14 February 2017 Asia-Pac Monthly ETF Insights

Deutsche Bank Markets Research

Asia Synthetic Equity & Index Strategy Date Asia-Pac Monthly 14 February 2017 ETF Insights

Offshore and Local Both Buy Japan and Sell China Equities Data in this report is as of 31st January 2017 Shan Lan Strategist Global ETP assets closed the month at $3.65 trillion supported by positive +852-22036716 markets and healthy inflows Global ETP AUM moved to its peak during last month and closed at $3.65 trillion, Ari Rajendra supported by healthy inflows and positive markets. It is worth highlighting that Strategist on a month-over-month basis global ETP AUM is up by 3.9% ($534bn). Asia-Pac +44-20-754-52282 listed ETP assets closed the month at $331.1bn which is again the highest level so far for the region. ETPs listed globally (ex-RoW) received strong inflows of about + Sebastian Mercado, CFA $60bn in January. Although January inflows were dominated by US ETPs bringing Strategist in massive +$41.8bn in new money, Europe and Asia-Pac ETPs also followed the +1-212-250-8690 suite attracting +$11.9bn and +$6.1bn worth of inflows respectively.

Global investor positioning: Broad DM, EM and Europe preferred, Inflows to Japan, outflows from China Based on January flows to ETFs listed globally with regional focus, Broad (global) Releated recent research DM have been most favored receiving major inflows, followed by Broad (global) ETF Annual Review & Outlook - 31-Jan-17 EM and DM Europe. After experiencing outflows for almost entire year in 2016, $4 trillion Global ETF market in DM Europe received its second consecutive monthly inflows in January this year. sight for 2017 Major European indices (such as Stoxx 600, E-STOXX50 & MSCI Europe) reacted positively on ECB announcement during early December regarding extended QE programme until end of 2017.

Equity ETFs listed globally (offshore only) with investment focus in the Asia- Pacific region closed the month at $122.6bn. These ETFs recorded inflows in January totaling +$384mn on net basis. Major flow drivers were Japan and China focused ETFs. Japan focused ETFs which saw significant outflows in 2016 (- $12.3bn) received inflows in January (+$1.1bn) while China ETFs continue to see redemptions recording outflows of -$670mn over the last month.

Asia-Pac listed ETP Flows: Strong inflow into Japanese equities while outflow from China money market Asia-Pac listed ETPs started the year with strong inflows of +$6.1bn in January. Equity ETFs received notable inflows of +$9.1bn which were partially offset by outflows from fixed income ETFs (-$3bn). Equity ETF flows were primarily contributed by Japan-focused ETFs attracting +$8.9bn in new money which may have been driven by Bank of Japan purchases. On the contrary, China and Korea focused ETFs lost over -$300mn each in outflow during January. Fixed income ETF outflows were driven by China money market ETFs recording outflows of

Distributed on: 14/02/2017 13:27:09 GMT Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 057/04/2016. 14 February 2017 Asia-Pac Monthly ETF Insights

-$3.3bn over the last month. This may be partially because Chinese investors pulled out heavily from money market ETFs as the equity markets delivered good returns in January.

New launches: 9 in Asia and 1 RQFII ETF in Europe During November 2016, Asia-Pac ETP market witnessed 9 new ETF launches with various exposures around US treasury, money market, equity sectors, ESG etc. In addition, one RQFII ETF was launched in Europe providing exposure to China A shares.

Page 2 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Table Of Contents

1. Market and Industry Overview ...... 4 Market review: Equity markets start the year with bullish sentime ...... 4 Global ETP assets at all time high level of $3.65 trillion ...... 5 ETFs vs. Mutual Funds in Asia Pac ...... 7 2. Global ETF Investment Trends ...... 8 Regional positioning: Broad DM, EM and Europe preferred ...... 8 Global Investor positioning in Asia: Inflows to Japan, outflows f ...... 8 ETF investment trends in the US and European markets ...... 10 3. Asia-Pac Listed ETF Activity Summary ...... 12 Strong inflow into Japanese equities while outflow from China m ...... 12 4. Product Insights ...... 14 New launches – 9 in Asia and 1 RQFII ETF in Europe ...... 14 5. Performance and Growth ...... 15 Performance and growth for Asia-Pac focused ETFs listed globally ...... 15 Top ETPs – Asia-Pac listed ...... 17 Top ETPs – Other regions with Asia-Pac focus ...... 20 6. Asia-Pac Listed ETPs - Statistics ...... 24 Country Breakdown ...... 26 Issuer Rankings ...... 27 7. ETP - Net Flows ...... 34 Investment Focus ...... 34 Sub Segment ...... 35 Issuer ...... 38 Index Provider ...... 39 Underlying Index/Security ...... 40 8. ETP - Turnover ...... 41 Investment Focus ...... 41 Sub Segment ...... 43 Exchange ...... 45 Issuer ...... 46 Index Provider ...... 47 Underlying Index/Security ...... 48 9. ETP - Assets Under Management ...... 50 Investment Focus ...... 50 Sub Segment ...... 52 Issuer ...... 54 Index Provider ...... 55 Underlying Index/Security ...... 56 Appendix A: Glossary ...... 59 Appendix B: How we define ETPs ...... 60

Deutsche Bank AG/Hong Kong Page 3 14 February 2017 Asia-Pac Monthly ETF Insights

1. Market and Industry Overview

Market review: Equity markets start the year with bullish sentiments

It was a great start of the year for global equity markets when most of the major markets were strongly positive. Within Asia-Pac region, Hong Kong and Singapore were the best performers in January with about 6% return, although Australia and Japan returned slightly negative. Broad Asia-Pac market return was also about 5% over the last month. Outside Asia-Pac region, US markets provided positive returns while Europe retreated marginally.

Following is the snapshot of major benchmarks’ recent performance:

Figure 1: Major Benchmark Performance Jan - 17 Dec - 16 Benchmarks 2016 TTM (MoM) (MoM) Japan (Nikkei 225) -0.38% 4.40% 0.42% 8.69% South Korea (KOSPI2) 3.11% 2.26% 8.17% 15.51% China (CSI 300) 2.35% -6.44% -11.28% 15.00% Taiwan (TWSE) 2.10% 0.14% 10.98% 16.92% Hong Kong (HSI) 6.18% -3.46% 0.39% 18.68% India (Sensex) 3.87% -0.10% 1.95% 11.20% Singapore (FSSTI) 5.76% -0.84% -0.07% 15.89% Australia (S&P/ASX 200) -0.79% 4.14% 6.98% 12.29% US (S&P 500) 1.79% 1.82% 9.54% 17.45% Europe (STOXX Europe 600) -0.36% 5.68% -1.20% 5.22% Asia-Pac (MSCI AC Asia Pacific - MXAP) 4.94% -0.46% 2.33% 16.74% EM (MSCI Emerging Markets - MXEF) 5.45% -0.06% 8.58% 22.48%

Source: Deutsche Bank, Bloomberg Finance LP

Figure 2: Jan-17 (MoM) benchmark performance Figure 3: Trailing 12 Month benchmark performance

107 125 HSI HSI

106 120 HSI 0) 0) FSSTI S&P 500 0 0 1 1 ( ( 105 HSI 115 d d

e Sensex TWSE se s 110 a a 104 b b e e KOSPI2 FSSTI

R 105 R 103 ls ls e e CSI 300 KOSPI2 v v 102 100 e e L L x x 101 TWSE 95 CSI 300 de de n n I I 100 S&P 500 90 S&P/ASX 200 STOXX Europe 600 85 99 STOXX Europe Sensex S&P/ASX 600 98 80 Nikkei 225 Nikkei 225

S&P/ASX 200 STOXX Europe 600

Source: Deutsche Bank, Bloomberg Finance LP Source: Deutsche Bank, Bloomberg Finance LP

Page 4 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Global ETP assets at all time high level of $3.65 trillion

Global ETP assets closed the month at $3.65 trillion supported by positive markets and healthy inflows Global ETP AUM moved to its peak during last month and closed at $3.65 trillion, supported by healthy inflows and positive markets. It is worth highlighting that on a month-over-month basis global ETP AUM is up by 3.9% ($534bn). Asia-Pac listed ETP assets closed the month at $331.1bn which is again the highest level so far for the region.

ETPs listed globally (ex-RoW) received strong inflows of about +$60bn in January. Although January inflows were dominated by US ETPs bringing in massive +$41.8bn in new money, Europe and Asia-Pac ETPs also followed the suite attracting +$11.9bn and +$6.1bn worth of inflows respectively. This was the second consecutive month when global ETPs received strong inflows of close to +$60bn, although it was distributed slightly differently among the regions in December. On asset class level, equity and fixed income drove the inflows contributing +$45.7bn and +$14bn inflows respectively.

Asia-Pac ETP AUM at $331bn with notable inflows Asia-Pac listed ETP assets closed the month at all time high level of $331.1bn. These ETPs registered notable inflows of +$6.1bn in January, primarily into Japan focused ETFs and partially offset by China money market ETFs.

Figure 4: Global ETP regional asset growth historically

4,000

3,500

3,000

) 2,500 n b $ ( 2,000 M U A 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 99.1 Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 331.1 Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.3 595.0 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 2,624.0 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 3,512.2 3,649.2

*As of last month except for RoW which is as of 13 Feb 2017 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 5 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 5: Global flows summary by region Figure 6: Regional flows as a % of AUM

70,000 16.0% 60,000 14.0% M

12.0% U )

n 50,000 A 10.0% f m o $ 40,000 8.0% ( % s 6.0% a w 30,000 s o

l 4.0% a F s t 20,000 2.0% e w o N 10,000 l 0.0% F t -2.0% - e N -4.0% (10,000) Jan-17 Dec-16 2016 2016 (Monthy Jan-17 Dec-16 Asia-Pac 1.9% -1.5% 10.8% Avg.) Europe 2.1% 0.7% 10.8% Asia-Pac 6,067 (4,845) 2,558 US 1.7% 2.5% 13.4% Europe 11,919 3,645 4,573 US 41,822 61,175 23,673

Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters

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ETFs vs. Mutual Funds in Asia Pac

Asia-Pac ETPs comprised 6.7% of the continent’s mutual fund industry as of Q3 2016 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 17.5% while Europe ETPs comprised 3.7% of respective region’s mutual fund industry as of Q3 2016. Within Asia-Pac, Taiwan is on the top with ETP assets accounting for 16.4% of mutual fund assets, followed by Japan ETP assets accounting for 12.3% of mutual fund assets.

Figure 7: Asia-Pac ETP vs. mutual fund assets

350,000 7.0%

300,000 6.5%

250,000 6.0% 200,000 5.5% 150,000 5.0%

ETP AUM ($mn)ETP 100,000 ETP vs Mutual Funds vs Mutual Funds ETP 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 Q2'16 Q3'16 ETP AUM 171,174 189,629 190,061 206,844 228,083 243,236 267,534 283,865 294,131 298,102 327,288 ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.7% 6.4% 6.5% 6.5% 6.7%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

Figure 8: Asia-Pac ETP vs. mutual fund flows

30.0%

25.0%

20.0%

15.0%

10.0% ($mn)

5.0%

0.0% Quarterly Flows as a % of AUM AUM a % of as Flows Quarterly -5.0% Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.4% 5.8% -0.3% 1.6% 3.4% ETPs 5.8% -0.2% 1.1% 1.9% 2.0% 26.9% -0.4% 7.6% 0.6% 4.4%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI

Deutsche Bank AG/Hong Kong Page 7 14 February 2017 Asia-Pac Monthly ETF Insights

2. Global ETF Investment Trends

Regional positioning: Broad DM, EM and Europe preferred

Based on January flows to ETFs listed globally with regional focus, Broad (global) DM have been most favored receiving major inflows, followed by Broad (global) EM and DM Europe. After experiencing outflows for almost entire year in 2016, DM Europe received its second consecutive monthly inflows in January this year. Major European indices (such as Stoxx 600, E-STOXX50 & MSCI Europe) reacted positively on the ECB announcement during early December regarding extended QE programme until end of 2017.

Figure 9: Broad market flows movement – Jan 2017* Figure 10: Broad market flows movement – 2016* 8.0 40

) ) n n 30 b b 6.0 $ $ ( ( 20 s s w w 4.0 10 o o l l F F - 2.0 e iv ive t t (10) la la u u 0.0 (20) m m u u C C (30) -2.0 (40)

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: Inflows to Japan, outflows from China

Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region closed the month at $122.6bn, 4.4% above previous month's closing.

These ETFs recorded inflows in January totaling +$384mn on net basis. Major flow drivers were Japan and China focused ETFs. Japan focused ETFs which saw significant outflows in 2016 (-$12.3bn) received inflows in January (+$1.1bn) while China ETFs continue to see redemptions recording outflows of -$670mn over the last month.

