Asia Pac Monthly ETF Market Review

Deutsche Bank Markets Research

Asia Synthetic Equity & Index Strategy Date 9 July 2015 Asia Pac Monthly

ETF Market Review

Author Inflows to Japan & Taiwan ETFs Shan Lan Strategist

Offset China ETF Outflows (+852) 22036716 [email protected]

Data in this report is as of 30th June 2015

Team Contacts Global ETP assets at $2.82 trillion, YTD growth at 7% As of the end of June, global ETP assets reached to $2.82 tn. On a year-to-date Ari Rajendra basis, global ETP market is up by $185bn or 7%. Asia-Pac listed ETP assets Strategist closed the month at $234.6bn with 16% YTD gain, highest among all the (+44) 20 754-52282 regions (USD terms). Global ETP flows totalled +$24.6bn in June led by US [email protected] (+$17.8bn) followed by Asia-Pac (+$5bn) and Europe (+$1.6bn).

Offshore ETFs listed globally with investment focus in Asia-Pacific: Inflows into Sebastian Mercado Japan and South Korea focused ETFs Strategist Among globally listed equity ETFs, those tracking DM benchmarks registered (+1) 212 250-8690 inflows of +$1.3bn in June vs. +$1.7bn in the previous month. This was driven [email protected] by Japan focused ETFs collecting +$1.5bn over the last month. EM benchmarked ETFs continued previous month’s trend and registered inflows of +$0.3bn for the month of Jun’15. Within EM, South Korea and EM broad Related recent research Date focused ETFs saw major activity and collected inflows of +$197mn and China In Global Indices - Are You 08 Jun 2015 +$126mn respectively during last month. Ready for the Upcoming Offshore China focused ETFs experiencing heavy redemptions since October Changes? Shan Lan 2014 coinciding with the launch of Shanghai-Hong Kong Stock Connect in Source: Deutsche Bank

November last year. Since then, flows for ETFs tracking A-shares and H-shares have moved in opposite directions for most of the months. A-share ETFs see outflows on continuous basis while H-share ETFs gradually attracted new money. This was most evident in the 2015 as H-share & others ETFs received +$7.4bn of inflows while A-share ETFs experienced -$12bn of outflows so far this year including +$0.7bn (H-share & others) & -$1.1bn (A-share) of flows in June’15. This is partially because Investors are still using the ETFs as a quick way to sell A-shares and buy cheaper H-shares counterpart. Asia-Pac Listed ETP Flows: Japan and Taiwan focused ETFs registered healthy inflows Asia-Pacific ETPs comes into positive territory in terms of net flows at the end of June. These ETPs experienced inflows of +$5bn last month (+$4.7bn in May’15) bringing YTD flows total to +$5bn. Majority of the region’s inflows were from equity ETFs recording +$4.6bn in new money followed by inflows into fixed income ETFs (+$552mn). Within equity, Japan and Taiwan focused ETFs registered inflows of +$3.5bn and +$3.3bn respectively while China and South Korea focused ETFs experienced outflows of -$3.1bn and -$0.5bn during Jun’15. Among other equity segments, leveraged long strategy ETFs witnessed notable inflows of +$1.8bn in the month of June. New ETP launches – Busy month with 15 new launches Asia-Pacific ETP market witnessed 15 new product launches including 13 ETFs and 2 ETCs during the month of June.

______Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

9 July 2015

Asia Pac Monthly ETF Market Review

Table Of Contents

1. Investment Trends ...... 3 Monthly Review for Asia-Pac Listed ETFs ...... 3 Performance and growth of ETFs listed globally with investment focus in Asia-Pac ...... 4 Offshore equity ETFs listed globally with investment focus in Asia-Pacific ...... 5 ETP flow summary – Other markets ...... 7

2. Asia-Pac Listed ETPs – Market Overview ...... 8 Country Breakdown ...... 10 Issuer Rankings...... 11

3. ETP – Net Cash Flows ...... 18 Investment Focus ...... 18 Sub Segment ...... 19 Issuer ...... 21 Index Provider ...... 23 Underlying Index/Security ...... 24 Top ETPs ...... 25

4. ETP – Turnover ...... 26 Investment Focus ...... 26 Sub Segment ...... 27 Exchange ...... 29 Issuer ...... 30 Index Provider ...... 31 Underlying Index/Security ...... 31 Top ETPs ...... 32

5. ETP – Assets under Management ...... 33 Investment Focus ...... 33 Sub Segment ...... 34 Issuer ...... 36 Index Provider ...... 37 Underlying Index/Security ...... 37 Top ETPs ...... 38

Appendix A: Useful Information ...... 40 Appendix B: Glossary...... 41 Appendix C: How we define ETPs ...... 42

Page 2 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

1. Investment Trends

Monthly Review for Asia-Pac Listed ETFs

Market Review Last month, all the major equity markets in the Asia-Pac region remained in negative territory. Following is the snapshot of major benchmarks’ recent performance:

June - 15 May - 15 Benchmarks YTD (MoM) (MoM) Japan (Nikkei 225) -1.59% 5.34% 15.96% South Korea (KOSPI2) -3.12% -2.26% 3.37% China (CSI 300) -7.60% 1.91% 26.58% Taiwan (TWSE) -3.90% -1.21% 0.17% Hong Kong (HSI) -4.28% -2.52% 11.21% India (Sensex) -0.17% 3.03% 1.02% Singapore (FSSTI) -2.20% -2.73% -1.42% Australia (S&P/ASX 200) -5.51% -0.22% 0.89% Source: Deutsche Bank, Bloomberg Finance LP Asia-Pac Listed ETP Flows: Japan and Taiwan focused ETFs registered healthy inflows while China saw outflows Asia-Pacific ETPs comes into positive territory in terms of net flows at the end of June. These ETPs experienced inflows of +$5bn last month (+$4.7bn in May’15) bringing YTD flows total to +$5bn. Majority of the region’s inflows were from equity ETFs recording +$4.6bn in new money followed by inflows into fixed income ETFs (+$552mn). Within equity, Japan and Taiwan focused ETFs registered inflows of +$3.5bn and +$3.3bn respectively while China and South Korea focused ETFs experienced outflows of -$3.1bn and -$0.5bn during Jun’15. Among other equity segments, leveraged long strategy ETFs witnessed notable inflows of +$1.8bn in the month of June. Within fixed income, money market bond ETFs attracted +$447mn in new money. While among commodities, crude oil based ETPs, recorded outflows of -$153mn in June. Wins and losses: At ETP level, largest inflows were received by China 50 ETF (510050 CH), Yuanta/P-Shares Taiwan Top 50 ETF (0050 TT) and Yuanta/P-Shares MSCI Taiwan ETF (006203 TT), collecting +$2.3bn, +$1.8bn and +$1.5bn respectively. Largest redemptions were experienced by Harvest Huatai-Pinebridge CSI 300 ETF (510300 CH), Harvest Shanghai and Shenzhen 300 Index ETF (159919 CH), China CSI 500 ETF (510500 CH) with outflows of -$3.2bn, -$1.1bn and -$0.7bn respectively. Turnover: Floor activity up by 53% on a month-over-month basis Asia-Pacific ETP turnover totaled $254bn for June, 53% up from the previous month’s total. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $157bn (+62%), followed by Hong Kong ($38.2bn, 53%), Japan ($38bn, 33%) and South Korea ($13.6bn, 24%). Among equity ETFs, emerging country, leveraged long strategy, Asia-Pacific developed country, and growth style ETFs were the most traded products recording total turnovers of $130bn(+47%), $35.3bn(+$32%), $11.8bn(+27%) and $9bn(+21%) respectively.Within fixed income, turnover for money market ETFs totaled $38.5bn (+104%). At ETP level, China 50 ETF (510050 CH), Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and Yinhua Traded Money Market Fund (511880 CH) were the most traded products of the month recording total turnovers of $27.9bn, $26.4bn and $24.1bn respectively. AUM: Assets remains flat Last month, Asia-Pacific ETP assets remain flat and closed the month at $234.6bn. On a year-to-date basis, Asia-Pacific ETP market is up by $32.4bn or 16% above last year’s closing.

Deutsche Bank AG/Hong Kong Page 3

9 July 2015

Asia Pac Monthly ETF Market Review

New ETP launches – Busy month with 15 new launches In June, Asia-Pacific ETP market witnessed 15 new product launches including 13 ETFs and 2 ETCs. ANZ Asset Management listed three equity ETFs tracking S&P Low Volatility High Dividend Index(ZYUS AU), S&P/ASX 300 Shareholder Yield Index(ZYAU AU) and S&P/ASX 100 index(ZOZI AU). ANZ Asset Management also listed a currency ETF (ZCNH AU) providing exposure to offshore Renminbi. These ETFs were listed on the Australia Stock Exchange. Yuanta Securities Inv trust Co Ltd. launched two equity ETFs on the Taiwan Stock Exchange providing 2X leveraged (00637L TT) and inverse (00638R TT) exposure to CSI 300 Index. BNP Paribas (220130 KS) and Huatai-PineBridge Fund Management Co (512510 CH) each listed equity ETF tracking CSI 500 Index. These ETF were listed on the Korea Stock Exchange and Shanghai Stock Exchange respectively. Fubon Securities Investment Trust Co launched an equity ETF (00639 TT) on the Taiwan Stock Exchange tracking SZSE 100 Index. Mirae Asset MAPS Global Investments listed an equity ETF (217780 KS) on the Korea Stock Exchange providing exposure to CSI 300 Index. Reliance Capital Asset Management launched an equity ETF (RELNV20 IN) tracking performance of the 20 most liquid value blue chip companies listed on National Stock Exchange (India). This ETF was listed on National Stock Exchange (India). Samsung Asset Management listed an equity ETF (223190 KS) on the Korea Stock Exchange tracking KOSPI 200 intrinsic value Index. Yuanda Chinese Holdings Ltd made its debut with the launch of equity ETF (159942 CH) on the Shenzhen Stock Exchange tracking SME-ChiNext 100 Index. KB Asset Management and ANZ Asset Management each listed a commodity ETC providing exposure to S&P Oil & Gas Exploration & Production Select Industry Index (219390 KS) and Physical Gold (ZGOL AU). These ETCs were listed on the Korea Stock Exchange and Australia Stock Exchange. Performance and growth of ETFs listed globally with investment focus in Asia-Pac

ETF Performance - Winners and losers In June, ETFs tracking Vietnam equity markets were the best performers. An ETF that tracks the performance of CSI All Share Information Technology Index was the least performer.

Figure 1: Top 10 best performance

ETF Name Bloomberg Underlying Index 30-Jun-15 29-May-15 30-Apr-15 YTD

db x-trackers FTSE Vietnam UCITS ETF XFVT GR FTSE Vietnam 6.3% 1.0% -2.1% 10.0% Market Vectors Vietnam ETF VNM US Market Vectors Vietnam 5.4% -1.9% 6.8% -3.0% Mirae Asset MAPS Tiger Consumer Staples ETF 139280 KS KOSPI 200 Consumer Staples Sector Index 2.1% 1.1% 5.4% 25.2% CSOP China Ultra Short-Term Bond ETF 3122 HK Citi Chinese Government and Policy Bank Bond 0-1 Year Select Index 2.0% -0.8% 0.2% 1.8% WisdomTree Japan SmallCap Dividend Fund DFJ US WisdomTree Japan SmallCap Dividend 1.1% 1.4% 1.9% 16.5% iShares MSCI Japan Small-Cap ETF SCJ US MSCI Japan Small Cap 0.9% 1.1% 1.1% 14.2% Huatai-PineBridge Dividend ETF 510880 CH SSE Dividend Index 0.4% 1.6% 18.5% 35.1% Source JPX-Nikkei 400 UCITS ETF N400 LN JPX-nikkei 400 TR Index 0.3% -0.2% 2.8% 14.0% Yinhua Traded Money Market Fund 511880 CH Other 0.3% 0.2% 0.4% 1.8% KOSEF Enhanced Cash 130730 KS MaeKyung Money Market TR Index 0.2% 0.1% 0.1% 1.1%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 4 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 2: Top 10 least performance

ETF Name Bloomberg Underlying Index 30-Jun-15 29-May-15 30-Apr-15 YTD

GF CSI All Share IT ETF 159939 CH CSI All Share Information Technology Index -47.6% 99.4% 11.2% 58.4% GF CSI All Share Health Care ETF Index Fund 159938 CH CSI All Share Health Care Index -31.6% 50.9% 14.4% 53.6% E Fund ChiNext Price Index ETF 159915 CH GEM Index -19.2% 23.1% 22.3% 91.1% Invesco Great Wall CSI TMT 150 ETF 512220 CH CSI TMT 150 Index -18.2% 17.1% 20.7% 78.0% China SME ETF 159902 CH Shenzhen SME Index -14.8% 25.2% 9.7% 70.8% Harvest CSI 500 ETF 159922 CH CSI 500 Index -13.4% 18.4% 12.0% 63.2% E Fund CSI 300 Financials Ex Banks Index ETF 512070 CH CSI 300 Financials Ex Banks Index -11.4% -5.4% 9.4% -4.1% Guangfa CSI 500 ETF 510510 CH CSI 500 Index -10.9% 18.0% 16.8% 67.5% Kindex China Main Land CSI300 ETF 168580 KS CSI 300 Index -10.5% 8.1% 11.1% 30.2% Shenzhen Stock Exchange Component Stock Index ETF 159903 CH Shenzhen Stock Exchange Component Stock Index -10.5% 6.9% 13.0% 28.0%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn Source: Deutsche Bank, Bloomberg Finance LP, Reuters

ETP flow growth - Winners and losers An ETF tracking MSCI Taiwan and CSI TMT 150 Index brought in largest fund flows as a percentage of AUM while an ETF tracking CSI 500 Index and JPX-nikkei 400 TR Index saw biggest outflows over the last month.

