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Deutsche Bank Markets Research
Europe
Synthetic Equity & Index Strategy
European Monthly ETF Market Review
Date
9 November 2015
Fixed Income Dominates ETF Flows
Data in this report is as of 30th October 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.
Authors
Anil Gademsetty, CFA
Strategist
(+44) 20 754-52198
anil-kumar.gademsetty@db.com
Team Contacts
Shan Lan
Strategist
(+852) 22036716
shan.lan@db.com
Sebastian Mercado
Strategist
(+1) 212 250-8690
sebastian.mercado@db.com
European ETP Highlights
As of the end of October 2015, global ETP assets stood at $2.9 trillion with
European ETP assets at $514bn (€465bn). European ETPs had another good
month with net inflows of +€6.4bn in October (+€1.8bn in the prev. month).
Fixed Income ETFs led the charge with notable inflows of +€3.5bn followed by
Equity ETFs (+€2.5bn) over the last month. Commodity ETPs listed in Europe
reversed previous month’s trend and recorded inflows of +€0.4bn during the
same period.
Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows
Investors trading European-listed ETPs were net buyers of broad emerging
market focused ETFs. We observed net demand of +€0.9bn into emerging
market equities during October.
European equity exposure ETFs continued the positive run in October and
attracted investors from Europe and the US. Where European-listed ETFs were
concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows)
into European equities in Oct’15. US-listed ETFs providing exposure to
European equities registered monthly inflows of +$2.3bn bringing YTD total to
over +$32.4bn.
Investors remained bullish on the Energy sector and put +€0.1bn of new
money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15).
Short and Leverage Long focused ETFs lost momentum and experienced
outflows of -€0.4bn and -€0.2bn, respectively, over the same period.
European ETF flows dominated by Fixed Income ETFs
Fixed income ETF flows dominated overall European ETF flows in October
recording +€3.5bn inflows vs. the region’s overall inflows of +€6.4bn. Within
fixed income, investment grade led the flows, attracting +€2.9bn over the last
month (+€20.4bn YTD). High yield bonds reversed previous month’s trend and
recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn
YTD).
European ETFs Turnover (%) increased into overall Cash Equity
Turnover into European ETFs has significantly increased since the start of
2015. ETFs turnover (%) vs. the overall Cash Equity market has increased to
9.1% from 7.6% in 2014.
9 November 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 ......................................... 5 Product Launch Activity ........................................................................................... 5 Other regions’ cash flow summary.......................................................................... 6
1. Investment Trends ...................................................... 7 Cross-Asset Class ETPs ........................................................................................... 7 Equity ETFs .............................................................................................................. 7 Fixed Income ETFs .................................................................................................10 Commodity ETPs ....................................................................................................10
2. Market Metrics .......................................................... 11 ETF Industry Asset Evolution ..................................................................................11 ETFs vs. Cash Equities ............................................................................................14 ETFs vs. Unlisted Mutual Funds .............................................................................16 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
................................................................................................................................18 Industry Growth Analysis ........................................................................................20
3. Cash Flow Analysis ................................................... 22 Regional Cash Flow Analysis ..................................................................................22 Asset Class Cash Flow Analysis .............................................................................22 Product Rankings ....................................................................................................27
4. Product Review ......................................................... 29 New Products Launched in the Month ...................................................................29 Average TERs .........................................................................................................32
5. Provider Rankings ..................................................... 35 Global Provider Rankings ........................................................................................35 European Provider Rankings – General ...................................................................37 European Provider Rankings – by Asset Class ........................................................41 European Provider Analysis by Replication Method ...............................................44
6. Trading Perspective .................................................. 45 ETP Monthly Turnover Analysis by Asset Class, by Instrument..............................45 Asset Class Analysis ...............................................................................................45 Product Rankings ....................................................................................................50
7. European ETF Exchanges ............................................ 55
8. Assets ......................................................................... 58 ETP Monthly AUM Analysis by Asset Class ...........................................................58 Asset Class Analysis ...............................................................................................58 Product Rankings ....................................................................................................63
9. ETF Broker rankings .................................................. 65 US ETP Broker Rankings .........................................................................................65 European ETP Broker Rankings ..............................................................................67
Appendix A: How we define ETPs ..................................... 69
Appendix B: The road from beta to alpha ......................... 70
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 3
European Investment Trends
Fixed Income and Equity ETFs collected healthy inflows, Commodity comes
into positive territory
European-listed ETPs brought in +€6.4bn inflows in October dominated by
fixed income ETFs receiving +€3.5bn inflows followed by Equity ETFs
(+€2.5bn). Commodity ETPs listed in Europe reversed the previous month’s
trend and recorded inflows of +€0.4bn over the last month. Year-to-date flows
for European-listed ETPs was at +€61.4bn as of the end of October.
US-domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October
taking YTD flows total to +$172bn. Most of the inflows were contributed by
equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of
+$11.5bn into fixed income ETFs. Commodity ETPs recovered from negative
flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15.
Global EM, Broad European equities and Energy ETFs benefitted from inflows, Short and Leverage ETFs experienced net outflows
Investors trading European-listed ETPs were net buyers of broad emerging
market focused ETFs. We observed net demand of +€0.9bn into emerging
market equities during October. US-listed ETFs providing exposure to
emerging market equities also registered monthly inflows of +$2.1bn.
European equity exposure ETFs continued the positive run in October and
attracted investors in Europe and US. Where European-listed ETFs were
concerned, we observed monthly inflows of +€0.5bn (+€20.6bn YTD inflows)
into European equities in Oct’15. US-listed ETFs providing exposure to
European equities registered monthly inflows of +$2.3bn, bringing YTD total to
over +$32.4bn. European equities remained preferred over US equities in
October by investors.
Investors remained bullish on the Energy sector and put +€0.1bn of new
money into Energy-sector ETFs during October (+€0.2bn inflows in Sep’15).
Short and Leverage Long focused ETFs lost momentum and experienced
outflows of -€0.4bn and -€0.2bn, respectively, over the same period.
European ETF flows dominated by Fixed Income ETFs
Fixed income ETF flows dominated overall European ETF flows in October
recording +€3.5bn inflows vs. the region’s overall inflow of +€6.4bn. Within
fixed income, investment grades led the flows attracting +€2.9bn over the last
month (+€20.4bn YTD). High yield bonds reversed the previous month’s trend
and recorded inflows of +€0.7bn in October (-€0.4bn in September & +€3.9bn
YTD). Figure 1 illustrates the monthly trend of flows into fixed income ETFs
(breakdown into Investment Grade and High Yield bond ETFs during 2015).
9 November 2015
European Monthly ETF Market Review
Page 4 Deutsche Bank AG/London
Figure 1: Monthly Flows into Fixed Income ETFs (Breakdown into IG and HY
Bonds during 2015)
(2,000)
(1,000)
-
1,000
2,000
3,000
4,000
5,000
6,000
FI
Mo
nth
ly F
low
s €
mn
Investment Grade High Yield
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
European ETFs Turnover (%) increased into overall Cash Equity
Turnover into European ETFs has significantly increased since the start of 2015
(YTD). ETFs turnover (%) vs. the overall Cash Equity market has been increased
to 9.1% from 7.6% in 2014.
Figure 2: ETF vs Cash Equity Turnover (%)
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
2011 2012 2013 2014 2015
ET
F v
s C
ash
Eq
uit
y (
%)
ETF (%) in total Cash Equity
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Inflows into Crude Oil and Gold based ETPs
Commodity ETPs reversed the previous month’s trend and registered inflows of
+€393mn during October (-€256mn in September). This was majorly driven by
inflows into Crude oil ETPs (+€189mn) followed by inflows of +€139mn into
Gold-based ETPs. Crude oil ETPs are the most popular commodity ETPs in
2015 attracting +€1.6bn in YTD flows, primarily driven by low oil prices.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 5
ETF Comparatives: Mutual Funds, cash equity turnover
European ETF turnover1 as a percentage of the region’s cash equities
turnover2, decreased to 8.6% (from 8.7% in Sep’15) as of the end of
October 2015. The equivalent number for the US market also decreased to
25.1% over the same period (from 28.2% in Sep’15).
European ETFs comprised 3.4% of the continent’s mutual fund industry as
of August 2015. European domiciled ETFs registered inflows of +€9.7bn
through August 2015, while UCITS mutual funds registered outflows
totalling -€3bn in the same period, according to mutual fund industry data
published by the European Fund and Asset Management Association
(EFAMA).
US ETFs comprised 15.2% of the mutual fund industry as of the end of
Sep’15. US domiciled ETFs registered inflows of +$20.4bn in Sep’15, while
US mutual funds experienced outflows of -$34bn over the same period,
according to mutual fund industry data published by the Investment
Company Institute (ICI).
Product Launch Activity
ETP launch calendar in October: 12 new launches led by Fixed Income ETFs
The European ETP industry registered 12 new products launches during
October including 5 Fixed Income, 4 Equity and 3 Commodity ETPs.
Equity
During October, Wisdom Tree listed 2 new Equity ETFs on London Stock
Exchange tracking the performance of WisdomTree Emerging Asia Equity
Income Index (DEMA LN) and WisdomTree UK Equity Income Index
(WUKD LN)
Lyxor listed one new Equity ETF (LYX5 GY) on Deutsche Borse tracking the
performance of JP Morgan Equity Risk Premia Europe Multi Factor Long
Only (EUR) Index.
Van Eck Funds listed one Equity ETF (MOAT LN) on London Stock
Exchange tracking Morningstar Wide Moat Focus Index. Fixed Income
Comstage listed 4 new Fixed income ETFs on Deutsche Borse tracking the
performance of Commerzbank 10Y US-Treasury Future TR (E570 GY),
Commerzbank 10Y US-Treasury Future Short TR (E571 GY), Commerzbank
US-Treasury Bond Future Short TR (E572 GY) and Commerzbank US-
Treasury Bond Future Double Short TR (E573 GY).
Deutsche AWM Listed One new Fixed Income ETF (XDGU GY) on
Deutsche Borse tracking the performance of Barclays USD Liquid
Investment Grade Corporate Index.
1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently
reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as
reported by Bloomberg
9 November 2015
European Monthly ETF Market Review
Page 6 Deutsche Bank AG/London
Commodity
Boost listed 2 Commodity ETCs during October providing 3x (3BRL IM) and
-3x (3BRS IM) exposure to NASDAQ Commodity Brent Crude Oil Index.
These ETCs were listed on the Borsa Italiana.
Comstage listed one new Commodity ETF (C099 GY) on Deutsche Borse
tracking the performance of Commerzbank ex-Agriculture Monthly EUR
Hedged Index. For additional information on new product launches and listings please refer to
figures 62 to 64.
Other regions’ cash flow summary
US: Equity continued the positive run, fixed income follows
US domiciled ETPs recorded inflows of +$28bn (+$20bn in Sep’15) in October
taking YTD flows total to +$172bn. Most of the inflows were contributed by
equity ETFs registering +$16bn (+$11bn in Sep’15) followed by inflows of
+$11.5bn into Fixed income ETFs. Commodity ETPs recovered from negative
flows in the previous month (-$0.4bn) to inflows of +$0.5bn in Oct’15.
Within equities, the following segments and sub-segments saw significant
activity:
Segments: Developed Markets (+$4.8bn), Sector (+$4.4bn), Emerging Markets
(+$2.8bn), Style (+$1.9bn) Size (+$1.8bn) and Thematic (-$0.7bn)
Sub-segments: Europe DM broad (+$2.3bn), EM Broad (+$2.1bn), Value
(+$1.8bn), DM Broad (+$1.6bn) and Leveraged (-$1.8bn).
Within fixed income, major inflows were recorded by ETFs benchmarked to
Corporates (+$9.3bn) and Sovereign & Corporates (+$1.3bn) bond indices over
the last month. Among commodity ETPs, crude oil and gold based ETPs
registered inflows of +$0.3bn and +$0.2bn respectively during the month of
October.
Asia: Outflows from Asian ETPs driven by Japan and money market ETFs, partially offset by inflows into South Korea and China ETFs
Asia-Pacific ETPs experienced monthly outflows of -$1bn in October (+$12.2bn
in Sep’15) taking YTD total to +$41.1bn. With this, monthly flows average for
2015 stands at +$4.1bn. Equity and fixed income both recorded negative flows
over the last month.
Within equity, South Korea, China and Japan saw significant flow movement
last month. ETFs focusing on South Korea and China saw inflows of +$867mn
and +$831mn respectively while Japan focused ETFs saw outflows of -$1.2bn.
Beside these, leveraged long (-$1.1bn), short (+$399mn) and leveraged short
(+$211mn) saw major flow activity.
During Q3, fixed income ETFs gathered healthy inflows (+11.3bn), primarily
into China money market ETFs. However in October these ETFs experienced
redemptions worth of -$950mn. Flow activity with commodity ETPs remained
negligible over the last month.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 7
1. Investment Trends3
Cross-Asset Class ETPs
Figure 3: Cash flows by asset class – YTD
| ETPs | Europe |
Figure 4: Cash flows by asset class – Month
| ETPs | Europe |
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
€m
illio
ns
Equity Commodity Fixed Income Others
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
€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 5: Top 3 aggregate equity segments – YTD
| ETFs | Europe |
Figure 6: Top 3 aggregate equity segments – Month
| ETFs | Europe |
(5,000)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
€m
illio
ns
Developed Markets Strategy Sector
(1,000)
(500)
-
500
1,000
1,500
2,000
2,500
€m
illio
ns
Developed Markets Emerging Markets Strategy
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
9 November 2015
European Monthly ETF Market Review
Page 8 Deutsche Bank AG/London
Figure 7: Top 3 DM countries – YTD | ETFs | Europe | Figure 8: Top 3 DM countries – Month | ETFs | Europe |
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
€m
illio
ns
Japan Germany UK
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
€m
illio
ns
Germany US Italy
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 9: Top 3 DM regions – YTD
| ETFs | Europe |
Figure 10: Top 3 DM regions – Month
| ETFs | Europe |
(5,000)
-
5,000
10,000
15,000
20,000
25,000
€m
illio
ns
Europe North America Asia Pacific
(200)
-
200
400
600
800
1,000
1,200
€m
illio
ns
Europe Global North America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 11: Top 3 EM countries – YTD
| ETFs | Europe |
Figure 12: Top 3 EM countries – Month
| ETFs | Europe |
-3,000
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
€m
illio
ns
China India Taiwan
-250
-200
-150
-100
-50
0
50
100
150
€m
illio
ns
Taiwan China Russia
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 9
Figure 13: Top 3 EM regions – YTD
| ETFs | Europe |
Figure 14: Top 3 EM regions – Month
| ETFs | Europe |
(1,500)
(1,000)
(500)
-
500
1,000
€m
illio
ns
Asia Pacific Europe Global
(200)
-
200
400
600
800
1,000
€m
illio
ns
Global Asia Pacific Latin America
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 15: Top 3 sectors – YTD
| ETFs | Europe |
Figure 16: Top 3 sectors – Month
| ETFs | Europe |
(500)
-
500
1,000
1,500
2,000
2,500
€m
illio
ns
Financials Energy Telecommunication Services
(200)
(150)
(100)
(50)
-
50
100
150
200
250
300
€m
illio
ns
Energy Consumer Staples Consumer Discretionary
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 17: Top 3 strategy segments – YTD
| ETFs | Europe |
Figure 18: Top 3 strategy segments – Month
| ETFs | Europe |
(500)
-
500
1,000
1,500
2,000
2,500
3,000
€m
illio
ns
Quantitative Fundamental Short
(700)
(600)
(500)
(400)
(300)
(200)
(100)
-
100
200
300
€m
illio
ns
Short Leveraged Long Quantitative
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 10 Deutsche Bank AG/London
Fixed Income ETFs
Figure 19: Top 3 aggregate fixed income segments –
YTD | ETFs | Europe |
Figure 20: Top 3 aggregate fixed income segments –
Month | ETFs | Europe |
0
5,000
10,000
15,000
20,000
25,000
€m
illio
ns
Corporates Sovereign Overall
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
€m
illio
ns
Sovereign Corporates Overall
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Commodity ETPs
Figure 21: Top 3 aggregate commodity segments –
YTD | ETPs | Europe |
Figure 22: Top 3 aggregate commodity segments –
Month | ETPs | Europe |
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
€m
illio
ns
Energy Precious Metals Overall
-100
0
100
200
300
400
500
€m
illio
ns
Energy Overall Precious Metals
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 23: Top 5 commodity sub-segments – YTD
| ETPs | Europe |
Figure 24: Top 5 commodity sub-segments – Month
| ETPs | Europe |
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
€m
illio
ns
Crude Oil Gold Commodity Overall Copper Energy Overall
-200
-100
0
100
200
300
400
500
600
€m
illio
ns
Crude Oil Commodity Overall Gold Copper Palladium
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 11
2. Market Metrics
ETF Industry Asset Evolution
Figure 25: 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 91.3 136.0 169.0 202.2 249.8
Europe ($) 20.5 33.0 51.3 91.4 131.7 144.9 243.9 309.8 298.1 369.2 416.5 458.4 513.6
US ($) 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 2,111.3
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 2,639.7 2,874.6
Europe (€) 16.3 24.3 43.3 69.3 90.1 104.2 170.0 230.9 229.6 280.1 302.2 378.9 464.9
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
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 26: 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 19.8
ETVs 5.8 8.5 14.0 24.9 34.3 41.7 75.2 101.6 107.1 119.3 63.5 56.7 53.8
ETFs 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.2 2,800.9
Total 205.3 298.8 400.1 569.1 775.7 756.3 1,091.1 1,390.3 1,435.9 1,838.7 2,263.4 2,639.7 2,874.6
Number of ETPs* 269 324 432 737 1,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,297
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
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
9 November 2015
European Monthly ETF Market Review
Page 12 Deutsche Bank AG/London
Figure 27: Global ETF regional asset growth | ETFs | Global |
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015**
Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 201.8 249.4
Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.1 494.1
US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,922.4 2,057.4
US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,562.2 2,800.9
Europe (€) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 362.0 447.3
Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,773
0
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 28: 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 1,620 861 1,410 1,496
Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 13,296
Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86,151 111,66
Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,59 147,53 139,72 171,52 210,35 261,07 320,81
Total 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,17 362,04 447,27
Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,311 1,350 1,417 1,473
