14 November 2017 ETF Monthly Asia
Deutsche Bank Markets Research
Asia Synthetic Equity & Index Strategy Date ETF Monthly Asia 14 November 2017
ETF Investors take profits as equity markets rally Ari Rajendra Data in this report is as of 31st October 2017 Strategist +44-20-754-52282 Asia listed ETP Monthly Highlights (Assets, Flows & Launches): ■ Assets & Flows: ETP AUM up by 3.2% ($12.8bn) on MoM basis and ended the month at record high level of $416.9bn. Net outflows of -$4.5bn in October (YTD +$41.8bn).
■ 9 new launches: 8 equity and 1 fixed income. Non traditional product launches continue in October with dominance of smart beta ETFs.
Investment Themes for the Month Equities (-$5.9bn outflow):
■ Japan (-$3.6bn) - Nikkei 225, TOPIX and leveraged long ETFs saw sizeable redemptions and inflows into inverse ETFs which added to the bearish sentiment. In other segments, we saw notable outflows from dividend ETFs but inflows into REITs.
■ China (-$1.7bn) - Outflows primarily from China A Share indices. Leveraged long and multi-factor strategies also saw material redemptions. However, a selection of sector ETFs (IT, Consumer Staples and Financials) had interest.
■ Korea (-$351mn) - A single ETF tracking leveraged long KOSPI 200 had significant outflows which more than offset inflows into other segments.
■ Taiwan (-$312mn) - Although we observed net negative flows, sentiment was mixed where there were outflows not only from an ETF tracking TSEC Taiwan Top 50 but also from an inverse ETF tracking the same index. Further, there were inflows into low vol and dividend ETFs.
■ Hong Kong(-$247mn), Singapore (+$116mn) - Hong Kong outflow were into HSI while for Singapore investors were interested in Real Estate.
Fixed Income (+$1.5bn inflow): China money market ETF segment saw inflows of +$1.4bn.
Commodity (-$68mn outflow): Outflow of -$108mn from crude oil based ETFs.
Distributed on: 14/11/2017 14:51:10 GMT 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) 083/04/2017. 0bed7b6cf11c 14 November 2017 ETF Monthly Asia
Table Of Contents 1. Market Overview ...... 3 Market review: Strong market rally globally in October ...... 3 2. Asia-Pac Listed ETF Insights ...... 4 $5.9bn outflow from equity while $1.5bn inflow into fixed income ...... 4 3. New Product Launches ...... 7 New launches – 9 new ETFs with smart beta strategy dominance ...... 7 4. Global ETP Overview and Investment Trends ...... 8 Global ETP AUM surpassed $4.5tr with over $1tr YTD growth ...... 8 Regional positioning: Inflows all through broad DM, EM and Europe ...... 9 Global Investor positioning in Asia: Japan inflows, China outflow ...... 9 ETFs vs. Mutual Funds in Asia Pac ...... 11 5. Performance and Growth ...... 12 Performance and growth for Asia-Pac focused ETFs listed globally ...... 12 Top ETPs – Asia-Pac listed ...... 14 Top ETPs – Other regions with Asia-Pac focus ...... 17 6. Asia-Pac Listed ETPs - Statistics ...... 21 Country Breakdown ...... 23 Issuer Rankings ...... 24 7. ETP - Net Flows ...... 31 Investment Focus ...... 31 Sub Segment ...... 32 Issuer ...... 35 Index Provider ...... 36 Underlying Index/Security ...... 37 8. ETP - Turnover ...... 38 Investment Focus ...... 38 Sub Segment ...... 40 Exchange ...... 42 Issuer ...... 43 Index Provider ...... 44 Underlying Index/Security ...... 45 9. ETP - Assets Under Management ...... 47 Investment Focus ...... 47 Sub Segment ...... 48 Issuer ...... 50 Index Provider ...... 51 Underlying Index/Security ...... 52 Appendix A: Glossary ...... 55 Appendix B: How we define ETPs ...... 56
Page 2 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
1. Market Overview
Market review: Strong market rally globally in October
Equity markets rallied across the globe in October and major benchmarks within Asia-Pac region posted strong monthly gains. Japan posted biggest monthly gain in last two years, followed by India bringing in highest monthly returns this year after seeing losses for two consecutive months. Korea, Singapore and China market performance were notable recording second highest monthly gains in 2017. Taiwan and Australia monthly market performance were also strongest this year.
Broad Asia-Pac market growth was positive throughout this year and picked up in October after slowing down in September. Broad global emerging markets made a strong come back in October after posting first monthly loss in September. Outside Asia-Pac region, US and European markets continued to record positive return.
Following is the snapshot of major benchmarks’ recent performance:
Figure 1: Major Benchmark Performance Oct - 17 Sep - 17 Benchmarks YTD TTM (MoM) (MoM) Japan (Nikkei 225) 8.13% 3.61% 15.16% 26.32% South Korea (KOSPI2) 5.47% 2.59% 28.29% 30.34% China (CSI 300) 4.44% 0.38% 21.05% 20.10% Taiwan (TWSE) 4.49% -2.42% 16.65% 16.19% Hong Kong (HSI) 2.51% -1.49% 28.39% 23.16% India (Sensex) 6.17% -1.41% 24.74% 18.91% Singapore (FSSTI) 4.79% -1.75% 17.12% 19.91% Australia (S&P/ASX 200) 4.00% -0.58% 4.29% 11.12% US (S&P 500) 2.22% 1.93% 15.03% 21.12% Europe (STOXX Europe 600) 1.82% 3.82% 9.35% 16.59% Asia-Pac (MSCI AC Asia Pacific - MXAP) 4.25% 0.16% 24.42% 20.84% EM (MSCI Emerging Markets - MXEF) 3.45% -0.55% 29.78% 23.64%
Source: Deutsche Bank, Bloomberg Finance LP
Figure 2: Oct-17 (MoM) benchmark performance Figure 3: YTD benchmark performance
109 135 Nikkei 225 Nikkei 225 HSI HSI
108 ) 130
Sensex KOSPI2
00)
00 1
107 1 (
( 125 d d
106 KOSPI2 d Sensex base
base 120 e
e 105 FSSTI CSI 300
R
R ls ls
ls ls 104 115 e
e TWSE FSSTI
v
v
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L 103 110 x x
x x CSI 300 TWSE de
de 102 n
n 105 I I 101 S&P/ASX 200 Nikkei 225 100 100 HSI S&P/ASX 200 S&P 500 99 STOXX Europe 600 95 S&P 500 STOXX Europe 600 STOXX Europe S&P/ASX 200 600
Source: Deutsche Bank, Bloomberg Finance LP Source: Deutsche Bank, Bloomberg Finance LP
Deutsche Bank AG/London Page 3 14 November 2017 ETF Monthly Asia
2. Asia-Pac Listed ETF Insights
$5.9bn outflow from equity while $1.5bn inflow into fixed income
Asia-Pac listed ETPs recorded net outflows of -$4.5bn last month where year- to-date flows have reached +$41.8n. Equity ETFs experienced -$5.9bn worth of redemptions, partially offset by inflow of +$1.5bn into fixed income ETFs. Commodity ETPs flows were slightly negative (-$68mn). For more details please refer to Net Flows section.
Japan and China dominate equity outflows, followed by Korea and Taiwan The Equity ETF segment saw strong outflows in October totaling -$5.9bn, bringing YTD flows to +$42.1bn.
Figure 4: Equity ETF flow drivers by investment focus - Figure 5: Equity ETF flow drivers by investment focus (ex Japan & China - Oct'17 Japan & China) - Oct'17 600 25% 2,000 0.0% 1,000 -0.5% 400 20% - -1.0% 200 15%
(1,000) -1.5% - 10% (2,000) -2.0% (200) 5%
(3,000) -2.5% ($mn) Flows Flows ($mn) Flows (400) 0%
(4,000) -3.0% as Flows AUM % of Flows as % of AUM % as of Flows (600) -5% (5,000) -3.5% (800) -10% (6,000) -4.0% Korea Taiwan Hong Kong Singapore Japan China
Country Leveraged long Inverse Sector Smart Beta Flows as % of AUM (rhs) Country Leveraged long Inverse Sector Smart Beta Flows as % of AUM (rhs)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
■ Heavy redemptions from Japan focused ETFs. Each month, Asia-Pac region's flow activity is heavily tilted towards Japan focused ETFs which have been receiving strong inflows this year. However, in October Japan focused ETF flows went into negative territory recording outflows of - $3.6bn. These were primarily driven by ETFs tracking Topix and Nikkei 225 indices (-$3.8bn). We observed similar sentiment amongst leveraged long (-$741mn) and inverse (+$889mn) categories, mainly with ETFs providing exposure to Nikkei 225. Smart beta category also experienced outflows (-$230mn), primarily from dividend strategy based ETFs (- $163mn). On the contrary, sector focused ETFs received inflows (+ $228mn) which were dominated by REITs (+$208mn).
■ Significant outflows from China focused ETFs. October net outflows totaled -$1.7bn primarily from China A Share indices such as SSE 50 (-$566mn), FTSE China A50 (-249mn), CSI 300 (-$115mn). HSCEI (-$346mn) also had notable outflows. Further leveraged long ETFs recorded monthly outflows of -$357mn (SSE180 and CSI 300). Smart beta category also saw outflows and multi-factor lost -$178mn (CSI
Page 4 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Shanghai SOE Index). However, China sector (IT, consumer staples and financials) attracted +$79mn.
■ Outflows from Korea focused ETFs (-$351mn). A single ETF tracking leveraged long KOSPI 200 (-$741mn) had significant outflows which more than offset inflows into other segments. Inflows were observed into Samsung Group Index (+$150mn) and Korean sector ETFs (+$187mn) where +$136mn was into IT sector.
■ Taiwan focused ETFs recorded net outflows of -$312mn. Although the net flows were negative for Taiwan, the picture was rather mixed. We observed outflows from both ETFs providing long (-$162mn) and inverse (-$240mn) exposures to Taiwan Top50 index. Additionally, there were inflows into smart beta ETFs (+$103mn), primarily into low vol and dividend strategies.
■ Hong Kong ETFs saw net redemptions of -$247mn over the last month which was almost entirely from ETFs tracking Hang Seng Index (- $238mn) and concentrated into one ETF.
■ Singapore focused ETFs also benefitted in October. These ETFs accumulated +$116mn inflow driven by one ETF with exposure to high dividend yielding REITs (+$78mn).
Fixed income inflow concentrated into China money market ETFs Asian fixed income ETF market October flows turned positive totaling +$1.5bn. Almost entire inflows were into China money market ETFs collecting +$1.4bn. These ETFs continued to see big swings with over a billion dollars flowing in and out each month this year.
Commodity ETPs experience net outflows Commodity ETPs outflows totaled -$68mn in October. ETFs tracking crude oil prices saw major outflows totaling -$108mn, from both long only and leveraged long categories.
Turnover: MoM turnover activity increased by 4.4% Total turnover activity into Asia-Pac ETPs increased by 4.4% where total turnover observed ($167.7bn) was compared to the last month's total ($160.6bn). On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $104.9bn, followed by Japan ($30.8bn), Korea ($16bn) and Hong Kong ($10.1bn). For more details please refer to Turnover section.
In Asia, Chinese money market ETFs are traded heavily (3.6 time of its total AUM in Oct'17) and account for over 50% ($87.3bn) of the regions total turnover. Leveraged/inverse equity ETF (primarily Japan and Korea) is also another category traded heavily (2.6 time of its total AUM in Oct'17) and account for about over 20% ($36.2bn) of the region's total turnover.
Deutsche Bank AG/London Page 5 14 November 2017 ETF Monthly Asia
Figure 6: Turnover activity concentration in Asia
100,000 4.0 90,000 3.5 80,000 3.0 70,000 60,000 2.5 50,000 2.0
40,000 1.5 Turnover/AUM
Turnover ($mn) Turnover 30,000 1.0 20,000 10,000 0.5 - - China Money Lev/Inv equity Others Market
Oct'17 Turnover/AUM (rhs)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
AUM: Assets continue to rise beyond $400bn Asia-Pac-listed ETP AUM continued to grow and closed the month at $416.9bn amid bullish equity markets in October. ETP AUM rose by 3.2% or $12.8bn on MoM basis and 32.6% or $102.5bn on a year-to-date basis. Asian ETP assets are dominated by Japan listed ETFs which constitute over 60% of the Asian ETP market and 3/4th of Japanese ETF assets are concentrated among top 6 products. Other major markets are China, Hong Kong and Korea. Japan ETF market has witnessed robust growth this year (+45%) while China ETF assets haven't grown much and have seen negligible addition to assets.
Figure 7: Listing country level AUM growth - MTD Figure 8: Listing country level AUM growth - YTD
300 10% 300 90% 80% 250 8% 250 70% 6% 200 200 60% 4% 50% 150 150
2% 40%
AUM ($bn) AUM AUM ($bn) AUM
100 100 30% YTDGrowth 0% MoM Growth 20% 50 50 -2% 10% - -4% - 0%
Oct-17 Sep-17 MoM change (rhs) Oct-17 Dec-16 YTD Change (rhs)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Page 6 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
3. New Product Launches
New launches – 9 new ETFs with smart beta strategy dominance
Asian ETP market witnessed 9 new launches in October including 8 equity and 1 fixed income ETFs. Asian ETP market continues to witness non traditional product launches this month which are dominated by smart beta ETFs.
Among 8 equity launches, 6 were based on smart beta strategies. These ETFs are based on high dividend paying Korean stocks, Korean low vol stocks, China multi-factor, high yielding Japanese real estate sector, high yielding Singaporean real estate sector and sharia theme.
Remaining 2 equity ETFs track Korean large caps and US IT sector respectively.
One fixed income ETF was launched tracking global broad investment grade bonds.
Figure 9: New Launches in October Asset Class ETP Name Issuer Exchange & Structure Asia-Pac Samsung KODEX High Dividend ETF 279530 KS Samsung Asset Management Equity - ETF Korea - KSE 0.30% Samsung KODEX Min Vol ETF 279540 KS Samsung Asset Management Equity - ETF Korea - KSE 0.30% ARIRANG Leading Industry ETF 280920 KS Hanwha Investment Trust Management Equity - ETF Korea - KSE 0.23% KIM KINDEX US INTERNET ETF - Synth H 280320 KS Korea Investment Trust Mg Equity - ETF Korea - KSE 0.50% MAXIS High Yield J-REIT ETF 1660 JP Mitsubishi UFJ Asset Mg Equity - ETF Japan - TSE 0.25% Premia CSI Caixin China New Economy ETF 3173 HK Premia Partners Co Ltd Equity - ETF Hong Kong - HKE 0.50% Lion-Phillip S-REIT ETF SREITS SP Lion Fund Management Co Ltd Equity - ETF Singapore - SGX 0.50% Pinnacle Enhanced Sharia ETF XPES IJ Pinnacle Investments Equity - ETF Indonesia - Jakarta na Vanguard Global Aggregate Bond Index Fund Hedged ETF VBND AU Vanguard Fixed Income - ETF Australia - ASX 0.20%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Deutsche Bank AG/London Page 7 14 November 2017 ETF Monthly Asia
4. Global ETP Overview and Investment Trends
Global ETP AUM surpassed $4.5tr with over $1tr YTD growth
Global ETP AUM risen significantly this year and closed the month at $4.55 trillion, with a month-on-month increase of 2.8% ($129bn) and YTD increase of 29.5% ($1 trillion). Global ETP AUM has received record growth this year driven equally by market growth and inflows (~15%).
