Total 18,393 2,115 1,898 5,005 25,512 12,913 279 284 4,686 17,878 97,740 39,232 34,885 4,993 141,966
ETCs/ETVs
Commodity -447 -304 -273 5 -745 -1,249 -8 -8 0 -1,257 1,190 1,266 1,057 -13 2,444
Currency -12 -38 -34 0 -50 -52 7 5 0 -45 355 -82 -72 0 273
Alternative -103 0 0 0 -103 -3 0 0 0 -3 285 0 0 0 285
Total -562 -342 -307 5 -898 -1,304 -2 -3 0 -1,306 1,831 1,185 985 -13 3,002
ETPs
Equity 20,112 3,172 2,830 4,584 27,869 12,871 1,090 996 5,524 19,486 72,975 21,395 18,824 2,219 96,590
Fixed income -1,633 -1,262 -1,114 552 -2,344 -281 -927 -813 -806 -2,014 23,762 17,226 15,495 1,750 42,738
Commodity -489 -193 -174 -129 -811 -1,176 231 205 -75 -1,020 1,616 1,795 1,546 716 4,126
Currency -160 -38 -34 -6 -205 103 7 5 27 136 390 -95 -84 71 366
Multi Asset 38 -10 -9 0 28 -16 18 16 3 4 390 127 116 0 517
Alternative -37 104 93 9 76 108 -141 -127 13 -21 437 -31 -27 225 631
Total 17,831 1,772 1,590 5,011 24,614 11,608 278 281 4,686 16,572 99,571 40,417 35,870 4,980 144,968
All figures in $ million except where otherwise stated
Jun-15 May-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Cash Flow Analysis
Figure 53: European Equity ETF cash flow summary (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets 3,069 0 0 0 3,069 1,251 0 0 -53 1,198 14,099 0 0 -208 13,891
Emerging Markets -305 0 0 0 -305 648 0 0 0 648 -710 0 0 0 -710
Global Markets -396 0 0 0 -396 -81 0 0 0 -81 -261 0 0 0 -261
Sector -43 0 0 0 -43 -265 0 0 0 -265 727 0 0 0 727
Capitalization 414 0 0 0 414 114 0 0 0 114 1,361 0 0 0 1,361
Strategy 100 124 -129 1 96 30 -3 -57 10 -20 1,161 900 237 -18 2,280
Style 51 0 0 0 51 -546 0 0 0 -546 1,043 0 0 0 1,043
Thematic -56 0 0 0 -56 -52 0 0 0 -52 492 0 0 0 492
Total equities 2,833 124 -129 1 2,830 1,099 -3 -57 -43 996 17,913 900 237 -226 18,824
Jun-15 May-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 24 Deutsche Bank AG/London
Figure 53A: European Equity ETF cash flow summary - A (€ Million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Sector -43 0 0 0 -43 -265 0 0 0 -265 727 0 0 0 727
Consumer discretionary 20 0 0 0 20 -34 0 0 0 -34 203 0 0 0 203
Consumer staples -28 0 0 0 -28 24 0 0 0 24 -129 0 0 0 -129
Energy -65 0 0 0 -65 -253 0 0 0 -253 22 0 0 0 22
Financials 5 0 0 0 5 151 0 0 0 151 557 0 0 0 557
Healthcare -47 0 0 0 -47 -32 0 0 0 -32 -92 0 0 0 -92
Industrials -15 0 0 0 -15 -82 0 0 0 -82 79 0 0 0 79
Information Technology 42 0 0 0 42 -6 0 0 0 -6 -42 0 0 0 -42
Materials 11 0 0 0 11 -78 0 0 0 -78 60 0 0 0 60
Telecommunications 27 0 0 0 27 75 0 0 0 75 81 0 0 0 81
Utilities 7 0 0 0 7 -31 0 0 0 -31 -12 0 0 0 -12
Capitalization 414 0 0 - 414 114 0 0 0 114 1,361 0 0 0 1,361
Large Cap -11 0 0 0 -11 -10 0 0 0 -10 -51 0 0 0 -51
Mid Cap 155 0 0 0 155 35 0 0 0 35 525 0 0 0 525
Small Cap 271 0 0 0 271 89 0 0 0 89 888 0 0 0 888
Strategy 100 124 -129 1 96 30 -3 -57 10 -20 1,161 900 237 -18 2,280
Fundamental 9 0 -9 0 0 9 0 -6 0 3 290 0 268 0 558
Leveraged Long 0 251 0 0 251 0 -14 0 0 -14 0 -130 0 0 -130
Leveraged Short 0 -97 0 0 -97 0 -43 0 0 -43 0 433 0 0 433
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 91 0 -120 1 -28 36 0 -51 10 -5 837 0 -31 -18 788
Short 0 -30 0 0 -30 -15 54 0 0 39 34 597 0 0 631
Style 51 0 0 0 51 -546 0 0 0 -546 1,043 0 0 0 1,043
Dividend 108 0 0 0 108 -538 0 0 0 538- 972 0 0 0 972
Growth -2 0 0 0 2- -6 0 0 0 6- 192 0 0 0 192
Value -55 0 0 0 55- -2 0 0 0 2- -121 0 0 0 121-
Thematic -56 0 0 0 -56 -52 0 0 0 -52 492 0 0 0 492
Commodities -6 0 0 0 6- -127 0 0 0 127- 70 0 0 0 70
Faith -7 0 0 0 7- 0 0 0 0 - -40 0 0 0 40-
Other Theme -29 0 0 0 29- 2 0 0 0 2 162 0 0 0 162
Sustainability -13 0 0 0 13- 73 0 0 0 73 300 0 0 0 300
Total 466 124 -129 1 462 -719 -3 -57 10 -769 4,784 900 237 -18 5,903
Jun-15 May-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 25
Figure 53B: European Equity ETF cash flow summary – B (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets
Europe 2,941 0 0 0 2,941 1,340 0 0 -53 1,287 13,818 0 0 -208 13,611
Austria 2 0 0 0 2 3 0 0 0 3 -32 0 0 0 -32
Belgium 0 0 0 0 0 -2 0 0 0 -2 0 0 0 0 0
Finland 0 0 0 0 0 1 0 0 0 1 4 0 0 0 4
France -74 0 0 0 -74 213 0 0 0 213 224 0 0 0 224
Germany 1,151 0 0 0 1,151 1,019 0 0 0 1,019 677 0 0 0 677
Greece 10 0 0 0 10 2 0 0 0 2 39 0 0 0 39
Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Italy 16 0 0 0 16 72 0 0 0 72 -2 0 0 0 -2
Netherlands 48 0 0 0 48 2 0 0 0 2 -5 0 0 0 -5
Norway -41 0 0 0 -41 2 0 0 0 2 -29 0 0 0 -29
Portugal 0 0 0 0 0 0 0 0 0 0 22 0 0 0 22
Spain 0 0 0 0 0 16 0 0 0 16 288 0 0 0 288
Sweden -24 0 0 0 -24 -45 0 0 0 -45 -7 0 0 0 -7
Switzerland 210 0 0 0 210 -188 0 0 0 -188 -277 0 0 0 -277
UK 381 0 0 0 381 -596 0 0 0 -596 437 0 0 0 437
Europe broad 1,262 0 0 0 1,262 840 0 0 -53 787 12,480 0 0 -208 12,272
Americas -46 0 0 0 -46 -529 0 0 0 -529 -2,912 0 0 0 -2,912
US 30 0 0 0 30 -388 0 0 0 -388 -2,622 0 0 0 -2,622
Canada -26 0 0 0 -26 -16 0 0 0 -16 -14 0 0 0 -14
North America -50 0 0 0 -50 -124 0 0 0 -124 -276 0 0 0 -276
Asia 250 0 0 0 250 264 0 0 0 264 2,919 0 0 0 2,919
Australia 7 0 0 0 7 -86 0 0 0 -86 -309 0 0 0 -309
Hong Kong -17 0 0 0 -17 12 0 0 0 12 103 0 0 0 103
Japan 391 0 0 0 391 327 0 0 0 327 3,226 0 0 0 3,226
Singapore -2 0 0 0 -2 3 0 0 0 3 3 0 0 0 3
Asia Pacific broad -129 0 0 0 -129 8 0 0 0 8 -104 0 0 0 -104
Global -76 0 0 0 -76 175 0 0 0 175 273 0 0 0 273
Broad indices -76 0 0 0 -76 175 0 0 0 175 273 0 0 0 273
DM Total 3,069 0 0 0 3,069 1,251 0 0 -53 1,198 14,099 0 0 -208 13,891
Jun-15 May-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 26 Deutsche Bank AG/London
Figure 53C: European Equity ETF cash flow summary – C (€ million) | ETFs | Europe |
Equity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Emerging Markets
BRIC -195 0 0 0 -196 -47 0 0 0 -47 -907 0 0 0 -908
Brazil 22 0 0 0 22 9 0 0 0 9 32 0 0 0 32
Russia 55 0 0 0 55 -3 0 0 0 -3 75 0 0 0 75
India 237 0 0 0 237 68 0 0 0 68 687 0 0 0 687
China -509 0 0 0 -509 -121 0 0 0 -121 -1,702 0 0 0 -1,702
Latin America -42 0 0 0 -42 32 0 0 0 32 -72 0 0 0 -72
Chile -3 0 0 0 -3 0 0 0 0 0 0 0 0 0 0
Mexico -10 0 0 0 -10 0 0 0 0 0 -42 0 0 0 -42
LATAM broad -30 0 0 0 -30 32 0 0 0 32 -31 0 0 0 -31
Asia 105 0 0 0 105 140 0 0 0 140 788 0 0 0 788
Bangladesh 0 0 0 0 0 0 0 0 0 0 3 0 0 0 3
Indonesia -3 0 0 0 -3 -1 0 0 0 -1 -5 0 0 0 -5
Malaysia -3 0 0 0 -3 -1 0 0 0 -1 -9 0 0 0 -9
Pakistan -2 0 0 0 -2 0 0 0 0 0 0 0 0 0 0
Philippines -14 0 0 0 -14 0 0 0 0 0 -7 0 0 0 -7
South Korea 86 0 0 0 86 278 0 0 0 278 405 0 0 0 405
Taiwan -39 0 0 0 -39 -16 0 0 0 -16 -43 0 0 0 -43
Thailand -2 0 0 0 -2 -3 0 0 0 -3 -4 0 0 0 -4
Vietnam 7 0 0 0 7 -10 0 0 0 -10 0 0 0 0 0
Asia Pacific broad 75 0 0 0 75 -108 0 0 0 -108 447 0 0 0 447
EMEA 4 0 0 0 4 31 0 0 0 31 3 0 0 0 3
Kuwait 0 0 0 0 0 0 0 0 0 0 4 0 0 0 4
Poland 1 0 0 0 1 6 0 0 0 6 17 0 0 0 17
South Africa 3 0 0 0 3 -12 0 0 0 -12 2 0 0 0 2
Turkey 14 0 0 0 14 13 0 0 0 13 25 0 0 0 25
Europe broad -23 0 0 0 -23 21 0 0 0 21 -79 0 0 0 -79
Middle East & Africa 10 0 0 0 10 3 0 0 0 3 34 0 0 0 34
Global Markets -176 0 0 0 -176 492 0 0 0 492 -521 0 0 0 -521
Global -176 0 0 0 -176 492 0 0 0 492 -521 0 0 0 -521
EM Total -305 0 0 0 -305 648 0 0 0 648 -710 0 0 0 -710
Total (EM + DM) 2,763 0 0 0 2,763 1,898 0 0 -53 1,846 13,390 0 0 -208 13,182
Jun-15 May-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 54: European Fixed Income ETF cash flows (€ million) | ETFs | Europe |
Fixed Income Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall -32 0 0 52 20 -323 0 0 79 -244 369 0 0 401 770
Corporates -472 0 0 0 -473 248 0 0 3 251 8,779 0 0 120 8,899
Covered Bonds -36 0 0 -3 -39 -17 0 0 -39 -57 -291 0 0 -4 -295
Credit Exposure -46 -1 0 0 -47 3 -4 0 0 0 56 70 0 0 126
Sovereign -971 -132 0 -3 -1,106 -1,168 216 0 -10 -963 4,839 447 0 -49 5,238
Money Market 530 0 0 0 530 199 0 0 0 199 757 0 0 0 757
Total Fixed Income -1,027 -133 0 46 -1,114 -1,058 212 0 32 -813 14,509 518 0 469 15,495
YTDJun-15 May-15
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 27
Figure 55: European Commodity ETP cash flow summary (€ million) | ETPs | Europe |
Commodity Cash Flows
All figures in € million Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 128 2 2 0 132 137 0 17 0 154 697 -3 0 0 694
Overall 125 2 2 0 129 125 0 17 0 141 686 -3 0 0 683
Overall ex Energy 3 0 0 0 3 12 0 0 0 12 10 0 0 0 10
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 9 -9 0 0 0 46 18 0 0 64 39 44 0 0 83
Overall 2 0 0 0 2 27 0 0 0 27 -36 0 0 0 -36
Cocoa 1 0 0 0 1 0 -1 0 0 -1 1 -1 0 0 0
Coffee 0 -5 0 0 -5 9 16 0 0 25 23 28 0 0 51
Corn 0 -1 0 0 -1 2 1 0 0 3 -5 1 0 0 -4
Cotton -1 0 0 0 -1 -1 0 0 0 -1 -4 -3 0 0 -7
Grains 9 0 0 0 9 0 0 0 0 1 5 0 0 0 5
Softs 0 0 0 0 0 0 0 0 0 0 -1 0 0 0 -1
Soybean Oil -1 1 0 0 -1 0 0 0 0 0 -1 0 0 0 -1
Soybeans 0 0 0 0 0 0 0 0 0 1 -1 0 0 0 -1
Sugar 7 4 0 0 11 3 6 0 0 8 52 15 0 0 67
Wheat -8 -7 0 0 -15 6 -4 0 0 1 6 3 0 0 9
Energy -55 3 0 0 -52 -145 -8 0 0 -152 800 175 0 0 974
Overall 9 0 0 0 9 47 0 0 0 47 96 0 0 0 96
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Crude Oil -74 -6 0 0 -80 -181 22 0 0 -159 680 133 0 0 814
Gasoline -1 0 0 0 -1 2 0 0 0 2 4 1 0 0 5
Heating Oil 0 1 0 0 1 0 0 0 0 0 4 1 0 0 4
Natural Gas 10 9 0 0 18 -12 -30 0 0 -41 16 39 0 0 55
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
Industrial Metals -57 -1 0 0 -59 83 -3 0 0 80 -33 -25 0 0 -58
Overall -40 0 0 0 -40 67 0 0 0 67 27 -19 0 0 9
Aluminium -4 1 0 0 -3 60 1 0 0 61 25 0 0 0 25
Copper -18 -2 0 0 -20 -43 -7 0 0 -50 -70 -18 0 0 -87
Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Nickel 3 -1 0 0 3 1 4 0 0 4 -16 9 0 0 -8
Tin 0 1 0 0 1 0 0 0 0 0 1 2 0 0 3
Zinc 1 0 0 0 1 -2 0 0 0 -2 1 0 0 0 1
Precious Metals -200 7 0 0 -193 78 -17 0 0 61 -2 -145 0 0 -148
Overall -3 0 0 0 -3 3 0 0 0 3 21 0 0 0 21
Gold -131 -10 0 0 -142 65 -12 0 0 53 -29 -109 0 0 -137
Palladium -6 0 0 0 -6 4 0 0 0 4 -60 0 0 0 -60
Platinum -44 1 0 0 -43 2 0 0 0 1 -53 2 0 0 -51
Rhodium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Silver -16 16 0 0 1 4 -5 0 0 -1 118 -39 0 0 80
Livestock -1 -1 0 0 -2 -1 0 0 0 -1 1 0 0 0 1
Overall 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cattle -1 -1 0 0 -1 -1 0 0 0 -1 -1 -1 0 0 -2
Lean Hogs 0 0 0 0 0 0 0 0 0 0 2 0 0 0 2
Total -177 0 2 0 -174 198 -10 17 0 205 1,502 44 0 0 1,546
Jun-15 May-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 28 Deutsche Bank AG/London
Product Rankings
Figure 56: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 484.3 692.4 -1,404.1
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 406.9 262.3 1,257.1
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 291.4 132.8 1,150.2
Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 283.4 -201.0 -73.3
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 282.1 -113.5 587.3
Amundi ETF MSCI Japan UCITS ETF CJ1 FP Amundi Beta 259.1 7.4 440.8
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 254.9 338.0 1,373.0
Amundi ETF MSCI India UCITS ETF CI2 FP Amundi Beta 207.2 -8.9 216.1
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 204.2 209.5 1,134.7
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 190.5 418.3 635.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 57: Top 10 monthly Fixed Income ETF inflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta 507.4 0.0 507.4
iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta 135.8 12.1 218.6
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 132.5 86.5 435.8
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 126.4 42.4 345.7
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 125.4 -33.1 188.9
ComStage ETF iBoxx Euro Liquid Sovereigns Diversified Overall TR CBOXESOV GR ComStage Beta 120.9 25.2 146.2
Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta 104.4 2.2 229.9
db x-trackers II iBoxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR Deutsche AWM Beta 104.2 -2.4 34.8
Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 87.2 43.4 -74.3
iShares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta 74.6 37.4 89.0 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 58: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 51.7 10.4 111.6
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 51.1 -75.5 -119.4
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 49.3 96.6 206.9
iShares Physical Gold ETC SGLN LN Blackrock Beta 27.7 42.5 193.7
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 16.8 29.7 184.5
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 12.4 -134.6 175.5
EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta 9.8 13.2 36.0
db Physical Platinum ETC XPLA LN Deutsche AWM Beta 9.4 0.0 9.4
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 9.3 7.6 148.6
Boost Silver 3X Leverage Daily ETP 3SIL LN Boost Beta+ 9.1 -1.0 10.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 29
Figure 59: Top 10 monthly Equity ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares MSCI AC Far East ex-Japan UCITS ETF IFFF LN BlackRock Beta -299.3 -46.5 -385.0
Deka EURO STOXX 50 UCITS ETF ETFSX5E GR Deka Investment GmbH Beta -202.1 0.0 -135.5
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -193.3 -412.3 -3,167.5
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta -191.9 9.5 30.7
Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi Beta -174.7 149.9 325.7
iShares MSCI Pacific ex-Japan UCITS ETF (Inc) IPXJ LN BlackRock Beta -140.0 8.1 -56.8
db x-trackers CSI300 Index UCITS ETF 1C XCHA LN Deutsche AWM Beta -113.9 -24.8 -474.7
Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta -108.5 -164.6 252.2
db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D RQFI GY Deutsche AWM Beta -107.2 -50.2 -579.7
Source STOXX Europe 600 UCITS ETF SDJ600 GR Source Beta -94.0 272.7 295.8 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 60: Top 10 monthly Fixed Income ETF outflows (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta -420.9 -355.8 1,162.3
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta -351.9 -114.9 -642.1
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta -268.2 -56.5 -77.9
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta -207.1 -40.1 -83.5
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta -164.9 -28.4 328.4
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta -120.5 -140.3 419.9
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta -84.4 -120.1 86.3
db x-trackers II iBoxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR Deutsche AWM Beta -81.8 20.4 -76.0
ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR ComStage Beta+ -74.2 80.9 227.0
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta -73.8 205.0 1,261.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 61: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
ETFS Physical Gold PHAU LN ETF Securities Beta -103.9 36.4 -449.8
Gold Bullion Securities GBS LN ETF Securities Beta -51.5 7.8 -19.1
Source Physical Platinum P-ETC SPPT LN Source Beta -41.0 0.0 -39.2
db Industrial Metals Booster Euro Hedged ETC XCTG GR Deutsche AWM Beta -28.0 31.7 -10.3
db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AWM Beta -21.9 -21.8 14.4
db Physical Gold ETC XGLD LN Deutsche AWM Beta -20.5 0.0 6.5
ETFS WTI Crude Oil CRUD LN ETF Securities Beta -18.5 -61.3 270.3
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta -18.4 0.0 101.9
ETFS Copper COPA LN ETF Securities Beta -18.1 -43.1 -70.8
ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta -13.3 18.0 120.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 30 Deutsche Bank AG/London
4. Product Review
New Products Launched in the Month
Figure 62: Number of ETPs by Asset Class | ETPs | Global |
Jun-15 May-15 End of 2014
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 2,719 65.6% 2,672 47 65.2% 2,580 139 64.6%
Fixed income 687 16.6% 683 4 16.7% 664 23 16.6%
Commodity 107 2.6% 107 - 2.6% 106 1 2.7%
Currency 15 0.4% 15 - 0.4% 17 (2) 0.4%
Multi Asset 43 1.0% 41 2 1.0% 45 (2) 1.1%
Alternative 53 1.3% 50 3 1.2% 48 5 1.2%
Total 3,624 87.4% 3,568 56 87.1% 3,460 164 86.6%
ETC/Vs
Equity - 0.0% 0 - 0.0% 0 - 0.0%
Commodity 401 9.7% 400 1 9.8% 406 (5) 10.2%
Currency 118 2.8% 126 (8) 3.1% 126 (8) 3.2%
Alternative 4 0.1% 4 - 0.1% 4 - 0.1%
Total 523 12.6% 530 (7) 12.9% 536 (13) 13.4%
Total ETPs 4,147 100.0% 4,098 49 100.0% 3,996 151 100.0%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 63: Number of ETPs by Asset Class | ETPs | Europe |
Jun-15 May-15 End of 2014
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 1,027 54.4% 1,015 12 0.6% 998 29 1.6%
Fixed income 349 18.5% 347 2 0.1% 341 8 0.4%
Commodity 49 2.6% 49 - 0.0% 49 - 0.0%
Currency - 0.0% 0 - 0.0% 1 (1) -0.1%
Multi Asset 9 0.5% 9 - 0.0% 8 1 0.1%
Alternative 17 0.9% 17 - 0.0% 20 (3) -0.2%
Total 1,451 76.8% 1,437 14 0.7% 1,417 34 1.8%
ETCs
Commodity 337 17.8% 337 - 0.0% 342 (5) -0.3%
Currency 101 5.3% 109 (8) -0.4% 109 (8) -0.4%
Total 438 23.2% 446 (8) -0.4% 451 (13) -0.7%
Total ETPs 1,889 100.0% 1,883 6 0.3% 1,868 21 1.1%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Figure 64: New ETF launches & cross listings | ETFs | Europe |
Launch/ cross
listing dateBBG Ticker
Reuters
CodeIssuer ETF Name Asset class
Invest.