Figure 3: Top 10 Inflows as a % of AUM Jun-15 May-15 Apr-15 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)

Yuanta/P-Shares MSCI Taiwan ETF 006203 TT MSCI Taiwan 13801.8% 1,484.0 1,505.3 0.0% 0.0 0.0% 0.0 0.0% 0.0 Invesco Great Wall CSI TMT 150 ETF 512220 CH CSI TMT 150 Index 1923.3% 144.0 124.3 -13.1% -0.9 -19.8% -1.5 19.7% 1.4 Nomura JPX-Nikkei 400 USD Hedged Index UCITS ETF NJXU LN JPX-nikkei 400 TR Index 749.2% 115.0 128.7 0.0% 15.1 0.0% 0.0 0.0% 130.2 Amundi ETF MSCI India UCITS ETF CI2 FP MSCI India 216.0% 231.6 338.6 -8.7% -10.0 -6.1% -8.0 252.8% 243.1 Topix Bull 2x ETF 1568 JP TOPIX Leveraged (2x) Index 137.5% 203.2 224.3 0.4% 0.5 -32.5% -60.4 20.7% 49.1 Lyxor ETF MSCI APEX 50 APX FP MSCI Asia APEX 50 120.1% 67.6 121.8 -0.5% -0.3 -6.6% (3.8) 68.8% 48.2 GF CSI All Share Health Care ETF Index Fund 159938 CH CSI All Share Health Care Index 97.3% 92.4 159.1 388.2% 70.9 -27.6% (5.8) 0.0% 0.0 Yuanta/P-Shares Taiwan Top 50 ETF 0050 TT TSEC Taiwan 50 Index 76.1% 1,762.5 4,017.7 1.0% 23.0 -6.7% (157.2) 2.0% 48.5 Shanghai SSE180 Index Fund 510180 CH SSE180 Index 69.6% 584.6 1,481.2 -2.3% -20.2 -79.4% (1,825.2) -9.1% (204.8) Samsung KODEX KRW Cash Plus ETF - Bond 214980 KS KRW Cash Plus Index 65.1% 142.7 360.9 5.2% 11.2 9.5% 18.1 0.0% 0.0

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 4: Top 10 outflows as a % of AUM Jun-15 May-15 Apr-15 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 CSI 500 ETF 510500 CH CSI 500 Index -52.2% (694.4) 996.7 11.5% 118.8 -14.4% (146.1) -10.7% (81.8) Amundi JPX-Nikkei 400 UCITS ETF - EUR JPNK FP JPX-nikkei 400 TR Index -51.3% (405.3) 381.6 2.9% 9.7 2.7% 8.6 -145.8% (282.5) Huatai-Pinebridge CSI 300 ETF 510300 CH CSI 300 Index -49.0% (3,198.7) 4,221.3 115.9% 3,472.0 -49.6% (2,323.1) 48.4% 2,522.3 China Southern Kaiyuan CSI 300 Index ETF 159925 CH CSI 300 Index -42.0% (154.1) 251.8 -4.8% (18.3) -0.7% (2.5) 12.3% 47.1 China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index -36.0% (209.5) 364.6 38.7% 151.2 2011.1% 337.8 -7.7% (1.2) China Security Southern Well-off Industry Index ETF 510160 CH CSI Southern Well-off Industry Index -32.8% (135.8) 249.4 -35.6% (236.2) 392.8% 486.1 45.7% 36.6 China SME ETF 159902 CH Shenzhen SME Index -31.8% (151.2) 277.3 125.9% 236.7 -28.5% (66.7) 1.4% 2.5 iShares MSCI Pacific ex-Japan UCITS ETF (Inc) IPXJ LN MSCI Pacific ex-Japan -31.6% (154.8) 317.0 1.8% 9.0 7.0% 31.1 -17.0% (66.2) Guangfa CSI 500 ETF 510510 CH CSI 500 Index -30.5% (174.1) 419.0 10.6% 47.2 -17.2% (77.6) -19.8% (72.8) Samsung KODEX Inverse ETF 114800 KS F-KOSPI200 Index -29.6% (174.5) 382.8 -22.9% (176.2) 67.7% 309.9 -11.3% (22.9)

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Offshore equity ETFs listed globally with investment focus in Asia-Pacific

June 2015: Inflows into Japan and South Korea focused ETFs Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region decreased by 3.1% in June and closed the month at $164.9bn as of 30/06/15. ETFs tracking DM benchmarks registered inflows of +$1.3bn in June vs. +$1.7bn in the previous month. This was driven by Japan focused ETFs collecting +$1.5bn over the last month.

Deutsche Bank AG/Hong Kong Page 5

9 July 2015

Asia Pac Monthly ETF Market Review

EM benchmarked ETFs continued the positive trend and registered inflows of +$0.3bn for the month of Jun’15. Within EM, South Korea and EM Broad focused ETFs saw major activity and collected inflows of +$197mn, and +$126mn respectively during last month.

Figure 5: Summary of offshore equity ETFs listed globally with investment focus in Asia* Cash Flows ($ million) AUM ($ million) % of MoM AUM Investment Focus Jun-15 May-15 Apr-15 YTD Jun-15 May-15 AUM Change (%) Emerging Markets Bangladesh 0 0.6% 0 0 4 24 24 1.6% China 18 0.0% 722 -1,631 -4,937 44,993 47,735 -5.7% India 84 0.7% 619 561 3,452 12,117 12,103 0.1% Indonesia -39 -5.0% -64 14 -151 690 794 -13.1% Malaysia -22 -4.3% -2 17 -107 463 517 -10.4% Pakistan -2 -5.8% 3 3 5 34 35 -2.9% Philippines -59 -10.5% -27 4 41 495 565 -12.3% South Korea 197 3.4% 328 214 565 5,797 5,844 -0.8% Taiwan -22 -0.4% -10 149 745 5,294 5,495 -3.7% Thailand -33 -7.0% -30 21 -116 435 474 -8.2% Vietnam 33 4.2% 18 16 60 867 802 8.0% EM Asia Broad 126 4.9% -48 258 784 2,597 2,569 1.1% Total 281 0.4% 1,511 -374 345 73,805 76,955 -4.1% Developed Markets Australia 7 0.3% -59 -306 -333 2,199 2,340 -6.0% Hong Kong 22 0.4% 163 933 1,025 4,686 4,884 -4.0% Japan 1,488 2.3% 1,656 3,212 11,816 64,496 64,798 -0.5% New Zealand 4 2.8% 0 2 6 121 131 -7.2% Singapore -19 -2.2% 10 6 -8 827 870 -4.9% DM Asia Broad -174 -1.9% -45 63 309 8,809 9,371 -6.0% Total 1,327 1.6% 1,725 3,909 12,814 81,138 82,393 -1.5% Asia Broad Indices -451 -4.2% 36 563 1,051 9,969 10,855 -8.2% Grand Total 1,158 0.7% 3,272 4,098 14,210 164,912 170,203 -3.1%

*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

China focused ETFs –H shares continue to benefit from discount to the A shares Offshore China focused ETFs experiencing heavy redemptions since October 2014 coinciding with the launch of Shanghai-Hong Kong Stock Connect in November last year. Since then, flows for ETFs tracking A-shares and H-shares have moved in opposite directions for most of the months. A-share ETFs see outflows on continuous basis while H-share ETFs gradually attracted new money. This was most evident in the 2015 as H-share & others ETFs received +$7.4bn of inflows while A-share ETFs experienced -$12bn of outflows so far this year including +$0.7bn (H-share & others) & -$1.1bn (A-share) of flows in June’15. Investors are still using the ETFs as a quick way to sell A-shares and buy cheaper H-shares counterpart.

Page 6 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 6: Offshore China focused equity ETFs listed globally* - A-share vs. H-share

4,000

3,000

2,000

1,000

(1,000)

(2,000)

(3,000)

Monthly Flows (US$ mn) (4,000)

(5,000)

(6,000)

H Shares & Others A Shares

ETP flow summary – Other markets

Europe: European ETPs continued the positive trend in June During June, European domiciled ETPs registered inflows of +€1.6bn bringing YTD flows total to +€35.9bn. Equity ETFs continued the positive run with inflows of +€2.8bn which were partially offset by outflows of -€1.1bn in fixed income ETFs over the last month. Commodity ETPs comes into negative territory with outflows of -€0.2bn during the same period. Within equities, following segments and sub-segments saw significant activity: Segments: Developed Markets (+€3.1bn), Size (+€0.4bn), Strategy (+€0.1bn) and Emerging Markets (-€0.3bn).

Sub-segments: Europe DM Broad (+€1.3bn), Germany (+€1.2bn), Japan (+€0.4bn), UK (+€0.4bn), Small Cap (+€0.3bn) and China (-€0.5bn). Within fixed income, ETFs benchmarked to sovereign and corporate bonds saw outflows of -€1.1bn and -€0.5bn respectively which were partially offset by inflows into money market ETFs (+€0.5bn) during last month. US: Equity registered strong inflows, fixed income witness outflows US domiciled ETPs recorded strong inflows of +$17.8bn (+$11.6bn in May’15) taking YTD flows total to +$99.6bn. Most of the inflows were contributed by equity ETFs registering +$20.1bn (+$12.9bn in May’15) while fixed income ETFs experienced outflows of -$1.6bn during June 15. Commodity ETPs remains in negative territory with outflows of -$0.5bn. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$10bn), Size (+$3.3bn), Sector (+$2.8bn), Strategy (+$2.5bn), Style (+$1.5bn) and Emerging Markets (-$1.4bn) Sub-segments: Global DM broad (+$4.3bn), Small Cap (+$3.9bn), Healthcare (+$2.2bn), Europe DM broad (+$1.7bn), Japan (+$1.6bn), Financials (+$1.5bn), and Large Cap (-$2bn). Within fixed income, major outflows were recorded by ETFs benchmarked to corporate bonds (-$3.5bn) which were partially offset by inflows into Sovereign & Corporate bonds indices (+$0.6bn). Among commodity ETPs, cure oil and gold based ETPs saw outflows of -$0.4bn and -$0.1bn respectively over the last month.