Page 8 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 11: Offshore equity ETFs listed globally with investment focus in Asia* Net Flows ($ million) AUM ($ million) % of % of Investment Focus Jan-17 Dec-16 Nov-16 Jan-17 Dec-16 Dec-15 AUM AUM Emerging Markets Bangladesh 0 0.0% 0 0 1 4.8% 27 25 22 China -670 -2.4% -1,065 -761 -3,652 -10.5% 29,163 28,477 34,628 India -11 -0.1% -122 -260 -574 -6.1% 9,056 8,667 9,470 Indonesia -12 -1.7% -43 -112 170 35.3% 727 739 483 Malaysia 3 1.1% -1 -28 65 24.2% 310 297 270 Pakistan 16 33.2% -1 -2 9 33.4% 64 48 28 Philippines 17 8.3% 15 -38 -87 -29.0% 232 203 300 South Korea -23 -0.6% -282 -327 -806 -18.1% 4,136 3,897 4,462 Taiwan 1 0.0% -61 35 -472 -13.9% 3,408 3,243 3,396 Thailand 1 0.3% 28 -23 111 43.5% 445 427 255 Vietnam 1 0.2% -51 -33 -166 -22.6% 534 518 733 EM Asia Broad 35 1.6% -259 -195 200 10.6% 2,335 2,170 1,888 Total -642 -1.3% -1,843 -1,745 -5,200 -9.3% 50,436 48,711 55,936 Developed Markets Australia 82 2.4% -68 88 765 31.4% 3,621 3,396 2,432 Hong Kong -236 -9.8% -124 25 -587 -19.3% 2,334 2,410 3,037 Japan 1,099 2.4% 1,858 1,499 -12,252 -20.1% 48,634 46,353 60,823 New Zealand 0 0.0% -6 -28 42 56.8% 123 114 74 Singapore -6 -1.1% -20 9 -19 -3.1% 604 564 607 DM Asia Broad 194 2.0% 46 165 1,349 16.8% 10,426 9,712 8,051 Total 1,133 1.8% 1,685 1,757 -10,701 -14.3% 65,743 62,549 75,024 Asia Broad Indices -107 -1.7% -284 -184 -649 -9.8% 6,435 6,160 6,660 Grand Total 384 0.3% -442 -172 -16,550 -12.0% 122,615 117,420 137,620

*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 12: Flows by DM country – Jan 2017* Figure 13: Flows by DM country – 2016*

Japan Australia

Australia New Zealand

New Zealand Singapore

Singapore Hong Kong

Hong Kong Japan

-400 -200 0 200 400 600 800 1,000 1,200 -14,000 -11,000 -8,000 -5,000 -2,000 1,000 Jan. Flows ($mn) 2016 Flows ($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

Deutsche Bank AG/Hong Kong Page 9 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 14: Flows by EM country – Jan 2017* Figure 15: Flows by EM country – 2016*

Philippines Indonesia

Malaysia Thailand

Thailand Malaysia

Taiwan Philippines

Vietnam Vietnam

India Taiwan

Indonesia India

South Korea South Korea

China China

-800 -700 -600 -500 -400 -300 -200 -100 0 100 -4,000 -3,000 -2,000 -1,000 0 1,000 Jan. Flows ($mn) 2016 Flows ($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

ETF investment trends in the US and European markets

Europe: Strong monthly inflow of €11.2bn European domiciled ETPs registered strong inflows of +€11.2bn. Equity ETFs were dominant where there were inflows of +€7.2bn followed by Fixed Income ETFs and Commodity ETPs with inflows of +€2.9bn and +€1.2bn respectively. ETPs AUM increased by €10bn on MoM basis and ended the month at €551bn. By asset class, Equity ETFs had assets worth of €366bn while Fixed Income ETFs and Commodity ETPs had assets worth of €139bn and €25.5bn respectively.

European equities benefit ahead of ECB announcements, US, Switzerland and Russian equities also performed well:

ETFs tracking European indices (predominantly E-STOXX50 & MSCI Europe) reacted positively on ECB announcement in early December regarding extended QE programme untill end of 2017 and experienced inflows of +€1bn (-€6bn outflows for 2016). Within Country, US equities performed very well ahead a so called Trump's 'America First' approach to benefit US economy and businesses. We observed net monthly inflows of +€1.8bn (+€8bn in 2016) into US-focused ETFs in Jan'17. Other specific country ETFs that gained assets in January include Switzerland (+€614mn), UK (+€149mn) and Germany (+€132mn).

Within the Emerging Markets space, redemptions were observed again in January. Investors sold out of Global Emerging Markets focused ETFs where we observed net outflows of -€397mn. Russia in particular stood out where there were net inflows of +€102mn.

Dividend and Value ETFs gathered flows, Financials and Small Cap also gain: European Investors invested another +€1.2bn into Smart Beta ETFs during last month. Smart Beta strategies are gaining significant investor attentions with assets base reached at €46bn and 283 listed products at the end of Jan'17. Dividend and Factor ETFs were the most popular Smart Beta sub-segments with inflows of +€0.5bn and +€0.4bn respectively. Within Factor ETFs, special mention goes to Value ETFs where we have observed increased flow activity (€305mn) since Oct.

Page 10 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Financial sector ETFs stood out with monthly inflows of +€0.3bn during last month. Financial sector ETFs gained momentum since September last year where we observed +€1.4bn of flows so far ( Sep'16 to Jan'16) whereas rest of the period in 2016 saw redemptions worth of -€0.4bn. Small caps ETFs were also showed their presence during the January with inflows of +€253mn which was more than 50% of total inflows in 2016 (+€471mn).

Fixed Income benefitted post ECB announcement: Fixed Income continued its positive run in 2017 with healthy monthly inflows of +€2.9bn (+€22.8bn inflows in 2016). The Flows in the Fixed Income space has been supported by ECB's bond buying programme. ECB in its recent announcement had extended the QE till the end of 2017. We expect the positive flow trend in 2017 into Fixed Income space despite the ECB's monthly tempering from €80bn to €60bn.

Commodity ETPs draw inflows worth of €1.2bn: Commodity ETPs market witness inflows of +€1.2bn (+€9.8bn inflows in 2016). Within Commodity, Broad commodity (+€0.7bn) and Gold ETPs (+€0.4bn) collected most of overall commodity flows bunch. After receiving selling pressure for almost five years, Commodity ETPs made a come back in 2016 with massive inflows of +€9.8bn, which were primarily into Gold ETPs.

US: Equity and Fixed Income gain while Commodity witness outflows US domiciled ETPs continued the positive run in 2017 and recorded inflows of +$42bn in January (+$61bn in Dec’16) . Equity ETFs lead the rally with healthy inflows of +$29bn followed by inflows into fixed income ETFs (+$13.8bn). Commodity ETPs continued the negative trend and recorded outflows of -$0.9bn during Jan'17 (-$3.8bn in Dec'16).

Global EM, US & Japan Equities witness inflows: Global EM, US and Japan focused ETF continued their positive run in January and registered inflows of + $3bn, +$1.4bn and +$1.1bn respectively. US investors also favored UK focused ETFs during January and recorded inflows worth of +$448mn.

Outflows continue from European Equities and Asia-Pacific showed mixed trend: European exposed ETFs listed in US had outflows of -$0.4bn (-$0.2bn in Oct’16) during January which is contrary to Europe listed European exposure ETFs where we observed inflows worth of +€1bn over the last month while Asia Pacific focused ETFs showed mixed trends over the last month where Japan and Australia recorded inflows of +$1.1bn and +$122mn while Hong Kong and China focused ETFs witness outflows of -$211mn and -$102mn respectively.

IG corporate bonds dominates with Fixed Income: Fixed Income ETFs registered inflows of +$13.8bn where Corporate and Sovereign Bonds had inflows of + $5.9bn and +$3.5bn. Investment grade bonds had showed their strong presence within Fixed Income space (+$11.5bn).

Outflows continues from Commodity ETPs: Commodity ETPs continued the previous month’s trend and experienced outflows of -$0.9bn in January. Gold and Crude Oil ETPs saw the maximum selling pressure with monthly outflows of - $759mn and -$139mn respectively.

Deutsche Bank AG/Hong Kong Page 11 14 February 2017 Asia-Pac Monthly ETF Insights

3. Asia-Pac Listed ETF Activity Summary

Strong inflow into Japanese equities while outflow from China money market

Asia-Pac listed ETPs started the year with strong inflows of +$6.1bn in January. Equity ETFs received notable inflows of +$9.1bn which were partially offset by outflows from fixed income ETFs (-$3bn).

Equity ETF flows were primarily contributed by Japan-focused ETFs attracting + $8.9bn in new money which may have been driven by Bank of Japan purchases. On the contrary, China and Korea-focused ETFs lost over -$300mn each in outflow during January.

Fixed income ETF outflows were driven by China money market ETFs recording outflows of -$3.3bn over the last month. This may be partially because Chinese investors pulled out heavily from money market ETFs as the equity markets delivered good returns in January.

Figure 16: Major flow activity by country – Jan 2017 Figure 17: Major flow activity by country – 2016

) 12 ) 50 n n b 10 b 40 $ $ ( ( s 8 s 30 w 6 w o o l l 20 F 4 F t t 10 e 2 e N N - e - e iv (2) tiv (10) lat la u (4) u (20) m m u (6) u (30) C C

Japan South Korea China Taiwan Japan China Hong Kong Taiwan India Hong Kong Australia South Korea Australia India

*Includes Asia listed equity and fixed income ETFs by investment focus country *Includes Asia listed equity and fixed income ETFs by investment focus country Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Wins and losses: At ETP level, largest inflows were received by TOPIX ETF (1306 JP), Daiwa ETF - Topix (1305 JP) and Nomura Nikkei 225 ETF (1321 JP) collecting +$2.3bn, +$1.1bn and +$1bn respectively. Largest redemptions were experienced by China Southern Cash Management Money Market Fund ETF (511810 CH), Fullgoal Shouyibao Exchange Traded Money Market Fund (511900 CH) and Bosera Security Deposit Real-time Traded Money Market Fund (511860 CH) with outflows of -$1.9bn, -$1bn and -$550mn respectively.

Turnover: Floor activity at $114bn in January After witnessing extra ordinary turnover activity in November and December, Asia-Pac listed ETP turnover lowered in January and totaled $113.8bn, mostly impacted by Chinese new year holidays. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $59.2bn, followed by Japan ($32.3bn), South Korea ($10.8bn), and Hong Kong ($7.3bn).

Page 12 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

At ETP level, Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Fortune SGAM Xianjin Tianyi Money Market (511990 CH) and Yinhua Traded Money Market Fund (511880 CH) were the most traded products of the month recording total turnovers of $21bn, $18bn and $10.4bn respectively.

AUM: Assets set new high in 2017 at above $330bn Asia-Pac listed ETP assets closed the month of January at $331.1bn with 5.3% or $16.7bn increase on MoM basis. This is the highest ever asset level for Asian ETPs on record.

Deutsche Bank AG/Hong Kong Page 13 14 February 2017 Asia-Pac Monthly ETF Insights

4. Product Insights

New launches – 9 in Asia and 1 RQFII ETF in Europe

Asia-Pac listings: 9 new ETFs launched around US treasury, money market, equity sectors, ESG During January 2017, Asia-Pac ETP market recorded 9 new launches which include 5 fixed income and 4 equity ETFs.

Yuanta Securities Investment Trust listed three fixed income ETFs on Taiwan Stock Exchange. These ETFs track long term US treasuries with one ETF providing long only exposure, one is 2x long and another provides inverse exposure.

China Asset Management listed one money market ETF on Shanghai Stock Exchange while Hanwha Investment Trust Management listed another money market ETF on Korea Stock Exchange.

Four equity ETFs were launched by various issuers providing exposure to US healthcare sector, China IT sector, global sustainability leaders and Korean preferred stocks.

Europe - New RQFII ETF One ETF was launched in Europe providing exposure to Chinese A shares. This is a RQFII ETF listed by GF International Fund Management on London Stock Exchange. This is the 10th RQFII ETF in Europe and 47th globally.

Figure 18: New Launches in January

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 14 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

5. Performance and Growth

Performance and growth for Asia-Pac focused ETFs listed globally

ETF Performance - Outperformers and underperformers One ETF focusing on Indian small caps was the top performing ETF of the month while an ETF tracking S&P 500 VIX Short-Term Futures Index was least performer of the month.

Figure 19: Top 10 best performance

ETF Name Bloomberg Underlying Index 31-Jan-17 30-Dec-16 30-Nov-16 2016

VanEck Vectors India Small-Cap Index ETF SCIF US Market Vectors India Small-Cap 10.9% -3.8% -13.1% -5.8% KraneShares CSI China Internet ETF KWEB US CSI Overseas China Internet 9.8% -8.7% -4.7% -9.6% iShares MSCI New Zealand Capped ETF ENZL US MSCI New Zealand IMI 25/50 9.4% -5.9% -1.5% 6.0% iShares MSCI EM Asia UCITS ETF CSEMAS SW MSCI EM Asia 9.3% -3.4% -3.7% 3.2% iShares MSCI Singapore Capped ETF EWS US MSCI Singapore 9.2% -5.3% 1.7% 17.4% First Trust ISE Chindia Index Fund FNI US ISE Chindia 8.8% -5.8% -4.3% -3.6% iShares MSCI South Korea Capped ETF EWY US MSCI Korea 25/50 8.8% -0.1% -3.8% 7.1% PowerShares Golden Dragon China Portfolio PGJ US NASDAQ Golden Dragon China 8.5% -8.7% -3.0% -13.1% iShares MSCI Hong Kong ETF EWH US MSCI Hong Kong 8.0% -8.0% -1.9% -1.7% iShares Asia 50 ETF AIA US S&P Asia 50 7.7% -4.4% -1.3% 9.4%

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 20: Top 3 ETFs by performance in Jan'17 – Daily performance 2016-17 40%

30%

e

c 20% n

ma 10% or f r

e 0% P ly i

a -10% D -20%

-30%

16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 17 17 16 16 16 16 16 16 -Jul- -Oct- -Jan- -Jan- -Jan- -Apr- -Jun- -Jun- -Feb- -Sep- -Dec- -Mar- -Mar- -Nov- -Aug- -May- 1-Jan- 6-Feb- 9-Sep- 8-Dec- 2-Nov- 4-Aug- 17 6-May- 15 19 13 31 18 11 29 24 27 26 13 31 20 22 24 SCIF US KWEB US 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

Deutsche Bank AG/Hong Kong Page 15 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 21: Top 10 least performance

ETF Name Bloomberg Underlying Index 31-Jan-17 30-Dec-16 30-Nov-16 2016

Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -22.0% -9.0% -8.3% -68.9% WTI Crude Oil Price Linked ETF 1671 JP UBS Bloomberg Constant Maturity Commodity Index -7.2% 20.3% 0.0% 9.0% Next Funds NOMURA Crude Oil 1699 JP Nomura Crude Oil Long Index -7.0% 19.5% -0.3% 3.9% Mirae Asset MAPS Tiger Health Care ETF 143860 KS KRX Health Care Index -6.9% 5.6% -4.0% -16.0% Premier ETF Indonesia State-Owned Companies XISC IJ Other -6.9% 4.1% 0.0% 32.0% Vanguard Australian Properties Securities Index ETF VAP AU S&P/ASX 300 A-REIT Index -6.0% 7.3% 0.4% 7.6% SPDR S&P/ASX 200 Listed Prop SLF AU S&P/ASX 200 Listed Property Fund -4.5% 6.5% 0.7% 8.6% BETASHARES US DOLLAR ETF USD AU Other -4.3% 3.2% 1.9% 0.4% Vanguard Australian High Yield Index ETF VHY AU FTSE ASFA Australia High Dividend Yield Index -4.1% 5.2% 3.0% 4.9% E Fund ChiNext Price Index ETF 159915 CH ChiNext Index -4.1% -10.1% 1.0% -25.9%

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 22: Bottom 3 ETFs by performance in Jan'17 – Daily performance 2016-17

60% 40%

e 20% c 0% man or f -20% r e

P -40% ly i a

D -60% -80% -100%

16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 17 17 16 16 16 16 16 16 - - -Jul- Aug Aug -Oct- -Jan- -Jan- -Jan- -Apr- -Jun- -Jun- -Feb- -Sep- -Dec- -Mar- -Mar- -Nov- - -May- 1-Jan- 6-Feb- 9-Sep- 8-Dec- 2-Nov- 4- 17 6-May- 15 19 13 31 18 11 29 24 27 26 13 31 20 22 24 1552 JP 1671 JP 1699 JP

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 losers ETFs providing exposure to Japanese equities led the table as largest fund flow receiver as a percentage of AUM during last month, whereas China money market ETFs saw the largest outflows as a percentage of AUM over the same period.