StrategyFocus
Market
flagBenchmark
Long
/Short/
Leverage
TERExchange
Listed
New Launches
5-Jun-15 JPEX LN JPEX.L Source Source STOXX Japan Exporters UCITS ETF Equity Beta Developed non-Europe DM Stoxx Japan International Exposure NTR Index 1L 0.35% London SE
5-Jun-15 EMUC SW EMUC.S BlackRock iShares MSCI EMU CHF Hedged UCITS ETF Equity Beta Eurozone DM MSCI EMU 100% Hedged to CHF Index 1L 0.38% Swiss SE
5-Jun-15 EZXU LN EZXU.L Source Source STOXX Eurozone Exporters UCITS ETF USD Hedged Equity Beta Eurozone DM EURO STOXX International Exposure USD Hedged Index 1L 0.35% London SE
8-Jun-15 JEXE GY JEXE.DE Source Source STOXX Japan Exporters UCITS ETF EUR Hedged Equity Beta Developed non-Europe DM Stoxx Japan International Exposure NTR EUR Hedged Index 1L 0.35% Deutsche Borse
8-Jun-15 EZEX GY EZEX.DE Source Source STOXX Eurozone Exporters UCITS ETF Equity Beta Eurozone DM EURO STOXX International Exposure Index 1L 0.35% Deutsche Borse
9-Jun-15 SMART IM SMART.MI Lyxor LYXOR UCITS ETF Smart Cash C-EUR Fixed Income Beta Overall DM EuroMTS Eonia Investable 1L 0.05% Borsa Italiana
11-Jun-15 S2HGBD SW S2HGBD.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% Swiss SE
11-Jun-15 S2HSGA SW S2HSGA.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to SGD Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to SGD 1L 0.30% Swiss SE
11-Jun-15 HKDU SW HKDU.S UBS UBS ETF MSCI Hong Kong UCITS ETF A-dis Equity Beta Developed non-Europe DM MSCI Hong Kong Index 1L 0.45% Swiss SE
11-Jun-15 SGPDU SW SGPDU.S UBS UBS ETF - MSCI Singapore UCITS ETF A-dis Equity Beta Developed non-Europe DM MSCI Singapore Index 1L 0.45% Swiss SE
16-Jun-15 MVAE FP MVAE.PA Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% Euronext Paris
16-Jun-15 SPVX LN SPVX.L PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% London SE
17-Jun-15 MVMX LN MVMX.L Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% London SE
29-Jun-15 STHC SW STHC.S Source PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - CHF Hgd Acc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.60% Swiss SE
Cross-Listings & share classes
1-Jun-15 JPHG FP JPHG.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged GBP Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris
1-Jun-15 JPHE FP JPHE.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged EUR Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris
3-Jun-15 CRPX LN CRPX.L Lyxor Lyxor ETF Euro Corporate Bond Fixed Income Beta Overall DM Markit iBoxx Euro Liquid Corporate Overall Index 1L 0.20% London SE
9-Jun-15 FEXD LN FEXD.L First Trust First Trust Large Cap Core AlphaDEX UCITS ETF Equity Beta Fundamental DM Defined Large Cap Core 1L 0.65% London SE
10-Jun-15 GDXJ SW GDXJ.S Van Eck Funds Market Vectors Junior Gold Miners UCITS ETF Equity Beta Commodities Overall Market Vectors Global Junior Gold Miners 1L 0.55% Swiss SE
10-Jun-15 GDX SW GDX.S Van Eck Funds Market Vectors Gold Miners UCITS ETF Equity Beta Commodities Overall NYSE Arca Gold Miners 1L 0.55% Swiss SE
10-Jun-15 CSH2 LN CSH2.L Lyxor LYXOR UCITS ETF Smart Cash C-GBP Fixed Income Beta Overall DM EuroMTS Eonia Investable 1L 0.13% London SE
11-Jun-15 S2HGBA SW S2HGBA.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% Swiss SE
11-Jun-15 UC93 LN UC93.L UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% London SE
11-Jun-15 UC94 LN UC94.L UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% London SE
15-Jun-15 XDNY LN XDNY.L Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 1C Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.20% London SE
15-Jun-15 SPVG LN SPVG.L PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% London SE
16-Jun-15 MVAM FP MVAM.PA Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% Euronext Paris
17-Jun-15 MVAM LN MVAM.L Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% London SE
17-Jun-15 MVAE LN MVAE.L Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% London SE
17-Jun-15 MVEX LN MVEX.L Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% London SE
19-Jun-15 SPVX IM SPVX.MI PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% Borsa Italiana
19-Jun-15 PSVX GY PSVX.DE PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% Deutsche Borse
22-Jun-15 HYBB IM HYBB.MI Lyxor Lyxor IBOXX EUR Liquid High Yield BB UCITS ETF Fixed Income Beta Overall DM Markit iBoxx EUR Corporates BB 1L 0.35% Borsa Italiana
26-Jun-15 EUXS SW EUXS.S BlackRock iShares MSCI Europe ex-UK GBP Hedged UCITS ETF Equity Beta Europe DM MSCI Europe ex-UK 100% Hedged to GBP Index 1L 0.40% Swiss SE
26-Jun-15 CNYA SW CNYA.S BlackRock iShares MSCI China A UCITS ETF Equity Beta Emerging Country EM MSCI China A International Index 1L 0.65% Swiss SE
26-Jun-15 NK4E SW NK4E.S BlackRock iShares JPX-Nikkei 400 EUR Hedged UCITS ETF Equity Beta Developed non-Europe DM JPX-nikkei 400 TR Index 1L 0.45% Swiss SE
29-Jun-15 LDCE SW LDCE.S Source PIMCO Low Duration Euro Corporate Bond Source UCITS ETF Fixed Income Alpha Overall Overall BofA Merrill Lynch 1-5 Yr Euro Corp. Bond Index 1L 0.39% Swiss SE
29-Jun-15 HDLV SW HDLV.S PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% Swiss SE
30-Jun-15 FRNU GY FRNU.DE Amundi AMUNDI ETF Floting Rate USD Corporate UCITS ETF Fixed Income Beta Overall DM Markit iBoxx USD FRN Liquid Corporates 100 1L 0.18% Deutsche Borse Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Figure 65: New ETC launches & cross listings | ETCs | Europe |
Launch/
cross listing
date
BBG
Ticker
Reuters
CodeIssuer ETC Name
Asset
class
Invest.
StrategyFocus Benchmark
Long
/Short/
Leverage
TERExchange
Listed
Cross-Listings & share classes
30-Jun-15 0LJC GY OLJC.DE Boost Boost WTI Oil ETC Commodity Beta Crude Oil NASDAQ Commodity Crude Oil ER 1L 0.25% Deutsche Borse
30-Jun-15 0LJD GY OLJD.DE Boost Boost Brent Oil ETC Commodity Beta Crude Oil NASDAQ Commodity Brent Crude Oil Index 1L 0.25% Deutsche Borse
30-Jun-15 0LJE GY OLJE.DE Boost Boost Gold ETC Commodity Beta Gold NASDAQ Commodity Gold ER 1L 0.25% Deutsche Borse
30-Jun-15 0LJF GY OLJF.DE Boost Boost Natural Gas ETC Commodity Beta Natural Gas NASDAQ Commodity Natural Gas ER 1L 0.25% Deutsche Borse Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 33
Average TERs
Figure 66: ETF TERs using simple average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.70% 7 1.48% 3 0.87% 10
Beta 0.40% 476 0.42% 441 0.41% 917
Beta+ 0.50% 2 0.51% 65 0.51% 67
Semi Active 0.54% 16 0.55% 17 0.55% 33
0.41% 501 0.43% 526 0.42% 1,027
Fixed Income Alpha 0.59% 8 0.39% 2 0.55% 10
Beta 0.24% 182 0.19% 133 0.22% 315
Beta+ NA NA 0.25% 24 0.25% 24
0.26% 190 0.20% 159 0.23% 349
Alternative Alpha NA NA 0.73% 5 0.73% 5
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.60% 7 0.57% 8
0.006 3 0.69% 14 0.68% 17
Commodity Beta 0.49% 22 0.49% 26 0.49% 48
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.49% 22 0.49% 27 0.49% 49
Currency Beta NA NA NA NA NA NA
NA NA NA NA NA NA
Multi Asset Beta NA 1 NA NA NA 1
Alpha 0.60% 6 0.73% 2 0.64% 8
0.60% 7 0.73% 2 0.64% 9
Total 0.38% 723 0.40% 728 0.39% 1,451
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 34 Deutsche Bank AG/London
Figure 67: ETC TERs using simple average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.51% 39 0.50% 39
Beta+ NA NA 0.91% 29 0.91% 29
Energy Beta NA NA 0.48% 52 0.46% 52
Beta+ NA NA 0.78% 47 0.78% 47
Industrial Metals Beta NA NA 0.49% 28 0.48% 28
Beta+ NA NA 0.89% 23 0.89% 23
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.50% 13 0.47% 13
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.45% 31 0.44% 20 0.43% 51
Beta+ NA NA 0.74% 39 0.74% 39
Commodity 0.45% 31 0.65% 306 0.62% 337
Currency Currency Beta NA NA 0.41% 40 0.41% 40
Beta+ NA NA 0.81% 61 0.81% 61
Currency NA NA 0.65% 101 0.65% 101
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 35
Figure 68: ETF TERs using AUM weighted average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.71% 7 0.95% 3 0.75% 10
Beta 0.33% 476 0.36% 441 0.34% 917
Beta+ 0.54% 2 0.48% 65 0.48% 67
Semi Active 0.57% 16 0.55% 17 0.56% 33
0.33% 501 0.37% 526 0.34% 1,027
Fixed Income Alpha 0.37% 8 0.39% 2 0.37% 10
Beta 0.26% 182 0.18% 133 0.24% 315
Beta+ NA NA 0.23% 24 0.23% 24
0.27% 190 0.19% 159 0.25% 349
Alternative Alpha NA NA 0.85% 5 0.85% 5
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.69% 7 0.56% 8
0.72% 3 0.78% 14 0.76% 17
Commodity Beta 0.42% 22 0.44% 26 0.42% 48
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.42% 22 0.44% 27 0.42% 49
Currency Beta NA NA NA NA NA NA
NA NA NA - NA -
Multi Asset Beta 0.40% 1 NA NA 0.40% 1
Alpha 0.68% 6 0.72% 2 0.72% 8
0.68% 7 0.72% 2 0.72% 8
Total 0.32% 723 0.34% 728 0.33% 1,451
Synthetic TotalPhysical
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 69: ETC TERs using AUM weighted average | ETCs | Europe |
Asset Class Segment Strategy TER Nu. TER Nu. TER Nu.
Commodity Agriculture Beta NA NA 0.53% 39 0.53% 39
Beta+ NA NA 0.98% 29 0.98% 29
Energy Beta NA NA 0.52% 52 0.52% 52
Beta+ NA NA 0.98% 47 0.98% 47
Industrial Metals Beta NA NA 0.49% 28 0.49% 28
Beta+ NA NA 0.98% 23 0.98% 23
Livestock Beta NA NA 0.49% 6 0.49% 6
Beta+ NA NA 0.98% 6 0.98% 6
Overall Beta NA NA 0.50% 13 0.50% 13
Beta+ NA NA 0.98% 4 0.98% 4
Precious Metals Beta 0.39% 31 0.37% 20 0.39% 51
Beta+ NA NA 0.97% 39 0.97% 39
Commodity 0.39% 31 0.53% 306 0.44% 337
Currency Currency Beta NA NA 0.39% 40 0.39% 40
Beta+ NA NA 0.91% 61 0.91% 61
Currency NA NA 0.76% 101 0.76% 101
TotalPhysical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 36 Deutsche Bank AG/London
5. Provider Rankings
Global Provider Rankings
Figure 70: Global Top 10 ETF Providers ($ million) | ETFs | Global |
Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,035,363 37.7% 975,205 38.1% 611 7,566 445,685 51,728
2 Vanguard 489,282 17.8% 443,404 17.3% 95 7,551 72,507 43,190
3 State Street 412,875 15.0% 453,738 17.7% 228 -2,719 716,135 -41,604
4 PowerShares 92,655 3.4% 91,378 3.6% 146 741 70,686 -247
5 Deutsche AWM 76,938 2.8% 58,319 2.3% 256 697 15,497 18,560
6 WisdomTree 61,530 2.2% 39,297 1.5% 85 1,248 18,990 20,316
7 Nomura Asset Management 56,596 2.1% 43,106 1.7% 46 2,490 32,976 7,299
8 Lyxor 52,606 1.9% 45,768 1.8% 222 503 14,663 6,299
9 First Trust 43,454 1.6% 33,266 1.3% 98 1,377 8,045 9,097
10 Charles Schwab 34,257 1.2% 26,922 1.1% 21 1,216 4,731 7,138
Total Top 10 2,355,555 85.8% 2,210,403 86.3% 1,808 20,670 1,399,914 121,776
Others 390,694 14.2% 352,041 13.7% 1,816 4,842 349,431 20,189
Global Total 2,746,249 100.0% 2,562,444 100.0% 3,624 25,512 1,749,345 141,966 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.
