ETF Monthly Asia

13 July 2017 ETF Monthly Asia

Deutsche Bank Markets Research

Asia Synthetic Equity & Index Strategy Date ETF Monthly Asia 13 July 2017

First monthly outﬂow in 2017

Data in this report is as of 30th June 2017 Ari Rajendra

Research Analyst Asia listed ETP Monthly Highlights (Assets & Flows): +44-20-754-52282 ■ Assets: ETP AUM up by $2.8bn on MoM basis and ended the month at $372bn. Sebastian Mercado, CFA

■ Flows: June saw the ﬁrst monthly net outﬂows in 2017 of -$0.6bn (YTD Strategist +$25.1bn). +1-212-250-8690

New Product Launches – 9 new products, ﬁxed income ETFs dominate Asia-Pac ETP market recorded 9 new launches which include 1 equity, 6 ﬁxed income and 2 commodity ETFs. New launches were primarily around Korean equities, US treasuries, Australian bonds, crude oil and grains.

Investment Themes for the Month ■ Equity ETFs attracted +$1.8bn in June (+$407mn in May). Primary contributors were Japan focused ETFs registering inﬂows of +$2.3bn driven by Bank of Japan purchases.

■ South Korea, Taiwan and Hong Kong focused ETFs were other beneﬁciaries in June collecting inﬂows of +$414mn, +$388mn and + $287mn respectively.

■ Leveraged/inverse (-$1.1bn) and China (-$628mn) focused ETFs saw redemptions in June.

■ Fixed income ETFs witnessed outﬂows of -$2.9bn, primarily from China money market ETFs (-$3.3bn).

■ Non Asia listed Equity ETFs with investment focus in the Asia-Paciﬁc region drew +$2.6bn driven also by Japan focused ETFs (+$1.5bn).

Turnover: MoM turnover increased by 12.6% The total turnover activity into Asian ETPs increased by 12.6% ($187.7bn) compared to the previous month’s total ($166.8bn).

Distributed on: 13/07/2017 11:18:09 GMT Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 083/04/2017. 0bed7b6cf11c 13 July 2017 ETF Monthly Asia

Table Of Contents

1. Market Overview ...... 3 Market review: Most major Asian markets saw positive returns in J ...... 3 2. Asia-Pac Listed ETF Activity Summary ...... 4 Japan equities accumulates inflows while China money markets saw ...... 4 3. Product Insights ...... 6 New launches – 9 new ETFs in Asia ...... 6 4. Global ETP Industry Overview and Investment Tre ...... 7 Global ETP AUM above $4 trillion with over $56bn monthly inflows ...... 7 Regional positioning: Broad DM, Europe and EM preferred ...... 8 Global Investor positioning in Asia: Inflow to Japan, outflow fro ...... 8 ETFs vs. Mutual Funds in Asia Pac ...... 10 5. Performance and Growth ...... 11 Performance and growth for Asia-Pac focused ETFs listed globally ...... 11 Top ETPs – Asia-Pac listed ...... 13 Top ETPs – Other regions with Asia-Pac focus ...... 16 6. Asia-Pac Listed ETPs - Statistics ...... 20 Country Breakdown ...... 22 Issuer Rankings ...... 23 7. ETP - Net Flows ...... 30 Investment Focus ...... 30 Sub Segment ...... 31 Issuer ...... 34 Index Provider ...... 35 Underlying Index/Security ...... 36 8. ETP - Turnover ...... 37 Investment Focus ...... 37 Sub Segment ...... 39 Exchange ...... 41 Issuer ...... 42 Index Provider ...... 43 Underlying Index/Security ...... 44 9. ETP - Assets Under Management ...... 46 Investment Focus ...... 46 Sub Segment ...... 48 Issuer ...... 50 Index Provider ...... 51 Underlying Index/Security ...... 52 Appendix A: Glossary ...... 55 Appendix B: How we define ETPs ...... 56

Page 2 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

1. Market Overview

Market review: Most major Asian markets saw positive returns in June

Many of the equity markets globally continued to record positive returns on a month-over-month basis. During June, within Asia-Pac region, China, Taiwan and South Korea were the best performers. Broad global emerging markets and broad Asia-Pac market return were also positive over the last month. Outside Asia-Pac region, US witnessed positive returns however Europe retreated sharply.

On a YTD basis, all the major markets ended in positive territory at the end of June. Emerging markets were strongly positive posting double digit growth so far, especially Korea, Hong Kong, India, broad global emerging markets and broad Asia-Pac. US and European markets returned below 10% but were positive.

Following is the snapshot of major benchmarks’ recent performance:

Figure 1: Major Benchmark Performance Jun - 17 May - 17 Benchmarks YTD TTM (MoM) (MoM) Japan (Nikkei 225) 1.95% 2.36% 4.81% 28.62% South Korea (KOSPI2) 2.33% 6.08% 19.90% 27.70% China (CSI 300) 4.98% 1.54% 10.78% 16.26% Taiwan (TWSE) 3.53% 1.71% 12.34% 19.94% Hong Kong (HSI) 0.41% 4.25% 17.11% 23.90% India (Sensex) -0.72% 4.10% 16.13% 14.53% Singapore (FSSTI) 0.49% 1.11% 12.00% 13.57% Australia (S&P/ASX 200) -0.05% -3.37% 0.98% 9.33% US (S&P 500) 0.48% 1.16% 8.24% 15.46% Europe (STOXX Europe 600) -2.72% 0.75% 4.97% 15.00% Asia-Pac (MSCI AC Asia Pacific - MXAP) 1.25% 2.56% 14.48% 19.93% EM (MSCI Emerging Markets - MXEF) 0.54% 2.80% 17.23% 21.18%

Source: Deutsche Bank, Bloomberg Finance LP

Figure 2: Jun-17 (MoM) benchmark performance Figure 3: YTD benchmark performance

106 125 CSI 300 CSI 300 KOSPI2

KOSPI2 105 0) 0) TWSE HSI 0 0 120 1 1 ( ( 104 d d e e KOSPI2 Sensex 115 103 as as b b e e Nikkei 225 TWSE R

R 102 s

ls 110 el e FSSTI FSSTI v v 101 e e L L 100 S&P 500 105 CSI 300 dex dex n n I I 99 HSI S&P 500 100 98 STOXX Europe S&P/ASX 200 S&P/ASX 200 STOXX Europe 600 97 95 Sensex Nikkei 225

STOXX Europe S&P/ASX 200 600

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

Deutsche Bank AG/London Page 3 13 July 2017 ETF Monthly Asia

2. Asia-Pac Listed ETF Activity Summary

Japan equities accumulates inﬂows while China money markets saw redemptions

Asia-Pac listed ETPs recorded first monthly outflows in June this year totalling - $0.6bn bringing YTD flows total to +$25.1bn. After receiving mild inflows in May (+$407mn), equity ETF flows picked up in June bringing in +$1.8bn in new money. However, it was offset by fixed income ETF outflows of -$2.9bn over the last month.

Equity ETF inflows in June were primarily contributed by Japan focused ETFs registering inflows of +$2.3bn. Moreover, Japan focused ETF YTD inflows (+ $28.6bn), driven by Bank of Japan purchases, dominated entire equity ETF flows in H1 (+$26.8bn). Apart from Japan, South Korea, Taiwan and Hong Kong focused ETFs also benefited in June recording inflows of +$414mn, +$388mn and + $287mn respectively. These were partially offset by leveraged/inverse (-$1.1bn) and China (-$628mn) focused ETFs.

In the region, fixed income ETF flows have been dominated by China money market ETFs. Unlike previous months when these ETFs posted strong inflows, in June China money market ETFs experienced -$3.3bn worth of redemptions amid bullish equity markets.

Figure 4: Major ﬂow activity by country – Jun 2017 Figure 5: Major ﬂow activity by country – YTD

) 4 ) 35 n n b 3 b $ $ 30 ( 2 ( s s 25 w 1 w o o l - l 20 F F t t

e (1) e 15 N (2) N e e

iv (3) 10 tiv lat (4) la

u 5 (5) u m m u (6) u - C C (5) (10) Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

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, TOPIX ETF (1306 JP), Nomura Nikkei 225 ETF (1321 JP) and Nikko Exchange Traded Index 225 (1330 JP) collecting +$1.2bn, +$1bn and +$866mn respectively. Largest redemptions were experienced by Yinhua Traded Money Market Fund (511880 CH), Fortune SGAM Xianjin Tianyi Money Market (511990 CH) and Maxis Nikkei 225 ETF (1346 JP) with outﬂows of -$1.4bn, -$1.3bn and -$953mn, respectively.

Turnover: Floor activity up by 12.6% in June Asia-Pac-listed ETP turnover was up by 12.6% and totaled $187.7bn for the month of June. On a country level, stock exchanges in China topped the turnover

Page 4 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

ranking with aggregate turnover of $118.1bn, followed by Japan ($26.5bn), Korea ($19.2bn) and Hong Kong ($15.9bn).

At ETP level, Fortune SGAM Xianjin Tianyi Money Market (511990 CH), Yinhua Traded Money Market Fund (511880 CH) and Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) were the most traded products of the month recording total turnovers of $42.9bn, $27.4bn and $17.4bn, respectively.

AUM: Assets close the month at $372bn Asia-Pac-listed ETP AUM increased marginally in June and closed the month at $372.1bn with 0.8% or $2.8bn rise on MoM basis. On a year-to-date basis assets are up 18.3% or $57.6bn above last year levels.

Deutsche Bank AG/London Page 5 13 July 2017 ETF Monthly Asia

3. Product Insights

New launches – 9 new ETFs in Asia

Asia-Pac listings: 9 new ETFs launched around Korean equities, US treasuries, Australian money market and ﬂoating rate bonds, crude oil and grains During June 2017, Asia-Pac ETP market recorded 9 new launches which include 1 equity, 6 ﬁxed income and 2 commodity ETFs.

The only equity ETF was launched by KB Asset Management on Korea Stock Exchange tracking KOSDAQ 150 Index.

Yuanta Securities listed three ﬁxed income ETFs on Taiwan Stock Exchange. One of these ETFs provides long only exposure to US treasuries while other two provide leveraged long and inverse exposures respectively to US treasuries.

BlackRock listed two Australian money market ETFs on Australian Securities Exchange.

BetaShares launched a ﬁxed income ETFs on Australian Securities Exchange tracking the performance of Australian ﬂoating rate bonds.

Samsung Asset Management launched two commodity ETFs on Korea Stock Exchange. One of these ETFs is providing inverse exposure to crude oil prices while the other one is focusing on grains.

Figure 6: New Launches in June

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 6 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

4. Global ETP Industry Overview and Investment Trends

Global ETP AUM above $4 trillion with over $56bn monthly inﬂows

Global ETP AUM maintained above $4 trillion level and closed the month at $4.13 trillion. ETP AUM witnessed a 1.6% ($63.1bn) month-on-month rise and 17.6% ($619bn) year-on-year rise, supported by strong inﬂows. ETP AUM growth achieved during H1 2017 (17.6%) is very signiﬁcant and it is almost equal to the full year AUM growth in 2016 (17.9%). Asia-Pac listed ETP assets closed the month at of $372.1bn.

Inflows for ETPs listed globally (ex-RoW) stood stronger than last month and received about +$56bn in June taking YTD total to +$331.3bn. Inflows were dominated by US ETPs bringing in +$46.9bn in new money, followed by Europe ETPs attracting +$9.8bn. Asia ETPs experienced outflows recording -$0.6bn worth of redemptions. On asset class level, equity and fixed income drove the inflows contributing +$37.8bn and +$15.6bn inflows respectively over the last month.

Figure 7: Global ETP regional asset growth historically

4,500

4,000

3,500

3,000 ) n b

$ 2,500 ( M

U 2,000 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 94.9 112.0 Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 372.1 Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.2 690.7 US 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 2,956.3 Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.7 1,444.3 1,491.5 1,913.6 2,339.9 2,725.9 2,978.2 3,512.1 4,131.1

*As of last month except for RoW which is as of 7 Jul 2017 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/London Page 7 13 July 2017 ETF Monthly Asia

Figure 8: Global ﬂows summary by region Figure 9: Regional ﬂows as a % of AUM

50,000 2.0%

40,000 M

U 1.5% ) n A f

m 30,000 o $ 1.0% ( % s a w 20,000 s o

l 0.5% a F s t e 10,000 w o N l 0.0% F - t e

N -0.5% (10,000) YTD (Monthly YTD (Monthly Jun-17 May-17 Jun-17 May-17 Avg) Avg) Asia-Pac -0.2% 0.8% 1.3% Asia-Pac (597) 2,847 4,176 Europe 1.4% 1.9% 1.8% Europe 9,786 12,111 10,282 US 1.6% 1.1% 1.6% US 46,889 30,758 40,763

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

Regional positioning: Broad DM, Europe and EM preferred

Based on June ﬂows to ETFs listed globally with regional focus, Broad (global) DM have been most favored receiving major inﬂows, followed by DM Europe and Broad (global) EM. This has been the trend throughout this year so far.