Figure 23: Top 10 Inflows as a % of AUM

Jan-17 Dec-16 Nov-16 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)

Next Funds Nikkei 225 Inverse Index ETF 1571 JP Nikkei 225 Inverse Index 92.0% 577.4 1,247.5 115.0% 343.0 11.1% 34.1 124.3% 355.0 DIAM ETF Topix 1473 JP TOPIX 58.3% 278.7 775.2 62.6% 182.2 -37.3% -180.4 27.7% 100.7 iShares Nikkei 225 UCITS ETF CSNKY SW NIKKEI 225 46.0% 87.6 285.0 24.9% 37.3 16.8% 22.1 -42.5% (151.2) UTI - Nifty Exchange Traded Fund UTNIFTY IN CNX Nifty 44.9% 62.2 208.8 102.2% 69.5 0.0% 67.5 0.0% 137.0 Mirae Asset TIGER 200 Futures Inverse 2X 252710 KS F-KOSPI 200 Index 36.4% 54.9 200.7 53.4% 56.9 -0.1% -0.1 0.0% 166.0 Samsung KODEX 200 Futures Inverse 2X ETF 252670 KS F-KOSPI 200 Index 33.4% 108.8 424.1 48.5% 115.6 2.2% 5.1 0.0% 359.6 iShares MSCI Emerging Markets Asia ETF EEMA US MSCI Emerging Markets Asia 29.7% 46.3 212.6 -9.2% -16.2 -4.3% (8.3) 25.6% 30.7 China Merchants Sec Deposite Fast-Swing Money Market Fund 159003 CH Other 23.5% 65.8 350.7 13.9% 34.4 28.4% 56.3 -39.5% (196.1) Yinhua Traded Money Market Fund 511880 CH Other 22.2% 751.3 4,184.1 -49.1% -3396.0 -2.6% (185.5) -50.4% (3,880.4) China Universal Tianfutong Money Market Fund 511980 CH Other 20.7% 214.7 1,264.9 -57.0% -1399.4 31.8% 602.0 -24.7% -395.0

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

Page 16 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 24: Top 10 outflows as a % of AUM

Jan-17 Dec-16 Nov-16 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)

Huaan Ririxin Monetary Market Fund ETF 511600 CH Other -75.4% (477.4) 159.9 68.6% 259.2 -10.0% (42.7) 0.0% 650.6 Rongtong Easy Payment Money Market Fund 511910 CH Other -67.0% (173.5) 87.2 49.3% 85.8 -7.7% (14.8) 0.0% 268.9 Huatai-PB Traded Money Market Fund 511830 CH Other -62.7% (432.9) 261.7 240.6% 489.2 40.0% 59.1 34.8% 182.0 China Southern Cash Management Money Market Fund ETF 511810 CH China PBOC Benchmark Notice Deposit 7 Day -54.2% (1,919.2) 1,642.9 9.7% 316.4 27.0% 701.1 97.5% 1,847.6 Bosera Security Deposit Real-time Traded Money Market Fund 511860 CH Other -50.9% (549.5) 537.9 -0.2% (1.8) 6.7% 69.7 -4.2% (50.1) Harvest Institution Express Money Market Fund 511960 CH Other -50.0% (57.6) 58.2 -19.8% (28.7) -16.4% (29.1) 0.0% 125.2 Cathay TAIEX Daily Inversed ETF 00664R TT TAIEX daily Return Inverse -1X Index -45.5% (71.8) 86.5 -6.8% (11.8) -23.0% (51.6) 0.0% 172.9 Invesco Great Wall Traded Money Market Fund 511890 CH Other -43.0% (43.3) 58.2 16.5% 14.4 -33.1% (44.0) -71.3% (285.7) Penghua Profit Added Traded Money Market Fund 511820 CH Other -42.7% (331.9) 450.7 -8.5% -73.2 -24.0% (276.9) 0.0% (1,118.1) Fullgoal Shouyibao Exchange Traded Money Market Fund 511900 CH Other -40.7% (966.6) 1,424.8 -11.3% (303.9) -17.4% (580.5) 151.4% 1,562.5

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 25: 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% 36,851.4 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 36,848.1 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 18,372.6 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 17,182.1 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 17,164.4 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 16,193.5 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 10,713.7 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 9,959.3 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 8,778.5 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 5,998.3 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 5,825.6 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 4,951.3 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,435.0 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 4,184.1 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,181.7 ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,777.2 iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,665.2 Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 3,329.7 iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 3,268.8 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 2,987.6

Source: Deutsche Bank, Bloomberg Finance LP

Deutsche Bank AG/Hong Kong Page 17 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 26: Top 20 ETPs by AUM change

AUM Asset Class ETP Name Issuer BBG Ticker TER Change & Structure US$ MM TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 3,546.2 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 2,114.8 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (1,897.3) Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 1,654.6 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 1,467.5 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 1,382.4 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 1,108.0 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 1,052.2 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 1,036.3 Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (949.4) Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 798.9 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 708.7 Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% 619.6 Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (541.5) Yuanta US Treasury 20+ Year Bond ETF Yuanta Securities Inv trust Co Ltd. 00679B TT Fixed Income ETF 0.67% 497.6 Huaan Ririxin Monetary Market Fund ETF Huaan Fund Management 511600 CH Fixed Income ETF 0.00% (473.2) Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% (429.0) Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 330.9 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 328.9 Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (326.3)

Source: Deutsche Bank, Bloomberg Finance LP

Figure 27: Top 20 ETPs by inflow

Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 2,251.6 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 1,050.2 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 1,001.8 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 957.8 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 909.8 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 893.2 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 836.0 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 751.3 Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% 577.4 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 576.6 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 513.2 Yuanta US Treasury 20+ Year Bond ETF Yuanta Securities Inv trust Co Ltd. 00679B TT Fixed Income ETF 0.67% 506.0 DIAM ETF Topix DIAM Asset Management 1473 JP Equity ETF 0.08% 278.7 China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% 214.7 Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% 165.3 Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 134.7 Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 132.7 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 128.9 E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 121.9 Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 120.4

Source: Deutsche Bank, Bloomberg Finance LP

Page 18 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 28: Top 20 ETPs by outflow

Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (1,919.2) Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (966.6) Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (549.5) Huaan Ririxin Monetary Market Fund ETF Huaan Fund Management 511600 CH Fixed Income ETF 0.00% (477.4) Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% (432.9) Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (393.6) Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (331.9) Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (291.8) iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% (226.8) Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (196.9) KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% (182.6) Rongtong Easy Payment Money Market Fund Rongtong Fund Management 511910 CH Fixed Income ETF 0.00% (173.5) E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (173.0) KB KStar Short Term MSB ETF - Bond KB Asset Management 196230 KS Fixed Income ETF 0.13% (164.0) Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (157.9) CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (139.5) KITM Kindex 200 ETF Korea Investment Trust Mg 105190 KS Equity ETF 0.15% (133.0) SPDR200 - SPDRS&P/ASX 200 State Street STW AU Equity ETF 0.29% (116.2) Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% (86.9) E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (84.5)

Source: Deutsche Bank, Bloomberg Finance LP

Figure 29: Top 20 ETPs by Monthly Turnover

Asset Class Turnover ETP Name Issuer BBG Ticker TER & Structure US$ MM Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 21,036.6 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 17,981.8 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 10,441.2 Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 4,592.5 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 3,359.0 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 2,996.2 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 2,911.6 Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 2,688.8 China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% 2,509.3 CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 2,394.9 Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% 1,860.4 Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 1,831.2 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 1,760.0 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 1,717.6 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 1,615.1 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 1,615.0 Huaan Ririxin Monetary Market Fund ETF Huaan Fund Management 511600 CH Fixed Income ETF 0.00% 1,347.1 Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 1,299.5 China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% 1,250.3 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 1,211.2

Source: Deutsche Bank, Bloomberg Finance LP

Deutsche Bank AG/Hong Kong Page 19 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 30: Top 20 ETPs by Monthly Turnover change

Turnover Asset Class ETP Name Issuer BBG Ticker TER Change & Structure US$ MM Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (71,036.6) Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (28,665.9) China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (11,447.9) E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% (9,866.0) Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (4,333.2) China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% (3,643.1) China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (2,955.1) China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% (2,340.0) Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% (1,547.0) Huaan Ririxin Monetary Market Fund ETF Huaan Fund Management 511600 CH Fixed Income ETF 0.00% (1,522.9) Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% (1,495.2) Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (1,156.3) Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (949.1) China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% (879.2) Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (822.1) E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (605.2) Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (546.8) Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% (537.0) Essence Margin Traded Money Market Fund Essence Asset Management 511680 CH Fixed Income ETF 0.00% (527.3) China AMC Hang Seng Index ETF China Asset Management 159920 CH Equity ETF 0.60% (490.7)

Source: Deutsche Bank, Bloomberg Finance LP

Top ETPs – Other regions with Asia-Pac focus

Figure 31: 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% 16,498.1 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 8,407.9 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 3,921.4 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 3,304.1 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,050.0 iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 3,029.1 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,868.0 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 2,551.1 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,508.6 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 2,402.0 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 2,205.7 Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 2,144.3 iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 2,072.2 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,905.6 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 1,791.9 iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 1,649.4 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 1,594.0 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,568.8 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,376.8 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 1,355.7

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 20 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 32: 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% 1,197.9 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 407.5 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 252.3 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 212.0 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 202.2 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 195.3 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 149.5 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 133.5 iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 127.5 PowerShares India Portfolio PowerShares PIN US Equity ETF 0.81% (118.4) WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 109.5 db x-trackers MSCI AC Asia ex-Japan TRN Index UCITS ETF Deutsche AM XAXJ GR Equity ETF 0.65% 106.0 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 95.7 iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% 94.6 iShares MSCI Pacific ex Japan UCITS ETF Acc BlackRock CSPXJ SW Equity ETF 0.20% 93.7 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (89.8) Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% 78.9 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 71.0 Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 65.0 WisdomTree Japan Equity UCITS ETF - USD Hedged WisdomTree WTDX GY Equity ETF 0.48% 63.5

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 33: 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% 624.6 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 374.1 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 122.5 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 94.2 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 88.6 iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% 87.6 db x-trackers MSCI AC Asia ex-Japan TRN Index UCITS ETF Deutsche AM XAXJ GR Equity ETF 0.65% 77.3 WisdomTree Japan Equity UCITS ETF - USD Hedged WisdomTree WTDX GY Equity ETF 0.48% 64.8 Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 58.6 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 54.9 iShares MSCI Pacific ex Japan UCITS ETF Acc BlackRock CSPXJ SW Equity ETF 0.20% 52.7 Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% 50.4 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 47.1 iShares MSCI Emerging Markets Asia ETF BlackRock EEMA US Equity ETF 0.49% 46.3 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 41.4 Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 33.6 iShares MSCI Pacific ex-Japan UCITS ETF (Inc) BlackRock IPXJ LN Equity ETF 0.60% 28.4 Direxion Daily CSI 300 China A Share Bear 1X Shares DirexionShares CHAD US Equity ETF 0.80% 24.7 UBS ETF - MSCI Japan 100% hedged to USD UCITS ETF A-acc UBS JPUSBH SW Equity ETF 0.45% 22.5 Amundi ETF MSCI India UCITS ETF Amundi CI2 FP Equity ETF 0.80% 19.8

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 21 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 34: Top 20 ETPs by outflow