ETPs listed globally (ex-RoW) attracted inflow of +$54.3bn in October (+$47.4bn in Sep'17) taking YTD total to +$514.3bn. This is the first time when global ETPs have accumulated more than $500bn inflow in any year. US ETPs received inflow of +$50bn, followed by Europe ETPs collecting +$9bn while Asian ETPs lost -$4.5bn in outflows during last month. On asset class level, equity and fixed income collected inflow of +$41.4bn, and +$13bn respectively while commodities saw marginal outflows in October.
Figure 10: Global ETP regional asset growth historically
5,000
4,500
4,000
3,500
n) 3,000
b $
( 2,500
M U
A 2,000
1,500
1,000
500
0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* RoW 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7 94.9 125.0 Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 416.9 Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.2 758.7 US 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 3,247.7 Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.7 1,444.3 1,491.5 1,913.6 2,339.9 2,725.9 2,978.2 3,512.1 4,548.2
*As of last month except for RoW which is as of 8 Nov 2017 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Page 8 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 11: Global flows summary by region Figure 12: Regional flows as a % of AUM
60,000 2.0% 1.6%
50,000 M U
) 1.2%
n A
40,000 f
m 0.8%
o $
( 0.4% %
s 30,000
a w
s 0.0%
o l
20,000 a F
s s -0.4%
t
e w
10,000 o
N -0.8%
l F
t -1.2%
- e
N -1.6% (10,000) YTD (Monthly YTD (Monthly Oct-17 Sep-17 Oct-17 Sep-17 Avg) Avg) Asia-Pac -1.1% 0.9% 1.3% Asia-Pac (4,500) 3,577 4,175 Europe 1.2% 1.1% 1.6% Europe 8,971 7,946 9,205 US 1.6% 1.2% 1.5% US 49,851 35,927 37,977
Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Regional positioning: Inflows all through broad DM, EM and Europe
Among ETFs listed globally with regional focus, all the three major categories received strong inflow in September. Broad (global) DM attracted +$8.1bn, broad (global) EM +$4.5bn and DM Europe recorded +$1.4bn inflows.
Figure 13: Broad market flows movement – Oct 2017* Figure 14: Broad market flows movement – YTD*
10.0 80
)
) n n 70
8.0
b
b
$ $
( 60
( s s
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DM - Europe DM - Broad DM - Asia Pac DM - Europe DM - Broad DM - Asia Pac EM - Asia Pac Broad - Asia Pac EM - Broad EM - Asia Pac Broad - Asia Pac EM - Broad EM - EMEA EM - LATAM EM - EMEA EM - LATAM
*These figures includes globally listed broad market focused ETFs from all the segments within equity *These figures includes globally listed broad market focused ETFs from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Global Investor positioning in Asia: Japan inflows, China outflows
Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region rose sharply in October amid equity market rally and closed the month at $153.3bn with an increase of 6.3% on MoM basis and 30.6% above on YTD basis.
Monthly net flows for these ETFs totaled +$2bn in October (-$164mn in Sep'17). Japan and China focused ETFs were the major flow drivers during last month. Offshore investors allocated heavily into Japan focused ETFs totaling +$2.5bn partially offset by outflows from China focused ETFs (-$627mn) over the last month. Among Japan focused ETFs, both currency hedged (+$1.3bn) and non
Deutsche Bank AG/London Page 9 14 November 2017 ETF Monthly Asia
hedged (+$1.2bn) ETFs were major beneficiaries amid sharp rise in equity markets and weakening Yen.
Figure 15: Offshore equity ETFs listed globally with investment focus in Asia* Net Flows ($ million) AUM ($ million) % of % of Investment Focus Oct-17 Sep-17 Aug-17 YTD Oct-17 Sep-17 Dec-16 AUM AUM Emerging Markets Bangladesh 0 0.0% 0 0 -4 -16.2% 24 24 25 China -627 -1.9% 157 376 -2,483 -8.7% 34,961 33,735 28,476 India -47 -0.4% -105 -90 710 8.2% 12,310 11,512 8,667 Indonesia -13 -1.6% -10 -12 -17 -2.3% 801 812 739 Malaysia 7 1.4% 2 -2 165 55.4% 511 505 297 Pakistan 8 9.4% 17 5 54 111.7% 84 81 48 Philippines 0 0.0% 11 -18 18 8.8% 252 251 203 South Korea -42 -0.8% -123 -80 135 3.5% 5,475 5,106 3,897 Taiwan 15 0.3% 34 154 481 14.8% 4,660 4,394 3,243 Thailand 12 2.5% 21 -42 -39 -9.1% 478 452 427 Vietnam 5 0.9% -6 -3 -17 -3.2% 613 574 518 EM Asia Broad 90 2.2% 145 105 1,256 57.9% 4,415 4,124 2,170 Total -592 -1.0% 142 394 259 0.5% 64,582 61,570 48,710 Developed Markets Australia -12 -0.4% 9 -1 -375 -11.1% 3,388 3,353 3,379 Hong Kong 24 0.9% 8 -42 -352 -14.6% 2,644 2,594 2,410 Japan 2,495 4.7% -440 -1,195 2,706 5.8% 57,875 52,851 46,353 New Zealand -2 -1.3% -7 0 33 28.5% 164 172 114 Singapore 2 0.2% -22 -1 -39 -7.0% 670 637 564 DM Asia Broad -136 -1.0% 217 141 2,233 23.0% 13,957 13,687 9,712 Total 2,370 3.2% -235 -1,097 4,205 6.7% 78,698 73,295 62,531 Asia Broad Indices 235 2.5% -71 74 1,611 26.2% 10,038 9,379 6,160 Grand Total 2,012 1.4% -164 -630 6,075 5.2% 153,319 144,244 117,402
*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 16: Flows by DM country – Oct 2017* Figure 17: Flows by DM country – YTD*
Japan Japan
Hong Kong New Zealand
Singapore Singapore
New Zealand Hong Kong
Australia Australia
-500 0 500 1,000 1,500 2,000 2,500 3,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 Monthly Flows ($mn) YTD Flows ($mn)
*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, *This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Page 10 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 18: Flows by EM country – Oct 2017* Figure 19: Flows by EM country – YTD
Taiwan India Thailand Taiwan Malaysia Malaysia Vietnam South Korea Philippines Philippines Indonesia Indonesia South Korea Vietnam India Thailand China China
-700 -600 -500 -400 -300 -200 -100 0 100 -2,500 -2,000 -1,500 -1,000 -500 0 500 1,000 Monthly Flows ($mn) YTD Flows ($mn)
*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, *This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters
ETFs vs. Mutual Funds in Asia Pac
Asia-Pac ETPs comprised 7.1% of the continent’s mutual fund industry as of Q2 2017 according to mutual fund industry data published by the Investment Company Institute (ICI). This has steadily grown from 4.6% at the end of Q1 2014. US ETPs comprised 20.3% while Europe ETPs comprised 4% of the respective region’s mutual fund industry as of Q2 2017. Within Asia-Pac, Taiwan is on top with ETP assets accounting for 19% of mutual fund assets, followed by Japan ETP assets accounting for 16.8% of mutual fund assets.
Figure 20: Asia-Pac ETP vs. mutual fund assets
400,000 7.5%
350,000 7.0%
300,000 6.5% 250,000 6.0% 200,000 5.5%
150,000 ETP AUM AUM ($mn) ETP
5.0% vs ETPMutual Funds 100,000
50,000 4.5%
0 4.0% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17 Q2'17 ETP AUM 171,174 189,629 190,061 206,844 228,083 243,236 267,534 283,865 294,131 298,101 327,288 314,426 352,004 374,151 ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.7% 6.4% 6.5% 6.5% 6.6% 6.7% 7.0% 7.1%
Source: Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI
Figure 21: Asia-Pac ETP vs. mutual fund flows
30.0%
25.0%
20.0%
15.0% ($mn) 10.0%
5.0%
Quarterly Flows Quarterly % a as AUM of 0.0%
-5.0% Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17 Q2'17 Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.4% 5.8% -0.3% 1.7% 3.4% 1.9% 2.2% 2.9% ETPs 5.8% -0.2% 1.1% 1.9% 2.0% 26.9% -0.4% 7.6% 0.6% 4.4% -1.8% 6.7% 1.7%
Source: Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI
Deutsche Bank AG/London Page 11 14 November 2017 ETF Monthly Asia
5. Performance and Growth
Performance and growth for Asia-Pac focused ETFs listed globally
ETF Performance - Outperformers and underperformers Alongside one ETF based on TOPIX ex-financials index, various Korean equities benchmarked ETFs dominated the top performing ETF list for the month while couple of ETFs tracking S&P 500 VIX Short-Term Futures Index saw the most negative performance.
Figure 22: Top 10 best performance
ETF Name Bloomberg Underlying Index 31-Oct-17 29-Sep-17 31-Aug-17 YTD
NZAM ETF TOPIX Ex-Financials 1596 JP TOPIX Ex-Financials Index 11.8% 4.4% -0.7% 16.1% Samsung Kodex KOSDAQ 150 ETF 229200 KS KOSDAQ150 Index 11.4% 4.5% 2.2% 27.9% Mirae Asset MAPS Tiger Health Care ETF 143860 KS KRX Health Care Index 10.8% 4.5% 3.5% 29.3% VanEck Vectors India Small-Cap Index ETF SCIF US Market Vectors India Small-Cap 10.7% -1.6% -3.3% 54.1% Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index 10.2% -3.4% -0.8% 13.9% Lyxor UCITS ETF MSCI Korea -C-EUR KRW FP MSCI Korea 10.0% 2.5% -2.6% 28.1% iShares MSCI Korea UCITS ETF (Inc) IKOR LN MSCI Korea 9.7% -1.8% 0.1% 30.3% Samsung KODEX Samsung Group ETF 102780 KS Samsung Group Index 9.1% 4.3% -2.8% 36.7% China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index 9.1% 8.1% 4.6% 50.8% Lyxor ETF MSCI India INR FP MSCI India 9.0% -3.2% -1.5% 19.7%
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 23: Top 3 ETFs by performance in Oct - Daily performance YTD 40% 35%
30% e
c 25% 20%
man 15%
or rf
e 10%
P 5%
ly i
a 0% D -5% -10% -15% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17
1596 JP 229200 KS 143860 KS
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Page 12 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 24: Bottom 10 performance
ETF Name Bloomberg Underlying Index 31-Oct-17 29-Sep-17 31-Aug-17 YTD
Fubon S&P 500 VIX Short-Term Futures ETF 00677U TT S&P 500 VIX Short-Term Futures Index -14.6% -16.0% -0.1% -66.6% Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -12.5% -16.0% 6.3% -65.7% iShares MSCI New Zealand Capped ETF ENZL US MSCI New Zealand IMI 25/50 -3.3% 1.1% -2.2% 14.7% Vanguard International Fixed Interest Index Hedged ETF VIF AU Barclays Global Treasury Index Hedged into AUD -1.7% -0.6% 0.8% -7.0% Cathay US Treasury 20+ YR ETF 00687B TT Bloomberg Barclays US Treasury 20+ Year Bond Index -1.6% -1.2% 2.7% na China AMC CSI 500 ETF 512500 CH CSI 500 Index -1.5% 3.1% 2.9% 4.8% Maxis J-REIT ETF 1597 JP Tokyo Stock Exchange REIT Index -1.4% -2.6% -0.5% -11.2% NZAM ETF J-REIT Index 1595 JP Tokyo Stock Exchange REIT Index -1.3% -1.3% 0.1% -7.5% E Fund Gold Tradable Open-end Securities Investment Fund 159934 CH Commodity Gold -1.2% -0.3% 1.0% 3.4% PowerShares Golden Dragon China Portfolio PGJ US NASDAQ Golden Dragon China -1.2% 1.2% 0.7% 49.4%
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 25: Bottom 3 ETFs by performance in Oct - Daily performance YTD
30% 20%
10% e
c 0% -10%
man -20%
or
f r
e -30%
P -40%
ly i
a -50% D -60% -70% -80% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17
00677U TT 1552 JP ENZL US
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
ETP flow growth - Winners and loser Korean equities benchmarked ETFs led the table as largest fund flow receivers as a percentage of AUM during last month, whereas one China money market ETF saw the largest outflows as a percentage of AUM over the same period.