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
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 13
Figure 29: 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 14
Industrial Metals - - 4 44 99 413 828 734 1,063 713 777 496
Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 826 844
Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,078 2,419
Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,580 3,877
Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 22,934
Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 30,584
Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 389
-
90
180
270
360
450
0
10,000
20,000
30,000
40,000
50,000
60,000
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
Figure 30: 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 17,635
ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,16 211,37 208,05 253,48 286,83 362,04 447,27
Total 16,332 24,340 43,326 69,313 90,091 104,21 170,00 230,89 229,64 280,06 302,24 378,86 464,91
Number of ETPs 100 115 165 299 476 738 995 1,332 1,565 1,749 1,794 1,868 1,913
-
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
9 November 2015
European Monthly ETF Market Review
Page 14 Deutsche Bank AG/London
ETFs vs. Cash Equities
Figure 31: 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 32: ETFs vs. cash equities turnover – European market | ETFs | Europe |
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
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
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 15
Figure 33: 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
Jul-15 63,279 702,931 9.0% 1,465,731 6,025,688 24.3% 2.7x 8.6x 23.2x
Aug-15 71,128 708,169 10.0% 1,971,994 6,731,171 29.3% 2.9x 9.5x 27.7x
Sep-15 58,466 674,930 8.7% 1,692,334 6,003,237 28.2% 3.3x 8.9x 28.9x
Oct-15 56,493 656,331 8.6% 1,561,540 6,230,426 25.1% 2.9x 9.5x 27.6x
Period 2,634,739 34,387,713 7.7% 76,567,710 296,842,611 25.8% 3.4x 8.7x 29.6x
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 642,912 7,092,671 9.1% 15,086,655 58,798,270 25.7% 2.8x 8.3x 23.5x
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
9 November 2015
European Monthly ETF Market Review
Page 16 Deutsche Bank AG/London
ETFs vs. Unlisted Mutual Funds
Figure 34: 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 Q3-15*
ETCs 19 19 21 22 23 23 28 27 26 18 18 15 17 17 17 17 20 19 17
ETFs 217 222 201 208 228 222 242 254 268 256 271 287 299 326 344 363 439 429 424
ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.7% 3.6% 3.6%
ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4%
1.7%
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 31-Aug-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
Figure 35: European ETP vs mutual fund cash flows | ETPs | Europe |
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15
ETCs -0.77 -0.03 -0.11 -0.13 -0.13 -0.68 -0.13 0.18 0.40 0.13 -0.16 -0.08 0.38 0.07 -0.46 -0.12 0.24 0.06 0.90 0.82 -0.48 0.07 0.00 -0.31 -0.51 0.43
ETFs 3.16 0.39 0.99 2.93 2.78 1.64 3.69 3.36 0.88 6.20 4.68 4.20 7.57 5.98 -1.78 5.68 4.13 0.06 11.26 10.26 7.18 4.18 0.28 1.68 7.94 9.73
Mutual funds 34.60 0.50 9.40 25.90 20.60 26.80 41.90 50.40 46.70 63.20 48.00 36.90 40.90 32.10 28.10 22.70 30.80 16.10 54.70 71.40 71.40 66.50 51.10 18.10 38.80 -3.00
-10
0
10
20
30
40
50
60
70
80
90
Cash F
low
s (
€billion)
Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 17
Figure 36: 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 Q3-15
ETVs 108 108 111 107 116 108 125 119 109 72 76 64 67 67 61 57 59 57 52
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 2,034 1,912
ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6%
ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2%
1.7%
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)
Source: Deutsche Bank, Bloomberg Finance LP, ICI
Figure 37: US ETP vs mutual fund cash flows | ETPs | US |
-60
-40
-20
0
20
40
60
80
Cash flo
ws (
$ b
illion)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15
ETVs -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 -0.56 -0.76 0.67 -0.42
ETFs 41.32 -18.25 32.85 28.33 14.22 23.19 -14.27 18.19 10.54 20.70 12.56 25.20 16.43 14.92 17.65 26.76 42.45 51.51 -7.88 31.79 28.73 13.80 12.91 18.52 23.73 0.85 20.36
Mutual funds 10.28 -17.17 -4.90 10.30 9.10 -20.05 27.88 32.65 26.88 16.94 14.94 13.02 3.37 7.42 22.76 -3.00 13.76 -47.08 25.20 29.05 14.54 5.39 2.96 5.27 -18.97 -39.13 -34.27
Source: Deutsche Bank, Bloomberg Finance LP, ICI
9 November 2015
European Monthly ETF Market Review
Page 18 Deutsche Bank AG/London
European ETF Industry Replication Structure Composition (Synthetic vs. Physical)
Figure 38: 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 39: 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 73,101 234,723 86,092
Fixed Income 45,672 14,773 67,114 19,062 85,694 25,975
Commodity 10,892 3,620 10,027 3,385 9,542 3,754
Others 352 1,175 344 1,065 453 1,043
Total 192,737 94,126 265,980 96,614 330,412 116,864
Equity 421 516 474 523 532 519
Fixed Income 165 161 179 164 195 154
Commodity 23 35 22 27 22 28
Others 9 20 9 20 9 14
Total 618 732 684 734 758 715
Equity 18,302 -3,209 22,993 3,072 2,293 185
Fixed Income 7,760 326 16,880 3,265 2,722 802
Commodity -4,360 -697 -1,577 160 -81 161
Others 62 -231 -34 -101 9 -17
Total 21,764 -3,810 38,263 6,398 4,943 1,130
ETFs (number of products)
Cash Flows (€ million)
Oct-152013 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 19
Figure 40: European ETF AUM by replication method
| ETFs | Europe |
Figure 41: European ETF flows by replication method
| ETFs | Europe |
€192,737
€265,980
€330,412
€94,126
€96,614
€116,864
0% 20% 40% 60% 80% 100%
2013
2014
Oct-15
Physical Synthetic
€21,764
€38,263
€44,781
€4,943
-€3,810
€6,398
€15,598
€1130
-20% 0% 20% 40% 60% 80% 100%
2013
2014
2015
Oct-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 42: European ETFs product count by replication
method | ETFs | Europe |
Figure 43: European Equity ETFs AUM by replication
method | ETFs | Europe |
618
684
758
732
734
715
0% 20% 40% 60% 80% 100%
2013
2014
Oct-15
Physical Synthetic
€135,822
€188,495
€234,723
€74,558
€73,101
€86,092
0% 20% 40% 60% 80% 100%
2013
2014
Oct-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 44: European Fixed Income ETFs AUM by
replication method | ETFs | Europe |
Figure 45: European Commodity ETFs AUM by
replication method | ETFs | Europe |
€45,672
€67,114
€85,694
€14,773
€19,062
€25,975
0% 20% 40% 60% 80% 100%
2013
2014
Oct-15
Physical Synthetic
€10,892
€10,027
€9,542
€3,620
€3,385
€3,754
0% 20% 40% 60% 80% 100%
2013
2014
Oct-15
Physical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 20 Deutsche Bank AG/London
Industry Growth Analysis
Figure 46: Global ETF Industry growth attribution | ETFs | Global |
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-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
)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
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%
Fixed Income flows 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% 0.4% 0.4% 0.6% 0.6%
Equity flows 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.2% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7%
Price growth 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.0% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3%
Total growth 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 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% 1.8% -4.9% -2.1% 7.6%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 47: US ETF Industry growth attribution | ETFs | US |
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-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
)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
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%
Fixed Income flows 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% 0.3% 0.3% 0.5% 0.6%
Equity flows 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% 0.8% -0.2% 0.6% 0.8%
Price growth 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3%
Total growth 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 48: European ETF Industry growth attribution | ETFs | Europe |
-8.0%
-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
)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
Other flows -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0%
Fixed Income flows 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.2% 0.9%
Equity flows 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.2% 0.2% 0.5% 1.4% 1.6% 0.4% 0.6%
Price growth 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2% -1.2% 1.0% -3.5% 1.3% -6.4% -2.9% 6.8%
Total growth 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 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% 3.2% -4.3% -2.4% 8.2%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 21
Figure 49: European ETC Industry growth attribution | ETCs | Europe |
-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
)
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
Currency Flows 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1%
Commodity Flows -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 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% -2.7% 2.5% -0.7% 1.9%
Price growth 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5% -1.9% 1.9% -3.4% -7.7% 0.6% -2.3% 3.3%
Total growth 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% -10.4% 3.2% -3.1% 5.1%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 22 Deutsche Bank AG/London
3. Cash Flow Analysis
Regional Cash Flow Analysis
Figure 50: 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 15,782 2,757 2,478 -154 18,384 10,817 1,622 1,445 7,483 19,923 111,797 40,400 35,978 27,612 179,809
Fixed income 11,533 3,948 3,524 -950 14,531 9,594 706 632 4,934 15,234 57,474 27,004 24,283 12,042 96,520
Commodity 12 90 80 48 150 7 -157 -140 -41 -191 404 95 98 1,312 1,811
Currency -92 0 0 10 -82 -17 0 0 16 -1 -129 -14 -13 127 -16
Multi Asset -28 6 6 -5 -27 -20 -8 -7 0 -28 298 133 121 -6 425
Alternative 14 -16 -14 22 21 -18 -10 -9 -159 -187 198 -99 -88 28 127
Total 27,221 6,785 6,074 -1,028 32,977 20,363 2,153 1,921 12,234 34,750 170,042 67,519 60,379 41,115 278,676
ETCs/ETVs
Commodity 500 349 313 0 850 -454 -131 -117 0 -585 1,411 1,405 1,167 -22 2,795
Currency -10 -15 -14 0 -25 -50 -22 -20 0 -73 20 -111 -99 0 -91
Alternative 292 0 0 0 292 83 0 0 0 83 671 0 0 0 671
Total 782 335 300 0 1,116 -421 -153 -137 0 -574 2,103 1,294 1,068 -22 3,375
ETPs
Equity 15,782 2,757 2,478 -154 18,384 10,817 1,622 1,445 7,483 19,923 111,797 40,400 35,978 27,612 179,809
Fixed income 11,533 3,948 3,524 -950 14,531 9,594 706 632 4,934 15,234 57,474 27,004 24,283 12,042 96,520
Commodity 513 439 393 48 1,000 -447 -288 -256 -41 -775 1,815 1,501 1,265 1,290 4,606
Currency -103 -15 -14 10 -107 -67 -22 -20 16 -74 -108 -125 -112 127 -107
Multi Asset -28 6 6 -5 -27 -20 -8 -7 0 -28 298 133 121 -6 425
Alternative 306 -16 -14 22 313 65 -10 -9 -159 -104 870 -99 -88 28 799
Total 28,003 7,120 6,373 -1,028 34,094 19,942 2,000 1,784 12,234 34,175 172,145 68,813 61,448 41,093 282,051
All figures in $ million except where otherwise stated
Oct-15 Sep-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Cash Flow Analysis
Figure 51: 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 1,283 0 0 -2 1,281 1,303 0 0 -31 1,272 28,197 0 0 -246 27,950
Emerging Markets 823 0 0 -1 823 -229 0 0 0 -229 -1,810 0 0 -1 -1,811
Global Markets 300 0 0 0 300 -151 0 0 0 -151 -637 0 0 0 -637
Sector 81 0 0 0 81 -61 0 0 0 -61 2,658 0 0 0 2,658
Capitalization -16 0 0 0 -16 -175 0 0 0 -175 1,734 0 0 0 1,734
Strategy 199 -667 43 0 -425 400 178 -46 -51 480 1,843 906 376 -108 3,017
Style 220 0 0 0 220 165 0 0 0 165 2,029 0 0 0 2,029
Thematic 214 0 0 0 214 144 0 0 0 144 1,038 0 0 0 1,038
Total equities 3,106 -667 43 -3 2,478 1,396 178 -46 -83 1,445 35,052 906 376 -355 35,978
Oct-15 Sep-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 23
Figure 51A: 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 81 0 0 0 81 -61 0 0 0 -61 2,658 0 0 0 2,658
Consumer discretionary 93 0 0 0 93 -108 0 0 0 -108 174 0 0 0 174
Consumer staples -98 0 0 0 -98 -71 0 0 0 -71 54 0 0 0 54
Energy 121 0 0 0 121 210 0 0 0 210 310 0 0 0 310
Financials 60 0 0 0 60 189 0 0 0 189 1,751 0 0 0 1,751
Healthcare -86 0 0 0 -86 -146 0 0 0 -146 -99 0 0 0 -99
Industrials -50 0 0 0 -50 -40 0 0 0 -40 -8 0 0 0 -8
Information Technology 35 0 0 0 35 -11 0 0 0 -11 85 0 0 0 85
Materials -43 0 0 0 -43 -120 0 0 0 -120 145 0 0 0 145
Telecommunications 52 0 0 0 52 46 0 0 0 46 205 0 0 0 205
Utilities -4 0 0 0 -4 -10 0 0 0 -10 42 0 0 0 42
Capitalization -16 0 0 - -16 -175 0 0 0 -175 1,734 0 0 0 1,734
Large Cap 0 0 0 0 0 3 0 0 0 3 -42 0 0 0 -42
Mid Cap -26 0 0 0 -26 -80 0 0 0 -80 634 0 0 0 634
Small Cap 10 0 0 0 10 -98 0 0 0 -98 1,142 0 0 0 1,142
Strategy 199 -667 43 0 -425 400 178 -46 -51 480 1,843 906 376 -108 3,017
Fundamental -5 0 28 0 23 15 0 10 0 26 199 0 390 0 589
Leveraged Long 0 -241 0 0 -241 0 132 0 0 132 0 79 0 0 79
Leveraged Short 0 -25 0 0 -25 0 -18 0 0 -18 0 343 0 0 343
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 204 0 14 0 219 384 0 -56 -51 277 1,610 0 -14 -108 1,487
Short 0 -401 0 0 -401 0 64 0 0 64 34 484 0 0 518
Style 220 0 0 0 220 165 0 0 0 165 2,029 0 0 0 2,029
Dividend 90 0 0 0 90 3 0 0 0 3 1,675 0 0 0 1,675
Growth 6 0 0 0 6 19 0 0 0 19 115 0 0 0 115
Value 124 0 0 0 124 143 0 0 0 143 239 0 0 0 239
Thematic 214 0 0 0 214 144 0 0 0 144 1,038 0 0 0 1,038
Commodities 19 0 0 0 19 11 0 0 0 11 159 0 0 0 159
Faith 1 0 0 0 1 3 0 0 0 3 -28 0 0 0 28-
Other Theme 42 0 0 0 42 74 0 0 0 74 312 0 0 0 312
Sustainability 152 0 0 0 152 56 0 0 0 56 594 0 0 0 594
Total 699 -667 43 0 74 473 178 -46 -51 554 9,302 906 376 -108 10,476
Oct-15 Sep-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 24 Deutsche Bank AG/London
Figure 51B: 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 1,080 0 0 -2 1,078 2,234 0 0 -31 2,202 25,760 0 0 -246 25,514
Austria 63 0 0 0 63 5 0 0 0 5 35 0 0 0 35
Belgium 1 0 0 0 1 0 0 0 0 0 3 0 0 0 3
Finland 6 0 0 0 6 0 0 0 0 0 10 0 0 0 10
France 21 0 0 0 21 20 0 0 0 20 688 0 0 0 688
Germany 353 0 0 0 353 347 0 0 0 347 2,522 0 0 0 2,522
Greece 2 0 0 0 2 3 0 0 0 3 64 0 0 0 64
Ireland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Italy 147 0 0 0 147 210 0 0 0 210 401 0 0 0 401
Netherlands -1 0 0 0 -1 23 0 0 0 23 127 0 0 0 127
Norway 4 0 0 0 4 0 0 0 0 0 -28 0 0 0 -28
Portugal 0 0 0 0 0 0 0 0 0 0 22 0 0 0 22
Spain -102 0 0 0 -102 -65 0 0 0 -65 74 0 0 0 74
Sweden 12 0 0 0 12 -102 0 0 0 -102 -152 0 0 0 -152
Switzerland 115 0 0 0 115 -30 0 0 0 -30 315 0 0 0 315
UK -10 0 0 0 -10 205 0 0 0 205 842 0 0 0 842
Europe broad 469 0 0 -2 467 1,619 0 0 -31 1,587 20,835 0 0 -246 20,589
Americas -82 0 0 0 -82 89 0 0 0 89 -507 0 0 0 -507
US -161 0 0 0 -161 200 0 0 0 200 -90 0 0 0 -90
Canada 0 0 0 0 0 -4 0 0 0 -4 21 0 0 0 21
North America 79 0 0 0 79 -107 0 0 0 -107 -438 0 0 0 -438
Asia 121 0 0 0 121 -753 0 0 0 -753 3,019 0 0 0 3,019
Australia -6 0 0 0 -6 5 0 0 0 5 -324 0 0 0 -324
Hong Kong 2 0 0 0 2 0 0 0 0 0 139 0 0 0 139
Japan 119 0 0 0 119 -775 0 0 0 -775 3,309 0 0 0 3,309
Singapore 0 0 0 0 0 6 0 0 0 6 50 0 0 0 50
Asia Pacific broad 7 0 0 0 7 10 0 0 0 10 -154 0 0 0 -154
Global 164 0 0 0 164 -267 0 0 0 -267 -75 0 0 0 -75
Broad indices 164 0 0 0 164 -267 0 0 0 -267 -75 0 0 0 -75
DM Total 1,283 0 0 -2 1,281 1,303 0 0 -31 1,272 28,197 0 0 -246 27,950
YTDOct-15 Sep-15
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 25
Figure 51C: 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 41 0 0 -1 40 -187 0 0 0 -187 -1,747 0 0 -1 -1,748
Brazil 16 0 0 0 16 11 0 0 0 11 -15 0 0 0 -15
Russia -72 0 0 -1 -72 -25 0 0 0 -25 -138 0 0 -1 -139
India -2 0 0 0 -2 -48 0 0 0 -48 465 0 0 0 465
China 98 0 0 0 98 -125 0 0 0 -125 -2,059 0 0 0 -2,059
Latin America 11 0 0 0 11 -25 0 0 0 -25 -56 0 0 0 -56
Chile 0 0 0 0 0 -6 0 0 0 -6 -3 0 0 0 -3
Mexico 0 0 0 0 0 -3 0 0 0 -3 -76 0 0 0 -76
LATAM broad 11 0 0 0 11 -17 0 0 0 -17 24 0 0 0 24
Asia -140 0 0 0 -140 -54 0 0 0 -54 145 0 0 0 145
Bangladesh 0 0 0 0 0 -1 0 0 0 -1 2 0 0 0 2
Indonesia 0 0 0 0 0 -7 0 0 0 -7 -14 0 0 0 -14
Malaysia 2 0 0 0 2 1 0 0 0 1 -20 0 0 0 -20
Pakistan -4 0 0 0 -4 -2 0 0 0 -2 -3 0 0 0 -3
Philippines 0 0 0 0 0 -2 0 0 0 -2 -22 0 0 0 -22
South Korea -8 0 0 0 -8 -48 0 0 0 -48 103 0 0 0 103
Taiwan -118 0 0 0 -118 11 0 0 0 11 -212 0 0 0 -212
Thailand 0 0 0 0 0 -6 0 0 0 -6 -26 0 0 0 -26
Vietnam 6 0 0 0 6 1 0 0 0 1 45 0 0 0 45
Asia Pacific broad -19 0 0 0 -19 -1 0 0 0 -1 292 0 0 0 292
EMEA -1 0 0 0 -1 -7 0 0 0 -7 -42 0 0 0 -42
Kuwait -1 0 0 0 -1 -1 0 0 0 -1 1 0 0 0 1
Poland -3 0 0 0 -3 3 0 0 0 3 33 0 0 0 33
South Africa 5 0 0 0 5 1 0 0 0 1 -1 0 0 0 -1
Turkey -8 0 0 0 -8 -5 0 0 0 -5 26 0 0 0 26
Europe broad 5 0 0 0 5 -6 0 0 0 -6 -149 0 0 0 -149
Middle East & Africa 3 0 0 0 3 1 0 0 0 1 47 0 0 0 47
Global Markets 912 0 0 0 912 44 0 0 0 44 -110 0 0 0 -110
Global 912 0 0 0 912 44 0 0 0 44 -110 0 0 0 -110
EM Total 823 0 0 -1 823 -229 0 0 0 -229 -1,810 0 0 -1 -1,811
Total (EM + DM) 2,107 0 0 -3 2,104 1,074 0 0 -31 1,043 26,387 0 0 -247 26,139
Oct-15 Sep-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 52: 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 45 0 0 272 317 72 0 0 200 273 580 0 0 1,464 2,044
Corporates 1,453 0 0 4 1,457 -217 0 0 24 -194 11,211 0 0 171 11,382
Covered Bonds -135 0 0 -35 -170 57 0 0 -6 52 -316 0 0 -56 -372
Credit Exposure -2 -7 0 0 -10 -39 -8 0 0 -47 39 20 0 0 60
Sovereign 1,998 -11 0 -4 1,983 518 68 0 -1 585 9,560 535 0 -169 9,927
Money Market -53 0 0 0 -53 -38 0 0 0 -38 1,243 0 0 0 1,243
Total Fixed Income 3,305 -18 0 237 3,524 353 61 0 218 632 22,317 556 0 1,410 24,283
YTDOct-15 Sep-15
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 26 Deutsche Bank AG/London
Figure 53: 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 141 -1 1 0 141 -74 0 2 0 -72 715 1 3 0 719
Overall 147 -1 1 0 147 -74 0 2 0 -72 732 1 3 0 736
Overall ex Energy -5 0 0 0 -5 0 0 0 0 0 -18 0 0 0 -18
Overall Light Energy 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1
Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Agriculture 20 -12 0 0 9 10 5 0 0 15 37 33 0 0 70
Overall 28 0 0 0 28 7 0 0 0 7 14 0 0 0 14
Cocoa -1 0 0 0 -1 1 0 0 0 1 0 -1 0 0 -1
Coffee 0 1 0 0 2 2 4 0 0 7 32 33 0 0 65
Corn 1 -1 0 0 1 1 1 0 0 2 -4 -1 0 0 -5
Cotton -1 0 0 0 -2 -1 0 0 0 -1 -6 -4 0 0 -9
Grains 0 0 0 0 0 1 0 0 0 1 3 0 0 0 3
Softs 0 0 0 0 0 0 1 0 0 0 -1 0 0 0 -1
Soybean Oil 0 0 0 0 0 0 0 0 0 0 -1 -1 0 0 -2
Soybeans 0 0 0 0 -1 0 0 0 0 0 -8 -1 0 0 -8
Sugar -6 -8 0 0 -15 1 -2 0 0 -1 17 5 0 0 22
Wheat -2 -2 0 0 -4 -2 1 0 0 -1 -9 2 0 0 -7
Energy 154 74 0 0 228 23 0 0 0 23 1,293 487 0 0 1,780
Overall 9 0 0 0 10 34 0 0 0 34 97 1 0 0 98
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Crude Oil 142 47 0 0 189 -8 -5 0 0 -13 1,172 413 0 0 1,585
Gasoline 0 0 0 0 0 -1 0 0 0 -1 4 1 0 0 5
Heating Oil -1 0 0 0 0 0 0 0 0 0 3 1 0 0 3
Natural Gas 4 26 0 0 31 -1 4 0 0 3 17 71 0 0 89
Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Industrial Metals -25 -33 0 0 -58 23 5 0 0 27 -126 -39 0 0 -165
Overall -3 -1 0 0 -4 7 1 0 0 8 -34 -18 0 0 -52
Aluminium -8 1 0 0 -7 7 -1 0 0 6 19 1 0 0 20
Copper -13 -32 0 0 -45 7 4 0 0 11 -84 -36 0 0 -120
Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Nickel -1 -1 0 0 -2 0 1 0 0 2 -26 13 0 0 -12
Tin 0 0 0 0 0 0 -1 0 0 0 0 0 0 0 0
Zinc -1 0 0 0 -1 0 0 0 0 1 -2 0 0 0 -2
Precious Metals 93 -18 0 0 74 -247 -3 0 0 -250 -981 -155 0 0 -1,136
Overall 4 0 0 0 4 8 0 0 0 8 4 0 0 0 4
Gold 147 -8 0 0 139 -204 -1 0 0 -204 -882 -111 0 0 -993
Palladium -37 0 0 0 -38 -38 0 0 0 -38 -95 0 0 0 -95
Platinum -11 -1 0 0 -12 -16 0 0 0 -16 -86 2 0 0 -84
Rhodium 0 0 0 0 0 0 0 0 0 0 -4 0 0 0 -4
Silver -10 -9 0 0 -20 3 -3 0 0 0 81 -46 0 0 35
Livestock -1 0 0 0 -1 -1 0 0 0 -1 -3 0 0 0 -3
Overall 0 0 0 0 0 0 0 0 0 0 -3 0 0 0 -3
Cattle 0 0 0 0 0 0 0 0 0 0 -1 -1 0 0 -2
Lean Hogs -1 0 0 0 -1 0 0 0 0 0 1 0 0 0 2
Total 383 9 1 0 393 -265 7 2 0 -256 936 326 3 0 1,265
Oct-15 Sep-15 YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 27
Product Rankings
Figure 54: 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 EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E SW BlackRock Beta 462.0 46.6 1,169.5
UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta 411.3 31.5 904.6
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 277.3 265.6 1,807.7
iShares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 271.4 105.7 728.4
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 218.0 -91.1 1,831.3
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 206.4 73.4 -582.2
Lyxor ETF S&P 500 LYPS GR Lyxor Beta 171.0 -15.0 365.7
Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta 145.7 100.8 895.4
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 135.8 4.3 1,330.1
UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW UBS Beta 130.2 8.2 93.9 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 55: 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
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 374.4 60.1 367.2
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 341.5 -223.1 1,244.7
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 323.0 52.8 1,441.1
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 217.5 194.9 1,216.9
iShares Italy Government Bond UCITS ETF SITB LN BlackRock Beta 174.6 66.0 550.0
iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 173.8 -46.8 581.5
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 173.1 17.6 1,488.9
iShares iBonds Sep 2018 USD Corporate UCITS ETF EI18 LN BlackRock Beta 168.7 0.0 218.7
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 149.0 -229.5 1,290.8
Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta 134.9 -2.4 134.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 56: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe |
ETP Name BBG Ticker Issuer Invest.