Asset Class & Net Flow ETP Name Issuer BBG Ticker TER Structure US$ MM iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (211.8) PowerShares India Portfolio PowerShares PIN US Equity ETF 0.81% (129.8) iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% (127.1) iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% (125.0) iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% (79.8) iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (60.8) iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% (57.2) iShares MSCI Japan - B UCITS ETF BlackRock CSJP SW Equity ETF 0.48% (33.1) iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% (31.5) db x-trackers CNX Nifty UCITS ETF Deutsche AM XNIF GR Equity ETF 0.85% (28.9) iShares MSCI Japan Small-Cap ETF BlackRock SCJ US Equity ETF 0.48% (25.2) iShares MSCI Japan GBP Hedged UCITS ETF BlackRock IJPH LN Equity ETF 0.64% (22.8) iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (22.1) Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% (21.6) iShares Asia 50 ETF BlackRock AIA US Equity ETF 0.50% (19.3) iShares MSCI Japan CHF Hedged UCITS ETF BlackRock IJPC SW Equity ETF 0.64% (17.2) iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% (14.6) Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% (13.8) WisdomTree Asia Local Debt Fund WisdomTree ALD US Fixed Income ETF 0.55% (13.0) iShares Edge MSCI Min Vol Japan ETF BlackRock JPMV US Equity ETF 0.30% (11.6)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 35: 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 0.73% 12,574.6 iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 7,679.7 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 5,226.0 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 2,495.4 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,432.6 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,902.2 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 1,670.1 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 1,254.9 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 1,103.5 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,100.7 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,074.8 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 695.0 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 680.0 Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 481.4 Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 479.6 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 393.1 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 361.6 iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% 352.2 iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 319.5 iShares MSCI Singapore Capped ETF BlackRock EWS US Equity ETF 0.48% 291.0

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 22 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 36: Top 20 ETPs by Monthly Turnover change

Asset Class & Turnover Change ETP Name Issuer BBG Ticker TER Structure US$ MM iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% (1,454.3) WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (1,260.8) iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 674.7 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% (623.8) iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 527.6 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% (219.5) iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 203.0 PowerShares India Portfolio PowerShares PIN US Equity ETF 0.81% (202.5) iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 192.9 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (185.8) Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% (184.1) iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (174.7) Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% (156.6) db x-trackers MSCI EM Asia TRN Index UCITS ETF Deutsche AM XMAS GR Equity ETF 0.65% (156.1) Amundi JPX-Nikkei 400 UCITS ETF - EUR Amundi JPNK FP Equity ETF 0.18% (145.5) iShares MSCI Japan GBP Hedged UCITS ETF BlackRock IJPH LN Equity ETF 0.64% (130.7) iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 114.7 Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% (99.2) iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% (98.6) Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% (93.8)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 23 14 February 2017 Asia-Pac Monthly ETF Insights

6. Asia-Pac Listed ETPs - Statistics

Figure 37: 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 794 81.2% 790 4 0.5% 790 4 0.5% Fixed income 99 10.1% 94 5 5.3% 94 5 5.3% Commodity 60 6.1% 60 - 0.0% 60 - 0.0% Currency 14 1.4% 14 - 0.0% 14 - 0.0% Multi Asset 9 0.9% 9 - 0.0% 9 - 0.0% Alternative 2 0.2% 2 - 0.0% 2 - 0.0% Total 978 100% 969 9 0.9% 969 9 0.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 38: 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 9,066 3.4% 2,877 1.1% 9,066 3.4% Fixed income (2,994) -7.6% (7,528) -15.9% (2,994) -7.6% Commodity 6 0.1% (277) -5.4% 6 0.1% Currency (17) -2.7% 55 9.2% (17) -2.7% Multi Asset 2 1.7% 2 1.6% 2 1.7% Alternative 5 2.1% 26 11.6% 5 2.1% Total 6,067 1.9% (4,845) -1.5% 6,067 1.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 39: 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 56,646 49.8% 66,826 (10,179) -15.2% 82,815 (26,169) -31.6% Fixed income 53,593 47.1% 194,711 (141,117) -72.5% 111,150 (57,556) -51.8% Commodity 2,913 2.6% 5,382 (2,469) -45.9% 2,802 111 4.0% Currency 440 0.4% 329 111 33.6% 198 242 122.6% Multi Asset 13 0.0% 12 1 9.1% 10 3 30.9% Alternative 207 0.2% 226 (20) -8.7% 321 (115) -35.7% Total 113,812 100% 267,485 (153,674) -57.5% 197,295 (83,484) -42.3%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 24 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 40: 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 288,392 87.1% 269,341 19,051 7.1% 269,341 19,051 7.1% Fixed income 36,726 11.1% 39,158 (2,432) -6.2% 39,158 (2,432) -6.2% Commodity 5,038 1.5% 4,920 119 2.4% 4,920 119 2.4% Currency 643 0.2% 655 (12) -1.9% 655 (12) -1.9% Multi Asset 107 0.0% 101 6 5.9% 101 6 5.9% Alternative 185 0.1% 230 (45) -19.7% 230 (45) -19.7% Total 331,092 100% 314,405 16,687 5.3% 314,405 16,687 5.3%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 25 14 February 2017 Asia-Pac Monthly ETF Insights

Country Breakdown

Figure 41: ETF Summary by Country

Mkt Share Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) AUM (US$m) (AUM) Australia 111 136 (7) -0.1% 1,298 1.1% 12,511 3.8% China 148 148 (2,893) -47.7% 59,219 52.0% 52,764 15.9% Hong Kong 109 196 (638) -10.5% 7,289 6.4% 37,894 11.4% India 61 61 77 1.3% 588 0.5% 3,169 1.0% Indonesia 9 9 5 0.1% 0 0.0% 241 0.1% Japan 159 206 9,720 160.2% 32,309 28.4% 190,661 57.6% Philippines 1 1 1 0.0% 1 0.0% 20 0.0% Korea 259 259 (747) -12.3% 10,842 9.5% 21,089 6.4% Vietnam 1 1 - 0.0% 1 0.0% 18 0.0% Malaysia 8 8 - 0.0% 0 0.0% 429 0.1% New Zealand 23 23 10 0.2% 11 0.0% 1,245 0.4% Singapore 10 84 6 0.1% 204 0.2% 1,677 0.5% Taiwan 65 70 532 8.8% 2,045 1.8% 9,242 2.8% Thailand 14 14 1 0.0% 6 0.0% 132 0.0%

Total 978 1216 6,067 100.0% 113,812 100.0% 331,092 100.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 42: 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 4,958 719 1,329 254 1,531 541 204 9,535 2,097 465 414 78.8% 17.3% 3.8% China 21,987 - 1,563 131 1,147 94 2,506 27,428 23,902 1,434 - 52.0% 45.3% 2.7% Hong Kong 31,438 1,456 112 33 246 108 8 33,401 4,364 128 - 88.1% 11.5% 0.3% India 1,377 - 42 11 9 4 687 2,130 97 943 - 67.2% 3.1% 29.7% Indonesia 54 - 17 - - - 170 241 - - - 100.0% 0.0% 0.0% Japan 172,397 254 6,192 92 862 7,482 1,500 188,779 325 1,372 185 99.1% 0.2% 0.7% Philippines 20 ------20 - - - 100.0% 0.0% 0.0% Korea 9,882 156 914 72 555 3,846 919 16,344 4,063 346 337 78.8% 19.6% 1.7% Vietnam 18 ------18 - - - 100.0% 0.0% 0.0% Malaysia 4 1 - - - - 95 100 329 - - 23.3% 76.7% 0.0% New Zealand 335 191 100 164 120 - - 910 335 - - 73.1% 26.9% 0.0% Singapore 903 34 - - 39 - - 976 701 - - 58.2% 41.8% 0.0% Taiwan 3,179 5 81 19 277 4,821 12 8,393 514 335 - 90.8% 5.6% 3.6% Thailand 104 - 11 - 2 - - 117 - 15 - 88.7% 0.0% 11.3% Total 246,656 2,816 10,361 776 4,788 16,895 6,101 288,392 36,726 5,038 935 87.4% 11.1% 1.5%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 26 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 43: ETF Turnover (US$ Million) by Country Figure 44: 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 Philippines Thailand Malaysia Philippines Indonesia Vietnam

- 10,000 20,000 30,000 40,000 50,000 60,000 - 50,000 100,000 150,000 200,000

TO (US$ Million) AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.

Issuer Rankings

Net Flows

Figure 45: ETP inflows (US$ Million) by Issuer – Top 10 Current Month inflows (US$ Million) Issuer Equity Fixed Commo- Total YTD Total Nomura Asset Management 4,171 - (2) - 4,170 4,170 Nikko Asset Management 1,803 27 - - 1,830 1,830 Mitsubishi UFJ Asset Mg 1,582 - - - 1,582 1,582 Daiwa Asset Management 1,555 - - - 1,555 1,555 Fortune SGAM Fund Management (5) 958 - - 953 953 Yinhua Fund Management - 751 - - 751 751 Yuanta Securities Inv trust Co Ltd. 92 522 (25) - 589 589 DIAM Asset Management 385 - - - 385 385 China Universal Asset Management Co 64 208 - - 272 272 BlackRock 114 17 - - 131 131

Total Top 10 (Inflows) 9,761 2,484 (27) - 12,218 12,218

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 46: ETP outflows (US$ Million) by Issuer – Top 10 Current Month outflows (US$ Million) Issuer Equity Fixed Commo- Total YTD Total China Southern Fund Management Co Ltd 115 (1,919) - - (1,804) (1,804) Fullgoal Fund Management Co - (967) - - (967) (967) Bosera Fund Management Co Ltd 16 (549) (14) - (548) (548) Samsung Asset Management (355) (102) 6 2 (448) (448) State Street (420) 34 - - (385) (385) Huaan Fund Management (5) (477) 101 - (381) (381) Penghua Fund Management Co Ltd (0) (332) - - (332) (332) KB Asset Management (150) (164) - - (314) (314) Huatai-PineBridge Fund Management Co 138 (433) - - (295) (295) Hang Seng Investment Management (213) - - - (213) (213)

Total Top 10 (Outflows) (873) (4,909) 93 2 (5,687) (5,687)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 27 14 February 2017 Asia-Pac Monthly ETF Insights

Turnover

Figure 47: ETP Turnover (US$ Million) by Issuer – Top 40 Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Total Income dity Share % Nomura Asset Management 27,046.9 - 43.7 - 27,090.7 23.8% Fortune SGAM Fund Management 19.4 17,981.8 - - 18,001.3 15.8% Yinhua Fund Management 0.0 10,441.2 - - 10,441.2 9.2% Samsung Asset Management 6,354.5 40.1 78.6 220.7 6,694.0 5.9% Fullgoal Fund Management Co 0.1 4,592.5 - - 4,592.6 4.0% State Street 3,430.0 4.6 56.3 - 3,490.8 3.1% Huaan Fund Management 61.2 1,347.1 1,831.2 - 3,239.5 2.8% China Southern Fund Management Co Ltd 232.2 2,996.2 - - 3,228.4 2.8% Simplex Asset Management Co Ltd 2,825.7 - 56.9 - 2,882.6 2.5% Dacheng Fund Management Co Ltd 3.1 2,688.8 - - 2,692.0 2.4% China Universal Asset Management Co 38.2 2,593.5 - - 2,631.7 2.3% CCB Principal Asset Management Co Ltd. 0.1 2,394.9 - - 2,395.0 2.1% Mirae Asset MAPS Global Investments 2,263.2 10.3 27.3 92.7 2,393.6 2.1% E Fund Management 1,671.9 472.0 107.7 - 2,251.5 2.0% China Asset Management 2,006.8 185.8 - - 2,192.6 1.9% Penghua Fund Management Co Ltd 1.3 1,860.4 - - 1,861.7 1.6% Hang Seng Investment Management 1,624.4 - 0.1 - 1,624.5 1.4% China Merchants Fund Management Co 0.1 1,390.4 - - 1,390.5 1.2% BlackRock 1,241.2 21.7 - - 1,262.9 1.1% Huatai-PineBridge Fund Management Co 912.0 319.7 - - 1,231.7 1.1% Yuanta Securities Inv trust Co Ltd. 809.2 12.6 256.8 - 1,078.6 0.9% CSOP Asset Management 1,062.1 3.0 2.5 - 1,067.6 0.9% Bosera Fund Management Co Ltd 29.5 810.4 119.4 - 959.3 0.8% Daiwa Asset Management 856.1 - - - 856.1 0.8% Fubon Securities Investment Trust Co 788.7 - - - 788.7 0.7% Woori Asset Management 48.0 649.9 - 26.0 723.9 0.6% Rongtong Fund Management - 583.4 - - 583.4 0.5% Guotai Asset Management Co Ltd 78.3 285.4 210.1 - 573.7 0.5% China Life AMP Asset Management Co 0.0 551.0 - - 551.1 0.5% Goldman Sachs 223.0 303.8 8.5 - 535.2 0.5% Nikko Asset Management 495.2 7.1 - - 502.4 0.4% KB Asset Management 457.7 3.1 - 2.4 463.2 0.4% Rakuten Investment Management 444.5 - - - 444.5 0.4% Korea Investment Trust Mg 292.4 6.7 21.7 - 320.7 0.3% Essence Asset Management - 300.2 - - 300.2 0.3% Ping An Asset Management - 267.0 - - 267.0 0.2% BetaShares Capital Ltd 129.7 88.5 6.6 33.5 258.3 0.2% Vanguard 199.3 50.0 - - 249.3 0.2% Mitsubishi UFJ Asset Mg 219.7 - - - 219.7 0.2% Kokusai Asset Management Co Ltd - - - 206.8 206.8 0.2%