Figure 71: Global Top 10 ETC/V Providers ($ million) | ETCs/Vs | Global |
Rank Issuer Current AUM Mkt. Share 2014 AUM
2014 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 State Street 26,774 34.2% 27,325 35.3% 1 -162 12,550 309
2 ETF Securities 16,131 20.6% 16,586 21.4% 320 -319 2,931 88
3 BlackRock 12,723 16.3% 12,494 16.1% 8 194 2,886 501
4 PowerShares 6,670 8.5% 7,159 9.2% 11 -154 2,755 -349
5 United States Commodity Funds 3,805 4.9% 2,790 3.6% 11 -186 9,151 762
6 ProShares 3,623 4.6% 3,282 4.2% 19 -267 22,981 676
7 Deutsche AWM 2,414 3.1% 2,192 2.8% 28 -35 150 403
8 Source 1,981 2.5% 1,920 2.5% 4 -37 187 146
9 Deutsche Borse Commodities GmbH 1,896 2.4% 1,902 2.5% 1 0 121 0
10 Guggenheim Investments 1,175 1.5% 935 1.2% 9 20 2,841 274
Total Top 10 77,191 98.6% 76,584 98.9% 412 -945 56,551 2,810
Others 1,063 1.4% 880 1.1% 111 47 905 192
Global Total 78,255 100.0% 77,464 100.0% 523 -898 57,456 3,002
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 37
Figure 72: Global Top 10 ETP Providers ($ million) | ETPs | Global |
Rank Issuer Current AUM Mkt. Share 2014 AUM
2014 Mkt.
Share Nu.
Current
Month CF
Current Month
TO YTD CF
1 BlackRock 1,048,086 37.1% 987,699 37.4% 619 7,760 448,571 52,229
2 Vanguard 489,282 17.3% 443,404 16.8% 95 7,551 72,507 43,190
3 State Street 439,648 15.6% 481,063 18.2% 229 -2,881 728,684 -41,295
4 PowerShares 99,324 3.5% 98,537 3.7% 157 587 73,441 -596
5 Deutsche AWM 79,352 2.8% 60,511 2.3% 284 662 15,647 18,964
6 WisdomTree 61,530 2.2% 39,297 1.5% 85 1,248 18,990 20,316
7 Nomura Asset Management 56,596 2.0% 43,106 1.6% 46 2,490 32,976 7,299
8 Lyxor 52,606 1.9% 45,768 1.7% 222 503 14,663 6,299
9 First Trust 43,454 1.5% 33,266 1.3% 98 1,377 8,045 9,097
10 Charles Schwab 34,257 1.2% 26,922 1.0% 21 1,216 4,731 7,138
Total Top 10 2,404,136 85.1% 2,259,572 85.6% 1,856 20,513 1,418,254 122,641
Others 420,368 14.9% 380,336 14.4% 2,291 4,101 388,547 22,327
Global Total 2,824,503 100.0% 2,639,908 100.0% 4,147 24,614 1,806,801 144,968
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.
10 July 2015
European Monthly ETF Market Review
Page 38 Deutsche Bank AG/London
European Provider Rankings – General
Figure 73: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |
All figures in € million except
products
Issuer Current
Month
End of
2014 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2014 Diff.
BlackRock 202,897 175,377 16% 198 -424 12,650 29,005 25,686 13% 267 256 4%
Deutsche AWM 53,088 44,558 19% 40 44 4,565 6,952 5,779 20% 232 246 -6%
Lyxor 47,214 37,823 25% 444 661 5,630 13,060 10,131 29% 222 215 3%
UBS 23,177 17,073 36% 275 150 4,124 2,020 2,012 0% 125 124 1%
Amundi 18,370 15,386 19% 342 108 1,589 3,427 3,305 4% 101 98 3%
Vanguard 15,406 12,538 23% 609 136 1,663 2,121 1,766 20% 13 13 0%
Source 14,723 12,625 17% 530 405 1,032 1,888 1,527 24% 78 76 3%
State Street 11,886 9,274 28% 130 -670 1,909 1,555 1,188 31% 65 60 8%
ComStage 7,102 5,391 32% -84 209 1,295 850 717 18% 102 98 4%
Deka Investment GmbH 6,598 6,433 3% -404 -189 -166 2,638 2,054 28% 44 42 5%
Zuercher Kantonalbank 6,313 6,032 5% -17 -8 -41 193 162 19% 4 4 0%
HSBC 5,426 5,363 1% -107 -211 -506 650 682 -5% 28 28 0%
BNP Paribas 4,505 3,756 20% 21 -150 345 189 180 5% 38 38 0%
Xact Fonder AB 2,651 2,379 11% -94 -30 39 1,357 1,073 27% 10 10 0%
Julius Baer Inv 2,125 2,060 3% -19 14 -32 60 58 2% 8 8 0%
PowerShares 1,690 1,465 15% -3 20 58 140 124 13% 21 19 11%
Ossiam 1,662 1,574 6% -84 -35 -77 86 95 -10% 8 7 14%
ThinkCapital ETFs N.V. 996 1,030 -3% 5 4 -68 107 95 13% 11 11 0%
ETF Securities 636 456 39% -26 -14 172 576 464 24% 17 14 21%
BBVA Gestion SA SGIIC 544 434 26% 12 40 87 73 38 91% 2 2 0%
Royal Bank of Scotland plc 424 379 12% -5 11 22 16 20 -20% 12 12 0%
Nomura Asset Management 241 0 NA 101 89 234 105 18 480% 3 0 NA
WisdomTree 205 13 1434% 18 96 197 56 32 74% 10 6 67%
Seligson & Co Fund Man 166 144 15% 0 1 4 5 15 -64% 1 1 0%
Raiffeisen Schweiz Genossenschaft 165 137 20% 2 2 16 6 4 41% 3 3 0%
DnB Kapitalforvaltning 125 112 12% 0 0 -2 31 13 140% 1 1 0%
Fundlogic Global Solutions plc 116 104 12% 0 0 0 0 0 -23% 1 1 0%
First Trust 97 53 83% 11 5 38 13 9 42% 4 4 0%
SEB Investment Management AB 93 82 14% 0 1 3 4 16 -73% 3 3 0%
Van Eck Funds 88 0 NA 0 0 102 9 5 71% 2 0 NA
Commerzbank AG 66 49 36% 0 0 11 1 1 9% 2 1 100%
UniCredit Bank 41 0 NA 0 42 42 0 1 -76% 1 0 NA
FinEx Fund Plc 34 28 21% 0 0 0 0 1 -75% 2 2 0%
Alpha Asset Management 14 16 -10% 0 0 0 3 0 3617% 1 1 0%
NBG Asset Management MFMC 6 6 -5% 0 0 0 0 0 -98% 2 2 0%
Boost 2 1 135% 0 0 1 3 2 7% 3 3 0%
Alpcot Capital Management 1 0 849% 0 0 0 0 0 -18% 1 1 0%
Swedbank Robur 0 19 -100% 0 -23 -23 0 2 -100% 0 3 -100%
Landsbankinn 0 0 NA 0 0 0 0 0 533% 1 1 0%
Nordea Investment Funds 0 0 NA 0 0 0 0 0 29% 2 2 0%
NCB Stockbrokers 0 24 -100% 0 0 -29 0 0 NA 0 1 -100%
Total 428,893 362,193 18% 1,898 284 34,885 67,201 57,276 17% 1451 1,417 2%
AUM Cash Flow Turnover Products
*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.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 39
Figure 74: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2014 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2014 Diff.
ETF Securities 12,135 11,282 8% -284 52 143 2,384 2,466 -3% 298 306 -3%
Deutsche AWM 2,167 1,811 20% -32 42 360 133 163 -18% 28 39 -28%
Source 1,778 1,586 12% -33 -131 128 167 299 -44% 4 4 0%
Deutsche Borse Commodities GmbH 1,701 1,572 8% 0 0 0 108 88 22% 1 1 0%
BlackRock 376 179 111% 27 41 195 35 48 -28% 4 4 0%
Royal Bank of Scotland plc 286 251 14% 0 0 18 0 4 -90% 6 7 -14%
Boost 178 42 320% 12 -10 125 667 540 23% 28 21 33%
Borse Stuttgart Securities GmbH 111 88 26% 3 2 17 5 4 30% 1 1 0%
Commerzbank AG 1 1 -3% 0 0 0 8 17 -52% 68 68 0%
Total 18,735 16,813 11% -307 -3 985 3,507 3,630 -3% 438 451 -3%
AUM Cash Flow Turnover Products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 40 Deutsche Bank AG/London
Figure 75: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
All figures in € million except products
Issuer Current
Month
End of
2014 Diff.
Current
Month
Prev.
Month YTD
Current
Month
Prev.
Month Diff.
Current
Month
End of
2014 Diff.
BlackRock 203,273 175,556 16% 226 -384 12,845 29,040 25,734 13% 271 260 4%
Deutsche AWM 55,255 46,369 19% 8 86 4,925 7,085 5,942 19% 260 285 -9%
Lyxor 47,214 37,823 25% 444 661 5,630 13,060 10,131 29% 222 215 3%
UBS 23,177 17,073 36% 275 150 4,124 2,020 2,012 0% 125 124 1%
Amundi 18,370 15,386 19% 342 108 1,589 3,427 3,305 4% 101 98 3%
Source 16,501 14,212 16% 497 275 1,160 2,055 1,825 13% 82 80 2%
Vanguard 15,406 12,538 23% 609 136 1,663 2,121 1,766 20% 13 13 0%
ETF Securities 12,771 11,738 9% -310 38 314 2,960 2,930 1% 315 320 -2%
State Street 11,886 9,274 28% 130 -670 1,909 1,555 1,188 31% 65 60 8%
ComStage 7,102 5,391 32% -84 209 1,295 850 717 18% 102 98 4%
Deka Investment GmbH 6,598 6,433 3% -404 -189 -166 2,638 2,054 28% 44 42 5%
Zuercher Kantonalbank 6,313 6,032 5% -17 -8 -41 193 162 19% 4 4 0%
HSBC 5,426 5,363 1% -107 -211 -506 650 682 -5% 28 28 0%
BNP Paribas 4,505 3,756 20% 21 -150 345 189 180 5% 38 38 0%
Xact Fonder AB 2,651 2,379 11% -94 -30 39 1,357 1,073 27% 10 10 0%
Julius Baer Inv 2,125 2,060 3% -19 14 -32 60 58 2% 8 8 0%
Deutsche Borse Commodities GmbH 1,701 1,572 8% 0 0 0 108 88 22% 1 1 0%
PowerShares 1,690 1,465 15% -3 20 58 140 124 13% 21 19 11%
Ossiam 1,662 1,574 6% -84 -35 -77 86 95 -10% 8 7 14%
ThinkCapital ETFs N.V. 996 1,030 -3% 5 4 -68 107 95 13% 11 11 0%
Royal Bank of Scotland plc 711 630 13% -5 11 40 16 24 -31% 18 19 -5%
BBVA Gestion SA SGIIC 544 434 26% 12 40 87 73 38 91% 2 2 0%
Nomura Asset Management 241 0 NA 101 89 234 105 18 480% 3 0 NA
WisdomTree 205 13 1434% 18 96 197 56 32 74% 10 6 67%
Boost 180 43 316% 12 -10 126 669 543 23% 31 24 29%
Seligson & Co Fund Man 166 144 15% 0 1 4 5 15 -64% 1 1 0%
Raiffeisen Schweiz Genossenschaft 165 137 20% 2 2 16 6 4 41% 3 3 0%
DnB Kapitalforvaltning 125 112 12% 0 0 -2 31 13 140% 1 1 0%
Fundlogic Global Solutions plc 116 104 12% 0 0 0 0 0 -23% 1 1 0%
Borse Stuttgart Securities GmbH 111 88 26% 3 2 17 5 4 30% 1 1 0%
First Trust 97 53 83% 11 5 38 13 9 42% 4 4 0%
SEB Investment Management AB 93 82 14% 0 1 3 4 16 -73% 3 3 0%
Van Eck Funds 88 0 NA 0 0 102 9 5 71% 2 0 NA
Commerzbank AG 68 50 35% 0 0 11 9 18 -50% 70 69 1%
UniCredit Bank 41 0 NA 0 42 42 0 1 -76% 1 0 NA
FinEx Fund Plc 34 28 21% 0 0 0 0 1 -75% 2 2 0%
Alpha Asset Management 14 16 -10% 0 0 0 3 0 3617% 1 1 0%
NBG Asset Management MFMC 6 6 -5% 0 0 0 0 0 -98% 2 2 0%
Alpcot Capital Management 1 0 849% 0 0 0 0 0 -18% 1 1 0%
Swedbank Robur 0 19 -100% 0 -23 -23 0 2 -100% 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 0 327% 0 0 NA
Nordea Investment Funds 0 0 NA 0 0 0 0 0 29% 2 2 0%
Landsbankinn 0 0 NA 0 0 0 0 0 533% 1 1 0%
Total 447,628 379,006 18% 1,590 281 35,870 70,708 60,906 16% 1,889 1,868 1%
ProductsAUM Cash Flow Turnover
*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.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 41
Figure 76: European ETP Providers tier market share | ETPs | Europe |
60% 65% 70% 75% 80% 85% 90% 95% 100%
Q2 14
Q3 14
Q4 14
Q1 15
Jun-15
Q2 14 Q3 14 Q4 14 Q1 15 Jun-15
Tier 1 69.8% 68.9% 68.6% 68.7% 68.3%
Tier 2 24.9% 26.9% 27.3% 27.2% 27.6%
Tier 3 5.3% 4.2% 4.2% 4.0% 4.1%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 42 Deutsche Bank AG/London
European Provider Rankings – by Asset Class
Figure 77: European ETF Providers (All) – Assets, Flows, Products, Turnover | ETFs | Europe |
Issuer Equity
Fixed
Income
Comm-
odity Others
Total
AUM
Mkt Share
% Nu.
Current
TO
Current
CF YTD CF
BlackRock 139,023 62,073 1,439 362 202,897 47.3% 267 29,005 198 12,650
Deutsche AWM 39,611 12,012 497 968 53,088 12.4% 232 6,952 40 4,565
Lyxor 37,466 8,592 1,095 61 47,214 11.0% 222 13,060 444 5,630
UBS 19,867 1,415 1,790 104 23,177 5.4% 125 2,020 275 4,124
Amundi 14,434 3,917 20 0 18,370 4.3% 101 3,427 342 1,589
Vanguard 15,293 113 0 0 15,406 3.6% 13 2,121 609 1,663
Source 9,459 4,992 231 42 14,723 3.4% 78 1,888 530 1,032
State Street 7,873 3,969 0 44 11,886 2.8% 65 1,555 130 1,909
ComStage 4,496 2,268 337 0 7,102 1.7% 102 850 -84 1,295
Deka Investment GmbH 4,469 2,128 0 0 6,598 1.5% 44 2,638 -404 -166
Zuercher Kantonalbank 0 0 6,313 0 6,313 1.5% 4 193 -17 -41
HSBC 5,426 0 0 0 5,426 1.3% 28 650 -107 -506
BNP Paribas 4,076 147 282 0 4,505 1.1% 38 189 21 345
Xact Fonder AB 2,651 0 0 0 2,651 0.6% 10 1,357 -94 39
Julius Baer Inv 90 0 2,035 0 2,125 0.5% 8 60 -19 -32
PowerShares 1,602 82 0 5 1,690 0.4% 21 140 -3 58
Ossiam 1,613 0 50 0 1,662 0.4% 8 86 -84 -77
ThinkCapital ETFs N.V. 524 462 0 10 996 0.2% 11 107 5 -68
ETF Securities 418 96 110 13 636 0.1% 17 576 -26 172
BBVA Gestion SA SGIIC 544 0 0 0 544 0.1% 2 73 12 87
Royal Bank of Scotland plc 190 0 234 0 424 0.1% 12 16 -5 22
Nomura Asset Management 241 0 0 0 241 0.1% 3 105 101 234
WisdomTree 205 0 0 0 205 0.0% 10 56 18 197
Seligson & Co Fund Man 166 0 0 0 166 0.0% 1 5 0 4
Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 2 16
DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 31 0 -2
Fundlogic Global Solutions plc 116 0 0 0 116 0.0% 1 0 0 0
First Trust 97 0 0 0 97 0.0% 4 13 11 38
SEB Investment Management AB 93 0 0 0 93 0.0% 3 4 0 3
Van Eck Funds 88 0 0 0 88 0.0% 2 9 0 102
Commerzbank AG 52 14 0 0 66 0.0% 2 1 0 11
UniCredit Bank 0 41 0 0 41 0.0% 1 0 0 42
FinEx Fund Plc 0 31 3 0 34 0.0% 2 0 0 0
Alpha Asset Management 14 0 0 0 14 0.0% 1 3 0 0
NBG Asset Management MFMC 6 0 0 0 6 0.0% 2 0 0 0
Boost 2 0 0 0 2 0.0% 3 3 0 1
Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0
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
Total 310,333 102,352 14,600 1,607 428,893 100.0% 1,451 67,201 1,898 34,885
All figures in € million except products
*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.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 43
Figure 78: European ETC Providers (All) – Assets, Flows, Products, Turnover | ETCs | Europe |
Issuer Commodity Currency Total AUM
Mkt
Share % Nu. Current TO Current CF YTD CF
ETF Securities 11,771 365 12,135 64.8% 298 2,384 -284 143
Deutsche AWM 2,167 0 2,167 11.6% 28 133 -32 360
Source 1,778 0 1,778 9.5% 4 167 -33 128
Deutsche Borse Commodities GmbH 1,701 0 1,701 9.1% 1 108 0 0
BlackRock 376 0 376 2.0% 4 35 27 195
Royal Bank of Scotland plc 286 0 286 1.5% 6 0 0 18
Boost 172 6 178 1.0% 28 667 12 125
Borse Stuttgart Securities GmbH 111 0 111 0.6% 1 5 3 17
Commerzbank AG 1 0 1 0.0% 68 8 0 0
Total 18,364 370 18,735 100.0% 438 3,507 -307 985
All figures in € million except products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 44 Deutsche Bank AG/London
Figure 79: European ETP Providers (All) – Assets, Flows, Products, Turnover | ETPs | Europe |
Issuer Equity
Fixed
Income Commodity Others
Total
AUM
Mkt Share
% Nu.