Strategy
Current
Month Flows
Prev. Month
Flows
YTD
Flows
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 120.2 -35.4 546.8
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 87.6 22.1 308.2
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 70.5 0.4 256.3
Gold Bullion Securities GBS LN ETF Securities Beta 60.4 16.4 -384.7
ETFS Physical Gold PHAU LN ETF Securities Beta 41.0 -173.7 -612.2
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 37.3 16.6 187.0
Source Physical Silver P-ETC SSLV LN Source Beta 33.5 0.5 35.8
LGIM Commodity Composite Source ETF LGCF LN Source Beta 33.2 4.3 83.3
ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF C099 GY ComStage Beta 25.3 0.0 25.3
Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 22.6 4.5 54.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 28 Deutsche Bank AG/London
Figure 57: 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 EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta -290.6 264.0 886.7
UBS-ETF MSCI EMU EMUEUA GR UBS Beta -256.1 28.1 857.1
UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW UBS Beta -209.2 75.3 1,105.8
iShares STOXX 600 Food & Beverage (DE) SX3PEX GR BlackRock Beta -175.9 2.9 20.7
Amundi ETF MSCI USA UCITS ETF CU2 FP Amundi Beta -174.7 -13.1 463.8
iShares MSCI Taiwan UCITS ETF ITWN LN BlackRock Beta -118.9 11.6 -133.8
db x-trackers S&P 500 Inverse Daily UCITS ETF DXS3 GY Deutsche AWM Beta+ -116.6 -36.5 -61.7
Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ -101.4 22.7 -32.3
UBS ETFs plc - MSCI USA TRN Index SF USD-A UIQM GR UBS Beta -96.2 3.6 -175.8
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta -89.1 -180.3 -3,436.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 58: 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
Think iBoxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. Beta -327.9 36.3 32.8
Think iBoxx Corporate Bond Tracker TCBT NA ThinkCapital ETFs N.V. Beta -155.8 37.3 40.2
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta -145.2 -373.5 -622.2
Think iBoxx AAA-AA Government Bond Tracker TAT NA ThinkCapital ETFs N.V. Beta -107.9 25.5 -3.8
Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta -75.7 -41.8 0.4
Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta -68.4 -52.4 -50.7
SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF SYBW GY State Street Beta -68.0 -21.9 -92.3
Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta -63.7 0.0 -27.9
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta -48.2 1.0 676.6
db x-trackers II Short iBoxx Euro Sovereigns Eurozone TR UCITS ETF XSGL GR Deutsche AWM Beta -43.7 0.4 37.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 59: 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 Palladium PHPD LN ETF Securities Beta -32.1 -26.0 -74.4
ETFS Daily Short Copper SCOP LN ETF Securities Beta+ -31.6 3.5 -42.2
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta -27.0 -41.3 -152.8
db Physical Gold ETC XGLD LN Deutsche AWM Beta -20.1 0.0 -72.6
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta -17.6 -2.2 -92.4
ETFS Physical Silver PHAG LN ETF Securities Beta -16.2 5.9 98.5
ETFS Copper COPA LN ETF Securities Beta -13.4 6.8 -86.0
JB Physical Palladium-A USD JBPAUA SW Julius Baer Inv Beta -13.2 -0.6 3.3
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta -11.4 -40.8 166.8
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta -8.5 -27.3 -143.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 29
4. Product Review
New Products Launched in the Month
Figure 60: Number of ETPs by Asset Class | ETPs | Global |
Oct-15 Sep-15 End of 2014
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 2,861 66.6% 2,834 27 66.4% 2,579 282 64.5%
Fixed income 692 16.1% 689 3 16.2% 664 28 16.6%
Commodity 110 2.6% 109 1 2.6% 107 3 2.7%
Currency 15 0.3% 15 - 0.4% 17 (2) 0.4%
Multi Asset 43 1.0% 44 (1) 1.0% 45 (2) 1.1%
Alternative 52 1.2% 53 (1) 1.2% 48 4 1.2%
Total 3,773 87.8% 3,744 29 87.8% 3,460 313 86.6%
ETC/Vs
Equity - 0.0% 0 - 0.0% 0 - 0.0%
Commodity 402 9.4% 400 2 9.4% 406 (4) 10.2%
Currency 118 2.7% 118 - 2.8% 126 (8) 3.2%
Alternative 4 0.1% 4 - 0.1% 4 - 0.1%
Total 524 12.2% 522 2 12.2% 536 (12) 13.4%
Total ETPs 4,297 100.0% 4,266 31 100.0% 3,996 301 100.0%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 61: Number of ETPs by Asset Class | ETPs | Europe |
Oct-15 Sep-15 End of 2014
Asset Class Nu.Mkt
Share %Nu. Nu. % Nu. Nu. %
ETFs
Equity 1,051 54.9% 1,049 2 0.1% 998 53 2.8%
Fixed income 349 18.2% 347 2 0.1% 341 8 0.4%
Commodity 50 2.6% 49 1 0.1% 49 1 0.1%
Currency - 0.0% 0 - 0.0% 1 (1) -0.1%
Multi Asset 8 0.4% 8 - 0.0% 8 - 0.0%
Alternative 15 0.8% 16 (1) -0.1% 20 (5) -0.3%
Total 1,473 77.0% 1,469 4 0.2% 1,417 56 3.0%
ETCs
Commodity 339 17.7% 337 2 0.1% 342 (3) -0.2%
Currency 101 5.3% 101 - 0.0% 109 (8) -0.4%
Total 440 23.0% 438 2 0.1% 451 (11) -0.6%
Total ETPs 1,913 100.0% 1,907 6 0.3% 1,868 45 2.4%
MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Figure 62: 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
8-Oct-15 WUKD LN WUKD.L WisdomTree WisdomTree UK Equity Income UCITS ETF Equity Beta Dividend DM WisdomTree UK Equity Income Index 1L 0.29% London SE
9-Oct-15 DEMA LN DEMA.L WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% London SE
9-Oct-15 LYX5 GY LYX5.DE Lyxor Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR Equity Beta Quantitative DM JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L 0.40% Deutsche Borse
14-Oct-15 XDGU GY XDGU.DE Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% Deutsche Borse
15-Oct-15 E570 GY E570.DE ComStage ComStage CBK 10Y US-Treasury Future TR UCITS ETF Fixed Income Beta Overall DM Commerzbank 10Y US-Treasury Future TR 1L 0.20% Deutsche Borse
15-Oct-15 E571 GY E571.DE ComStage ComStage CBK 10Y US-Treasury Future Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank 10Y US-Treasury Future Short TR 1S 0.20% Deutsche Borse
15-Oct-15 E572 GY E572.DE ComStage ComStage CBK U.S. Treasury Bond Future Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank US-Treasury Bond Future Short TR 1S 0.20% Deutsche Borse
15-Oct-15 E573 GY E573.DE ComStage ComStage CBK U.S. Treasury Bond Future Double Short TR UCITS ETF Fixed Income Beta+ Overall DM Commerzbank US-Treasury Bond Future Double Short TR 2S 0.20% Deutsche Borse
15-Oct-15 C099 GY C099.DE ComStage ComStage CBK Commodity ex-Agriculture Monthly EUR Hedged UCITS ETF Commodity Beta Overall DM Commerzbank ex-Agriculture Monthly EUR Hedged Index 1L 0.35% Deutsche Borse
28-Oct-15 MOAT LN MOAT.L Van Eck Funds Market Vectors Morningstar US Wide Moat UCITS ETF Equity Beta Other Theme DM Morningstar Wide Moat Focus 1L 0.49% London SE
Cross-Listings & share classes
1-Oct-15 EUMVD SW EUMVD.S Ossiam Ossiam ETF ISTOXX Europe Minimum Variance NR 1D Equity Semi Active Quantitative DM Ossiam Europe Minimum Variance Index NR 1L 0.65% Swiss SE
1-Oct-15 CBSUSE SW CBSUSE.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to EUR Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to EUR TR Index 1L 0.25% Swiss SE
2-Oct-15 IFSE SW IFSE.S BlackRock iShares FactorSelect MSCI Europe UCITS ETF Equity Beta Quantitative DM MSCI Europe Diversified Multi-Factor Index 1L 0.45% Swiss SE
2-Oct-15 EMUU SW EMUU.S BlackRock iShares MSCI EMU USD Hedged UCITS ETF Equity Beta Eurozone DM MSCI EMU USD Hdg Net 1L 0.38% Swiss SE
2-Oct-15 IFSW SW IFSW.S BlackRock iShares FactorSelect MSCI World UCITS ETF Equity Beta Quantitative DM MSCI World Diversified Multi-Factor Index 1L 0.50% Swiss SE
2-Oct-15 IFSU SW IFSU.S BlackRock iShares FactorSelect MSCI USA UCITS ETF Equity Beta Quantitative DM MSCI USA Diversified Multi-Factor Index 1L 0.35% Swiss SE
2-Oct-15 CBSUSH SW CBSUSH.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to GBP Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to GBP TR Index 1L 0.25% Swiss SE
5-Oct-15 IEGS LN IEGS.L BlackRock iShares Euro Government Bond 1-3yr UCITS ETF Fixed Income Beta Overall DM BarCap EU Govt 1 to 3 Year Bond 1L 0.20% London SE
5-Oct-15 ACUUKD SW ACUUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To USD Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To USD Index 1L 0.31% Swiss SE
5-Oct-15 ACEUKD SW ACEUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To EUR Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To EUR Index 1L 0.31% Swiss SE
5-Oct-15 ACGUKD SW ACGUKD.S UBS UBS ETF PLC - MSCI ACWI SF UCITS ETF Hedged To GBP Equity Beta Global Overall MSCI ACWI - DM 100% Hedged To GBP Index 1L 0.31% Swiss SE
6-Oct-15 CBSUST SW CBSUST.S UBS UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedged to CHF Fixed Income Beta Overall DM Baclays MSCI US Liquid Corporates Sustainable Hedged to CHF TR Index 1L 0.25% Swiss SE
7-Oct-15 UQLTDF SW UQLTDF.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.25% Swiss SE
7-Oct-15 UTSYDF SW UTSYDF.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.25% Swiss SE
7-Oct-15 UPVLD SW UPVLD.S UBS UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.25% Swiss SE
7-Oct-15 ULOVD SW ULOVD.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.25% Swiss SE
7-Oct-15 UQLTD SW UQLTD.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.25% Swiss SE
7-Oct-15 EPVLD SW EPVLD.S UBS UBS ETF-Factor MSCI EMU Prime Value UCITS ETF Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.28% Swiss SE
7-Oct-15 EQLTDF SW EQLTDF.S UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Swiss SE
7-Oct-15 UTSYD SW UTSYD.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.25% Swiss SE
7-Oct-15 ELOVDF SW ELOVDF.S UBS UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.28% Swiss SE
7-Oct-15 EQLTD SW EQLTD.S UBS UBS ETF-Factor MSCI EMU Quality UCITS ETF Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.28% Swiss SE
7-Oct-15 ETSYDF SW ETSYDF.S UBS UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.28% Swiss SE
7-Oct-15 ETSYD SW ETSYD.S UBS UBS ETF-Factor MSCI EMU Total Shareholder Yield UCITS ETF Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.28% Swiss SE
7-Oct-15 UPVLDF SW UPVLDF.S UBS UBS Irl ETF Plc - Factor MSCI USA Prime Value UCITS ETF Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.25% Swiss SE
7-Oct-15 ULOVDF SW ULOVDF.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.25% Swiss SE
7-Oct-15 ELOVD SW ELOVD.S UBS UBS ETF-Factor MSCI EMU Low Volatility UCITS ETF Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.28% Swiss SE
9-Oct-15 USIG IM USIG.MI Lyxor Lyxor USD Liquid Investment Grade Corporate Bonds UCITS C-USD Fixed Income Beta Overall DM Markit iBoxx USD Liquid Index 1L 0.15% Borsa Italiana
9-Oct-15 DEMP LN DEMP.L WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% London SE
12-Oct-15 USPY GY USPY.DE ETF Securities ETFS ISE Cyber Security GO UCITS ETF Equity Beta Other Theme Overall ISE Cyber Security Index 1L 0.75% Deutsche Borse
13-Oct-15 TPXE FP TPXE.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - EUR Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris
13-Oct-15 TPXY FP TPXY.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - JPY Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris
13-Oct-15 TPHG FP TPHG.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged GBP Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris
13-Oct-15 TPHU FP TPHU.PA Amundi Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged USD Equity Beta Developed non-Europe DM TOPIX 1L 0.48% Euronext Paris Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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Figure 63: 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
Cross-Listings & share classes
14-Oct-15 LYXV LN LYXV.L Lyxor Lyxor J.P. Morgan Europe Value Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Value Factor Long Only Index 1L 0.30% London SE
14-Oct-15 XIEE GY XIEE.DE Deutsche AWM db x-trackers MSCI Europe Index UCITS ETF (DR) Equity Beta Europe DM MSCI Europe 1L 0.30% Deutsche Borse
14-Oct-15 LYXQ LN LYXQ.L Lyxor Lyxor J.P. Morgan Europe Quality Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Quality Factor Long Only Index 1L 0.30% London SE
14-Oct-15 LYXM LN LYXM.L Lyxor Lyxor J.P. Morgan Europe Momentum Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Momentum Factor Long Only Index 1L 0.30% London SE
15-Oct-15 DEMA IM DEMA.MI WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Borsa Italiana
15-Oct-15 WTEA GY WTEA.DE WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Dividend EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Deutsche Borse
15-Oct-15 LYXS LN LYXS.L Lyxor Lyxor J.P. Morgan Europe Low Size Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Low Size Factor Long Only Index 1L 0.30% London SE
15-Oct-15 LYXL LN LYXL.L Lyxor Lyxor J.P. Morgan Europe Low Beta Factor Index UCITS ETF Equity Beta Quantitative DM JP Morgan Europe Low Beta Factor Long Only Index 1L 0.30% London SE
16-Oct-15 XDGU LN XDGU.L Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% London SE
27-Oct-15 C50U FP C50U.PA Amundi Amundi ETF Euro Stoxx 50 UCITS - USD Equity Beta Eurozone DM Euro STOXX 50 1L 0.15% Euronext Paris
28-Oct-15 LYX5 LN LYX5.L Lyxor Lyxor JP Morgan Multifactor Europe Index UCITS ETF -C- EUR Equity Beta Quantitative DM JP Morgan Equity Risk Premia Europe Multi Factor Long Only (EUR) Index 1L 0.40% London SE
29-Oct-15 MAGI SW MAGI.S State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Multi Asset Beta Moderate Overall Morningstar Global Multi-Asset Infrastructure Index 1L 0.40% Swiss SE
29-Oct-15 SXLY SW SXLY.S State Street SPDR S&P US Consumer Discretionary Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Discretionary Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLP SW SXLP.S State Street SPDR S&P US Consumer Staples Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Staples Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLE SW SXLE.S State Street SPDR S&P US Energy Select Sector UCITS ETF Equity Beta Other Sector DM S&P Energy Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLF SW SXLF.S State Street SPDR S&P US Financials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Financials Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLV SW SXLV.S State Street SPDR S&P US Health Care Select Sector UCITS ETF Equity Beta Other Sector DM S&P Health Care Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLI SW SXLI.S State Street SPDR S&P US Industrials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Industrial Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLB SW SXLB.S State Street SPDR S&P US Materials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Materials Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLK SW SXLK.S State Street SPDR S&P US Technology Select Sector UCITS ETF Equity Beta Other Sector DM S&P Technology Select Sector Index 1L 0.15% Swiss SE
29-Oct-15 SXLU SW SXLU.S State Street SPDR S&P US Utilities Select Sector UCITS ETF Equity Beta Other Sector DM S&P Utilities Select Sector Index 1L 0.15% Swiss SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 64: New ETC launches & cross listings | 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
16-Oct-15 3BRL IM 3BRL.MI Boost Boost Brent Oil 3x Leverage Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3L 0.99% Borsa Italiana
16-Oct-15 3BRS IM 3BRS.MI Boost Boost Brent Oil 3x Short Daily ETP Commodity Beta+ Crude Oil NASDAQ Commodity Brent Crude Oil Index 3S 0.99% Borsa Italiana Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 32 Deutsche Bank AG/London
Average TERs
Figure 65: ETF TERs using simple average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.75% 2 1.48% 3 1.19% 5
Beta 0.39% 512 0.42% 439 0.40% 951
Beta+ 0.50% 2 0.51% 59 0.51% 61
Semi Active 0.54% 16 0.55% 18 0.54% 34
0.40% 532 0.44% 519 0.42% 1,051
Fixed Income Alpha 0.59% 8 0.41% 2 0.54% 10
Beta 0.24% 187 0.19% 133 0.22% 320
Beta+ NA NA 0.23% 19 0.23% 19
0.26% 195 0.20% 154 0.23% 349
Alternative Alpha NA NA 0.67% 4 0.67% 4
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.57% 6 0.54% 7
0.006 3 0.63% 12 0.63% 15
Commodity Beta 0.49% 22 0.49% 27 0.49% 49
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.49% 22 0.49% 28 0.49% 50
Currency Beta NA NA NA NA NA NA
NA NA NA NA NA NA
Multi Asset Beta NA 1 NA NA NA 1
Alpha 0.52% 5 0.73% 2 0.60% 7
0.52% 6 0.73% 2 0.60% 8
Total 0.37% 758 0.40% 715 0.38% 1,473
Physical Synthetic Total
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 33
Figure 66: 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 0.79% 49 0.79% 49
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% 308 0.62% 339
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.
9 November 2015
European Monthly ETF Market Review
Page 34 Deutsche Bank AG/London
Figure 67: ETF TERs using AUM weighted average | ETFs | Europe |
Asset class Strategy TER Nu. TER Nu. TER Nu.