Total (Top 40) 55,866 53,263 2,827 582 112,539 98.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 28 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 48: ETP Turnover (US$ Million) by Issuer – Contd. Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Zhongrong Fund Management Co Ltd - 199.79 - - 199.79 0.18% Hanwha Investment Trust Management 125.25 3.14 - 2.95 131.34 0.12% Cathay Securities Investment Trust 123.05 - - - 123.05 0.11% GF Fund Management Co Ltd 94.30 17.23 - - 111.54 0.10% Harvest Fund Management Co 78.06 33.19 - - 111.25 0.10% Kiwoom Asset Management Co Ltd 12.15 - - 74.13 86.28 0.08% Deutsche AM 72.46 0.15 - - 72.61 0.06% Mitsubishi UFJ Trust and Banking Corporation - - 53.09 - 53.09 0.05% Invesco Great Wall Fund Management Co. Ltd 5.06 43.09 - - 48.15 0.04% Kotak Mahindra Asset Man 38.72 - 1.03 - 39.75 0.03% Van Eck Funds 38.19 - - - 38.19 0.03% Kyobo AXA Investment Mg Co Ltd 30.02 0.01 - - 30.03 0.03% Fuh-Hwa Securities Investment Trust 28.37 - - - 28.37 0.02% CSC Investment Trust 24.44 - - - 24.44 0.02% Russell Investments 16.27 6.61 - - 22.88 0.02% HFT Investment Management Co Ltd 0.09 21.77 - - 21.86 0.02% ANZ Asset Management 17.59 - 0.64 0.01 18.25 0.02% ETF Securities - - 14.95 - 14.95 0.01% Value Partners 3.41 - 9.00 - 12.41 0.01% Smartshares Ltd 10.25 0.54 - - 10.79 0.01% BOCI - Prudential Asset Man Ltd 9.19 - - - 9.19 0.01% BMO Global Asset Management 4.84 3.79 - - 8.64 0.01% HDFC Asset Management Co Ltd 4.96 - 0.72 - 5.68 0.00% Amundi 5.15 - - - 5.15 0.00% Yurie Asset Management 5.00 - - - 5.00 0.00% Enhanced Investment Products Limited 4.72 - - - 4.72 0.00% ICBC Credit Suisse Asset Management 4.14 - - - 4.14 0.00% Lyxor 3.67 - 0.08 - 3.75 0.00% UBS 3.02 - - - 3.02 0.00% Bangkok Capital Asset Management 2.80 - - - 2.80 0.00% UTI Asset Management 0.04 - 2.50 - 2.54 0.00% SBI Funds Management 0.27 0.01 1.92 - 2.19 0.00% Phillip Capital Management 2.01 - - - 2.01 0.00% Horizons ETFs 1.99 - - - 1.99 0.00% One Asset Management Ltd 1.36 - - - 1.36 0.00% SinoPac Securities Investment Trust Co 1.31 - - - 1.31 0.00% Prudential ICICI Asset Management 1.19 - 0.11 - 1.30 0.00% Krung Thai Asset Management 0.62 - 0.65 - 1.28 0.00% Lion Fund Management Co Ltd 0.97 - - - 0.97 0.00% DIAM Asset Management 0.82 - - - 0.82 0.00% Viet Fund Management 0.74 - - - 0.74 0.00% First Metro Asset Management 0.66 - - - 0.66 0.00% Passive Funds Management Ltd 0.41 - - - 0.41 0.00% Tebon Fund Management - 0.39 - - 0.39 0.00% Motilal Oswal Mutual Fund 0.39 - - - 0.39 0.00% BOCOM Schroders 0.38 - - - 0.38 0.00% UOB Asset Management Ltd 0.35 - - - 0.35 0.00% HSBC Inv Funds Ltd/Hong Kong - 0.31 - - 0.31 0.00% NZAM 0.29 - - - 0.29 0.00% BNP Paribas 0.14 - 0.06 - 0.20 0.00% Bank of China Investment Management 0.20 - - - 0.20 0.00% GTJA Allianze Fund Management Co 0.20 - - - 0.20 0.00% Haitong International 0.19 - - - 0.19 0.00% IDBI Asset Management - - 0.17 - 0.17 0.00%

Total 56,645 53,593 2,912 659 113,810 100.00%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 29 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 49: ETP Turnover (US$ Million) by Issuer – Completion Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Total Income dity Share % Yuanda Chinese Holdings Ltd 0.14 - - - 0.14 0.0% Sumitomo Mitsui Asset Management 0.14 - - - 0.14 0.0% Canara Robeco - - 0.14 - 0.14 0.0% Quantum Asset Management 0.00 - 0.13 - 0.13 0.0% Thanachart Fund Management - - 0.13 - 0.13 0.0% Edelweiss Asset Management 0.12 - - - 0.12 0.0% CIMB-GK Securities Pte Ltd 0.12 - - - 0.12 0.0% Heungkuk Asset Management 0.11 - - - 0.11 0.0% Axis Asset Management - - 0.08 - 0.08 0.0% ComStage 0.08 - - - 0.08 0.0% UBS Hana Asset Management Co Ltd 0.07 - - - 0.07 0.0% Birla Sun Life Asset Management Co 0.01 - 0.05 - 0.06 0.0% i-VCAP Management 0.05 - - - 0.05 0.0% Mizuho Asset Management Co Ltd - - 0.04 - 0.04 0.0% TMB Asset Management 0.03 - - - 0.03 0.0% LIC Nomura MF Asset Management Co 0.01 0.02 - - 0.03 0.0% Reliance Capital Asset Management 0.02 0.00 - - 0.03 0.0% Indo Premier Securities 0.02 - - - 0.02 0.0% Religare Mutual Fund 0.00 - 0.02 - 0.02 0.0% Ping An of China Asset Management 0.02 - - - 0.02 0.0% AmInvestment Services Berhad/Malaysia 0.01 0.00 - - 0.02 0.0% Dongbu Asset Management 0.01 - - - 0.01 0.0% Midas Asset Management Co 0.00 - - - 0.00 0.0% Wanjia Asset Management 0.00 - - - 0.00 0.0% Pinnacle Investments - - - 0.00 0.00 0.0%

Total ( All Local Issuers) 56,646 53,593 2,913 659 113,812 100.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 30 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

AUM

Figure 50: 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 1,042,766 42,766 42,766 - 86,756 26.2% Nikko Asset Management 37,495 892 - - 38,387 11.6% Daiwa Asset Management 36,902 - - - 36,902 11.1% State Street 14,692 3,811 - - 18,502 5.6% Mitsubishi UFJ Asset Mg 16,005 - - - 16,005 4.8% BlackRock 12,068 542 - - 12,610 3.8% Hang Seng Investment Management 11,873 - 7 - 11,880 3.6% Samsung Asset Management 8,418 1,960 121 70 10,570 3.2% Fortune SGAM Fund Management 75 9,959 - - 10,034 3.0% China Asset Management 9,344 73 - - 9,417 2.8% Yuanta Securities Inv trust Co Ltd. 5,791 514 335 - 6,640 2.0% Mirae Asset MAPS Global Investments 4,133 719 215 57 5,124 1.5% China Southern Fund Management Co Ltd 3,020 1,643 - - 4,663 1.4% DIAM Asset Management 4,314 - - - 4,314 1.3% E Fund Management 3,439 545 255 - 4,239 1.3% Yinhua Fund Management 14 4,184 - - 4,199 1.3% Vanguard 3,196 662 - - 3,858 1.2% Huaan Fund Management 2,648 160 1,033 - 3,841 1.2% China Universal Asset Management Co 2,450 1,283 - - 3,734 1.1% Huatai-PineBridge Fund Management Co 2,927 262 - - 3,189 1.0% Harvest Fund Management Co 2,763 88 - - 2,851 0.9% CSOP Asset Management 2,549 50 15 - 2,614 0.8% BetaShares Capital Ltd 1,043 821 79 413 2,356 0.7% Fubon Securities Investment Trust Co 1,905 - - - 1,905 0.6% KB Asset Management 920 512 - 44 1,476 0.4% Simplex Asset Management Co Ltd 1,063 - 393 - 1,456 0.4% Fullgoal Fund Management Co 21 1,425 - - 1,446 0.4% Goldman Sachs 864 79 411 - 1,354 0.4% Smartshares Ltd 844 335 - - 1,179 0.4% Hanwha Investment Trust Management 763 360 - 16 1,140 0.3% Korea Investment Trust Mg 890 99 29 - 1,018 0.3% NZAM 934 - - - 934 0.3% GF Fund Management Co Ltd 874 29 - - 904 0.3% HFT Investment Management Co Ltd 11 874 - - 884 0.3% Woori Asset Management 535 260 - 62 856 0.3% CCB Principal Asset Management Co Ltd. 30 727 - - 757 0.2% Guotai Asset Management Co Ltd 581 65 98 - 744 0.2% Bosera Fund Management Co Ltd 137 555 47 - 739 0.2% SBI Funds Management 587 3 147 - 738 0.2% Kyobo AXA Investment Mg Co Ltd 511 152 - - 663 0.2%

Total (Top 40) 1,239,399 76,407 45,953 662 320,879 96.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 31 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 51: ETP AUM (US$ Million) ranking by Local Issuer – Contd. Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Mitsubishi UFJ Trust and Banking Corporation - - 602 - 602 0.18% BOCI - Prudential Asset Man Ltd 535 - - - 535 0.16% Sumitomo Mitsui Asset Management 530 - - - 530 0.16% Penghua Fund Management Co Ltd 24 451 - - 474 0.14% Dacheng Fund Management Co Ltd 102 363 - - 465 0.14% China Merchants Fund Management Co 28 409 - - 436 0.13% Russell Investments 255 181 - - 436 0.13% HSBC Inv Funds Ltd/Hong Kong - 418 - - 418 0.13% Van Eck Funds 399 - - - 399 0.12% ETF Securities - - 377 - 377 0.11% UTI Asset Management 264 - 69 - 334 0.10% AmInvestment Services Berhad/Malaysia 1 329 - - 329 0.10% Cathay Securities Investment Trust 318 - - - 318 0.10% China Life AMP Asset Management Co 38 204 - - 242 0.07% Indo Premier Securities 241 - - - 241 0.07% UBS 225 - - - 225 0.07% BMO Global Asset Management 115 106 - - 221 0.07% Ping An Asset Management - 218 - - 218 0.07% Essence Asset Management - 204 - - 204 0.06% Fuh-Hwa Securities Investment Trust 197 - - - 197 0.06% Kotak Mahindra Asset Man 37 - 150 - 188 0.06% Invesco Great Wall Fund Management Co. Ltd 127 58 - - 185 0.06% Kokusai Asset Management Co Ltd - - - 185 185 0.06% CSC Investment Trust 177 - - - 177 0.05% Prudential ICICI Asset Management 141 - 17 - 158 0.05% Kiwoom Asset Management Co Ltd 65 - - 88 154 0.05% Horizons ETFs 148 - - - 148 0.04% Value Partners 57 - 87 - 144 0.04% LIC Nomura MF Asset Management Co 127 12 - - 139 0.04% Rakuten Investment Management 122 - - - 122 0.04% HDFC Asset Management Co Ltd 40 - 77 - 116 0.04% i-VCAP Management 95 - - - 95 0.03% Rongtong Fund Management - 87 - - 87 0.03% BOCOM Schroders 81 - - - 81 0.02% One Asset Management Ltd 71 - - - 71 0.02% Passive Funds Management Ltd 65 - - - 65 0.02% ICBC Credit Suisse Asset Management 63 - - - 63 0.02% Amundi 57 - - - 57 0.02% ANZ Asset Management 47 - 9 0 56 0.02% CIMB-GK Securities Pte Ltd 53 - - - 53 0.02% Enhanced Investment Products Limited 40 - - - 40 0.01% Yurie Asset Management 39 - - - 39 0.01% Lion Fund Management Co Ltd 38 - - - 38 0.01% Birla Sun Life Asset Management Co 26 - 11 - 37 0.01% Midas Asset Management Co 34 - - - 34 0.01% Haitong International 33 - - - 33 0.01% Dongbu Asset Management 32 - - - 32 0.01% Axis Asset Management - - 30 - 30 0.01% Zhongrong Fund Management Co Ltd - 29 - - 29 0.01% Bangkok Capital Asset Management 29 - - - 29 0.01% Motilal Oswal Mutual Fund 26 - - - 26 0.01% Krung Thai Asset Management 15 - 10 - 24 0.01% Phillip Capital Management 24 - - - 24 0.01% UOB Asset Management Ltd 23 - - - 23 0.01%

Total 1,244,606 79,474 47,390 935 330,863 100%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 32 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 52: ETP AUM (US$ Million) ranking by Local Issuer – Completion Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Total Income dity Share % GTJA Allianze Fund Management Co 23 - - - 23 0.01% Heungkuk Asset Management 20 - - - 20 0.01% First Metro Asset Management 20 - - - 20 0.01% Viet Fund Management 18 - - - 18 0.01% UBS Hana Asset Management Co Ltd 16 - - - 16 0.00% Reliance Capital Asset Management 13 3 - - 16 0.00% IDBI Asset Management - - 15 - 15 0.00% Yuanda Chinese Holdings Ltd 15 - - - 15 0.00% Tebon Fund Management - 15 - - 15 0.00% BNP Paribas 14 - - - 14 0.00% Ping An of China Asset Management 11 - - - 11 0.00% Lippo Investments Management 9 - - - 9 0.00% Quantum Asset Management 1 - 9 - 9 0.00% Religare Mutual Fund 0 - 6 - 6 0.00% Thanachart Fund Management - - 5 - 5 0.00% SinoPac Securities Investment Trust Co 5 - - - 5 0.00% Bank of China Investment Management 4 - - - 4 0.00% TMB Asset Management 2 - - - 2 0.00% Edelweiss Asset Management 2 - - - 2 0.00% Canara Robeco - - 2 - 2 0.00% Wanjia Asset Management 1 - - - 1 0.00% Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

Total ( All Local Issuers) 1,244,779 79,492 47,427 935 331,092 100%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 53: ETP AUM (US$ Million) ranking by Foreign Issuer The Foreign Issuer AUM ranking includes the AUM of all products cross listed in the Current Month AUM (US$ Million) Asia-Pacific Region, with a domicile region Fixed Mkt outside Asia-Pacific (e.g. the US or Europe). Issuer Equity Commodity Total Income Share % State Street 243,826 - 31,147 - 274,973 40.4% BlackRock 262,549 5,754 - - 268,304 39.4% Vanguard 87,534 - - - 87,534 12.9% Deutsche AM 24,009 2,445 - - 26,454 3.9% ETF Securities - - 9,678 - 9,678 1.4% Lyxor 6,216 - 1,001 - 7,217 1.1% UBS 6,032 - - - 6,032 0.9% BNP Paribas - - 95 - 95 0.0% ComStage 90 - - - 90 0.0%