Current
TO
Current
CF YTD CF
BlackRock 139,023 62,073 1,815 362 203,273 45.4% 271 29,040 226 12,845
Deutsche AWM 39,611 12,012 2,664 968 55,255 12.3% 260 7,085 8 4,925
Lyxor 37,466 8,592 1,095 61 47,214 10.5% 222 13,060 444 5,630
UBS 19,867 1,415 1,790 104 23,177 5.2% 125 2,020 275 4,124
Amundi 14,434 3,917 20 0 18,370 4.1% 101 3,427 342 1,589
Source 9,459 4,992 2,009 42 16,501 3.7% 82 2,055 497 1,160
Vanguard 15,293 113 0 0 15,406 3.4% 13 2,121 609 1,663
ETF Securities 418 96 11,880 377 12,771 2.9% 315 2,960 -310 314
State Street 7,873 3,969 0 44 11,886 2.7% 65 1,555 130 1,909
ComStage 4,496 2,268 337 0 7,102 1.6% 102 850 -84 1,295
Deka Investment GmbH 4,469 2,128 0 0 6,598 1.5% 44 2,638 -404 -166
Zuercher Kantonalbank 0 0 6,313 0 6,313 1.4% 4 193 -17 -41
HSBC 5,426 0 0 0 5,426 1.2% 28 650 -107 -506
BNP Paribas 4,076 147 282 0 4,505 1.0% 38 189 21 345
Xact Fonder AB 2,651 0 0 0 2,651 0.6% 10 1,357 -94 39
Julius Baer Inv 90 0 2,035 0 2,125 0.5% 8 60 -19 -32
Deutsche Borse Commodities GmbH 0 0 1,701 0 1,701 0.4% 1 108 0 0
PowerShares 1,602 82 0 5 1,690 0.4% 21 140 -3 58
Ossiam 1,613 0 50 0 1,662 0.4% 8 86 -84 -77
ThinkCapital ETFs N.V. 524 462 0 10 996 0.2% 11 107 5 -68
Royal Bank of Scotland plc 190 0 521 0 711 0.2% 18 16 -5 40
BBVA Gestion SA SGIIC 544 0 0 0 544 0.1% 2 73 12 87
Nomura Asset Management 241 0 0 0 241 0.1% 3 105 101 234
WisdomTree 205 0 0 0 205 0.0% 10 56 18 197
Boost 2 0 172 6 180 0.0% 31 669 12 126
Seligson & Co Fund Man 166 0 0 0 166 0.0% 1 5 0 4
Raiffeisen Schweiz Genossenschaft 0 0 165 0 165 0.0% 3 6 2 16
DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 31 0 -2
Fundlogic Global Solutions plc 116 0 0 0 116 0.0% 1 0 0 0
Borse Stuttgart Securities GmbH 0 0 111 0 111 0.0% 1 5 3 17
First Trust 97 0 0 0 97 0.0% 4 13 11 38
SEB Investment Management AB 93 0 0 0 93 0.0% 3 4 0 3
Van Eck Funds 88 0 0 0 88 0.0% 2 9 0 102
Commerzbank AG 52 14 1 0 68 0.0% 70 9 0 11
UniCredit Bank 0 41 0 0 41 0.0% 1 0 0 42
FinEx Fund Plc 0 31 3 0 34 0.0% 2 0 0 0
Alpha Asset Management 14 0 0 0 14 0.0% 1 3 0 0
NBG Asset Management MFMC 6 0 0 0 6 0.0% 2 0 0 0
Alpcot Capital Management 1 0 0 0 1 0.0% 1 0 0 0
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
Total 310,333 102,352 32,965 1,978 447,628 100.0% 1,889 70,708 1,590 35,870
All figures in € million except products
*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.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 45
European Provider Analysis by Replication Method
Figure 80: European ETF Providers list by replication | ETFs | Europe|
AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs
European Providers
BlackRock Physical 138,694 173 62,073 86 717 3 362 1 201,845 99% 263
Synthetic 330 3 - - 722 1 - - 1,052 1% 4
Deutsche AWM Physical 24,503 51 61 1 - - 27 3 24,592 46% 55
Synthetic 15,108 91 11,950 79 497 3 941 4 28,496 54% 177
Lyxor Physical 698 9 3,877 20 - - - - 4,576 10% 29
Synthetic 36,768 156 4,714 24 1,095 6 61 7 42,638 90% 193
UBS Physical 17,386 67 1,412 21 1,092 7 - - 19,891 86% 95
Synthetic 2,481 19 3 1 698 8 104 2 3,286 14% 30
Amundi Physical 948 6 - - - - - - 948 5% 6
Synthetic 13,486 69 3,917 25 20 1 - - 17,423 95% 95
Vanguard Physical 15,293 12 113 1 - - - - 15,406 100% 13
Source Physical 1,291 13 4,856 11 - - 22 1 6,169 42% 25
Synthetic 8,168 48 136 2 231 1 19 2 8,554 58% 53
State Street Physical 7,873 41 3,969 23 - - 44 1 11,886 100% 65
ComStage Physical 100 2 - - - - - - 100 1% 2
Synthetic 4,397 75 2,268 24 337 1 - - 7,002 99% 100
Deka Investment GmbH Physical 4,453 24 2,128 19 - - - - 6,581 100% 43
Synthetic 17 1 - - - - - - 17 0% 1
Zuercher Kantonalbank Physical - - - - 6,313 4 - - 6,313 100% 4
HSBC Physical 5,426 28 - - - - - - 5,426 100% 28
BNP Paribas Physical 2,006 17 - - - - - - 2,006 45% 17
Synthetic 2,070 19 147 1 282 1 - - 2,499 55% 21
Xact Fonder AB Physical 2,247 4 - - - - - - 2,247 85% 4
Synthetic 404 6 - - - - - - 404 15% 6
Julius Baer Inv Physical 90 4 - - 2,035 4 - - 2,125 100% 8
PowerShares Physical 1,563 15 82 1 - - 5 1 1,650 98% 17
Synthetic 40 4 - - - - - - 40 2% 4
Ossiam Physical 46 1 - - - - - - 46 3% 1
Synthetic 1,567 6 - - 50 1 - - 1,617 97% 7
ThinkCapital ETFs N.V. Physical 524 5 462 3 - - 10 3 996 100% 11
ETF Securities Synthetic 341 10 - - 110 1 13 1 463 100% 12
Physical 77 2 96 3 - - - - 173 100% 5
BBVA Gestion SA Physical 544 2 - - - - - - 544 100% 2
RBS plc Synthetic 190 9 - - 234 3 - - 424 100% 12
Nomura Asset Management Physical 241 3 - - - - - - 241 100% 3
WisdomTree Physical 205 10 - - - - - - 205 100% 10
Seligson & Co Fund Mgmt. Physical 166 1 - - - - - - 166 100% 1
Raiffeisen Schweiz
Genossenschaft
Physical - - - - 165 3 - - 165 100% 3
DnB Kapitalforvaltning Physical 125 1 - - - - - - 125 100% 1
Fundlogic Global Solutions plc Synthetic 116 1 - - - - - - 116 100% 1
First Trust Physical 97 4 - - - - - - 97 100% 4
SEB Investment Management AB Synthetic 93 3 - - - - - - 93 100% 3
Van Eck Funds Physical 88 2 - - - - - - 88 100% 2
Commerzbank AG Synthetic 52 1 - - - - - - 52 100% 1
Physical - - 14 1 - - - - 14 100% 1
UniCredit Bank Synthetic - - 41 1 - - - - 41 100% 1
FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1
Synthetic - - 31 1 - - - - 31 90% 1
Alpha Asset Mgmt. Physical 14 1 - - - - - - 14 100% 1
NBG Asset Mgmt. Physical 3 1 - - - - - - 3 48% 1
Synthetic 3 1 - - - - - - 3 52% 1
Boost Synthetic 2 2 0 1 - - - - 2 100% 3
Alpcot Capital Mgmt Physical 1 1 - - - - - - 1 100% 1
Landsbankinn Physical - 1 - - - - - - - NA 1
Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2
Total 310,333 1,027 102,352 349 14,600 49 1,607 26 428,893 1,451
Total
All figures in € million except products
Replication
Method Equity Fixed Income Commodity Other
*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.
10 July 2015
European Monthly ETF Market Review
Page 46 Deutsche Bank AG/London
6. Trading Perspective
ETP Monthly Turnover Analysis by Asset Class, by Instrument
Figure 81: Turnover by asset class and instrument (€ million) | ETPs | Europe | YTD
Asset Class Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
ETFs
Equity 47,349 6,009 182 9 53,550 39,672 4,523 191 16 44,402 31,090 4,428 117 30 35,664 308,199
Fixed income 12,224 635 0 93 12,952 11,619 504 0 72 12,194 7,137 150 0 77 7,364 79,822
Commodity 573 0 3 0 576 536 0 3 0 538 796 0 1 0 797 4,622
Currency 0 0 0 0 - 0 0 0 0 - 1 0 0 0 1 7
Multi Asset 18 0 0 16 34 4 0 0 27 31 0 0 0 15 15 188
Alternative 29 0 7 52 88 43 0 12 56 111 47 0 12 71 131 704
Total 60,193 6,644 192 171 67,201 51,873 5,026 206 171 57,276 39,072 4,577 129 194 43,972 393,540
ETCs
Commodity 1,919 1,303 0 0 3,221 2,115 1,211 0 0 3,326 1,702 429 0 0 2,130 24,012
Currency 19 266 0 0 286 29 275 0 0 304 26 91 0 0 117 1,847
Total 1,938 1,569 0 0 3,507 2,144 1,486 0 0 3,630 1,728 520 0 0 2,248 25,859
Total ETPs 62,131 8,213 192 171 70,708 54,017 6,512 206 171 60,906 40,800 5,097 129 194 46,220 419,399
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 82: European Equity ETF Turnover Summary (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Developed Markets 35,607 0 0 8 35,615 28,705 0 0 15 28,720 21,803 0 0 27 21,830 201,143
Emerging Markets 4,347 0 0 0 4,347 4,353 0 0 0 4,353 4,108 0 0 0 4,108 31,012
Global Markets 1,059 0 0 0 1,059 1,034 0 0 0 1,034 659 0 0 0 659 5,310
Sector 3,264 0 0 0 3,264 2,747 0 0 0 2,747 2,166 0 0 0 2,166 19,098
Capitalization 615 0 0 0 615 659 0 0 0 659 613 0 0 0 613 4,402
Strategy 548 6,009 182 1 6,740 364 4,523 191 1 5,079 299 4,428 117 3 4,846 33,822
Style 1,573 0 0 0 1,573 1,510 0 0 0 1,510 1,179 0 0 0 1,179 10,829
Thematic 336 0 0 0 336 300 0 0 0 300 263 0 0 0 263 2,583
Total Equities 47,349 6,009 182 9 53,550 39,672 4,523 191 16 44,402 31,090 4,428 117 30 35,664 308,199
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 47
Figure 82A: European Equity ETF Turnover Summary – A (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Sector 3,264 0 0 0 3,264 2,747 0 0 0 2,747 2,166 0 0 0 2,166 19,098
Consumer discretionary 201 0 0 0 201 193 0 0 0 193 109 0 0 0 109 1196
Consumer staples 99 0 0 0 99 92 0 0 0 92 72 0 0 0 72 751
Energy 412 0 0 0 412 433 0 0 0 433 238 0 0 0 238 2659
Financials 1738 0 0 0 1,738 1269 0 0 0 1,269 984 0 0 0 984 8,668
Healthcare 219 0 0 0 219 211 0 0 0 211 133 0 0 0 133 1426
Industrials 143 0 0 0 143 151 0 0 0 151 144 0 0 0 144 1069
Information Technology 159 0 0 0 159 105 0 0 0 105 128 0 0 0 128 1070
Materials 135 0 0 0 135 136 0 0 0 136 215 0 0 0 215 1151
Telecommunications 89 0 0 0 89 75 0 0 0 75 65 0 0 0 65 516
Utilities 70 0 0 0 70 82 0 0 0 82 78 0 0 0 78 592
Capitalization 615 0 0 0 615 659 0 0 0 659 613 0 0 0 613 4,402
Large Cap 28 0 0 0 28 31 0 0 0 31 52 0 0 0 52 241
Mid Cap 240 0 0 0 240 261 0 0 0 261 173 0 0 0 173 1857
Small Cap 348 0 0 0 348 367 0 0 0 367 388 0 0 0 388 2,303
Strategy 548 6,009 182 1 6,740 364 4,523 191 1 5,079 299 4,428 117 3 4,846 33,822
Fundamental 16 0 91 0 107 13 0 79 0 92 143 0 56 0 199 772
Leveraged Long 0 3,146 0 0 3,146 0 2,554 0 0 2,554 0 2,254 0 0 2,254 16,505
Leveraged Short 0 2,020 0 0 2,020 0 1,389 0 0 1,389 0 1,736 0 0 1,736 9,232
Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Quantitative 531 0 91 1 624 352 0 112 1 465 155 0 61 3 219 3615
Short 0 843 0 0 843 0 580 0 0 580 0 437 0 0 437 3,698
Style 1,573 0 0 0 1,573 1,510 0 0 0 1,510 1,179 0 0 0 1,179 10,829
Dividend 1,448 0 0 0 1,448 1,412 0 0 0 1,412 1,079 0 0 0 1,079 9,866
Growth 34 0 0 0 34 45 0 0 0 45 23 0 0 0 23 396
Value 91 0 0 0 91 54 0 0 0 54 77 0 0 0 77 567
Thematic 336 0 0 0 336 300 0 0 0 300 263 0 0 0 263 2,583
Commodities 71 0 0 0 71 107 0 0 0 107 96 0 0 0 96 775
Cyclical 0 0 0 0 - 0 0 0 0 - - 0 0 0 - 0
Faith 11 0 0 0 11 13 0 0 0 13 20 0 0 0 20 98
Other Theme 69 0 0 0 69 59 0 0 0 59 65 0 0 0 65 707
Sustainability 186 0 0 0 186 121 0 0 0 121 83 0 0 0 83 1003
Total 6,336 6,009 182 1 12,529 5,580 4,523 191 1 10,295 4,520 4,428 117 3 9,067 70,734
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 48 Deutsche Bank AG/London
Figure 82B: European Equity ETF Turnover Summary – B (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Developed Markets
Europe 24,557 0 0 8 24,564 18,205 0 0 15 18,220 13,795 0 0 27 13,823 127,823
Austria 11 0 0 0 11 16 0 0 0 16 16 0 0 0 16 104
Belgium 3 0 0 0 3 3 0 0 0 3 2 0 0 0 2 25
Finland 5 0 0 0 5 15 0 0 0 15 9 0 0 0 9 74
France 439 0 0 0 439 293 0 0 0 293 342 0 0 0 342 3,041
Germany 6,653 0 0 0 6,653 4,312 0 0 0 4,312 3,368 0 0 0 3,368 30,620
Greece 101 0 0 0 101 48 0 0 0 48 70 0 0 0 70 526
Ireland 1 0 0 0 1 3 0 0 0 3 1 0 0 0 1 10
Italy 945 0 0 0 945 786 0 0 0 786 901 0 0 0 901 5,349
Netherlands 269 0 0 0 269 169 0 0 0 169 99 0 0 0 99 1,323
Norway 75 0 0 0 75 19 0 0 0 19 49 0 0 0 49 181
Portugal 27 0 0 0 27 32 0 0 0 32 27 0 0 0 27 164
Iceland 0 0 0 0 0 0 0 0 0 - 0 0 0 0 - 1
Spain 409 0 0 0 409 335 0 0 0 335 282 0 0 0 282 2,304
Sweden 338 0 0 0 338 400 0 0 0 400 308 0 0 0 308 2,000
Switzerland 948 0 0 0 948 888 0 0 0 888 824 0 0 0 824 8,731
UK 3,069 0 0 0 3,069 3,015 0 0 0 3,015 2,125 0 0 0 2,125 17,315
Europe broad 11,262 0 0 8 11,270 7,872 0 0 15 7,887 5,373 0 0 27 5,400 56,057
Americas 5,169 0 0 0 5,169 4,911 0 0 0 4,911 4,151 0 0 0 4,151 37,319
US 4,981 0 0 0 4,981 4,712 0 0 0 4,712 3,862 0 0 0 3,862 35,682
Canada 81 0 0 0 81 56 0 0 0 56 109 0 0 0 109 554
North America 106 0 0 0 106 143 0 0 0 143 180 0 0 0 180 1,082
Asia 2,817 0 0 0 2,817 3,184 0 0 0 3,184 2,217 0 0 0 2,217 20,165
Australia 45 0 0 0 45 98 0 0 0 98 89 0 0 0 89 507
Hong Kong 43 0 0 0 43 67 0 0 0 67 40 0 0 0 40 420
Japan 2,531 0 0 0 2,531 2,787 0 0 0 2,787 1,966 0 0 0 1,966 18,097
Singapore 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1 12
Asia Pacific broad 196 0 0 0 196 231 0 0 0 231 120 0 0 0 120 1,129
Global 3,065 0 0 0 3,065 2,406 0 0 0 2,406 1,638 0 0 0 1,638 15,837
Broad indices 3,065 0 0 0 3,065 2,406 0 0 0 2,406 1,638 0 0 0 1,638 15,837
DM Total 35,607 0 0 8 35,615 28,705 0 0 15 28,720 21,802 0 0 27 21,830 201,143
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 49
Figure 82C: European Equity ETF Turnover Summary – C (€ million) | ETFs | Europe | YTD
Equity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Emerging Markets
BRIC 1,964 0 0 0 1,964 1,534 0 0 0 1,534 1,319 0 0 0 1,320 12,761
Brazil 134 0 0 0 134 140 0 0 0 140 273 0 0 0 273 1,116
Russia 217 0 0 0 217 189 0 0 0 189 318 0 0 0 318 1,699
India 395 0 0 0 395 286 0 0 0 286 220 0 0 0 220 2,598
China 1,218 0 0 0 1,218 919 0 0 0 919 509 0 0 0 509 7,348
Latin America 67 0 0 0 67 112 0 0 0 112 170 0 0 0 170 783
Chile 3 0 0 0 3 2 0 0 0 2 5 0 0 0 5 38
Mexico 13 0 0 0 13 23 0 0 0 23 54 0 0 0 54 218
LATAM broad 50 0 0 0 50 87 0 0 0 87 112 0 0 0 112 527
Asia 707 0 0 0 707 720 0 0 0 720 451 0 0 0 451 4,511
Bangladesh 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 8
Indonesia 31 0 0 0 31 27 0 0 0 27 35 0 0 0 35 260
Malaysia 9 0 0 0 9 17 0 0 0 17 23 0 0 0 23 133
Pakistan 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 18
Philippines 9 0 0 0 9 6 0 0 0 6 7 0 0 0 7 86
South Korea 189 0 0 0 189 201 0 0 0 201 149 0 0 0 149 1,095
Taiwan 122 0 0 0 122 105 0 0 0 105 62 0 0 0 62 727
Thailand 6 0 0 0 6 19 0 0 0 19 21 0 0 0 21 107
Vietnam 86 0 0 0 86 26 0 0 0 26 32 0 0 0 32 250
Asia Pacific broad 254 0 0 0 254 314 0 0 0 314 119 0 0 0 119 1,827
EMEA 223 0 0 0 223 217 0 0 0 217 334 0 0 0 334 1,470
Kuwait 0 0 0 0 0 0 0 0 0 0 2 0 0 0 2 9
Poland 10 0 0 0 10 12 0 0 0 12 13 0 0 0 13 62
South Africa 26 0 0 0 26 21 0 0 0 21 29 0 0 0 29 148
Turkey 99 0 0 0 99 84 0 0 0 84 163 0 0 0 163 642
Europe broad 78 0 0 0 78 84 0 0 0 84 114 0 0 0 114 527
Middle East & Africa 8 0 0 0 8 16 0 0 0 16 13 0 0 0 13 81