Equity Alpha 0.75% 2 0.95% 3 0.76% 5
Beta 0.32% 512 0.34% 439 0.32% 951
Beta+ 0.50% 2 0.48% 59 0.48% 61
Semi Active 0.57% 16 0.54% 18 0.55% 34
0.32% 532 0.35% 519 0.33% 1,051
Fixed Income Alpha 0.36% 8 0.39% 2 0.36% 10
Beta 0.26% 187 0.18% 133 0.24% 320
Beta+ NA NA 0.22% 19 0.22% 19
0.26% 195 0.18% 154 0.24% 349
Alternative Alpha NA NA 0.85% 4 0.85% 4
Beta 0.75% 2 0.70% 2 0.73% 4
Beta+ NA NA NA NA NA NA
Semi Active 0.30% 1 0.65% 6 0.41% 7
0.70% 3 0.80% 12 0.76% 15
Commodity Beta 0.42% 22 0.43% 27 0.42% 49
Beta+ NA NA NA NA NA NA
Semi Active NA NA 0.45% 1 0.45% 1
0.42% 22 0.43% 28 0.42% 50
Currency Beta NA NA NA NA NA NA
NA NA NA - NA -
Multi Asset Beta 0.40% 1 NA NA 0.40% 1
Alpha 0.60% 5 0.72% 2 0.71% 7
0.60% 6 0.72% 2 0.71% 7
Total 0.31% 758 0.32% 715 0.31% 1,473
Synthetic TotalPhysical
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 68: 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% 49 0.98% 49
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 0.38% 51
Beta+ NA NA 0.97% 39 0.97% 39
Commodity 0.39% 31 0.53% 308 0.43% 339
Currency Currency Beta NA NA 0.39% 40 0.39% 40
Beta+ NA NA 0.91% 61 0.91% 61
Currency NA NA 0.75% 101 0.75% 101
TotalPhysical Synthetic
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 35
5. Provider Rankings
Global Provider Rankings
Figure 69: 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 1,050,254 37.5% 975,205 38.1% 616 19,042 479,052 95,257
2 Vanguard 499,432 17.8% 443,404 17.3% 96 7,170 72,478 64,763
3 State Street 422,536 15.1% 453,738 17.7% 245 3,697 758,783 -27,267
4 PowerShares 94,396 3.4% 91,378 3.6% 151 2,060 89,165 586
5 Deutsche AWM 82,380 2.9% 58,319 2.3% 248 1,119 11,163 26,377
6 Nomura Asset Management 63,449 2.3% 43,106 1.7% 49 -1,313 36,505 16,155
7 WisdomTree 58,225 2.1% 39,297 1.5% 94 -177 15,664 19,628
8 Lyxor 52,945 1.9% 45,768 1.8% 232 258 12,728 8,731
9 First Trust 41,291 1.5% 33,266 1.3% 102 510 7,697 9,109
10 Charles Schwab 37,574 1.3% 26,922 1.1% 21 1,173 4,862 11,000
Total Top 10 2,402,481 85.8% 2,210,403 86.3% 1,854 33,539 1,488,099 224,339
Others 398,447 14.2% 351,844 13.7% 1,919 -562 246,275 54,336
Global Total 2,800,929 100.0% 2,562,246 100.0% 3,773 32,977 1,734,374 278,676 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 70: 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 25,416 34.5% 27,325 35.3% 1 193 14,647 -304
2 ETF Securities 14,594 19.8% 16,586 21.4% 319 128 2,498 -317
3 BlackRock 12,042 16.4% 12,494 16.1% 8 -22 3,456 216
4 PowerShares 5,476 7.4% 7,159 9.2% 11 -98 1,509 -795
5 United States Commodity Funds 4,088 5.6% 2,790 3.6% 11 329 10,900 1,985
6 ProShares 3,736 5.1% 3,282 4.2% 19 321 26,213 1,274
7 Source 2,151 2.9% 1,920 2.5% 4 148 518 375
8 Deutsche AWM 2,086 2.8% 2,192 2.8% 28 -27 117 229
9 Deutsche Borse Commodities GmbH 1,847 2.5% 1,902 2.5% 1 0 124 0
10 Guggenheim Investments 1,161 1.6% 935 1.2% 9 88 1,848 299
Total Top 10 72,597 98.6% 76,584 98.9% 411 1,061 61,831 2,962
Others 1,046 1.4% 880 1.1% 113 56 918 414
Global Total 73,643 100.0% 77,464 100.0% 524 1,116 62,749 3,375
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 36 Deutsche Bank AG/London
Figure 71: 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 1,062,296 37.0% 987,699 37.4% 624 19,020 482,508 95,473
2 Vanguard 499,432 17.4% 443,404 16.8% 96 7,170 72,478 64,763
3 State Street 447,952 15.6% 481,063 18.2% 246 3,890 773,430 -27,571
4 PowerShares 99,873 3.5% 98,537 3.7% 162 1,962 90,675 -209
5 Deutsche AWM 84,465 2.9% 60,511 2.3% 276 1,092 11,280 26,605
6 Nomura Asset Management 63,449 2.2% 43,106 1.6% 49 -1,313 36,505 16,155
7 WisdomTree 58,225 2.0% 39,297 1.5% 94 -177 15,664 19,628
8 Lyxor 52,945 1.8% 45,768 1.7% 232 258 12,728 8,731
9 First Trust 41,291 1.4% 33,266 1.3% 102 510 7,697 9,109
10 Charles Schwab 37,574 1.3% 26,922 1.0% 21 1,173 4,862 11,000
Total Top 10 2,447,501 85.1% 2,259,572 85.6% 1,902 33,586 1,507,828 223,685
Others 427,071 14.9% 380,138 14.4% 2,395 508 289,295 58,366
Global Total 2,874,572 100.0% 2,639,710 100.0% 4,297 34,094 1,797,123 282,051
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.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 37
European Provider Rankings – General
Figure 72: 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 211,266 175,377 20% 4,333 700 23,605 24,315 23,407 4% 269 256 5%
Deutsche AWM 55,899 44,558 25% 550 43 8,484 5,181 6,116 -15% 215 246 -13%
Lyxor 47,929 37,823 27% 232 -63 7,802 11,332 11,642 -3% 232 215 8%
UBS 24,720 17,073 45% 156 539 6,446 1,730 1,560 11% 133 124 7%
Amundi 19,885 15,386 29% 347 151 3,253 5,395 4,877 11% 100 98 2%
Vanguard 17,126 12,538 37% 274 268 3,384 1,438 2,052 -30% 13 13 0%
Source 16,465 12,625 30% 149 317 2,966 1,326 1,396 -5% 78 76 3%
State Street 11,794 9,274 27% 160 -6 1,970 1,182 1,065 11% 75 60 25%
ComStage 7,487 5,391 39% 228 202 1,756 522 859 -39% 107 98 9%
Deka Investment GmbH 6,872 6,433 7% 357 -104 145 1,067 1,338 -20% 46 42 10%
Zuercher Kantonalbank 5,916 6,032 -2% -49 -43 -274 204 146 40% 4 4 0%
HSBC 5,085 5,363 -5% -19 -28 -658 381 632 -40% 28 28 0%
BNP Paribas 4,591 3,756 22% -23 -47 437 163 205 -20% 37 38 -3%
Xact Fonder AB 2,436 2,379 2% -21 -75 -68 1,349 1,979 -32% 10 10 0%
Julius Baer Inv 1,827 2,060 -11% -28 -81 -238 58 54 7% 4 8 -50%
PowerShares 1,796 1,465 23% -33 -18 110 164 172 -4% 21 19 11%
Ossiam 1,721 1,430 20% 2 -83 -80 59 113 -48% 9 7 29%
ThinkCapital ETFs N.V. 1,329 1,030 29% -576 123 252 84 99 -15% 11 11 0%
ETF Securities 715 456 57% 16 63 293 358 540 -34% 18 14 29%
BBVA Gestion SA SGIIC 522 434 20% -5 14 82 48 52 -9% 2 2 0%
Royal Bank of Scotland plc 383 379 1% 19 4 35 17 15 11% 12 12 0%
WisdomTree 244 13 1726% -12 33 240 37 50 -27% 12 6 100%
Nomura Asset Management 241 0 NA 4 0 244 7 7 -8% 3 0 NA
Fundlogic Global Solutions plc 175 104 69% 6 36 37 3 3 17% 2 1 100%
Seligson & Co Fund Man 174 144 21% 6 0 10 13 10 34% 1 1 0%
Raiffeisen Schweiz Genossenschaft 159 137 16% 0 0 20 3 3 3% 3 3 0%
DnB Kapitalforvaltning 108 112 -4% 0 0 -8 15 10 55% 1 1 0%
First Trust 106 53 100% 1 5 49 8 12 -38% 7 4 75%
SEB Investment Management AB 83 82 1% 0 -5 -2 5 13 -58% 3 3 0%
Van Eck Funds 77 0 NA 2 0 103 22 10 125% 3 0 NA
UniCredit Bank 54 0 NA 0 12 54 1 3 -53% 1 0 NA
Commerzbank AG 36 49 -27% -4 -37 -16 0 1 -54% 2 1 100%
FinEx Fund Plc 33 28 18% 0 0 -2 0 0 -30% 2 2 0%
Alpha Asset Management 13 16 -19% 0 0 0 0 0 518% 1 1 0%
Boost 5 1 510% 0 2 4 3 3 -12% 3 3 0%
NBG Asset Management MFMC 5 6 -18% 0 0 0 0 0 123% 2 2 0%
Alpcot Capital Management 0 0 -100% -1 0 -1 0 0 33% - 1 -100%
Swedbank Robur 0 19 -100% 0 0 -23 0 0 NA 0 3 -100%
Landsbankinn 0 0 NA 0 0 0 0 1 -94% 1 1 0%
Nordea Investment Funds 0 0 NA 0 0 0 0 0 NA 2 2 0%
NCB Stockbrokers 0 24 -100% 0 0 -29 0 0 NA 0 1 -100%
Total 447,276 362,049 24% 6,074 1,921 60,379 56,493 58,444 -3% 1473 1,417 4%
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.
9 November 2015
European Monthly ETF Market Review
Page 38 Deutsche Bank AG/London
Figure 73: 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 11,103 11,282 -2% 129 -161 -63 2,030 1,912 6% 298 306 -3%
Source 1,947 1,586 23% 132 8 332 460 206 123% 4 4 0%
Deutsche AWM 1,888 1,811 4% -24 12 200 104 103 1% 28 39 -28%
Deutsche Borse Commodities GmbH 1,672 1,572 6% 0 0 0 111 72 54% 1 1 0%
BlackRock 406 179 127% 12 1 230 44 22 99% 4 4 0%
Boost 263 42 520% 50 3 330 743 658 13% 30 21 43%
Royal Bank of Scotland plc 241 251 -4% 0 0 18 9 8 9% 6 7 -14%
Borse Stuttgart Securities GmbH 114 88 29% 0 1 21 4 3 28% 1 1 0%
Commerzbank AG 1 1 -12% 0 0 0 13 10 25% 68 68 0%
Total 17,635 16,813 5% 300 -137 1,068 3,516 2,994 17% 440 451 -2%
AUM Cash Flow Turnover Products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 39
Figure 74: 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 211,672 175,556 21% 4,346 701 23,835 24,359 23,430 4% 273 260 5%
Deutsche AWM 57,787 46,369 25% 527 54 8,684 5,285 6,218 -15% 243 285 -15%
Lyxor 47,929 37,823 27% 232 -63 7,802 11,332 11,642 -3% 232 215 8%
UBS 24,720 17,073 45% 156 539 6,446 1,730 1,560 11% 133 124 7%
Amundi 19,885 15,386 29% 347 151 3,253 5,395 4,877 11% 100 98 2%
Source 18,413 14,212 30% 282 325 3,298 1,786 1,602 12% 82 80 2%
Vanguard 17,126 12,538 37% 274 268 3,384 1,438 2,052 -30% 13 13 0%
ETF Securities 11,819 11,738 1% 145 -98 230 2,388 2,451 -3% 316 320 -1%
State Street 11,794 9,274 27% 160 -6 1,970 1,182 1,065 11% 75 60 25%
ComStage 7,487 5,391 39% 228 202 1,756 522 859 -39% 107 98 9%
Deka Investment GmbH 6,872 6,433 7% 357 -104 145 1,067 1,338 -20% 46 42 10%
Zuercher Kantonalbank 5,916 6,032 -2% -49 -43 -274 204 146 40% 4 4 0%
HSBC 5,085 5,363 -5% -19 -28 -658 381 632 -40% 28 28 0%
BNP Paribas 4,591 3,756 22% -23 -47 437 163 205 -20% 37 38 -3%
Xact Fonder AB 2,436 2,379 2% -21 -75 -68 1,349 1,979 -32% 10 10 0%
Julius Baer Inv 1,827 2,060 -11% -28 -81 -238 58 54 7% 4 8 -50%
PowerShares 1,796 1,465 23% -33 -18 110 164 172 -4% 21 19 11%
Ossiam 1,721 1,430 20% 2 -83 -80 59 113 -48% 9 7 29%
Deutsche Borse Commodities GmbH 1,672 1,572 6% 0 0 0 111 72 54% 1 1 0%
ThinkCapital ETFs N.V. 1,329 1,030 29% -576 123 252 84 99 -15% 11 11 0%
Royal Bank of Scotland plc 624 630 -1% 19 4 53 26 23 10% 18 19 -5%
BBVA Gestion SA SGIIC 522 434 20% -5 14 82 48 52 -9% 2 2 0%
Boost 268 43 520% 50 5 334 745 661 13% 33 24 38%
WisdomTree 244 13 1726% -12 33 240 37 50 -27% 12 6 100%
Nomura Asset Management 241 0 NA 4 0 244 7 7 -8% 3 0 NA
Fundlogic Global Solutions plc 175 104 69% 6 36 37 3 3 17% 2 1 100%
Seligson & Co Fund Man 174 144 21% 6 0 10 13 10 34% 1 1 0%
Raiffeisen Schweiz Genossenschaft 159 137 16% 0 0 20 3 3 3% 3 3 0%
Borse Stuttgart Securities GmbH 114 88 29% 0 1 21 4 3 28% 1 1 0%
DnB Kapitalforvaltning 108 112 -4% 0 0 -8 15 10 55% 1 1 0%
First Trust 106 53 100% 1 5 49 8 12 -38% 7 4 75%
SEB Investment Management AB 83 82 1% 0 -5 -2 5 13 -58% 3 3 0%
Van Eck Funds 77 0 NA 2 0 103 22 10 125% 3 0 NA
UniCredit Bank 54 0 NA 0 12 54 1 3 -53% 1 0 NA
Commerzbank AG 37 50 -26% -4 -37 -16 13 11 20% 70 69 1%
FinEx Fund Plc 33 28 18% 0 0 -2 0 0 -30% 2 2 0%
Alpha Asset Management 13 16 -19% 0 0 0 0 0 518% 1 1 0%
NBG Asset Management MFMC 5 6 -18% 0 0 0 0 0 123% 2 2 0%
Alpcot Capital Management 0 0 -100% -1 0 -1 0 0 33% 0 1 -100%
Swedbank Robur 0 19 -100% 0 0 -23 0 0 NA 0 3 -100%
NCB Stockbrokers 0 24 -100% 0 0 -29 0 0 NA 0 1 -100%
PDR Services LLC 0 0 NA 0 0 0 0 0 147% 0 0 NA
Nordea Investment Funds 0 0 NA 0 0 0 0 0 NA 2 2 0%
Landsbankinn 0 0 NA 0 0 0 0 1 -94% 1 1 0%
Total 464,911 378,862 23% 6,373 1,784 61,448 60,009 61,438 -2% 1,913 1,868 2%
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.
9 November 2015
European Monthly ETF Market Review
Page 40 Deutsche Bank AG/London
Figure 75: European ETP Providers tier market share | ETPs | Europe |
60% 65% 70% 75% 80% 85% 90% 95% 100%
Q4 14
Q1 15
Q2 15
Q3 15
Oct-15
Q4 14 Q1 15 Q2 15 Q3 15 Oct-15
Tier 1 68.6% 68.7% 68.3% 68.1% 68.3%
Tier 2 27.3% 27.2% 27.6% 27.7% 27.8%
Tier 3 4.2% 4.0% 4.1% 4.2% 4.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 41
European Provider Rankings – by Asset Class
Figure 76: 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 142,722 66,879 1,342 323 211,266 47.2% 269 24,315 4,333 23,605
Deutsche AWM 41,110 13,509 351 928 55,899 12.5% 215 5,181 550 8,484
Lyxor 37,865 9,043 982 39 47,929 10.7% 232 11,332 232 7,802
UBS 21,326 1,757 1,547 90 24,720 5.5% 133 1,730 156 6,446
Amundi 14,940 4,926 19 0 19,885 4.4% 100 5,395 347 3,253
Vanguard 16,972 154 0 0 17,126 3.8% 13 1,438 274 3,384
Source 10,089 6,076 242 58 16,465 3.7% 78 1,326 149 2,966
State Street 8,224 3,527 0 43 11,794 2.6% 75 1,182 160 1,970
ComStage 4,867 2,361 260 0 7,487 1.7% 107 522 228 1,756
Deka Investment GmbH 4,569 2,303 0 0 6,872 1.5% 46 1,067 357 145
Zuercher Kantonalbank 0 0 5,916 0 5,916 1.3% 4 204 -49 -274
HSBC 5,085 0 0 0 5,085 1.1% 28 381 -19 -658
BNP Paribas 4,221 158 211 0 4,591 1.0% 37 163 -23 437
Xact Fonder AB 2,436 0 0 0 2,436 0.5% 10 1,349 -21 -68
Julius Baer Inv 0 0 1,827 0 1,827 0.4% 4 58 -28 -238
PowerShares 1,739 53 0 4 1,796 0.4% 21 164 -33 110
Ossiam 1,673 0 48 0 1,721 0.4% 9 59 2 -80
ThinkCapital ETFs N.V. 627 692 0 10 1,329 0.3% 11 84 -576 252
ETF Securities 400 122 193 0 715 0.2% 18 358 16 293
BBVA Gestion SA SGIIC 522 0 0 0 522 0.1% 2 48 -5 82
Royal Bank of Scotland plc 188 0 195 0 383 0.1% 12 17 19 35
WisdomTree 244 0 0 0 244 0.1% 12 37 -12 240
Nomura Asset Management 241 0 0 0 241 0.1% 3 7 4 244
Fundlogic Global Solutions plc 175 0 0 0 175 0.0% 2 3 6 37
Seligson & Co Fund Man 174 0 0 0 174 0.0% 1 13 6 10
Raiffeisen Schweiz Genossenschaft 0 0 159 0 159 0.0% 3 3 0 20
DnB Kapitalforvaltning 108 0 0 0 108 0.0% 1 15 0 -8
First Trust 106 0 0 0 106 0.0% 7 8 1 49
SEB Investment Management AB 83 0 0 0 83 0.0% 3 5 0 -2
Van Eck Funds 77 0 0 0 77 0.0% 3 22 2 103
UniCredit Bank 0 54 0 0 54 0.0% 1 1 0 54
Commerzbank AG 10 26 0 0 36 0.0% 2 0 -4 -16
FinEx Fund Plc 0 30 3 0 33 0.0% 2 0 0 -2
Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0
Boost 5 0 0 0 5 0.0% 3 3 0 4
NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0
Alpcot Capital Management 0 0 0 0 0 0.0% - 0 -1 -1
Swedbank Robur 0 0 0 0 0 0.0% - 0 0 -23
NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 -29
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 0 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 320,814 111,669 13,296 1,496 447,276 100.0% 1,473 56,493 6,074 60,379
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.
9 November 2015
European Monthly ETF Market Review
Page 42 Deutsche Bank AG/London
Figure 77: 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 10,764 339 11,103 63.0% 298 2,030 129 -63
Source 1,947 0 1,947 11.0% 4 460 132 332
Deutsche AWM 1,888 0 1,888 10.7% 28 104 -24 200
Deutsche Borse Commodities GmbH 1,672 0 1,672 9.5% 1 111 0 0
BlackRock 406 0 406 2.3% 4 44 12 230
Boost 256 7 263 1.5% 30 743 50 330
Royal Bank of Scotland plc 241 0 241 1.4% 6 9 0 18
Borse Stuttgart Securities GmbH 114 0 114 0.6% 1 4 0 21
Commerzbank AG 1 0 1 0.0% 68 13 0 0
Total 17,288 347 17,635 100.0% 440 3,516 300 1,068
All figures in € million except products
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 43
Figure 78: 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 142,722 66,879 1,748 323 211,672 45.5% 273 24,359 4,346 23,835
Deutsche AWM 41,110 13,509 2,239 928 57,787 12.4% 243 5,285 527 8,684
Lyxor 37,865 9,043 982 39 47,929 10.3% 232 11,332 232 7,802
UBS 21,326 1,757 1,547 90 24,720 5.3% 133 1,730 156 6,446
Amundi 14,940 4,926 19 0 19,885 4.3% 100 5,395 347 3,253
Source 10,089 6,076 2,190 58 18,413 4.0% 82 1,786 282 3,298
Vanguard 16,972 154 0 0 17,126 3.7% 13 1,438 274 3,384
ETF Securities 400 122 10,957 339 11,819 2.5% 316 2,388 145 230
State Street 8,224 3,527 0 43 11,794 2.5% 75 1,182 160 1,970
ComStage 4,867 2,361 260 0 7,487 1.6% 107 522 228 1,756
Deka Investment GmbH 4,569 2,303 0 0 6,872 1.5% 46 1,067 357 145
Zuercher Kantonalbank 0 0 5,916 0 5,916 1.3% 4 204 -49 -274
HSBC 5,085 0 0 0 5,085 1.1% 28 381 -19 -658
BNP Paribas 4,221 158 211 0 4,591 1.0% 37 163 -23 437
Xact Fonder AB 2,436 0 0 0 2,436 0.5% 10 1,349 -21 -68
Julius Baer Inv 0 0 1,827 0 1,827 0.4% 4 58 -28 -238
PowerShares 1,739 53 0 4 1,796 0.4% 21 164 -33 110
Ossiam 1,673 0 48 0 1,721 0.4% 9 59 2 -80
Deutsche Borse Commodities GmbH 0 0 1,672 0 1,672 0.4% 1 111 0 0
ThinkCapital ETFs N.V. 627 692 0 10 1,329 0.3% 11 84 -576 252
Royal Bank of Scotland plc 188 0 436 0 624 0.1% 18 26 19 53
BBVA Gestion SA SGIIC 522 0 0 0 522 0.1% 2 48 -5 82
Boost 5 0 256 7 268 0.1% 33 745 50 334
WisdomTree 244 0 0 0 244 0.1% 12 37 -12 240
Nomura Asset Management 241 0 0 0 241 0.1% 3 7 4 244
Fundlogic Global Solutions plc 175 0 0 0 175 0.0% 2 3 6 37
Seligson & Co Fund Man 174 0 0 0 174 0.0% 1 13 6 10
Raiffeisen Schweiz Genossenschaft 0 0 159 0 159 0.0% 3 3 0 20
Borse Stuttgart Securities GmbH 0 0 114 0 114 0.0% 1 4 0 21
DnB Kapitalforvaltning 108 0 0 0 108 0.0% 1 15 0 -8
First Trust 106 0 0 0 106 0.0% 7 8 1 49
SEB Investment Management AB 83 0 0 0 83 0.0% 3 5 0 -2
Van Eck Funds 77 0 0 0 77 0.0% 3 22 2 103
UniCredit Bank 0 54 0 0 54 0.0% 1 1 0 54
Commerzbank AG 10 26 1 0 37 0.0% 70 13 -4 -16
FinEx Fund Plc 0 30 3 0 33 0.0% 2 0 0 -2
Alpha Asset Management 13 0 0 0 13 0.0% 1 0 0 0
NBG Asset Management MFMC 5 0 0 0 5 0.0% 2 0 0 0
Alpcot Capital Management 0 0 0 0 0 0.0% 0 0 -1 -1
Swedbank Robur 0 0 0 0 0 0.0% 0 0 0 -23
NCB Stockbrokers 0 0 0 0 0 0.0% 0 0 0 -29
Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0 0
Landsbankinn 0 0 0 0 0 0.0% 1 0 0 0
PDR Services LLC 0 0 0 0 0 0.0% 0 0 0 0
Total 320,814 111,669 30,584 1,843 464,911 100.0% 1,913 60,009 6,373 61,448
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.