Figure 10: Broad market ﬂows movement – Jun 2017* Figure 11: Broad market ﬂows movement – YTD* 10.0 50

) ) n n 8.0 b b 40 $ $ ( ( s s 6.0 30 w w o o l l 4.0 F F 20 ive ive t t 2.0 la la 10 u u 0.0 m m u u - C C -2.0 (10)

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: Inﬂow to Japan, outﬂow from China

Total assets of equity ETFs listed globally (oﬀshore only) with investment focus in the Asia-Paciﬁc region closed the month at $138.8bn, 3.3% above previous month's level.

These ETFs recorded healthy inflows of +$2.6bn in June which is the biggest monthly inflow this year. Inflows were lead by Japan focused ETFs attracting +$1.5bn in new money followed by South Korea (+$479mn) and Australia (+ $322mn) focused ETFs. In addition, DM (broad) Asia also received major inflows recording +$332 mn worth of new creations. On the contrary, China focused ETFs shed -$238mn as outflows. On YTD basis, Japan (+$2.3bn) and India (+$1bn) were the top flow receivers while China (-$1.7bn) saw the most redemptions.

Page 8 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Figure 12: Oﬀshore equity ETFs listed globally with investment focus in Asia* Net Flows ($ million) AUM ($ million) % of % of Investment Focus Jun-17 May-17 Apr-17 YTD Jun-17 May-17 Dec-16 AUM AUM Emerging Markets Bangladesh -1 -4.5% -1 0 -2 -6.7% 26 26 25 China -238 -0.8% -276 36 -1,743 -6.1% 31,181 30,658 28,476 India 62 0.5% 138 263 951 11.0% 11,467 11,530 8,667 Indonesia -19 -2.3% -31 50 -14 -2.0% 814 823 739 Malaysia 2 0.5% 48 27 156 52.5% 496 499 297 Pakistan -2 -3.0% 3 3 26 53.3% 69 78 48 Philippines -10 -3.7% 3 20 25 12.2% 252 267 203 South Korea 479 10.1% 153 -208 344 8.8% 5,192 4,729 3,897 Taiwan 10 0.2% 77 50 299 9.2% 4,228 4,067 3,243 Thailand -18 -3.9% -23 -4 -12 -2.8% 450 470 427 Vietnam 5 0.9% -16 -6 -28 -5.4% 553 531 518 EM Asia Broad 120 3.8% 130 90 604 27.9% 3,319 3,149 2,170 Total 389 0.7% 204 321 607 1.2% 58,045 56,828 48,710 Developed Markets Australia 322 11.1% -83 -59 -366 -10.8% 3,258 2,894 3,379 Hong Kong -176 -6.4% 23 13 -288 -12.0% 2,550 2,741 2,410 Japan 1,466 2.9% 200 -83 2,341 5.1% 52,725 50,557 46,353 New Zealand 9 5.9% -4 4 35 30.4% 168 153 114 Singapore -2 -0.3% 56 -11 -9 -1.6% 650 653 564 DM Asia Broad 332 2.7% 311 248 1,880 19.4% 12,805 12,319 9,712 Total 1,951 2.8% 502 112 3,593 5.7% 72,156 69,317 62,531 Asia Broad Indices 296 3.6% 258 340 1,081 17.5% 8,602 8,196 6,160 Grand Total 2,637 2.0% 964 772 5,280 4.5% 138,803 134,341 117,402

*This ﬁgure includes ETFs (oﬀshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic).

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 13: Flows by DM country – Jun 2017* Figure 14: Flows by DM country – YTD*

Japan Japan

Australia New Zealand

New Zealand Singapore

Singapore Hong Kong

Hong Kong Australia

-500 0 500 1,000 1,500 -500 0 500 1,000 1,500 2,000 2,500 Monthly Flows ($mn) YTD Flows ($mn)

*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, *This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/London Page 9 13 July 2017 ETF Monthly Asia

Figure 15: Flows by EM country – Jun 2017* Figure 16: Flows by EM country – YTD

South Korea India

India South Korea

Taiwan Taiwan

Vietnam Malaysia

Malaysia Philippines

Philippines Thailand

Thailand Indonesia

Indonesia Vietnam

China China

-300 -200 -100 0 100 200 300 400 500 600 -2,000 -1,500 -1,000 -500 0 500 1,000 Monthly Flows ($mn) YTD Flows ($mn)

ETFs vs. Mutual Funds in Asia Pac

Asia-Pac ETPs comprised 7% of the continent’s mutual fund industry as of Q1 2017 according to mutual fund industry data published by the Investment Company Institute (ICI). This has steadily grown from 4.6% at the end of Q1 2014. US ETPs comprised 19.6% while Europe ETPs comprised 4% of respective region’s mutual fund industry as of Q1 2017. Within Asia-Pac, Taiwan is on the top with ETP assets accounting for 17.5% of mutual fund assets, followed by Japan ETP assets accounting for 15.2% of mutual fund assets.

Figure 17: Asia-Pac ETP vs. mutual fund assets

400,000 7.5%

350,000 7.0%

300,000 6.5% 250,000 6.0% 200,000 5.5% 150,000 ETP AUM AUM ($mn) ETP

5.0% vs Mutual Funds ETP 100,000

50,000 4.5%

0 4.0% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17 ETP AUM 171,174 189,629 190,061 206,844 228,083 243,236 267,534 283,865 294,131 298,101 327,288 314,426 352,004 ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.7% 6.4% 6.5% 6.5% 6.6% 6.7% 7.0%

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

Figure 18: Asia-Pac ETP vs. mutual fund ﬂows

30.0%

25.0%

20.0%

15.0%

($mn) 10.0%

5.0%

Quarterly Flows as a % of AUM Flows as a %AUM of Quarterly 0.0%

-5.0% Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q3'16 Q3'16 Q4*16 Q1'17 Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.4% 5.8% -0.3% 1.7% 3.4% 1.9% 2.2% ETPs 5.8% -0.2% 1.1% 1.9% 2.0% 26.9% -0.4% 7.6% 0.6% 4.4% -1.8% 6.7%

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

Page 10 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

5. Performance and Growth

Performance and growth for Asia-Pac focused ETFs listed globally

ETF Performance - Outperformers and underperformers Top performing ETFs of the month were dominated by China focused ETFs while an ETF tracking large cap Indian equities via CPSE Index was the worst performer of the month.

Figure 19: Top 10 best performance

ETF Name Bloomberg Underlying Index 30-Jun-17 31-May-17 28-Apr-17 YTD

Fubon SZSE 100 ETF 00639 TT SZSE 100 Index 9.5% 1.4% -1.6% 9.7% E Fund SI100 Index Fund 159901 CH SI100 Index 9.2% -0.9% -0.6% 13.8% China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index 9.1% 1.4% -1.3% 22.8% Mirae Asset Tiger China A300 ETF 192090 KS CSI 300 Index 8.9% 1.4% 2.0% 10.5% China SME ETF 159902 CH Shenzhen SME Index 8.5% -2.8% -1.7% 7.4% Capital SZSE SME Price Index Exchange Traded Fund 00643 TT SZSE SME Price Index 8.4% -1.3% -2.2% 3.1% Kindex China Main Land CSI300 ETF 168580 KS CSI 300 Index 8.3% 1.6% 1.0% 9.2% Nomura Topix Banks 1615 JP TOPIX Banks Index 8.2% -4.2% 1.6% 2.6% db x-trackers CSI300 Index UCITS ETF 1C XCHA LN CSI 300 Index 7.7% 3.0% -0.9% 15.6% Fuh-Hwa SZSE300 Index ETF 006207 TT CSI 300 Index 7.7% 2.6% -1.4% 8.3%

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 Jun - Daily performance YTD 25%

20%

c 15% n

ma 10% or f r

e 5% P ly i

a 0% D -5%

-10% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

00639 TT 159901 CH 159928 CH

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/London Page 11 13 July 2017 ETF Monthly Asia

Figure 21: Top 10 least performance

ETF Name Bloomberg Underlying Index 30-Jun-17 31-May-17 28-Apr-17 YTD

R*Shares CPSE BeES CPSEBE IN CPSE Index -9.4% -5.0% 6.7% 2.6% NZAM ETF TOPIX Ex-Financials 1596 JP TOPIX Ex-Financials Index -8.6% 3.0% 13.2% 1.6% Next Funds NOMURA Crude Oil 1699 JP Nomura Crude Oil Long Index -8.2% -1.2% -2.9% -24.1% WTI Crude Oil Price Linked ETF 1671 JP UBS Bloomberg Constant Maturity Commodity Index -7.9% -1.3% -2.7% -24.6% Mirae Asset MAPS TIGER WTI Futures ETF 130680 KS S&P GSCI Crude Oil Enhanced Index -7.7% -1.8% -1.0% -19.4% Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index -7.5% -1.8% -1.1% -19.9% SPDR S&P/ASX 200 Listed Prop SLF AU S&P/ASX 200 Listed Property Fund -6.1% -0.9% 2.0% -6.3% SPDR S&P World ex Australia Fund WXOZ AU S&P Developed ex Australia LargeMidCap AUD Index -4.8% 2.6% 3.9% 2.2% Gold Bullion Securities GOLD AU Commodity Gold -4.6% -0.1% 4.3% 0.9% Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index -4.4% 7.3% 3.5% 10.8%

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 Jun - Daily performance YTD

30%

20%

c 10%

man 0% or f r

e -10% P ly i

a -20% D -30%

-40% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

CPSEBE IN 1596 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 An ETF tracking Chinese money market led the table as largest fund flow receiver as a percentage of AUM during last month, whereas an ETF tracking JPX/S&P Capex & Human Capital Index saw the largest outflows as a percentage of AUM over the same period.

Page 12 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Figure 23: Top 10 Inﬂows as a % of AUM

Jun-17 May-17 Apr-17 YTD Cashflows AUM % of Cashflows % of Cashflow % of Cashflow ETF Name Bloomberg Underlying Index % of AUM ($mn) ($mn) AUM ($mn) AUM s ($mn) AUM s ($mn)

China AMC Express Traded Money Market Fund 511650 CH Other 251.7% 369.0 516.3 -33.4% -72.6 -6.3% -14.5 0.0% 511.6 Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF 00672L TT S&P GSCI Crude Oil 2X Leveraged Index ER 160.2% 264.8 421.7 29.3% 37.3 -24.2% -41.5 314.4% 332.3 KraneShares Bosera MSCI China A ETF KBA US MSCI China A 73.4% 82.9 206.3 81.9% 49.5 30.5% 14.3 687.5% 168.1 SMAM Nikkei 225 ETF 1397 JP Nikkei 225 64.8% 182.4 461.8 -20.7% -71.0 0.0% 0.0 106.8% 228.4 Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index 62.6% 84.5 213.1 20.9% 23.6 -14.6% -19.6 60.6% 85.8 Cathay US Treasury 20+ YR ETF 00687B TT Bloomberg Barclays US Treasury 20+ Year Bond Index 51.7% 58.2 170.8 142.5% 65.0 0.0% 45.8 0.0% 169.0 iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia 37.8% 353.2 935.2 0.7% 3.9 -1.7% (9.9) -23.3% -256.8 iShares MSCI Korea UCITS ETF (Inc) IKOR LN MSCI Korea 32.2% 273.2 847.4 13.4% 76.2 -7.8% -35.8 70.0% 304.8 E Fund CSI 300 Financials Ex Banks Index ETF 512070 CH CSI 300 Financials Ex Banks Index 30.6% 51.9 233.2 6.7% 10.0 -1.0% (1.4) 37.5% 57.5 Mirae Asset MAPS Tiger IT ETF 139260 KS KOSPI 200 IT Sector Index 30.4% 40.4 181.7 -2.0% -2.5 55.3% 43.9 252.8% 107.4