Global Markets 1,385 0 0 0 1,385 1,771 0 0 0 1,771 1,833 0 0 0 1,833 11,487
Global 1,385 0 0 0 1,385 1,771 0 0 0 1,771 1,833 0 0 0 1,833 11,487
EM Total 4,347 0 0 0 4,347 4,353 0 0 0 4,353 4,108 0 0 0 4,108 31,012
Total (EM + DM) 39,954 0 0 8 39,962 33,059 0 0 15 33,073 25,910 0 0 28 25,938 232,155
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 83: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | YTD
Fixed Income Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Overall 311 0 0 79 390 374 0 0 58 432 210 0 0 65 276 2,744
Corporates 4,989 0 0 7 4,996 3,948 0 0 2 3,950 2,496 0 0 1 2,496 27,953
Covered Bonds 163 0 0 3 166 139 0 0 10 149 113 0 0 5 118 892
Credit Exposure 40 13 0 0 53 16 9 0 0 25 14 9 0 0 24 205
Sovereign 6,134 623 0 3 6,759 6,724 494 0 2 7,221 4,054 140 0 7 4,201 44,881
Money Market 588 0 0 0 588 417 0 0 0 417 249 0 0 0 249 3,148
Total Fixed Income 12,224 635 0 93 12,952 11,619 504 0 72 12,194 7,137 150 0 77 7,364 79,822
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 50 Deutsche Bank AG/London
Figure 84: European Commodity ETP Turnover summary (€ million) | ETPs | Europe | YTD
Commodity Turnover Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Total
Overall 269 3 3 0 275 256 0 3 0 259 273 2 1 0 275 1,779
Overall 242 3 3 0 248 235 0 3 0 238 254 2 1 0 257 1639
Overall ex Energy 27 0 0 0 27 20 0 0 0 20 18 0 0 0 18 139
Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Agriculture 161 171 0 0 331 158 163 0 0 321 120 95 0 0 215 1,364
Overall 39 1 0 0 40 70 2 0 0 72 46 1 0 0 47 231
Cocoa 2 3 0 0 5 2 2 0 0 4 2 2 0 0 4 28
Coffee 20 47 0 0 68 24 58 0 0 82 18 38 0 0 57 327
Corn 6 9 0 0 15 8 7 0 0 15 10 6 0 0 16 71
Cotton 6 4 0 0 10 2 3 0 0 5 5 4 0 0 9 42
Grains 20 0 0 0 20 2 1 0 0 3 5 1 0 0 5 36
Softs 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 4
Soybean Oil 4 6 0 0 10 5 7 0 0 13 1 2 0 0 3 40
Soybeans 3 3 0 0 6 3 4 0 0 7 5 2 0 0 7 31
Sugar 13 16 0 0 30 11 20 0 0 31 8 10 0 0 18 134
Wheat 46 81 0 0 127 31 59 0 0 90 19 29 0 0 48 420
Energy 498 1,000 0 0 1,498 700 913 0 0 1,612 185 208 0 0 393 10,913
Overall 34 0 0 0 34 75 0 0 0 75 16 0 0 0 16 336
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Crude Oil 367 678 0 0 1,045 556 683 0 0 1,239 147 59 0 0 206 8840
Gasoline 5 6 0 0 11 7 4 0 0 11 1 1 0 0 2 57
Heating Oil 4 4 0 0 9 1 2 0 0 3 1 0 0 0 1 24
Natural Gas 88 311 0 0 400 60 224 0 0 284 20 146 0 0 167 1654
Electricity 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
Industrial Metals 81 27 0 0 108 196 34 0 0 230 140 23 0 0 163 1,165
Overall 35 0 0 0 36 64 0 0 0 65 29 4 0 0 33 302
Aluminium 16 2 0 0 18 71 3 0 0 74 31 2 0 0 33 187
Copper 12 11 0 0 23 38 16 0 0 55 50 11 0 0 61 475
Lead 0 1 0 0 1 0 1 0 0 1 0 0 0 0 0 4
Nickel 14 9 0 0 23 16 12 0 0 28 22 5 0 0 27 154
Tin 1 4 0 0 5 0 0 0 0 1 2 0 0 0 2 16
Zinc 2 0 0 0 2 6 0 0 0 7 5 1 0 0 6 27
Precious Metals 1,481 100 0 0 1,581 1,340 99 0 0 1,439 1,776 98 0 0 1,874 13,072
Overall 23 0 0 0 24 32 0 0 0 32 11 1 0 0 11 308
Gold 1217 31 0 0 1,248 1105 43 0 0 1,147 1406 35 0 0 1,441 10771
Palladium 31 0 0 0 32 38 0 0 0 39 90 0 0 0 90 287
Platinum 76 3 0 0 79 38 3 0 0 41 82 2 0 0 83 442
Rhodium 3 0 0 0 3 4 0 0 0 4 3 0 0 0 3 12
Silver 130 65 0 0 196 123 54 0 0 177 185 60 0 0 246 1252
Livestock 2 2 0 0 4 1 2 0 0 3 3 4 0 0 7 34
Overall 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3
Cattle 1 0 0 0 1 0 1 0 0 1 1 1 0 0 2 10
Lean Hogs 1 1 0 0 3 1 1 0 0 2 2 2 0 0 4 21
Total 2,492 1,303 3 0 3,798 2,651 1,211 3 0 3,865 2,498 429 1 0 2,927 28,327
Jun-15 May-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 51
Product Rankings
Figure 85: Top 20 Equity ETFs by Turnover (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 2,398.1 1,655.2 11,401.5
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,688.5 1,063.1 7,639.3
Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 1,521.6 1,043.5 7,060.8
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1,374.1 781.8 6,798.3
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1,350.6 1,295.1 7,819.7
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 1,344.8 828.4 6,091.7
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 1,102.5 709.6 5,319.2
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1,087.4 747.7 6,366.7
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 1,042.3 484.1 4,312.5
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 821.7 682.8 5,766.3
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 811.9 492.5 4,019.5
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 811.1 1,037.7 7,000.1
Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 793.7 732.5 4,529.7
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 731.0 398.5 3,382.5
Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 698.4 741.0 3,164.0
Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 686.4 453.6 3,114.9
Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta 678.2 422.8 2,859.6
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 670.2 668.3 3,150.1
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 590.4 755.3 4,587.7
iShares MSCI Europe ex-UK UCITS ETF IEUX LN BlackRock Beta 574.4 132.0 1,583.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 86: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe |
ETF Name BBG Code Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1,020.0 509.1 4,914.8
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 835.3 830.6 4,116.3
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 679.9 633.6 4,355.1
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 428.0 586.9 3,481.2
Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 338.7 170.3 1,142.7
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 319.9 342.4 2,587.9
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 318.3 186.6 1,584.7
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 308.6 209.4 1,732.6
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 248.0 50.8 619.0
db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 245.6 82.2 699.2
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 235.4 131.3 783.8
Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta+ 212.6 170.8 606.8
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 197.2 183.8 1,661.5
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 188.7 407.0 2,324.7
Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta 182.1 32.9 460.8
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 164.3 380.5 1,549.4
Lyxor ETF iBoxx € Liquid High Yield 30 Ex-Financial YIEL FP Lyxor Beta 157.3 57.6 338.6
iShares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta 153.7 118.0 866.9
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 149.1 185.5 1,127.0
Lyxor ETF Daily Double Short BTP BTPS FP Lyxor Beta+ 148.0 101.8 409.9
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 52 Deutsche Bank AG/London
Figure 87: Top 20 Commodity ETPs by Turnover (€ million) | ETPs | Europe |
ETP Name BBG Code Issuer Invest.
Strategy
Current
Month TO
Prev.
Month TO YTD TO
ETFS Physical Gold PHAU LN ETF Securities Beta 376.7 234.0 2,996.0
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 273.4 269.2 1,447.5
ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 221.9 263.4 1,443.2
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 195.8 294.8 2,615.3
Gold Bullion Securities GBS LN ETF Securities Beta 166.2 108.7 1,711.8
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 158.3 263.2 1,497.8
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 147.6 132.3 1,343.0
Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 143.0 97.9 507.3
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 107.8 88.5 781.8
Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 102.6 80.1 465.8
Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 84.4 43.8 327.9
ETFS Natural Gas NGAS LN ETF Securities Beta 78.1 52.9 258.0
ETFS Brent 1mnth Oil OILB LN ETF Securities Beta 72.3 103.9 807.6
ETFS Physical Silver PHAG LN ETF Securities Beta 65.2 45.9 460.5
ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Beta+ 54.9 57.2 316.9
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 53.0 52.5 394.3
ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta+ 47.6 31.9 518.8
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 46.6 37.6 420.7
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 46.4 40.9 186.0
ETFS All Commodities AIGC LN ETF Securities Beta 44.9 27.7 190.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 88: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares Core DAX UCITS ETF DE DAXEX GR 2,361.86 1 Deka Deutsche Borse EUROGOV Germany 10+ UCITS ETF ETFGS10 GR 137.42
2 Deka DAX UCITS ETF ETFDAX GR 1,521.55 2 Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR 120.61
3 iShares Euro STOXX 50 (DE) SX5EEX GR 1,099.58 3 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 118.02
4 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 995.68 4 db x-trackers II EONIA TR Index UCITS ETF XEON GR 117.80
5 iShares STOXX 600 (DE) SXXPIEX GR 703.13 5 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 102.86
6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 474.75 6 UBS-ETF Markit iBoxx EUR Germany 5-10 A UEFN GY 62.37
7 iShares Euro STOXX Banks (DE) SX7EEX GR 446.59 7 iShares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR 50.80
8 db x-trackers ShortDAX UCITS ETF XSDX GR 323.93 8 db x-trackers II EUR Liquid Corporate 100 Total Return Index UCITS ETF XBLC GR 47.29
9 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 321.68 9 iShares Markit iBoxx Euro High Yield EUNW GR 45.92
10 Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR 318.40 10 iShares eb.rexx Government Germany 5.5-10.5 (DE) RXP5EX GR 44.52
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 XETRA-Gold XAUEUR 107.83 1 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 15.77
2 ETFS Physical Gold VZLD GR 23.54 2 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 12.07
3 db Physical Gold Euro Hedged ETC XAD1 GR 19.74 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 8.02
4 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 19.01 4 ETFS Short USD Long EUR XBJQ GR 3.93
5 ETFS WTI Crude Oil OD7F GR 17.24 5 ETFS 5X Long USD Short EUR 5CH5 GY 3.45
6 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 16.87 6 ETFS 5X Short USD Long EUR 5CH6 GY 2.58
7 ETFS Brent Oil OESA GR 13.93 7 iShares S&P Listed Private Equity Fund IQQL GR 1.19
8 Gold Bullion Securities GG9B GR 13.32 8 ETFS Long USD Short EUR XBJP GR 1.11
9 db Physical Gold ETC (EUR) XAD5 GR 11.59 9 Portfolio Income UCITS ETF 1D XS7W GR 1.06
10 ETFS Physical Silver VZLC GR 10.76 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.83
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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European Monthly ETF Market Review
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Figure 89: Top 10 ETPs by Turnover (€ million) – London SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares FTSE 100 UCITS ETF (Inc) ISF LN 1,320.61 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 915.15
2 Vanguard S&P 500 ETF VUSD LN 825.09 2 iShares Euro Corporate Bond UCITS ETF IEAC LN 627.79
3 Vanguard FTSE 100 ETF VUKE LN 698.41 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 535.60
4 iShares MSCI World UCITS ETF (Inc) IWRD LN 563.83 4 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 391.30
5 iShares MSCI Europe ex-UK UCITS ETF IEUX LN 542.73 5 iShares £ Corporate Bond UCITS ETF SLXX LN 318.04
6 iShares Core S&P 500 UCITS ETF CSPX LN 408.15 6 iShares UK Gilts UCITS ETF IGLT LN 300.51
7 SPDR FTSE UK All Share ETF FTAL LN 337.77 7 iShares $ Corporate Bond UCITS ETF LQDE LN 255.92
8 iShares S&P 500 UCITS ETF (Inc) IUSA LN 238.50 8 iShares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN 204.07
9 iShares EURO STOXX 50 UCITS ETF (Inc) EUE LN 238.28 9 iShares UK Gilts 0-5yr UCITS ETF IGLS LN 153.71
10 Source S&P 500 UCITS ETF SPXS LN 220.74 10 Lyxor UCITS ETF Euro Cash CSHD LN 152.62
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ETFS Physical Gold PHAU LN 292.97 1 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN 11.00
2 Source Physical Gold ETC (P-ETC) SGLD LN 130.93 2 ETFS 3x Short EUR Long USD SEU3 LN 10.49
3 Gold Bullion Securities GBS LN 125.41 3 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 8.24
4 ETFS WTI Crude Oil CRUD LN 66.81 4 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN 7.09
5 ETFS Daily Leveraged Crude Oil LOIL LN 59.85 5 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN 6.89
6 ETFS All Commodities AIGC LN 36.19 6 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 5.87
7 ETFS Brent 1mnth Oil OILB LN 34.03 7 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 5.30
8 ETFS Physical Silver PHAG LN 33.47 8 iShares Listed Private Equity UCITS ETF IPRV LN 3.88
9 ETFS Physical Platinum PHPT LN 30.97 9 ETFS 3x Short JPY Long USD SJP3 LN 2.52
10 ETFS Daily Short Wheat SWEA LN 29.98 10 ETFS 3x Long GBP Short USD LGB3 LN 2.35 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 90: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares SMI CH CSSMI SW 377.63 1 iShares CHF Corporate Bond (CH) CHCORP SW 59.59
2 UBS-ETF MSCI EMU EMUEUA SW 176.10 2 iShares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 38.44
3 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 164.98 3 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 33.92
4 iShares S&P 500 UCITS ETF (Inc) IUSA SW 160.61 4 iShares $ TIPS UCITS ETF ITPS SW 28.09
5 iShares MSCI World UCITS ETF (Inc) IWRD SW 153.44 5 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 26.53