Figure 26: Top 10 Inflows as a % of AUM Oct-17 Sep-17 Aug-17 YTD Cashflows AUM % of Cashflows % of Cashflow % of Cashflow ETF Name Bloomberg Underlying Index % of AUM ($mn) ($mn) AUM ($mn) AUM s ($mn) AUM s ($mn)
Mirae Asset MAPS Tiger IT ETF 139260 KS KOSPI 200 IT Sector Index 73.6% 135.6 337.6 -23.2% -51.7 -8.8% -21.0 545.3% 231.7 Samsung Kodex KOSDAQ150 Leverage ETF 233740 KS KOSDAQ150 Index 58.4% 67.7 212.6 -34.8% -56.7 10.4% 14.7 -43.6% (93.8) DIAM ETF Topix 1473 JP TOPIX 52.4% 343.5 1,042.6 -23.2% -193.0 0.0% 0.0 88.2% 421.4 Next Funds Nikkei 225 Double Inverse Index ETF 1357 JP Nikkei 225 Double Inverse Index 44.0% 602.5 1,727.8 27.1% 319.4 -18.6% -259.5 97.7% 1,048.0 China AMC Express Traded Money Market Fund 511650 CH Other 35.5% 90.9 347.0 -34.7% -136.6 -16.2% -74.8 0.0% 331.8 Next Funds Nikkei 225 Inverse Index ETF 1571 JP Nikkei 225 Inverse Index 30.7% 80.3 318.4 5.2% 13.6 -9.7% -27.9 -51.7% (324.9) Simplex Nikkei225 Bear -1x ETF 1580 JP Nikkei 225 Inverse Index 30.1% 39.2 157.4 20.6% 23.7 -13.9% (18.2) 2.7% 4.6 WisdomTree Japan Hedged SmallCap Equity Fund DXJS US WisdomTree Japan Hedged SmallCap Equity 27.9% 39.1 186.3 -3.0% -4.2 0.0% 0.0 57.1% 58.0 E Fund CSI Overseas China Internet 50 ETF Index Fund 513050 CH CSI Overseas China Internet 50 ETF Index 27.8% 36.4 167.2 3.2% 4.0 23.0% 23.0 0.0% 147.4 Capital SZSE SME Price Index Exchange Traded Fund 00643 TT SZSE SME Price Index 27.3% 36.1 173.7 -9.1% -12.9 -9.5% (14.1) -10.1% -15.7
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Deutsche Bank AG/London Page 13 14 November 2017 ETF Monthly Asia
Figure 27: Top 10 outflows as a % of AUM Oct-17 Sep-17 Aug-17 YTD Cashflows AUM % of Cashflows % of Cashflow % of Cashflow ETF Name Bloomberg Underlying Index % of AUM ($mn) ($mn) AUM ($mn) AUM s ($mn) AUM s ($mn)
GF Tianli Traded Money Market Fund 511950 CH Other -99.1% (249.6) 2.2 0.0% 0.0 0.0% - -110.2% (15.9) Hanwha Arirang Short-term Credit Bond Securities 263190 KS KAP Money Market Credit Index -52.6% (59.0) 54.9 -50.8% (119.1) -2.6% (6.3) 0.0% 54.7 Samsung KODEX Leverage ETF 122630 KS KOSPI 200 Index -49.4% (748.5) 935.7 -13.5% (226.0) 64.5% 683.8 -65.1% (662.3) Premier ETF Indonesia State-Owned Companies XISC IJ Other -43.5% (47.6) 64.8 22.6% 21.1 -33.7% (47.8) -60.6% (92.8) Next Funds Nikkei 225 Leveraged Index ETF 1570 JP Nikkei 225 Leveraged Index -34.4% (633.7) 1,426.0 -44.5% (1,358.2) 40.8% 895.8 -78.7% (2,249.0) Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -32.1% (46.0) 114.7 -38.7% (83.8) 37.6% 60.1 -75.5% (163.9) Fullgoal Shouyibao Exchange Traded Money Market Fund 511900 CH Other -28.1% (181.6) 467.8 22.4% 118.9 -18.8% (120.2) -82.1% (1,948.3) Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF 00672L TT S&P GSCI Crude Oil 2X Leveraged Index ER -26.2% (52.9) 164.9 -44.8% (127.8) -4.7% (15.6) -10.7% (11.3) Mirae Asset MAPS Tiger Health Care ETF 143860 KS KRX Health Care Index -24.8% (36.9) 130.9 -18.8% -33.2 1.6% 2.7 -36.3% (47.5) iShares MSCI Japan Minimum Volatility ex-REITs ETF 1477 JP MSCI Japan Minimum Volatility Index -22.6% (28.5) 101.3 0.0% - 29.1% 28.39195 -6.7% (6.2)
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Top ETPs – Asia-Pac listed
Figure 28: Top 20 ETPs by AUM Asset Class AUM ETP Name Issuer BBG Ticker TER & Structure US$ MM TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 54,916.5 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 47,223.5 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 26,070.6 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 25,698.9 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 21,972.9 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 21,867.8 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 11,598.0 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 10,456.6 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 10,192.0 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 7,518.4 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,968.4 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 5,916.6 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 5,213.6 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 5,209.3 Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 4,829.9 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 4,789.0 iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,932.3 ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,925.7 iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 3,550.0 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 3,338.3
Source: Deutsche Bank, Bloomberg Finance LP
Page 14 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 29: Top 20 ETPs by AUM change AUM Asset Class ETP Name Issuer BBG Ticker TER Change & Structure US$ MM Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 3,267.4 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 1,949.6 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% (1,402.8) TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 1,089.7 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 842.2 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 812.7 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 740.4 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 689.9 CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 624.0 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (580.4) DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% 459.5 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 415.4 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 414.2 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (413.7) DIAM ETF Topix DIAM Asset Management 1473 JP Equity ETF 0.08% 387.1 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 385.5 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 359.1 Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (337.7) GF Tianli Traded Money Market Fund GF Fund Management Co Ltd 511950 CH Fixed Income ETF 0.00% (249.8) Samsung KODEX Samsung Group ETF Samsung Asset Management 102780 KS Equity ETF 0.40% 247.8
Source: Deutsche Bank, Bloomberg Finance LP
Figure 30: Top 20 ETPs by inflow Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 670.4 CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 619.3 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 602.5 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 533.0 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 508.3 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 363.4 DIAM ETF Topix DIAM Asset Management 1473 JP Equity ETF 0.08% 343.5 DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% 341.4 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 173.6 Samsung KODEX Samsung Group ETF Samsung Asset Management 102780 KS Equity ETF 0.40% 149.6 Mirae Asset MAPS Tiger IT ETF Mirae Asset MAPS Global Investments 139260 KS Equity ETF 0.40% 135.6 Hanwha Arirang KOSPI200 ETF Hanwha Investment Trust Management 152100 KS Equity ETF 0.14% 109.0 Mirae Asset Tiger Money Market ETF Mirae Asset MAPS Global Investments 157450 KS Fixed Income ETF 0.09% 101.8 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 91.1 China AMC Express Traded Money Market Fund China Asset Management 511650 CH Fixed Income ETF 0.00% 90.9 Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% 80.3 Lion-Phillip S-REIT ETF Lion Fund Management Co Ltd SREITS SP Equity ETF 0.50% 78.5 Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% 72.5 Samsung Kodex KOSDAQ150 Leverage ETF Samsung Asset Management 233740 KS Equity ETF 0.64% 67.7 Premier ETF IDX30 Indo Premier Securities XIIT IJ Equity ETF 1.00% 65.8
Source: Deutsche Bank, Bloomberg Finance LP
Deutsche Bank AG/London Page 15 14 November 2017 ETF Monthly Asia
Figure 31: Top 20 ETPs by outflow Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% (2,997.5) TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% (1,305.5) Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (748.5) Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (633.7) China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% (502.6) Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% (393.0) Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (304.5) Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% (304.3) Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (272.1) GF Tianli Traded Money Market Fund GF Fund Management Co Ltd 511950 CH Fixed Income ETF 0.00% (249.6) Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (245.5) Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (239.8) CSI Shanghai SOE ETF China Universal Asset Management Co 510810 CH Equity ETF 0.00% (228.6) iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% (190.5) Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (181.6) Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (162.2) CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (160.8) Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% (160.4) Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% (139.4) Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% (135.2)
Source: Deutsche Bank, Bloomberg Finance LP
Figure 32: Top 20 ETPs by Monthly Turnover Asset Class Turnover ETP Name Issuer BBG Ticker TER & Structure US$ MM Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 29,348.5 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 21,852.0 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 19,160.6 China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 12,089.8 E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 8,445.3 Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 6,344.0 CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 4,971.2 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,571.6 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 4,415.3 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 3,499.0 E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 3,330.4 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 3,267.3 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 2,686.2 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 2,636.2 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 2,506.5 Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 2,055.2 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 1,977.5 Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 1,527.7 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 1,225.4 Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 1,209.7
Source: Deutsche Bank, Bloomberg Finance LP
Page 16 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 33: Top 20 ETPs by Monthly Turnover change Turnover Asset Class ETP Name Issuer BBG Ticker TER Change & Structure US$ MM E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 6,706.7 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (5,959.4) Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 5,612.4 Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 2,822.3 China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 1,503.1 Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% (1,309.0) China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (1,024.5) China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% (951.0) Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% (828.4) E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 654.6 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 646.6 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 617.3 Samsung KODEX 200 Futures Inverse 2X ETF Samsung Asset Management 252670 KS Equity ETF 0.64% (539.0) Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 527.3 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (490.1) Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (458.1) Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (436.0) Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 424.4 China AMC Hang Seng Index ETF China Asset Management 159920 CH Equity ETF 0.60% 386.9 KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% 359.3
Source: Deutsche Bank, Bloomberg Finance LP
Top ETPs – Other regions with Asia-Pac focus
Figure 34: Top 20 ETPs by AUM Asset Class & AUM ETP Name Issuer BBG Ticker TER Structure US$ MM iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 17,349.3 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 9,033.4 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 5,311.4 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 5,015.5 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 4,473.6 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 4,040.5 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,883.6 iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 3,598.3 iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 3,407.8 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 3,356.8 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 3,162.9 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,914.2 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,631.3 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 2,372.6 iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 2,055.5 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,854.7 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,798.4 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,794.9 Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% 1,772.9 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 1,753.5