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

Figure 24: Top 10 outﬂows as a % of AUM

Jun-17 May-17 Apr-17 YTD Cashflows AUM % of Cashflows % of Cashflow % of Cashflow ETF Name Bloomberg Underlying Index % of AUM ($mn) ($mn) AUM ($mn) AUM s ($mn) AUM s ($mn) iShares JPX/S&P CAPEX & Human Capital ETF 1483 JP JPX/S&P Capex & Human Capital Index -66.5% (172.9) 91.9 173.5% 162.6 -10.4% (10.7) -25.5% (26.5) Huaan Ririxin Monetary Market Fund ETF 511600 CH Other -43.0% (44.1) 59.0 0.0% - -36.3% (58.0) -91.5% (579.5) Amundi ETF MSCI India UCITS ETF CI2 FP MSCI India -41.0% (81.5) 199.0 0.0% - 3.5% 9.6 -10.7% (18.9) China AMC Shanghai-HK Stock Connect Hang Seng Index ETF 513660 CH Hang Seng Index -38.0% (150.3) 246.2 -2.4% (9.4) 2.1% 8.0 -33.3% (95.6) China Merchants Sec Deposite Fast-Swing Money Market Fund 159003 CH Other -36.7% (177.8) 308.2 9.6% 42.1 8.1% 32.7 6.2% 17.5 Samsung Kodex KOSDAQ150 Leverage ETF 233740 KS KOSDAQ150 Index -29.4% (49.6) 126.6 -19.1% (35.0) -15.3% (32.0) -62.8% (134.9) Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -27.7% (52.2) 142.1 -23.3% (53.7) -9.8% (24.1) -50.8% (110.3) Next Funds Nikkei 225 Leveraged Index ETF 1570 JP Nikkei 225 Leveraged Index -27.3% (715.3) 1,975.1 -29.8% (1,032.3) 1.9% 62.9 -47.5% (1,357.1) Penghua Profit Added Traded Money Market Fund 511820 CH Other -26.0% (102.8) 295.0 3.8% 14.5 -7.1% (29.0) -63.4% (492.8) Dacheng Tianyi Traded Money Market Fund 511690 CH Other -25.5% (190.7) 560.5 8.5% 58.0 17.5% 101.4 22.3% 99.4

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% 46,634.3 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 41,723.3 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 22,142.1 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 21,458.0 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 21,430.9 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 18,939.8 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 11,861.8 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 10,649.8 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 8,680.8 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,365.3 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 6,326.8 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 5,126.6 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 4,443.7 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,424.0 Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 3,959.2 ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,906.5 iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,807.6 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,752.8 iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 3,328.4 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 2,941.1

Source: Deutsche Bank, Bloomberg Finance LP

Deutsche Bank AG/London Page 13 13 July 2017 ETF Monthly Asia

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% 1,726.4 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (1,356.1) Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (1,240.0) Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 1,169.2 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 945.6 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (886.5) Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 839.4 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 701.4 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (640.6) Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% 489.8 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 404.1 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (385.6) DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% (385.1) China AMC Express Traded Money Market Fund China Asset Management 511650 CH Fixed Income ETF 0.00% 369.7 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 324.2 E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (271.9) MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 271.1 Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF Yuanta Securities Inv trust Co Ltd. 00672L TT Commodity ETF 1.19% 256.4 Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (246.7) China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 195.8

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% 1,171.7 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 1,023.0 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 866.1 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 575.6 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 567.6 Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% 404.4 China AMC Express Traded Money Market Fund China Asset Management 511650 CH Fixed Income ETF 0.00% 369.0 Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF Yuanta Securities Inv trust Co Ltd. 00672L TT Commodity ETF 1.19% 264.8 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 198.2 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 196.9 KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% 188.7 SMAM Nikkei 225 ETF Sumitomo Mitsui Asset Management 1397 JP Equity ETF 0.14% 182.4 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 141.2 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 139.8 Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% 132.5 DIAM ETF JPX/S&P CAPEX & Human Capital Index DIAM Asset Management 1484 JP Equity ETF 0.17% 128.9 Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% 113.8 CSOP China 5-year Treasury Bond ETF CSOP Asset Management 3199 HK Fixed Income ETF 0.56% 106.5 Yuanta US Treasury 20+ Year Bond ETF Yuanta Securities Inv trust Co Ltd. 00679B TT Fixed Income ETF 0.67% 99.8 China AMC CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.83% 96.1

Source: Deutsche Bank, Bloomberg Finance LP

Page 14 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Figure 28: Top 20 ETPs by outﬂow

Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (1,403.0) Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (1,304.1) Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% (953.2) Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (715.3) DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% (402.5) Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (287.2) Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (280.0) E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (252.8) Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% (216.5) Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% (190.7) China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% (177.8) China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (175.8) iShares JPX/S&P CAPEX & Human Capital ETF BlackRock 1483 JP Equity ETF 0.19% (172.9) China AMC Shanghai-HK Stock Connect Hang Seng Index ETF China Asset Management 513660 CH Equity ETF 0.50% (150.3) Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (148.9) CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% (130.7) Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% (125.7) Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% (122.7) Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (119.5) Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (102.8)

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 Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 42,913.4 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 27,348.9 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 17,375.3 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 7,842.6 China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 6,581.2 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 5,484.4 CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 5,171.3 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 4,843.6 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,715.5 Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 3,764.0 Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 3,452.1 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 3,190.6 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 2,733.4 Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 2,271.5 E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 2,263.9 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 2,163.7 E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 1,854.0 Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 1,781.8 Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% 1,742.9 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 1,679.6

Source: Deutsche Bank, Bloomberg Finance LP

Deutsche Bank AG/London Page 15 13 July 2017 ETF Monthly Asia

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% 8,328.4 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 1,842.1 Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 1,539.4 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 946.3 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 810.7 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 752.4 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (728.7) iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 648.6 CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 603.4 China AMC CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.83% 599.9 E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 517.0 China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 501.0 Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 493.0 Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% 436.7 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 397.2 Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (385.0) Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (356.8) Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% 339.3 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 321.1 Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 318.3

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% 17,285.9 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 8,259.8 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 5,017.1 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 4,259.4 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,743.0 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 3,656.3 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,623.4 iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 3,163.3 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 2,945.7 iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 2,706.9 iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,543.3 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,465.1 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 2,341.3 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 2,221.6 iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 1,922.6 Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,787.9 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,763.5 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,698.1 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,651.7 Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 1,632.1

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 16 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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% 1,203.9 iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 369.5 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 310.2 iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% 278.5 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 229.7 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 226.4 iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 198.2 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (163.6) db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 151.0 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 150.0 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 134.5 iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% 117.3 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 104.6 Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% 98.5 KraneShares Bosera MSCI China A ETF KraneShares KBA US Equity ETF 1.10% 93.3 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 90.9 Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 85.9 Amundi ETF MSCI India UCITS ETF Amundi CI2 FP Equity ETF 0.80% (83.7) db x-trackers MSCI EM Asia TRN Index UCITS ETF Deutsche AM XMAS GR Equity ETF 0.65% 66.3 KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 59.9

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% 1,149.9 iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 353.2 iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% 273.2 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 272.1 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 217.1 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 188.7 iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 173.4 iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% 129.1 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 117.2 db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 105.2 Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% 95.9 KraneShares Bosera MSCI China A ETF KraneShares KBA US Equity ETF 1.10% 82.9 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 71.7 Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 66.0 KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 58.4 db x-trackers MSCI EM Asia TRN Index UCITS ETF Deutsche AM XMAS GR Equity ETF 0.65% 55.1 BNP Paribas Easy MSCI Japan ex Controversial Weapons UCITS ETF BNP Paribas EJAH GY Equity ETF 0.25% 39.8 Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 35.3 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 35.2 iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% 32.7

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/London Page 17 13 July 2017 ETF Monthly Asia

Figure 34: Top 20 ETPs by outﬂow

Asset Class & Net Flow ETP Name Issuer BBG Ticker TER Structure US$ MM WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (306.1) Amundi ETF MSCI India UCITS ETF Amundi CI2 FP Equity ETF 0.80% (81.5) iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (74.2) iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% (56.1) iShares MSCI Japan GBP Hedged UCITS ETF BlackRock IJPH LN Equity ETF 0.64% (24.8) Lyxor UCITS ETF China Enterprise (HSCEI) Lyxor ASI FP Equity ETF 0.65% (24.6) db x-trackers MSCI Pacific ex-Japan INDEX UCITS ETF Deutsche AM XPXJ GR Equity ETF 0.45% (24.2) Lyxor UCITS ETF MSCI Indonesia C-EUR Lyxor INDO FP Equity ETF 0.55% (16.6) db x-trackers MSCI China TRN Index UCITS ETF Deutsche AM XCS6 LN Equity ETF 0.65% (16.4) iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% (15.7) VanEck Vectors India Small-Cap Index ETF VanEck Vectors SCIF US Equity ETF 0.85% (11.1) Direxion Daily CSI 300 China A Share Bull 2X Shares DirexionShares CHAU US Equity ETF 0.95% (10.7) Direxion Daily CSI 300 China A Share Bear 1X Shares DirexionShares CHAD US Equity ETF 0.80% (9.4) iShares MSCI Japan CHF Hedged UCITS ETF BlackRock IJPC SW Equity ETF 0.64% (9.0) VanEck Vectors ChinaAMC A-Share ETF VanEck Vectors PEK US Equity ETF 0.72% (8.4) Direxion Daily India Bull 3X Shares DirexionShares INDL US Equity ETF 0.95% (8.0) db x-trackers MSCI Korea TRN Index UCITS ETF Deutsche AM XMKO GR Equity ETF 0.65% (7.4) Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% (7.4) iShares MSCI Philippines ETF BlackRock EPHE US Equity ETF 0.62% (7.3) WisdomTree Japan Hedged Financials Fund WisdomTree DXJF US Equity ETF 0.43% (7.3)

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 0.74% 12,827.2 iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 7,813.1 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,802.2 iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,245.4 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 2,706.6 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,094.4 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 1,760.6 iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 1,695.5 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,482.2 iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,104.3 WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,075.9 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 734.3 Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 582.4 iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 574.9 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 483.6 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 461.6 iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% 429.6 iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 416.8 KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 297.6 Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 284.9

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 18 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Figure 36: Top 20 ETPs by Monthly Turnover change

Turnover Asset Class & ETP Name Issuer BBG Ticker TER Change Structure US$ MM iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 2,120.9 WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (810.7) iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% (764.7) iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 629.2 iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 503.8 Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 312.4 iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% (266.5) iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 197.3 iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (185.0) Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 171.5 iShares India 50 ETF BlackRock INDY US Equity ETF 0.93% 142.8 iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% (123.2) iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 115.7 iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 106.9 iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (86.6) iShares MSCI Pacific ex Japan UCITS ETF Acc BlackRock CSPXJ SW Equity ETF 0.20% (85.4) Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% (79.7) iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 76.0 iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% (68.7) Amundi ETF MSCI Pacific ex-Japan UCITS ETF Amundi CP9 FP Equity ETF 0.45% (67.1)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/London Page 19 13 July 2017 ETF Monthly Asia

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 836 80.0% 835 1 0.1% 790 46 5.8% Fixed income 115 11.0% 109 6 5.5% 93 22 23.7% Commodity 63 6.0% 61 2 3.3% 60 3 5.0% Currency 19 1.8% 19 - 0.0% 14 5 35.7% Multi Asset 9 0.9% 9 - 0.0% 9 - 0.0% Alternative 3 0.3% 3 - 0.0% 3 - 0.0% Total 1,045 100% 1,036 9 0.9% 969 76 7.8%

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 1,820 0.6% 407 0.1% 26,835 10.0% Fixed income (2,908) -7.1% 2,347 6.1% (2,195) -5.6% Commodity 457 9.3% 35 0.7% 248 5.0% Currency (2) -0.3% 7 1.0% 36 5.6% Multi Asset (1) -0.7% (1) -0.7% 1 1.0% Alternative 38 17.0% 52 27.1% 132 52.6% Total (597) -0.2% 2,847 0.8% 25,057 8.0%

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 74,959 39.9% 67,686 7,272 10.7% 82,815 (7,857) -9.5% Fixed income 107,960 57.5% 95,325 12,635 13.3% 111,150 (3,190) -2.9% Commodity 4,158 2.2% 3,108 1,050 33.8% 2,802 1,356 48.4% Currency 408 0.2% 389 19 4.8% 198 211 106.6% Multi Asset 16 0.0% 15 1 5.1% 10 6 66.4% Alternative 186 0.1% 233 (46) -19.9% 321 (135) -42.0% Total 187,688 100% 166,757 20,930 12.6% 197,295 (9,608) -4.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 20 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 327,494 88.0% 322,230 5,264 1.6% 269,341 58,153 21.6% Fixed income 38,300 10.3% 41,066 (2,766) -6.7% 39,158 (858) -2.2% Commodity 5,211 1.4% 4,915 296 6.0% 4,920 292 5.9% Currency 698 0.2% 702 (4) -0.5% 655 43 6.5% Multi Asset 114 0.0% 117 (3) -2.7% 101 12 11.9% Alternative 245 0.1% 220 25 11.2% 251 (6) -2.2% Total 372,062 100% 369,251 2,812 0.8% 314,426 57,636 18.3%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 21 13 July 2017 ETF Monthly Asia