Deutsche Bank AG/Hong Kong Page 7

9 July 2015

Asia Pac Monthly ETF Market Review

2. Asia-Pac Listed ETPs – Market Overview

Figure 7: Number of ETPs by Asset Class Current Month Prev. Month MoM Change End of 2014 YTD Change # of Mkt # of # of % # of # of # of % # of Asset Class ETPs Share % ETPs ETPs ETPs ETPs ETPs ETPs Equity 590 81.3% 578 12 2.1% 548 42 7.7% Fixed income 56 7.7% 56 - 0.0% 54 2 3.7% Commodity 69 9.5% 67 2 3.0% 65 4 6.2% Currency 6 0.8% 5 1 20.0% 5 1 20.0% Multi Asset 3 0.4% 3 - 0.0% 4 (1) -25.0% Alternative 2 0.3% 2 - 0.0% 2 - 0.0% Total 726 100% 711 15 2.1% 678 48 7.1% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 8: ETP Net Cash 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 4,584 2.1% 5,524 2.6% 2,219 1.2% Fixed income 552 4.2% (806) -5.7% 1,750 14.8% Commodity (129) -3.8% (75) -2.1% 716 27.3% Currency (6) -1.6% 27 8.1% 71 25.0% Multi Asset - 0.0% 3 9.1% (0) -0.5% Alternative 9 3.8% 13 4.9% 225 181.0% Total 5,011 2.1% 4,686 2.0% 4,980 2.5%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 9: ETP Turnover (US$ Million) by Asset Class Current Month Prev. Month MoM Change Year 2014 Change from 2014 Mkt % % Asset Class Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Equity 210,357 82.9% 143,787 66,570 46.3% 65,745 144,611 220.0% Fixed income 42,359 16.7% 21,420 20,939 97.8% 11,025 31,334 284.2% Commodity 916 0.4% 739 177 24.0% 324 591 182.4% Currency 69 0.0% 102 (33) -32.6% 40 29 73.0% Multi Asset 2 0.0% 3 (1) -22.4% 1 2 217.9% Alternative 163 0.1% 114 49 42.9% 145 18 12.7% Total 253,866 100% 166,165 87,701 52.8% 77,280 176,586 228.5%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 8 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 10: ETP AUM (US$ Million) by Asset Class Current Month Prev. Month MoM Change End of 2014 YTD Change Mkt Asset Class AUM AUM AUM % AUM AUM AUM % AUM Share % Equity 217,486 92.7% 217,892 (407) -0.2% 187,338 30,148 16.1% Fixed income 13,208 5.6% 13,018 190 1.5% 11,810 1,398 11.8% Commodity 3,231 1.4% 3,383 (152) -4.5% 2,621 609 23.2% Currency 353 0.2% 363 (10) -2.6% 286 68 23.6% Multi Asset 32 0.0% 33 (1) -3.4% 32 (0) -1.3% Alternative 275 0.1% 242 32 13.4% 124 151 121.5% Total 234,584 100% 234,931 (346) -0.1% 202,211 32,373 16.0%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 11: New Listings Asset Class Bloom- Reuters ETP Name Issuer Exchange TER & Structure berg Code New launches ANZ ETFS Physical Gold ETF ANZ Asset Management Commodity ETC ASX 0.40% ZGOL AU ZGOL.AX Mirae Asset Tiger Synth-China A Inverse ETF Mirae Asset MAPS Global Investments Equity ETF KSE 0.59% 217780 KS 217780.KS ANZ ETFS S&P 500 High Yield Low Volatility ETF ANZ Asset Management Equity ETF ASX 0.35% ZYUS AU ZYUS.AX Shinhan BNPP Smart Synth CSI500 ETF H BNP Paribas Equity ETF KSE 0.60% 220130 KS 220130.KS KB KStar Synth-US Oil&Gas E&P Company ETF-H KB Asset Management Commodity ETC KSE 0.25% 219390 KS 219390.KS Huatai-PB CSI 500 ETF Huatai-PineBridge Fund Management Co Equity ETF Shanghai 0.00% 512510 CH 512510.SS ANZ ETFS S&P/ASX 300 High Yield Plus ETF ANZ Asset Management Equity ETF ASX 0.00% ZYAU AU ZYAU.AX ANZ ETFS S&P/ASX 100 ETF ANZ Asset Management Equity ETF ASX 0.00% ZOZI AU ZOZI.AX Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. Equity ETF TSEC 1.26% 00637L TT 00637L.TW Yuanta/P-shares CSI 300 1X Bear ETF Yuanta Securities Inv trust Co Ltd. Equity ETF TSEC 1.24% 00638R TT 00638.TW Fubon SZSE 100 ETF Fubon Securities Investment Trust Co Equity ETF TSEC 1.14% 00639 TT 00639.TW ANZ ETFS Physical Renminbi ETF ANZ Asset Management Currency ETF ASX 0.00% ZCNH AU ZCNH.AX R*Shares NV20 ETF Reliance Capital Asset Management Equity ETF NSE 0.35% RELNV20 IN RELNV20.NS Huarun Yuanda SME-ChiNext 100 ETF Yuanda Chinese Holdings Ltd Equity ETF Shenzhen 0.50% 159942 CH 159942.SZ Samsung KODEX 200 Intrinsic Value ETF Samsung Asset Management Equity ETF KSE 0.30% 223190 KS 223190.KS Cross Listings Market Vectors ChinaAMC A-Share ETF Van Eck Funds Equity ETF ASX 0.72% CETF AU CETF.AX Market Vectors Gold Miners ETF Van Eck Funds Equity ETF ASX 0.52% GDX AU GDX.AX Market Vectors Morningstar Wide Moat ETF Van Eck Funds Equity ETF ASX 0.49% MOAT AU MOAT.AX Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 9

9 July 2015

Asia Pac Monthly ETF Market Review

Country Breakdown

Figure 12: 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 87 112 324 6.5% 1,315 0.5% 8,752 3.7% China 111 111 (3,121) -62.3% 156,846 61.8% 33,245 14.2% Hong Kong 91 151 (500) -10.0% 38,203 15.0% 43,085 18.4% India 48 48 0 0.0% 297 0.1% 2,349 1.0% Indonesia 7 7 24 0.5% 0 0.0% 125 0.1% Japan 138 183 4,526 90.3% 38,013 15.0% 119,374 50.9% Philippines 1 1 1 0.0% 2 0.0% 30 0.0% Korea 173 173 207 4.1% 13,578 5.3% 16,588 7.1% Vietnam 1 1 (0) 0.0% 0 0.0% 9 0.0% Malaysia 7 7 - 0.0% 1 0.0% 282 0.1% New Zealand 5 5 - 0.0% 6 0.0% 280 0.1% Singapore 9 94 3 0.1% 162 0.1% 1,621 0.7% Taiwan 27 30 3,545 70.8% 5,430 2.1% 8,693 3.7% Thailand 21 21 0 0.0% 12 0.0% 150 0.1%

Total 726 944 5,011 100.0% 253,866 100.0% 234,584 100.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 13: 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 Other Equity Total Comdty Income Income Australia 4,195 325 892 161 1,085 139 13 6,811 1,204 413 326 80.8% 14.3% 4.9% China 25,936 - 2,388 214 968 60 400 29,966 3,200 79 - 90.1% 9.6% 0.2% Hong Kong 38,248 106 134 26 231 82 9 38,836 4,127 123 - 90.1% 9.6% 0.3% India 260 - 29 14 3 4 678 988 84 1,277 - 42.1% 3.6% 54.4% Indonesia 55 - 26 - - - 45 125 - - - 100.0% 0.0% 0.0% Japan 109,256 219 3,608 121 385 4,423 43 118,056 98 945 275 99.1% 0.1% 0.8% Philippines 30 ------30 - - - 100.0% 0.0% 0.0% Korea 7,927 77 723 45 303 2,313 1,053 12,439 3,770 319 59 75.3% 22.8% 1.9% Vietnam 9 ------9 - - - 100.0% 0.0% 0.0% Malaysia 6 1 - - - - 84 91 192 - - 32.1% 67.9% 0.0% New Zealand 244 - - 36 - - - 280 - - - 100.0% 0.0% 0.0% Singapore 1,025 44 - - 17 - - 1,086 535 - - 67.0% 33.0% 0.0% Taiwan 7,268 - 100 - 153 1,110 26 8,657 - 37 - 99.6% 0.0% 0.4% Thailand 87 2 14 5 2 - - 111 - 39 - 74.3% 0.0% 25.7% Total 194,545 775 7,915 622 3,147 8,132 2,349 217,486 13,208 3,231 660 93.0% 5.6% 1.4% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 10 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 14: ETF Turnover (US$ Million) by Country Figure 15: ETF AUM (US$ Million) by Country

China Japan Hong Kong Hong Kong Japan China Korea Korea Taiwan Australia Australia Taiwan India India Vietnam Vietnam Thailand Malaysia New Zealand New Zealand Philippines Thailand Malaysia Indonesia Vietnam Philippines Indonesia Vietnam

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 - 20,000 40,000 60,000 80,000 100,000 120,000 TO (US$ Million) AUM (US$ Million) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Issuer Rankings

Net Cash Flows

Figure 16: ETP inflows (US$ Million) by Issuer – Top 10 Current Month inflows (US$ Million) Issuer Equity Fixed Commo- Other Total YTD Total Yuanta Securities Inv trust Co Ltd. 3,584 - (1) - 3,583 2,951 Nomura Asset Management 2,424 - (49) - 2,375 7,035 China Asset Management 1,958 - - - 1,958 (1,118) Nikko Asset Management 1,004 (0) - - 1,004 4,442 Hang Seng Investment Management 594 - - - 594 4,983 Huaan Fund Management 565 - 17 - 581 (1,673) Daiwa Asset Management 504 - - - 504 1,866 Mirae Asset MAPS Global Investments 157 205 (28) - 334 429 Yinhua Fund Management (4) 214 - - 210 894 Invesco Great Wall Fund Management Co. Ltd 164 - - - 164 107

Total Top 10 (Inflows) 10,949 419 (61) - 11,307 19,915 Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 17: ETP outflows (US$ Million) by Issuer – Top 10 Current Month outflows (US$ Million) Issuer Equity Fixed Commo- Other Total YTD Total Huatai-PineBridge Fund Management Co (3,092) - - - (3,092) (3,382) Harvest Fund Management Co (1,160) (0) - - (1,160) (5,042) China Southern Fund Management Co Ltd (1,052) (48) - - (1,100) (1,216) State Street (438) 45 - - (393) 1,042 E Fund Management (331) 60 (0) - (271) (608) China Universal Asset Management Co (220) (21) - - (241) 243 Samsung Asset Management (311) 169 3 - (140) (1,615) BOCI - Prudential Asset Man Ltd (128) - - - (128) (748) GF Fund Management Co Ltd (123) - - - (123) 129 UBS (53) - - - (53) (145)

Total Top 10 (Outflows) (6,909) 204 3 - (6,702) (11,342) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 11

9 July 2015

Asia Pac Monthly ETF Market Review

Turnover

Turnover information Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure. Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Figure 18: ETP Turnover (US$ Million) by Issuer – Top 40 Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % China Asset Management 39,322.9 - - - 39,322.9 15.5% Nomura Asset Management 32,706.6 - 150.2 - 32,856.8 12.9% E Fund Management 23,171.1 3,941.1 15.7 - 27,127.9 10.7% Huatai-PineBridge Fund Management Co 24,780.3 - - - 24,780.3 9.8% Yinhua Fund Management 21.1 24,071.2 - - 24,092.3 9.5% CSOP Asset Management 11,635.6 34.3 - - 11,669.9 4.6% BlackRock 11,584.5 41.0 - - 11,625.5 4.6% China Southern Fund Management Co Ltd 3,522.9 7,282.3 - - 10,805.3 4.3% Samsung Asset Management 9,198.4 249.9 19.0 - 9,467.3 3.7% Huaan Fund Management 8,035.4 - 191.5 - 8,226.9 3.2% Guotai Asset Management Co Ltd 3,584.9 3,551.9 97.8 - 7,234.7 2.8% State Street 6,645.0 28.5 40.4 - 6,713.9 2.6% Hang Seng Investment Management 5,355.0 - 0.0 - 5,355.0 2.1% Harvest Fund Management Co 4,182.6 0.5 - - 4,183.1 1.6% Lion Fund Management Co Ltd 3,952.5 - - - 3,952.5 1.6% Simplex Asset Management Co Ltd 2,567.6 - 164.1 - 2,731.7 1.1% Fubon Securities Investment Trust Co 2,478.1 - - - 2,478.1 1.0% Yuanta Securities Inv trust Co Ltd. 2,387.3 - 22.7 - 2,410.0 0.9% Mirae Asset MAPS Global Investments 2,259.0 19.8 111.0 - 2,389.8 0.9% GF Fund Management Co Ltd 1,964.9 - - - 1,964.9 0.8% China Merchants Fund Management Co 226.4 1,721.8 - - 1,948.2 0.8% BOCOM Schroders 1,619.4 - - - 1,619.4 0.6% Invesco Great Wall Fund Management Co. Ltd 1,158.1 - - - 1,158.1 0.5% Daiwa Asset Management 1,007.0 - - - 1,007.0 0.4% Nikko Asset Management 847.6 5.1 - - 852.7 0.3% Woori Asset Management 27.4 800.1 - 7.2 834.7 0.3% ICBC Credit Suisse Asset Management 823.2 - - - 823.2 0.3% GTJA Allianze Fund Management Co 740.5 - - - 740.5 0.3% Bosera Fund Management Co Ltd 690.2 1.8 0.6 - 692.6 0.3% Korea Investment Trust Mg 508.9 3.5 - - 512.4 0.2% Fortune SGAM Fund Management 395.7 - - - 395.7 0.2% Cathay Securities Investment Trust 330.4 - - - 330.4 0.1% China Universal Asset Management Co 88.7 221.9 - - 310.7 0.1% BOCI - Prudential Asset Man Ltd 301.8 - - - 301.8 0.1% KB Asset Management 259.3 21.1 0.5 2.3 283.2 0.1% BetaShares Capital Ltd 103.8 106.9 6.3 61.8 278.8 0.1% Goldman Sachs 41.0 220.2 12.4 - 273.6 0.1% Vanguard 243.5 24.1 - - 267.6 0.1% Mitsubishi UFJ Asset Mg 262.6 - - - 262.6 0.1% HFT Investment Management Co Ltd 229.7 2.3 - - 232.0 0.1%