6 iShares Core S&P 500 UCITS ETF CSSPX SW 142.38 6 iShares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 18.31
7 iShares MSCI AC Far East ex-Japan UCITS ETF IFFF SW 141.57 7 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 18.23
8 iShares MSCI EMU UCITS ETF CSEMU SW 131.61 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 16.82
9 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 124.69 9 iShares $ Corporate Bond UCITS ETF LQDE SW 16.76
10 iShares Developed Markets Property Yield UCITS ETF IWDP SW 117.87 10 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) LYMTX SW 11.78
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ZKB Gold ETF ZGLD SW 50.46 1 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 9.68
2 ZKB Gold ETF-A USD ZGLDUS SW 42.80 2 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 1.99
3 ZKB Gold ETF-H (CHF) ZGLDHC SW 25.57 3 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 1.41
4 ZKB Gold ETF-A EUR ZGLDEU SW 22.47 4 iShares Listed Private Equity UCITS ETF IPRV SW 1.07
5 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 21.84 5 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.36
6 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 17.94 6 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.28
7 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 17.68 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.19
8 Source Physical Gold ETC (P-ETC) SGLD SW 13.06 8 db x-trackers db Equity Strategies Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFH SW 0.05
9 UBS ETFs plc - CMCI Composite SF EUR-A CCEUAS SW 12.95 9 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW 0.04
10 ZKB Silver ETF ZSIL SW 12.84 10 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.02 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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European Monthly ETF Market Review
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Figure 91: Top 10 ETPs by Turnover (€ million) – Euronext Paris | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1,411.40 1 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 133.00
2 Lyxor ETF Leverage CAC 40 LVC FP 686.38 2 Lyxor UCITS ETF Euro Cash CSH FP 95.52
3 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 516.34 3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 83.88
4 Lyxor ETF XBear CAC 40 BX4 FP 399.41 4 Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP 63.38
5 Lyxor UCITS ETF MSCI Europe MEU FP 375.35 5 Lyxor ETF Daily Leveraged Bund DLB FP 46.55
6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 337.49 6 Lyxor ETF Daily Double Short BTP BTPS FP 45.52
7 Lyxor UCITS ETF DAX (DR) DAX FP 205.78 7 Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP 44.42
8 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP 201.69 8 Lyxor ETF Daily Leveraged BTP BTPL FP 39.74
9 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 192.80 9 Amundi ETF Euro Corporates UCITS ETF CC4 FP 27.52
10 Lyxor ETF XBear Euro STOXX 50 BXX FP 178.14 10 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 20.83
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Lyxor ETF Commodities CRB Non-Energy CRN FP 19.08 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.74
2 Lyxor ETF Commodities CRB CRB FP 16.84 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.18
3 Gold Bullion Securities GBS FP 8.01 3 Lyxor ETF Privex PVX FP 0.17
4 ETFS WTI Crude Oil CRUDP FP 4.98 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.03
5 ETFS Brent 1mnth Oil OILBP FP 4.79 5 iShares Listed Private Equity UCITS ETF PRV FP -
6 ETFS WTI 2mth Oil OILWP FP 2.20
7 ETFS Gold BULLP FP 1.52
8 ETFS All Commodities AIGCP FP 1.18
9 ETFS Wheat WEATP FP 1.16
10 ETFS Agriculture AIGAP FP 1.02 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 92: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 793.72 1 Lyxor ETF Daily Double Short BTP BTP2S IM 102.51
2 Lyxor UCITS ETF FTSE MIB ETFMIB IM 483.35 2 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 78.98
3 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 410.67 3 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 66.39
4 Lyxor ETF XBear FTSE/MIB XBRMIB IM 340.61 4 Lyxor UCITS ETF Euro Cash LEONIA IM 57.67
5 Lyxor UCITS ETF Euro STOXX 50 MSE IM 214.16 5 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 54.52
6 Lyxor UCITS ETF DAX (DR) DAXX IM 171.22 6 iShares Euro Corporate Bond UCITS ETF IEAC IM 52.29
7 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 166.62 7 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM 44.39
8 iShares STOXX 600 (DE) SXXPIEX IM 108.69 8 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 39.29
9 iShares S&P 500 UCITS ETF (Inc) IUSA IM 105.32 9 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 37.66
10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 99.78 10 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 32.49
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 260.85 1 ETFS 3X Long USD Short EUR EUS3 IM 91.88
2 ETFS Daily Leveraged Crude Oil LOIL IM 157.44 2 ETFS 5X Long USD Short EUR EUS5 IM 72.52
3 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 139.70 3 ETFS 3X Short USD Long EUR USE3 IM 25.07
4 ETFS WTI Crude Oil CRUD IM 106.75 4 ETFS 5X Short USD Long EUR USE5 IM 10.92
5 Boost Wti Oil 3X Short Daily ETP 3OIS IM 94.00 5 Boost Long USD Short EUR 5x Daily ETP 5USE IM 5.09
6 Boost Natural Gas 3x Short Daily 3NGS IM 80.19 6 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 3.00
7 ETFS Natural Gas NGAS IM 64.59 7 ETFS 3X Short JPY Long EUR JPE3 IM 2.75
8 ETFS Daily Leveraged Natural Gas LNGA IM 46.14 8 ETFS 3X Long GBP Short EUR EGB3 IM 2.32
9 ETFS Daily Leveraged Wheat LWEA IM 36.20 9 ETFS 5X Long GBP Short EUR EGB5 IM 2.03
10 ETFS Daily Leveraged Coffee LCFE IM 35.36 10 ETFS Long USD Short EUR EUUS IM 1.71 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 55
Figure 93: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & Euronext Amsterdam | ETPs | Europe | Stockholmborsen
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 XACT OMXS30 XACTOMX SS 269.34 No Fixed Income ETFs
2 XACT Bull 2 XABULL2 SS 237.45
3 XACT Bear 2 XABEAR2 SS 231.06
4 XACT Bear XACBEAR SS 91.13
5 XACT Bull XACBULL SS 69.37
6 XACT OMXSB XACTSBX SS 66.66
7 XACT Nordic 30 XACTVINX SS 53.73
8 db x-trackers DAX® UCITS ETF (DR) 1C XDAX SS 4.14
9 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1C XESC SS 3.62
10 db x-trackers MSCI Pacific ex-Japan INDEX UCITS ETF XPXJ SS 2.72
Euronext Amsterdam
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares MSCI World UCITS ETF (Inc) IWRD NA 256.06 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 101.13
2 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 248.61 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 65.77
3 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 233.69 3 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 34.01
4 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 214.04 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 32.48
5 iShares AEX UCITS ETF IAEX NA 159.63 5 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 27.69
6 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 93.44 6 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 25.94
7 iShares S&P 500 UCITS ETF (Inc) IUSA NA 93.05 7 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 21.05
8 Vanguard S&P 500 ETF VUSA NA 88.44 8 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 17.91
9 iShares European Property Yield UCITS ETF IPRP NA 73.95 9 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS NA 10.31
10 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 69.07 10 iShares $ Corporate Bond UCITS ETF LQDA NA 7.82 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 56 Deutsche Bank AG/London
7. European ETF Exchanges
Figure 94: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |
Summary Feb-15Market
Share %Mar-15
Market
Share %Apr-15
Market
Share %May-15
Market
Share %Jun-15
Market
Share %
Deutche Boerse
Deutsche Borse 14,524 25.0% 17,578 23.2% 15,055 22.9% 14,604 25.5% 18,539 27.6%
LSE
London SE 18,831 32.4% 27,176 35.9% 22,571 34.4% 18,747 32.7% 21,661 32.2%
Borsa Italiana 6,317 10.9% 8,615 11.4% 7,748 11.8% 6,560 11.5% 6,868 10.2%
25,147 43.2% 35,792 47.3% 30,318 46.2% 25,306 44.2% 28,530 42.5%
Euronext
Paris 8,179 14.1% 9,828 13.0% 9,780 14.9% 7,982 13.9% 10,070 15.0%
Amsterdam 2,363 4.1% 3,084 4.1% 2,659 4.1% 2,798 4.9% 2,569 3.8%
Lisbon 22 0.0% 21 0.0% 33 0.1% 21 0.0% 19 0.0%
Brussels 3 0.0% 6 0.0% 3 0.0% 3 0.0% 3 0.0%
10,567 18.2% 12,939 17.1% 12,475 19.0% 10,804 18.9% 12,662 18.8%
Swiss SE 6,217 10.7% 7,541 10.0% 5,945 9.1% 4,882 8.5% 5,399 8.0%
Stockholmborsen 943 1.6% 1,018 1.3% 954 1.5% 905 1.6% 1,048 1.6%
Oslo Bors 219 0.4% 292 0.4% 303 0.5% 229 0.4% 370 0.6%
BME 506 0.9% 529 0.7% 576 0.9% 530 0.9% 643 1.0%
Others 21 0.0% 10 0.0% 17 0.0% 16 0.0% 10 0.0%
Total 58,145 100.0% 75,698 100.0% 65,644 100.0% 57,276 100.0% 67,201 100.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 95: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |
Summary Feb-15Market
Share %Mar-15
Market
Share %Apr-15
Market
Share %May-15
Market
Share %Jun-15
Market
Share %
LSE
London SE 2,491 4.3% 2,322 3.1% 1,776 2.7% 1,538 2.7% 1,419 2.1%
Borsa Italiana 1,565 2.7% 1,893 2.5% 1,820 2.8% 1,684 2.9% 1,677 2.5%
4,056 7.0% 4,215 5.6% 3,596 5.5% 3,222 5.6% 3,096 4.6%
Deutche Boerse
Deutsche Borse 617 1.1% 493 0.7% 402 0.6% 342 0.6% 342 0.5%
Euronext
Amsterdam 18 0.0% 25 0.0% 22 0.0% 17 0.0% 13 0.0%
Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
71 0.1% 75 0.1% 62 0.1% 50 0.1% 40 0.1%
Others 32 0.1% 13 0.0% 17 0.0% 17 0.0% 29 0.0%
Total 4,776 8.2% 4,796 6.3% 4,077 6.2% 3,630 6.3% 3,507 5.2%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 57
Figure 96: Total ETP on-exchange Turnover by asset class and by exchange | ETPs | Europe |
Deutsche
BorseLondon SE
Euronext
Paris
Borsa
Italiana
Euronext
AmsterdamSwiss SE
Stockholm
Borsen
Turnover* Mkt Share %
Equity
Developed Markets 60,919.0 51,851.4 29,044.1 17,915.7 10,743.4 25,825.8 2,472.2 198,771.5 48.0%
Emerging Markets 5,695.5 10,274.3 6,442.9 3,872.3 1,118.4 3,549.9 49.9 31,003.1 7.5%
Global Markets 593.6 2,721.3 795.7 164.8 275.3 755.8 3.4 5,309.9 1.3%
Sector 7,614.7 4,304.5 4,743.6 1,359.8 465.3 593.3 4.0 19,085.2 4.6%
Capitalization 1,199.9 1,767.1 420.2 329.4 139.4 502.0 0.0 4,357.9 1.1%
Style 2,974.9 4,661.6 563.2 891.3 883.2 851.1 0.0 10,825.2 2.6%
Strategy 5,446.9 4,790.7 8,514.9 8,405.5 3.9 562.5 3,233.3 30,957.9 7.5%
Thematic 602.1 1,130.5 279.9 312.0 95.1 161.2 0.0 2,580.8 0.6%
Total 85,047 81,501 50,804 33,251 13,724 32,802 5,763 302,891.5 73.2%
Fixed Income
Overall 451.8 1,551.5 8.2 135.5 420.9 174.0 0.0 2,741.9 0.7%
Corporates 2,509.1 20,818.5 438.6 2,307.8 1,062.0 814.9 0.0 27,951.0 6.8%
Covered Bonds 651.4 62.2 3.5 76.3 84.6 13.9 0.0 891.9 0.2%
Credit Exposure 151.6 2.1 0.0 38.4 0.0 12.9 0.0 205.0 0.0%
Sovereign 8,250.4 24,019.2 3,082.1 6,086.4 1,266.8 2,155.7 0.0 44,860.6 10.8%
Money Market 895.6 844.1 385.9 965.6 0.0 55.0 0.0 3,146.2 0.8%
Total 12,910 47,298 3,918 9,610 2,834 3,226 - 79,796.5 19.3%
Commodity 0.0%
Overall 439.4 486.6 180.3 214.5 30.7 426.0 0.0 1,777.6 0.4%
Agriculture 146.3 520.7 8.7 675.1 0.5 12.8 0.0 1,364.2 0.3%
Energy 1,009.3 3,366.8 142.8 6,276.8 0.0 117.3 0.0 10,912.9 2.6%
Industrial Metals 92.2 863.2 16.1 188.8 0.0 5.1 0.0 1,165.4 0.3%
Precious Metals 1,560.7 7,091.1 88.4 1,490.5 120.8 2,979.9 0.0 13,331.4 3.2%
Livestock 4.6 16.3 0.0 12.8 0.0 0.0 0.0 33.6 0.0%
Total 3,253 12,345 436 8,859 152 3,541 - 28,585.2 6.9%
Other 0.0%
Alternative 157.1 315.1 24.7 51.4 38.3 116.9 0.0 703.5 0.2%
Currency 86.4 404.9 0.0 1,360.6 2.0 0.0 0.0 1,853.9 0.4%
Multi Asset 127.5 27.9 0.0 23.2 7.7 1.2 0.0 187.5 0.0%
Total 371 748 25 1,435 48 118 - 2,744.9 0.7%
Grand Total 101,580 141,892 55,184 53,155 16,758 39,687 5,763 414,018 100%
* Total turnover year to date (not daily average)
Total
Total Turnover (€ million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 58 Deutsche Bank AG/London
8. Assets
ETP Monthly AUM Analysis by Asset Class
Figure 97: AUM by asset class and instrument (€ million) | ETPs | Europe |
Asset Class Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
ETFs
Equity 301,882 4,579 3,558 314 310,333 312,595 4,499 3,823 326 321,243 254,157 3,613 2,975 475 261,220
Fixed income 96,572 1,798 0 3,983 102,352 99,664 1,884 0 3,978 105,526 81,498 1,245 0 3,408 86,151
Commodity 14,551 0 50 0 14,600 14,892 0 49 0 14,941 13,363 0 49 0 13,412
Currency 0 0 0 0 - 0 0 0 0 - 13 0 0 0 13
Multi Asset 44 0 0 386 429 45 0 0 405 450 0 0 0 300 300
Alternative 655 0 68 455 1,178 620 0 67 430 1,117 453 0 97 547 1,097
Total 413,704 6,377 3,676 5,137 428,893 427,815 6,383 3,940 5,139 443,277 349,483 4,859 3,120 4,731 362,193
ETCs
Commodity 17,635 729 0 0 18,364 18,548 733 0 0 19,281 15,780 643 0 0 16,423
Currency 109 261 0 0 370 111 308 0 0 420 144 246 0 0 390
Total 17,744 991 0 0 18,735 18,659 1,041 0 0 19,701 15,924 889 0 0 16,813
Total ETPs 431,447 7,367 3,676 5,137 447,628 446,475 7,424 3,940 5,139 462,978 365,407 5,748 3,120 4,731 379,006
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 98: European Equity ETF AUM summary (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets 220,764 0 0 181 220,945 227,539 0 0 190 227,729 184,580 0 0 341 184,922
Emerging Markets 27,561 0 0 1 27,561 29,154 0 0 1 29,155 25,192 0 0 0 25,192
Global Markets 5,647 0 0 0 5,647 6,354 0 0 0 6,354 5,244 0 0 0 5,244