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 118 143 341 -57.1% 2,363 1.3% 14,439 3.9% China 152 152 (4,119) 690.5% 118,100 62.9% 53,440 14.4% Hong Kong 119 206 401 -67.3% 15,904 8.5% 40,747 11.0% India 61 61 14 -2.4% 522 0.3% 4,648 1.2% Indonesia 9 9 (27) 4.6% 0 0.0% 204 0.1% Japan 163 210 2,011 -337.1% 26,535 14.1% 221,767 59.6% Philippines 1 1 2 -0.4% 1 0.0% 24 0.0% Korea 278 278 339 -56.8% 19,212 10.2% 22,201 6.0% Vietnam 1 1 - 0.0% 2 0.0% 22 0.0% Malaysia 8 8 - 0.0% 0 0.0% 452 0.1% New Zealand 23 23 9 -1.6% 12 0.0% 1,336 0.4% Singapore 12 86 (10) 1.7% 144 0.1% 1,774 0.5% Taiwan 86 91 441 -73.9% 4,890 2.6% 10,872 2.9% Thailand 14 14 1 -0.2% 3 0.0% 136 0.0%

Total 1045 1283 (597) 100.0% 187,688 100.0% 372,062 100.0%

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 5,652 889 1,488 311 1,684 735 260 11,018 2,435 541 445 78.7% 17.4% 3.9% China 22,505 - 1,783 138 1,287 103 2,371 28,187 24,163 1,091 - 52.7% 45.2% 2.0% Hong Kong 33,219 1,883 81 36 243 601 5 36,068 4,527 151 - 88.5% 11.1% 0.4% India 1,907 - 51 13 11 5 1,592 3,580 102 965 - 77.0% 2.2% 20.8% Indonesia 40 - 12 - - - 152 204 - - - 100.0% 0.0% 0.0% Japan 204,621 261 6,613 98 1,238 5,510 1,500 219,842 411 1,348 166 99.2% 0.2% 0.6% Philippines 24 ------24 - - - 100.0% 0.0% 0.0% Korea 10,084 172 1,263 123 490 4,067 1,118 17,319 4,148 386 349 79.3% 19.0% 1.8% Vietnam 22 ------22 - - - 100.0% 0.0% 0.0% Malaysia 4 1 - - - - 101 106 347 - - 23.3% 76.7% 0.0% New Zealand 364 222 101 180 129 - - 996 339 - - 74.6% 25.4% 0.0% Singapore 892 30 53 - 52 - - 1,027 747 - - 57.9% 42.1% 0.0% Taiwan 4,006 34 77 114 269 4,469 12 8,981 1,080 715 96 83.3% 10.0% 6.6% Thailand 109 - 11 - 2 - - 121 - 15 - 89.1% 0.0% 10.9% Total 283,449 3,491 11,533 1,014 5,405 15,491 7,111 327,494 38,300 5,211 1,057 88.3% 10.3% 1.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 22 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 - 50,000 100,000 150,000 200,000 250,000

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 1,790 - 40 - 1,830 12,339 Nikko Asset Management 1,011 21 - - 1,032 7,986 State Street 624 (28) - - 597 21 Yuanta Securities Inv trust Co Ltd. 87 129 339 (0) 554 1,319 CSOP Asset Management 185 106 2 - 294 325 China Asset Management (110) 369 - - 259 121 Daiwa Asset Management 245 - - - 245 5,840 KB Asset Management 176 36 - - 212 (76) Sumitomo Mitsui Asset Management 187 - - - 187 277 BetaShares Capital Ltd 100 46 - 20 166 592

Total Top 10 (Inflows) 4,295 679 382 20 5,375 28,743

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 Yinhua Fund Management - (1,403) - - (1,403) 856 Fortune SGAM Fund Management 7 (1,304) - - (1,297) 1,485 Hang Seng Investment Management (333) - - - (333) (1,451) DIAM Asset Management (330) - - - (330) (598) Samsung Asset Management (242) (47) 28 (17) (278) (1,247) China Merchants Fund Management Co (0) (207) - - (207) 117 Dacheng Fund Management Co Ltd (8) (191) - - (198) 89 Fubon Securities Investment Trust Co (222) (1) - 34 (190) (143) China Southern Fund Management Co Ltd (11) (176) - - (187) (1,616) Harvest Fund Management Co (120) (17) - - (137) (336)

Total Top 10 (Outflows) (1,259) (3,346) 28 17 (4,561) (2,845)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 23 13 July 2017 ETF Monthly Asia

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 % Fortune SGAM Fund Management 17.6 42,913.4 - - 42,931.1 22.9% Yinhua Fund Management 0.1 27,348.9 - - 27,349.0 14.6% Nomura Asset Management 22,379.8 - 93.4 - 22,473.2 12.0% Samsung Asset Management 13,260.7 83.4 50.7 185.3 13,580.2 7.2% China Southern Fund Management Co Ltd 854.9 7,842.6 - - 8,697.5 4.6% China Universal Asset Management Co 68.5 6,844.9 - - 6,913.4 3.7% State Street 6,037.5 3.3 42.9 - 6,083.6 3.2% E Fund Management 3,411.0 2,185.1 94.6 - 5,690.7 3.0% CCB Principal Asset Management Co Ltd. 0.2 5,171.3 - - 5,171.5 2.8% China Asset Management 4,442.9 523.3 - - 4,966.2 2.6% Mirae Asset MAPS Global Investments 4,785.3 40.1 78.3 55.4 4,959.1 2.6% Guotai Asset Management Co Ltd 146.5 3,764.0 510.1 - 4,420.7 2.4% Dacheng Fund Management Co Ltd 3.8 3,452.1 - - 3,455.9 1.8% Hang Seng Investment Management 3,228.4 - 0.2 - 3,228.5 1.7% Yuanta Securities Inv trust Co Ltd. 1,912.2 135.0 609.6 4.6 2,661.3 1.4% Huaan Fund Management 105.1 210.9 2,271.5 - 2,587.5 1.4% CSOP Asset Management 2,494.6 8.3 5.0 - 2,507.9 1.3% BlackRock 2,196.2 66.3 - - 2,262.4 1.2% Simplex Asset Management Co Ltd 1,924.8 - 108.0 - 2,032.8 1.1% Fullgoal Fund Management Co 0.2 1,781.8 - - 1,782.0 0.9% Fubon Securities Investment Trust Co 1,567.2 117.0 - 54.7 1,738.9 0.9% Huatai-PineBridge Fund Management Co 1,477.2 232.4 - - 1,709.6 0.9% China Merchants Fund Management Co 0.2 1,668.0 - - 1,668.2 0.9% Penghua Fund Management Co Ltd 0.7 1,527.2 - - 1,527.9 0.8% KB Asset Management 522.7 260.9 - 5.7 789.3 0.4% Daiwa Asset Management 685.5 - - - 685.5 0.4% Vanguard 492.6 69.7 - - 562.2 0.3% BetaShares Capital Ltd 254.3 220.9 7.2 64.0 546.4 0.3% Nikko Asset Management 506.9 8.5 - - 515.4 0.3% Bosera Fund Management Co Ltd 10.6 317.2 147.4 - 475.2 0.3% Goldman Sachs 27.0 429.1 14.2 - 470.3 0.3% Cathay Securities Investment Trust 211.9 151.4 - - 363.4 0.2% Rakuten Investment Management 352.8 - - - 352.8 0.2% Korea Investment Trust Mg 332.8 1.4 11.7 - 346.0 0.2% Hanwha Investment Trust Management 244.7 38.9 - 2.8 286.4 0.2% Mitsubishi UFJ Asset Mg 214.9 - - - 214.9 0.1% Rongtong Fund Management - 200.5 - - 200.5 0.1% Woori Asset Management 73.6 81.8 - 38.5 193.9 0.1% Harvest Fund Management Co 143.6 33.1 - - 176.8 0.1% Kokusai Asset Management Co Ltd - - - 131.6 131.6 0.1%

Total (Top 40) 74,389 107,733 4,045 543 186,710 99.5%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 24 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Figure 48: ETP Turnover (US$ Million) by Issuer – Contd. Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Van Eck Funds 79.34 23.32 - - 102.66 0.05% GF Fund Management Co Ltd 83.41 0.43 - - 83.84 0.04% Kiwoom Asset Management Co Ltd 13.71 - - 67.92 81.62 0.04% Zhongrong Fund Management Co Ltd - 65.82 - - 65.82 0.04% Deutsche AM 60.65 0.59 - - 61.23 0.03% Mitsubishi UFJ Trust and Banking Corporation - - 51.69 - 51.69 0.03% Fuh-Hwa Securities Investment Trust 51.55 - - - 51.55 0.03% CSC Investment Trust 40.42 - - - 40.42 0.02% China Life AMP Asset Management Co 0.59 39.65 - - 40.24 0.02% DIAM Asset Management 31.77 - - - 31.77 0.02% ETF Securities - - 29.13 - 29.13 0.02% Ping An Asset Management - 28.69 - - 28.69 0.02% Russell Investments 14.03 11.48 - - 25.51 0.01% Essence Asset Management - 25.12 - - 25.12 0.01% HFT Investment Management Co Ltd 0.12 22.52 - - 22.63 0.01% Reliance Capital Asset Management 20.62 0.00 - - 20.62 0.01% Kotak Mahindra Asset Man 15.95 - 3.29 - 19.25 0.01% Mega International Investment Trust Co Ltd/Taiwan 18.29 - - - 18.29 0.01% ICBC Credit Suisse Asset Management 16.50 - - - 16.50 0.01% ANZ Asset Management 15.12 - 0.77 0.05 15.94 0.01% Paradigm Asset Management Co Ltd - - 15.31 - 15.31 0.01% Kyobo AXA Investment Mg Co Ltd 13.34 1.69 - - 15.03 0.01% BMO Global Asset Management 10.54 2.74 - - 13.28 0.01% BOCI - Prudential Asset Man Ltd 13.09 - - - 13.09 0.01% Smartshares Ltd 10.81 0.46 - - 11.27 0.01% Value Partners 3.08 - 6.31 - 9.39 0.01% UBS 9.15 - - - 9.15 0.00% Enhanced Investment Products Limited 6.33 - - - 6.33 0.00% Amundi 5.69 - - - 5.69 0.00% Invesco Great Wall Fund Management Co. Ltd 1.24 4.35 - - 5.59 0.00% Prudential ICICI Asset Management 4.71 - 0.10 - 4.81 0.00% Phillip Capital Management 4.31 - - - 4.31 0.00% Horizons ETFs 4.06 - - - 4.06 0.00% Lyxor 3.19 - 0.09 - 3.28 0.00% SBI Funds Management 0.46 0.00 2.64 - 3.10 0.00% UBS Hana Asset Management Co Ltd 1.93 - - - 1.93 0.00% CIMB-GK Securities Pte Ltd 1.86 - - - 1.86 0.00% One Asset Management Ltd 1.61 - - - 1.61 0.00% Viet Fund Management 1.58 - - - 1.58 0.00% UTI Asset Management 0.04 - 1.46 - 1.50 0.00% Enhanced Investment Products Ltd 1.34 - - - 1.34 0.00% Bangkok Capital Asset Management 1.24 - - - 1.24 0.00% HDFC Asset Management Co Ltd 0.03 - 1.13 - 1.16 0.00% Passive Funds Management Ltd 1.10 - - - 1.10 0.00% BNP Paribas 0.84 - 0.08 - 0.92 0.00% Krung Thai Asset Management 0.54 - 0.24 - 0.78 0.00% BOCOM Schroders 0.63 - - - 0.63 0.00% First Metro Asset Management 0.51 - - - 0.51 0.00% Yurie Asset Management 0.48 - - - 0.48 0.00% Dongbu Asset Management 0.46 - - - 0.46 0.00% Motilal Oswal Mutual Fund 0.44 - - - 0.44 0.00% UOB Asset Management Ltd 0.42 - - - 0.42 0.00% Heungkuk Asset Management 0.38 - - - 0.38 0.00% IDBI Asset Management - - 0.36 - 0.36 0.00%

Total 74,957 107,960 4,157 611 187,685 100.00%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 25 13 July 2017 ETF Monthly Asia