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Deutsche Bank AG/London Page 17 14 November 2017 ETF Monthly Asia
Figure 35: Top 20 ETPs by AUM change AUM Asset Class & ETP Name Issuer BBG Ticker TER Change Structure US$ MM iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 1,350.0 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 811.0 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 685.5 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 341.5 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 300.8 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 285.2 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 269.0 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 248.5 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 230.6 iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% (210.3) iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 193.4 Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% 182.6 iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 164.3 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 158.3 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 132.6 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 126.3 Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 124.9 Xtrackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 117.1 iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 106.6 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 99.4
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 36: Top 20 ETPs by inflow Asset Class & Net Flow ETP Name Issuer BBG Ticker TER Structure US$ MM iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 608.9 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 556.4 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 371.9 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 224.8 Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% 110.2 BNP Paribas Easy MSCI Japan ex Controversial Weapons UCITS ETF BNP Paribas EJAH GY Equity ETF 0.25% 75.1 Lyxor SG Japan Quality Income UCITS ETF Lyxor SGQJ LN Equity ETF 0.45% 74.9 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 74.4 iShares MSCI Pacific ex Japan UCITS ETF Acc BlackRock CSPXJ SW Equity ETF 0.20% 63.3 iShares MSCI Japan USD Hedged UCITS ETF BlackRock IJPD LN Equity ETF 0.64% 62.6 Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 58.2 iShares MSCI Japan SmallCap UCITS ETF (Inc) BlackRock ISJP LN Equity ETF 0.59% 57.5 db x-trackers MSCI China TRN Index UCITS ETF Deutsche AM XCS6 LN Equity ETF 0.65% 55.1 db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D Deutsche AM RQFI GY Equity ETF 0.65% 53.1 WisdomTree Japan SmallCap Dividend Fund WisdomTree DFJ US Equity ETF 0.58% 50.0 iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 49.2 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 45.0 iShares MSCI Japan - B UCITS ETF BlackRock CSJP SW Equity ETF 0.48% 43.4 Lyxor UCITS ETF MSCI AC Asia Pacific ex-Japan -C-EUR Lyxor AEJ FP Equity ETF 0.60% 41.1 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 40.2
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Page 18 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 37: Top 20 ETPs by outflow Asset Class & Net Flow ETP Name Issuer BBG Ticker TER Structure US$ MM iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% (250.7) iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% (106.4) UBS ETF - MSCI Japan UCITS ETF (JPY) A-dis UBS JPNCHA SW Equity ETF 0.35% (55.8) iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% (47.1) iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% (38.1) Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% (38.0) Direxion Daily India Bull 3X Shares DirexionShares INDL US Equity ETF 0.95% (19.4) ComStage ETF MSCI Pacific TRN ComStage CBNDDUP GR Equity ETF 0.45% (18.0) iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% (16.0) db x-trackers CNX Nifty UCITS ETF Deutsche AM XNIF GR Equity ETF 0.85% (10.3) iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (9.9) iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% (9.0) SPDR MSCI Japan StrategicFactorsSM ETF State Street QJPN US Equity ETF 0.30% (7.5) VanEck Vectors ChinaAMC A-Share ETF VanEck Vectors PEK US Equity ETF 0.72% (7.1) iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% (6.9) db x-trackers S&P/ASX 200 UCITS ETF (DR) Deutsche AM XAUS GR Equity ETF 0.50% (6.0) SPDR MSCI EM Asia ETF State Street SPYA GY Equity ETF 0.55% (5.1) db x-trackers MSCI Taiwan TRN Index UCITS ETF Deutsche AM XMTW GR Equity ETF 0.65% (4.9) Amundi ETF MSCI Pacific ex-Japan UCITS ETF Amundi CP9 FP Equity ETF 0.45% (4.2) db x-trackers MSCI Korea TRN Index UCITS ETF Deutsche AM XMKO GR Equity ETF 0.65% (4.0)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 38: Top 20 ETPs by Monthly Turnover Asset Class & Turnover ETP Name Issuer BBG Ticker TER Structure US$ MM iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 12,396.8 iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 9,352.2 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,715.7 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 3,277.8 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 2,311.3 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,136.2 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 1,913.3 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 1,877.7 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,864.4 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,064.4 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 935.0 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 779.0 KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 650.7 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 615.5 Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 533.7 Xtrackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 531.2 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 461.9 Xtrackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 431.0 UBS-ETF MSCI Pacific Socially Responsible A UBS UIMT GY Equity ETF 0.40% 427.0 iShares MSCI Australia - B UCITS ETF BlackRock CSAU SW Equity ETF 0.50% 375.9
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Deutsche Bank AG/London Page 19 14 November 2017 ETF Monthly Asia
Figure 39: Top 20 ETPs by Monthly Turnover change Turnover Asset Class & ETP Name Issuer BBG Ticker TER Change Structure US$ MM iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 2,914.4 iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 2,250.9 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 670.6 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 496.6 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% (434.0) Xtrackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% (419.2) iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 366.5 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 316.0 iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% 312.0 UBS-ETF MSCI Pacific Socially Responsible A UBS UIMT GY Equity ETF 0.40% 267.5 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% (266.0) Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 226.1 db x-trackers II Markit iBoxx ABF Indonesia Gov.UCITS ETF Deutsche AM XIDR GY Fixed Income ETF 0.40% (190.8) db x-trackers CSI300 Consumer Discretionary Index UCITS ETF Deutsche AM XCHD GY Equity ETF 0.50% (167.7) WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 167.2 iShares MSCI Australia - B UCITS ETF BlackRock CSAU SW Equity ETF 0.50% 166.0 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 158.7 iShares MSCI Singapore Capped ETF BlackRock EWS US Equity ETF 0.48% 127.4 LYXOR UCITS ETF Australia (S&P/ASX 200) - D-EUR Lyxor LYPU GR Equity ETF 0.40% 123.8 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 120.6
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Page 20 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
6. Asia-Pac Listed ETPs - Statistics
Figure 40: Number of ETPs by Asset Class Current Month Prev. Month MoM Change End of 2016 YTD Change # of Mkt # of # of % # of # of # of % # of Asset Class ETPs Share % ETPs ETPs ETPs ETPs ETPs ETPs Equity 895 79.6% 887 8 0.9% 790 105 13.3% Fixed income 132 11.7% 131 1 0.8% 93 39 41.9% Commodity 64 5.7% 64 - 0.0% 60 4 6.7% Currency 21 1.9% 21 - 0.0% 14 7 50.0% Multi Asset 9 0.8% 9 - 0.0% 9 - 0.0% Alternative 3 0.3% 3 - 0.0% 3 - 0.0% Total 1,124 100% 1,115 9 0.8% 969 155 16.0%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 41: ETP Net Flows (US$ Million) by Asset Class Current Month Prev. Month YTD Net % of Net % of Net % of Asset Class Cashflow AUM Cashflow AUM Cashflow AUM Equity (5,923) -1.7% 6,356 1.8% 42,144 15.6% Fixed income 1,463 3.7% (2,619) -6.2% (265) -0.7% Commodity (68) -1.4% (229) -4.6% (451) -9.2% Currency 6 0.8% 12 1.7% 63 9.6% Multi Asset 6 5.9% 0 0.1% (5) -4.7% Alternative 17 5.9% 56 19.3% 265 105.5% Total (4,500) -1.1% 3,577 0.9% 41,751 13.3%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 42: ETP Turnover (US$ Million) by Asset Class Current Month Prev. Month MoM Change Year 2016 Change from 2016 Mkt % % Asset Class Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Equity 70,471 42.0% 62,258 8,213 13.2% 82,815 (12,345) -14.9% Fixed income 89,301 53.3% 92,750 (3,449) -3.7% 111,150 (21,849) -19.7% Commodity 7,492 4.5% 5,116 2,375 46.4% 2,802 4,690 167.4% Currency 170 0.1% 210 (40) -19.0% 198 (28) -14.0% Multi Asset 9 0.0% 9 0 1.5% 10 (1) -7.2% Alternative 244 0.1% 287 (43) -14.9% 321 (77) -23.9% Total 167,687 100% 160,630 7,057 4.4% 197,295 (29,609) -15.0%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 21 14 November 2017 ETF Monthly Asia
Figure 43: ETP AUM (US$ Million) by Asset Class Current Month Prev. Month MoM Change End of 2016 YTD Change Mkt Asset Class AUM AUM AUM % AUM AUM AUM % AUM Share % Equity 370,015 88.8% 358,725 11,290 3.1% 269,341 100,674 37.4% Fixed income 40,968 9.8% 39,449 1,519 3.8% 39,158 1,811 4.6% Commodity 4,804 1.2% 4,857 (53) -1.1% 4,920 (116) -2.3% Currency 727 0.2% 721 6 0.8% 655 72 10.9% Multi Asset 111 0.0% 101 10 9.4% 101 9 9.3% Alternative 269 0.1% 290 (20) -7.0% 251 19 7.4% Total 416,895 100% 404,144 12,751 3.2% 314,426 102,469 32.6%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 22 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Country Breakdown
Figure 44: ETF Summary by Country Mkt Share CF (US$m) - Oct- % of YTD CF % of TO (US$m) - Oct- Mkt Share Country AUM (US$m) #ETFs #Listings (AUM) AUM (US$m) AUM (TO) Australia 16,750 4.0% 124 149 149 0.9% 3,569 29.4% 1,948 1.2% China 56,144 13.5% 160 160 594 1.1% (6,075) -11.1% 104,876 62.5% Hong Kong 41,570 10.0% 120 208 (775) -1.9% (4,213) -11.5% 10,080 6.0% India 5,436 1.3% 64 64 82 1.6% 1,493 50.6% 563 0.3% Indonesia 246 0.1% 12 12 35 16.9% (12) -4.8% 0 0.0% Japan 254,005 60.9% 176 223 (3,625) -1.5% 43,769 25.0% 30,764 18.3% Korea 27,455 6.6% 307 307 (384) -1.5% 2,016 9.7% 15,953 9.5% Malaysia 464 0.1% 8 8 - 0.0% 0 0.1% 1 0.0% New Zealand 1,398 0.3% 23 23 10 0.7% 102 8.7% 18 0.0% Philippines 26 0.0% 1 1 - 0.0% 7 38.4% 1 0.0% Singapore 1,998 0.5% 13 85 115 6.3% 115 7.1% 119 0.1% Taiwan 11,192 2.7% 100 108 (714) -6.2% 964 11.4% 3,351 2.0% Thailand 148 0.0% 15 15 - 0.0% (25) -19.3% 10 0.0% Vietnam 65 0.0% 1 1 14 30.1% 39 221.0% 5 0.0%
Total 416,895 100.0% 1,124 1,364 (4,500) -1.1% 41,751 13.3% 167,687
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 45: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million Equity Product Type Asset Class Mkt Share by country Fixed Fixed Country Country Regional Sector Size Style Strategy Thematic Equity Total Comdty Equity Total Comdty Income Income Australia 6,276 1,322 1,748 348 1,760 916 322 12,693 3,039 567 451 77.9% 18.6% 3.5% China 24,526 - 2,042 143 1,373 111 2,011 30,207 24,916 1,021 - 53.8% 44.4% 1.8% Hong Kong 33,816 2,067 86 40 265 585 5 36,865 4,559 146 - 88.7% 11.0% 0.4% India 2,391 - 56 15 12 7 1,878 4,359 101 977 - 80.2% 1.9% 18.0% Indonesia 150 - 9 2 1 - 80 242 - - 3 100.0% 0.0% 0.0% Japan 236,211 278 7,107 133 1,311 5,401 1,650 252,091 476 1,301 137 99.3% 0.2% 0.5% Korea 13,320 190 1,806 147 699 3,941 1,397 21,499 5,284 328 343 79.3% 19.5% 1.2% Malaysia 5 1 - - - - 104 110 354 - - 23.7% 76.3% 0.0% New Zealand 379 254 110 197 133 - - 1,073 325 - - 76.8% 23.2% 0.0% Philippines 26 ------26 - - - 100.0% 0.0% 0.0% Singapore 1,021 25 65 - 128 - - 1,240 757 - - 62.1% 37.9% 0.0% Taiwan 3,790 37 74 114 420 4,967 10 9,413 1,157 449 173 85.4% 10.5% 4.1% Thailand 119 - 12 - 2 - - 133 - 15 - 89.9% 0.0% 10.1% Vietnam 65 ------65 - - - 100.0% 0.0% 0.0% Total 322,093 4,175 13,114 1,140 6,104 15,929 7,460 370,015 40,968 4,804 1,107 89.0% 9.9% 1.2%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 23 14 November 2017 ETF Monthly Asia
Figure 46: ETF Turnover (US$ Million) by Country Figure 47: ETF AUM (US$ Million) by Country TO (US$ Million)