Total (Top 40) 209,261 42,349 832 71 252,514 99.5% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 12 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 19: ETP Turnover (US$ Million) by Issuer – Contd. Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Fuh-Hwa Securities Investment Trust 202.02 - - - 202.02 0.08% Kokusai Asset Management Co Ltd - - - 163.28 163.28 0.06% Fullgoal Fund Management Co 161.88 - - - 161.88 0.06% Dacheng Fund Management Co Ltd 150.28 - - - 150.28 0.06% Deutsche AWM 119.21 0.09 1.58 - 120.89 0.05% Penghua Fund Management Co Ltd 113.55 - - - 113.55 0.04% Mitsubishi UFJ Trust and Banking Corporation - - 50.95 - 50.95 0.02% Hanwha Investment Trust Management 45.06 3.05 - - 48.11 0.02% Russell Investments 29.27 5.83 - - 35.10 0.01% Value Partners 30.95 - 3.31 - 34.26 0.01% Haitong International 32.78 - - - 32.78 0.01% Kyobo AXA Investment Mg Co Ltd 18.73 0.14 - - 18.87 0.01% UBS 18.03 - - - 18.03 0.01% Bank of China Investment Management 17.72 - - - 17.72 0.01% Enhanced Investment Products Limited 16.87 - - - 16.87 0.01% ETF Securities - - 16.36 - 16.36 0.01% Van Eck Funds 14.45 - - - 14.45 0.01% Yuanda Chinese Holdings Ltd 12.96 - - - 12.96 0.01% Kotak Mahindra Asset Man 11.32 - 1.42 - 12.73 0.01% BNP Paribas 11.48 - 0.05 - 11.53 0.00% Horizons ETFs 11.21 - - - 11.21 0.00% UOB Asset Management Ltd 9.96 - - - 9.96 0.00% Lyxor 8.95 - 0.51 - 9.46 0.00% Dongbu Asset Management 8.66 - - - 8.66 0.00% Krung Thai Asset Management 8.49 - 0.16 - 8.65 0.00% China International Fund Mgmt 7.44 - - - 7.44 0.00% Smartshares Ltd 4.87 - - - 4.87 0.00% Changsheng Fund 4.51 - - - 4.51 0.00% DIAM Asset Management 3.49 - - - 3.49 0.00% SBI Funds Management 0.00 - 3.34 - 3.34 0.00% CCB Principal Asset Management Co Ltd. 3.18 - - - 3.18 0.00% First Metro Asset Management 2.12 - - - 2.12 0.00% Reliance Capital Asset Management 0.86 - 1.11 - 1.97 0.00% CIMB-GK Securities Pte Ltd 1.80 - - - 1.80 0.00% One Asset Management Ltd 1.78 - 0.01 - 1.79 0.00% Yurie Asset Management 1.63 - - - 1.63 0.00% UTI Asset Management - - 1.63 - 1.63 0.00% BMO Global Asset Management Asia Ltd 1.06 0.54 - - 1.59 0.00% Wanjia Asset Management 1.41 - - - 1.41 0.00% Ping An of China Asset Management 1.14 - - - 1.14 0.00% HDFC Asset Management Co Ltd - - 1.02 - 1.02 0.00% Maybank Asset Management Thailand Co Ltd 0.91 - - - 0.91 0.00% Passive Funds Management Ltd 0.91 - - - 0.91 0.00% Motilal Oswal Mutual Fund 0.67 - - - 0.67 0.00% KDB Asset Management Co Ltd/Korea 0.61 - - - 0.61 0.00% Canara Robeco - - 0.55 - 0.55 0.00% UBS Hana Asset Management Co Ltd 0.50 - - - 0.50 0.00% Daishin Investment Trust Mg 0.40 - - - 0.40 0.00% Tong Yang Investment Trust Mg 0.39 - - - 0.39 0.00% IDBI Asset Management - - 0.33 - 0.33 0.00% ANZ Asset Management 0.27 - 0.01 0.05 0.33 0.00% Prudential ICICI Asset Management 0.05 - 0.26 - 0.31 0.00% SinoPac Securities Investment Trust Co 0.27 - - - 0.27 0.00% KTB Asset Management Co Ltd/Korea 0.25 - - - 0.25 0.00%

Total 210,355 42,359 915 235 253,864 100.00% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 13

9 July 2015

Asia Pac Monthly ETF Market Review

Figure 20: ETP Turnover (US$ Million) by Issuer – Completion Current Month Turnover (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Viet Fund Management 0.24 - - - 0.24 0.0% Sumitomo Mitsui Asset Management 0.24 - - - 0.24 0.0% i-VCAP Management 0.22 - - - 0.22 0.0% NZAM 0.22 - - - 0.22 0.0% Quantum Asset Management 0.01 - 0.16 - 0.18 0.0% Axis Asset Management - - 0.18 - 0.18 0.0% HSBC Inv Funds Ltd/Hong Kong - 0.16 - - 0.16 0.0% Midas Asset Management Co 0.13 - - - 0.13 0.0% Heungkuk Asset Management 0.10 - - - 0.10 0.0% Thanachart Fund Management - - 0.07 - 0.07 0.0% Kasikorn Asset Management - - 0.07 - 0.07 0.0% Birla Sun Life Asset Management Co 0.00 - 0.07 - 0.07 0.0% Religare Mutual Fund 0.00 - 0.06 - 0.06 0.0% India Infoline Asset Management Co 0.05 - - - 0.05 0.0% Indo Premier Securities 0.04 - - - 0.04 0.0% Mizuho Asset Management Co Ltd - - 0.02 - 0.02 0.0% Lippo Investments Management 0.02 - - - 0.02 0.0% BBL Asset Management Co - - 0.02 - 0.02 0.0% TMB Asset Management 0.01 - - - 0.01 0.0% AmInvestment Services Berhad/Malaysia 0.01 0.00 - - 0.01 0.0% Edelweiss Asset Management 0.01 - - - 0.01 0.0% Kiwoom Asset Management Co Ltd 0.00 - - - 0.00 0.0%

Total ( All Local Issuers) 210,357 42,359 916 235 253,866 100.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 14 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

AUM

AUM information Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding. AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 24 for a detail of Foreign Issuer's AUMs

Figure 21: ETP AUM (US$ Million) ranking by Local Issuer – Top 40 Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Nomura Asset Management 56,041 - 287 - 56,328 24.0% Nikko Asset Management 24,372 503 - - 24,876 10.6% Daiwa Asset Management 23,129 - - - 23,129 9.9% State Street 13,526 3,165 - - 16,691 7.1% Hang Seng Investment Management 13,818 - 9 - 13,828 5.9% China Asset Management 12,397 - - - 12,397 5.3% BlackRock 11,214 336 - - 11,549 4.9% Mitsubishi UFJ Asset Mg 9,436 - - - 9,436 4.0% Samsung Asset Management 6,438 1,575 73 - 8,086 3.4% Yuanta Securities Inv trust Co Ltd. 7,149 - 37 - 7,186 3.1% Harvest Fund Management Co 4,910 4 - - 4,913 2.1% Huatai-PineBridge Fund Management Co 4,464 - - - 4,464 1.9% CSOP Asset Management 3,778 404 - - 4,183 1.8% E Fund Management 3,680 300 9 - 3,988 1.7% Mirae Asset MAPS Global Investments 2,766 795 238 - 3,799 1.6% Vanguard 1,845 200 - - 2,044 0.9% China Southern Fund Management Co Ltd 1,885 129 - - 2,014 0.9% Huaan Fund Management 1,595 - 62 - 1,658 0.7% Yinhua Fund Management 20 1,613 - - 1,634 0.7% BetaShares Capital Ltd 530 543 46 325 1,445 0.6% Goldman Sachs 856 84 408 - 1,348 0.6% KB Asset Management 600 497 8 32 1,137 0.5% Korea Investment Trust Mg 986 141 - - 1,127 0.5% Fubon Securities Investment Trust Co 1,107 - - - 1,107 0.5% Simplex Asset Management Co Ltd 808 - 286 - 1,094 0.5% HFT Investment Management Co Ltd 25 989 - - 1,014 0.4% DIAM Asset Management 908 - - - 908 0.4% GF Fund Management Co Ltd 892 - - - 892 0.4% Hanwha Investment Trust Management 557 319 - - 876 0.4% Kyobo AXA Investment Mg Co Ltd 671 141 - - 813 0.3% NZAM 789 - - - 789 0.3% BOCI - Prudential Asset Man Ltd 750 - - - 750 0.3% Woori Asset Management 266 301 - 27 594 0.3% Guotai Asset Management Co Ltd 432 69 7 - 508 0.2% China Universal Asset Management Co 453 39 - - 492 0.2% Russell Investments 225 257 - - 482 0.2% Sumitomo Mitsui Asset Management 440 - - - 440 0.2% Reliance Capital Asset Management 18 - 398 - 416 0.2% HSBC Inv Funds Ltd/Hong Kong - 390 - - 390 0.2% ETF Securities - - 380 - 380 0.2%

Total (Top 40) 213,777 12,795 2,249 384 229,204 97.7% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 15

9 July 2015

Asia Pac Monthly ETF Market Review

Figure 22: ETP AUM (US$ Million) ranking by Local Issuer – Contd. Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Mitsubishi UFJ Trust and Banking Corporation - - 371 - 371 0.16% UBS 291 - - - 291 0.12% Invesco Great Wall Fund Management Co. Ltd 280 - - - 280 0.12% Kokusai Asset Management Co Ltd - - - 275 275 0.12% China Merchants Fund Management Co 64 174 - - 239 0.10% Smartshares Ltd 216 - - - 216 0.09% BOCOM Schroders 205 - - - 205 0.09% Fuh-Hwa Securities Investment Trust 204 - - - 204 0.09% Bosera Fund Management Co Ltd 163 36 1 - 199 0.08% AmInvestment Services Berhad/Malaysia 1 192 - - 192 0.08% Kotak Mahindra Asset Man 37 - 150 - 187 0.08% Cathay Securities Investment Trust 186 - - - 186 0.08% Horizons ETFs 180 - - - 180 0.08% Value Partners 71 - 99 - 169 0.07% ICBC Credit Suisse Asset Management 142 - - - 142 0.06% Indo Premier Securities 125 - - - 125 0.05% Van Eck Funds 114 - - - 114 0.05% Fortune SGAM Fund Management 109 - - - 109 0.05% HDFC Asset Management Co Ltd - - 99 - 99 0.04% Enhanced Investment Products Limited 90 - - - 90 0.04% UTI Asset Management - - 90 - 90 0.04% Haitong International 88 - - - 88 0.04% i-VCAP Management 84 - - - 84 0.04% One Asset Management Ltd 78 - 3 - 81 0.03% Dacheng Fund Management Co Ltd 68 - - - 68 0.03% CIMB-GK Securities Pte Ltd 68 - - - 68 0.03% Passive Funds Management Ltd 64 - - - 64 0.03% Yurie Asset Management 56 - - - 56 0.02% Prudential ICICI Asset Management 37 - 19 - 56 0.02% Fullgoal Fund Management Co 52 - - - 52 0.02% BMO Global Asset Management Asia Ltd 35 12 - - 47 0.02% CCB Principal Asset Management Co Ltd. 45 - - - 45 0.02% UOB Asset Management Ltd 44 - - - 44 0.02% Penghua Fund Management Co Ltd 43 - - - 43 0.02% Yuanda Chinese Holdings Ltd 42 - - - 42 0.02% GTJA Allianze Fund Management Co 39 - - - 39 0.02% Dongbu Asset Management 38 - - - 38 0.02% Motilal Oswal Mutual Fund 29 - 8 - 37 0.02% SBI Funds Management 3 - 33 - 37 0.02% Axis Asset Management - - 36 - 36 0.02% BNP Paribas 36 - - - 36 0.02% Lion Fund Management Co Ltd 34 - - - 34 0.01% Krung Thai Asset Management 22 - 11 - 33 0.01% Ping An of China Asset Management 32 - - - 32 0.01% Midas Asset Management Co 31 - - - 31 0.01% First Metro Asset Management 30 - - - 30 0.01% IDBI Asset Management - - 15 - 15 0.01% Birla Sun Life Asset Management Co 3 - 9 - 12 0.01% UBS Hana Asset Management Co Ltd 12 - - - 12 0.01% Lippo Investments Management 11 - - - 11 0.00% Tong Yang Investment Trust Mg 11 - - - 11 0.00% SinoPac Securities Investment Trust Co 11 - - - 11 0.00% Daishin Investment Trust Mg 11 - - - 11 0.00% BBL Asset Management Co - - 10 - 10 0.00%

Total 217,410 13,208 3,201 659 234,478 100% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 16 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 23: ETP AUM (US$ Million) ranking by Local Issuer – Completion Current Month AUM (US$ Million) Fixed Commo- Mkt Issuer Equity Other Total Income dity Share % Bank of China Investment Management 10 - - - 10 0.00% Kiwoom Asset Management Co Ltd 10 - - - 10 0.00% Viet Fund Management 9 - - - 9 0.00% Maybank Asset Management Thailand Co Ltd 9 - - - 9 0.00% Heungkuk Asset Management 8 - - - 8 0.00% KTB Asset Management Co Ltd/Korea 8 - - - 8 0.00% Kasikorn Asset Management - - 8 - 8 0.00% Thanachart Fund Management - - 7 - 7 0.00% Religare Mutual Fund 1 - 6 - 7 0.00% Quantum Asset Management 0 - 6 - 6 0.00% KDB Asset Management Co Ltd/Korea 5 - - - 5 0.00% ANZ Asset Management 3 - 1 1 4 0.00% Changsheng Fund 3 - - - 3 0.00% China International Fund Mgmt 3 - - - 3 0.00% TMB Asset Management 3 - - - 3 0.00% Edelweiss Asset Management 2 - - - 2 0.00% Canara Robeco - - 2 - 2 0.00% India Infoline Asset Management Co 1 - - - 1 0.00% Wanjia Asset Management 1 - - - 1 0.00% Mizuho Asset Management Co Ltd - - 0 - 0 0.00%

Total ( All Local Issuers) 217,486 13,208 3,231 660 234,584 100% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 24: ETP AUM (US$ Million) ranking by Foreign Issuer Current Month AUM (US$ Million) The Foreign Issuer AUM Fixed Mkt ranking includes the AUM of Issuer Equity Commodity Other Total Income Share % all products cross listed in the BlackRock 304,172 - - - 304,172 47.7% Asia-Pacific Region, with a State Street 181,549 - 26,774 - 208,322 32.7% domicile region outside Asia- Vanguard 70,383 - - - 70,383 11.0% Pacific (e.g. the US or Europe) Deutsche AWM 24,936 2,141 566 - 27,643 4.3% Lyxor 9,196 - 1,194 - 10,390 1.6% UBS 8,014 - - - 8,014 1.3% ETF Securities - - 7,777 - 7,777 1.2% BNP Paribas - - 308 - 308 0.0%

Total ( All Foreign Issuers) 598,250 2,141 36,620 - 637,011 100% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 17