Figure 49: ETP Turnover (US$ Million) by Issuer – Completion Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Total Income dity Share % NZAM 0.29 - - - 0.29 0.0% Bank of China Investment Management 0.23 - - - 0.23 0.0% Yuanda Chinese Holdings Ltd 0.22 - - - 0.22 0.0% SinoPac Securities Investment Trust Co 0.22 - - - 0.22 0.0% GTJA Allianze Fund Management Co 0.17 - - - 0.17 0.0% Axis Asset Management - - 0.16 - 0.16 0.0% Haitong International 0.15 - - - 0.15 0.0% Canara Robeco - - 0.14 - 0.14 0.0% HSBC Inv Funds Ltd/Hong Kong - 0.13 - - 0.13 0.0% Sumitomo Mitsui Asset Management 0.13 - - - 0.13 0.0% Ping An of China Asset Management 0.13 - - - 0.13 0.0% Quantum Asset Management 0.01 - 0.12 - 0.13 0.0% Lion Fund Management Co Ltd 0.12 - - - 0.12 0.0% Lippo Investments Management 0.12 - - - 0.12 0.0% Thanachart Fund Management - - 0.10 - 0.10 0.0% i-VCAP Management 0.09 - - - 0.09 0.0% Wanjia Asset Management 0.09 - - - 0.09 0.0% Midas Asset Management Co 0.07 - - - 0.07 0.0% LIC Nomura MF Asset Management Co 0.01 0.06 - - 0.06 0.0% Birla Sun Life Asset Management Co 0.01 - 0.04 - 0.05 0.0% ComStage 0.04 - - - 0.04 0.0% Tebon Fund Management - 0.04 - - 0.04 0.0% Religare Mutual Fund 0.01 - 0.03 - 0.03 0.0% Indo Premier Securities 0.02 - - - 0.02 0.0% Edelweiss Asset Management 0.01 - - - 0.01 0.0% Mizuho Asset Management Co Ltd - - 0.01 - 0.01 0.0% AmInvestment Services Berhad/Malaysia 0.01 0.00 - - 0.01 0.0% TMB Asset Management 0.00 - - - 0.00 0.0% Pinnacle Investments - - - 0.00 0.00 0.0%

Total ( All Local Issuers) 74,959 107,960 4,158 611 187,688 100.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 26 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 100,198 - 365 - 100,563 27.0% Nikko Asset Management 46,153 1,018 - - 47,171 12.7% Daiwa Asset Management 43,877 - - - 43,877 11.8% State Street 16,396 3,940 - - 20,336 5.5% Mitsubishi UFJ Asset Mg 17,630 - - - 17,630 4.7% BlackRock 13,093 637 - - 13,729 3.7% Hang Seng Investment Management 11,546 - 8 - 11,554 3.1% Fortune SGAM Fund Management 83 10,650 - - 10,733 2.9% Samsung Asset Management 8,561 1,951 139 65 10,715 2.9% China Asset Management 9,876 516 - - 10,392 2.8% Yuanta Securities Inv trust Co Ltd. 6,069 882 701 18 7,670 2.1% Mirae Asset MAPS Global Investments 4,457 727 251 51 5,485 1.5% China Southern Fund Management Co Ltd 3,335 1,608 - - 4,943 1.3% Yinhua Fund Management 15 4,444 - - 4,459 1.2% Vanguard 3,439 714 - - 4,153 1.1% E Fund Management 3,232 335 198 - 3,765 1.0% Huaan Fund Management 2,858 59 806 - 3,723 1.0% Huatai-PineBridge Fund Management Co 3,087 605 - - 3,692 1.0% DIAM Asset Management 3,620 - - - 3,620 1.0% CSOP Asset Management 3,209 152 18 - 3,379 0.9% China Universal Asset Management Co 2,291 634 - - 2,925 0.8% BetaShares Capital Ltd 1,404 968 85 445 2,902 0.8% Harvest Fund Management Co 2,827 33 - - 2,860 0.8% Fubon Securities Investment Trust Co 2,086 19 - 79 2,184 0.6% KB Asset Management 1,202 555 - 47 1,804 0.5% CCB Principal Asset Management Co Ltd. 32 1,755 - - 1,787 0.5% Reliance Capital Asset Management 1,606 3 - - 1,610 0.4% Hanwha Investment Trust Management 921 417 - 21 1,359 0.4% Simplex Asset Management Co Ltd 955 - 367 - 1,322 0.4% Smartshares Ltd 931 339 - - 1,270 0.3% Korea Investment Trust Mg 938 95 26 - 1,058 0.3% GF Fund Management Co Ltd 973 15 - - 988 0.3% Woori Asset Management 634 276 - 66 977 0.3% NZAM 975 - - - 975 0.3% HFT Investment Management Co Ltd 11 897 - - 908 0.2% SBI Funds Management 683 4 152 - 839 0.2% Guotai Asset Management Co Ltd 685 65 45 - 795 0.2% Sumitomo Mitsui Asset Management 768 - - - 768 0.2% Goldman Sachs 210 83 428 - 721 0.2% Fullgoal Fund Management Co 21 679 - - 700 0.2%

Total (Top 40) 320,885 35,074 3,590 791 360,340 96.8%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 27 13 July 2017 ETF Monthly Asia

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 % UTI Asset Management 618 - 69 - 687 0.18% Kyobo AXA Investment Mg Co Ltd 545 128 - - 673 0.18% Dacheng Fund Management Co Ltd 101 561 - - 662 0.18% Mitsubishi UFJ Trust and Banking Corporation - - 615 - 615 0.17% Van Eck Funds 568 28 - - 596 0.16% Cathay Securities Investment Trust 411 179 - - 590 0.16% BOCI - Prudential Asset Man Ltd 578 - - - 578 0.16% China Merchants Fund Management Co 30 485 - - 515 0.14% Russell Investments 268 195 - - 463 0.12% ETF Securities - - 446 - 446 0.12% Bosera Fund Management Co Ltd 144 223 42 - 408 0.11% HSBC Inv Funds Ltd/Hong Kong - 351 - - 351 0.09% AmInvestment Services Berhad/Malaysia 1 347 - - 348 0.09% Penghua Fund Management Co Ltd 25 295 - - 320 0.09% UBS 253 - - - 253 0.07% BMO Global Asset Management 134 112 - - 246 0.07% China Life AMP Asset Management Co 35 177 - - 212 0.06% Fuh-Hwa Securities Investment Trust 212 - - - 212 0.06% One Asset Management Ltd 207 - - - 207 0.06% Indo Premier Securities 204 - - - 204 0.05% Kotak Mahindra Asset Man 43 - 155 - 199 0.05% Prudential ICICI Asset Management 176 - 16 - 192 0.05% CSC Investment Trust 178 - - - 178 0.05% Kiwoom Asset Management Co Ltd 71 - - 99 169 0.05% Invesco Great Wall Fund Management Co. Ltd 153 15 - - 167 0.04% Kokusai Asset Management Co Ltd - - - 166 166 0.04% LIC Nomura MF Asset Management Co 152 12 - - 164 0.04% Horizons ETFs 160 - - - 160 0.04% Value Partners 56 - 94 - 150 0.04% Rakuten Investment Management 138 - - - 138 0.04% HDFC Asset Management Co Ltd 29 - 75 - 104 0.03% i-VCAP Management 101 - - - 101 0.03% ANZ Asset Management 87 - 10 0 98 0.03% BOCOM Schroders 83 - - - 83 0.02% ICBC Credit Suisse Asset Management 79 - - - 79 0.02% Passive Funds Management Ltd 65 - - - 65 0.02% Amundi 62 - - - 62 0.02% CIMB-GK Securities Pte Ltd 51 - - - 51 0.01% Yurie Asset Management 42 - - - 42 0.01% Birla Sun Life Asset Management Co 31 - 11 - 42 0.01% Midas Asset Management Co 39 - - - 39 0.01% Enhanced Investment Products Limited 36 - - - 36 0.01% Lion Fund Management Co Ltd 36 - - - 36 0.01% Dongbu Asset Management 32 - - - 32 0.01% Motilal Oswal Mutual Fund 30 - - - 30 0.01% Bangkok Capital Asset Management 30 - - - 30 0.01% Essence Asset Management - 30 - - 30 0.01% Ping An Asset Management - 30 - - 30 0.01% Rongtong Fund Management - 29 - - 29 0.01% Haitong International 28 - - - 28 0.01% Axis Asset Management - - 27 - 27 0.01% UOB Asset Management Ltd 27 - - - 27 0.01% Heungkuk Asset Management 26 - - - 26 0.01% Krung Thai Asset Management 15 - 10 - 24 0.01%

Total 327,274 38,269 5,160 1,057 371,759 100%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 28 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 % First Metro Asset Management 24 - - - 24 0.01% Phillip Capital Management 23 - - - 23 0.01% Viet Fund Management 22 - - - 22 0.01% GTJA Allianze Fund Management Co 22 - - - 22 0.01% Mega International Investment Trust Co Ltd/Taiwan 19 - - - 19 0.01% Wanjia Asset Management 19 - - - 19 0.01% UBS Hana Asset Management Co Ltd 17 - - - 17 0.00% Tebon Fund Management - 17 - - 17 0.00% IDBI Asset Management - - 15 - 15 0.00% BNP Paribas 15 - - - 15 0.00% Zhongrong Fund Management Co Ltd - 15 - - 15 0.00% Ping An of China Asset Management 14 - - - 14 0.00% Paradigm Asset Management Co Ltd - - 14 - 14 0.00% Yuanda Chinese Holdings Ltd 13 - - - 13 0.00% Lippo Investments Management 13 - - - 13 0.00% Quantum Asset Management 1 - 9 - 10 0.00% Enhanced Investment Products Ltd 7 - - - 7 0.00% Religare Mutual Fund 0 - 6 - 7 0.00% Thanachart Fund Management - - 5 - 5 0.00% SinoPac Securities Investment Trust Co 5 - - - 5 0.00% Bank of China Investment Management 3 - - - 3 0.00% TMB Asset Management 2 - - - 2 0.00% Canara Robeco - - 2 - 2 0.00% Edelweiss Asset Management 1 - - - 1 0.00% Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

Total ( All Local Issuers) 327,494 38,300 5,211 1,057 372,062 100%

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 % BlackRock 315,673 9,137 - - 324,810 41.0% State Street 269,205 3,940 34,037 - 307,183 38.8% Vanguard 102,233 714 - - 102,947 13.0% Deutsche AM 26,830 2,743 - - 29,573 3.7% ETF Securities - - 10,322 - 10,322 1.3% Lyxor 8,286 - 1,898 - 10,184 1.3% UBS 7,029 - - - 7,029 0.9% ComStage 109 - - - 109 0.0% BNP Paribas 15 - 93 - 108 0.0%

Total ( All Foreign Issuers) 729,381 16,535 46,350 - 792,265 100%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 29 13 July 2017 ETF Monthly Asia

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 2,766 1.2% 570 0.3% 28,541 15.7% Emerging Markets 170 0.3% 23 0.0% (3,431) -6.9% Global Markets (62) -3.1% 545 39.8% 343 26.3% Sectors 239 2.1% 278 2.5% 1,399 14.0% Capitalization (13) -1.3% 10 1.0% 198 27.0% Strategy (1,074) -6.5% (1,154) -6.7% (1,403) -8.9% Style (90) -1.7% 222 4.3% 622 13.8% Thematic (115) -1.6% (88) -1.2% 565 9.7% Total 1,820 0.6% 407 0.1% 26,835 10.0%

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 332 4.3% 114 1.5% 1,070 15.9% Corporates (1) 0.0% 7 0.5% (24) -1.6% Money Market (3,304) -10.8% 2,211 7.9% (3,435) -11.5% Overall 65 5.3% 16 1.3% 193 18.0% Total (2,908) -7.1% 2,347 6.1% (2,195) -5.6%

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 (48.0) -1.3% (67.1) -1.8% (359.9) -10.0% Overall - n.a - 0.0% (0.8) -10.5% Energy 501.5 41.6% 100.5 9.2% 575.3 46.3% Agriculture 4.2 5.4% 1.0 1.4% 31.2 62.8% Industrial Metals (1.0) -5.9% 0.5 3.0% 2.4 19.1% Total 457 9.3% 35 0.7% 248 5.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 30 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 60 1.1% 119 2.1% 363 7.3% Hong Kong 287 1.5% (419) -2.3% (736) -4.4% Japan 2,348 1.2% 843 0.4% 28,591 18.1% New Zealand 3 1.5% 4 1.8% 11 5.9% Singapore 1 0.3% (4) -0.8% 8 1.7% Asia Pacific 2,699 1.2% 543 0.2% 28,238 15.7% US 52 14.5% 13 3.9% 73 24.9% UK - 0.0% - 0.0% - 0.0% Germany 0 0.0% 2 5.4% (2) -5.8% Global broad indices 15 1.1% 13 1.0% 232 22.9% DM Total 2,766 1.2% 570 0.3% 28,541 15.7%