Total ( All Foreign Issuers) 630,256 8,199 41,922 - 680,377 100%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 33 14 February 2017 Asia-Pac Monthly ETF Insights

7. ETP - Net Flows

Investment Focus

Figure 54: 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 8,436 4.6% 2,870 1.6% 8,436 4.6% Emerging Markets (585) -1.2% (515) -1.0% (585) -1.2% Global Markets 186 14.2% 182 15.8% 186 14.2% Sectors 122 1.2% 219 2.3% 122 1.2% Capitalization 19 2.5% (22) -3.0% 19 2.5% Strategy 634 4.0% (579) -3.5% 634 4.0% Style 208 4.6% 21 0.5% 208 4.6% Thematic 48 0.8% 700 13.3% 48 0.8% Total 9,066 3.4% 2,877 1.1% 9,066 3.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 55: 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 420 6.2% (14) -0.2% 420 6.2% Corporates (3) -0.2% (14) -0.9% (3) -0.2% Money Market (3,440) -11.5% (7,514) -19.8% (3,440) -11.5% Overall 29 2.8% 15 1.4% 29 2.8% Total (2,994) -7.6% (7,528) -15.9% (2,994) -7.6%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 56: 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 34.0 0.9% (46.9) -1.3% 34.0 0.9% Overall - n.a - 0.0% - 0.0% Energy (30.6) -2.5% (230.8) -17.7% (30.6) -2.5% Agriculture 1.8 3.6% 1.0 1.9% 1.8 3.6% Industrial Metals 0.5 3.8% - 0.0% 0.5 3.8% Total 6 0.1% (277) -5.4% 6 0.1%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 34 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Sub Segment

Figure 57: 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 (128) -2.6% 36 0.7% (128) -2.6% Hong Kong (321) -1.9% 209 1.2% (321) -1.9% Japan 8,853 5.6% 2,637 1.7% 8,853 5.6% New Zealand 1 0.6% 3 1.5% 1 0.6% Singapore 22 4.6% (7) -1.5% 22 4.6% Asia Pacific 8,427 4.7% 2,877 1.6% 8,427 4.7% US (11) -3.8% (24) -7.9% (11) -3.8% UK - 0.0% (4) -45.2% - 0.0% Germany (2) -5.2% (5) -11.4% (2) -5.2% Global broad indices 22 2.2% 26 2.7% 22 2.2% DM Total 8,436 4.6% 2,870 1.6% 8,436 4.6%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 58: 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 (334) -0.9% (237) -0.6% (334) -0.9% India 52 2.9% 78 4.7% 52 2.9% Indonesia 11 22.6% (5) -10.2% 11 22.6% Malaysia - 0.0% (1) -14.5% - 0.0% Philippines 1 4.7% 8 40.5% 1 4.7% South Korea (305) -3.4% (325) -3.5% (305) -3.4% Taiwan (8) -0.6% (35) -2.4% (8) -0.6% Thailand 1 0.7% 4 3.6% 1 0.7% Vietnam - 0.0% - 0.0% - 0.0% Asia Pacific broad - 0.0% - 0.0% - 0.0% Asia Pacific (582) -1.2% (514) -1.0% (582) -1.2% Brazil (5) -14.2% 0 0.0% (5) -14.2% LATAM broad - 0.0% - 0.0% - 0.0% Latin America (5) -13.1% 0 0.0% (5) -13.1% Russia 0 0.0% (4) -15.4% 0 0.0% South Africa (0) -0.1% (0) 0.0% (0) -0.1% Global broad indices 2 1.3% 3 2.3% 2 1.3% EM Total (585) -1.2% (515) -1.0% (585) -1.2%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 35 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 59: 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 (0) -0.1% 49 22.0% (0) -0.1% Consumer Staples (0) 0.0% 3 0.7% (0) 0.0% Energy (3) -4.0% 5 6.2% (3) -4.0% Financials (41) -2.7% (13) -0.8% (41) -2.7% Healthcare 37 9.9% 12 3.1% 37 9.9% Industrials (9) -4.7% 16 8.7% (9) -4.7% Information Technology 10 4.3% 12 5.4% 10 4.3% Materials 9 4.5% 51 35.8% 9 4.5% Real Estate 124 1.9% 70 1.1% 124 1.9% Telecommunication Services (4) -33.9% (3) -21.3% (4) -33.9% Utilities (1) -11.8% 0 0.0% (1) -11.8% Overall (0) 0.0% 17 11.9% (0) 0.0% Sector 122 1.2% 219 2.3% 122 1.2% Large Cap 17 3.6% (2) -0.5% 17 3.6% Mid Cap 0 0.0% (4) -3.3% 0 0.0% Small Cap 1 0.9% (16) -9.8% 1 0.9% Capitalization 19 2.5% (22) -3.0% 19 2.5% Short 818 15.6% 491 9.9% 818 15.6% Leveraged (495) -6.8% (1,459) -17.0% (495) -6.8% Leveraged Short 291 13.4% 402 20.3% 291 13.4% Quantitative (9) -1.5% (50) -8.1% (9) -1.5% Fundamental 29 5.2% 36 7.2% 29 5.2% Strategy 634 4.0% (579) -3.5% 634 4.0% Growth 120 12.5% 4 0.3% 120 12.5% Value (5) -2.1% 7 3.4% (5) -2.1% Dividend 92 2.8% 10 0.3% 92 2.8% Style 208 4.6% 21 0.5% 208 4.6% Sustainability 15 24.2% 0 0.1% 15 24.2% Commodities 4 12.8% - 0.0% 4 12.8% Other Theme 29 0.5% 700 13.6% 29 0.5% Thematic 48 0.8% 700 13.3% 48 0.8% Total 1,030 2.8% 339 0.9% 1,030 2.8%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 36 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 60: 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 - 0.0% - 0.0% - 0.0%

Agriculture Overall 2 4.0% 2 4.4% 2 4.0% Corn - n.a - n.a - n.a Soybeans - 0.0% (1) -16.2% - 0.0% Wheat - n.a - n.a - n.a Grains - n.a - n.a - n.a

Energy Overall - n.a - n.a - n.a Crude Oil (31) -2.5% (231) -17.7% (31) -2.5% Oil & Gas - n.a - n.a - n.a Natural Gas - n.a - n.a - n.a

Industrial Metals Overall - 0.0% - 0.0% - 0.0% Copper 0 4.7% - 0.0% 0 4.7%

Precious Metals Overall - 0.0% - 0.0% - 0.0% Gold 34 1.0% (44) -1.2% 34 1.0% Palladium - 0.0% - 0.0% - 0.0% Platinum 0 0.0% (4) -3.7% 0 0.0% Silver - 0.0% 1 1.0% - 0.0%

Total 6 0.1% (277) -5.4% 6 0.1%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 37 14 February 2017 Asia-Pac Monthly ETF Insights

Issuer

Figure 61: 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 Nomura Asset Management 4,170 5.2% 1,309 1.7% 4,170 5.2% Nikko Asset Management 1,830 5.2% 611 1.8% 1,830 5.2% Mitsubishi UFJ Asset Mg 1,582 11.3% (655) -4.5% 1,582 11.3% Daiwa Asset Management 1,555 4.6% (565) -1.7% 1,555 4.6% Fortune SGAM Fund Management 953 10.6% (3,152) -25.7% 953 10.6% Yinhua Fund Management 751 22.1% (3,396) -49.0% 751 22.1% Yuanta Securities Inv trust Co Ltd. 589 10.0% (109) -1.8% 589 10.0% DIAM Asset Management 385 10.1% 994 35.8% 385 10.1% China Universal Asset Management Co 272 8.0% (744) -17.4% 272 8.0% BlackRock 131 1.1% 664 5.7% 131 1.1% Total Top 10 (Inflows) 12,218 6.1% (5,044) -2.5% 12,218 6.1%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 62: 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 China Southern Fund Management Co Ltd (1,804) -28.1% 339 5.4% (1,804) -28.1% Fullgoal Fund Management Co (967) -40.4% (304) -11.2% (967) -40.4% Bosera Fund Management Co Ltd (548) -43.0% (33) -2.5% (548) -43.0% Samsung Asset Management (448) -4.3% (472) -4.3% (448) -4.3% State Street (385) -2.1% 58 0.3% (385) -2.1% Huaan Fund Management (381) -9.3% 209 5.1% (381) -9.3% Penghua Fund Management Co Ltd (332) -41.5% (73) -8.3% (332) -41.5% KB Asset Management (314) -18.3% 67 4.0% (314) -18.3% Huatai-PineBridge Fund Management Co (295) -8.6% 514 16.4% (295) -8.6% Hang Seng Investment Management (213) -1.8% (6) 0.0% (213) -1.8% Total Top 10 (Outflows) (5,687) -27.7% 299 1.5% (5,687) -27.7%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 38 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Index Provider

Figure 63: ETP Net Flows (US$ Million) by Index Provider – Equity

Topix Nikkei CSI MSCI Other SSE S&P Dow Jones FTSE KRX HSIL

(1,000) - 1,000 2,000 3,000 4,000 5,000 6,000 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP..

Figure 64: ETP Net Flows (US$ Million) by Index Provider – Fixed Income

SSE Citigroup UBS CSI IISL Deutsche Bank Maekyung FnGuide KRX Barclays Markit iBoxx

(30) (20) (10) - 10 20 30 40 50 60 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP

Figure 65: ETP Net Flows (US$ Million) by Index Provider – Commodity

Nikkei

S&P Dow Jones

Other

UBS

IISL

(30) (20) (10) - 10 20 30 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 39 14 February 2017 Asia-Pac Monthly ETF Insights

Underlying Index/Security

Figure 66: ETP inflows (US$ Million) by Underlying Index Figure 67: ETP outflows (US$ Million) by Underlying – Equity (Top 10) Index – Equity (Top 10)

TOPIX KOSPI 200 Index

Nikkei 225 FTSE China A50 Index

Nikkei 225 Inverse Index Hang Seng Index

JPX Nikkei Index 400 Hang Seng China Enterprise Index

F-KOSPI 200 Index KOSDAQ150 Index

F-KOSPI200 Index S&P/ASX 200

Taiwan Top 50 Index TAIEX daily Return Inverse -1X Index

ChiNext Index JPX/S&P Capex & Human Capital Index CSI 500 Index MSCI Japan Minimum Volatility Index MSCI All Country Asia Ex Japan TOPIX Leveraged (2x) Index - 1,000 2,000 3,000 4,000 5,000 6,000 (700) (600) (500) (400) (300) (200) (100) -

Inflow (US$ Million) Outflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.

Figure 68: ETP inflows (US$ Million) by Underlying Index Figure 69: ETP outflows (US$ Million) by Underlying – Fixed Income (Top 10) Index – Fixed Income

ICE U.S. Treasury 20+ Year Bond Index China PBOC Benchmark Notice Deposit 7 Day

KAP Money Market Credit Index Other

iBoxx ABF Pan-Asia Index KIS MSB 5M Index

30 day Bank Bill Swap Rate KRW Cash Plus Index

iBoxx ABF Singapore Bond Index KRW Cash Index TR

Barclays Global Aggregate Govt-… KIS MSB 3M Index

Bloomberg AusBond 0+ Yr … KAP Money Market Index

ICE U.S. Treasury 20+ Year Bond 1X … MaeKyung Money Market TR Index

ICE U.S. Treasury 20+ Year Bond 2X … SSE 5-Year China Treasury Note Index

S&P US Treasury Bond 7-10 Index… KIS MSB Short Term Index

- 100 200 300 400 500 600 -2000- 1800- 1600- 1400- 1200- 1000 -800 -600 -400 -200 0

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 Security – Commodity Index/Security – Commodity

Commodity Gold S&P GSCI Crude Oil Excess Reurn Index

S&P GSCI Gold Index S&P GSCI Crude Oil Enhanced Index

S&P WCI Gold Excess Return S&P GSCI Gold Excess Return Index Index S&P GSCI Agriculture Enhanced S&P GSCI Crude Oil 2X Leveraged Index ER Select Index S&P GSCI North American Nomura Crude Oil Long Index Copper Index TR UBS Bloomberg Constant S&P GSCI Crude Oil 1X Inverse Index ER Maturity Commodity Index

Nikkei-TOCOM Platinum Index S&P GSCI Crude Oil Index

0 5 10 15 20 25 30 -20 -16 -12 -8 -4 0 Inflow (US$ Million) Outflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP. Source: Deutsche Bank, Bloomberg Finance LP.