9 July 2015

Asia Pac Monthly ETF Market Review

3. ETP – Net Cash Flows

Investment Focus

Figure 25: ETP Net Cash 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 3,210 2.5% 5,133 4.2% 17,704 17.9% Emerging Markets (228) -0.3% 1,127 1.7% (16,539) -24.1% Global Markets 2 1.0% 2 1.4% 23 16.5% Sectors (109) -1.3% 69 0.8% 1,190 19.4% Capitalization (30) -4.3% (47) -6.3% (202) -26.7% Strategy 1,588 23.3% (591) -7.8% (91) -1.2% Style 280 8.9% 74 2.5% 69 2.5% Thematic (128) -5.0% (244) -8.7% 64 2.9% Total 4,584 2.1% 5,524 2.6% 2,219 1.2%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 26: ETP Net Cash 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 92 1.2% (236) -3.0% 400 5.6% Corporates - 0.0% (32) -2.7% (75) -6.5% Money Market 447 11.0% (556) -11.9% 1,358 42.5% Overall 13 3.0% 18 4.4% 66 18.4% Total 552 4.2% (806) -5.7% 1,750 14.8% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 27: ETP Net Cash 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 2.1 0.1% (32.1) -1.3% 186.2 7.6% Overall 0.8 n.a 0.8 14.3% 2.4 44.7% Energy (144.2) -16.6% (45.8) -4.8% 506.8 394.7% Agriculture 12.3 42.0% 2.4 8.1% 19.7 73.0% Industrial Metals - 0.0% (0.6) -3.7% 0.5 3.2% Total (129) -3.8% (76) -2.2% 716 27.3% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 18 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Sub Segment

Figure 28: ETP Net Cash 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 289 6.9% 112 2.7% 593 15.2% Hong Kong (637) -3.7% 670 3.9% 1,034 7.7% Japan 3,529 3.3% 4,324 4.3% 16,105 20.0% New Zealand - 0.0% 0 0.1% 3 2.0% Singapore 0 0.1% (3) -0.9% (93) -22.2% Asia Pacific 3,183 2.5% 5,104 4.2% 17,641 17.9% US 8 4.3% (1) -0.7% 6 2.9% Germany (9) -10.5% 9 11.4% (80) -55.2% Global broad indices 28 5.9% 22 4.9% 138 40.1% DM Total 3,210 2.5% 5,133 4.2% 17,704 17.9%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 29: ETP Net Cash 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 (3,059) -5.6% 1,929 3.7% (18,089) -32.6% India 0 0.0% (10) -0.9% 28 2.6% Indonesia 20 45.3% - 0.0% 39 144.7% Malaysia - 0.0% - 0.0% 2 19.2% Philippines 1 3.3% 1 3.6% 9 42.2% South Korea (479) -5.6% (807) -8.1% (1,521) -16.4% Taiwan 3,285 137.2% 23 1.0% 3,000 120.6% Thailand (1) -1.2% (5) -4.8% (2) -1.7% Vietnam (0) -0.5% - 0.0% (0) -0.5% Asia Pacific broad - 0.0% - 0.0% - 0.0% Asia Pacific (233) -0.3% 1,131 1.7% (16,533) -24.1% Brazil 0 0.0% 0 0.0% 3 6.9% LATAM broad - 0.0% - 0.0% - 0.0% Latin America 0 0.0% 0 0.0% 3 6.3% Russia 0 0.0% (3) -10.7% (2) -9.6% South Africa 0 0.0% 0 0.0% (10) -55.5% Global broad indices 5 4.9% (1) -1.2% 3 3.5% (228) -0.3% 1,127 1.7% (16,539) -24.1% EM Total Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 19

9 July 2015

Asia Pac Monthly ETF Market Review

Figure 30: ETP Net Cash 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 (91) -18.8% 100 27.3% 90 36.6% Consumer Staples (211) -24.2% 194 30.6% 321 162.2% Energy (7) -13.6% (27) -33.7% (16) -31.8% Financials 119 2.1% (198) -3.3% 979 21.5% Healthcare 50 12.8% 40 12.7% (124) -30.3% Industrials (38) -26.2% (11) -15.7% (49) -76.0% Information Technology 37 11.0% 6 2.0% 87 38.8% Materials (108) -36.4% (36) -15.0% (150) -69.9% Telecommunication Services 0 8.8% (0) -7.5% (0) -0.1% Utilities (0) 0.0% (0) 0.0% (0) -0.2% Overall 139 98.7% 1 1.0% 52 31.5% Sector (109) -1.3% 69 0.8% 1,190 19.4% Large Cap (8) -2.3% (34) -8.5% (126) -30.6% Mid Cap (15) -9.0% (13) -7.4% (83) -42.5% Small Cap (7) -4.1% (0) 0.0% 7 4.7% Capitalization (30) -4.3% (47) -6.3% (202) -26.7% Short (122) -7.7% (401) -19.2% 869 108.8% Leveraged 1,753 46.8% (231) -5.9% (1,770) -30.2% Leveraged Short (45) -4.6% 65 6.3% 878 286.3% Quantitative 2 0.7% (5) -1.6% (9) -3.4% Fundamental 0 0.1% (19) -7.4% (59) -23.6% Strategy 1,588 23.3% (591) -7.8% (91) -1.2% Growth 201 30.5% 108 23.7% 108 27.6% Value 31 13.5% (26) -9.8% (69) -23.7% Dividend 47 2.1% (8) -0.3% 29 1.4% Style 280 8.9% 74 2.5% 69 2.5% Sustainability (5) -8.4% (8) -10.7% (45) -49.2% Commodities (5) -9.5% (6) -10.9% (21) -41.1% Other Theme (118) -4.8% (230) -8.6% 130 6.4% Thematic (128) -5.0% (244) -8.7% 64 2.9% Total 1,600 7.4% (738) -3.3% 1,030 5.3%

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 20 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 31: ETP Net Cash Flows (US$ Million) by Investment Focus Sub Segment – Commodity Current Month Prev. Month YTD

Investment Focus Net % of Net % of Net % of Sub Segment - Commodity Cashflow AUM Cashflow AUM Cashflow AUM

Overall Overall 1 12.6% 1 14.3% 2 44.7%

Agriculture Overall 12 51.6% 2 10.2% 20 95.4% Corn - 0.0% - 0.0% - 0.0% Soybeans - 0.0% - 0.0% - 0.0% Wheat - 0.0% - 0.0% - 0.0% Grains - 0.0% - 0.0% - 0.0%

Energy Overall - 0.0% 0 236.3% 0 245.9% Crude Oil (153) -17.7% (46) -4.8% 498 387.9% Oil & Gas 9 n.a - n.a 9 n.a Natural Gas - 0.0% - 0.0% - 0.0%

Industrial Metals Overall - 0.0% - 0.0% - 0.0% Copper - 0.0% (1) -4.6% 0 4.1%

Precious Metals Overall - 0.0% - 0.0% - 0.0% Gold (10) -0.4% (31) -1.3% 163 7.1% Palladium 0 6.4% - 0.0% 0 6.1% Platinum 7 17.1% 1 2.4% 21 65.3% Silver 4 4.0% (2) -1.9% 2 2.3%

Total (129) -3.8% (75) -2.1% 716 27.3% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Issuer

Figure 32: ETP inflows (US$ Million) by Issuer – Top 10 Current Month Prev. Month YTD Issuer Net % of Net % of Net % of Yuanta Securities Inv trust Co Ltd. Cashflow 3,583 94.3%AUM Cashflow (131) -3.3%AUM Cashflow 2,951 75.9%AUM Nomura Asset Management 2,375 4.4% 1,188 2.3% 7,035 16.3% China Asset Management 1,958 17.2% (680) -5.6% (1,118) -10.0% Nikko Asset Management 1,004 4.1% 254 1.1% 4,442 24.6% Hang Seng Investment Management 594 4.2% 612 4.4% 4,983 61.2% Huaan Fund Management 581 56.6% (24) -2.3% (1,673) -67.6% Daiwa Asset Management 504 2.2% 1,364 6.5% 1,866 10.0% Mirae Asset MAPS Global Investments 334 9.2% (255) -6.3% 429 13.3% Yinhua Fund Management 210 12.8% (387) -19.2% 894 96.2% Invesco Great Wall Fund Management Co. Ltd 164 105.0% (17) -10.8% 107 74.2% Total Top 10 (Inflows) 11,307 8.2% 1,923 1.8% 19,915 18.2% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 21

9 July 2015

Asia Pac Monthly ETF Market Review

Figure 33: 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 Huatai-PineBridge Fund Management Co (3,092) -46.3% 3,442 108.2% (3,382) -62.3% Harvest Fund Management Co (1,160) -18.2% (875) -12.3% (5,042) -63.1% China Southern Fund Management Co Ltd (1,100) -39.3% (223) -8.4% (1,216) -67.9% State Street (393) -2.3% 856 5.1% 1,042 7.1% E Fund Management (271) -5.9% (12) -0.3% (608) -16.8% China Universal Asset Management Co (241) -32.2% 118 20.2% 243 163.9% Samsung Asset Management (140) -1.6% (496) -5.1% (1,615) -16.8% BOCI - Prudential Asset Man Ltd (128) -12.9% (179) -15.4% (748) -58.7% GF Fund Management Co Ltd (123) -11.5% 228 31.7% 129 30.2% UBS (53) -14.7% (98) -20.4% (145) -34.3% Total Top 10 (Outflows) (6,702) -15.8% 2,761 7.4% (11,342) -30.3% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 22 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Index Provider

Figure 34: ETP Net Cash Flows (US$ Million) by Index Provider – Equity

Nikkei SSE Other Topix MSCI S&P Dow Jones Maekyung FnGuide STOXX Nasdaq OMX IISL Deutsche Borse Russell HSIL FTSE KRX CSI (6,000) (5,000) (4,000) (3,000) (2,000) (1,000) - 1,000 2,000 3,000 Net Cashflow (US$ Million)

Figure 35: ETP Net Cash Flows (US$ Million) by Index Provider – Fixed Income

Other

Markit iBoxx

UBS

CSI

KRX

Maekyung FnGuide

(100) - 100 200 300 400 500 600 Net Cashflow (US$ Million)

Figure 36: ETP Net Cash Flows (US$ Million) by Index Provider – Commodity

Commodity

Nikkei

S&P Dow Jones

Other

UBS

(70) (60) (50) (40) (30) (20) (10) - 10 Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 23

9 July 2015

Asia Pac Monthly ETF Market Review

Underlying Index/Security

Figure 37: ETP inflows (US$ Million) by Underlying Index Figure 38: ETP outflows (US$ Million) by Underlying – Equity (Top 10) Index – Equity (Top 10)

SSE 50 Index CSI 300 Index

Nikkei 225 CSI 500 Index

TSEC Taiwan 50 Index Hang Seng Index

MSCI Taiwan SI100 Index

TOPIX FTSE China A50 Index

Nikkei 225 Leveraged Index KOSPI 200 Index

Hang Seng China Enterprise … CSI Consumer Staples Index SSE180 Index F-KOSPI200 Index TOPIX Leveraged (2x) Index Shenzhen SME Index S&P/ASX 200 CSI Southern Well-off Industry Index - 500 1,000 1,500 2,000 2,500 (5,000) (4,000) (3,000) (2,000) (1,000) -

Inflow (US$ Million) Outflow (US$ Million) Figure 39: ETP inflows (US$ Million) by Underlying Index Figure 40: ETP outflows (US$ Million) by Underlying – Fixed Income (Top 10) Index – Fixed Income

Other China Bond 5-year Treasurey Bond Index KIS MSB 3M Index 30 day Bank Bill Swap Rate KRW Cash Plus Index China PBOC Benchmark Notice Deposit 7 Day KIS MSB 5M Index

Citi Chinese Government Bond 5-… MaeKyung Money Market TR Index

iBoxx ABF Pan-Asia Index MK Korea Monetary Stabilization Index

KIS MSB Short Term Index CSI Gilt -Edged Medium Term Treasury Bond Index KRW Cash Index TR iBoxx ABF Singapore Bond Index UBS Composite Bond Index

Barclays Capital Asia USD High… UBS Government Bond Index

- 50 100 150 200 250 (120) (100) (80) (60) (40) (20) -

Inflow (US$ Million) Outflow (US$ Million) Figure 41: ETP inflows (US$ Million) by Underlying Figure 42: ETP outflows (US$ Million) by Underlying Index/Security – Commodity Index/Security – Commodity

S&P GSCI Agriculture UBS Bloomberg Constant Maturity Commodity Enhanced Select Index Index

Commodity Platinum Nomura Crude Oil Long Index

Commodity Silver S&P GSCI Crude Oil Enhanced Index S&P GSCI Sliver TR Index Commodity Gold S&P GSCI Gold Index

S&P GSCI Light Energy Index S&P GSCI Gold Excess Return Index ER (A$ Hedged)

Commodity Palladium Nikkei-TOCOM Platinum Index

0 5 10 15 -70 -60 -50 -40 -30 -20 -10 0

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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 24 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Top ETPs