China Japan Japan China Korea Hong Kong Hong Kong Korea Taiwan Australia Australia Taiwan India India Singapore Singapore New Zealand New Zealand Thailand Malaysia Vietnam Indonesia Malaysia Thailand Philippines Vietnam Indonesia Philippines
- 20,000 40,000 60,000 80,000 100,000 120,000 - 50,000 100,000 150,000 200,000 250,000 300,000
TO (US$ Million) AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.
Issuer Rankings
Net Flows
Figure 48: ETP inflows (US$ Million) by Issuer – Top 10 Current Month inflows (US$ Million) Issuer Equity Fixed Commo- Total YTD Total DIAM Asset Management 714 - - - 714 409 Yinhua Fund Management (0) 670 - - 670 1,431 CCB Principal Asset Management Co Ltd. 3 619 - - 623 2,045 Fortune SGAM Fund Management 3 363 - - 367 1,029 Mitsubishi UFJ Asset Mg 322 - - - 322 3,858 Daiwa Asset Management 134 - - - 134 9,674 Mirae Asset MAPS Global Investments 22 98 (5) - 115 472 China Southern Fund Management Co Ltd 5 91 - - 96 (1,989) UTI Asset Management 73 - 12 - 85 669 Lion Fund Management Co Ltd 77 - - - 77 71
Total Top 10 (Inflows) 1,354 1,842 6 - 3,203 17,668
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 49: ETP outflows (US$ Million) by Issuer – Top 10 Current Month outflows (US$ Million) Issuer Equity Fixed Commo- Total YTD Total Nikko Asset Management (3,363) 19 - - (3,343) 9,248 Nomura Asset Management (1,178) - (21) - (1,199) 19,367 Yuanta Securities Inv trust Co Ltd. (594) 12 (55) 5 (632) 506 Samsung Asset Management (480) (84) 1 4 (559) 986 China Asset Management (488) 91 - - (397) (244) Hang Seng Investment Management (298) - - - (298) (2,365) BlackRock (319) 34 - - (285) 363 GF Fund Management Co Ltd (17) (250) - - (267) 60 State Street (257) (6) - - (263) (1,235) China Universal Asset Management Co (204) (37) - - (241) (1,438)
Total Top 10 (Outflows) (7,197) (221) (75) 9 (7,484) 25,250
Source: Deutsche Bank, Bloomberg Finance LP.
Page 24 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Turnover
Figure 50: ETP Turnover (US$ Million) by Issuer – Top 40 Current Month Turnover (US$ Million)
Fixed Commo- Mkt Issuer Equity Total Income dity Share %
Fortune SGAM Fund Management 22.8 29,348.5 - - 29,371.3 17.5% Nomura Asset Management 26,034.4 - 44.6 - 26,079.0 15.6% Yinhua Fund Management 0.0 21,852.0 - - 21,852.0 13.0% E Fund Management 3,981.9 8,592.9 72.8 - 12,647.6 7.5% China Universal Asset Management Co 231.1 12,235.2 - - 12,466.3 7.4% Samsung Asset Management 11,090.3 69.4 15.4 33.0 11,208.2 6.7% Huaan Fund Management 91.3 78.2 6,344.0 - 6,513.4 3.9% China Asset Management 5,036.3 347.8 - - 5,384.1 3.2% CCB Principal Asset Management Co Ltd. 0.2 4,971.2 - - 4,971.4 3.0% China Southern Fund Management Co Ltd 550.1 3,267.3 - - 3,817.4 2.3% State Street 2,972.9 4.8 32.9 - 3,010.6 1.8% Mirae Asset MAPS Global Investments 2,895.3 44.3 18.6 4.2 2,962.3 1.8% Hang Seng Investment Management 2,529.2 - 0.0 - 2,529.2 1.5% Simplex Asset Management Co Ltd 2,330.0 - 54.1 - 2,384.1 1.4% CSOP Asset Management 2,281.7 3.3 0.5 - 2,285.6 1.4% Fullgoal Fund Management Co 0.1 2,055.2 - - 2,055.3 1.2% Yuanta Securities Inv trust Co Ltd. 1,548.0 96.6 241.8 33.2 1,919.6 1.1% BlackRock 1,675.0 68.8 - - 1,743.8 1.0% Dacheng Fund Management Co Ltd 4.0 1,527.7 - - 1,531.7 0.9% China Merchants Fund Management Co 0.5 1,414.3 - - 1,414.8 0.8% KB Asset Management 921.9 371.3 - 3.0 1,296.3 0.8% Huatai-PineBridge Fund Management Co 1,050.8 211.2 - - 1,261.9 0.8% Penghua Fund Management Co Ltd 2.2 1,004.8 - - 1,007.0 0.6% Fubon Securities Investment Trust Co 866.0 64.5 - 61.5 992.0 0.6% Guotai Asset Management Co Ltd 117.1 334.7 409.7 - 861.5 0.5% Daiwa Asset Management 851.3 - - - 851.3 0.5% Nikko Asset Management 551.0 11.8 - - 562.8 0.3% Vanguard 436.3 74.2 - - 510.5 0.3% Goldman Sachs 25.9 469.7 14.9 - 510.5 0.3% BetaShares Capital Ltd 205.9 222.1 22.1 39.5 489.5 0.3% Rakuten Investment Management 359.5 - - - 359.5 0.2% Cathay Securities Investment Trust 299.3 57.0 - - 356.3 0.2% Korea Investment Trust Mg 332.8 1.3 8.6 - 342.8 0.2% Bosera Fund Management Co Ltd 8.3 153.7 123.3 - 285.3 0.2% Hanwha Investment Trust Management 195.2 29.2 - 3.0 227.4 0.1% Mitsubishi UFJ Asset Mg 209.9 - - - 209.9 0.1% Kokusai Asset Management Co Ltd - - - 183.0 183.0 0.1% Woori Asset Management 77.8 24.6 - 8.1 110.6 0.1% China Life AMP Asset Management Co 0.0 106.5 - - 106.5 0.1% Harvest Fund Management Co 94.1 5.4 - - 99.5 0.1%
Total (Top 40) 69,880 89,120 7,403 369 166,772 99.5%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 25 14 November 2017 ETF Monthly Asia
Figure 51: ETP Turnover (US$ Million) by Issuer – Contd. Current Month Turnover (US$ Million)
Fixed Commo- Mkt Issuer Equity Other Total Income dity Share %
Van Eck Funds 69.72 22.11 - - 91.83 0.05% GF Fund Management Co Ltd 83.53 0.61 - - 84.15 0.05% Ping An Asset Management - 76.22 - - 76.22 0.05% Kiwoom Asset Management Co Ltd 18.50 - - 54.78 73.28 0.04% ETF Securities 13.45 - 32.40 - 45.85 0.03% HFT Investment Management Co Ltd 0.26 41.94 - - 42.20 0.03% Deutsche AM 41.67 0.45 - - 42.12 0.03% BOCI - Prudential Asset Man Ltd 37.07 - - - 37.07 0.02% Platinum Investment Management Ltd 37.05 - - - 37.05 0.02% Fuh-Hwa Securities Investment Trust 34.50 0.64 - - 35.14 0.02% Mitsubishi UFJ Trust and Banking Corporation - - 34.32 - 34.32 0.02% UBS 30.87 - - - 30.87 0.02% Reliance Capital Asset Management 24.13 0.00 - - 24.13 0.01% CSC Investment Trust 23.13 - - - 23.13 0.01% ANZ Asset Management 22.07 - 0.34 0.01 22.42 0.01% Russell Investments 10.59 10.47 - - 21.06 0.01% ICBC Credit Suisse Asset Management 17.08 - - - 17.08 0.01% Smartshares Ltd 14.85 1.53 - - 16.38 0.01% Taishin Securities Investment Trust Co Ltd 10.56 - - - 10.56 0.01% Kotak Mahindra Asset Man 7.54 - 2.99 - 10.52 0.01% Kyobo AXA Investment Mg Co Ltd 8.86 0.27 - - 9.13 0.01% Mega International Investment Trust Co Ltd/Taiwan 8.56 - - - 8.56 0.01% Zhongrong Fund Management Co Ltd - 8.20 - - 8.20 0.00% Premia Partners Co Ltd 7.51 - - - 7.51 0.00% Bangkok Capital Asset Management 7.26 - - - 7.26 0.00% Value Partners 3.69 - 3.41 - 7.10 0.00% SBI Funds Management 2.08 0.00 4.00 - 6.08 0.00% Rongtong Fund Management - 5.49 - - 5.49 0.00% DIAM Asset Management 5.47 - - - 5.47 0.00% Enhanced Investment Products Limited 5.32 - - - 5.32 0.00% Essence Asset Management - 5.19 - - 5.19 0.00% Tebon Fund Management - 5.17 - - 5.17 0.00% BMO Global Asset Management 3.16 1.69 - - 4.85 0.00% Paradigm Asset Management Co Ltd - - 4.79 - 4.79 0.00% Prudential ICICI Asset Management 2.86 - 1.90 - 4.76 0.00% Viet Fund Management 4.51 - - - 4.51 0.00% Lyxor 3.84 - 0.05 - 3.89 0.00% Amundi 3.81 - - - 3.81 0.00% Lion Fund Management Co Ltd 3.15 - - - 3.15 0.00% Horizons ETFs 2.43 - - - 2.43 0.00% UTI Asset Management 0.74 - 1.41 - 2.15 0.00% Invesco Great Wall Fund Management Co. Ltd 1.29 0.85 - - 2.14 0.00% HDFC Asset Management Co Ltd 1.30 - 0.83 - 2.13 0.00% Enhanced Investment Products Ltd 2.12 - - - 2.12 0.00% One Asset Management Ltd 1.99 - - - 1.99 0.00% CIMB-GK Securities Pte Ltd 1.97 - - - 1.97 0.00% Sumitomo Mitsui Asset Management 1.48 - - - 1.48 0.00% Phillip Capital Management 1.13 - - - 1.13 0.00% Passive Funds Management Ltd 1.13 - - - 1.13 0.00% Haitong International 0.98 - - - 0.98 0.00% Heungkuk Asset Management 0.90 - - - 0.90 0.00% Motilal Oswal Mutual Fund 0.70 - - - 0.70 0.00% BOCOM Schroders 0.69 - - - 0.69 0.00% First Metro Asset Management 0.68 - - - 0.68 0.00%
Total 70,467 89,300 7,490 423 167,680 100.00%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 26 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 52: ETP Turnover (US$ Million) by Issuer – Completion Current Month Turnover (US$ Million)
Fixed Commo- Mkt Issuer Equity Total Income dity Share %
HSBC Inv Funds Ltd/Hong Kong - 0.68 - - 0.68 0.0% Krung Thai Asset Management 0.41 - 0.18 - 0.59 0.0% UOB Asset Management Ltd 0.55 - - - 0.55 0.0% Yuanda Chinese Holdings Ltd 0.51 - - - 0.51 0.0% Yurie Asset Management 0.42 - - - 0.42 0.0% NZAM 0.41 - - - 0.41 0.0% BNP Paribas 0.27 - 0.09 - 0.36 0.0% IDBI Asset Management - - 0.36 - 0.36 0.0% Quantum Asset Management 0.00 - 0.33 - 0.33 0.0% Axis Asset Management 0.07 - 0.25 - 0.33 0.0% Canara Robeco - - 0.28 - 0.28 0.0% i-VCAP Management 0.26 - - - 0.26 0.0% Bank of China Investment Management 0.23 - - - 0.23 0.0% SinoPac Securities Investment Trust Co 0.21 - - - 0.21 0.0% Religare Mutual Fund 0.00 - 0.20 - 0.20 0.0% Lippo Investments Management 0.18 - - - 0.18 0.0% Ping An of China Asset Management 0.13 - - - 0.13 0.0% GTJA Allianze Fund Management Co 0.13 - - - 0.13 0.0% AmInvestment Services Berhad/Malaysia 0.08 0.01 - - 0.09 0.0% Birla Sun Life Asset Management Co 0.00 - 0.08 - 0.08 0.0% Midas Asset Management Co 0.08 - - - 0.08 0.0% TMB Asset Management 0.07 - - - 0.07 0.0% Thanachart Fund Management - - 0.07 - 0.07 0.0% Pinnacle Investments 0.05 - - 0.00 0.05 0.0% UBS Hana Asset Management Co Ltd 0.05 - - - 0.05 0.0% ComStage 0.04 - - - 0.04 0.0% Wanjia Asset Management 0.04 - - - 0.04 0.0% LIC Nomura MF Asset Management Co 0.01 0.02 - - 0.03 0.0% Indo Premier Securities 0.03 - - - 0.03 0.0% Edelweiss Asset Management 0.02 - - - 0.02 0.0% Mizuho Asset Management Co Ltd - - 0.01 - 0.01 0.0% Dongbu Asset Management 0.01 - - - 0.01 0.0%
Total ( All Local Issuers) 70,471 89,301 7,492 423 167,687 100.0%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 27 14 November 2017 ETF Monthly Asia
AUM
Figure 53: ETP AUM (US$ Million) ranking by Local Issuer – Top 40 Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Total Income dity Share % Nomura Asset Management 114,937 - 339 - 115,276 27.7% Nikko Asset Management 51,028 1,047 - - 52,075 12.5% Daiwa Asset Management 51,245 - - - 51,245 12.3% Mitsubishi UFJ Asset Mg 20,814 - - - 20,814 5.0% State Street 16,228 3,960 - - 20,188 4.8% BlackRock 14,278 871 - - 15,149 3.6% Samsung Asset Management 11,021 2,605 120 68 13,814 3.3% Hang Seng Investment Management 11,820 - 8 - 11,828 2.8% China Asset Management 10,921 347 - - 11,268 2.7% Fortune SGAM Fund Management 93 10,457 - - 10,549 2.5% Yuanta Securities Inv trust Co Ltd. 5,857 871 438 40 7,206 1.7% Mirae Asset MAPS Global Investments 5,170 935 212 42 6,359 1.5% Vanguard 4,679 881 - - 5,560 1.3% Yinhua Fund Management 14 5,209 - - 5,223 1.3% China Southern Fund Management Co Ltd 3,488 1,433 - - 4,921 1.2% DIAM Asset Management 4,920 - - - 4,920 1.2% E Fund Management 3,544 280 173 - 3,997 1.0% Huaan Fund Management 3,163 30 744 - 3,936 0.9% Huatai-PineBridge Fund Management Co 3,093 754 - - 3,848 0.9% CSOP Asset Management 3,578 163 11 - 3,752 0.9% BetaShares Capital Ltd 1,503 1,134 77 450 3,165 0.8% Harvest Fund Management Co 3,096 18 - - 3,115 0.7% CCB Principal Asset Management Co Ltd. 43 2,912 - - 2,955 0.7% Fubon Securities Investment Trust Co 2,278 128 - 132 2,538 0.6% China Universal Asset Management Co 1,958 363 - - 2,321 0.6% KB Asset Management 1,249 879 - 45 2,174 0.5% Reliance Capital Asset Management 1,893 3 - - 1,897 0.5% Hanwha Investment Trust Management 1,478 306 - 26 1,811 0.4% Korea Investment Trust Mg 1,197 235 25 - 1,457 0.3% Smartshares Ltd 1,005 325 - - 1,330 0.3% Simplex Asset Management Co Ltd 925 - 343 - 1,268 0.3% GF Fund Management Co Ltd 1,059 6 - - 1,065 0.3% UTI Asset Management 977 - 80 - 1,057 0.3% NZAM 1,017 - - - 1,017 0.2% Woori Asset Management 702 222 - 65 989 0.2% Cathay Securities Investment Trust 826 157 - - 983 0.2% Sumitomo Mitsui Asset Management 976 - - - 976 0.2% SBI Funds Management 743 4 154 - 900 0.2% Guotai Asset Management Co Ltd 770 65 37 - 871 0.2% Van Eck Funds 719 98 - - 817 0.2%
Total (Top 40) 364,304 36,698 2,761 869 404,632 97.1%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 28 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 54: ETP AUM (US$ Million) ranking by Local Issuer – Contd. Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % HFT Investment Management Co Ltd 10 799 - - 809 0.19% Goldman Sachs 230 83 429 - 742 0.18% Kyobo AXA Investment Mg Co Ltd 616 102 - - 719 0.17% Dacheng Fund Management Co Ltd 96 558 - - 655 0.16% Mitsubishi UFJ Trust and Banking Corporation - - 618 - 618 0.15% China Merchants Fund Management Co 31 560 - - 591 0.14% BOCI - Prudential Asset Man Ltd 502 - - - 502 0.12% ETF Securities 11 - 480 - 491 0.12% Russell Investments 283 207 - - 490 0.12% Fullgoal Fund Management Co 17 468 - - 485 0.12% Bosera Fund Management Co Ltd 151 137 68 - 356 0.09% AmInvestment Services Berhad/Malaysia 1 354 - - 355 0.09% HSBC Inv Funds Ltd/Hong Kong - 346 - - 346 0.08% BMO Global Asset Management 160 119 - - 279 0.07% UBS 268 - - - 268 0.06% Indo Premier Securities 239 - - - 239 0.06% Penghua Fund Management Co Ltd 27 196 - - 223 0.05% Prudential ICICI Asset Management 201 - 16 - 217 0.05% Kotak Mahindra Asset Man 47 - 157 - 204 0.05% Fuh-Hwa Securities Investment Trust 199 2 - - 202 0.05% CSC Investment Trust 198 - - - 198 0.05% One Asset Management Ltd 190 - - - 190 0.05% China Life AMP Asset Management Co 37 151 - - 188 0.05% LIC Nomura MF Asset Management Co 165 11 - - 176 0.04% Kiwoom Asset Management Co Ltd 74 - - 97 171 0.04% Horizons ETFs 164 - - - 164 0.04% Value Partners 59 - 98 - 157 0.04% Rakuten Investment Management 142 - - - 142 0.03% Invesco Great Wall Fund Management Co. Ltd 137 4 - - 142 0.03% Kokusai Asset Management Co Ltd - - - 137 137 0.03% Ping An Asset Management - 136 - - 136 0.03% ANZ Asset Management 117 - 10 0 127 0.03% Lion Fund Management Co Ltd 113 - - - 113 0.03% HDFC Asset Management Co Ltd 32 - 73 - 105 0.03% i-VCAP Management 104 - - - 104 0.02% ICBC Credit Suisse Asset Management 94 - - - 94 0.02% Amundi 88 - - - 88 0.02% BOCOM Schroders 85 - - - 85 0.02% Passive Funds Management Ltd 68 - - - 68 0.02% Viet Fund Management 65 - - - 65 0.02% Premia Partners Co Ltd 51 - - - 51 0.01% CIMB-GK Securities Pte Ltd 50 - - - 50 0.01% Birla Sun Life Asset Management Co 33 - 11 - 44 0.01% Midas Asset Management Co 43 - - - 43 0.01% Enhanced Investment Products Limited 41 - - - 41 0.01% Yurie Asset Management 39 - - - 39 0.01% Motilal Oswal Mutual Fund 33 - - - 33 0.01% Taishin Securities Investment Trust Co Ltd 31 - - - 31 0.01% Haitong International 31 - - - 31 0.01% Bangkok Capital Asset Management 31 - - - 31 0.01% Axis Asset Management 1 - 27 - 28 0.01% UOB Asset Management Ltd 27 - - - 27 0.01% Krung Thai Asset Management 17 - 10 - 26 0.01% First Metro Asset Management 26 - - - 26 0.01%