9 November 2015
European Monthly ETF Market Review
Page 44 Deutsche Bank AG/London
European Provider Analysis by Replication Method
Figure 79: European ETF Providers list by replication | ETFs | Europe|
AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) ETFs AUM (€) AUM (%) ETFs
European Providers
BlackRock Physical 142,540 175 66,879 86 668 3 323 1 210,410 100% 265
Synthetic 182 3 - - 674 1 - - 856 0% 4
Deutsche AWM Physical 27,304 52 80 3 - - 28 2 27,412 49% 57
Synthetic 13,807 83 13,429 69 351 3 900 3 28,487 51% 158
Lyxor Physical 1,052 15 4,216 21 - - - - 5,268 11% 36
Synthetic 36,813 158 4,827 25 982 6 39 7 42,661 89% 196
UBS Physical 18,316 74 1,754 22 969 7 - - 21,039 85% 103
Synthetic 3,010 19 3 1 578 8 90 2 3,682 15% 30
Amundi Physical 1,057 7 - - - - - - 1,057 5% 7
Synthetic 13,883 67 4,926 25 19 1 - - 18,828 95% 93
Vanguard Physical 16,972 12 154 1 - - - - 17,126 100% 13
Source Physical 1,484 13 5,889 11 - - 44 1 7,417 45% 25
Synthetic 8,605 48 187 2 242 1 14 2 9,048 55% 53
State Street Physical 8,224 51 3,527 23 - - 43 1 11,794 100% 75
ComStage Physical 141 2 - - - - - - 141 2% 2
Synthetic 4,726 75 2,361 28 260 2 - - 7,347 98% 105
Deka Investment GmbH Physical 4,554 26 2,303 19 - - - - 6,857 100% 45
Synthetic 15 1 - - - - - - 15 0% 1
Zuercher Kantonalbank Physical - - - - 5,916 4 - - 5,916 100% 4
HSBC Physical 5,085 28 - - - - - - 5,085 100% 28
BNP Paribas Physical 2,016 17 - - - - - - 2,016 44% 17
Synthetic 2,205 18 158 1 211 1 - - 2,575 56% 20
Xact Fonder AB Physical 2,028 4 - - - - - - 2,028 83% 4
Synthetic 408 6 - - - - - - 408 17% 6
Julius Baer Inv Physical - - - - 1,827 4 - - 1,827 100% 4
PowerShares Physical 1,698 15 53 1 - - 4 1 1,755 98% 17
Synthetic 41 4 - - - - - - 41 2% 4
Ossiam Physical 54 1 - - - - - - 54 3% 1
Synthetic 1,619 7 - - 48 1 - - 1,667 97% 8
ThinkCapital ETFs N.V. Physical 627 5 692 3 - - 10 3 1,329 100% 11
ETF Securities Synthetic 316 10 - - 193 1 - - 509 100% 11
Physical 85 3 122 4 - - - - 207 100% 7
BBVA Gestion SA Physical 522 2 - - - - - - 522 100% 2
RBS plc Synthetic 188 9 - - 195 3 - - 383 100% 12
WisdomTree Physical 244 12 - - - - - - 244 100% 12
Nomura Asset Management Physical 241 3 - - - - - - 241 100% 3
Fundlogic Global Solutions plc Synthetic 175 2 - - - - - - 175 100% 2
Seligson & Co Fund Mgmt. Physical 174 1 - - - - - - 174 100% 1
Raiffeisen Schweiz
Genossenschaft
Physical - - - - 159 3 - - 159 100% 3
DnB Kapitalforvaltning Physical 108 1 - - - - - - 108 100% 1
First Trust Physical 106 7 - - - - - - 106 100% 7
SEB Investment Management AB Synthetic 83 3 - - - - - - 83 100% 3
Van Eck Funds Physical 77 3 - - - - - - 77 100% 3
UniCredit Bank Synthetic - - 54 1 - - - - 54 100% 1
Commerzbank AG Synthetic 10 1 - - - - - - 10 100% 1
Physical - - 26 1 - - - - 26 100% 1
FinEx Fund Plc Physical - - - - 3 1 - - 3 10% 1
Synthetic - - 30 1 - - - - 30 90% 1
Alpha Asset Mgmt. Physical 13 1 - - - - - - 13 100% 1
Boost Synthetic 5 2 0 1 - - - - 5 100% 3
NBG Asset Mgmt. Physical 2 1 - - - - - - 2 49% 1
Synthetic 2 1 - - - - - - 2 51% 1
Landsbankinn Physical - 1 - - - - - - - NA 1
Nordea Investment Funds Synthetic - 2 - - - - - - - NA 2
Total 320,814 1,051 111,669 349 13,296 50 1,496 23 447,276 1,473
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.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 45
6. Trading Perspective
ETP Monthly Turnover Analysis by Asset Class, by Instrument
Figure 80: 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 34,987 4,828 155 4 39,974 38,523 6,251 187 13 44,973 31,090 4,428 117 30 35,664 497,740
Fixed income 15,375 330 0 90 15,796 12,351 325 0 72 12,747 7,137 150 0 77 7,364 135,117
Commodity 628 0 0 0 628 623 0 2 0 625 796 0 1 0 797 7,787
Currency 0 0 0 0 - 0 0 0 0 - 1 0 0 0 1 7
Multi Asset 6 0 0 20 26 0 0 0 12 12 0 0 0 15 15 279
Alternative 43 0 4 22 69 49 0 9 28 86 47 0 12 71 131 1,100
Total 51,040 5,158 159 136 56,493 51,546 6,576 197 125 58,444 39,072 4,577 129 194 43,972 642,030
ETCs
Commodity 2,280 1,071 0 0 3,351 1,796 1,066 0 0 2,862 1,708 429 0 0 2,136 38,283
Currency 16 150 0 0 166 17 114 0 0 131 26 91 0 0 117 2,501
Total 2,295 1,221 0 0 3,516 1,813 1,180 0 0 2,994 1,734 520 0 0 2,254 40,784
Total ETPs 53,336 6,379 159 136 60,009 53,359 7,756 197 125 61,438 40,806 5,097 129 194 46,226 682,814
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 81: 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 25,455 0 0 3 25,458 29,310 0 0 10 29,320 21,803 0 0 27 21,830 325,319
Emerging Markets 3,896 0 0 0 3,896 3,679 0 0 0 3,679 4,108 0 0 0 4,108 47,595
Global Markets 517 0 0 0 517 586 0 0 0 586 659 0 0 0 659 7,867
Sector 2,666 0 0 0 2,666 2,234 0 0 0 2,234 2,166 0 0 0 2,166 30,149
Capitalization 515 0 0 0 515 649 0 0 0 649 613 0 0 0 613 7,339
Strategy 385 4,828 155 1 5,368 338 6,251 187 3 6,778 299 4,428 117 3 4,846 59,086
Style 1,128 0 0 0 1,128 1,317 0 0 0 1,317 1,179 0 0 0 1,179 16,168
Thematic 426 0 0 0 426 411 0 0 0 411 263 0 0 0 263 4,216
Total Equities 34,987 4,828 155 4 39,974 38,523 6,251 187 13 44,973 31,090 4,428 117 30 35,664 497,740
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 46 Deutsche Bank AG/London
Figure 81A: 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 2,666 0 0 0 2,666 2,234 0 0 0 2,234 2,166 0 0 0 2,166 30,149
Consumer discretionary 115 0 0 0 115 105 0 0 0 105 109 0 0 0 109 1720
Consumer staples 229 0 0 0 229 189 0 0 0 189 72 0 0 0 72 1503
Energy 333 0 0 0 333 190 0 0 0 190 238 0 0 0 238 3710
Financials 1141 0 0 0 1,141 958 0 0 0 958 984 0 0 0 984 13,502
Healthcare 331 0 0 0 331 248 0 0 0 248 133 0 0 0 133 2585
Industrials 78 0 0 0 78 125 0 0 0 125 144 0 0 0 144 1557
Information Technology 137 0 0 0 137 112 0 0 0 112 128 0 0 0 128 1676
Materials 142 0 0 0 142 136 0 0 0 136 215 0 0 0 215 1967
Telecommunications 91 0 0 0 91 90 0 0 0 90 65 0 0 0 65 965
Utilities 70 0 0 0 70 80 0 0 0 80 78 0 0 0 78 965
Capitalization 515 0 0 0 515 649 0 0 0 649 613 0 0 0 613 7,339
Large Cap 28 0 0 0 28 37 0 0 0 37 52 0 0 0 52 381
Mid Cap 184 0 0 0 184 320 0 0 0 320 173 0 0 0 173 2988
Small Cap 303 0 0 0 303 292 0 0 0 292 388 0 0 0 388 3,970
Strategy 385 4,828 155 1 5,368 338 6,251 187 3 6,778 299 4,428 117 3 4,846 59,086
Fundamental 27 0 60 0 87 19 0 49 0 68 143 0 56 0 199 1192
Leveraged Long 0 2,267 0 0 2,267 0 2,831 0 0 2,831 0 2,254 0 0 2,254 27,713
Leveraged Short 0 2,013 0 0 2,013 0 2,628 0 0 2,628 0 1,736 0 0 1,736 17,976
Options Strategy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Quantitative 357 0 95 1 453 318 0 138 3 458 155 0 61 3 219 5670
Short 0 548 0 0 548 1 792 0 0 793 0 437 0 0 437 6,535
Style 1,128 0 0 0 1,128 1,317 0 0 0 1,317 1,179 0 0 0 1,179 16,168
Dividend 1,034 0 0 0 1,034 1,166 0 0 0 1,166 1,079 0 0 0 1,079 14,595
Growth 22 0 0 0 22 68 0 0 0 68 23 0 0 0 23 747
Value 73 0 0 0 73 82 0 0 0 82 77 0 0 0 77 826
Thematic 426 0 0 0 426 411 0 0 0 411 263 0 0 0 263 4,216
Commodities 146 0 0 0 146 68 0 0 0 68 96 0 0 0 96 1261
Cyclical 0 0 0 0 - 0 0 0 0 - - 0 0 0 - 0
Faith 28 0 0 0 28 12 0 0 0 12 20 0 0 0 20 169
Other Theme 106 0 0 0 106 203 0 0 0 203 65 0 0 0 65 1194
Sustainability 145 0 0 0 145 128 0 0 0 128 83 0 0 0 83 1591
Total 5,120 4,828 155 1 10,103 4,948 6,251 187 3 11,389 4,520 4,428 117 3 9,067 116,958
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 47
Figure 81B: 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 16,294 0 0 3 16,297 17,303 0 0 10 17,313 13,795 0 0 27 13,823 206,039
Austria 13 0 0 0 13 3 0 0 0 3 16 0 0 0 16 136
Belgium 1 0 0 0 1 2 0 0 0 2 2 0 0 0 2 41
Finland 13 0 0 0 13 10 0 0 0 10 9 0 0 0 9 110
France 511 0 0 0 511 412 0 0 0 412 342 0 0 0 342 5,644
Germany 3,537 0 0 0 3,537 3,968 0 0 0 3,968 3,368 0 0 0 3,368 48,432
Greece 25 0 0 0 25 38 0 0 0 38 70 0 0 0 70 675
Ireland 2 0 0 0 2 13 0 0 0 13 1 0 0 0 1 30
Italy 1,022 0 0 0 1,022 1,017 0 0 0 1,017 901 0 0 0 901 9,281
Netherlands 207 0 0 0 207 210 0 0 0 210 99 0 0 0 99 2,322
Norway 17 0 0 0 17 13 0 0 0 13 49 0 0 0 49 276
Portugal 12 0 0 0 12 9 0 0 0 9 27 0 0 0 27 215
Iceland 0 0 0 0 0 0 0 0 0 - 0 0 0 0 - 3
Spain 216 0 0 0 216 197 0 0 0 197 282 0 0 0 282 3,347
Sweden 211 0 0 0 211 243 0 0 0 243 308 0 0 0 308 3,076
Switzerland 788 0 0 0 788 840 0 0 0 840 824 0 0 0 824 13,001
UK 1,811 0 0 0 1,811 2,056 0 0 0 2,056 2,125 0 0 0 2,125 26,232
Europe broad 7,907 0 0 3 7,910 8,270 0 0 10 8,281 5,373 0 0 27 5,400 93,220
Americas 4,464 0 0 0 4,464 6,324 0 0 0 6,324 4,151 0 0 0 4,151 61,074
US 4,276 0 0 0 4,276 6,085 0 0 0 6,085 3,862 0 0 0 3,862 58,445
Canada 53 0 0 0 53 60 0 0 0 60 109 0 0 0 109 869
North America 134 0 0 0 134 179 0 0 0 179 180 0 0 0 180 1,760
Asia 2,741 0 0 0 2,741 3,368 0 0 0 3,368 2,218 0 0 0 2,218 33,043
Australia 24 0 0 0 24 37 0 0 0 37 89 0 0 0 89 662
Hong Kong 29 0 0 0 29 33 0 0 0 33 40 0 0 0 40 610
Japan 2,599 0 0 0 2,599 3,161 0 0 0 3,161 1,967 0 0 0 1,967 30,091
Singapore 1 0 0 0 1 5 0 0 0 5 1 0 0 0 1 29
Asia Pacific broad 87 0 0 0 87 132 0 0 0 132 120 0 0 0 120 1,651
Global 1,956 0 0 0 1,956 2,314 0 0 0 2,314 1,638 0 0 0 1,638 25,163
Broad indices 1,956 0 0 0 1,956 2,314 0 0 0 2,314 1,638 0 0 0 1,638 25,163
DM Total 25,455 0 0 3 25,458 29,309 0 0 10 29,319 21,802 0 0 27 21,830 325,319
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 48 Deutsche Bank AG/London
Figure 81C: 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 1,055 0 0 0 1,055 965 0 0 0 965 1,319 0 0 0 1,320 17,747
Brazil 131 0 0 0 131 141 0 0 0 141 273 0 0 0 273 1,683
Russia 267 0 0 0 267 154 0 0 0 154 318 0 0 0 318 2,350
India 183 0 0 0 183 203 0 0 0 203 220 0 0 0 220 3,698
China 474 0 0 0 474 468 0 0 0 468 509 0 0 0 509 10,017
Latin America 69 0 0 0 69 105 0 0 0 105 170 0 0 0 170 1,172
Chile 3 0 0 0 3 4 0 0 0 4 5 0 0 0 5 61
Mexico 21 0 0 0 21 34 0 0 0 34 54 0 0 0 54 324
LATAM broad 45 0 0 0 45 67 0 0 0 67 112 0 0 0 112 786
Asia 580 0 0 0 580 499 0 0 0 499 451 0 0 0 451 6,957
Bangladesh 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 11
Indonesia 25 0 0 0 25 14 0 0 0 14 35 0 0 0 35 366
Malaysia 22 0 0 0 22 19 0 0 0 19 23 0 0 0 23 227
Pakistan 2 0 0 0 2 2 0 0 0 2 2 0 0 0 2 26
Philippines 7 0 0 0 7 8 0 0 0 8 7 0 0 0 7 126
South Korea 180 0 0 0 180 122 0 0 0 122 149 0 0 0 149 1,807
Taiwan 79 0 0 0 79 54 0 0 0 54 62 0 0 0 62 1,089
Thailand 8 0 0 0 8 17 0 0 0 17 21 0 0 0 21 155
Vietnam 16 0 0 0 16 17 0 0 0 17 32 0 0 0 32 378
Asia Pacific broad 240 0 0 0 240 246 0 0 0 246 119 0 0 0 119 2,773
EMEA 187 0 0 0 187 192 0 0 0 192 334 0 0 0 334 2,324
Kuwait 2 0 0 0 2 2 0 0 0 2 2 0 0 0 2 14
Poland 6 0 0 0 6 9 0 0 0 9 13 0 0 0 13 114
South Africa 31 0 0 0 31 21 0 0 0 21 29 0 0 0 29 241
Turkey 55 0 0 0 55 91 0 0 0 91 163 0 0 0 163 1,007
Europe broad 83 0 0 0 83 63 0 0 0 63 114 0 0 0 114 826
Middle East & Africa 10 0 0 0 10 7 0 0 0 7 13 0 0 0 13 123
Global Markets 2,004 0 0 0 2,004 1,918 0 0 0 1,918 1,833 0 0 0 1,833 19,395
Global 2,004 0 0 0 2,004 1,918 0 0 0 1,918 1,833 0 0 0 1,833 19,395
EM Total 3,896 0 0 0 3,896 3,679 0 0 0 3,679 4,108 0 0 0 4,108 47,595
Total (EM + DM) 29,350 0 0 3 29,354 32,987 0 0 10 32,998 25,910 0 0 28 25,938 372,915
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 82: 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 346 0 0 76 422 276 0 0 61 337 210 0 0 65 276 4,187
Corporates 5,653 0 0 10 5,663 4,498 0 0 7 4,505 2,496 0 0 1 2,496 47,818
Covered Bonds 818 0 0 3 821 174 0 0 3 177 113 0 0 5 118 2,110
Credit Exposure 11 8 0 0 19 15 12 0 0 27 14 9 0 0 24 324
Sovereign 8,066 323 0 1 8,389 6,851 312 0 1 7,164 4,054 140 0 7 4,201 74,693
Money Market 482 0 0 0 482 536 0 0 0 536 249 0 0 0 249 5,986
Total Fixed Income 15,375 330 0 90 15,796 12,351 325 0 72 12,747 7,137 150 0 77 7,364 135,117
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 49
Figure 83: 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 312 1 0 0 313 360 1 2 0 362 273 2 1 0 275 3,575
Overall 296 1 0 0 297 352 1 2 0 355 254 2 1 0 257 3340
Overall ex Energy 16 0 0 0 16 7 0 0 0 7 18 0 0 0 18 234
Overall Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Agriculture 109 73 0 0 182 87 86 0 0 173 120 95 0 0 215 2,322
Overall 47 0 0 0 47 23 0 0 0 23 46 1 0 0 47 450
Cocoa 1 2 0 0 3 2 3 0 0 5 2 2 0 0 4 52
Coffee 10 31 0 0 40 13 30 0 0 43 18 38 0 0 57 548
Corn 5 3 0 0 8 7 4 0 0 11 10 6 0 0 16 133
Cotton 5 1 0 0 6 2 3 0 0 5 5 4 0 0 9 69
Grains 2 0 0 0 2 3 0 0 0 4 5 1 0 0 5 54
Softs 0 1 0 0 1 1 1 0 0 1 1 0 0 0 1 8
Soybean Oil 2 1 0 0 3 3 1 0 0 5 1 2 0 0 3 56
Soybeans 2 2 0 0 3 2 2 0 0 4 5 2 0 0 7 58
Sugar 17 15 0 0 32 10 13 0 0 23 8 10 0 0 18 260
Wheat 20 18 0 0 37 20 28 0 0 48 19 29 0 0 48 635
Energy 655 857 0 0 1,512 537 865 0 0 1,402 185 208 0 0 393 16,991
Overall 45 1 0 0 46 73 1 0 0 73 16 0 0 0 16 532
Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Crude Oil 579 653 0 0 1,232 419 731 0 0 1,150 147 59 0 0 206 13725
Gasoline 2 2 0 0 4 3 4 0 0 7 1 1 0 0 2 87
Heating Oil 1 2 0 0 3 1 1 0 0 1 1 0 0 0 1 37
Natural Gas 28 199 0 0 227 40 129 0 0 170 20 146 0 0 167 2609
Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 0
Industrial Metals 105 52 0 0 157 97 30 0 0 127 140 23 0 0 163 1,809
Overall 24 1 0 0 25 44 1 0 0 45 29 4 0 0 33 435
Aluminium 18 5 0 0 23 18 2 0 0 21 31 2 0 0 33 262
Copper 54 38 0 0 92 22 20 0 0 41 50 11 0 0 61 770
Lead 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 7
Nickel 5 5 0 0 10 11 5 0 0 16 22 5 0 0 27 258
Tin 0 1 0 0 1 1 0 0 0 1 2 0 0 0 2 26
Zinc 2 2 0 0 5 1 2 0 0 3 5 1 0 0 6 52
Precious Metals 1,725 87 0 0 1,812 1,337 80 0 0 1,418 1,782 98 0 0 1,880 20,860
Overall 23 0 0 0 23 18 0 0 0 18 11 1 0 0 11 390
Gold 1453 32 0 0 1,485 1082 21 0 0 1,103 1412 35 0 0 1,447 17202
Palladium 64 0 0 0 64 55 0 0 0 55 90 0 0 0 90 525
Platinum 53 3 0 0 56 74 2 0 0 76 82 2 0 0 83 771
Rhodium 1 0 0 0 1 1 0 0 0 1 3 0 0 0 3 26
Silver 131 51 0 0 183 107 57 0 0 164 185 60 0 0 246 1945
Livestock 2 1 0 0 3 2 4 0 0 6 3 4 0 0 7 59
Overall 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 7
Cattle 0 0 0 0 0 0 0 0 0 0 1 1 0 0 2 11
Lean Hogs 2 1 0 0 3 1 4 0 0 5 2 2 0 0 4 41
Total 2,908 1,071 0 0 3,979 2,420 1,066 2 0 3,487 2,504 429 1 0 2,933 45,616
Oct-15 Sep-15 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 50 Deutsche Bank AG/London
Product Rankings
Figure 84: 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 1,337.2 1,415.3 17,917.5
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1,148.3 1,469.8 13,339.1
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 976.2 813.5 9,080.5
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 861.6 833.7 7,879.2
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 853.9 1,072.1 12,319.7
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 839.7 970.4 10,980.1
iShares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 749.4 794.6 9,207.1
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 744.8 1,191.0 10,675.0
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 733.5 739.5 5,796.1
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 630.7 617.3 7,132.1
Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta 628.9 696.8 5,686.3
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 608.3 644.0 7,139.3
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 597.8 775.8 6,282.9
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 583.4 882.2 10,492.3
Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 516.9 703.2 10,444.3
Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 508.0 590.5 5,505.9
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 494.3 574.3 8,977.6
Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 479.3 501.9 6,989.2
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 443.5 315.1 4,545.8
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 436.2 599.9 5,632.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 85: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe |
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 1,017.5 650.3 8,012.2
Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP Lyxor Beta 742.0 3.0 790.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 723.2 486.3 7,169.8
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 669.8 783.4 5,958.7
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 641.9 135.0 2,147.7
iShares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 489.8 459.4 6,112.7
Amundi ETF Euro Corporates UCITS ETF CC4 FP Amundi Beta 435.9 217.8 1,084.4
Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP Amundi Beta 382.3 367.6 1,232.2
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 370.8 427.2 4,057.5
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 335.3 202.6 3,082.2
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 316.7 120.2 1,547.9
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 282.8 115.4 1,444.7
iShares $ TIPS UCITS ETF IDTP LN BlackRock Beta 268.2 100.7 1,389.9
Amundi ETF US Treasury 7-10 UCITS ETF US7 FP Amundi Beta 267.3 7.5 307.6
Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta 247.1 227.4 838.6
Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta 225.6 264.4 2,795.9
iShares $ Short Duration HY Corporate Bond UCITS ETF SDHY LN BlackRock Beta 190.6 24.0 553.1
Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP Lyxor Beta 179.1 30.1 369.7
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 177.3 228.0 2,669.9
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 164.6 114.3 2,336.4
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 51
Figure 86: 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 WTI Crude Oil CRUD LN ETF Securities Beta 443.3 271.5 4,017.6
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 425.6 180.8 2,835.2
Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta+ 364.2 386.8 2,760.5
ETFS Physical Gold PHAU LN ETF Securities Beta 282.2 213.7 4,374.7
Gold Bullion Securities GBS LN ETF Securities Beta 232.9 298.4 3,237.1
ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 155.2 108.0 2,009.4
Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta+ 146.6 102.4 1,044.7
Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta+ 116.7 74.5 909.3
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 110.7 72.1 1,239.6
ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta+ 98.5 123.7 1,965.2
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 83.7 22.8 341.1
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 78.2 44.9 830.5
ETFS Physical Silver PHAG LN ETF Securities Beta 73.3 55.2 688.8
Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta+ 55.7 31.3 553.9
ETFS Copper COPA LN ETF Securities Beta 53.6 20.9 570.5
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 48.2 44.8 605.3
ETFS Energy AIGE LN ETF Securities Beta 44.2 69.9 497.9
ETFS Agriculture AIGA LN ETF Securities Beta 41.8 19.7 376.7
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 40.9 25.8 482.3
iShares Physical Gold ETC SGLN LN Blackrock Beta 40.8 18.7 540.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 87: Top 10 ETPs by Turnover (€ million) – Deutsche Borse | ETPs | Europe |
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares Core DAX UCITS ETF DE DAXEX GR 1,320.33 1 db x-trackers II EONIA TR Index UCITS ETF XEON GR 79.96
2 iShares Euro STOXX 50 (DE) SX5EEX GR 975.02 2 db x-trackers II iBoxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 58.53
3 db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR 619.62 3 iShares Markit iBoxx Euro High Yield EUNW GR 53.43
4 iShares STOXX 600 (DE) SXXPIEX GR 556.64 4 db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 50.07
5 Deka DAX UCITS ETF ETFDAX GR 516.86 5 db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF XG71 GY 47.31
6 iShares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 336.05 6 iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 47.10
7 db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR 239.98 7 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY 35.58
8 iShares MDAX (DE) MDAXEX GR 223.33 8 iShares eb.rexx Government Germany 2.5-5.5 (DE) RXP2EX GR 33.65
9 db x-trackers ShortDAX UCITS ETF XSDX GR 173.19 9 Lyxor UCITS ETF Euro Cash LYXCSH GR 29.68
10 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 171.17 10 iShares Barclays Capital Emerging Market Local Govt Bond IUSP GY 28.21
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 XETRA-Gold XAUEUR 110.74 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 8.73
2 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 80.22 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 8.50
3 Source Physical Gold ETC (P-ETC) 8PSG GY 43.32 3 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 7.23
4 db Physical Gold Euro Hedged ETC XAD1 GR 29.38 4 iShares S&P Listed Private Equity Fund IQQL GR 2.04
5 Gold Bullion Securities GG9B GR 17.73 5 db-x trackers Portfolio Income UCITS ETF XS7W GR 1.95
6 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR 13.64 6 ETFS Short USD Long EUR XBJQ GR 1.34
7 ETFS Brent Oil OESA GR 10.21 7 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY 0.90
8 ETFS Physical Gold VZLD GR 8.95 8 ETFS Long USD Short EUR XBJP GR 0.64
9 ETFS WTI Crude Oil OD7F GR 8.92 9 ETFS 5X Long USD Short EUR 5CH5 GY 0.56
10 RICI Enhanced WTI Crude Oil TR Index ETC 9J6N GR 8.68 10 db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR 0.50
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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European Monthly ETF Market Review
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Figure 88: 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 838.76 1 iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN 898.91
2 Vanguard S&P 500 ETF VUSD LN 442.85 2 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 617.61
3 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 331.67 3 iShares $ High Yield Corporate Bond UCITS ETF IHYU LN 500.48
4 Vanguard FTSE 100 ETF VUKE LN 301.64 4 iShares Euro Corporate Bond UCITS ETF IEAC LN 366.36
5 iShares FTSE 250 UCITS ETF MIDD LN 282.26 5 iShares UK Gilts UCITS ETF IGLT LN 312.62
6 iShares Core MSCI World UCITS ETF (Acc) IWDA LN 237.09 6 iShares Emerging Markets Local Government Bond UCITS ETF SEML LN 312.15
7 iShares Core S&P 500 UCITS ETF CSPX LN 219.09 7 iShares $ Corporate Bond UCITS ETF LQDE LN 295.60
8 iShares MSCI Japan GBP Hedged UCITS ETF IJPH LN 209.49 8 iShares Emerging Markets Local Government Bond UCITS ETF IEML LN 252.91
9 Vanguard S&P 500 ETF VUSA LN 193.53 9 iShares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN 249.20
10 iShares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN 182.86 10 iShares $ TIPS UCITS ETF IDTP LN 222.81
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Source Physical Gold ETC (P-ETC) SGLD LN 325.81 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 17.62
2 ETFS WTI Crude Oil CRUD LN 311.26 2 ETFS 3x Short EUR Long USD SEU3 LN 7.54
3 Gold Bullion Securities GBS LN 178.98 3 iShares Listed Private Equity UCITS ETF IPRV LN 6.80
4 ETFS Physical Gold PHAU LN 149.31 4 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 5.82
5 ETFS Physical Gold GBP PHGP LN 68.71 5 SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN 4.91
6 ETFS Copper COPA LN 51.05 6 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 3.66
7 ETFS Physical Silver PHAG LN 43.13 7 ETFS Short AUD Long USD SAUD LN 1.86
8 ETFS Energy AIGE LN 38.77 8 ETFS Short EUR Long USD SEUR LN 1.85
9 ETFS Agriculture AIGA LN 36.75 9 ETFS 3x Long EUR Short USD LEU3 LN 1.59
10 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN 36.54 10 ETFS Short EUR Long USDGBP SEUP LN 1.44 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 89: Top 10 ETPs by Turnover (€ million) – Swiss SE | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares Core S&P 500 UCITS ETF CSSPX SW 274.80 1 iShares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 66.00
2 iShares SMI CH CSSMI SW 212.22 2 iShares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 64.94
3 iShares S&P 500 UCITS ETF (Inc) IUSA SW 164.14 3 iShares CHF Corporate Bond (CH) CHCORP SW 47.22
4 UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW 124.99 4 iShares $ Corporate Bond UCITS ETF LQDE SW 30.05
5 UBS-ETF MSCI EMU EMUEUA SW 108.59 5 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX SW 29.03
6 UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW 88.33 6 iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 21.06
7 iShares MSCI Japan CHF Hedged UCITS ETF IJPC SW 76.70 7 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 18.75
8 iShares SPI (CH) CHSPI SW 68.88 8 db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged) XBAC SW 17.48
9 iShares MSCI Emerging Markets IMI UCITS ETF EIMI SW 66.86 9 iShares $ TIPS UCITS ETF ITPS SW 17.08
10 PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW 66.39 10 iShares USD Government Bond 7-10 UCITS ETF CSBGU0 SW 15.52
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 ZKB Gold ETF-H (EUR) ZGLDHE SW 44.24 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 1.56
2 ZKB Gold ETF ZGLD SW 35.73 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 1.02
3 ZKB Gold ETF-A USD ZGLDUS SW 30.90 3 iShares Listed Private Equity UCITS ETF IPRV SW 0.93
4 ZKB Gold ETF-A EUR ZGLDEU SW 29.47 4 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.30
5 Source Physical Gold ETC (P-ETC) SGLD SW 23.76 5 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.10
6 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 20.65 6 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.08
7 ZKB Silver ETF ZSIL SW 19.75 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.05
8 UBS ETF (CH) – Gold (USD) I-dis AUUSI SW 15.18 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW 0.04
9 ZKB Gold ETF-H (CHF) ZGLDHC SW 14.78 9 Nomura Voltage Mid-Term Source ETF VOLT SW 0.00
10 UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW 14.72 10 Lyxor ETF Privex LYPVX SW 0.00 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 53
Figure 90: 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 951.66 1 Lyxor UCITS ETF EuroMTS Covered Bond Aggregate ECB FP 738.93
2 Lyxor ETF Leverage CAC 40 LVC FP 507.97 2 Amundi ETF Euro Corporates UCITS ETF CC4 FP 426.60
3 Lyxor ETF XBear CAC 40 BX4 FP 413.22 3 Amundi ETF Govt Bond EuroMTS Broad 10-15 UCITS ETF C10 FP 377.35
4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP 381.15 4 Amundi ETF US Treasury 7-10 UCITS ETF US7 FP 267.28
5 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP 257.82 5 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 256.57
6 Lyxor UCITS ETF MSCI Europe MEU FP 206.92 6 Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP 239.62
7 Lyxor ETF MSCI Emerging Markets - A LEM FP 198.44 7 Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP 171.85
8 Amundi ETF MSCI EMU UCITS ETF CMU FP 177.11 8 AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP 148.11
9 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 154.70 9 Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP 136.59
10 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR TPXH FP 129.02 10 Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF X13G FP 131.03
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Lyxor ETF Commodities CRB CRB FP 33.68 1 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.03
2 ETFS WTI Crude Oil CRUDP FP 8.38 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP 0.03
3 Gold Bullion Securities GBS FP 7.75 3 Lyxor ETF Privex PVX FP 0.03
4 Lyxor ETF Commodities CRB Non-Energy CRN FP 4.48 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.02
5 ETFS Brent 1mnth Oil OILBP FP 2.34
6 ETFS All Commodities AIGCP FP 2.17
7 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP 1.08
8 ETFS Natural Gas NGASP FP 0.87
9 ETFS Wheat WEATP FP 0.72
10 ETFS Precious Metals AIGPP FP 0.60 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 91: Top 10 ETPs by Turnover (€ million) – Borsa Italiana | ETPs | Europe | Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 Lyxor UCITS ETF FTSE MIB ETFMIB IM 575.88 1 iShares Euro Government Bond 3-5yr UCITS ETF IBGX IM 82.91
2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 479.25 2 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 78.91
3 Lyxor ETF XBear FTSE/MIB XBRMIB IM 327.91 3 db x-trackers II iBoxx € Germany 7-10 TR Index UCITS ETF XG71 IM 50.35
4 iShares EURO STOXX 50 UCITS ETF (Inc) EUE IM 274.99 4 iShares Euro High Yield Corporate Bond UCITS ETF IHYG IM 49.90
5 iShares FTSE MIB UCITS ETF (Inc) IMIB IM 246.52 5 iShares Emerging Markets Local Government Bond UCITS ETF SEML IM 48.45
6 Lyxor UCITS ETF Euro STOXX 50 MSE IM 138.04 6 Lyxor UCITS ETF Euro Cash LEONIA IM 46.46
7 Lyxor UCITS ETF DAX (DR) DAXX IM 135.12 7 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM 38.86
8 UBS-ETF MSCI EMU EMUEUA IM 116.56 8 iShares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 37.78
9 iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 110.83 9 iShares Euro Corporate Bond UCITS ETF IEAC IM 30.42
10 Lyxor ETF MSCI Emerging Markets - A EMKT IM 99.73 10 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 IM 27.57
Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover
1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 316.42 1 ETFS 3X Long USD Short EUR EUS3 IM 55.56
2 Boost Wti Oil 3X Short Daily ETP 3OIS IM 118.88 2 ETFS 5X Long USD Short EUR EUS5 IM 29.08
3 ETFS WTI Crude Oil CRUD IM 114.70 3 ETFS 3X Short USD Long EUR USE3 IM 19.20
4 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 109.39 4 ETFS 5X Short USD Long EUR USE5 IM 8.19
5 ETFS Daily Leveraged Crude Oil LOIL IM 77.81 5 Boost Long USD Short EUR 5x Daily ETP 5USE IM 7.24
6 Boost Natural Gas 3x Short Daily 3NGS IM 51.45 6 db-x trackers Portfolio Income UCITS ETF XS7W IM 5.82
7 ETFS Physical Gold PHAU IM 44.64 7 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 3.39
8 Gold Bullion Securities GBS IM 23.64 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 2.27
9 Boost Silver 3X Leverage Daily ETP 3SIL IM 21.96 9 ETFS Long USD Short EUR EUUS IM 1.94
10 Lyxor ETF Commodities CRB CRB IM 20.35 10 Boost Short USD Long EUR 5x Daily ETP 5EUS IM 1.64 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 54 Deutsche Bank AG/London
Figure 92: 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 Bear 2 XABEAR2 SS 291.09 No Fixed Income ETFs
2 XACT Bull 2 XABULL2 SS 247.24
3 XACT OMXS30 XACTOMX SS 203.09
4 XACT Bear XACBEAR SS 91.29
5 XACT Bull XACBULL SS 65.31
6 XACT Nordic 30 XACTVINX SS 37.64
7 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 7.43
8 XACT OMXSB XACTSBX SS 4.36
9 SpotR OMXS30 SPOTROMX SS 3.26
10 db x-trackers S&P 500 UCITS ETF 1C XSPX SS 2.78
Euronext Amsterdam
Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover
1 iShares MSCI Europe UCITS ETF (Inc) IMEU NA 271.84 1 iShares Euro Corporate Bond UCITS ETF IEAC NA 65.50
2 iShares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 149.97 2 iShares Euro Aggregate Bond UCITS ETF IEAG NA 54.73
3 iShares AEX UCITS ETF IAEX NA 146.46 3 iShares Euro Government Bond 1-3yr UCITS ETF IBGS NA 34.14
4 iShares MSCI Japan EUR Hedged UCITS ETF IJPE NA 118.37 4 iShares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 27.13
5 iShares Core MSCI World UCITS ETF (Acc) IWDA NA 113.95 5 iShares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 12.92
6 iShares MSCI World UCITS ETF (Inc) IWRD NA 103.10 6 iShares Euro Government Bond 15-30yr UCITS ETF IBGL NA 11.99
7 Vanguard S&P 500 ETF VUSA NA 102.86 7 iShares Euro Government Bond 7-10yr UCITS ETF IBGM NA 11.76
8 iShares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA 94.88 8 iShares Euro Government Bond 3-5yr UCITS ETF IBGX NA 10.64
9 iShares S&P 500 UCITS ETF (Inc) IUSA NA 63.49 9 iShares $ Corporate Bond UCITS ETF LQDA NA 9.48
10 Think AEX Tracker TDT NA 43.25 10 iShares $ Treasury Bond 7-10yr UCITS ETF BTMA NA 9.07 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 55
7. European ETF Exchanges
Figure 93: European on-exchange ETF trading ranking by exchange (€ million) | ETFs | Europe |
Summary Jun-15Market
Share %Jul-15
Market
Share %Aug-15
Market
Share %Sep-15
Market
Share %Oct-15
Market
Share %
Deutche Boerse
Deutsche Borse 18,540 27.6% 16,231 25.6% 17,074 24.3% 13,322 22.8% 12,502 22.1%
LSE
London SE 21,668 32.2% 21,210 33.5% 22,489 32.0% 19,046 32.6% 18,078 32.0%
Borsa Italiana 6,869 10.2% 7,015 11.1% 6,848 9.7% 6,058 10.4% 6,124 10.8%
28,537 42.5% 28,225 44.6% 29,337 41.8% 25,104 43.0% 24,202 42.8%
Euronext
Paris 10,070 15.0% 8,922 14.1% 12,555 17.9% 11,080 19.0% 11,489 20.3%
Amsterdam 2,569 3.8% 2,589 4.1% 2,472 3.5% 2,036 3.5% 2,009 3.6%
Lisbon 19 0.0% 13 0.0% 12 0.0% 7 0.0% 9 0.0%
Brussels 3 0.0% 7 0.0% 6 0.0% 2 0.0% 1 0.0%