Page 40 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

8. ETP - Turnover

Investment Focus

Figure 72: 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 Size 160 0.3% 205 (45) -21.7% 162 (2) -1.2% Regional 192 0.3% 274 (82) -29.9% 234 (42) -17.9% Style 764 1.3% 1,141 (378) -33.1% 2,342 (1,579) -67.4% Sector 524 0.9% 477 47 9.8% 613 (89) -14.6% Country 19,143 33.8% 25,447 (6,304) -24.8% 27,963 (8,820) -31.5% Strategy 35,524 62.7% 39,086 (3,562) -9.1% 51,345 (15,821) -30.8% Thematic 339 0.6% 195 144 73.9% 156 183 117.8% Total 56,646 100% 66,826 (10,179) -15.2% 82,815 (26,169) -31.6%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 73: 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 973 1.8% 2,340 (1,367) -58.4% 1,379 (406) -29.4% Corporates 33 0.1% 63 (30) -47.9% 33 0 0.1% Money Market 52,532 98.0% 192,255 (139,723) -72.7% 109,661 (57,129) -52.1% Overall 55 0.1% 52 3 5.6% 77 (22) -28.6% Total 53,593 100% 194,711 (141,117) -72.5% 111,150 (57,556) -51.8%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 41 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 74: 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 2,512 86.2% 4,573 (2,061) -45.1% 2,186 326 14.9% Overall 0 0.0% 0 (0) -25.1% 0 (0) -33.2% Energy 390 13.4% 801 (411) -51.3% 607 (217) -35.8% Agriculture 8 0.3% 6 2 39.5% 6 2 27.5% Industrial Metals 3 0.1% 2 1 86.6% 2 1 27.1% Total 2,913 100% 5,382 (2,469) -45.9% 2,802 111 4.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 42 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Sub Segment

Figure 75: 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 7,153 12.6% 9,268 (2,115) -22.8% 9,144 (1,992) -21.8% Developed non-Asia Pac 94 0.2% 214 (121) -56.3% 90 4 4.0% Emerging Country 11,897 21.0% 15,965 (4,069) -25.5% 18,728 (6,832) -36.5%

Regional Asia Pacific 30 0.1% 5 25 491.5% 10 19 187.6% Asia Pacific ex-Japan 7 0.0% 61 (54) -89.2% 38 (32) -82.9% Emerging Markets 20 0.0% 24 (3) -14.4% 22 (1) -6.6% Eurozone 0 0.0% 0 0 276.4% 0 0 19.4% Europe 20 0.0% 28 (8) -29.2% 41 (21) -51.3% Global 113 0.2% 153 (41) -26.5% 121 (9) -7.0% Greater China 3 0.0% 3 0 3.0% 1 2 132.1%

Sector Global 12 0.0% 21 (8) -41.1% 23 (10) -46.3% Other Sector 46 0.1% 33 13 39.1% 60 (14) -23.6% Asian Country 466 0.8% 424 42 10.0% 531 (65) -12.2%

Size Large Cap 140 0.2% 187 (47) -25.0% 144 (4) -2.8% Mid Cap 9 0.0% 7 3 41.2% 5 4 81.0% Small Cap 11 0.0% 11 (1) -5.0% 13 (2) -16.2%

Style Growth 554 1.0% 914 (360) -39.4% 2,055 (1,501) -73.0% Value 20 0.0% 10 10 106.4% 15 5 36.0% Dividend 189 0.3% 218 (29) -13.2% 273 (84) -30.6%

Strategy Short 1,747 3.1% 2,200 (454) -20.6% 3,778 (2,031) -53.8% Leveraged 27,088 47.8% 30,124 (3,035) -10.1% 40,246 (13,158) -32.7% Quantitative 34 0.1% 15 19 126.8% 26 8 31.6% Fundamental 61 0.1% 157 (96) -61.0% 52 9 18.2%

Thematic Sustainability 11 0.0% 1 10 1055.5% 2 9 407.2% Commodities 9 0.0% 9 (0) -2.7% 9 (1) -7.7% Other Theme 319 0.6% 185 134 72.5% 144 175 121.6% Total 56,646 100% 66,826 (10,179) -15.2% 82,815 (26,169) -31.6%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 43 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 76: 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 0.31 0.0% 0.43 (0.12) -27.3% 0.46 (0.15) -31.9% Overall ex Energy 0.01 0.0% - 0.01 n.a. 0.02 (0.01) -58.2% Overall Light Energy - 0.0% - - n.a. - - n.a

Agriculture Overall 6.06 0.2% 4.61 1.45 31.5% 4.79 1.27 26.4% Corn 0.07 0.0% 0.38 (0.31) -82.6% 0.28 (0.21) -76.2% Soybeans 1.13 0.0% 0.16 0.97 592.6% 0.43 0.70 160.9% Wheat 0.76 0.0% 0.57 0.18 31.7% 0.76 (0.00) 0.0% Grains 0.01 0.0% 0.02 (0.02) -63.6% 0.03 (0.02) -69.6%

Energy Overall 0.00 0.0% 0.05 (0.04) -93.8% 0.03 (0.02) -89.8% Crude Oil 389.18 13.4% 799.68 (410.50) -51.3% 606.52 (217.34) -35.8% Oil & Gas - 0.0% - - n.a. - - n.a Gasoline 0.00 0.0% 0.04 (0.04) -96.2% 0.02 (0.02) -91.4% Natural Gas 0.46 0.0% 0.75 (0.29) -38.9% 0.34 0.12 36.4%

Industrial Metals Overall 0.12 0.0% 0.09 0.03 33.3% 0.12 0.00 3.8% Copper 2.81 0.1% 1.48 1.33 90.0% 2.19 0.62 28.3% Nickel 0.01 0.0% 0.00 0.01 683.3% 0.01 0.00 10.1%

Precious Metals Overall 0.48 0.0% 0.37 0.11 30.4% 0.71 (0.22) -31.7% Gold 2,481.52 85.2% 4,546.36 (2,064.84) -45.4% 2,148.09 333.43 15.5% Palladium 1.24 0.0% 0.84 0.40 47.6% 0.60 0.65 109.0% Platinum 19.36 0.7% 15.03 4.33 28.8% 18.13 1.23 6.8% Silver 9.45 0.3% 10.80 (1.35) -12.5% 18.07 (8.62) -47.7% Total 2,913 100% 5,382 (2,469) -45.9% 2,802 111 4.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 44 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Exchange

Figure 77: 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 56,615.47 49.7% 185,667.14 (129,051.66) -69.5% 110,549.89 (53,934.42) -48.8% Japan - Osaka 23,432.48 20.6% 24,324.02 (891.54) -3.7% 33,440.47 (10,007.99) -29.9% Korea - KSE 10,842.16 9.5% 12,734.03 (1,891.87) -14.9% 13,938.86 (3,096.70) -22.2% Japan - Tokyo SE 8,876.55 7.8% 10,098.15 (1,221.60) -12.1% 12,279.19 (3,402.64) -27.7% Hong Kong - HKE 7,288.85 6.4% 9,090.26 (1,801.41) -19.8% 10,812.17 (3,523.32) -32.6% China - Shenzhen 2,603.15 2.3% 19,742.26 (17,139.11) -86.8% 9,929.48 (7,326.34) -73.8% Taiwan - TSEC 2,044.58 1.8% 3,986.33 (1,941.75) -48.7% 4,369.63 (2,325.05) -53.2% Australia - ASX 1,298.26 1.1% 1,257.70 40.56 3.2% 1,346.94 (48.68) -3.6% India - NSE 587.50 0.5% 407.73 179.77 44.1% 409.98 177.52 43.3% Singapore - SGX 204.11 0.2% 163.53 40.58 24.8% 194.69 9.41 4.8% New Zealand - NZ 11.21 0.0% 7.66 3.55 46.4% 14.73 (3.52) -23.9% Thailand - SET 5.60 0.0% 4.52 1.07 23.7% 6.75 (1.15) -17.0% Vietnam - HOSE 0.74 0.0% 1.01 (0.27) -26.9% 0.61 0.13 21.7% Philippines - PSE 0.66 0.0% 0.69 (0.03) -4.6% 1.22 (0.56) -46.0% India - Bombay 0.37 0.0% 0.02 0.34 1374.9% 0.42 (0.05) -11.8% Malaysia - Kuala Lumpur 0.11 0.0% 0.11 0.00 2.0% 0.31 (0.19) -62.9% Japan - Nagoya 0.06 0.0% 0.09 (0.02) -28.2% 0.06 0.00 8.3% Indonesia - Jakarta 0.02 0.0% 0.15 (0.13) -84.4% 0.07 (0.05) -66.2%

Total 113,812 100% 267,485 (153,674) -57.5% 197,295 (83,484) -42.3%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 45 14 February 2017 Asia-Pac Monthly ETF Insights

Issuer

Figure 78: 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 Nomura Asset Management 27,091 23.8% 28,242 (1,152) -4.1% 38,168 (11,077) -29.0% Fortune SGAM Fund Management 18,001 15.8% 89,045 (71,044) -79.8% 37,708 (19,706) -52.3% Yinhua Fund Management 10,441 9.2% 39,107 (28,666) -73.3% 22,323 (11,882) -53.2% Samsung Asset Management 6,694 5.9% 7,984 (1,290) -16.2% 9,463 (2,769) -29.3% Fullgoal Fund Management Co 4,593 4.0% 8,926 (4,333) -48.5% 7,550 (2,957) -39.2% State Street 3,491 3.1% 4,194 (703) -16.8% 4,281 (791) -18.5% Huaan Fund Management 3,240 2.8% 6,426 (3,187) -49.6% 2,387 852 35.7% China Southern Fund Management Co Ltd 3,228 2.8% 14,775 (11,547) -78.2% 10,752 (7,524) -70.0% Simplex Asset Management Co Ltd 2,883 2.5% 3,359 (476) -14.2% 4,502 (1,620) -36.0% Dacheng Fund Management Co Ltd 2,692 2.4% 3,082 (390) -12.7% 702 1,990 283.6% China Universal Asset Management Co 2,632 2.3% 9,322 (6,690) -71.8% 8,700 (6,068) -69.7% CCB Principal Asset Management Co Ltd. 2,395 2.1% 2,022 373 18.5% 436 1,959 449.2% Mirae Asset MAPS Global Investments 2,394 2.1% 2,850 (456) -16.0% 2,402 (9) -0.4% E Fund Management 2,252 2.0% 13,386 (11,134) -83.2% 9,254 (7,002) -75.7% China Asset Management 2,193 1.9% 3,221 (1,029) -31.9% 3,169 (976) -30.8% Penghua Fund Management Co Ltd 1,862 1.6% 2,222 (360) -16.2% 3,560 (1,698) -47.7% Hang Seng Investment Management 1,624 1.4% 1,977 (352) -17.8% 2,501 (877) -35.1% China Merchants Fund Management Co 1,390 1.2% 3,944 (2,553) -64.7% 1,967 (577) -29.3% BlackRock 1,263 1.1% 1,702 (439) -25.8% 2,114 (852) -40.3% Huatai-PineBridge Fund Management Co 1,232 1.1% 1,730 (498) -28.8% 2,485 (1,253) -50.4% Yuanta Securities Inv trust Co Ltd. 1,079 0.9% 2,170 (1,091) -50.3% 2,552 (1,474) -57.7% CSOP Asset Management 1,068 0.9% 1,315 (248) -18.8% 1,941 (874) -45.0% Bosera Fund Management Co Ltd 959 0.8% 2,362 (1,402) -59.4% 5,420 (4,460) -82.3% Daiwa Asset Management 856 0.8% 1,061 (205) -19.3% 1,126 (270) -24.0% Fubon Securities Investment Trust Co 789 0.7% 1,497 (708) -47.3% 1,534 (745) -48.6% Woori Asset Management 724 0.6% 655 69 10.5% 976 (252) -25.8% Rongtong Fund Management 583 0.5% 879 (296) -33.6% 649 (65) -10.0% Guotai Asset Management Co Ltd 574 0.5% 2,348 (1,775) -75.6% 1,035 (461) -44.6% China Life AMP Asset Management Co 551 0.5% 742 (191) -25.8% 257 294 114.2% Goldman Sachs 535 0.5% 393 142 36.1% 386 149 38.6% Nikko Asset Management 502 0.4% 675 (173) -25.6% 612 (110) -18.0% KB Asset Management 463 0.4% 574 (110) -19.2% 442 21 4.8% Rakuten Investment Management 445 0.4% 444 1 0.2% 564 (119) -21.2% Korea Investment Trust Mg 321 0.3% 392 (71) -18.1% 437 (116) -26.6% Essence Asset Management 300 0.3% 828 (527) -63.7% 198 102 51.6% Ping An Asset Management 267 0.2% 272 (5) -1.8% 68 200 295.5% BetaShares Capital Ltd 258 0.2% 335 (77) -23.0% 310 (51) -16.5% Vanguard 249 0.2% 299 (50) -16.6% 309 (59) -19.2% Mitsubishi UFJ Asset Mg 220 0.2% 276 (57) -20.5% 240 (20) -8.3% Kokusai Asset Management Co Ltd 207 0.2% 226 (20) -8.7% 321 (115) -35.7% Total Top 40 112,539 98.9% 265,257 (152,719) -57.6% 193,801 (81,263) -41.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 46 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Index Provider

Figure 79: 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 80: ETP Monthly Turnover (US$ Million) by Index Provider – Fixed Income

Other

KRX

SSE

Maekyung FnGuide

UBS

Deutsche Bank

Markit iBoxx

Citigroup

S&P Dow Jones

CSI

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

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 47 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 81: ETP Monthly Turnover (US$ Million) by Index Provider – Commodity

Commodity

S&P Dow Jones

UBS

Other

Nikkei

Reuters/Jefferies

Reuters/Jefferies

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

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Underlying Index/Security

Figure 82: ETP Monthly Turnover (US$ Million) by Underlying Index – Equity (Top 10)

Nikkei 225 Leveraged Index

KOSPI 200 Index

Nikkei 225 Double Inverse Index

Hang Seng Index

Hang Seng China Enterprise Index

Nikkei 225

F-KOSPI 200 Index

FTSE China A50 Index

CSI 300 Index

SSE 50 Index

0 5000 10000 15000 20000 25000

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Page 48 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 83: ETP Monthly Turnover (US$ Million) by Underlying Index – Fixed Income

Other

China PBOC Benchmark Notice Deposit 7 Day

MK Korea Monetary Stabilization Index

Active

SSE 5-Year China Treasury Note Index

30 day Bank Bill Swap Rate

KRW Cash Index TR

Bloomberg AusBond 0+ Yr Composite Index

MaeKyung Money Market TR Index

Pledgeable urban Investment Bond Index

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

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 84: ETP Monthly Turnover (US$ Million) by Underlying Index/Security – Commodity (Top 10