Total 369,781 40,932 4,756 1,104 416,573 100%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 29 14 November 2017 ETF Monthly Asia
Figure 55: ETP AUM (US$ Million) ranking by Local Issuer – Completion Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Total Income dity Share % Heungkuk Asset Management 25 - - - 25 0.01% Dongbu Asset Management 23 - - - 23 0.01% Wanjia Asset Management 23 - - - 23 0.01% GTJA Allianze Fund Management Co 23 - - - 23 0.01% UBS Hana Asset Management Co Ltd 19 - - - 19 0.00% Mega International Investment Trust Co Ltd/Taiwan 18 - - - 18 0.00% Phillip Capital Management 18 - - - 18 0.00% BNP Paribas 17 - - - 17 0.00% Ping An of China Asset Management 16 - - - 16 0.00% IDBI Asset Management - - 16 - 16 0.00% Lippo Investments Management 16 - - - 16 0.00% Zhongrong Fund Management Co Ltd - 15 - - 15 0.00% Essence Asset Management - 15 - - 15 0.00% Yuanda Chinese Holdings Ltd 11 - - - 11 0.00% Paradigm Asset Management Co Ltd - - 11 - 11 0.00% Quantum Asset Management 1 - 8 - 9 0.00% Enhanced Investment Products Ltd 9 - - - 9 0.00% Pinnacle Investments 4 - - 3 7 0.00% Religare Mutual Fund 0 - 6 - 6 0.00% Rongtong Fund Management - 6 - - 6 0.00% SinoPac Securities Investment Trust Co 5 - - - 5 0.00% Thanachart Fund Management - - 5 - 5 0.00% Bank of China Investment Management 3 - - - 3 0.00% TMB Asset Management 3 - - - 3 0.00% Canara Robeco - - 2 - 2 0.00% Edelweiss Asset Management 1 - - - 1 0.00% Mizuho Asset Management Co Ltd - - 1 - 1 0.00% Tebon Fund Management - 0 - - 0 0.00%
Total ( All Local Issuers) 370,015 40,968 4,804 1,107 416,895 100%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 30 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
7. ETP - Net Flows
Investment Focus
Figure 56: ETP Net Flows (US$ Million) by Investment Focus – Equity Current Month Prev. Month YTD Net % of Net % of Net % of Investment Focus - Equity Cashflow AUM Cashflow AUM Cashflow AUM Developed Markets (4,025) -1.6% 6,278 2.6% 42,562 23.4% Emerging Markets (1,295) -2.2% 757 1.3% (3,627) -7.3% Global Markets 2 0.1% 88 4.5% 321 24.6% Sectors 580 4.6% 82 0.6% 2,836 28.4% Capitalization 40 3.7% (6) -0.6% 256 34.8% Strategy (1,021) -6.1% (1,077) -6.0% (1,548) -9.8% Style (87) -1.4% 216 3.6% 1,115 25.0% Thematic (118) -1.7% 18 0.3% 229 3.9% Total (5,923) -1.7% 6,356 1.8% 42,144 15.6%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 57: ETP Net Flows (US$ Million) by Investment Focus – Fixed Income Current Month Prev. Month YTD Net % of Net % of Net % of Investment Focus - Fixed Income Cashflow AUM Cashflow AUM Cashflow AUM Sovereign 23 0.3% 90 1.0% 1,729 25.6% Corporates (5) -0.4% (103) -6.6% (104) -7.1% Money Market 1,395 5.2% (2,789) -9.3% (3,137) -10.5% Overall 50 2.1% 183 8.3% 1,247 116.5% Total 1,463 3.7% (2,619) -6.2% (265) -0.7%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 58: ETP Net Flows (US$ Million) by Investment Focus – Commodity Current Month Prev. Month YTD Net % of Net % of Net % of Investment Focus - Commodity Cashflow AUM Cashflow AUM Cashflow AUM Precious Metals 43.3 1.2% (44.8) -1.3% (450.4) -12.5% Overall (1.1) n.a - 0.0% (1.9) -24.6% Energy (108.0) -8.4% (184.4) -13.7% (21.9) -1.8% Agriculture (1.6) -2.2% (0.1) -0.1% 24.0 48.2% Industrial Metals (0.6) -3.9% 0.2 1.0% (0.7) -5.8% Total (68) -1.4% (229) -4.6% (451) -9.2%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 31 14 November 2017 ETF Monthly Asia
Sub Segment
Figure 59: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets Current Month Prev. Month YTD Investment Focus Net % of Net % of Net % of Developed Markets - Equity Cashflow AUM Cashflow AUM Cashflow AUM Australia (22) -0.4% 280 4.6% 756 15.2% Hong Kong (238) -1.2% (425) -2.1% (2,069) -12.3% Japan (3,789) -1.7% 6,379 2.9% 43,203 27.4% New Zealand 1 0.5% 2 0.7% 17 9.2% Singapore 37 6.5% 2 0.3% 57 12.2% Asia Pacific (4,010) -1.6% 6,237 2.6% 41,965 23.3% US (20) -4.6% (4) -0.9% 67 22.8% UK - 0.0% - 0.0% - 0.0% Germany (0) -1.0% (2) -4.6% (10) -26.1% Global broad indices 6 0.3% 47 2.8% 540 53.5% DM Total (4,025) -1.6% 6,278 2.6% 42,562 23.4%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 60: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets Current Month Prev. Month YTD Investment Focus Net % of Net % of Net % of Emerging Markets - Equity Cashflow AUM Cashflow AUM Cashflow AUM China (1,234) -3.0% (165) -0.4% (4,760) -12.9% India 69 2.6% 101 3.8% 562 32.1% Indonesia 81 92.0% 5 6.2% 111 220.8% Malaysia 0 0.0% 0 0.0% 0 0.0% Philippines - 0.0% 0 0.4% 2 8.5% South Korea (65) -0.6% 819 7.6% 678 7.5% Taiwan (166) -10.0% (37) -2.1% (335) -23.8% Thailand 0 0.0% (1) -1.1% (6) -5.5% Vietnam 21 24.7% 25 42.6% 66 216.4% Asia Pacific broad - 0.0% - 0.0% 1 8.6% Asia Pacific (1,294) -2.3% 747 1.3% (3,679) -7.5% Brazil 0 0.1% (3) -7.7% (11) -29.4% LATAM broad - 0.0% - 0.0% - 0.0% Latin America 0 0.1% (3) -6.9% (11) -27.1% Russia (0) 0.0% 0 0.0% 2 9.8% South Africa (0) 0.0% 0 0.1% (0) 0.0% Global broad indices (1) -0.2% 12 5.5% 61 43.1% EM Total (1,295) -2.2% 757 1.3% (3,627) -7.3%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 32 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 61: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Others Current Month Prev. Month YTD Investment Focus Net % of Net % of Net % of Sub segments - Equity Cashflow AUM Cashflow AUM Cashflow AUM Consumer Discretionary (11) -3.7% 1 0.4% (29) -10.8% Consumer Staples 20 4.0% (16) -3.1% (62) -12.2% Energy 1 0.8% (1) -0.6% 21 24.3% Financials 108 5.4% 106 5.5% 342 22.7% Healthcare (43) -8.0% (31) -5.5% 46 12.3% Industrials (1) -0.3% 0 0.1% 30 15.5% Information Technology 236 37.7% (17) -2.8% 520 218.5% Materials (3) -1.4% (19) -7.9% (13) -6.8% Real Estate 210 2.7% 27 0.3% 1,885 29.3% Telecommunication Services (3) -23.7% - 0.0% (3) -28.4% Utilities 0 0.0% 0 0.0% (1) -13.1% Overall 43 21.3% 28 16.3% 62 40.6% Sector 559 4.5% 78 0.6% 2,797 28.1% Large Cap 40 5.5% (7) -1.0% 225 48.0% Mid Cap 1 0.5% 1 0.6% 4 3.2% Small Cap (1) -0.7% 0 0.1% 27 17.8% Capitalization 40 3.7% (6) -0.6% 256 34.8% Short (77) -1.5% 174 3.5% 273 5.2% Leveraged (1,821) -25.7% (1,664) -19.4% (4,176) -57.8% Leveraged Short 786 30.1% 367 14.8% 1,715 79.3% Quantitative 94 9.0% 41 4.1% 476 80.3% Fundamental (3) -0.3% 5 0.6% 164 30.1% Strategy (1,021) -6.1% (1,077) -6.0% (1,548) -9.8% Growth (25) -2.2% (83) -6.7% 143 14.9% Value (37) -12.9% 26 9.9% (15) -6.8% Dividend (25) -0.5% 273 6.2% 987 30.0% Style (87) -1.4% 216 3.6% 1,115 25.0% Sustainability 10 4.7% 52 31.5% 154 250.6% Commodities 1 2.4% (3) -5.9% 0 0.3% Other Theme (129) -1.9% (32) -0.5% 76 1.3% Thematic (118) -1.7% 18 0.3% 229 3.9% Total (627) -1.4% (771) -1.7% 2,850 7.7%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 33 14 November 2017 ETF Monthly Asia
Figure 62: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Commodity Current Month Prev. Month YTD
Investment Focus Net % of Net % of Net % of Sub Segment - Commodity Cashflow AUM Cashflow AUM Cashflow AUM
Overall Overall (1) -14.7% - 0.0% (2) -24.6%
Agriculture Overall - 0.0% - 0.0% 8 17.4% Soybeans (2) -10.1% (0) -0.5% 10 201.3% Grains - 0.0% - 0.0% 7 n.a
Energy Crude Oil (108) -8.4% (184) -13.7% (22) -1.8%
Industrial Metals Overall - 0.0% - 0.0% - 0.0% Copper (1) -4.8% 0 1.2% (1) -7.2%
Precious Metals Overall - 0.0% - 0.0% - 0.0% Gold 43 1.3% (39) -1.2% (445) -13.1% Palladium - 0.0% (1) -12.8% (3) -44.5% Platinum 0 0.0% (3) -3.1% (7) -6.9% Silver 0 0.3% (1) -1.3% 4 4.4%
Total (68) -1.4% (229) -4.6% (451) -9.2%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 34 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Issuer
Figure 63: ETP inflows (US$ Million) by Issuer – Top 10 Current Month Prev. Month YTD Net % of Net % of Net % of Issuer Cashflow AUM Cashflow AUM Cashflow AUM DIAM Asset Management 714 17.9% (6) -0.1% 409 10.7% Yinhua Fund Management 670 14.8% (279) -5.8% 1,431 42.1% CCB Principal Asset Management Co Ltd. 623 26.8% (390) -14.2% 2,045 253.8% Fortune SGAM Fund Management 367 3.6% (1,141) -10.0% 1,029 11.5% Mitsubishi UFJ Asset Mg 322 1.7% 86 0.5% 3,858 27.5% Daiwa Asset Management 134 0.3% 1,327 2.9% 9,674 28.3% Mirae Asset MAPS Global Investments 115 2.0% 170 3.0% 472 9.9% China Southern Fund Management Co Ltd 96 2.0% (415) -8.0% (1,989) -31.0% UTI Asset Management 85 9.3% 74 8.5% 669 274.4% Lion Fund Management Co Ltd 77 215.3% (1) -3.8% 71 186.4% Total Top 10 (Inflows) 3,203 3.2% (575) -0.7% 17,668 23.0%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 64: ETP outflows (US$ Million) by Issuer – Top 10 Current Month Prev. Month YTD Net % of Net % of Net % of Issuer Cashflow AUM Cashflow AUM Cashflow AUM Nikko Asset Management (3,343) -6.3% 1,241 2.5% 9,248 26.2% Nomura Asset Management (1,199) -1.1% 2,733 2.6% 19,367 24.3% Yuanta Securities Inv trust Co Ltd. (632) -8.3% 187 2.5% 506 8.6% Samsung Asset Management (559) -4.1% 428 3.3% 986 9.4% China Asset Management (397) -3.6% 197 1.8% (244) -2.7% Hang Seng Investment Management (298) -2.6% (131) -1.1% (2,365) -20.6% BlackRock (285) -1.9% 130 0.9% 363 3.0% GF Fund Management Co Ltd (267) -20.4% (16) -1.2% 60 7.2% State Street (263) -1.3% (373) -1.8% (1,235) -6.8% China Universal Asset Management Co (241) -9.8% (108) -4.2% (1,438) -42.4% Total Top 10 (Outflows) (7,484) -3.0% 4,287 2.3% 25,250 13.6%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 35 14 November 2017 ETF Monthly Asia
Index Provider
Figure 65: ETP Net Flows (US$ Million) by Index Provider – Equity
Morningstar
Maekyung FnGuide
STOXX
UBS
S&P Dow Jones
CSI
FTSE
SSE
Nikkei (3,000) (2,500) (2,000) (1,500) (1,000) (500) - 500 Net Cashflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP..
Figure 66: ETP Net Flows (US$ Million) by Index Provider – Fixed Income
Other
Citigroup
Markit iBoxx
S&P Dow Jones
Barclays
FTSE
Deutsche Bank
Maekyung FnGuide
KRX
(200) - 200 400 600 800 1,000 1,200 1,400 1,600 Net Cashflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP
Figure 67: ETP Net Flows (US$ Million) by Index Provider – Commodity
Commodity
Nikkei
UBS
Other
S&P Dow Jones
(80) (60) (40) (20) - 20 40 Net Cashflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Page 36 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Underlying Index/Security
Figure 68: ETP inflows (US$ Million) by Underlying Index Figure 69: ETP outflows (US$ Million) by Underlying – Equity (Top 10) Index – Equity (Top 10)
Nikkei 225 Double Inverse Index Nikkei 225
Samsung Group Index TOPIX
KOSPI 200 IT Sector Index KOSPI 200 Index
TSE REIT Index Nikkei 225 Leveraged Index
Nikkei 225 Inverse Index SSE 50 Index
Tokyo Stock Exchange REIT Index Hang Seng China Enterprise Index
Nikkei Average Double Inverse… FTSE China A50 Index IDX30 Index Taiwan Top 50 Index F-KOSPI 200 Index Hang Seng Index KOSDAQ150 Index CSI Shanghai SOE Index - 200 400 600 800 (3,000) (2,500) (2,000) (1,500) (1,000) (500) -
Inflow (US$ Million) Outflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.
Figure 70: ETP inflows (US$ Million) by Underlying Index Figure 71: ETP outflows (US$ Million) by Underlying – Fixed Income (Top 10) Index – Fixed Income
Other KRW Cash Index TR
KIS MSB 3M Index KAP Money Market Credit Index
China PBOC Benchmark Notice Deposit 7 Day KRW Cash Plus Index
30 day Bank Bill Swap Rate KIS MSB 5M Index
Solactive Australian Bank Senior Floating Rate… KOBI Half Credit Index
F-LKTB Index KAP Money Market Index
Markit iBoxx AUD Corporates Yield Plus Index Pledgeable urban Investment Bond Index
ICE U.S. Treasury 20+ Year Bond Index Bloomberg Barclays US Treasury 20+ Year Bond…
S&P US Treasury Bond 7-10 Index (TTM JPY… MaeKyung Money Market TR Index
Citi US Treasury 7-10 Years Index MK Korea Monetary Stabilization Index
- 200 400 600 800 1,000 1,200 1,400 -70 -60 -50 -40 -30 -20 -10 0
Inflow (US$ Million) Outflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.