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 (628) -1.7% (207) -0.6% (2,572) -7.0% India (5) -0.2% 49 2.1% 240 13.7% Indonesia (5) -8.9% (9) -15.4% (9) -17.3% Malaysia - 0.0% - 0.0% - 0.0% Philippines 2 7.0% - 0.0% 6 24.0% South Korea 414 4.5% 197 2.4% (1,446) -16.0% Taiwan 388 23.4% (10) -0.7% 337 23.9% Thailand 1 1.4% 1 1.1% (1) -1.2% Vietnam - 0.0% - 0.0% - 0.0% Asia Pacific broad - 0.0% - 0.0% - 0.0% Asia Pacific 168 0.3% 21 0.0% (3,444) -7.0% Brazil 0 0.0% (0) -0.6% (6) -14.8% LATAM broad - 0.0% - 0.0% - 0.0% Latin America 0 0.0% (0) -0.6% (6) -13.6% Russia (0) 0.0% (0) 0.0% 6 24.4% South Africa 0 0.1% (0) -0.1% 0 0.0% Global broad indices 2 1.1% 2 0.9% 12 8.7% EM Total 170 0.3% 23 0.0% (3,431) -6.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 31 13 July 2017 ETF Monthly Asia

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 (1) -0.4% (17) -6.0% (22) -8.0% Consumer Staples (12) -2.1% (13) -2.4% (38) -7.5% Energy 4 3.8% 1 0.7% 12 13.5% Financials 46 2.8% (3) -0.2% 74 4.9% Healthcare 1 0.2% 14 3.0% 102 27.3% Industrials 5 2.9% 10 5.1% 6 3.1% Information Technology 44 11.1% 27 7.8% 151 63.4% Materials 12 5.9% 2 1.1% 16 8.2% Real Estate 142 1.9% 263 3.7% 1,109 17.2% Telecommunication Services - 0.0% 1 5.5% (1) -10.7% Utilities 0 1.4% (0) 0.0% (1) -11.7% Overall (1) -0.9% (7) -4.2% (9) -5.7% Sector 239 2.1% 278 2.5% 1,399 14.0% Large Cap (12) -1.7% 12 1.8% 186 39.7% Mid Cap 1 1.1% (0) -0.4% 1 0.8% Small Cap (3) -1.5% (2) -1.0% 11 7.3% Capitalization (13) -1.3% 10 1.0% 198 27.0% Short (12) -0.2% 198 3.7% 281 5.3% Leveraged (1,393) -19.3% (1,752) -21.2% (2,841) -39.3% Leveraged Short 259 10.0% 356 15.0% 907 42.0% Quantitative 41 5.6% 39 5.7% 148 26.2% Fundamental 31 4.4% 7 1.0% 102 18.7% Strategy (1,074) -6.5% (1,154) -6.7% (1,403) -8.9% Growth (27) -2.5% 174 18.6% 156 16.3% Value 3 1.2% (23) -9.8% (26) -12.0% Dividend (66) -1.6% 71 1.8% 493 14.9% Style (90) -1.7% 222 4.3% 622 13.8% Sustainability 8 6.6% 7 6.4% 63 102.7% Commodities 2 4.8% 1 2.9% 2 4.7% Other Theme (125) -1.8% (96) -1.4% 500 8.7% Thematic (115) -1.6% (88) -1.2% 565 9.7% Total (1,053) -2.5% (732) -1.8% 1,382 3.8%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 32 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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% (1) -10.5%

Agriculture Overall 1 1.8% 1 1.9% 10 22.8% Corn - n.a - n.a - n.a Soybeans (3) -16.0% - 0.0% 14 302.6% Wheat - n.a - n.a - n.a Grains 7 n.a - n.a 7 n.a

Energy Overall - n.a - n.a - n.a Crude Oil 502 41.6% 101 9.2% 575 46.3% 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 (1) -7.0% 0 3.5% 2 23.7%

Precious Metals Overall - 0.0% - 0.0% - 0.0% Gold (47) -1.4% (71) -2.1% (361) -10.6% Palladium (2) -25.6% - 0.0% (2) -30.8% Platinum 2 1.7% 3 2.5% (1) -0.7% Silver (0) -0.3% 1 1.2% 4 3.6%

Total 457 9.3% 35 0.7% 248 5.0%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 33 13 July 2017 ETF Monthly Asia

Issuer

Figure 61: ETP inﬂows (US$ Million) by Issuer – Top 10 Current Month Prev. Month YTD Issuer Net % of Net % of Net % of Nomura Asset Management C a s 1,830hflow 1.9%AUM C a s h f148low 0.2%AUM C a 12,339shflow 15.5%AUM Nikko Asset Management 1,032 2.3% 726 1.7% 7,986 22.6% State Street 597 3.1% (201) -1.0% 21 0.1% Yuanta Securities Inv trust Co Ltd. 554 7.8% 8 0.1% 1,319 22.4% CSOP Asset Management 294 9.9% (33) -1.2% 325 12.3% China Asset Management 259 2.7% (134) -1.4% 121 1.3% Daiwa Asset Management 245 0.6% (81) -0.2% 5,840 17.1% KB Asset Management 212 13.2% 1 0.0% (76) -4.5% Sumitomo Mitsui Asset Management 187 31.3% (48) -7.6% 277 56.9% BetaShares Capital Ltd 166 6.2% 109 4.1% 592 26.4% Total Top 10 (Inflows) 5,375 2.3% 494 0.3% 28,743 15.2%

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 Yinhua Fund Management (1,403) -24.1% 688 13.6% 856 25.2% Fortune SGAM Fund Management (1,297) -10.8% 1,224 11.5% 1,485 16.5% Hang Seng Investment Management (333) -2.8% (214) -1.8% (1,451) -12.6% DIAM Asset Management (330) -8.4% (934) -19.8% (598) -15.7% Samsung Asset Management (278) -2.5% (65) -0.6% (1,247) -11.9% China Merchants Fund Management Co (207) -28.9% 71 11.1% 117 30.8% Dacheng Fund Management Co Ltd (198) -23.4% 53 6.8% 89 16.2% Fubon Securities Investment Trust Co (190) -8.4% (144) -6.7% (143) -7.7% China Southern Fund Management Co Ltd (187) -3.8% 254 5.3% (1,616) -25.2% Harvest Fund Management Co (137) -4.9% (20) -0.7% (336) -11.8% Total Top 10 (Outflows) (4,561) -20.2% 914 4.9% (2,845) -15.3%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 34 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Index Provider

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

Other

Nasdaq OMX

S&P Dow Jones

STOXX

IISL

Deutsche Borse

MSCI

SSE

CSI (600) (400) (200) - 200 400 600 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP..

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

Maekyung FnGuide SSE S&P Dow Jones Barclays Markit iBoxx Deutsche Bank KRX UBS CSI Citigroup Other

(3,500) (3,000) (2,500) (2,000) (1,500) (1,000) (500) - 500 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP

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

S&P Dow Jones

UBS

Other

Nikkei

Commodity

(200) (100) - 100 200 300 400 500 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 35 13 July 2017 ETF Monthly Asia

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 Nikkei 225 Leveraged Index

TSEC Taiwan 50 Index Hang Seng China Enterprise Index

KOSPI 200 Index CSI 300 Index

Hang Seng Index SSE 180 Leveraged 2X Index

Nikkei 225 Taiwan Top 50 Index

Nikkei 225 Double Inverse Index CSI 300 Daily Return Leveraged 2X Index

FTSE China A50 Index KOSDAQ150 Index Nikkei 225 Inverse Index CSI Shanghai SOE Index JPX Nikkei Index 400 JPX/S&P Capex & Human Capital Index TSE REIT Index TOPIX Leveraged (2x) Index - 500 1,000 1,500 2,000 2,500 (900) (800) (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

China Bond 5-year Treasurey Bond Index Other

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

Bloomberg Barclays US Treasury 20+ … KRW Cash Plus Index

KIS MSB 5M Index KIS MSB 3M Index

30 day Bank Bill Swap Rate iBoxx ABF Pan-Asia Index

Markit iBoxx AUD Corporates Yield Plus … Citi US Treasury Select Index - JIT 7-10 Years …

ICE U.S. Treasury 7-10 Year Bond Index KAP Short-Term Bond Index

SSE 5-Year China Treasury Note Index KIS MSB Short Term Index

MaeKyung Money Market TR Index KOBI Half Credit Index

Solactive Australian Bank Senior Floating… KTB Index

- 20 40 60 80 100 120 -3500 -3000 -2500 -2000 -1500 -1000 -500 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

S&P GSCI Crude Oil 2X Leveraged Commodity Gold Index ER

S&P GSCI Crude Oil Excess Reurn S&P GSCI Gold Excess Return Index Index

UBS Bloomberg Constant Maturity S&P GSCI Crude Oil 1X Inverse Index ER Commodity Index

S&P GSCI Crude Oil Enhanced S&P GSCI Soybeans ER Index Index

Nomura Crude Oil Long Index Commodity Palladium

S&P Crude Oil Index Excess S&P GSCI Gold 1X Inverse Index ER Return

0 50 100 150 200 250 300 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 Inflow (US$ Million) Outflow (US$ Million)

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

Page 36 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 379 0.5% 250 130 52.0% 162 217 134.0% Regional 432 0.6% 397 35 8.9% 234 198 84.8% Style 1,377 1.8% 1,330 47 3.5% 2,342 (965) -41.2% Sector 1,069 1.4% 754 315 41.8% 613 456 74.3% Country 34,106 45.5% 30,883 3,223 10.4% 27,963 6,143 22.0% Strategy 37,394 49.9% 33,872 3,522 10.4% 51,345 (13,951) -27.2% Thematic 201 0.3% 201 1 0.3% 156 46 29.2% Total 74,959 100% 67,686 7,272 10.7% 82,815 (7,857) -9.5%

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 4,541 4.2% 2,826 1,714 60.7% 1,379 3,162 229.3% Corporates 57 0.1% 74 (18) -23.7% 33 24 71.5% Money Market 103,232 95.6% 92,337 10,895 11.8% 109,661 (6,429) -5.9% Overall 131 0.1% 88 43 48.8% 77 54 69.7% Total 107,960 100% 95,325 12,635 13.3% 111,150 (3,190) -2.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 37 13 July 2017 ETF Monthly Asia

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 3,222 77.5% 2,440 782 32.0% 2,186 1,037 47.4% Overall 0 0.0% 1 (1) -69.2% 0 (0) -15.4% Energy 910 21.9% 637 272 42.7% 607 303 49.9% Agriculture 23 0.6% 27 (4) -14.7% 6 17 266.1% Industrial Metals 3 0.1% 2 0 23.3% 2 0 11.7% Total 4,158 100% 3,108 1,050 33.8% 2,802 1,356 48.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 38 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 9,858 13.2% 8,391 1,467 17.5% 9,144 713 7.8% Developed non-Asia Pac 155 0.2% 118 37 31.8% 90 65 72.4% Emerging Country 24,093 32.1% 22,374 1,719 7.7% 18,728 5,365 28.6%

Regional Asia Pacific 16 0.0% 15 2 12.9% 10 6 59.5% Asia Pacific ex-Japan 16 0.0% 43 (27) -62.9% 38 (23) -58.6% Emerging Markets 49 0.1% 42 6 15.2% 22 27 122.6% Eurozone 0 0.0% 0 (0) -64.7% 0 0 76.8% Europe 84 0.1% 68 16 24.1% 41 43 105.2% Global 265 0.4% 226 39 17.3% 121 144 119.1% Greater China 2 0.0% 3 (1) -40.9% 1 1 56.4%

Sector Global 41 0.1% 26 16 60.8% 23 19 82.4% Other Sector 176 0.2% 100 75 74.8% 60 116 194.1% Asian Country 852 1.1% 628 224 35.7% 531 321 60.5%

Size Large Cap 350 0.5% 220 130 59.1% 144 206 143.0% Mid Cap 9 0.0% 10 (1) -13.6% 5 3 66.1% Small Cap 20 0.0% 19 1 4.7% 13 8 59.5%

Style Growth 993 1.3% 961 32 3.3% 2,055 (1,062) -51.7% Value 13 0.0% 36 (22) -63.0% 15 (2) -11.2% Dividend 371 0.5% 334 37 11.2% 273 98 35.9%

Strategy Short 2,726 3.6% 2,677 48 1.8% 3,778 (1,052) -27.8% Leveraged 29,438 39.3% 26,005 3,433 13.2% 40,246 (10,808) -26.9% Quantitative 70 0.1% 43 27 61.4% 26 44 170.7% Fundamental 102 0.1% 93 9 9.3% 52 50 97.2%

Thematic Sustainability 19 0.0% 13 5 38.3% 2 16 743.0% Commodities 16 0.0% 9 7 82.8% 9 7 71.3% Other Theme 166 0.2% 178 (12) -6.7% 144 22 15.5% Total 74,959 100% 67,686 7,272 10.7% 82,815 (7,857) -9.5%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 39 13 July 2017 ETF Monthly Asia

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 0.39 0.0% 1.33 (0.94) -70.5% 0.46 (0.07) -15.1% Overall ex Energy 0.02 0.0% 0.00 0.02 17840.2% 0.02 (0.01) -22.1% Overall Light Energy - 0.0% - - n.a. - - n.a