Commodity Gold

S&P GSCI Crude Oil 2X Leveraged Index ER

S&P GSCI Crude Oil Excess Reurn Index

UBS Bloomberg Constant Maturity Commodity…

Nomura Crude Oil Long Index

S&P GSCI Gold Excess Return Index

S&P GSCI Gold Index

S&P GSCI Crude Oil 1X Inverse Index ER

S&P WCI Gold Excess Return Index

S&P GSCI Crude Oil Enhanced Index

- 500 1,000 1,500 2,000 2,500 Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 49 14 February 2017 Asia-Pac Monthly ETF Insights

9. ETP - Assets Under Management

Investment Focus

Figure 85: 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 % Size 776 0.3% 736 40 5.4% 736 40 5.4% Regional 2,816 1.0% 2,474 341 13.8% 2,474 341 13.8% Style 4,788 1.7% 4,494 294 6.5% 4,494 294 6.5% Sector 10,361 3.6% 9,973 388 3.9% 9,973 388 3.9% Country 246,656 85.5% 230,053 16,603 7.2% 230,053 16,603 7.2% Strategy 16,895 5.9% 15,758 1,137 7.2% 15,758 1,137 7.2% Thematic 6,101 2.1% 5,853 248 4.2% 5,853 248 4.2% Total 288,392 100% 269,341 19,051 7.1% 269,341 19,051 7.1%

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 86: 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 7,230 19.7% 6,741 489 7.3% 6,741 489 7.3% Corporates 1,500 4.1% 1,464 36 2.5% 1,464 36 2.5% Money Market 26,853 73.1% 29,882 (3,029) -10.1% 29,882 (3,029) -10.1% Overall 1,143 3.1% 1,071 72 6.8% 1,071 72 6.8% Total 36,726 100% 39,158 (2,432) -6.2% 39,158 (2,432) -6.2%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 50 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 87: 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 3,773 74.9% 3,607 166 4.6% 3,607 166 4.6% Overall 8 0.2% 8 0 5.5% 8 0 -94.5% Energy 1,188 23.6% 1,243 (54) -4.4% 1,243 (54) -4.4% Agriculture 55 1.1% 50 5 10.6% 50 5 10.6% Industrial Metals 14 0.3% 13 2 11.9% 13 2 11.9% Total 5,038 100% 4,920 119 2.4% 4,920 119 2.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 51 14 February 2017 Asia-Pac Monthly ETF Insights

Sub Segment

Figure 88: 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 195,452 67.8% 180,333 15,119 8.4% 180,333 15,119 8.4% Developed non-Asia Pac 336 0.1% 338 (1) -0.4% 338 (1) -0.4% Emerging Country 50,867 17.6% 49,383 1,485 3.0% 49,383 1,485 3.0%

Regional Asia Pacific 72 0.0% 68 5 6.9% 68 5 6.9% Asia Pacific ex-Japan 1,385 0.5% 1,120 265 23.7% 1,120 265 23.7% Emerging Markets 172 0.1% 160 12 7.6% 160 12 7.6% Global 959 0.3% 911 47 5.2% 911 47 5.2% Greater China 51 0.0% 46 5 10.1% 46 5 10.1%

Sector Other Sector 536 0.2% 483 53 10.9% 483 53 10.9% Asian Country 9,788 3.4% 9,456 332 3.5% 9,456 332 3.5%

Size Large Cap 500 0.2% 470 30 6.3% 470 30 6.3% Mid Cap 122 0.0% 116 7 5.8% 116 7 5.8% Small Cap 153 0.1% 150 3 2.3% 150 3 2.3%

Style Growth 1,055 0.4% 958 97 10.1% 958 97 10.1% Value 226 0.1% 219 6 2.9% 219 6 2.9% Dividend 3,507 1.2% 3,316 191 5.8% 3,316 191 5.8%

Strategy Short 6,170 2.1% 5,259 911 17.3% 5,259 911 17.3% Leveraged 7,054 2.4% 7,228 (173) -2.4% 7,228 (173) -2.4% Quantitative 576 0.2% 566 10 1.9% 566 10 1.9% Fundamental 593 0.2% 544 48 8.9% 544 48 8.9%

Thematic Sustainability 78 0.0% 61 17 27.5% 61 17 27.5% Commodities 40 0.0% 33 7 19.8% 33 7 19.8% Other Theme 5,983 2.1% 5,758 225 3.9% 5,758 225 3.9% Total 288,392 100% 269,341 19,051 7.1% 269,341 19,051 7.1%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 52 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 89: 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 8 0.2% 8 0 n.a 8 0 5.5% Agriculture Overall 50 1.0% 45 5 11.2% 45 5 11.2% Corn - 0.0% - - n.a - - n.a Soybeans 5 0.1% 5 0 4.5% 5 0 4.5% Wheat - 0.0% - - n.a - - n.a Grains - 0.0% - - n.a - - n.a

Energy Overall - 0.0% - - n.a - - n.a Oil & Gas - 0.0% - - n.a - - n.a Crude Oil 1,188 23.6% 1,243 (54) -4.4% 1,243 (54) -4.4% Natural Gas - 0.0% - - n.a - - n.a

Industrial Metals Overall 3 0.1% 2 0 8.5% 2 0 8.5% Copper 12 0.2% 10 1 12.8% 10 1 12.8%

Precious Metals Overall 7 0.1% 7 1 7.7% 7 1 7.7% Gold 3,538 70.3% 3,392 146 4.3% 3,392 146 4.3% Palladium 7 0.1% 6 1 11.4% 6 1 11.4% Platinum 113 2.2% 103 10 10.2% 103 10 10.2% Silver 107 2.1% 99 8 8.0% 99 8 8.0% Total 5,038 100.2% 4,920 119 2.4% 4,920 119 2.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 53 14 February 2017 Asia-Pac Monthly ETF Insights

Issuer

Figure 90: 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 86,756 26.2% 79,781 6,976 8.7% 79,781 6,976 8.7% Nikko Asset Management 38,387 11.6% 35,341 3,046 8.6% 35,341 3,046 8.6% Daiwa Asset Management 36,902 11.1% 34,148 2,755 8.1% 34,148 2,755 8.1% State Street 18,502 5.6% 18,103 399 2.2% 18,103 399 2.2% Mitsubishi UFJ Asset Mg 16,005 4.8% 14,028 1,978 14.1% 14,028 1,978 14.1% BlackRock 12,610 3.8% 11,965 645 5.4% 11,965 645 5.4% Hang Seng Investment Management 11,880 3.6% 11,503 377 3.3% 11,503 377 3.3% Samsung Asset Management 10,570 3.2% 10,472 98 0.9% 10,472 98 0.9% Fortune SGAM Fund Management 10,034 3.0% 8,984 1,050 11.7% 8,984 1,050 11.7% China Asset Management 9,417 2.8% 8,991 426 4.7% 8,991 426 4.7% Yuanta Securities Inv trust Co Ltd. 6,640 2.0% 5,878 761 13.0% 5,878 761 13.0% Mirae Asset MAPS Global Investments 5,124 1.5% 4,784 340 7.1% 4,784 340 7.1% China Southern Fund Management Co Ltd 4,663 1.4% 6,423 (1,761) -27.4% 6,423 (1,761) -27.4% DIAM Asset Management 4,314 1.3% 3,823 491 12.9% 3,823 491 12.9% E Fund Management 4,239 1.3% 4,336 (97) -2.2% 4,336 (97) -2.2% Yinhua Fund Management 4,199 1.3% 3,399 799 23.5% 3,399 799 23.5% Vanguard 3,858 1.2% 3,695 163 4.4% 3,695 163 4.4% Huaan Fund Management 3,841 1.2% 4,096 (254) -6.2% 4,096 (254) -6.2% China Universal Asset Management Co 3,734 1.1% 3,393 341 10.0% 3,393 341 10.0% Huatai-PineBridge Fund Management Co 3,189 1.0% 3,436 (247) -7.2% 3,436 (247) -7.2% Harvest Fund Management Co 2,851 0.9% 2,844 7 0.3% 2,844 7 0.3% CSOP Asset Management 2,614 0.8% 2,640 (25) -1.0% 2,640 (25) -1.0% BetaShares Capital Ltd 2,356 0.7% 2,237 119 5.3% 2,237 119 5.3% Fubon Securities Investment Trust Co 1,905 0.6% 1,821 84 4.6% 1,821 84 4.6% KB Asset Management 1,476 0.4% 1,712 (236) -13.8% 1,712 (236) -13.8% Simplex Asset Management Co Ltd 1,456 0.4% 1,453 3 0.2% 1,453 3 0.2% Fullgoal Fund Management Co 1,446 0.4% 2,395 (949) -39.6% 2,395 (949) -39.6% Goldman Sachs 1,354 0.4% 1,285 68 5.3% 1,285 68 5.3% Smartshares Ltd 1,179 0.4% 1,110 69 6.2% 1,110 69 6.2% Hanwha Investment Trust Management 1,140 0.3% 1,059 81 7.7% 1,059 81 7.7% Korea Investment Trust Mg 1,018 0.3% 1,104 (86) -7.8% 1,104 (86) -7.8% NZAM 934 0.3% 916 17 1.9% 916 17 1.9% GF Fund Management Co Ltd 904 0.3% 839 64 7.6% 839 64 7.6% HFT Investment Management Co Ltd 884 0.3% 872 12 1.4% 872 12 1.4% Woori Asset Management 856 0.3% 825 31 3.8% 825 31 3.8% CCB Principal Asset Management Co Ltd. 757 0.2% 806 (49) -6.0% 806 (49) -6.0% Guotai Asset Management Co Ltd 744 0.2% 759 (15) -2.0% 759 (15) -2.0% Bosera Fund Management Co Ltd 739 0.2% 1,273 (534) -41.9% 1,273 (534) -41.9% SBI Funds Management 738 0.2% 707 31 4.4% 707 31 4.4% Kyobo AXA Investment Mg Co Ltd 663 0.2% 580 83 14.3% 580 83 14.3% Total Top 40 320,879 96.9% 303,816 17,063 5.6% 303,816 17,063 5.6%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 54 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Index Provider

Figure 91: ETP AUM (US$ Million) by Index Provider – Equity (Top 10)

Nikkei

Topix

HSIL

CSI

KRX

Other

SSE

FTSE

S&P …

MSCI

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

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 92: ETP AUM (US$ Million) by Index Provider – Fixed Income

Other

Markit iBoxx

UBS

S&P Dow Jones

Deutsche Bank

KRX

Barclays

Citigroup

Maekyung FnGuide

SSE

- 10,000 20,000 30,000 40,000

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 55 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 93: 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 4,000

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Underlying Index/Security

Figure 94: ETP AUM (US$ Million) by Underlying Index – Equity (Top 10)

Nikkei 225

TOPIX

Hang Seng Index

CSI 300 Index

KOSPI 200 Index

JPX Nikkei Index 400

Hang Seng China Enterprise Index

FTSE China A50 Index

SSE 50 Index

TSE REIT Index

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

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Page 56 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Figure 95: 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

KRW Cash Plus Index

Pledgeable urban Investment Bond Index

30 day Bank Bill Swap Rate

KIS MSB 3M Index

iBoxx ABF Singapore Bond Index

ICE U.S. Treasury 20+ Year Bond Index

- 5,000 10,000 15,000 20,000 25,000

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 96: 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 Enhanced Index

S&P GSCI Crude Oil Excess Reurn Index

Commodity Platinum

S&P GSCI Crude Oil 2X Leveraged Index ER

Commodity Silver

S&P GSCI Gold Excess Return Index

S&P GSCI Gold Index

- 1,000 2,000 3,000 4,000 AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 57 14 February 2017 Asia-Pac Monthly ETF Insights

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.

Page 58 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

Appendix A: Glossary

Deutsche Bank AG/Hong Kong Page 59 14 February 2017 Asia-Pac Monthly ETF Insights

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 31 December 2017.

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 97: 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.

Exchange-Traded Collateralized Instruments (2.6%) Exchange-Traded Commodities (ETCs, 0.8%)

Page 60 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

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.

Deutsche Bank AG/Hong Kong Page 61 14 February 2017 Asia-Pac Monthly ETF Insights

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. Shan Lan, Ari Rajendra, Sebastian Mercado

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.

Regulatory Disclosures

Page 62 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

1.Additional Information Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling 1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

Deutsche Bank AG/Hong Kong Page 63 14 February 2017 Asia-Pac Monthly ETF Insights

Additional Information ? The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act as principal for its own account or as agent for another person.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking, trading and principal trading revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank provides liquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimes have shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. Trade ideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea represents a high conviction belief by an analyst that a stock will outperform or underperform the market and/or sector delineated over a time frame of no less than two weeks. In addition to SOLAR ideas, the analysts named in this report may from time to time discuss with our clients, Deutsche Bank salespersons and Deutsche Bank traders, trading strategies or ideas that reference catalysts or events that may have a near-term or medium-term impact on the market price of the securities discussed in this report, which impact may be directionally counter to the analysts' current 12-month view of total return or investment return as described herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage and the frequency of changes in market conditions and in both general and company specific economic prospects make it difficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned or of the Research Department Management and as such the majority of reports are published at irregular intervals. This report is provided for informational purposes only and does not take into account the particular investment objectives, financial situations, or needs of individual clients. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regarding our organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respect to our research is available on our website under Disclaimer found on the Legal tab. ? ? 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.

Page 64 Deutsche Bank AG/Hong Kong 14 February 2017 Asia-Pac Monthly ETF Insights

The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements. ? ? Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options”, at http:// www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document. ? Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk. ? Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. 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. ? ? United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

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United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. ? ? Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. ? ?

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India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India (SEBI) as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received administrative warnings from the SEBI for breaches of Indian regulations.

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