Figure 43: Top 20 ETPs by inflow (US$ Million) Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 2,324.7 Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.32% 1,762.5 Yuanta/P-Shares MSCI Taiwan ETF Yuanta Securities Inv trust Co Ltd. 006203 TT Equity ETF 0.34% 1,484.0 Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 956.3 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 806.9 TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 709.5 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 687.6 Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% 584.6 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 540.5 iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 408.8 Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% 398.8 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 346.4 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 299.4 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 249.0 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 213.6 Mirae Asset Tiger Money Market ETF Mirae Asset MAPS Global Investments 157450 KS Fixed Income ETF 0.09% 205.0 Topix Bull 2x ETF Simplex Asset Management Co Ltd 1568 JP Equity ETF 0.76% 203.2 SPDR200 - SPDRS&P/ASX 200 State Street STW AU Equity ETF 0.29% 185.4 Invesco Great Wall CSI TMT 150 ETF Invesco Great Wall Fund Management Co. Ltd 512220 CH Equity ETF 0.50% 144.0 Samsung KODEX KRW Cash Plus ETF - Bond Samsung Asset Management 214980 KS Fixed Income ETF 0.15% 142.7

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 44: Top 20 ETPs by outflow (US$ Million) Asset Class Net Flow ETP Name Issuer BBG Ticker TER & Structure US$ MM Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (3,198.7) Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (1,101.5) China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% (694.4) Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (638.2) Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (391.6) iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (297.6) E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% (283.6) China Universal CSI Consumer Staples Index ETF China Universal Asset Management Co 159928 CH Equity ETF 0.60% (209.5) Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (174.5) Guangfa CSI 500 ETF GF Fund Management Co Ltd 510510 CH Equity ETF 0.50% (174.1) China Southern Kaiyuan CSI 300 Index ETF China Southern Fund Management Co Ltd 159925 CH Equity ETF 0.60% (154.1) China SME ETF China Asset Management 159902 CH Equity ETF 0.60% (151.2) China Security Southern Well-off Industry Index ETF China Southern Fund Management Co Ltd 510160 CH Equity ETF 0.50% (135.8) WISE - CSI 300 China Tracker BOCI - Prudential Asset Man Ltd 2827 HK Equity ETF 1.39% (133.0) CSOP China 5-year Treasury Bond ETF CSOP Asset Management 3199 HK Fixed Income ETF 0.49% (114.5) MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% (105.3) E Fund CSI 300 Financials Ex Banks Index ETF E Fund Management 512070 CH Equity ETF 0.50% (95.6) Yuanta/P-Shares CSI 300 Fund Yuanta Securities Inv trust Co Ltd. 0061 TT Equity ETF 0.40% (77.7) China AMC CSI 500 ETF China Asset Management 512500 CH Equity ETF 0.00% (63.8) WTI Crude Oil Price Linked ETF Simplex Asset Management Co Ltd 1671 JP Commodity ETF 0.86% (61.8)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 25

9 July 2015

Asia Pac Monthly ETF Market Review

4. ETP – Turnover

Turnover information Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure. Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the- counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.

Investment Focus

Figure 45: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity Current Month Prev. Month MoM Change Year 2014 Change from 2014

Mkt % % Investment Focus - Equity Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Size 1,928 0.9% 1,020 908 89.1% 169 1,759 1042.5% Regional 257 0.1% 240 16 6.7% 187 70 37.5% Style 11,508 5.5% 7,891 3,617 45.8% 1,059 10,450 987.1% Sector 6,585 3.1% 3,953 2,633 66.6% 1,443 5,142 356.4% Country 142,766 67.9% 98,192 44,574 45.4% 37,242 105,524 283.3% Strategy 42,005 20.0% 31,151 10,854 34.8% 25,448 16,557 65.1% Thematic 5,307 2.5% 1,340 3,967 296.2% 198 5,109 2579.3% Total 210,357 100% 143,787 66,570 46.3% 65,745 144,611 220.0% Source: Deutsche Bank, Bloomberg Finance LP.

Figure 46: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income Current Month Prev. Month MoM Change Year 2014 Change from 2014

Mkt % % Investment Focus - Fixed Income Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Sovereign 3,784 8.9% 2,447 1,337 54.6% 2,318 1,466 63.2% Corporates 9 0.0% 34 (25) -72.5% 32 (22) -70.3% Money Market 38,537 91.0% 18,905 19,632 103.8% 8,661 29,876 344.9% Overall 29 0.1% 34 (5) -15.5% 14 15 105.0% Total 42,359 100% 21,420 20,939 97.8% 11,025 31,334 284.2% Source: Deutsche Bank, Bloomberg Finance LP.

Figure 47: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity Current Month Prev. Month MoM Change Year 2014 Change from 2014 Mkt % % Investment Focus - Commodity Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover Precious Metals 483 52.8% 359 125 34.8% 295 188 63.7% Overall 3 0.3% 1 2 186.5% 1 2 164.7% Energy 402 43.9% 363 39 10.8% 22 380 1719.5% Agriculture 26 2.9% 14 12 87.4% 5 22 467.8% Industrial Metals 1 0.1% 2 (1) -67.9% 1 (0) -33.5% Total 916 100% 739 177 24.0% 324 591 182.4%

Source: Deutsche Bank, Bloomberg Finance LP.

Page 26 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Sub Segment

Figure 48: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity Current Month Prev. Month MoM Change Year 2014 Change from 2014 Investment Focus Mkt % % Turnover Turnover Turnover Turnover Turnover Sub Segment - Equity Share % Turnover Turnover Country Asia Pac Developed 11,768 5.6% 9,298 2,471 26.6% 7,895 3,873 49.1% Developed non-Asia Pac 954 0.5% 541 413 76.4% 60 894 1488.4% Emerging Country 130,044 61.8% 88,354 41,691 47.2% 29,287 100,757 344.0%

Regional Asia Pacific 21 0.0% 26 (5) -18.2% 14 7 51.6% Asia Pacific ex-Japan 18 0.0% 11 7 59.8% 7 11 150.3% Emerging Markets 35 0.0% 36 (1) -3.0% 41 (7) -16.7% Eurozone 1 0.0% 0 1 173.2% - 1 #DIV/0! Europe 60 0.0% 48 12 24.2% 28 32 115.8% Global 121 0.1% 116 5 4.6% 95 26 27.2% Greater China 2 0.0% 4 (2) -58.3% 1 0 12.8%

Sector Global 25 0.0% 32 (7) -23.3% 15 9 60.2% Other Sector 519 0.2% 450 69 15.3% 91 428 469.9% Asian Country 6,042 2.9% 3,471 2,571 74.1% 1,337 4,706 352.1%

Size Large Cap 771 0.4% 497 273 55.0% 148 623 422.5% Mid Cap 1,123 0.5% 515 608 118.2% 10 1,113 10988.3% Small Cap 34 0.0% 8 27 343.7% 11 23 210.0%

Style Growth 9,033 4.3% 7,475 1,559 20.9% 746 8,288 1111.4% Value 406 0.2% 145 260 178.9% 134 272 203.4% Dividend 2,069 1.0% 271 1,798 662.8% 179 1,890 1054.7%

Strategy Short 3,308 1.6% 2,200 1,108 50.4% 2,749 559 20.3% Leveraged 35,288 16.8% 26,738 8,550 32.0% 22,198 13,090 59.0% Quantitative 21 0.0% 22 (1) -5.1% 22 (1) -6.5% Fundamental 81 0.0% 69 12 18.0% 16 66 422.8%

Thematic Sustainability 2 0.0% 2 1 37.9% 1 1 129.8% Commodities 741 0.4% 606 135 22.2% 38 704 1863.4% Other Theme 4,563 2.2% 731 3,832 523.9% 159 4,404 2764.7% Total 210,357 100% 143,787 66,570 46.3% 65,745 144,611 220.0% Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 27

9 July 2015

Asia Pac Monthly ETF Market Review

Figure 49: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity Current Month Prev. Month MoM Change Year 2014 Change from 2014

Investment Focus Mkt % % Turnover Turnover Turnover Turnover Turnover Sub Segment - Commodity Share % Turnover Turnover Overall Overall 2.76 0.3% 0.92 1.83 198.3% 0.77 1.99 257.2% Overall ex Energy 0.10 0.0% 0.07 0.03 39.9% 0.28 (0.18) -62.8% Overall Light Energy 0.00 0.0% 0.00 (0.00) -0.5% 0.03 (0.03) -99.5%

Agriculture Overall 24.55 2.7% 12.56 11.99 95.4% 3.14 21.41 682.2% Corn 0.16 0.0% 0.17 (0.01) -4.9% 0.13 0.03 24.7% Soybeans 1.07 0.1% 1.08 (0.02) -1.5% 0.98 0.09 9.0% Wheat 0.59 0.1% 0.26 0.33 127.2% 0.30 0.29 94.1% Grains 0.02 0.0% 0.01 0.01 118.8% 0.10 (0.08) -81.8%

Energy Overall 0.00 0.0% 0.00 0.00 114.9% 0.00 0.00 25.3% Crude Oil 401.49 44.0% 362.67 38.82 10.7% 21.69 379.80 1751.3% Oil & Gas 0.47 0.1% - 0.47 n.a. - 0.47 n.a Gasoline 0.03 0.0% 0.02 0.02 94.5% 0.00 0.03 3746.5% Natural Gas 0.17 0.0% 0.32 (0.15) -47.4% 0.41 (0.25) -59.4%

Industrial Metals Overall 0.07 0.0% 0.66 (0.58) -89.1% 0.14 (0.07) -50.5% Copper 0.56 0.1% 1.29 (0.74) -57.0% 0.79 (0.24) -29.9% Nickel - 0.0% - - n.a. 0.00 (0.00) -100.0%

Precious Metals Overall 0.43 0.0% 1.02 (0.59) -57.6% 0.26 0.17 63.6% Gold 451.97 49.5% 335.26 116.70 34.8% 273.74 178.23 65.1% Palladium 2.02 0.2% 0.63 1.39 219.6% 1.43 0.60 41.8% Platinum 11.66 1.3% 3.46 8.20 237.0% 3.81 7.85 206.1% Silver 17.41 1.9% 18.21 (0.79) -4.4% 16.13 1.28 7.9% Total 916 100% 739 177 24.0% 324 591 182.4% Source: Deutsche Bank, Bloomberg Finance LP.

Page 28 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Exchange

Figure 50: ETP Monthly Turnover (US$ Million) by Exchange Current Month Prev. Month MoM Change Year 2014 Change from 2014 Mkt % % Exchange Name Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover China - Shanghai 118,268.78 46.6% 68,152.16 50,116.62 73.5% 21,088.63 97,180.15 460.8% China - Shenzhen 38,577.32 15.2% 28,581.88 9,995.44 35.0% 4,239.89 34,337.43 809.9% Hong Kong - HKE 38,203.48 15.0% 24,996.99 13,206.49 52.8% 12,527.71 25,675.77 205.0% Japan - Osaka 29,423.16 11.6% 22,277.38 7,145.78 32.1% 17,860.30 11,562.86 64.7% Korea - KSE 13,578.33 5.3% 10,973.40 2,604.93 23.7% 13,358.84 219.49 1.6% Japan - Tokyo SE 8,590.01 3.4% 6,251.52 2,338.49 37.4% 5,669.89 2,920.12 51.5% Taiwan - TSEC 5,429.59 2.1% 3,149.12 2,280.47 72.4% 1,175.49 4,254.10 361.9% Australia - ASX 1,315.47 0.5% 1,337.89 (22.43) -1.7% 994.81 320.65 32.2% India - NSE 296.50 0.1% 276.90 19.59 7.1% 194.64 101.85 52.3% Singapore - SGX 162.45 0.1% 142.19 20.26 14.2% 153.99 8.46 5.5% Thailand - SET 11.53 0.0% 5.99 5.54 92.4% 8.60 2.92 34.0% New Zealand - NZ 5.78 0.0% 17.10 (11.32) -66.2% 4.80 0.98 20.4% Philippines - PSE 2.12 0.0% 1.60 0.52 32.7% 1.19 0.93 78.1% Malaysia - Kuala Lumpur 0.84 0.0% 0.84 0.00 0.0% 0.50 0.34 67.8% Vietnam - HOSE 0.24 0.0% 0.16 0.08 50.4% 0.36 (0.12) -34.0% India - Bombay 0.18 0.0% 0.04 0.14 351.6% 0.08 0.10 134.4% Japan - Nagoya 0.12 0.0% 0.15 (0.03) -20.6% 0.18 (0.06) -34.6% Indonesia - Jakarta 0.04 0.0% 0.01 0.03 234.0% 0.06 (0.01) -22.3%

Total 253,866 100% 166,165 87,701 52.8% 77,280 176,586 228.5% Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 29