Agriculture Overall 4.14 0.1% 4.52 (0.38) -8.4% 4.79 (0.65) -13.6% Corn 0.20 0.0% 0.06 0.15 251.8% 0.28 (0.07) -26.2% Soybeans 17.00 0.4% 21.97 (4.96) -22.6% 0.43 16.57 3832.8% Wheat 1.05 0.0% 0.40 0.65 162.9% 0.76 0.29 39.0% Grains 0.61 0.0% 0.03 0.58 1889.4% 0.03 0.58 2000.5%

Energy Overall 0.00 0.0% 0.00 0.00 3438.3% 0.03 (0.02) -87.1% Crude Oil 909.25 21.9% 637.04 272.21 42.7% 606.52 302.72 49.9% Oil & Gas - 0.0% - - n.a. - - n.a Gasoline 0.00 0.0% 0.00 0.00 988.1% 0.02 (0.02) -86.0% Natural Gas 0.48 0.0% 0.42 0.06 15.1% 0.34 0.15 43.6%

Industrial Metals Overall 0.11 0.0% 0.07 0.04 53.0% 0.12 (0.01) -8.2% Copper 2.47 0.1% 2.01 0.47 23.2% 2.19 0.28 12.9% Nickel 0.01 0.0% 0.02 (0.02) -61.6% 0.01 0.00 12.3%

Precious Metals Overall 0.28 0.0% 0.84 (0.56) -66.5% 0.71 (0.43) -60.2% Gold 3,197.61 76.9% 2,414.52 783.09 32.4% 2,148.09 1,049.52 48.9% Palladium 1.11 0.0% 0.55 0.55 99.7% 0.60 0.51 85.7% Platinum 11.31 0.3% 11.21 0.09 0.8% 18.13 (6.82) -37.6% Silver 11.84 0.3% 13.10 (1.27) -9.7% 18.07 (6.23) -34.5% Total 4,158 100% 3,108 1,050 33.8% 2,802 1,356 48.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 40 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 106,516.94 56.8% 93,843.77 12,673.18 13.5% 110,549.89 (4,032.95) -3.6% Japan - Osaka 19,397.16 10.3% 17,438.07 1,959.09 11.2% 33,440.47 (14,043.31) -42.0% Korea - KSE 19,212.17 10.2% 20,185.21 (973.04) -4.8% 13,938.86 5,273.31 37.8% Hong Kong - HKE 15,903.68 8.5% 13,156.41 2,747.27 20.9% 10,812.17 5,091.51 47.1% China - Shenzhen 11,583.32 6.2% 10,408.25 1,175.07 11.3% 9,929.48 1,653.84 16.7% Japan - Tokyo SE 7,137.31 3.8% 6,221.46 915.86 14.7% 12,279.19 (5,141.87) -41.9% Taiwan - TSEC 4,889.69 2.6% 3,155.94 1,733.74 54.9% 4,369.63 520.06 11.9% Australia - ASX 2,362.97 1.3% 1,756.06 606.91 34.6% 1,346.94 1,016.03 75.4% India - NSE 521.89 0.3% 386.75 135.14 34.9% 409.98 111.90 27.3% Singapore - SGX 144.39 0.1% 184.93 (40.54) -21.9% 194.69 (50.31) -25.8% New Zealand - NZ 12.38 0.0% 16.37 (3.99) -24.4% 14.73 (2.35) -16.0% Thailand - SET 3.11 0.0% 2.69 0.43 16.0% 6.75 (3.63) -53.8% Vietnam - HOSE 1.58 0.0% 0.33 1.25 381.3% 0.61 0.97 159.4% Philippines - PSE 0.51 0.0% 0.47 0.04 9.1% 1.22 (0.71) -58.2% India - Bombay 0.21 0.0% 0.26 (0.05) -20.7% 0.42 (0.21) -50.0% Malaysia - Kuala Lumpur 0.19 0.0% 0.12 0.07 60.3% 0.31 (0.11) -37.1% Japan - Nagoya 0.08 0.0% 0.08 (0.00) -1.0% 0.06 0.02 34.3% Indonesia - Jakarta 0.02 0.0% 0.06 (0.05) -72.6% 0.07 (0.05) -74.4%

Total 187,688 100% 166,757 20,930 12.6% 197,295 (9,608) -4.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 41 13 July 2017 ETF Monthly Asia

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 Fortune SGAM Fund Management 42,931 22.9% 34,608 8,323 24.0% 37,708 5,223 13.9% Yinhua Fund Management 27,349 14.6% 27,028 321 1.2% 22,323 5,026 22.5% Nomura Asset Management 22,473 12.0% 20,063 2,410 12.0% 38,168 (15,694) -41.1% Samsung Asset Management 13,580 7.2% 13,909 (329) -2.4% 9,463 4,117 43.5% China Southern Fund Management Co Ltd 8,698 4.6% 7,524 1,173 15.6% 10,752 (2,054) -19.1% China Universal Asset Management Co 6,913 3.7% 6,638 276 4.2% 8,700 (1,786) -20.5% State Street 6,084 3.2% 5,232 852 16.3% 4,281 1,802 42.1% E Fund Management 5,691 3.0% 5,363 328 6.1% 9,254 (3,563) -38.5% CCB Principal Asset Management Co Ltd. 5,172 2.8% 4,568 604 13.2% 436 4,735 1086.0% China Asset Management 4,966 2.6% 3,702 1,264 34.1% 3,169 1,797 56.7% Mirae Asset MAPS Global Investments 4,959 2.6% 4,954 5 0.1% 2,402 2,557 106.4% Guotai Asset Management Co Ltd 4,421 2.4% 2,599 1,821 70.1% 1,035 3,386 327.2% Dacheng Fund Management Co Ltd 3,456 1.8% 3,762 (306) -8.1% 702 2,754 392.5% Hang Seng Investment Management 3,229 1.7% 3,939 (710) -18.0% 2,501 727 29.1% Yuanta Securities Inv trust Co Ltd. 2,661 1.4% 1,724 937 54.4% 2,552 109 4.3% Huaan Fund Management 2,587 1.4% 2,024 564 27.9% 2,387 200 8.4% CSOP Asset Management 2,508 1.3% 1,655 853 51.5% 1,941 567 29.2% BlackRock 2,262 1.2% 1,511 751 49.7% 2,114 148 7.0% Simplex Asset Management Co Ltd 2,033 1.1% 1,762 271 15.4% 4,502 (2,470) -54.9% Fullgoal Fund Management Co 1,782 0.9% 1,464 318 21.7% 7,550 (5,768) -76.4% Fubon Securities Investment Trust Co 1,739 0.9% 1,063 676 63.5% 1,534 205 13.3% Huatai-PineBridge Fund Management Co 1,710 0.9% 1,560 149 9.6% 2,485 (775) -31.2% China Merchants Fund Management Co 1,668 0.9% 1,609 59 3.7% 1,967 (299) -15.2% Penghua Fund Management Co Ltd 1,528 0.8% 1,884 (356) -18.9% 3,560 (2,032) -57.1% KB Asset Management 789 0.4% 641 148 23.2% 442 347 78.6% Daiwa Asset Management 686 0.4% 635 50 7.9% 1,126 (440) -39.1% Vanguard 562 0.3% 412 150 36.5% 309 254 82.2% BetaShares Capital Ltd 546 0.3% 408 139 34.0% 310 237 76.5% Nikko Asset Management 515 0.3% 446 69 15.6% 612 (97) -15.8% Bosera Fund Management Co Ltd 475 0.3% 375 100 26.8% 5,420 (4,945) -91.2% Goldman Sachs 470 0.3% 328 143 43.5% 383 87 22.8% Cathay Securities Investment Trust 363 0.2% 283 80 28.3% 195 168 86.4% Rakuten Investment Management 353 0.2% 299 53 17.9% 564 (211) -37.4% Korea Investment Trust Mg 346 0.2% 417 (71) -17.1% 437 (91) -20.8% Hanwha Investment Trust Management 286 0.2% 410 (123) -30.1% 99 187 189.0% Mitsubishi UFJ Asset Mg 215 0.1% 189 26 13.9% 240 (25) -10.3% Rongtong Fund Management 200 0.1% 278 (78) -28.0% 649 (448) -69.1% Woori Asset Management 194 0.1% 201 (7) -3.3% 976 (782) -80.1% Harvest Fund Management Co 177 0.1% 130 46 35.7% 1,347 (1,171) -86.9% Kokusai Asset Management Co Ltd 132 0.1% 173 (41) -23.8% 321 (190) -59.0% Total Top 40 186,710 99.5% 165,770 20,940 12.6% 194,917 (8,207) -4.2%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 42 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Index Provider

Figure 79: ETP Monthly Turnover (US$ Million) by Index Provider – Equity (Top 10)

Nikkei

KRX

HSIL

CSI

FTSE

SSE

Topix

S&P Dow Jones

Other

MSCI

- 7,000 14,000 21,000 28,000

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

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

Other

SSE

S&P Dow Jones

Citigroup

KRX

Markit iBoxx

Maekyung FnGuide

UBS

Deutsche Bank

CSI

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

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 43 13 July 2017 ETF Monthly Asia

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

Commodity

S&P Dow Jones

UBS

Other

Reuters/Jefferies

Nikkei

- 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

Hang Seng Index

Hang Seng China Enterprise Index

CSI 300 Index

FTSE China A50 Index

F-KOSPI 200 Index

Nikkei 225 Double Inverse Index

SSE 50 Index

Nikkei 225

0 5000 10000 15000 20000

Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Page 44 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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

Other

China PBOC Benchmark Notice Deposit 7 Day

SSE 5-Year China Treasury Note Index

Active

30 day Bank Bill Swap Rate

S&P US Treasury Bond Futures Excess Return…

Bloomberg Barclays US Treasury 20+ Year …

ICE U.S. Treasury 20+ Year Bond Index

KIS MSB 5M Index

KRW Cash Index TR

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

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 Crude Oil Enhanced Index

S&P GSCI Crude Oil 1X Inverse Index ER

S&P GSCI Gold Excess Return Index

S&P GSCI Soybeans ER Index

S&P WCI Gold Excess Return Index

- 500 1,000 1,500 2,000 2,500 3,000 3,500 Turnover (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 45 13 July 2017 ETF Monthly Asia

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 1,014 0.3% 1,009 5 0.5% 736 278 37.8% Regional 3,491 1.1% 3,508 (17) -0.5% 2,474 1,017 41.1% Style 5,405 1.7% 5,424 (19) -0.4% 4,494 911 20.3% Sector 11,533 3.5% 11,447 86 0.8% 9,973 1,560 15.6% Country 283,449 86.6% 276,938 6,511 2.4% 230,053 53,396 23.2% Strategy 15,491 4.7% 16,650 (1,159) -7.0% 15,758 (267) -1.7% Thematic 7,111 2.2% 7,254 (143) -2.0% 5,853 1,258 21.5% Total 327,494 100% 322,230 5,264 1.6% 269,341 58,153 21.6%

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 8,131 21.2% 7,801 330 4.2% 6,741 1,390 20.6% Corporates 1,482 3.9% 1,475 7 0.5% 1,464 18 1.2% Money Market 27,370 71.5% 30,559 (3,188) -10.4% 29,882 (2,512) -8.4% Overall 1,316 3.4% 1,231 85 6.9% 1,071 246 22.9% Total 38,300 100% 41,066 (2,766) -6.7% 39,158 (858) -2.2%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 46 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 3,502 67.2% 3,609 (107) -3.0% 3,607 (105) -2.9% Overall 7 0.1% 7 0 1.0% 8 (1) -99.1% Energy 1,606 30.8% 1,206 401 33.2% 1,243 364 29.3% Agriculture 80 1.5% 77 3 4.1% 50 30 60.8% Industrial Metals 16 0.3% 17 (0) -2.9% 13 4 29.1% Total 5,211 100% 4,915 296 6.0% 4,920 292 5.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 47 13 July 2017 ETF Monthly Asia

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 229,771 70.2% 225,092 4,679 2.1% 180,333 49,438 27.4% Developed non-Asia Pac 449 0.1% 406 43 10.7% 338 112 33.2% Emerging Country 53,228 16.3% 51,440 1,788 3.5% 49,383 3,846 7.8%

Regional Asia Pacific 75 0.0% 77 (2) -2.7% 68 7 10.2% Asia Pacific ex-Japan 1,797 0.5% 1,829 (33) -1.8% 1,120 677 60.5% Emerging Markets 194 0.1% 193 2 0.9% 160 35 21.8% Global 1,049 0.3% 1,039 10 0.9% 911 137 15.1% Greater China 63 0.0% 61 1 1.9% 46 16 34.7%