Figure 72: ETP inflows (US$ Million) by Underlying Figure 73: ETP outflows (US$ Million) by Underlying Index/Security – Commodity Index/Security – Commodity
S&P GSCI Crude Oil 2X Leveraged Index ER Commodity Gold Nomura Crude Oil Long Index S&P GSCI Crude Oil 1X Inverse S&P GSCI Crude Oil Excess Reurn Index Index ER UBS Bloomberg Constant Maturity Commodity Index S&P GSCI Gold Index S&P GSCI Crude Oil Enhanced Index
BofA merril Lynch Commodity Index eXtra CLA Index S&P GSCI Sliver TR Index S&P GSCI Light Energy Index ER (A$ Hedged)
Nikkei-TOCOM Platinum Index S&P GSCI Soybeans TR
S&P GSCI Soybeans ER Index S&P/ASX 200 S&P GSCI North American Copper Index TR
0 10 20 30 40 -60 -50 -40 -30 -20 -10 0 Inflow (US$ Million) Outflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 37 14 November 2017 ETF Monthly Asia
8. ETP - Turnover
Investment Focus
Figure 74: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity Current Month Prev. Month MoM Change Year 2016 Change from 2016
Mkt % % Investment Focus - Equity Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Country 30,407 43.1% 27,423 2,984 10.9% 27,963 2,444 8.7% Regional 404 0.6% 358 46 12.8% 234 170 72.6% Sector 1,626 2.3% 1,366 260 19.1% 613 1,013 165.1% Size 156 0.2% 148 7 5.0% 162 (7) -4.1% Strategy 36,418 51.7% 31,659 4,760 15.0% 51,348 (14,930) -29.1% Style 972 1.4% 1,144 (172) -15.0% 2,340 (1,368) -58.5% Thematic 489 0.7% 160 329 205.2% 156 333 213.9% Total 70,471 100% 62,258 8,213 13.2% 82,815 (12,345) -14.9%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 75: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income Current Month Prev. Month MoM Change Year 2016 Change from 2016
Mkt % % Investment Focus - Fixed Income Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Sovereign 1,025 1.1% 2,426 (1,401) -57.8% 1,379 (354) -25.7% Corporates 108 0.1% 180 (73) -40.4% 33 75 226.3% Money Market 88,043 98.6% 90,024 (1,981) -2.2% 109,661 (21,617) -19.7% Overall 125 0.1% 120 5 4.5% 77 48 62.9% Total 89,301 100% 92,750 (3,449) -3.7% 111,150 (21,849) -19.7%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 38 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 76: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity Current Month Prev. Month MoM Change Year 2016 Change from 2016 Mkt % % Investment Focus - Commodity Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Precious Metals 7,151 95.4% 4,344 2,806 64.6% 2,186 4,965 227.2% Overall 2 0.0% 1 1 83.3% 0 1 238.5% Energy 330 4.4% 757 (427) -56.4% 607 (277) -45.7% Agriculture 8 0.1% 11 (4) -33.6% 6 1 20.0% Industrial Metals 2 0.0% 3 (1) -32.7% 2 (0) -13.0% Total 7,492 100% 5,116 2,375 46.4% 2,802 4,690 167.4%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 39 14 November 2017 ETF Monthly Asia
Sub Segment
Figure 77: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity Current Month Prev. Month MoM Change Year 2016 Change from 2016 Investment Focus Mkt % % Turnover Turnover Turnover Turnover Turnover Sub Segment - Equity Share % Turnover Turnover Country Asia Pac Developed 7,812 11.1% 5,912 1,900 32.1% 9,144 (1,332) -14.6% Developed non-Asia Pac 98 0.1% 90 8 8.5% 90 8 8.4% Emerging Country 22,497 31.9% 21,421 1,076 5.0% 18,728 3,768 20.1%
Regional Asia Pacific 17 0.0% 16 1 3.6% 10 7 65.6% Asia Pacific ex-Japan 30 0.0% 51 (22) -41.9% 38 (9) -22.3% Emerging Markets 68 0.1% 48 20 41.9% 22 47 213.3% Eurozone 0 0.0% 0 (0) -52.2% 0 (0) -30.9% Europe 59 0.1% 48 10 20.7% 41 17 42.6% Global 228 0.3% 190 38 20.2% 121 107 88.3% Greater China 2 0.0% 4 (2) -46.0% 1 1 67.7%
Sector Global 242 0.3% 278 (36) -12.9% 23 219 969.7% Other Sector 166 0.2% 101 64 63.4% 60 106 177.3% Asian Country 1,218 1.7% 986 232 23.5% 531 687 129.4%
Size Large Cap 129 0.2% 123 7 5.4% 144 (15) -10.4% Mid Cap 9 0.0% 13 (4) -29.8% 5 4 73.1% Small Cap 17 0.0% 13 5 35.9% 13 5 36.9%
Style Growth 541 0.8% 724 (183) -25.3% 2,055 (1,514) -73.7% Value 18 0.0% 19 (1) -5.7% 15 3 20.9% Dividend 413 0.6% 401 12 3.1% 270 143 52.9%
Strategy Short 1,604 2.3% 2,516 (912) -36.3% 3,778 (2,174) -57.5% Leveraged 28,622 40.6% 22,791 5,831 25.6% 40,246 (11,625) -28.9% Leveraged Short 5,969 8.5% 6,172 (203) -3.3% 7,244 (1,275) -17.6% Quantitative 131 0.2% 104 27 25.9% 28 103 364.7% Fundamental 92 0.1% 75 17 22.7% 52 40 78.1%
Thematic Sustainability 26 0.0% 16 9 58.0% 2 24 1067.4% Commodities 13 0.0% 15 (2) -10.9% 9 4 37.5% Other Theme 450 0.6% 129 321 248.3% 144 306 212.4% Total 70,471 100% 62,258 8,213 13.2% 82,815 (12,345) -14.9%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 40 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 78: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity Current Month Prev. Month MoM Change Year 2016 Change from 2016
Investment Focus Mkt % % Turnover Turnover Turnover Turnover Turnover Sub Segment - Commodity Share % Turnover Turnover Overall Overall 1.63 0.0% 0.87 0.76 86.8% 0.46 1.16 251.8% Overall ex Energy 0.02 0.0% 0.03 (0.01) -33.9% 0.02 (0.01) -26.5% Overall Light Energy - 0.0% - - n.a. - - n.a
Agriculture Overall 1.33 0.0% 2.43 (1.10) -45.3% 4.79 (3.46) -72.2% Corn 0.14 0.0% 0.14 (0.01) -4.1% 0.28 (0.14) -50.7% Soybeans 5.00 0.1% 6.51 (1.51) -23.2% 0.43 4.57 1056.1% Wheat 0.74 0.0% 0.83 (0.09) -11.1% 0.76 (0.02) -2.6% Grains 0.34 0.0% 1.45 (1.11) -76.5% 0.03 0.31 1067.0%
Energy Overall 0.01 0.0% 0.01 (0.00) -13.0% 0.03 (0.02) -74.7% Crude Oil 329.23 4.4% 756.68 (427.46) -56.5% 606.52 (277.30) -45.7% Oil & Gas - 0.0% - - n.a. - - n.a Gasoline 0.01 0.0% 0.01 (0.00) -32.1% 0.02 (0.01) -73.7% Natural Gas 0.53 0.0% 0.38 0.14 37.1% 0.34 0.19 56.6%
Industrial Metals Overall 0.05 0.0% 0.17 (0.12) -72.4% 0.12 (0.07) -60.8% Copper 1.95 0.0% 2.80 (0.85) -30.4% 2.19 (0.24) -11.1% Nickel 0.02 0.0% 0.03 (0.01) -34.2% 0.01 0.01 142.8%
Precious Metals Overall 0.28 0.0% 0.91 (0.63) -68.9% 0.71 (0.42) -59.7% Gold 7,138.10 95.3% 4,319.95 2,818.15 65.2% 2,148.09 4,990.01 232.3% Palladium 0.70 0.0% 0.50 0.20 39.1% 0.60 0.10 17.2% Platinum 6.82 0.1% 12.34 (5.52) -44.7% 18.13 (11.31) -62.4% Silver 4.67 0.1% 10.42 (5.76) -55.2% 18.07 (13.40) -74.2% Total 7,492 100% 5,116 2,375 46.4% 2,802 4,690 167.4%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 41 14 November 2017 ETF Monthly Asia
Exchange
Figure 79: ETP Monthly Turnover (US$ Million) by Exchange Current Month Prev. Month MoM Change Year 2016 Change from 2016 Mkt % % Exchange Name Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover China - Shanghai 81,025.55 48.3% 87,576.36 (6,550.80) -7.5% 110,575.27 (29,549.72) -26.7% China - Shenzhen 23,850.06 14.2% 16,382.12 7,467.94 45.6% 9,904.10 13,945.95 140.8% Japan - Osaka 21,257.65 12.7% 15,158.99 6,098.66 40.2% 33,440.47 (12,182.82) -36.4% Korea - KSE 15,953.32 9.5% 17,653.60 (1,700.28) -9.6% 13,938.86 2,014.46 14.5% Hong Kong - HKE 10,079.88 6.0% 9,703.52 376.35 3.9% 10,812.17 (732.30) -6.8% Japan - Tokyo SE 9,506.66 5.7% 7,921.88 1,584.78 20.0% 12,279.19 (2,772.53) -22.6% Taiwan - TSEC 3,350.89 2.0% 3,763.68 (412.80) -11.0% 4,369.63 (1,018.74) -23.3% Australia - ASX 1,947.88 1.2% 1,748.81 199.07 11.4% 1,346.94 600.94 44.6% India - NSE 562.29 0.3% 566.69 (4.40) -0.8% 409.98 152.30 37.1% Singapore - SGX 119.22 0.1% 124.64 (5.43) -4.4% 194.69 (75.48) -38.8% New Zealand - NZ 17.50 0.0% 12.25 5.25 42.9% 14.73 2.78 18.9% Thailand - SET 9.54 0.0% 11.79 (2.24) -19.0% 6.75 2.80 41.5% Vietnam - HOSE 4.51 0.0% 4.72 (0.20) -4.3% 0.61 3.91 643.0% Malaysia - Kuala Lumpur 0.77 0.0% 0.34 0.43 127.8% 0.31 0.47 152.2% Philippines - PSE 0.68 0.0% 0.37 0.32 86.4% 1.22 (0.54) -44.2% India - Bombay 0.28 0.0% 0.11 0.17 146.3% 0.42 (0.14) -33.0% Indonesia - Jakarta 0.08 0.0% 0.05 0.03 73.0% 0.07 0.01 19.6% Japan - Nagoya 0.08 0.0% 0.10 (0.02) -20.9% 0.06 0.02 35.7%
Total 167,687 100% 160,630 7,057 4.4% 197,295 (29,609) -15.0%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 42 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Issuer
Figure 80: ETP Monthly Turnover (US$ Million) by Top 40 Issuer Current Month Prev. Month MoM Change Year 2016 Change from 2016 Mkt % % Issuer Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Fortune SGAM Fund Management 29,371 17.5% 35,334 (5,963) -16.9% 37,708 (8,336) -22.1% Nomura Asset Management 26,079 15.6% 19,226 6,853 35.6% 38,168 (12,089) -31.7% Yinhua Fund Management 21,852 13.0% 22,288 (436) -2.0% 22,323 (471) -2.1% E Fund Management 12,648 7.5% 5,406 7,241 133.9% 9,254 3,394 36.7% China Universal Asset Management Co 12,466 7.4% 10,817 1,650 15.3% 8,700 3,767 43.3% Samsung Asset Management 11,208 6.7% 11,913 (705) -5.9% 9,463 1,745 18.4% Huaan Fund Management 6,513 3.9% 3,693 2,820 76.3% 2,387 4,126 172.8% China Asset Management 5,384 3.2% 5,775 (391) -6.8% 3,169 2,215 69.9% CCB Principal Asset Management Co Ltd. 4,971 3.0% 5,328 (357) -6.7% 436 4,535 1040.1% China Southern Fund Management Co 3,817 2.3% 4,932 (1,115) -22.6% 10,752 (6,935) -64.5% State Street 3,011 1.8% 2,276 734 32.2% 4,281 (1,271) -29.7% Mirae Asset MAPS Global Investments 2,962 1.8% 3,400 (437) -12.9% 2,402 560 23.3% Hang Seng Investment Management 2,529 1.5% 2,372 157 6.6% 2,501 28 1.1% Simplex Asset Management Co Ltd 2,384 1.4% 1,988 396 19.9% 4,502 (2,118) -47.0% CSOP Asset Management 2,286 1.4% 2,255 30 1.3% 1,941 344 17.7% Fullgoal Fund Management Co 2,055 1.2% 1,775 281 15.8% 7,550 (5,495) -72.8% Yuanta Securities Inv trust Co Ltd. 1,920 1.1% 2,235 (315) -14.1% 2,552 (633) -24.8% BlackRock 1,744 1.0% 1,589 155 9.7% 2,114 (371) -17.5% Dacheng Fund Management Co Ltd 1,532 0.9% 2,842 (1,310) -46.1% 702 830 118.3% China Merchants Fund Management C 1,415 0.8% 2,470 (1,055) -42.7% 1,967 (552) -28.1% KB Asset Management 1,296 0.8% 1,512 (215) -14.2% 442 854 193.3% Huatai-PineBridge Fund Management C 1,262 0.8% 1,202 60 5.0% 2,485 (1,223) -49.2% Penghua Fund Management Co Ltd 1,007 0.6% 1,060 (53) -5.0% 3,560 (2,553) -71.7% Fubon Securities Investment Trust Co 992 0.6% 1,154 (162) -14.0% 1,534 (542) -35.3% Guotai Asset Management Co Ltd 862 0.5% 1,700 (839) -49.3% 1,035 (173) -16.8% Daiwa Asset Management 851 0.5% 647 204 31.6% 1,126 (275) -24.4% Nikko Asset Management 563 0.3% 419 144 34.4% 612 (50) -8.1% Vanguard 511 0.3% 607 (96) -15.9% 309 202 65.5% Goldman Sachs 510 0.3% 519 (9) -1.6% 383 127 33.3% BetaShares Capital Ltd 490 0.3% 454 36 7.9% 310 180 58.2% Rakuten Investment Management 360 0.2% 356 4 1.0% 564 (204) -36.2% Cathay Securities Investment Trust 356 0.2% 282 74 26.1% 195 161 82.8% Korea Investment Trust Mg 343 0.2% 323 19 6.0% 437 (94) -21.6% Bosera Fund Management Co Ltd 285 0.2% 257 29 11.1% 5,420 (5,134) -94.7% Hanwha Investment Trust Management 227 0.1% 308 (80) -26.1% 99 128 129.4% Mitsubishi UFJ Asset Mg 210 0.1% 165 44 26.8% 240 (30) -12.4% Kokusai Asset Management Co Ltd 183 0.1% 163 20 12.3% 321 (139) -43.1% Woori Asset Management 111 0.1% 377 (266) -70.7% 976 (866) -88.7% China Life AMP Asset Management Co 107 0.1% 27 80 294.5% 257 (151) -58.6% Harvest Fund Management Co 100 0.1% 100 (0) -0.5% 1,347 (1,248) -92.6% Total Top 40 166,772 99.5% 159,546 7,226 4.5% 194,525 (27,753) -14.3%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 43 14 November 2017 ETF Monthly Asia
Index Provider
Figure 81: ETP Monthly Turnover (US$ Million) by Index Provider – Equity (Top 10)
Nikkei
KRX
HSIL
CSI
FTSE
SSE
Topix
Other
S&P Dow Jones
MSCI
- 7,000 14,000 21,000 28,000 35,000
Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 82: ETP Monthly Turnover (US$ Million) by Index Provider – Fixed Income
Other
SSE
Citigroup
Markit iBoxx
Barclays
Maekyung FnGuide
UBS
S&P Dow Jones
Deutsche Bank
KRX
- 20,000 40,000 60,000 80,000 100,000
Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Page 44 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 83: ETP Monthly Turnover (US$ Million) by Index Provider – Commodity
Commodity
S&P Dow Jones
UBS
Other
Nikkei
Reuters/Jefferies
- 500 1,000 1,500 2,000 2,500 3,000
Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Underlying Index/Security
Figure 84: ETP Monthly Turnover (US$ Million) by Underlying Index – Equity (Top 10)
Nikkei 225 Leveraged Index
KOSPI 200 Index
Hang Seng China Enterprise Index
Nikkei 225 Double Inverse Index
Hang Seng Index
FTSE China A50 Index
SSE 50 Index
CSI 300 Index
Nikkei 225
F-KOSPI 200 Index
0 5000 10000 15000 20000 25000
Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 45 14 November 2017 ETF Monthly Asia
Figure 85: ETP Monthly Turnover (US$ Million) by Underlying Index – Fixed Income
Other
China PBOC Benchmark Notice Deposit 7 Day
Active
SSE 5-Year China Treasury Note Index
30 day Bank Bill Swap Rate
Bloomberg Barclays US Treasury 20+ Year Bond…
ICE U.S. Treasury 20+ Year Bond Index
KRW Cash Index TR
ICE U.S. Treasury 7-10 Year Bond Index
Pledgeable urban Investment Bond Index
- 20,000 40,000 60,000 80,000
Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 86: ETP Monthly Turnover (US$ Million) by Underlying Index/Security – Commodity (Top 10
Commodity Gold
S&P GSCI Crude Oil 2X Leveraged Index ER
UBS Bloomberg Constant Maturity Commodity…
S&P GSCI Crude Oil 1X Inverse Index ER
Nomura Crude Oil Long Index
S&P GSCI Crude Oil Excess Reurn Index
S&P GSCI Crude Oil Enhanced Index
S&P GSCI Gold Excess Return Index
S&P WCI Gold Excess Return Index
Commodity Platinum
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Page 46 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
9. ETP - Assets Under Management
Investment Focus
Figure 87: ETP AUM (US$ Million) by Investment Focus – Equity Current Month Prev. Month MoM Change End of 2016 YTD Change Mkt Investment Focus - Equity AUM AUM AUM % AUM AUM AUM % AUM Share % Country 322,093 87.0% 311,266 10,827 3.5% 230,053 92,040 40.0% Regional 4,175 1.1% 4,046 129 3.2% 2,474 1,701 68.7% Sector 13,114 3.5% 12,479 635 5.1% 9,973 3,141 31.5% Size 1,140 0.3% 1,075 65 6.1% 736 404 55.0% Strategy 15,929 4.3% 16,652 (723) -4.3% 15,785 144 0.9% Style 6,104 1.6% 6,109 (5) -0.1% 4,467 1,637 36.7% Thematic 7,460 2.0% 7,099 361 5.1% 5,853 1,607 27.4% Total 370,015 100% 358,725 11,290 3.1% 269,341 100,674 37.4%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 88: ETP AUM (US$ Million) by Investment Focus – Fixed Income Current Month Prev. Month MoM Change End of 2016 YTD Change Mkt Investment Focus - Fixed Income AUM AUM AUM % AUM AUM AUM % AUM Share % Sovereign 8,784 21.4% 8,777 7 0.1% 6,741 2,043 30.3% Corporates 1,416 3.5% 1,427 (11) -0.8% 1,464 (48) -3.3% Money Market 28,392 69.3% 26,904 1,488 5.5% 29,882 (1,491) -5.0% Overall 2,377 5.8% 2,342 35 1.5% 1,071 1,306 122.0% Total 40,968 100% 39,449 1,519 3.8% 39,158 1,811 4.6%