9 July 2015

Asia Pac Monthly ETF Market Review

Issuer

Figure 51: ETP Monthly Turnover (US$ Million) by Top 40 Issuer Current Month Prev. Month MoM Change Year 2014 Change from 2014 Mkt % % Issuer Turnover Turnover Turnover Turnover Turnover Share % Turnover Turnover China Asset Management 39,323 15.5% 26,483 12,840 48.5% 4,905 34,418 701.7% Nomura Asset Management 32,857 12.9% 24,425 8,431 34.5% 18,609 14,247 76.6% E Fund Management 27,128 10.7% 16,318 10,810 66.2% 1,963 25,165 1281.9% Huatai-PineBridge Fund Management Co 24,780 9.8% 20,862 3,918 18.8% 5,218 19,562 374.9% Yinhua Fund Management 24,092 9.5% 9,627 14,465 150.3% 7,488 16,604 221.7% CSOP Asset Management 11,670 4.6% 6,055 5,615 92.7% 3,785 7,885 208.3% BlackRock 11,625 4.6% 7,531 4,094 54.4% 5,272 6,353 120.5% China Southern Fund Management Co Ltd 10,805 4.3% 4,488 6,317 140.8% 298 10,508 3529.9% Samsung Asset Management 9,467 3.7% 7,701 1,767 22.9% 11,332 (1,864) -16.5% Huaan Fund Management 8,227 3.2% 5,223 3,004 57.5% 1,095 7,132 651.3% Guotai Asset Management Co Ltd 7,235 2.8% 4,243 2,992 70.5% 2,592 4,643 179.1% State Street 6,714 2.6% 5,332 1,382 25.9% 2,535 4,179 164.9% Hang Seng Investment Management 5,355 2.1% 4,798 558 11.6% 686 4,669 681.0% Harvest Fund Management Co 4,183 1.6% 4,265 (82) -1.9% 1,507 2,677 177.7% Lion Fund Management Co Ltd 3,952 1.6% 391 3,561 910.6% 33 3,919 11726.1% Simplex Asset Management Co Ltd 2,732 1.1% 2,207 525 23.8% 2,502 229 9.2% Fubon Securities Investment Trust Co 2,478 1.0% 1,593 885 55.5% 243 2,235 920.7% Yuanta Securities Inv trust Co Ltd. 2,410 0.9% 1,135 1,275 112.4% 873 1,537 176.1% Mirae Asset MAPS Global Investments 2,390 0.9% 1,632 758 46.4% 962 1,427 148.3% GF Fund Management Co Ltd 1,965 0.8% 879 1,085 123.4% 98 1,867 1913.1% China Merchants Fund Management Co 1,948 0.8% 1,765 183 10.4% 311 1,637 527.0% BOCOM Schroders 1,619 0.6% 192 1,427 742.4% 42 1,577 3715.8% Invesco Great Wall Fund Management Co. Ltd 1,158 0.5% 183 975 531.2% 43 1,115 2602.9% Daiwa Asset Management 1,007 0.4% 822 185 22.5% 711 296 41.6% Nikko Asset Management 853 0.3% 661 192 29.1% 1,175 (322) -27.4% Woori Asset Management 835 0.3% 555 280 50.4% 519 316 60.9% ICBC Credit Suisse Asset Management 823 0.3% 528 295 55.9% 105 718 681.7% GTJA Allianze Fund Management Co 740 0.3% 606 135 22.2% 37 703 1898.3% Bosera Fund Management Co Ltd 693 0.3% 440 253 57.5% 74 618 832.8% Korea Investment Trust Mg 512 0.2% 657 (145) -22.0% 244 268 109.8% Fortune SGAM Fund Management 396 0.2% 148 248 167.9% 135 260 192.6% China Universal Asset Management Co 311 0.1% 1,532 (1,222) -79.7% 50 261 525.4% BOCI - Prudential Asset Man Ltd 302 0.1% 225 77 34.2% 71 230 322.2% KB Asset Management 283 0.1% 282 1 0.4% 172 111 64.2% BetaShares Capital Ltd 279 0.1% 271 7 2.7% 197 82 41.5% Goldman Sachs 274 0.1% 257 17 6.6% 168 106 62.8% Vanguard 268 0.1% 230 37 16.3% 171 97 56.5% Mitsubishi UFJ Asset Mg 263 0.1% 187 75 40.3% 270 (8) -2.9% HFT Investment Management Co Ltd 232 0.1% 114 118 104.3% 39 193 491.9% Fuh-Hwa Securities Investment Trust 202 0.1% 191 11 5.6% 50 152 300.4% Total Top 40 252,386 99.4% 165,035 87,350 52.9% 76,583 175,803 229.6% Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 30 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Index Provider Underlying Index/Security

Figure 52: ETP Monthly Turnover (US$ Million) by Index Figure 53: ETP Monthly Turnover (US$ Million) by Provider – Equity (Top 10) Underlying Index – Equity (Top 10)

SSE CSI 300 Index

CSI SSE 50 Index

Nikkei Nikkei 225 Leveraged Index

Other FTSE China A50 Index

FTSE SI100 Index

HSIL SSE180 Index

KRX GEM Index

Topix KOSPI 200 Index

S&P Dow Jones Hang Seng Index

Nasdaq OMX Hang Seng China Enterprise Index

- 10,000 20,000 30,000 40,000 50,000 60,000 - 7,000 14,000 21,000 28,000 35,000

Turnover (US$ Million) Turnover (US$ Million) Figure 54: ETP Monthly Turnover (US$ Million) by Index Figure 55: ETP Monthly Turnover (US$ Million) by Provider – Fixed Income Underlying Index – Fixed Income

Other Other

SSE China PBOC Benchmark Notice Deposit 7 …

Maekyung FnGuide SSE 5-Year China Treasury Note Index

UBS MaeKyung Money Market TR Index

Markit iBoxx Active

Deutsche Bank KRW Cash Plus Index

KRX 30 day Bank Bill Swap Rate

S&P Dow Jones KRW Cash Index TR

CSI UBS Composite Bond Index

Citigroup China Bond 5-year Treasurey Bond Index

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 - 7,000 14,000 21,000 28,000 35,000

Turnover (US$ Million) Turnover (US$ Million)

Figure 56: ETP Monthly Turnover (US$ Million) by Index Figure 57: ETP Monthly Turnover (US$ Million) by Provider – Commodity Underlying Index/Security – Commodity (Top 10)

Commodity Commodity Gold UBS Bloomberg Constant Maturity… UBS Nomura Crude Oil Long Index

S&P Dow Jones S&P GSCI Crude Oil Enhanced Index

S&P GSCI Agriculture Enhanced … Other S&P GSCI Gold Excess Return Index Deutsche Bank Commodity Platinum

Reuters/Jefferies S&P GSCI Gold Index Commodity Silver Nikkei S&P GSCI Sliver TR Index - 100 200 300 400 500 - 100 200 300 400 500 Turnover (US$ Million) Turnover (US$ Million) Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 31

9 July 2015

Asia Pac Monthly ETF Market Review

Top ETPs

Figure 58: Top 20 ETPs by Monthly Turnover (US$ Million) Asset Class Turnover ETP Name Issuer BBG Ticker TER & Structure US$ MM China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 27,930.2 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 26,442.2 Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 24,071.2 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 23,107.2 E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% 12,218.9 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 11,494.1 iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 11,042.0 E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 8,828.3 Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% 7,603.9 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 7,282.3 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 6,316.3 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 5,315.1 China SME ETF China Asset Management 159902 CH Equity ETF 0.60% 5,237.2 Lion SSE Emerging Industries Index ETF Lion Fund Management Co Ltd 510260 CH Equity ETF 0.63% 3,948.0 E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 3,940.9 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% 3,936.1 Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 3,551.9 Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 3,275.8 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,233.2 China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% 3,197.1

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 59: Top 20 ETPs by Monthly Turnover change (US$ Million) Turnover Asset Class ETP Name Issuer BBG Ticker TER Change & Structure US$ MM Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 14,448.0 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 10,874.8 E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% 7,274.2 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 6,421.3 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 5,514.2 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 4,367.1 iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 4,168.9 Lion SSE Emerging Industries Index ETF Lion Fund Management Co Ltd 510260 CH Equity ETF 0.63% 3,560.9 Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% 2,747.9 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 2,383.2 E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 1,607.5 China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% 1,493.0 China CSI 300 Index ETF China Asset Management 83188 HK Equity ETF 0.85% 1,467.3 Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd 510230 CH Equity ETF 0.50% 1,444.3 E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 1,441.7 Bank Of Communications Schroder SSE180 Fund BOCOM Schroders 510010 CH Equity ETF 0.50% 1,423.8 Huatai-PineBridge Dividend ETF Huatai-PineBridge Fund Management Co 510880 CH Equity ETF 0.05% 1,420.3 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 1,364.9 Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% 1,268.5 China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.00% (1,200.7)

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 32 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

5. ETP – Assets under Management

Investment Focus

Figure 60: ETP AUM (US$ Million) by Investment Focus – Equity Current Month Prev. Month MoM Change End of 2014 YTD Change Mkt Investment Focus - Equity AUM AUM AUM % AUM AUM AUM % AUM Share % Size 622 0.3% 701 (79) -11.2% 755 (133) -17.6% Regional 775 0.4% 776 (2) -0.2% 608 167 27.4% Style 3,147 1.4% 3,128 20 0.6% 2,742 405 14.8% Sector 7,915 3.6% 8,341 (426) -5.1% 6,137 1,778 29.0% Country 194,545 89.5% 195,547 (1,001) -0.5% 167,421 27,124 16.2% Strategy 8,132 3.7% 6,814 1,318 19.3% 7,493 639 8.5% Thematic 2,349 1.1% 2,586 (237) -9.2% 2,182 167 7.7% Total 217,486 100% 217,892 (407) -0.2% 187,338 30,148 16.1% Source: Deutsche Bank, Bloomberg Finance LP.

Figure 61: ETP AUM (US$ Million) by Investment Focus – Fixed Income Current Month Prev. Month MoM Change End of 2014 YTD Change Mkt Investment Focus - Fixed Income AUM AUM AUM % AUM AUM AUM % AUM Share % Sovereign 7,321 55.4% 7,360 (39) -0.5% 7,100 221 3.1% Corporates 1,134 8.6% 1,148 (14) -1.2% 1,159 (25) -2.2% Money Market 4,317 32.7% 4,082 234 5.7% 3,193 1,123 35.2% Overall 437 3.3% 428 9 2.2% 358 79 22.1% Total 13,208 100% 13,018 190 1.5% 11,810 1,398 11.8% Source: Deutsche Bank, Bloomberg Finance LP.

Figure 62: ETP AUM (US$ Million) by Investment Focus – Commodity Current Month Prev. Month MoM Change End of 2014 YTD Change Mkt Investment Focus - Commodity AUM AUM AUM % AUM AUM AUM % AUM Share % Precious Metals 2,428 75.2% 2,465 (37) -1.5% 2,446 (18) -0.7% Overall 7 0.2% 6 1 12.7% 5 2 -85.2% Energy 733 22.7% 867 (133) -15.4% 128 605 471.1% Agriculture 48 1.5% 29 19 64.5% 27 21 78.6% Industrial Metals 14 0.4% 15 (1) -5.7% 15 (1) -5.9% Total 3,231 100% 3,383 (152) -4.5% 2,621 609 23.2% Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 33

9 July 2015

Asia Pac Monthly ETF Market Review

Sub Segment

Figure 63: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity Current Month Prev. Month MoM Change End of 2014 YTD Change Investment Focus Mkt AUM AUM AUM % AUM AUM AUM % AUM Sub Segment - Equity Share % Country Asia Pac Developed 129,837 59.7% 128,277 1,560 1.2% 98,477 31,360 31.8% Developed non-Asia Pac 271 0.1% 279 (7) -2.6% 340 (69) -20.2% Emerging Country 64,437 29.6% 66,991 (2,554) -3.8% 68,604 (4,167) -6.1%

Regional Asia Pacific 63 0.0% 65 (2) -2.6% 64 (1) -1.7% Asia Pacific ex-Japan 18 0.0% 18 (1) -3.7% 19 (2) -9.0% Emerging Markets 128 0.1% 130 (2) -1.2% 122 6 5.1% Global 487 0.2% 494 (7) -1.5% 356 131 36.8% Greater China 37 0.0% 39 (2) -4.6% 26 12 45.2%

Sector Other Sector 612 0.3% 745 (133) -17.9% 230 381 165.5% Asian Country 7,303 3.4% 7,596 (293) -3.9% 5,907 1,397 23.6%

Size Large Cap 341 0.2% 366 (25) -6.9% 411 (71) -17.2% Mid Cap 147 0.1% 169 (22) -13.1% 195 (48) -24.7% Small Cap 135 0.1% 167 (31) -18.9% 149 (14) -9.2%

Style Growth 706 0.3% 659 47 7.2% 392 315 80.3% Value 256 0.1% 232 24 10.5% 290 (33) -11.5% Dividend 2,184 1.0% 2,237 (52) -2.3% 2,060 124 6.0%

Strategy Short 1,473 0.7% 1,589 (116) -7.3% 799 674 84.4% Leveraged 5,142 2.4% 3,741 1,401 37.4% 5,869 (728) -12.4% Quantitative 275 0.1% 283 (8) -2.9% 267 7 2.7% Fundamental 237 0.1% 240 (3) -1.3% 251 (14) -5.4%

Thematic Sustainability 56 0.0% 65 (9) -14.0% 92 (36) -39.5% Commodities 46 0.0% 52 (6) -12.1% 50 (5) -9.1% Other Theme 2,248 1.0% 2,469 (222) -9.0% 2,040 208 10.2% Total 217,486 100% 217,892 (407) -0.2% 187,338 30,148 16.1% Source: Deutsche Bank, Bloomberg Finance LP.