Sector 18,088 0 0 0 18,088 18,898 0 0 0 18,898 15,443 0 0 0 15,443
Capitalization 6,550 0 0 0 6,550 6,364 0 0 0 6,364 4,485 0 0 0 4,485
Strategy 4,300 4,579 3,558 131 12,569 4,376 4,499 3,823 136 12,834 2,849 3,613 2,975 134 9,571
Style 15,442 0 0 0 15,442 16,116 0 0 0 16,116 13,549 0 0 0 13,549
Thematic 3,530 0 0 0 3,530 3,793 0 0 0 3,793 2,814 0 0 0 2,814
Total Equities 301,882 4,579 3,558 314 310,333 312,595 4,499 3,823 326 321,243 254,157 3,613 2,975 475 261,220
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 59
Figure 98A: European Equity ETF AUM summary - A (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Sector 18,088 0 0 0 18,088 18,898 0 0 0 18,898 15,443 0 0 0 15,443
Consumer discretionary 969 0 0 0 969 978 0 0 0 978 624 0 0 0 624
Consumer staples 768 0 0 0 768 829 0 0 0 829 790 0 0 0 790
Energy 1,199 0 0 0 1,199 1,354 0 0 0 1,354 1,102 0 0 0 1,102
Financials 9,488 0 0 0 9,488 9,811 0 0 0 9,811 7,996 0 0 0 7,996
Healthcare 2,092 0 0 0 2,092 2,234 0 0 0 2,234 1,855 0 0 0 1,855
Industrials 570 0 0 0 570 617 0 0 0 617 436 0 0 0 436
Information Technology 1,112 0 0 0 1,112 1,133 0 0 0 1,133 1,027 0 0 0 1,027
Materials 796 0 0 0 796 835 0 0 0 835 670 0 0 0 670
Telecommunications 640 0 0 0 640 625 0 0 0 625 478 0 0 0 478
Utilities 455 0 0 0 455 482 0 0 0 482 466 0 0 0 466
Capitalization 6,550 0 0 0 6,550 6,364 0 0 0 6,364 4,485 0 0 0 4,485
Large Cap 404 0 0 0 404 434 0 0 0 434 408 0 0 0 408
Mid Cap 2,239 0 0 0 2,239 2,163 0 0 0 2,163 1,497 0 0 0 1,497
Small Cap 3,906 0 0 0 3,906 3,768 0 0 0 3,768 2,579 0 0 0 2,579
Strategy 4,300 4,579 3,558 131 12,569 4,376 4,499 3,823 136 12,834 2,849 3,613 2,975 134 9,571
Fundamental 1,399 0 1,255 0 2,653 1,449 0 1,317 0 2,766 1,000 0 892 0 1,893
Leveraged Long 0 1,783 0 0 1,783 0 1,697 0 0 1,697 0 1,583 0 0 1,583
Leveraged Short 0 1,042 0 0 1,042 0 1,067 0 0 1,067 0 789 0 0 789
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 2,868 0 2,304 131 5,304 2,895 0 2,506 136 5,537 1,849 0 2,082 134 4,065
Short 33 1,754 0 0 1,787 32 1,734 0 0 1,766 0 1,241 0 0 1,241
Style 15,442 0 0 0 15,442 16,116 0 0 0 16,116 13,549 0 0 0 13,549
Dividend 14,144 0 0 0 14,144 14,707 0 0 0 14,707 12,456 0 0 0 12,456
Growth 364 0 0 0 364 383 0 0 0 383 158 0 0 0 158
Value 933 0 0 0 933 1,027 0 0 0 1,027 935 0 0 0 935
Thematic 3,530 0 0 0 3,530 3,793 0 0 0 3,793 2,814 0 0 0 2,814
Commodities 733 0 0 0 733 818 0 0 0 818 647 0 0 0 647
Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Faith 179 0 0 0 179 195 0 0 0 195 201 0 0 0 201
Other Theme 871 0 0 0 871 939 0 0 0 939 682 0 0 0 682
Sustainability 1,747 0 0 0 1,747 1,841 0 0 0 1,841 1,285 0 0 0 1,285
Total 47,911 4,579 3,558 131 56,180 49,548 4,499 3,823 136 58,005 39,140 3,613 2,975 134 45,863
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 60 Deutsche Bank AG/London
Figure 98B: European Equity ETF AUM summary - B (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Developed Markets
Europe 121,615 0 0 181 121,796 124,348 0 0 190 124,538 96,005 0 0 341 96,347
Austria 348 0 0 0 348 368 0 0 0 368 334 0 0 0 334
Belgium 38 0 0 0 38 40 0 0 0 40 35 0 0 0 35
Finland 166 0 0 0 166 172 0 0 0 172 144 0 0 0 144
France 4,529 0 0 0 4,529 4,785 0 0 0 4,785 3,756 0 0 0 3,756
Germany 18,865 0 0 0 18,865 18,512 0 0 0 18,512 16,129 0 0 0 16,129
Greece 233 0 0 0 233 231 0 0 0 231 211 0 0 0 211
Ireland 28 0 0 0 28 29 0 0 0 29 24 0 0 0 24
Italy 2,731 0 0 0 2,731 2,832 0 0 0 2,832 2,271 0 0 0 2,271
Netherlands 472 0 0 0 472 445 0 0 0 445 431 0 0 0 431
Norway 252 0 0 0 252 306 0 0 0 306 248 0 0 0 248
Portugal 89 0 0 0 89 94 0 0 0 94 58 0 0 0 58
Spain 2,176 0 0 0 2,176 2,260 0 0 0 2,260 1,792 0 0 0 1,792
Sweden 1,473 0 0 0 1,473 1,607 0 0 0 1,607 1,342 0 0 0 1,342
Switzerland 9,641 0 0 0 9,641 9,999 0 0 0 9,999 8,743 0 0 0 8,743
UK 13,754 0 0 0 13,754 14,090 0 0 0 14,090 12,023 0 0 0 12,023
Europe broad 66,819 0 0 181 67,001 68,578 0 0 190 68,767 48,465 0 0 341 48,806
Americas 57,185 0 0 0 57,185 59,335 0 0 0 59,335 54,952 0 0 0 54,952
US 53,737 0 0 0 53,737 55,674 0 0 0 55,674 51,463 0 0 0 51,463
Canada 902 0 0 0 902 970 0 0 0 970 907 0 0 0 907
North America 2,545 0 0 0 2,545 2,691 0 0 0 2,691 2,582 0 0 0 2,582
Asia 23,017 0 0 0 23,017 24,074 0 0 0 24,074 16,812 0 0 0 16,812
Australia 422 0 0 0 422 443 0 0 0 443 677 0 0 0 677
Hong Kong 291 0 0 0 291 325 0 0 0 325 149 0 0 0 149
Japan 20,695 0 0 0 20,695 21,469 0 0 0 21,469 14,404 0 0 0 14,404
Singapore 22 0 0 0 22 25 0 0 0 25 18 0 0 0 18
Asia Pacific broad 1,586 0 0 0 1,586 1,812 0 0 0 1,812 1,564 0 0 0 1,564
Global 18,947 0 0 0 18,947 19,781 0 0 0 19,781 16,812 0 0 0 16,812
Broad indices 18,947 0 0 0 18,947 19,781 0 0 0 19,781 16,812 0 0 0 16,812
DM Total 220,764 0 0 181 220,945 227,539 0 0 190 227,729 184,580 0 0 341 184,922
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 61
Figure 98C: European Equity ETF AUM summary - C (€ million) | ETFs | Europe |
Equity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Emerging Markets
BRIC 8,347 0 0 1 8,347 8,974 0 0 1 8,975 7,842 0 0 0 7,842
Brazil 809 0 0 0 809 772 0 0 0 772 793 0 0 0 793
Russia 1,072 0 0 1 1,073 1,076 0 0 1 1,077 769 0 0 0 770
India 2,404 0 0 0 2,404 2,201 0 0 0 2,201 1,588 0 0 0 1,588
China 4,061 0 0 0 4,061 4,925 0 0 0 4,925 4,693 0 0 0 4,693
Latin America 629 0 0 0 629 681 0 0 0 681 685 0 0 0 685
Chile 20 0 0 0 20 25 0 0 0 25 19 0 0 0 19
Mexico 179 0 0 0 179 194 0 0 0 194 206 0 0 0 206
LATAM broad 430 0 0 0 430 463 0 0 0 463 460 0 0 0 460
Asia 4,683 0 0 0 4,683 4,819 0 0 0 4,819 3,566 0 0 0 3,566
Bangladesh 22 0 0 0 22 22 0 0 0 22 18 0 0 0 18
Indonesia 129 0 0 0 129 146 0 0 0 146 141 0 0 0 141
Malaysia 64 0 0 0 64 71 0 0 0 71 73 0 0 0 73
Pakistan 27 0 0 0 27 28 0 0 0 28 24 0 0 0 24
Philippines 63 0 0 0 63 80 0 0 0 80 63 0 0 0 63
South Korea 1,253 0 0 0 1,253 1,240 0 0 0 1,240 813 0 0 0 813
Taiwan 909 0 0 0 909 997 0 0 0 997 842 0 0 0 842
Thailand 66 0 0 0 66 70 0 0 0 70 66 0 0 0 66
Vietnam 323 0 0 0 323 305 0 0 0 305 310 0 0 0 310
Asia Pacific broad 1,828 0 0 0 1,828 1,861 0 0 0 1,861 1,216 0 0 0 1,216
EMEA 1,167 0 0 0 1,167 1,202 0 0 0 1,202 1,138 0 0 0 1,138
Kuwait 16 0 0 0 16 16 0 0 0 16 13 0 0 0 13
Poland 56 0 0 0 56 58 0 0 0 58 39 0 0 0 39
South Africa 98 0 0 0 98 96 0 0 0 96 87 0 0 0 87
Turkey 402 0 0 0 402 397 0 0 0 397 415 0 0 0 415
Europe broad 443 0 0 0 443 487 0 0 0 487 471 0 0 0 471
Middle East & Africa 152 0 0 0 152 147 0 0 0 147 114 0 0 0 114
Global Markets 12,736 0 0 0 12,736 13,478 0 0 0 13,478 11,960 0 0 0 11,960
Global 12,736 0 0 0 12,736 13,478 0 0 0 13,478 11,960 0 0 0 11,960
EM Total 27,561 0 0 1 27,561 29,154 0 0 1 29,155 25,192 0 0 0 25,192
Total (EM + DM) 248,325 0 0 182 248,507 256,693 0 0 191 256,883 209,772 0 0 341 210,113
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 99: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe |
Fixed Income AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 3,595 0 0 3,265 6,860 3,733 0 0 3,240 6,972 3,219 0 0 2,763 5,983
Corporates 38,378 0 0 136 38,513 39,706 0 0 138 39,844 29,657 0 0 15 29,672
Covered Bonds 2,745 0 0 409 3,154 2,817 0 0 421 3,238 3,065 0 0 423 3,488
Credit Exposure 270 132 0 0 402 320 132 0 0 452 184 61 0 0 245
Sovereign 49,051 1,666 0 173 50,890 51,072 1,752 0 180 53,004 43,658 1,185 0 206 45,049
Money Market 2,533 0 0 0 2,533 2,016 0 0 0 2,016 1,714 0 0 0 1,714
Total Fixed Income 96,572 1,798 0 3,983 102,352 99,664 1,884 0 3,978 105,526 81,498 1,245 0 3,408 86,151
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 62 Deutsche Bank AG/London
Figure 100: European Commodity ETP AUM summary (€ million) | ETPs | Europe |
Commodity AUM Beta Beta+Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total Beta Beta+
Semi-
activeAlpha Total
Overall 4,385 5 50 0 4,440 4,266 4 49 0 4,319 3,523 8 49 0 3,580
Overall 4112 5 50 0 4,167 4000 4 49 0 4,053 3270 8 49 0 3,327
Overall ex Energy 265 0 0 0 265 258 0 0 0 258 246 0 0 0 246
Overall Light Energy 8 0 0 0 8 8 0 0 0 8 8 0 0 0 8
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Agriculture 821 134 0 0 954 743 119 0 0 861 737 88 0 0 826
Overall 471 5 0 0 476 434 4 0 0 438 480 4 0 0 484
Cocoa 12 4 0 0 15 11 3 0 0 14 9 4 0 0 13
Coffee 39 34 0 0 73 38 37 0 0 76 21 12 0 0 33
Corn 34 10 0 0 45 30 10 0 0 39 36 9 0 0 45
Cotton 33 5 0 0 38 33 5 0 0 38 31 6 0 0 37
Grains 47 1 0 0 48 32 1 0 0 33 37 1 0 0 38
Softs 4 0 0 0 5 5 0 0 0 5 5 0 0 0 6
Soybean Oil 4 2 0 0 6 5 2 0 0 7 4 2 0 0 6
Soybeans 16 3 0 0 19 14 3 0 0 17 16 3 0 0 18
Sugar 68 25 0 0 93 60 21 0 0 81 24 15 0 0 38
Wheat 93 45 0 0 138 81 33 0 0 114 75 32 0 0 107
Energy 1,941 363 0 0 2,304 2,068 368 0 0 2,436 916 163 0 0 1,078
Overall 238 1 0 0 239 234 1 0 0 234 132 0 0 0 132
Carbon 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1
Crude Oil 1600 249 0 0 1,849 1744 274 0 0 2,019 708 84 0 0 793
Gasoline 11 3 0 0 14 12 3 0 0 15 5 1 0 0 6
Heating Oil 7 2 0 0 9 7 1 0 0 9 3 1 0 0 4
Natural Gas 83 109 0 0 192 70 89 0 0 159 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 610 71 0 0 681 710 75 0 0 786 682 95 0 0 777
Overall 274 2 0 0 276 335 2 0 0 336 267 18 0 0 285
Aluminium 102 5 0 0 107 111 4 0 0 116 85 5 0 0 91
Copper 108 46 0 0 154 134 48 0 0 182 174 58 0 0 233
Lead 1 1 0 0 2 1 1 0 0 3 1 1 0 0 2
Nickel 105 12 0 0 117 109 15 0 0 123 136 8 0 0 144
Tin 2 4 0 0 6 2 3 0 0 5 2 2 0 0 4
Zinc 18 1 0 0 19 19 2 0 0 21 17 2 0 0 18
Precious Metals 24,414 154 0 0 24,567 25,635 163 0 0 25,798 23,269 286 0 0 23,555
Overall 202 1 0 0 203 218 1 0 0 219 178 1 0 0 179
Gold 20441 59 0 0 20,500 21225 72 0 0 21,297 19347 156 0 0 19,503
Palladium 646 1 0 0 647 765 1 0 0 766 762 1 0 0 763
Platinum 886 6 0 0 892 977 6 0 0 982 973 5 0 0 978
Rhodium 77 0 0 0 77 101 0 0 0 101 107 0 0 0 107
Silver 2160 87 0 0 2,247 2349 83 0 0 2,432 1903 123 0 0 2,026
Livestock 15 3 0 0 18 17 4 0 0 21 15 3 0 0 19
Overall 9 0 0 0 9 9 0 0 0 10 9 0 0 0 10
Cattle 2 1 0 0 3 2 2 0 0 4 3 2 0 0 4
Lean Hogs 5 2 0 0 6 6 2 0 0 8 3 2 0 0 5
Total 32,186 729 50 0 32,965 33,440 733 49 0 34,222 29,143 643 49 0 29,835
Jun-15 May-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 63
Product Rankings
Figure 101: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2014 AUM
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 10,420.2 10,770.9 8,461.6
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10,184.9 10,392.9 8,301.8
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9,288.4 9,830.0 11,426.2
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8,485.9 8,356.2 8,650.4
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,267.4 7,367.0 5,949.9
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7,118.4 7,184.6 5,193.6
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,331.7 6,302.9 5,153.8
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 6,054.9 6,266.3 6,516.2
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4,924.9 5,185.0 4,927.9
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 4,903.2 5,014.0 3,923.6
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4,803.6 5,030.6 3,681.6
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4,537.7 4,318.5 2,972.9
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4,367.7 4,251.1 2,879.5
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4,258.5 4,499.9 4,185.3
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 4,189.6 4,521.7 3,566.5
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 3,830.8 3,841.8 2,072.6
Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,495.0 3,706.1 2,541.6
iShares SMI CH CSSMI SW BlackRock Beta 2,932.3 3,096.9 2,640.1
db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2,655.3 2,689.0 1,927.1
iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,653.3 2,675.0 2,369.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 102: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |
ETF Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2014 AUM
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 5,866.6 6,469.1 4,912.4
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,990.9 4,426.5 4,743.6
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,892.5 4,032.4 2,653.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,598.7 3,911.6 3,066.2
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 2,787.4 2,823.1 1,758.5
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,289.8 2,447.3 1,003.3
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,077.8 2,207.4 1,730.0
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2,049.3 2,048.3 2,260.1
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2,009.9 2,008.6 1,612.8
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,927.2 2,199.5 2,084.6
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 1,851.6 1,863.7 1,612.1
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,747.5 1,625.1 1,306.5
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,680.9 1,818.0 1,641.1
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,572.5 1,721.2 1,563.8
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,550.5 1,728.4 1,088.3
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1,549.6 1,434.7 1,133.0
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,492.1 1,376.0 1,311.3
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,468.0 1,774.0 1,582.3
iShares Euro Corporate Bond ex-Financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1,298.9 1,345.2 1,300.1
iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,257.1 1,338.7 1,036.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
10 July 2015
European Monthly ETF Market Review
Page 64 Deutsche Bank AG/London
Figure 103: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer
Invest.