Sector Other Sector 733 0.2% 628 105 16.7% 483 249 51.5% Asian Country 10,742 3.3% 10,766 (24) -0.2% 9,456 1,286 13.6%

Size Large Cap 709 0.2% 715 (6) -0.9% 470 239 50.9% Mid Cap 134 0.0% 127 7 5.4% 116 19 16.1% Small Cap 170 0.1% 166 4 2.4% 150 20 13.5%

Style Growth 1,095 0.3% 1,082 13 1.2% 958 136 14.2% Value 231 0.1% 227 5 2.1% 219 12 5.5% Dividend 4,079 1.2% 4,116 (37) -0.9% 3,316 763 23.0%

Strategy Short 5,155 1.6% 5,402 (246) -4.6% 5,259 (103) -2.0% Leveraged 6,136 1.9% 7,210 (1,074) -14.9% 7,228 (1,092) -15.1% Quantitative 774 0.2% 744 30 4.1% 566 208 36.8% Fundamental 726 0.2% 695 31 4.5% 544 182 33.4%

Thematic Sustainability 133 0.0% 124 9 7.3% 61 72 116.7% Commodities 39 0.0% 34 5 14.5% 33 5 16.0% Other Theme 6,939 2.1% 7,096 (157) -2.2% 5,758 1,181 20.5% Total 327,494 100% 322,230 5,264 1.6% 269,341 58,153 21.6%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 48 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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 7 0.1% 7 0 n.a 8 (1) -9.4% Agriculture Overall 55 1.1% 55 0 0.5% 45 10 23.2% Corn - 0.0% - - n.a - - n.a Soybeans 18 0.3% 22 (4) -17.0% 5 13 279.3% Wheat - 0.0% - - n.a - - n.a Grains 7 0.1% - 7 n.a - 7 n.a

Energy Overall - 0.0% - - n.a - - n.a Oil & Gas - 0.0% - - n.a - - n.a Crude Oil 1,606 30.9% 1,206 401 33.2% 1,243 364 29.3% Natural Gas - 0.0% - - n.a - - n.a

Industrial Metals Overall 3 0.1% 3 0 0.1% 2 0 12.0% Copper 14 0.3% 14 (0) -3.5% 10 3 33.2%

Precious Metals Overall 8 0.1% 8 (0) -3.0% 7 1 10.4% Gold 3,278 63.0% 3,377 (99) -2.9% 3,392 (114) -3.4% Palladium 6 0.1% 8 (2) -20.0% 6 (0) -4.0% Platinum 104 2.0% 105 (1) -1.2% 103 1 1.3% Silver 106 2.0% 112 (6) -5.3% 99 7 6.6% Total 5,211 100.1% 4,915 296 6.0% 4,920 292 5.9%

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 49 13 July 2017 ETF Monthly Asia

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 100,563 27.0% 98,079 2,484 2.5% 79,781 20,782 26.0% Nikko Asset Management 47,171 12.7% 45,833 1,338 2.9% 35,341 11,830 33.5% Daiwa Asset Management 43,877 11.8% 43,276 602 1.4% 34,148 9,730 28.5% State Street 20,336 5.5% 19,546 790 4.0% 18,103 2,233 12.3% Mitsubishi UFJ Asset Mg 17,630 4.7% 18,237 (607) -3.3% 14,028 3,602 25.7% BlackRock 13,729 3.7% 13,861 (132) -1.0% 11,965 1,764 14.7% Hang Seng Investment Management 11,554 3.1% 12,021 (467) -3.9% 11,503 51 0.4% Fortune SGAM Fund Management 10,733 2.9% 11,962 (1,230) -10.3% 8,984 1,749 19.5% Samsung Asset Management 10,715 2.9% 11,058 (343) -3.1% 10,472 244 2.3% China Asset Management 10,392 2.8% 9,667 725 7.5% 8,991 1,401 15.6% Yuanta Securities Inv trust Co Ltd. 7,670 2.1% 7,068 602 8.5% 5,878 1,791 30.5% Mirae Asset MAPS Global Investments 5,485 1.5% 5,458 28 0.5% 4,784 701 14.7% China Southern Fund Management Co Ltd 4,943 1.3% 4,924 19 0.4% 6,423 (1,480) -23.0% Yinhua Fund Management 4,459 1.2% 5,815 (1,356) -23.3% 3,399 1,060 31.2% Vanguard 4,153 1.1% 4,068 85 2.1% 3,695 459 12.4% E Fund Management 3,765 1.0% 4,023 (257) -6.4% 4,336 (571) -13.2% Huaan Fund Management 3,723 1.0% 3,685 37 1.0% 4,096 (373) -9.1% Huatai-PineBridge Fund Management Co 3,692 1.0% 3,520 171 4.9% 3,436 256 7.4% DIAM Asset Management 3,620 1.0% 3,916 (296) -7.6% 3,823 (203) -5.3% CSOP Asset Management 3,379 0.9% 2,957 422 14.3% 2,640 739 28.0% China Universal Asset Management Co 2,925 0.8% 2,882 43 1.5% 3,393 (468) -13.8% BetaShares Capital Ltd 2,902 0.8% 2,691 210 7.8% 2,237 665 29.7% Harvest Fund Management Co 2,860 0.8% 2,827 33 1.2% 2,844 16 0.6% Fubon Securities Investment Trust Co 2,184 0.6% 2,273 (89) -3.9% 1,842 343 18.6% KB Asset Management 1,804 0.5% 1,611 193 12.0% 1,712 92 5.4% CCB Principal Asset Management Co Ltd. 1,787 0.5% 1,908 (121) -6.3% 806 981 121.8% Reliance Capital Asset Management 1,610 0.4% 1,779 (169) -9.5% 656 953 145.2% Hanwha Investment Trust Management 1,359 0.4% 1,297 62 4.8% 1,059 300 28.4% Simplex Asset Management Co Ltd 1,322 0.4% 1,328 (6) -0.5% 1,453 (131) -9.0% Smartshares Ltd 1,270 0.3% 1,226 44 3.6% 1,110 160 14.4% Korea Investment Trust Mg 1,058 0.3% 1,045 13 1.3% 1,104 (46) -4.2% GF Fund Management Co Ltd 988 0.3% 927 61 6.5% 839 148 17.7% Woori Asset Management 977 0.3% 911 66 7.3% 825 152 18.4% NZAM 975 0.3% 975 1 0.1% 916 59 6.4% HFT Investment Management Co Ltd 908 0.2% 901 7 0.7% 872 36 4.1% SBI Funds Management 839 0.2% 847 (8) -1.0% 707 132 18.6% Guotai Asset Management Co Ltd 795 0.2% 766 29 3.8% 759 36 4.8% Sumitomo Mitsui Asset Management 768 0.2% 598 170 28.4% 487 281 57.5% Goldman Sachs 721 0.2% 724 (3) -0.4% 644 76 11.8% Fullgoal Fund Management Co 700 0.2% 681 18 2.7% 2,395 (1,695) -70.8% Total Top 40 360,340 96.8% 357,173 3,167 0.9% 302,486 57,854 19.1%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 50 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Index Provider

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

Nikkei

Topix

HSIL

CSI

Other

KRX

FTSE

SSE

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

S&P Dow Jones

UBS

Deutsche Bank

Barclays

Citigroup

KRX

Maekyung FnGuide

SSE

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

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/London Page 51 13 July 2017 ETF Monthly Asia

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)

TOPIX

Nikkei 225

Hang Seng Index

CSI 300 Index

KOSPI 200 Index

JPX Nikkei Index 400

FTSE China A50 Index

Hang Seng China Enterprise Index

SSE 50 Index

TSE REIT Index

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

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Page 52 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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

30 day Bank Bill Swap Rate

Pledgeable urban Investment Bond Index

ICE U.S. Treasury 20+ Year Bond Index

KRW Cash Plus Index

KIS MSB 3M Index

iBoxx ABF Singapore Bond Index

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

AUM (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 96: ETP AUM (US$ Million) by Underlying Index/Security – Commodity (Top 10)

Commodity Gold

S&P GSCI Crude Oil 2X Leveraged Index ER

UBS Bloomberg Constant Maturity Commodity …

Nomura Crude Oil Long Index

S&P GSCI Crude Oil Excess Reurn Index

S&P GSCI Crude Oil Enhanced Index

Commodity Platinum

Commodity Silver

S&P GSCI Agriculture Enhanced Select 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/London Page 53 13 July 2017 ETF Monthly Asia

The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of oﬀshore research support services.

Page 54 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Appendix A: Glossary

Deutsche Bank AG/London Page 55 13 July 2017 ETF Monthly Asia

Appendix B: How we deﬁne ETPs

Exchange-Traded Products (ETPs) We deﬁne an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange- traded vehicles (US).

The ﬁgure below provides a summary of our current coverage universe by region and structure type as on 30 December 2016.

The vast majority of instruments are ETFs (97.4%, 4,779 products, $3,422bn) with the remainder being ETCs (0.8%, 474 products, $26.5bn) in Europe and ETVs (1.8%, 64 products, $61.7bn) in the US.

Figure 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 56 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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/London Page 57 13 July 2017 ETF Monthly Asia

Appendix 1

Important Disclosures *Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. Aside from within this report, important conflict disclosures can also be found at https://gm/db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra, 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 58 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

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/London Page 59 13 July 2017 ETF Monthly Asia

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. Hyperlinks to third- party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for the accuracy or security controls of these websites.

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),

Page 60 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements. ? ? Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar 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.

Deutsche Bank (which includes Deutsche Bank AG, its branches and all affiliated companies) is not acting as a financial adviser, consultant or fiduciary to you, any of your agents (collectively, "You" or "Your") with respect to any information provided in the materials attached hereto. Deutsche Bank does not provide investment, legal, tax or accounting advice, Deutsche Bank is not acting as Your impartial adviser, and does not express any opinion or recommendation whatsoever as to any strategies, products or any other information presented in the materials. Information contained herein is being provided solely on the basis that the recipient will make an independent assessment of the merits of any investment decision, and it does not constitute a recommendation of, or express an opinion on, any product or service or any trading strategy.

The information presented is general in nature and is not directed to retirement accounts or any specific person or account type, and is therefore provided to You on the express basis that it is not advice, and You may not rely upon it in making Your decision. The information we provide is being directed only to persons we believe to be financially sophisticated, who are capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies, and who understand that Deutsche Bank has financial interests in the offering of its products and services. If this is not the case, or if You are an IRA or other retail investor receiving this directly from us, we ask that you inform us immediately.

Deutsche Bank AG/London Page 61 13 July 2017 ETF Monthly Asia

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.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal oﬃce in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority.

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 or Deutsche Securities Asia Limited. ? ? 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.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice, products and services. Recommended investment strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are based on a 12-month forecast period.

Korea: Distributed by Deutsche Securities Korea Co. ?

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). ? ? Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raﬄes Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as deﬁned in the applicable Singapore laws and regulations), they accept legal responsibility to such person for its contents.

Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers should independently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank research may not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without written consent. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to be construed as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branch may not execute transactions for clients in these securities/instruments. ? ?

Page 62 Deutsche Bank AG/London 13 July 2017 ETF Monthly Asia

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority.

Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. ? Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia. ? ? United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority.

Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any ﬁnancial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please refer to Australian speciﬁc research disclosures and related information at https://australia.db.com/australia/content/ research-information.html ? ? Australia and New Zealand: This research is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. ?

Additional information relative to securities, other ﬁnancial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent. ? ? Copyright © 2017 Deutsche Bank AG

Deutsche Bank AG/London Page 63 David Folkerts-Landau Group Chief Economist and Global Head of Research

Raj Hindocha Michael Spencer Steve Pollard Global Chief Operating Oﬃcer Head of APAC Research Head of Americas Research Research Global Head of Economics Global Head of Equity Research

Anthony Klarman Paul Reynolds Dave Clark Pam Finelli Global Head of Head of EMEA Head of APAC Global Head of Debt Research Equity Research Equity Research Equity Derivatives Research

Andreas Neubauer Stuart Kirk Head of Research - Germany Head of Thematic Research

International locations

Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Große Gallusstraße 10-14 Filiale Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Sanno Park Tower Corner of Hunter & Phillip Streets Germany 1 Austin Road West,Kowloon, Chiyoda-ku, Tokyo 100-6171 Sydney, NSW 2000 Tel: (49) 69 910 00 Hong Kong Japan Australia Tel: (852) 2203 8888 Tel: (81) 3 5156 6770 Tel: (61) 2 8258 1234 Deutsche Bank AG London Deutsche Bank Securities Inc. 1 Great Winchester Street 60 Wall Street London EC2N 2EQ New York, NY 10005 United Kingdom United States of America Tel: (44) 20 7545 8000 Tel: (1) 212 250 2500