Page 34 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Figure 64: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity Current Month Prev. Month MoM Change End of 2014 YTD Change Investment Focus Mkt AUM AUM AUM % AUM AUM AUM % AUM Sub Segment - Commodity Share % Overall Overall 7 0.2% 6 1 n.a 5 2 30.9% Agriculture Overall 42 1.3% 24 18 77.1% 21 22 104.4% Corn 0 0.0% 0 0 17.2% 0 0 6.0% Soybeans 5 0.2% 5 0 8.2% 5 (0) -6.3% Wheat 0 0.0% 0 0 27.4% 0 0 3.0% Grains 1 0.0% 1 0 18.4% 1 0 0.9%

Energy Overall 0 0.0% 0 (0) -0.5% 0 0 237.2% Oil & Gas 8 0.3% - 8 n.a - 8 n.a Crude Oil 725 22.5% 867 (142) -16.4% 128 596 464.8% Natural Gas 0 0.0% 0 0 5.8% 0 (0) -9.8%

Industrial Metals Overall 3 0.1% 3 (0) -6.1% 3 (0) -12.2% Copper 11 0.4% 12 (1) -5.7% 12 (0) -4.1%

Precious Metals Overall 7 0.2% 8 (0) -3.3% 8 (0) -3.8% Gold 2,263 70.2% 2,304 (41) -1.8% 2,297 (34) -1.5% Palladium 6 0.2% 7 (0) -7.2% 7 (1) -11.2% Platinum 49 1.5% 43 6 14.3% 32 17 51.4% Silver 102 3.2% 104 (2) -1.8% 102 0 0.5% Total 3,231 100.2% 3,383 (152) -4.5% 2,621 609 23.2% Source: Deutsche Bank, Bloomberg Finance LP.

Deutsche Bank AG/Hong Kong Page 35

9 July 2015

Asia Pac Monthly ETF Market Review

Issuer

Figure 65: ETP AUM (US$ Million) by Top 40 Local Issuer Current Month Prev. Month MoM Change End of 2014 YTD Change Mkt Issuer AUM AUM AUM % AUM AUM AUM % AUM Share % Nomura Asset Management 56,328 24.0% 54,321 2,007 3.7% 43,106 13,222 30.7% Nikko Asset Management 24,876 10.6% 24,195 681 2.8% 18,050 6,826 37.8% Daiwa Asset Management 23,129 9.9% 22,786 343 1.5% 18,581 4,549 24.5% State Street 16,691 7.1% 17,349 (658) -3.8% 14,585 2,106 14.4% Hang Seng Investment Management 13,828 5.9% 14,139 (311) -2.2% 8,138 5,690 69.9% China Asset Management 12,397 5.3% 11,387 1,010 8.9% 11,132 1,265 11.4% BlackRock 11,549 4.9% 12,059 (510) -4.2% 14,910 (3,361) -22.5% Mitsubishi UFJ Asset Mg 9,436 4.0% 9,598 (163) -1.7% 6,574 2,862 43.5% Samsung Asset Management 8,086 3.4% 8,725 (639) -7.3% 9,601 (1,515) -15.8% Yuanta Securities Inv trust Co Ltd. 7,186 3.1% 3,799 3,386 89.1% 3,889 3,297 84.8% Harvest Fund Management Co 4,913 2.1% 6,391 (1,477) -23.1% 7,985 (3,072) -38.5% Huatai-PineBridge Fund Management Co 4,464 1.9% 6,685 (2,220) -33.2% 5,430 (966) -17.8% CSOP Asset Management 4,183 1.8% 4,254 (71) -1.7% 5,568 (1,385) -24.9% E Fund Management 3,988 1.7% 4,634 (646) -13.9% 3,623 366 10.1% Mirae Asset MAPS Global Investments 3,799 1.6% 3,646 153 4.2% 3,226 573 17.8% Vanguard 2,044 0.9% 2,000 44 2.2% 1,568 476 30.4% China Southern Fund Management Co Ltd 2,014 0.9% 2,798 (784) -28.0% 1,792 222 12.4% Huaan Fund Management 1,658 0.7% 1,028 630 61.3% 2,473 (816) -33.0% Yinhua Fund Management 1,634 0.7% 1,638 (5) -0.3% 929 705 75.9% BetaShares Capital Ltd 1,445 0.6% 1,492 (48) -3.2% 1,298 147 11.3% Goldman Sachs 1,348 0.6% 1,358 (10) -0.7% 1,367 (19) -1.4% KB Asset Management 1,137 0.5% 1,123 13 1.2% 1,080 57 5.3% Korea Investment Trust Mg 1,127 0.5% 1,219 (92) -7.5% 1,353 (225) -16.6% Fubon Securities Investment Trust Co 1,107 0.5% 1,207 (100) -8.3% 1,011 96 9.5% Simplex Asset Management Co Ltd 1,094 0.5% 1,037 57 5.5% 745 349 46.8% HFT Investment Management Co Ltd 1,014 0.4% 1,038 (25) -2.4% 1,074 (60) -5.6% DIAM Asset Management 908 0.4% 893 16 1.8% - 908 n.a. GF Fund Management Co Ltd 892 0.4% 1,075 (183) -17.1% 426 465 109.1% Hanwha Investment Trust Management 876 0.4% 904 (28) -3.1% 817 59 7.2% Kyobo AXA Investment Mg Co Ltd 813 0.3% 860 (47) -5.5% 971 (158) -16.3% NZAM 789 0.3% 760 29 3.8% 500 289 57.8% BOCI - Prudential Asset Man Ltd 750 0.3% 997 (247) -24.8% 1,274 (524) -41.1% Woori Asset Management 594 0.3% 666 (72) -10.8% 601 (7) -1.1% Guotai Asset Management Co Ltd 508 0.2% 442 66 14.8% 492 16 3.2% China Universal Asset Management Co 492 0.2% 749 (257) -34.3% 148 344 231.9% Russell Investments 482 0.2% 500 (18) -3.6% 471 11 2.3% Sumitomo Mitsui Asset Management 440 0.2% 420 20 4.8% 17 424 2525.8% Reliance Capital Asset Management 416 0.2% 415 0 0.1% 423 (7) -1.7% HSBC Inv Funds Ltd/Hong Kong 390 0.2% 390 (1) -0.1% 388 1 0.4% ETF Securities 380 0.2% 396 (15) -3.9% 415 (35) -8.4% Total Top 40 229,204 97.7% 229,376 (171) -0.1% 196,032 33,172 16.9% Source: Deutsche Bank, Bloomberg Finance LP.

Page 36 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Index Provider Underlying Index/Security

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

Nikkei Nikkei 225

Topix TOPIX

HSIL CSI 300 Index

CSI Hang Seng Index

Other FTSE China A50 Index

FTSE Hang Seng China Enterprise Index

SSE KOSPI 200 Index

KRX SSE 50 Index

S&P… TSEC Taiwan 50 Index

MSCI JPX Nikkei Index 400 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 - 10,000 20,000 30,000 40,000 50,000 60,000

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

Other iBoxx ABF Pan-Asia Index

Markit iBoxx Other

UBS KRW Cash Index TR

Deutsche Bank Pledgeable urban Investment Bond Index

KRX KIS MSB 3M Index

Maekyung FnGuide 30 day Bank Bill Swap Rate

SSE KTB Index

Citigroup iBoxx ABF Singapore Bond Index

S&P Dow Jones iBoxx ABF Hong Kong Index

CSI KRW Cash Plus Index

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 - 800 1,600 2,400 3,200

AUM (US$ Million) AUM (US$ Million) Figure 70: ETP AUM (US$ Million) by Index Provider – Figure 71: ETP AUM (US$ Million) by Underlying Commodity Index/Security – Commodity (Top 10)

Commodity Gold Commodity UBS Bloomberg Constant Maturity…

Nomura Crude Oil Long Index S&P Dow Jones S&P GSCI Crude Oil Enhanced Index

Commodity Silver UBS Commodity Platinum

S&P GSCI Gold Index Other S&P GSCI Agriculture Enhanced Select Index

S&P GSCI Gold Excess Return Index Nikkei S&P GSCI Sliver TR Index

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

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Deutsche Bank AG/Hong Kong Page 37

9 July 2015

Asia Pac Monthly ETF Market Review

Top ETPs

Figure 72: Top 20 ETPs by AUM (US$ Million) Asset Class AUM ETP Name Issuer BBG Ticker TER & Structure US$ MM Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 25,535.5 TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 22,443.9 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 11,951.5 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 11,407.9 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 10,790.8 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 10,575.4 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 9,872.7 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 7,702.8 iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 6,807.8 China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 6,321.2 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,015.1 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 5,315.6 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% 4,570.5 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 4,221.3 Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.32% 4,017.7 CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.15% 3,688.1 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,367.9 ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,148.9 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 2,962.8 China AMC CSI 300 Index ETF China Asset Management 510330 CH Equity ETF 0.00% 2,704.6

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 73: Top 20 ETPs by AUM change(US$ Million) AUM Asset Class ETP Name Issuer BBG Ticker TER Change & Structure US$ MM Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (2,303.7) China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 1,769.5 Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.32% 1,703.1 Yuanta/P-Shares MSCI Taiwan ETF Yuanta Securities Inv trust Co Ltd. 006203 TT Equity ETF 0.34% 1,494.6 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (1,393.4) Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 919.8 Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (806.9) Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 746.8 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (679.0) iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (677.3) Shanghai SSE180 Index Fund Huaan Fund Management 510180 CH Equity ETF 0.50% 640.9 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 565.9 TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 482.9 E Fund SI100 Index Fund E Fund Management 159901 CH Equity ETF 0.50% (365.5) Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 340.3 China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% (333.9) Yuanta/P-shares CSI 300 2X Bull ETF Yuanta Securities Inv trust Co Ltd. 00637L TT Equity ETF 1.26% 327.2 iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 310.4 China AMC CSI 300 Index ETF China Asset Management 510330 CH Equity ETF 0.00% (267.4) Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 263.0

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Page 38 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

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.

Deutsche Bank AG/Hong Kong Page 39

9 July 2015

Asia Pac Monthly ETF Market Review

Appendix A: Useful Information

ETF Exchanges

Exchanges Website Australia ASX www.asx.com.au China Shenzhen www.szse.cn China Shanghai www.sse.com.cn Hong Kong HKE www.hkex.com.hk India NSE www.nseindia.com India Bombay www.bseindia.com Indonesia Jakarta www.idx.co.id Japan Osaka www.ose.or.jp Japan Tokyo SE www.tse.or.jp Japan Nagoya www.nse.or.jp Korea SE KSE www.kse.or.kr New Zealand NZ www.nzx.com Philippines PSE www.pse.com.ph Singapore SE SGX www.sgx.com Taiwan SE TSEC www.twse.com.tw Thailand SET www.set.or.th/en/ Malaysia BURSA www.bursamalaysia.com

Page 40 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Appendix B: Glossary

ETF Glossary Term Definition Cross Listing A Cross Listing is an additional listing of a previously existing ETF on a trading venue different from the ETF’s Primary Listing Exchange. A Cross Listing is a symbol of the number of investment options available in the local market.

Primary Listing ETFs may trade on multiple exchanges but they always have one primary exchange. The listing on the primary exchange is referred as the primary listing, which usually corresponds also to the first/oldest listing. A primary listing offers access to a new product which was not available for trading before. The number of primary listings is a symbol of the distinct investment options available across different markets.

TER Total Expense Ratio or TER is the overall cost borne by a fund’s share holder for a 1 year ownership period. It usually includes the management fee and other expenses paid by the fund. TER is, in general, expressed as a percentage of the amount invested and it is proportionally discounted according to the actual holding period.

Deutsche Bank AG/Hong Kong Page 41

9 July 2015

Asia Pac Monthly ETF Market Review

Appendix C: How we define ETPs

Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange- traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US). The figure below provides a summary of our current coverage universe by region and structure type as on 31 December 2014. The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451 products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US.

Figure 74: ETP Coverage Universe Summary ETPs ETFs ETC/Vs Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1% Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7% Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0% RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1% Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters. Exchange-Traded Funds (ETFs, 97%) US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices. Asia (7%): Both European and US ETFs are cross sold into the Asian market. Exchange-Traded Collateralized Instruments (3%) Exchange-Traded Commodities (ETCs, 1%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled ‘The race for assets in the European Exchange-Traded Products Market”. Exchange-traded vehicles (ETVs, 2%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.

Page 42 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Shan Lan

Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 450 share-holder return (TSR = percentage change in 400 52 % share price from current price to projected target price 350 plus pro-jected dividend yield ) , we recommend that 300 38 % 250 investors buy the stock. 200 Sell: Based on a current 12-month view of total share- 150 23 % 10 % holder return, we recommend that investors sell the 100 19 % 50 17 % stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. Companies Covered Cos. w/ Banking Relationship Notes: Asia-Pacific Universe 1. Newly issued research recommendations and

target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends)

of -10% or worse over a 12-month period

Deutsche Bank AG/Hong Kong Page 43

9 July 2015 Asia Pac Monthly ETF Market Review

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

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2. Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com.

Page 44 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

Additional Information

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

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication 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 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 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 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. This report is provided for informational purposes only. 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.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or 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

Deutsche Bank AG/Hong Kong Page 45

9 July 2015 Asia Pac Monthly ETF Market Review

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.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the analysts.

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 (competent authority: European Central Bank) 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.

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.

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, The Financial Futures Association of Japan, and Japan Investment Advisers Association. 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.

Page 46 Deutsche Bank AG/Hong Kong

9 July 2015 Asia Pac Monthly ETF Market Review

"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.

Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein.

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, and any access to it, 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 by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting.

Deutsche Bank AG/Hong Kong Page 47

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee

Raj Hindocha Marcel Cassard Steve Pollard Global Chief Operating Officer Global Head Global Head Research FICC Research & Global Macro Economics Equity Research

Michael Spencer Ralf Hoffmann Andreas Neubauer Regional Head Regional Head Regional Head Asia Pacific Research Deutsche Bank Research, Germany Equity Research, Germany

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