Strategy
Current Month
AUM
Prev. Month
AUM 2014 AUM
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4,820.5 4,988.2 4,550.0
ETFS Physical Gold PHAU LN ETF Securities Beta 3,696.5 3,929.7 3,896.5
Gold Bullion Securities GBS LN ETF Securities Beta 2,818.8 2,968.7 2,684.6
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,701.3 1,749.0 1,571.8
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,643.5 1,701.6 1,607.6
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,631.2 1,673.9 1,382.3
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,083.1 1,175.7 1,033.1
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 815.9 805.6 618.9
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 722.4 672.1 488.2
ETFS Physical Silver PHAG LN ETF Securities Beta 606.2 659.7 461.4
UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 573.2 588.3 430.8
db Physical Gold ETC XGLD LN Deutsche AWM Beta 546.7 586.9 511.4
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 545.2 585.8 200.7
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 527.1 555.3 446.0
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 515.9 499.9 312.8
db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 410.3 370.8 284.2
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 397.0 338.4 517.6
iShares Physical Gold ETC SGLN LN Blackrock Beta 348.0 331.7 151.7
ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta 337.0 371.4 220.5
iShares Gold CH CSGOLD SW BlackRock Beta 319.6 339.1 670.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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9. ETF Broker rankings
US ETP Broker Rankings
Figure 104: Top 20 US ETF Brokers | ETFs | US |
Rank Broker
Advertised
value ($
million)
Market
Share
Advertised
Trades
Advertised
value ($
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (MLCO) MERRILL LYNCH 264,810 25.63% 47,510 1,732,601 26.69% 279,153 (MLCO) MERRILL LYNCH 3,148 21.54% 47,554 21,009 22.53% 279,212
2 (KCG) KCG HOLDINGS, INC. 134,037 12.97% 229,118 883,437 13.61% 1,220,625 (KCG) KCG HOLDINGS, INC. 2,176 14.89% 229,121 13,653 14.64% 1,220,656
3 (UBS) UBS INVESTMENT BANK 91,617 8.87% 41,629 562,991 8.67% 240,681 (UBS) UBS INVESTMENT BANK 1,414 9.68% 41,629 8,864 9.51% 240,684
4 (CSFB) CREDIT SUISSE 81,634 7.90% 22,344 562,192 8.66% 125,743 (CSFB) CREDIT SUISSE 1,239 8.48% 22,409 8,339 8.94% 126,240
5 (CITI) CITIGROUP GLOBAL MARKE 52,907 5.12% 18,885 332,067 5.12% 113,511 (CITI) CITIGROUP GLOBAL MARKE 802 5.49% 18,885 5,204 5.58% 113,513
6 (DBAB) DEUTSCHE BANK SECURITI 48,076 4.65% 19,911 232,873 3.59% 114,441 (DBAB) DEUTSCHE BANK SECURITI 718 4.92% 19,911 3,916 4.20% 114,442
7 (JPM) JP MORGAN 40,518 3.92% 7,235 234,470 3.61% 49,282 (FCM) FIDELITY CAPITAL MARKET 545 3.73% 41,826 3,390 3.63% 262,078
8 (MSCO) MORGAN STANLEY 33,330 3.23% 14,263 213,116 3.28% 86,997 (JPM) JP MORGAN 540 3.70% 7,235 2,975 3.19% 49,283
9 (GSHT) GOLDMAN, SACHS & CO. 33,112 3.20% 71,515 200,067 3.08% 437,234 (GSHT) GOLDMAN, SACHS & CO. 532 3.64% 71,515 3,534 3.79% 437,238
10 (LIME) LIME BROKERAGE LLC 32,333 3.13% 12,600 92,225 1.42% 85,155 (MSCO) MORGAN STANLEY 434 2.97% 14,263 2,703 2.90% 86,999
11 (GSLT) GOLDMAN SACHS ELECTRON 30,338 2.94% 142,084 202,525 3.12% 842,437 (LIME) LIME BROKERAGE LLC 387 2.65% 12,600 1,254 1.34% 85,164
12 (FCM) FIDELITY CAPITAL MARKET 30,113 2.91% 41,826 196,531 3.03% 262,078 (GSLT) GOLDMAN SACHS ELECTRON 372 2.55% 142,084 2,452 2.63% 842,445
13 (INCA) INSTINET 20,187 1.95% 13,220 106,176 1.64% 77,890 (BCAP) BARCLAYS CAPITAL 281 1.92% 15,016 2,061 2.21% 100,148
14 (BCAP) BARCLAYS CAPITAL 19,899 1.93% 15,015 131,004 2.02% 100,146 (CANT) CANTOR FITZGERALD L.P. 272 1.86% 9,042 1,466 1.57% 51,539
15 (BCET) BARCLAYS CAPITAL ELEC 18,193 1.76% 31,473 97,081 1.50% 179,006 (BCET) BARCLAYS CAPITAL ELEC 248 1.70% 31,473 1,456 1.56% 179,006
16 (JEFF) JEFFERIES & CO., INC. 17,601 1.70% 18,977 80,291 1.24% 75,183 (INCA) INSTINET 219 1.50% 13,220 1,210 1.30% 77,895
17 (CANT) CANTOR FITZGERALD L.P. 14,932 1.45% 9,041 81,406 1.25% 51,535 (CVGX) CONVERGEX 193 1.32% 23,089 1,113 1.19% 126,117
18 (CVGX) CONVERGEX 12,049 1.17% 23,089 74,044 1.14% 126,116 (JEFF) JEFFERIES & CO., INC. 190 1.30% 18,977 979 1.05% 75,183
19 (BNPP) BNP PARIBAS SECURITIES 7,797 0.75% 4,450 54,350 0.84% 39,616 (BNPP) BNP PARIBAS SECURITIES 161 1.10% 4,450 1,206 1.29% 39,616
20 (WBET) WALLACHBETH CAPITAL LL 4,438 0.43% 210 58,180 0.90% 2,421 (WBET) WALLACHBETH CAPITAL LL 71 0.48% 210 872 0.93% 2,421
Other 45,409 4.39% 137,953 363,171 5.60% 865,699 Other 672 4.60% 138,058 5,604 6.01% 865,844
Total 1,033,331 100.00% 922,348 6,490,802 100.00% 5,374,949 Total 14,612 100.00% 922,567 93,259 100.00% 5,375,723
Value Trade Summary Volume Trade Summary
Jun-15 YTD Jun-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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Figure 105: Top 20 US ETV Brokers | ETVs | US |
Rank Broker
Advertised
value ($
million)
Market
Share
Advertised
Trades
Advertised
value ($
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (KCG) KCG HOLDINGS, INC. 6,897 22.21% 19,310 44,228 20.03% 113,363 (KCG) KCG HOLDINGS, INC. 189 21.99% 19,310 1,612 19.68% 113,363
2 (MLCO) MERRILL LYNCH 6,096 19.63% 2,320 43,840 19.85% 15,594 (MLCO) MERRILL LYNCH 159 18.48% 2,321 1,702 20.78% 15,595
3 (UBS) UBS INVESTMENT BANK 3,669 11.82% 2,303 27,374 12.40% 14,045 (UBS) UBS INVESTMENT BANK 105 12.24% 2,303 1,029 12.57% 14,045
4 (CITI) CITIGROUP GLOBAL MARKE 2,690 8.66% 1,045 20,345 9.21% 6,490 (CITI) CITIGROUP GLOBAL MARKE 79 9.14% 1,045 835 10.20% 6,490
5 (CSFB) CREDIT SUISSE 2,271 7.31% 1,109 18,417 8.34% 6,487 (CSFB) CREDIT SUISSE 60 7.00% 1,110 649 7.92% 6,502
6 (FCM) FIDELITY CAPITAL MARKET 1,454 4.68% 3,710 12,134 5.49% 29,724 (FCM) FIDELITY CAPITAL MARKET 46 5.31% 3,710 578 7.05% 29,724
7 (LIME) LIME BROKERAGE LLC 1,053 3.39% 639 2,964 1.34% 4,597 (LIME) LIME BROKERAGE LLC 28 3.23% 639 90 1.09% 4,597
8 (GSLT) GOLDMAN SACHS ELECTRON 993 3.20% 9,046 7,073 3.20% 61,490 (DBAB) DEUTSCHE BANK SECURITI 24 2.81% 853 146 1.78% 4,801
9 (JPM) JP MORGAN 921 2.97% 385 4,780 2.16% 2,602 (GSLT) GOLDMAN SACHS ELECTRON 23 2.65% 9,046 185 2.26% 61,490
10 (DBAB) DEUTSCHE BANK SECURITI 907 2.92% 853 4,992 2.26% 4,801 (BCET) BARCLAYS CAPITAL ELEC 22 2.54% 2,572 151 1.84% 16,222
11 (BCET) BARCLAYS CAPITAL ELEC 714 2.30% 2,572 3,640 1.65% 16,222 (JPM) JP MORGAN 20 2.32% 385 161 1.97% 2,602
12 (INCA) INSTINET 464 1.49% 560 3,350 1.52% 4,531 (GSHT) GOLDMAN, SACHS & CO. 16 1.85% 2,728 130 1.59% 19,803
13 (GSHT) GOLDMAN, SACHS & CO. 447 1.44% 2,728 4,494 2.03% 19,803 (MSCO) MORGAN STANLEY 14 1.58% 652 157 1.92% 5,732
14 (MSCO) MORGAN STANLEY 428 1.38% 652 4,416 2.00% 5,732 (INCA) INSTINET 11 1.31% 560 114 1.39% 4,531
15 (CVGX) CONVERGEX 276 0.89% 1,057 2,673 1.21% 6,275 (CVGX) CONVERGEX 9 1.10% 1,057 97 1.18% 6,275
16 (BCAP) BARCLAYS CAPITAL 245 0.79% 623 2,304 1.04% 5,952 (BCAP) BARCLAYS CAPITAL 7 0.80% 623 86 1.05% 5,952
17 (BNPP) BNP PARIBAS SECURITIES 194 0.62% 246 1,413 0.64% 2,991 (JEFF) JEFFERIES & CO., INC. 6 0.72% 721 45 0.55% 4,092
18 (RBC) ROYAL BANK OF CANADA 181 0.58% 1,338 1,856 0.84% 6,752 (CANT) CANTOR FITZGERALD L.P. 6 0.70% 269 36 0.44% 2,147
19 (JEFF) JEFFERIES & CO., INC. 152 0.49% 721 1,103 0.50% 4,092 (BNPP) BNP PARIBAS SECURITIES 6 0.68% 246 46 0.56% 2,991
20 (CANT) CANTOR FITZGERALD L.P. 151 0.49% 269 883 0.40% 2,147 (RBC) ROYAL BANK OF CANADA 4 0.47% 1,343 39 0.47% 6,757
Other 851 2.74% 3,803 8,569 3.88% 35,852 Other 26 3.07% 3,803 304 3.71% 35,855
Total 31,054 100.00% 55,289 220,849 100.00% 369,542 Total 861 100.00% 55,296 8,191 100.00% 369,566
Value Trade Summary Volume Trade Summary
Jun-15 YTD Jun-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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European ETP Broker Rankings
Figure 106: Top 20 European ETF brokers | ETFs | Europe |
Rank Broker
Advertised
value (€
million)
Market
Share
Advertised
Trades
Advertised
value (€
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (CBK) COMMERZBANK 14,669 15.47% 21,390 81,717 14.81% 121,580 (CBK) COMMERZBANK 329 12.82% 21,393 2,016 13.25% 123,052
2 (SIS) SUSQUEHANNA INTERNATION 8,013 8.45% 3,148 45,636 8.27% 18,854 (SIS) SUSQUEHANNA INTERNATION 237 9.23% 3,149 1,354 8.90% 18,879
3 (FLOW) FLOW TRADERS 6,780 7.15% 4,032 38,841 7.04% 24,870 (FLOW) FLOW TRADERS 177 6.92% 4,103 1,051 6.91% 25,285
4 (CITI) CITIGROUP GLOBAL MARKE 6,552 6.91% 3,256 35,196 6.38% 17,382 (CITI) CITIGROUP GLOBAL MARKE 156 6.10% 3,256 880 5.79% 17,382
5 (BNPP) BNP PARIBAS SECURITIES 5,244 5.53% 4,325 34,801 6.31% 27,955 (KCG) KCG HOLDINGS, INC. 112 4.38% 5,908 506 3.33% 28,349
6 (JPMH) JPMORGAN CHASE BANK, N 5,103 5.38% 2,838 28,660 5.19% 16,387 (DBK) DEUTSCHE BANK AG 104 4.07% 1,409 761 5.01% 9,767
7 (DBK) DEUTSCHE BANK AG 4,286 4.52% 1,409 31,807 5.76% 9,758 (BCAP) BARCLAYS CAPITAL 103 4.02% 2,478 569 3.74% 14,926
8 (CSFB) CREDIT SUISSE 3,813 4.02% 2,954 21,326 3.86% 17,839 (SG) SG SECURITIES 102 3.98% 9,069 728 4.79% 67,797
9 (BCAP) BARCLAYS CAPITAL 3,729 3.93% 2,477 20,596 3.73% 14,917 (JPMH) JPMORGAN CHASE BANK, N 99 3.87% 2,838 612 4.02% 16,407
10 (SG) SG SECURITIES 3,707 3.91% 9,068 26,151 4.74% 67,777 (UBS) UBS INVESTMENT BANK 95 3.69% 1,173 686 4.51% 5,014
11 (UBS) UBS INVESTMENT BANK 3,490 3.68% 1,173 19,716 3.57% 5,014 (CSFB) CREDIT SUISSE 93 3.64% 3,033 501 3.30% 18,240
12 (MSCO) MORGAN STANLEY 3,346 3.53% 1,912 19,848 3.60% 11,500 (MLCE) BANK OF AMERICA MERRIL 92 3.60% 2,877 411 2.70% 15,183
13 (UNIC) UNICREDIT 2,854 3.01% 1,029 18,595 3.37% 6,071 (CANT) CANTOR FITZGERALD L.P. 89 3.49% 2,150 383 2.52% 12,647
14 (CANT) CANTOR FITZGERALD L.P. 2,768 2.92% 2,149 11,845 2.15% 12,638 (WINS) WINTERFLOOD SECURITIES 86 3.36% 6,288 518 3.40% 36,874
15 (GSHT) GOLDMAN, SACHS & CO. 2,464 2.60% 3,593 16,357 2.96% 33,499 (MSCO) MORGAN STANLEY 82 3.19% 1,912 527 3.46% 11,501
16 (KCG) KCG HOLDINGS, INC. 2,403 2.53% 5,905 10,892 1.97% 28,344 (BNPP) BNP PARIBAS SECURITIES 82 3.18% 4,339 639 4.20% 28,071
17 (WINS) WINTERFLOOD SECURITIES 1,927 2.03% 6,285 11,605 2.10% 36,867 (UNIC) UNICREDIT 59 2.29% 1,031 376 2.47% 6,081
18 (MLCE) BANK OF AMERICA MERRIL 1,688 1.78% 2,877 7,322 1.33% 15,183 (GSHT) GOLDMAN, SACHS & CO. 47 1.83% 3,593 299 1.96% 33,505
19 (BFIN) BLUEFIN EUROPE LLP 1,513 1.60% 207 9,677 1.75% 1,023 (KEPL) KEPLER CAPITAL MARKETS 40 1.55% 2,498 234 1.54% 16,607
20 (MLCO) MERRILL LYNCH 1,349 1.42% 787 7,256 1.32% 4,308 (MLCO) MERRILL LYNCH 39 1.53% 787 205 1.35% 4,308
Other 9,143 9.64% 25,939 53,957 9.78% 151,851 Other 339 13.23% 23,739 1,954 12.84% 136,473
Total 94,840 100.00% 106,753 551,802 100.00% 643,617 Total 2,564 100.00% 107,023 15,211 100.00% 646,348
Value Trade Summary Volume Trade Summary
Jun-15 YTD Jun-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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Figure 107: Top 20 European ETC brokers | ETCs | Europe |
Rank Broker
Advertised
value (€
million)
Market
Share
Advertised
Trades
Advertised
value (€
million)
Market
Share
Advertised
Trades Broker
Advertised
volume
(million)
Market
Share
Advertised
Trades
Advertised
volume
(million)
Market
Share
Advertised
Trades
1 (DBK) DEUTSCHE BANK AG 316 18.19% 23 1,240 7.74% 257 (WINS) WINTERFLOOD SECURITIES 175 39.82% 1,681 725 24.99% 10,463
2 (WINS) WINTERFLOOD SECURITIES 163 9.39% 1,681 1,212 7.57% 10,463 (CANT) CANTOR FITZGERALD L.P. 54 12.21% 346 235 8.12% 2,216
3 (MSCO) MORGAN STANLEY 147 8.47% 229 1,338 8.35% 1,570 (UBS) UBS INVESTMENT BANK 34 7.79% 130 114 3.94% 699
4 (UBS) UBS INVESTMENT BANK 142 8.20% 130 707 4.41% 699 (MLCO) MERRILL LYNCH 34 7.79% 39 82 2.82% 211
5 (HSBC) HSBC GROUP PLC 106 6.14% 91 482 3.01% 1,114 (CITI) CITIGROUP GLOBAL MARKE 20 4.63% 299 137 4.71% 2,009
6 (CBK) COMMERZBANK 96 5.55% 795 916 5.72% 4,525 (MLCE) BANK OF AMERICA MERRIL 17 3.95% 413 128 4.43% 2,310
7 (FLOW) FLOW TRADERS 70 4.04% 140 803 5.01% 1,092 (KEPL) KEPLER CAPITAL MARKETS 15 3.49% 229 101 3.48% 1,608
8 (MACQ) MACQUARIE SECURITIES 69 3.97% 25 1,283 8.01% 256 (DBKE) DEUTSCHE BANK AG, AUTO 10 2.18% 293 278 9.58% 2,711
9 (MLCO) MERRILL LYNCH 62 3.59% 39 736 4.59% 211 (PEEL) PEEL HUNT LLP 8 1.73% 434 47 1.63% 2,467
10 (CITI) CITIGROUP GLOBAL MARKE 56 3.22% 299 967 6.04% 2,009 (CBK) COMMERZBANK 8 1.71% 795 49 1.71% 4,545
11 (ITGE) ITG EUROPE 50 2.91% 6 87 0.55% 24 (INCA) INSTINET 7 1.54% 90 119 4.10% 604
12 (CSFB) CREDIT SUISSE 50 2.88% 132 820 5.12% 957 (FLOW) FLOW TRADERS 6 1.47% 140 74 2.55% 1,116
13 (KCG) KCG HOLDINGS, INC. 50 2.86% 431 429 2.68% 2,306 (CSFB) CREDIT SUISSE 6 1.41% 133 41 1.42% 964
14 (BNPP) BNP PARIBAS SECURITIES 43 2.50% 30 418 2.61% 180 (MACQ) MACQUARIE SECURITIES 6 1.30% 25 134 4.61% 256
15 (BFIN) BLUEFIN EUROPE LLP 40 2.32% 46 616 3.84% 331 (BFIN) BLUEFIN EUROPE LLP 5 1.03% 46 110 3.80% 331
16 (CANT) CANTOR FITZGERALD L.P. 35 2.02% 346 413 2.58% 2,216 (BNPP) BNP PARIBAS SECURITIES 4 0.98% 30 21 0.74% 180
17 (PEEL) PEEL HUNT LLP 35 2.01% 434 261 1.63% 2,467 (DBK) DEUTSCHE BANK AG 4 0.93% 23 18 0.64% 257
18 (MLCE) BANK OF AMERICA MERRIL 31 1.80% 413 234 1.46% 2,309 (KCG) KCG HOLDINGS, INC. 4 0.90% 431 57 1.98% 2,306
19 (SG) SG SECURITIES 28 1.64% 56 832 5.20% 600 (MED) MEDIOBANCA SPA 4 0.81% 758 46 1.59% 5,547
20 (INCA) INSTINET 23 1.34% 90 210 1.31% 604 (EQUI) EQUITA SIM SPA 3 0.77% 127 75 2.58% 618
Other 121 7.00% 2,108 2,016 12.58% 15,987 Other 16 3.58% 1,089 307 10.60% 8,836
Total 1,735 100.00% 7,544 16,019 100.00% 50,177 Total 439 100.00% 7,551 2,900 100.00% 50,254
Value Trade Summary Volume Trade Summary
Jun-15 YTD Jun-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP
Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded.
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European Monthly ETF Market Review
Deutsche Bank AG/London Page 69
Appendix A: How we define ETPs Exchange-Traded Products (ETPs)
We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-
traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes
exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).
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, $56.7bn) in the US.
Figure 108: ETP Coverage Universe Summary
Region Products US$ 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.
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Page 70 Deutsche Bank AG/London
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 anti-clockwise from
beta, the potential for return increases, together with the potential risk.
Figure 109: The Roadmap From Beta (β) to Alpha (α)
Beta Alpha
Beta Multiplied Beta Adjusted
Beta Alpha
BetaKey Characteristics:- Diversification rules apply- Long only exposure- Weighting based on market capitalization- Composition based on pre-determined rules- Representative of a pre-defined market segmentReturn profile: Match very closely index return profileRisk profile: Match very closely index risk profile
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 seReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile
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 segmentReturn profile: Aims to generate superior returnsRisk profile: Not consistent with a diversified index risk profile
AlphaKey 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 segmentReturn profile: Aims to generate positive returnsRisk profile: Dependent on investment decisions
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.
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Deutsche Bank AG/London Page 71
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.
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Page 72 Deutsche Bank AG/London
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. Ari Rajendra
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
37 %
58 %
5 %45 %
38 %
42 %
0
50
100
150
200
250
300
350
400
Buy Hold Sell
European Universe
Companies Covered Cos. w/ Banking Relationship
10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 73
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.
10 July 2015
European Monthly ETF Market Review
Page 74 Deutsche Bank AG/London
Additional Information
The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively
"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources
believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.
Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own
account or with customers, in a manner inconsistent with the views taken in this research report. Others within
Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those
taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,
equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication
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10 July 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 75
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10 July 2015
European Monthly ETF Market Review
Page 76 Deutsche Bank AG/London
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Copyright © 2015 Deutsche Bank AG
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
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Equity Research
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Asia Pacific Research
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Deutsche Bank Research, Germany
Andreas Neubauer Regional Head
Equity Research, Germany
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