12,662 18.8% 11,531 18.2% 15,045 21.4% 13,124 22.5% 13,508 23.9%
Swiss SE 5,395 8.0% 5,527 8.7% 6,562 9.3% 4,388 7.5% 4,443 7.9%
Stockholmborsen 1,048 1.6% 824 1.3% 1,300 1.8% 1,454 2.5% 967 1.7%
Oslo Bors 370 0.6% 264 0.4% 497 0.7% 575 1.0% 425 0.8%
BME 643 1.0% 673 1.1% 442 0.6% 456 0.8% 432 0.8%
Others 10 0.0% 5 0.0% 10 0.0% 20 0.0% 15 0.0%
Total 67,205 100.0% 63,281 100.0% 70,266 100.0% 58,444 100.0% 56,493 100.0%
* Borse Stuttgart ETFs turnover totalled €0.9bn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETFs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETF listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 56 Deutsche Bank AG/London
Figure 94: European on-exchange ETC trading ranking by exchange (€ million) | ETCs | Europe |
Summary Jun-15Market
Share %Jul-15
Market
Share %Aug-15
Market
Share %Sep-15
Market
Share %Oct-15
Market
Share %
LSE
London SE 1,419 2.1% 2,381 3.8% 1,719 2.4% 1,410 2.4% 1,785 3.2%
Borsa Italiana 1,677 2.5% 1,682 2.7% 1,357 1.9% 1,257 2.2% 1,321 2.3%
3,096 4.6% 4,063 6.4% 3,076 4.4% 2,666 4.6% 3,106 5.5%
Deutche Boerse
Deutsche Borse 372 0.6% 425 0.7% 471 0.7% 270 0.5% 338 0.6%
Euronext
Amsterdam 13 0.0% 15 0.0% 14 0.0% 11 0.0% 16 0.0%
Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
40 0.1% 61 0.1% 69 0.1% 39 0.1% 40 0.1%
Others 29 0.0% 27 0.0% 15 0.0% 18 0.0% 32 0.1%
Total 3,536 5.3% 4,577 7.2% 3,632 5.2% 2,994 5.1% 3,516 6.2%
* Borse Stuttgart ETCs turnover totalled €92mn for October 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETCs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETC listings from each country’s major exchanges only in our analysis. Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 57
Figure 95: 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 98,856.3 83,733.8 48,629.9 30,163.7 17,046.4 39,675.7 3,693.7 321,799.6 47.8%
Emerging Markets 8,735.3 16,450.2 9,604.4 5,640.5 1,842.6 5,227.8 83.3 47,584.0 7.1%
Global Markets 923.2 3,999.7 1,214.6 223.5 486.3 1,013.4 6.0 7,866.6 1.2%
Sector 11,448.2 7,486.8 7,555.5 2,027.5 636.2 971.8 7.7 30,133.6 4.5%
Capitalization 2,114.9 2,779.1 798.2 574.3 207.7 779.3 0.0 7,253.4 1.1%
Style 4,423.1 7,159.6 810.4 1,206.3 1,221.4 1,340.4 0.0 16,161.1 2.4%
Strategy 9,149.2 7,869.4 14,833.0 14,332.7 7.3 856.7 6,515.7 53,563.9 8.0%
Thematic 1,018.6 1,818.9 450.5 436.3 166.9 321.7 0.0 4,213.0 0.6%
Total 136,669 131,297 83,896 54,605 21,615 50,187 10,306 488,575.3 72.5%
Fixed Income
Overall 788.8 2,321.3 9.7 216.7 612.1 237.0 0.0 4,185.5 0.6%
Corporates 3,976.6 34,545.9 2,769.8 3,587.1 1,524.5 1,412.7 0.0 47,816.6 7.1%
Covered Bonds 1,000.0 132.2 747.0 113.7 101.1 15.8 0.0 2,109.8 0.3%
Credit Exposure 235.3 4.7 0.0 66.3 0.0 17.4 0.0 323.6 0.0%
Sovereign 12,412.2 38,651.6 10,028.4 8,591.8 1,770.5 3,205.2 0.0 74,659.7 11.1%
Money Market 1,496.5 1,722.9 1,132.2 1,552.1 0.0 79.7 0.0 5,983.4 0.9%
Total 19,909 77,378 14,687 14,128 4,008 4,968 - 135,078.6 20.1%
Commodity 0.0%
Overall 787.9 1,305.6 368.5 362.0 46.9 703.0 0.0 3,573.8 0.5%
Agriculture 219.0 977.4 13.4 1,091.5 0.7 20.2 0.0 2,322.2 0.3%
Energy 1,369.2 5,163.7 225.3 10,083.5 0.0 149.5 0.0 16,991.1 2.5%
Industrial Metals 127.2 1,378.2 21.9 274.1 0.1 7.4 0.0 1,808.9 0.3%
Precious Metals 2,778.7 11,376.6 137.5 2,291.2 176.2 4,490.6 0.0 21,250.8 3.2%
Livestock 8.1 31.2 0.0 19.6 0.0 0.0 0.0 58.8 0.0%
Total 5,290 20,233 767 14,122 224 5,371 - 46,005.7 6.8%
Other 0.0%
Alternative 257.0 512.0 32.7 85.2 59.9 153.3 0.0 1,100.0 0.2%
Currency 108.7 554.2 0.0 1,841.6 3.1 0.0 0.0 2,507.5 0.4%
Multi Asset 189.5 42.1 0.0 35.0 10.9 1.5 0.0 279.0 0.0%
Total 555 1,108 33 1,962 74 155 - 3,886.6 0.6%
Grand Total 162,424 230,017 99,383 84,816 25,921 60,680 10,306 673,546 100%
* Total turnover year to date (not daily average)
Total
Total Turnover (€ million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 58 Deutsche Bank AG/London
8. Assets
ETP Monthly AUM Analysis by Asset Class
Figure 96: 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 312,406 4,496 3,737 175 320,814 283,673 5,165 3,398 165 292,401 254,157 3,613 2,831 475 261,076
Fixed income 105,009 1,738 0 4,922 111,669 100,133 1,772 0 4,660 106,565 81,498 1,245 0 3,408 86,151
Commodity 13,248 0 48 0 13,296 12,741 0 46 0 12,787 13,363 0 49 0 13,412
Currency 0 0 0 0 - 0 0 0 0 - 13 0 0 0 13
Multi Asset 43 0 0 379 422 42 0 0 357 399 0 0 0 300 300
Alternative 565 0 64 446 1,074 530 0 64 450 1,043 453 0 97 547 1,097
Total 431,271 6,233 3,849 5,922 447,276 397,118 6,937 3,508 5,631 413,194 349,483 4,859 2,977 4,731 362,049
ETCs
Commodity 16,529 759 0 0 17,288 15,681 743 0 0 16,424 15,780 643 0 0 16,423
Currency 110 236 0 0 347 112 242 0 0 354 144 246 0 0 390
Total 16,639 996 0 0 17,635 15,793 985 0 0 16,778 15,924 889 0 0 16,813
Total ETPs 447,910 7,229 3,849 5,922 464,911 412,911 7,922 3,508 5,631 429,972 365,407 5,748 2,977 4,731 378,862
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Asset Class Analysis
Figure 97: 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 232,750 0 0 139 232,889 211,417 0 0 131 211,548 184,580 0 0 341 184,922
Emerging Markets 23,072 0 0 0 23,072 20,688 0 0 1 20,688 25,192 0 0 0 25,192
Global Markets 4,817 0 0 0 4,817 4,130 0 0 0 4,130 5,244 0 0 0 5,244
Sector 19,686 0 0 0 19,686 18,264 0 0 0 18,264 15,443 0 0 0 15,443
Capitalization 6,804 0 0 0 6,804 6,353 0 0 0 6,353 4,485 0 0 0 4,485
Strategy 5,001 4,496 3,737 36 13,270 4,451 5,165 3,398 34 13,047 2,849 3,613 2,831 134 9,428
Style 16,370 0 0 0 16,370 14,987 0 0 0 14,987 13,549 0 0 0 13,549
Thematic 3,907 0 0 0 3,907 3,383 0 0 0 3,383 2,814 0 0 0 2,814
Total Equities 312,406 4,496 3,737 175 320,814 283,673 5,165 3,398 165 292,401 254,157 3,613 2,831 475 261,076
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 59
Figure 97A: 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 19,686 0 0 0 19,686 18,264 0 0 0 18,264 15,443 0 0 0 15,443
Consumer discretionary 901 0 0 0 901 720 0 0 0 720 624 0 0 0 624
Consumer staples 999 0 0 0 999 1,018 0 0 0 1,018 790 0 0 0 790
Energy 1,397 0 0 0 1,397 1,144 0 0 0 1,144 1,102 0 0 0 1,102
Financials 10,564 0 0 0 10,564 9,891 0 0 0 9,891 7,996 0 0 0 7,996
Healthcare 2,041 0 0 0 2,041 2,004 0 0 0 2,004 1,855 0 0 0 1,855
Industrials 476 0 0 0 476 484 0 0 0 484 436 0 0 0 436
Information Technology 1,286 0 0 0 1,286 1,146 0 0 0 1,146 1,027 0 0 0 1,027
Materials 754 0 0 0 754 723 0 0 0 723 670 0 0 0 670
Telecommunications 758 0 0 0 758 650 0 0 0 650 478 0 0 0 478
Utilities 511 0 0 0 511 484 0 0 0 484 466 0 0 0 466
Capitalization 6,804 0 0 0 6,804 6,353 0 0 0 6,353 4,485 0 0 0 4,485
Large Cap 412 0 0 0 412 375 0 0 0 375 408 0 0 0 408
Mid Cap 2,328 0 0 0 2,328 2,195 0 0 0 2,195 1,497 0 0 0 1,497
Small Cap 4,065 0 0 0 4,065 3,783 0 0 0 3,783 2,579 0 0 0 2,579
Strategy 5,001 4,496 3,737 36 13,270 4,451 5,165 3,398 34 13,047 2,849 3,613 2,831 134 9,428
Fundamental 1,237 0 1,355 0 2,591 1,152 0 1,233 0 2,385 1,000 0 892 0 1,893
Leveraged Long 0 2,010 0 0 2,010 0 1,903 0 0 1,903 0 1,583 0 0 1,583
Leveraged Short 0 896 0 0 896 0 1,088 0 0 1,088 0 789 0 0 789
Options Strategy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantitative 3,734 0 2,383 36 6,153 3,266 0 2,165 34 5,464 1,849 0 1,938 134 3,921
Short 30 1,590 0 0 1,620 33 2,173 0 0 2,206 0 1,241 0 0 1,241
Style 16,370 0 0 0 16,370 14,987 0 0 0 14,987 13,549 0 0 0 13,549
Dividend 14,810 0 0 0 14,810 13,678 0 0 0 13,678 12,456 0 0 0 12,456
Growth 291 0 0 0 291 258 0 0 0 258 158 0 0 0 158
Value 1,269 0 0 0 1,269 1,051 0 0 0 1,051 935 0 0 0 935
Thematic 3,907 0 0 0 3,907 3,383 0 0 0 3,383 2,814 0 0 0 2,814
Commodities 717 0 0 0 717 625 0 0 0 625 647 0 0 0 647
Cyclical 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Faith 189 0 0 0 189 172 0 0 0 172 201 0 0 0 201
Other Theme 981 0 0 0 981 876 0 0 0 876 682 0 0 0 682
Sustainability 2,019 0 0 0 2,019 1,710 0 0 0 1,710 1,285 0 0 0 1,285
Total 51,768 4,496 3,737 36 60,037 47,438 5,165 3,398 34 56,035 39,140 3,613 2,831 134 45,719
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 60 Deutsche Bank AG/London
Figure 97B: 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 131,741 0 0 139 131,880 119,537 0 0 131 119,668 96,005 0 0 341 96,347
Austria 417 0 0 0 417 326 0 0 0 326 334 0 0 0 334
Belgium 42 0 0 0 42 38 0 0 0 38 35 0 0 0 35
Finland 174 0 0 0 174 151 0 0 0 151 144 0 0 0 144
France 5,004 0 0 0 5,004 4,529 0 0 0 4,529 3,756 0 0 0 3,756
Germany 20,734 0 0 0 20,734 18,165 0 0 0 18,165 16,129 0 0 0 16,129
Greece 229 0 0 0 229 206 0 0 0 206 211 0 0 0 211
Ireland 30 0 0 0 30 28 0 0 0 28 24 0 0 0 24
Italy 3,120 0 0 0 3,120 2,823 0 0 0 2,823 2,271 0 0 0 2,271
Netherlands 600 0 0 0 600 547 0 0 0 547 431 0 0 0 431
Norway 229 0 0 0 229 209 0 0 0 209 248 0 0 0 248
Portugal 88 0 0 0 88 81 0 0 0 81 58 0 0 0 58
Spain 1,863 0 0 0 1,863 1,812 0 0 0 1,812 1,792 0 0 0 1,792
Sweden 1,270 0 0 0 1,270 1,189 0 0 0 1,189 1,342 0 0 0 1,342
Switzerland 9,943 0 0 0 9,943 9,273 0 0 0 9,273 8,743 0 0 0 8,743
UK 13,781 0 0 0 13,781 12,790 0 0 0 12,790 12,023 0 0 0 12,023
Europe broad 74,216 0 0 139 74,355 67,369 0 0 131 67,500 48,465 0 0 341 48,806
Americas 60,525 0 0 0 60,525 55,348 0 0 0 55,348 54,952 0 0 0 54,952
US 57,288 0 0 0 57,288 52,427 0 0 0 52,427 51,463 0 0 0 51,463
Canada 846 0 0 0 846 805 0 0 0 805 907 0 0 0 907
North America 2,390 0 0 0 2,390 2,116 0 0 0 2,116 2,582 0 0 0 2,582
Asia 22,077 0 0 0 22,077 19,804 0 0 0 19,804 16,812 0 0 0 16,812
Australia 369 0 0 0 369 351 0 0 0 351 677 0 0 0 677
Hong Kong 284 0 0 0 284 257 0 0 0 257 149 0 0 0 149
Japan 19,978 0 0 0 19,978 17,866 0 0 0 17,866 14,404 0 0 0 14,404
Singapore 63 0 0 0 63 57 0 0 0 57 18 0 0 0 18
Asia Pacific broad 1,383 0 0 0 1,383 1,272 0 0 0 1,272 1,564 0 0 0 1,564
Global 18,408 0 0 0 18,408 16,729 0 0 0 16,729 16,812 0 0 0 16,812
Broad indices 18,408 0 0 0 18,408 16,729 0 0 0 16,729 16,812 0 0 0 16,812
DM Total 232,750 0 0 139 232,889 211,417 0 0 131 211,548 184,580 0 0 341 184,922
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 61
Figure 97C: 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 6,290 0 0 0 6,290 5,828 0 0 1 5,828 7,842 0 0 0 7,842
Brazil 532 0 0 0 532 487 0 0 0 487 793 0 0 0 793
Russia 742 0 0 0 742 759 0 0 1 760 769 0 0 0 770
India 2,065 0 0 0 2,065 2,016 0 0 0 2,016 1,588 0 0 0 1,588
China 2,951 0 0 0 2,951 2,566 0 0 0 2,566 4,693 0 0 0 4,693
Latin America 542 0 0 0 542 494 0 0 0 494 685 0 0 0 685
Chile 15 0 0 0 15 14 0 0 0 14 19 0 0 0 19
Mexico 135 0 0 0 135 125 0 0 0 125 206 0 0 0 206
LATAM broad 392 0 0 0 392 355 0 0 0 355 460 0 0 0 460
Asia 3,634 0 0 0 3,634 3,466 0 0 0 3,466 3,566 0 0 0 3,566
Bangladesh 20 0 0 0 20 21 0 0 0 21 18 0 0 0 18
Indonesia 104 0 0 0 104 89 0 0 0 89 141 0 0 0 141
Malaysia 44 0 0 0 44 40 0 0 0 40 73 0 0 0 73
Pakistan 22 0 0 0 22 24 0 0 0 24 24 0 0 0 24
Philippines 43 0 0 0 43 41 0 0 0 41 63 0 0 0 63
South Korea 899 0 0 0 899 809 0 0 0 809 813 0 0 0 813
Taiwan 616 0 0 0 616 694 0 0 0 694 842 0 0 0 842
Thailand 37 0 0 0 37 35 0 0 0 35 66 0 0 0 66
Vietnam 352 0 0 0 352 320 0 0 0 320 310 0 0 0 310
Asia Pacific broad 1,497 0 0 0 1,497 1,393 0 0 0 1,393 1,216 0 0 0 1,216
EMEA 1,005 0 0 0 1,005 945 0 0 0 945 1,138 0 0 0 1,138
Kuwait 12 0 0 0 12 13 0 0 0 13 13 0 0 0 13
Poland 65 0 0 0 65 69 0 0 0 69 39 0 0 0 39
South Africa 87 0 0 0 87 75 0 0 0 75 87 0 0 0 87
Turkey 368 0 0 0 368 332 0 0 0 332 415 0 0 0 415
Europe broad 332 0 0 0 332 320 0 0 0 320 471 0 0 0 471
Middle East & Africa 141 0 0 0 141 136 0 0 0 136 114 0 0 0 114
Global Markets 11,601 0 0 0 11,601 9,955 0 0 0 9,955 11,960 0 0 0 11,960
Global 11,601 0 0 0 11,601 9,955 0 0 0 9,955 11,960 0 0 0 11,960
EM Total 23,072 0 0 0 23,072 20,688 0 0 1 20,688 25,192 0 0 0 25,192
Total (EM + DM) 255,822 0 0 139 255,961 232,105 0 0 132 232,236 209,772 0 0 341 210,113
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 98: 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 3,875 0 0 4,336 8,211 3,779 0 0 4,043 7,822 3,219 0 0 2,763 5,983
Corporates 40,747 0 0 187 40,934 38,532 0 0 181 38,713 29,657 0 0 15 29,672
Covered Bonds 2,739 0 0 356 3,095 2,868 0 0 391 3,259 3,065 0 0 423 3,488
Credit Exposure 253 78 0 0 331 246 87 0 0 334 184 61 0 0 245
Sovereign 54,370 1,660 0 43 56,073 51,645 1,685 0 45 53,374 43,658 1,185 0 206 45,049
Money Market 3,025 0 0 0 3,025 3,063 0 0 0 3,063 1,714 0 0 0 1,714
Total Fixed Income 105,009 1,738 0 4,922 111,669 100,133 1,772 0 4,660 106,565 81,498 1,245 0 3,408 86,151
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 62 Deutsche Bank AG/London
Figure 99: 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 3,819 10 48 0 3,877 3,629 11 46 0 3,686 3,523 8 49 0 3,580
Overall 3594 10 48 0 3,652 3406 11 46 0 3,462 3270 8 49 0 3,327
Overall ex Energy 218 0 0 0 218 217 0 0 0 217 246 0 0 0 246
Overall Light Energy 7 0 0 0 7 7 0 0 0 7 8 0 0 0 8
Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Agriculture 736 109 0 0 844 698 114 0 0 811 737 88 0 0 826
Overall 466 4 0 0 470 430 4 0 0 433 480 4 0 0 484
Cocoa 11 3 0 0 14 11 3 0 0 14 9 4 0 0 13
Coffee 43 34 0 0 77 43 32 0 0 75 21 12 0 0 33
Corn 32 8 0 0 40 31 9 0 0 40 36 9 0 0 45
Cotton 29 4 0 0 32 29 4 0 0 32 31 6 0 0 37
Grains 38 1 0 0 39 38 1 0 0 39 37 1 0 0 38
Softs 4 1 0 0 5 4 1 0 0 5 5 0 0 0 6
Soybean Oil 3 2 0 0 4 2 2 0 0 4 4 2 0 0 6
Soybeans 8 2 0 0 10 8 3 0 0 11 16 3 0 0 18
Sugar 35 19 0 0 54 37 22 0 0 59 24 15 0 0 38
Wheat 66 33 0 0 99 66 34 0 0 100 75 32 0 0 107
Energy 1,969 450 0 0 2,419 1,779 388 0 0 2,167 916 163 0 0 1,078
Overall 185 1 0 0 187 179 1 0 0 180 132 0 0 0 132
Carbon 2 0 0 0 2 2 0 0 0 2 1 0 0 0 1
Crude Oil 1704 364 0 0 2,067 1515 302 0 0 1,817 708 84 0 0 793
Gasoline 9 2 0 0 11 9 2 0 0 11 5 1 0 0 6
Heating Oil 5 2 0 0 6 5 1 0 0 7 3 1 0 0 4
Natural Gas 64 81 0 0 146 68 82 0 0 150 67 76 0 0 142
Electricity 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Uranium 0 0 0 0 - 0 0 0 0 - 0 0 0 0 -
Industrial Metals 445 50 0 0 496 480 86 0 0 566 682 95 0 0 777
Overall 187 2 0 0 189 191 3 0 0 194 267 18 0 0 285
Aluminium 82 5 0 0 87 96 4 0 0 100 85 5 0 0 91
Copper 81 27 0 0 108 94 60 0 0 154 174 58 0 0 233
Lead 1 1 0 0 2 1 1 0 0 2 1 1 0 0 2
Nickel 80 13 0 0 93 83 14 0 0 98 136 8 0 0 144
Tin 2 2 0 0 3 2 2 0 0 4 2 2 0 0 4
Zinc 12 1 0 0 14 13 1 0 0 14 17 2 0 0 18
Precious Metals 22,797 138 0 0 22,934 21,823 142 0 0 21,965 23,269 286 0 0 23,555
Overall 181 1 0 0 182 168 1 0 0 169 178 1 0 0 179
Gold 19050 54 0 0 19,104 18280 59 0 0 18,340 19347 156 0 0 19,503
Palladium 612 1 0 0 613 622 1 0 0 623 762 1 0 0 763
Platinum 781 6 0 0 786 722 6 0 0 727 973 5 0 0 978
Rhodium 67 0 0 0 67 68 0 0 0 68 107 0 0 0 107
Silver 2107 76 0 0 2,183 1964 75 0 0 2,038 1903 123 0 0 2,026
Livestock 11 3 0 0 14 12 4 0 0 16 15 3 0 0 19
Overall 6 0 0 0 6 6 0 0 0 6 9 0 0 0 10
Cattle 1 1 0 0 2 1 1 0 0 2 3 2 0 0 4
Lean Hogs 4 2 0 0 6 5 2 0 0 7 3 2 0 0 5
Total 29,777 759 48 0 30,584 28,422 743 46 0 29,211 29,143 643 49 0 29,835
Oct-15 Sep-15 End of 2014
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 63
Product Rankings
Figure 100: 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 11,367.1 10,455.9 8,461.6
Vanguard S&P 500 ETF VUSA LN Vanguard Beta 11,215.1 10,117.7 8,301.8
iShares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 9,179.6 8,178.4 8,650.4
iShares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9,163.0 8,452.7 11,426.2
iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 8,158.5 7,457.9 5,193.6
Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7,760.7 6,924.9 5,949.9
iShares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6,524.5 6,187.9 5,153.8
iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5,859.2 5,159.0 3,681.6
iShares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5,565.1 5,015.2 3,923.6
iShares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5,563.1 5,063.3 6,516.2
db x-trackers Euro Stoxx 50® UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5,399.7 4,803.5 2,879.5
iShares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5,210.3 4,770.1 4,927.9
db x-trackers DAX® UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 5,062.2 4,303.3 2,972.9
iShares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 4,374.3 4,052.2 2,072.6
Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3,968.3 3,598.5 2,541.6
iShares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3,573.3 3,242.1 3,566.5