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 89: ETP AUM (US$ Million) by Investment Focus – Commodity Current Month Prev. Month MoM Change End of 2016 YTD Change Mkt Investment Focus - Commodity AUM AUM AUM % AUM AUM AUM % AUM Share % Precious Metals 3,479 72.4% 3,472 8 0.2% 3,607 (127) -3.5% Overall 6 0.1% 7 (1) -14.8% 8 (1) -114.2% Energy 1,231 25.6% 1,290 (59) -4.6% 1,243 (12) -1.0% Agriculture 72 1.5% 73 (1) -1.0% 50 23 45.5% Industrial Metals 16 0.3% 15 0 2.6% 13 3 22.9% Total 4,804 100% 4,857 (53) -1.1% 4,920 (116) -2.3%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 47 14 November 2017 ETF Monthly Asia
Sub Segment
Figure 90: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity Current Month Prev. Month MoM Change End of 2016 YTD Change Investment Focus Mkt AUM AUM AUM % AUM AUM AUM % AUM Sub Segment - Equity Share % Country Asia Pac Developed 262,397 70.9% 253,382 9,014 3.6% 180,333 82,064 45.5% Developed non-Asia Pac 479 0.1% 480 (1) -0.3% 338 141 41.8% Emerging Country 59,218 16.0% 57,404 1,814 3.2% 49,383 9,835 19.9%
Regional Asia Pacific 76 0.0% 73 3 4.4% 68 8 12.3% Asia Pacific ex-Japan 1,963 0.5% 1,876 87 4.6% 1,120 843 75.3% Emerging Markets 268 0.1% 261 6 2.4% 160 108 67.8% Global 1,393 0.4% 1,371 22 1.6% 911 481 52.8% Greater China 78 0.0% 75 3 3.9% 46 31 67.6%
Sector Other Sector 908 0.2% 850 58 6.8% 483 424 87.8% Asian Country 11,999 3.2% 11,477 522 4.5% 9,456 2,544 26.9%
Size Large Cap 793 0.2% 734 58 7.9% 470 323 68.7% Mid Cap 147 0.0% 144 3 1.9% 116 31 27.1% Small Cap 201 0.1% 196 4 2.3% 150 50 33.6%
Style Growth 1,148 0.3% 1,167 (19) -1.6% 958 190 19.8% Value 262 0.1% 284 (22) -7.6% 219 43 19.5% Dividend 4,694 1.3% 4,658 36 0.8% 3,289 1,404 42.7%
Strategy Short 4,800 1.3% 5,099 (299) -5.9% 5,259 (459) -8.7% Leveraged 6,124 1.7% 7,094 (970) -13.7% 7,228 (1,104) -15.3% Quantitative 1,164 0.3% 1,041 123 11.8% 593 572 96.4% Fundamental 834 0.2% 804 30 3.7% 544 290 53.2%
Thematic Sustainability 236 0.1% 219 17 7.6% 61 175 285.1% Commodities 41 0.0% 41 (0) -0.1% 33 8 24.3% Other Theme 7,182 1.9% 6,838 344 5.0% 5,758 1,424 24.7% Total 370,015 100% 358,725 11,290 3.1% 269,341 100,674 37.4%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 48 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 91: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity Current Month Prev. Month MoM Change End of 2016 YTD Change Investment Focus Mkt AUM AUM AUM % AUM AUM AUM % AUM Sub Segment - Commodity Share % Overall Overall 6 0.1% 7 (1) n.a 8 (1) -18.0% Agriculture Overall 52 1.1% 51 1 1.2% 45 7 14.9% Soybeans 14 0.3% 16 (1) -8.6% 5 10 204.8% Grains 6 0.1% 6 0 0.2% - 6 n.a
Energy Crude Oil 1,231 25.6% 1,290 (59) -4.6% 1,243 (12) -1.0%
Industrial Metals Overall 3 0.1% 3 0 6.4% 2 1 29.7% Copper 12 0.3% 12 0 1.7% 10 2 21.3%
Precious Metals Overall 8 0.2% 8 0 0.8% 7 1 14.8% Gold 3,259 67.9% 3,251 7 0.2% 3,392 (133) -3.9% Palladium 6 0.1% 6 0 5.3% 6 (0) -2.2% Platinum 98 2.0% 98 (1) -0.6% 103 (5) -4.6% Silver 109 2.3% 109 0 0.3% 99 10 9.8% Total 4,804 100.1% 4,857 (53) -1.1% 4,920 (116) -2.3%
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 49 14 November 2017 ETF Monthly Asia
Issuer
Figure 92: ETP AUM (US$ Million) by Top 40 Local Issuer Current Month Prev. Month MoM Change End of 2016 YTD Change Mkt Issuer AUM AUM AUM % AUM AUM AUM % AUM Share % Nomura Asset Management 115,276 27.7% 110,814 4,462 4.0% 79,781 35,495 44.5% Nikko Asset Management 52,075 12.5% 52,660 (585) -1.1% 35,341 16,734 47.4% Daiwa Asset Management 51,245 12.3% 48,452 2,793 5.8% 34,148 17,097 50.1% Mitsubishi UFJ Asset Mg 20,814 5.0% 19,410 1,404 7.2% 14,028 6,786 48.4% State Street 20,188 4.8% 20,384 (196) -1.0% 18,103 2,085 11.5% BlackRock 15,149 3.6% 14,729 420 2.9% 11,965 3,184 26.6% Samsung Asset Management 13,814 3.3% 13,570 244 1.8% 10,472 3,342 31.9% Hang Seng Investment Management 11,828 2.8% 11,670 158 1.4% 11,503 325 2.8% China Asset Management 11,268 2.7% 11,175 93 0.8% 8,991 2,277 25.3% Fortune SGAM Fund Management 10,549 2.5% 10,161 389 3.8% 8,984 1,565 17.4% Yuanta Securities Inv trust Co Ltd. 7,206 1.7% 7,659 (453) -5.9% 5,878 1,327 22.6% Mirae Asset MAPS Global Investments 6,359 1.5% 5,865 494 8.4% 4,784 1,574 32.9% Vanguard 5,560 1.3% 5,582 (22) -0.4% 3,695 1,866 50.5% Yinhua Fund Management 5,223 1.3% 4,533 690 15.2% 3,399 1,824 53.7% China Southern Fund Management Co Ltd 4,921 1.2% 4,826 96 2.0% 6,423 (1,502) -23.4% DIAM Asset Management 4,920 1.2% 3,996 924 23.1% 3,823 1,097 28.7% E Fund Management 3,997 1.0% 3,901 96 2.5% 4,336 (338) -7.8% Huaan Fund Management 3,936 0.9% 3,849 88 2.3% 4,096 (159) -3.9% Huatai-PineBridge Fund Management Co 3,848 0.9% 3,675 173 4.7% 3,436 412 12.0% CSOP Asset Management 3,752 0.9% 3,704 48 1.3% 2,640 1,112 42.1% BetaShares Capital Ltd 3,165 0.8% 3,123 42 1.3% 2,237 928 41.5% Harvest Fund Management Co 3,115 0.7% 3,080 34 1.1% 2,844 271 9.5% CCB Principal Asset Management Co Ltd. 2,955 0.7% 2,325 630 27.1% 806 2,149 266.7% Fubon Securities Investment Trust Co 2,538 0.6% 2,465 73 3.0% 1,842 696 37.8% China Universal Asset Management Co 2,321 0.6% 2,450 (129) -5.3% 3,393 (1,072) -31.6% KB Asset Management 2,174 0.5% 2,175 (1) -0.1% 1,712 462 27.0% Reliance Capital Asset Management 1,897 0.5% 1,729 168 9.7% 656 1,240 189.0% Hanwha Investment Trust Management 1,811 0.4% 1,664 146 8.8% 1,059 752 71.1% Korea Investment Trust Mg 1,457 0.3% 1,301 156 12.0% 1,104 353 32.0% Smartshares Ltd 1,330 0.3% 1,340 (9) -0.7% 1,110 220 19.9% Simplex Asset Management Co Ltd 1,268 0.3% 1,271 (3) -0.2% 1,453 (185) -12.7% GF Fund Management Co Ltd 1,065 0.3% 1,309 (244) -18.6% 839 226 26.9% UTI Asset Management 1,057 0.3% 914 143 15.7% 244 813 333.6% NZAM 1,017 0.2% 1,040 (23) -2.2% 916 101 11.0% Woori Asset Management 989 0.2% 932 57 6.1% 825 163 19.8% Cathay Securities Investment Trust 983 0.2% 941 42 4.4% 376 607 161.6% Sumitomo Mitsui Asset Management 976 0.2% 953 23 2.4% 487 489 100.3% SBI Funds Management 900 0.2% 856 43 5.1% 707 193 27.3% Guotai Asset Management Co Ltd 871 0.2% 829 42 5.0% 759 112 14.8% Van Eck Funds 817 0.2% 762 56 7.3% 386 431 111.5% Total Top 40 404,632 97.1% 392,072 12,560 3.2% 299,580 105,052 35.1%
Source: Deutsche Bank, Bloomberg Finance LP.
Page 50 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Index Provider
Figure 93: ETP AUM (US$ Million) by Index Provider – Equity (Top 10)
Nikkei
Topix
HSIL
CSI
KRX
Other
SSE
FTSE
S&P Dow Jones
MSCI
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 94: ETP AUM (US$ Million) by Index Provider – Fixed Income
Other
Markit iBoxx
S&P Dow Jones
Citigroup
Barclays
Deutsche Bank
UBS
KRX
Maekyung FnGuide
SSE
- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 51 14 November 2017 ETF Monthly Asia
Figure 95: ETP AUM (US$ Million) by Index Provider – Commodity
Commodity
S&P Dow Jones
UBS
Other
Nikkei
- 500 1,000 1,500 2,000 2,500 3,000 3,500
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Underlying Index/Security
Figure 96: ETP AUM (US$ Million) by Underlying Index – Equity (Top 10)
TOPIX
Nikkei 225
Hang Seng Index
KOSPI 200 Index
CSI 300 Index
JPX Nikkei Index 400
FTSE China A50 Index
Hang Seng China Enterprise Index
SSE 50 Index
TSE REIT Index
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Page 52 Deutsche Bank AG/London 14 November 2017 ETF Monthly Asia
Figure 97: ETP AUM (US$ Million) by Underlying Index – Fixed Income (Top 10)
Other
iBoxx ABF Pan-Asia Index
China PBOC Benchmark Notice Deposit 7 Day
KRW Cash Index TR
30 day Bank Bill Swap Rate
ICE U.S. Treasury 20+ Year Bond Index
Pledgeable urban Investment Bond Index
KRW Cash Plus Index
KIS MSB 3M Index
iBoxx ABF Singapore Bond Index
- 5,000 10,000 15,000 20,000 25,000
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 98: ETP AUM (US$ Million) by Underlying Index/Security – Commodity (Top 10)
Commodity Gold
UBS Bloomberg Constant Maturity Commodity…
Nomura Crude Oil Long Index
S&P GSCI Crude Oil Excess Reurn Index
S&P GSCI Crude Oil Enhanced Index
S&P GSCI Crude Oil 2X Leveraged Index ER
Commodity Platinum
Commodity Silver
S&P GSCI Crude Oil 1X Inverse Index ER
S&P GSCI Agriculture Enhanced Select Index
- 1,000 2,000 3,000 4,000 AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP.
Deutsche Bank AG/London Page 53 14 November 2017 ETF Monthly Asia
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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Appendix A: Glossary
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Appendix B: How we define ETPs
Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange- traded vehicles (US).
The figure below provides a summary of our current coverage universe by region and structure type as on 30 December 2016.
The vast majority of instruments are ETFs (97.4%, 4,779 products, $3,422bn) with the remainder being ETCs (0.8%, 474 products, $26.5bn) in Europe and ETVs (1.8%, 64 products, $61.7bn) in the US.
Figure 99: ETP Coverage Universe Summary
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Exchange-Traded Funds (ETFs, 97.4%) US (70.4%): 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 (15.5%): 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 (8.9%): Both European and US ETFs are cross sold into the Asian market.
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Exchange-Traded Collateralized Instruments (2.6%) Exchange-Traded Commodities (ETCs, 0.8%) 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, 1.8%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.
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Appendix 1
Important Disclosures *Other 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. Aside from within this report, important conflict disclosures can also be found at https://gm/db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra
Hypothetical Disclaimer
Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record based on trading actual client portfolios, simulated results are achieved by means of the retroactive application of a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtesting of performance also differs from actual account performance because an actual investment strategy may be adjusted any time, for any reason, including a response to material, economic or market factors. The backtested performance includes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction of advisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid. No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar to those shown. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the analysis.
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. Newly issued research recommendations and target prices supersede previously published research.
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Deutsche Bank AG/London Page 59 14 November 2017 ETF Monthly Asia
Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay fixed or variable interest rates. For an investor who is long fixed-rate instruments (thus receiving these cash flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or liquidation of positions), and settlement issues related to local clearing houses are also important risk factors. The sensitivity of fixed- income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates – these are common in emerging markets. The index fixings may – by construction – lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. Funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Options on swaps (swaptions) the risks typical to options in addition to the risks related to rates movements. ? ? Derivative transactions involve numerous risks including market, counterparty default and illiquidity risk. The appropriateness of these products for use by investors depends on the investors' own circumstances, including their tax position, their regulatory environment and the nature of their other assets and liabilities; as such, investors should take expert legal and financial advice before entering into any transaction similar to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited – up to theoretically unlimited losses. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option, investors must review the "Characteristics and Risks of Standardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website, please contact your Deutsche Bank representative for a copy of this important document. ? ? Participants in foreign exchange transactions may incur risks arising from several factors, including: (i) exchange rates can be volatile and are subject to large fluctuations; (ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government-imposed exchange controls, which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk. ? ? Deutsche Bank is not acting as a financial adviser, consultant or fiduciary to you or any of your agents with respect to any information provided in this report. Deutsche Bank does not provide investment, legal, tax or accounting advice, and is not acting as an impartial adviser. Information contained herein is being provided on the basis that the recipient will make an independent assessment of the merits of any investment decision, and is not meant for retirement accounts or for any specific person or account type. The information we provide is directed only to persons we believe to be financially sophisticated, who are capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies, and who understand that Deutsche Bank has financial interests in the offering of its products and services. If this is not the case, or if you or your agent are an IRA or other retail investor receiving this directly from us, we ask that you inform us immediately.
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