iShares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 3,524.7 3,069.9 4,185.3
db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 3,119.9 2,902.1 1,927.1
iShares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2,858.0 2,619.7 2,369.3
iShares SMI CH CSSMI SW BlackRock Beta 2,695.6 2,594.3 2,640.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Figure 101: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe |
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 6,058.6 5,826.0 4,912.4
iShares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3,918.0 3,739.0 4,743.6
iShares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3,757.5 3,320.8 2,653.4
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3,465.8 3,329.4 3,066.2
iShares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3,302.0 2,923.0 1,758.5
PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2,827.5 2,607.5 1,612.1
iShares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2,489.6 2,213.4 1,003.3
db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2,271.3 2,117.9 1,730.0
iShares £ Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1,991.3 1,905.3 1,612.8
iShares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1,945.5 1,799.6 1,306.5
iShares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1,905.0 1,859.9 1,641.1
iShares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1,844.4 1,388.0 1,563.8
iShares Euro Corporate Bond ex-Financials UCITS ETF EEXF LN BlackRock Beta 1,843.4 1,788.3 2,084.6
iShares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1,833.8 1,961.9 2,260.1
iShares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1,797.6 1,833.5 1,133.0
iShares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1,733.9 1,690.6 1,088.3
iShares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1,708.2 1,609.2 1,311.3
iShares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1,630.7 1,441.9 1,036.5
db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta 1,479.1 1,380.7 980.9
Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1,447.9 1,374.8 1,582.3 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
9 November 2015
European Monthly ETF Market Review
Page 64 Deutsche Bank AG/London
Figure 102: 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 4,514.6 4,393.2 4,550.0
ETFS Physical Gold PHAU LN ETF Securities Beta 3,463.6 3,304.2 3,896.5
Gold Bullion Securities GBS LN ETF Securities Beta 2,395.0 2,253.7 2,684.6
Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1,733.3 1,589.7 1,382.3
XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1,671.7 1,612.4 1,571.8
Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1,480.7 1,445.3 1,607.6
ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1,022.4 962.3 1,033.1
Lyxor ETF Commodities CRB CRB FP Lyxor Beta 750.9 699.5 618.9
ETFS WTI Crude Oil CRUD LN ETF Securities Beta 688.1 546.3 200.7
iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 674.2 599.2 488.2
ETFS Physical Silver PHAG LN ETF Securities Beta 585.6 558.6 461.4
UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 490.9 481.2 430.8
db Physical Gold ETC XGLD LN Deutsche AWM Beta 456.0 459.8 511.4
db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta 445.2 434.8 446.0
UBS ETFs plc – CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta 422.5 429.7 312.8
iShares Physical Gold ETC SGLN LN Blackrock Beta 379.6 354.9 151.7
db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta 377.9 364.7 284.2
iShares Gold CHF Hedged CH CSGLDC SW BlackRock Beta 299.1 286.1 309.6
iShares Gold CH CSGOLD SW BlackRock Beta 296.7 290.4 670.2
db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta 291.2 288.3 517.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
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9. ETF Broker rankings
US ETP Broker Rankings
Figure 103: 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 (KCG) KCG HOLDINGS, INC. 182,341 17.66% 284,478 1,630,284 14.38% 2,354,136 (MLCO) MERRILL LYNCH 3,212 18.54% 49,232 37,386 21.82% 483,573
2 (MLCO) MERRILL LYNCH 172,844 16.74% 49,229 2,803,622 24.73% 483,552 (KCG) KCG HOLDINGS, INC. 2,929 16.91% 284,478 26,078 15.22% 2,354,169
3 (UBS) UBS INVESTMENT BANK 101,658 9.85% 41,568 989,496 8.73% 406,946 (UBS) UBS INVESTMENT BANK 1,697 9.79% 41,568 16,163 9.43% 406,949
4 (CSFB) CREDIT SUISSE 90,707 8.79% 21,667 939,778 8.29% 211,034 (CSFB) CREDIT SUISSE 1,492 8.61% 21,765 14,559 8.50% 211,899
5 (JPM) JP MORGAN 65,438 6.34% 8,618 493,943 4.36% 81,699 (CITI) CITIGROUP GLOBAL MARKE 988 5.70% 19,091 9,574 5.59% 190,033
6 (CITI) CITIGROUP GLOBAL MARKE 55,458 5.37% 19,091 573,834 5.06% 190,031 (DBAB) DEUTSCHE BANK SECURITI 960 5.54% 24,030 8,038 4.69% 204,769
7 (DBAB) DEUTSCHE BANK SECURITI 53,580 5.19% 24,030 447,472 3.95% 204,765 (JPM) JP MORGAN 953 5.50% 8,618 6,693 3.91% 81,700
8 (MSCO) MORGAN STANLEY 41,134 3.98% 15,246 375,852 3.32% 144,751 (GSHT) GOLDMAN, SACHS & CO. 754 4.35% 51,974 6,644 3.88% 666,318
9 (GSHT) GOLDMAN, SACHS & CO. 40,166 3.89% 51,974 370,840 3.27% 666,314 (MSCO) MORGAN STANLEY 619 3.57% 15,246 4,886 2.85% 144,753
10 (GSLT) GOLDMAN SACHS ELECTRON 31,152 3.02% 124,825 334,286 2.95% 1,373,331 (GSLT) GOLDMAN SACHS ELECTRON 411 2.37% 124,825 4,178 2.44% 1,373,339
11 (BCET) BARCLAYS CAPITAL INC. 22,777 2.21% 39,684 184,581 1.63% 327,475 (BCET) BARCLAYS CAPITAL INC. 377 2.18% 39,684 2,824 1.65% 327,475
12 (BCAP) BARCLAYS CAPITAL 21,368 2.07% 19,832 220,070 1.94% 175,173 (BNPP) BNP PARIBAS 358 2.07% 5,412 2,364 1.38% 59,925
13 (FCM) FIDELITY CAPITAL MARKET 17,018 1.65% 15,855 326,236 2.88% 417,200 (BCAP) BARCLAYS CAPITAL 357 2.06% 19,832 3,503 2.04% 175,175
14 (CVGX) CONVERGEX 16,753 1.62% 26,306 138,821 1.22% 235,977 (FCM) FIDELITY CAPITAL MARKET 280 1.62% 15,855 5,893 3.44% 417,200
15 (INCA) INSTINET 15,887 1.54% 7,633 193,649 1.71% 123,539 (CVGX) CONVERGEX 276 1.59% 26,306 2,328 1.36% 235,978
16 (JEFF) JEFFERIES & CO., INC. 15,515 1.50% 15,713 136,223 1.20% 133,529 (RBC) ROYAL BANK OF CANADA 210 1.21% 14,172 736 0.43% 117,192
17 (BNPP) BNP PARIBAS 11,651 1.13% 5,412 98,769 0.87% 59,925 (JEFF) JEFFERIES & CO., INC. 207 1.20% 15,713 1,754 1.02% 133,529
18 (RBC) ROYAL BANK OF CANADA 10,701 1.04% 14,172 41,848 0.37% 117,192 (INCA) INSTINET 173 1.00% 7,633 2,157 1.26% 123,544
19 (CANT) CANTOR FITZGERALD L.P. 9,184 0.89% 5,258 125,745 1.11% 75,374 (CANT) CANTOR FITZGERALD L.P. 164 0.95% 5,259 2,280 1.33% 75,381
20 (BTIG) BTIG LLC 4,271 0.41% 1,402 32,349 0.29% 13,327 (WBET) WALLACHBETH CAPITAL LL 78 0.45% 248 1,111 0.65% 3,223
Other 52,872 5.12% 113,074 879,157 7.75% 1,421,290 Other 829 4.79% 114,228 12,214 7.13% 1,431,479
Total 1,032,475 100.00% 905,067 11,336,856 100.00% 9,216,560 Total 17,326 100.00% 905,169 171,363 100.00% 9,217,603
Value Trade Summary Volume Trade Summary
Oct-15 YTD Oct-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 104: 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. 9,346 27.26% 25,492 84,453 21.81% 212,114 (KCG) KCG HOLDINGS, INC. 320 26.84% 25,492 2,798 21.10% 212,114
2 (UBS) UBS INVESTMENT BANK 5,499 16.04% 2,276 49,336 12.74% 23,089 (UBS) UBS INVESTMENT BANK 218 18.28% 2,276 1,767 13.33% 23,089
3 (CITI) CITIGROUP GLOBAL MARKE 4,195 12.23% 1,053 36,950 9.54% 10,673 (MLCO) MERRILL LYNCH 145 12.15% 2,175 2,538 19.13% 25,019
4 (MLCO) MERRILL LYNCH 4,085 11.91% 2,175 69,411 17.93% 25,019 (CITI) CITIGROUP GLOBAL MARKE 107 8.98% 1,053 1,243 9.38% 10,673
5 (CSFB) CREDIT SUISSE 2,621 7.65% 1,071 29,564 7.64% 10,674 (CSFB) CREDIT SUISSE 91 7.60% 1,072 993 7.49% 10,709
6 (BCET) BARCLAYS CAPITAL INC. 1,376 4.01% 3,515 8,041 2.08% 28,232 (BCET) BARCLAYS CAPITAL INC. 39 3.27% 3,515 275 2.07% 28,232
7 (DBAB) DEUTSCHE BANK SECURITI 943 2.75% 856 8,287 2.14% 7,979 (DBAB) DEUTSCHE BANK SECURITI 37 3.08% 856 259 1.96% 7,979
8 (JPM) JP MORGAN 801 2.33% 379 9,622 2.48% 4,150 (JPM) JP MORGAN 26 2.16% 379 282 2.12% 4,150
9 (GSHT) GOLDMAN, SACHS & CO. 707 2.06% 2,501 7,454 1.93% 29,234 (MSCO) MORGAN STANLEY 25 2.10% 741 263 1.98% 8,837
10 (GSLT) GOLDMAN SACHS ELECTRON 601 1.75% 7,353 10,446 2.70% 93,378 (GSHT) GOLDMAN, SACHS & CO. 23 1.90% 2,501 206 1.55% 29,234
11 (MSCO) MORGAN STANLEY 589 1.72% 741 6,803 1.76% 8,837 (FCM) FIDELITY CAPITAL MARKET 21 1.79% 1,270 818 6.17% 44,274
12 (FCM) FIDELITY CAPITAL MARKET 485 1.42% 1,270 19,780 5.11% 44,274 (RBC) ROYAL BANK OF CANADA 20 1.71% 366 76 0.57% 10,464
13 (CVGX) CONVERGEX 452 1.32% 1,256 4,909 1.27% 12,074 (GSLT) GOLDMAN SACHS ELECTRON 20 1.65% 7,353 293 2.21% 93,378
14 (INCA) INSTINET 425 1.24% 502 6,492 1.68% 7,506 (BCAP) BARCLAYS CAPITAL 17 1.41% 1,345 136 1.03% 9,669
15 (BCAP) BARCLAYS CAPITAL 411 1.20% 1,345 3,654 0.94% 9,669 (CVGX) CONVERGEX 13 1.06% 1,256 165 1.24% 12,074
16 (RBC) ROYAL BANK OF CANADA 354 1.03% 366 2,705 0.70% 10,464 (INCA) INSTINET 11 0.96% 502 191 1.44% 7,506
17 (ITGI) INVESTMENT TECHNOLOGY 171 0.50% 307 662 0.17% 5,458 (BNPP) BNP PARIBAS 7 0.56% 215 77 0.58% 3,942
18 (BNPP) BNP PARIBAS 168 0.49% 215 2,219 0.57% 3,942 (ITGI) INVESTMENT TECHNOLOGY 6 0.48% 307 17 0.13% 5,458
19 (CANT) CANTOR FITZGERALD L.P. 118 0.34% 192 1,365 0.35% 3,036 (BMOC) BMO CAPITAL MARKETS 6 0.48% 112 25 0.19% 1,283
20 (JEFF) JEFFERIES & CO., INC. 118 0.34% 475 1,572 0.41% 6,035 (CANT) CANTOR FITZGERALD L.P. 6 0.47% 192 57 0.43% 3,036
Other 820 2.39% 4,371 23,485 6.07% 59,778 Other 36 3.06% 4,734 784 5.91% 64,533
Total 34,288 100.00% 57,711 387,211 100.00% 615,615 Total 1,193 100.00% 57,712 13,263 100.00% 615,653
Value Trade Summary Volume Trade Summary
Oct-15 YTD Oct-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 105: 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 9,473 12.22% 18,863 132,893 14.82% 204,466 (CBK) COMMERZBANK 235 11.01% 18,863 3,343 13.20% 206,065
2 (CITI) CITIGROUP GLOBAL MARKE 6,286 8.11% 3,035 61,219 6.83% 29,650 (SIS) SUSQUEHANNA INTERNATION 198 9.26% 2,987 2,309 9.12% 31,998
3 (FLOW) FLOW TRADERS 6,245 8.05% 3,983 65,250 7.28% 40,618 (FLOW) FLOW TRADERS 176 8.21% 4,209 1,895 7.48% 41,535
4 (SIS) SUSQUEHANNA INTERNATION 5,987 7.72% 2,983 75,032 8.37% 31,945 (CITI) CITIGROUP GLOBAL MARKE 138 6.45% 3,035 1,598 6.31% 29,660
5 (BNPP) BNP PARIBAS 4,721 6.09% 4,622 56,497 6.30% 45,900 (KCG) KCG HOLDINGS, INC. 116 5.41% 5,585 993 3.92% 51,617
6 (JPMH) JPMORGAN CHASE BANK, N 3,936 5.08% 2,533 41,489 4.63% 26,302 (CSFB) CREDIT SUISSE 93 4.35% 2,965 1,016 4.01% 30,714
7 (UNIC) UNICREDIT 3,535 4.56% 1,139 31,393 3.50% 10,126 (WINS) WINTERFLOOD SECURITIES 87 4.05% 5,895 873 3.45% 60,651
8 (DBK) DEUTSCHE BANK AG 3,175 4.09% 1,391 46,396 5.18% 15,141 (UNIC) UNICREDIT 86 4.04% 1,146 654 2.58% 10,148
9 (CSFB) CREDIT SUISSE 3,146 4.06% 2,912 38,752 4.32% 30,031 (JPMH) JPMORGAN CHASE BANK, N 86 4.02% 2,533 871 3.44% 26,328
10 (BCAP) BARCLAYS CAPITAL 2,973 3.83% 2,649 31,527 3.52% 24,963 (BNPP) BNP PARIBAS 85 3.99% 4,642 1,060 4.19% 46,090
11 (SGSA) SOCIETE GENERALE 2,939 3.79% 2,490 8,098 0.90% 6,340 (SGSA) SOCIETE GENERALE 75 3.49% 2,490 215 0.85% 6,340
12 (UBS) UBS INVESTMENT BANK 2,742 3.54% 406 30,426 3.39% 7,647 (UBS) UBS INVESTMENT BANK 72 3.37% 406 1,042 4.11% 7,649
13 (KCG) KCG HOLDINGS, INC. 2,673 3.45% 5,584 21,526 2.40% 51,614 (BCAP) BARCLAYS CAPITAL 70 3.27% 2,649 862 3.40% 24,976
14 (GSHT) GOLDMAN, SACHS & CO. 2,292 2.96% 5,789 25,726 2.87% 51,002 (MSCO) MORGAN STANLEY 61 2.87% 1,545 840 3.32% 18,122
15 (MSCO) MORGAN STANLEY 2,167 2.79% 1,545 30,352 3.39% 18,118 (DBK) DEUTSCHE BANK AG 58 2.70% 1,393 1,073 4.24% 15,155
16 (BFIN) BLUEFIN EUROPE LLP 1,964 2.53% 398 15,907 1.77% 2,236 (MLCE) BANK OF AMERICA MERRIL 58 2.69% 2,988 676 2.67% 26,504
17 (WINS) WINTERFLOOD SECURITIES 1,891 2.44% 5,877 19,666 2.19% 60,620 (MLCO) MERRILL LYNCH 41 1.91% 904 368 1.45% 6,986
18 (MLCO) MERRILL LYNCH 1,364 1.76% 904 12,647 1.41% 6,986 (KEPL) KEPLER CAPITAL MARKETS 39 1.81% 1,981 394 1.55% 25,208
19 (KEPL) KEPLER CAPITAL MARKETS 1,280 1.65% 1,981 11,220 1.25% 25,206 (GSHT) GOLDMAN, SACHS & CO. 37 1.75% 5,789 469 1.85% 51,008
20 (CANT) CANTOR FITZGERALD L.P. 1,032 1.33% 1,701 18,721 2.09% 20,395 (CANT) CANTOR FITZGERALD L.P. 32 1.50% 1,702 615 2.43% 20,410
Other 7,727 9.96% 29,084 121,746 13.58% 336,415 Other 296 13.84% 26,557 4,157 16.42% 312,560
Total 77,549 100.00% 99,869 896,483 100.00% 1,045,721 Total 2,139 100.00% 100,264 25,323 100.00% 1,049,724
Value Trade Summary Volume Trade Summary
Oct-15 YTD Oct-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 106: 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 (CBK) COMMERZBANK 209 10.84% 690 1,862 7.29% 7,590 (CSFB) CREDIT SUISSE 91 21.81% 126 153 3.49% 1,478
2 (CITI) CITIGROUP GLOBAL MARKE 197 10.21% 302 1,779 6.96% 3,244 (WINS) WINTERFLOOD SECURITIES 86 20.61% 1,648 1,095 25.03% 17,251
3 (KCG) KCG HOLDINGS, INC. 185 9.57% 598 862 3.37% 4,442 (SIS) SUSQUEHANNA INTERNATION 31 7.36% 16 80 1.83% 162
4 (MSCO) MORGAN STANLEY 162 8.37% 194 2,450 9.59% 2,504 (CITI) CITIGROUP GLOBAL MARKE 28 6.75% 302 225 5.15% 3,245
5 (FLOW) FLOW TRADERS 161 8.33% 159 1,419 5.55% 1,722 (HSBC) HSBC GROUP PLC 17 4.09% 83 41 0.94% 1,530
6 (WINS) WINTERFLOOD SECURITIES 152 7.89% 1,648 1,842 7.21% 17,251 (UBS) UBS INVESTMENT BANK 16 3.83% 79 194 4.44% 1,156
7 (UBS) UBS INVESTMENT BANK 113 5.84% 79 1,131 4.43% 1,156 (FLOW) FLOW TRADERS 15 3.70% 167 117 2.68% 1,782
8 (MACQ) MACQUARIE SECURITIES 110 5.68% 78 1,810 7.08% 520 (KCG) KCG HOLDINGS, INC. 15 3.63% 598 98 2.24% 4,442
9 (HSBC) HSBC GROUP PLC 81 4.19% 83 785 3.07% 1,530 (KEPL) KEPLER CAPITAL MARKETS 15 3.48% 171 143 3.27% 2,402
10 (SGSA) SOCIETE GENERALE 71 3.66% 91 124 0.48% 182 (DBKE) DEUTSCHE BANK AG, AUTO 14 3.25% 247 313 7.15% 3,898
11 (CANT) CANTOR FITZGERALD L.P. 54 2.80% 300 884 3.46% 3,686 (MSCO) MORGAN STANLEY 12 2.89% 194 71 1.63% 2,504
12 (BFIN) BLUEFIN EUROPE LLP 51 2.64% 43 982 3.84% 511 (CANT) CANTOR FITZGERALD L.P. 11 2.67% 300 309 7.07% 3,686
13 (SIS) SUSQUEHANNA INTERNATION 38 1.99% 16 450 1.76% 161 (CBK) COMMERZBANK 9 2.18% 690 100 2.29% 7,611
14 (DBK) DEUTSCHE BANK AG 38 1.99% 41 1,468 5.74% 375 (BFIN) BLUEFIN EUROPE LLP 9 2.14% 43 216 4.94% 511
15 (CSFB) CREDIT SUISSE 36 1.88% 126 1,405 5.50% 1,468 (INCA) INSTINET 8 1.91% 85 147 3.37% 919
16 (MLCE) BANK OF AMERICA MERRIL 29 1.50% 419 387 1.51% 3,977 (MLCE) BANK OF AMERICA MERRIL 6 1.50% 419 165 3.77% 3,978
17 (BNPP) BNP PARIBAS 28 1.43% 22 640 2.50% 252 (MACQ) MACQUARIE SECURITIES 6 1.50% 78 172 3.93% 520
18 (INTM) INTERMONTE SIM SPA 26 1.37% 11 40 0.15% 18 (MED) MEDIOBANCA SPA 5 1.20% 904 62 1.41% 9,065
19 (MLCO) MERRILL LYNCH 22 1.16% 25 840 3.29% 304 (SGSA) SOCIETE GENERALE 4 0.92% 91 7 0.17% 182
20 (ITGE) ITG EUROPE 21 1.07% 3 113 0.44% 40 (CVGX) CONVERGEX 3 0.76% 287 47 1.07% 3,117
Other 147 7.60% 2,618 4,280 16.75% 30,343 Other 16 3.82% 1,028 618 14.12% 11,967
Total 1,932 100.00% 7,546 25,553 100.00% 81,276 Total 417 100.00% 7,556 4,374 100.00% 81,406
Value Trade Summary Volume Trade Summary
Oct-15 YTD Oct-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.
9 November 2015
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, $56.7bn) in the US.
Figure 107: ETP Coverage Universe Summary
Region Products US$ 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.
9 November 2015
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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 counter-clockwise from beta, the potential for return increases, together with the potential risk.
Figure 108: The Roadmap From Beta (β) to Alpha (α)
Beta 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.
9 November 2015
European Monthly ETF Market Review
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. Anil Gademsetty
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
40 %
56 %
5 %
49 % 40 %
41 %
0
50
100
150
200
250
300
350
400
Buy Hold Sell
European Universe
Companies Covered Cos. w/ Banking Relationship
9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 73
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9 November 2015
European Monthly ETF Market Review
Page 74 Deutsche Bank AG/London
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9 November 2015
European Monthly ETF Market Review
Deutsche Bank AG/London Page 75
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Page 76 Deutsche Bank AG/London
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