$4 tri llion Global ETF tma rke in€¦ · 10 May 2017 Asia-Pac Monthly ETF Insights Asia Synthetic...

10 May 2017

Asia-Pac Monthly ETF Insights

Asia Synthetic Equity & Index Strategy

Asia-Pac MonthlyETF Insights

Date10 May 2017

Deutsche BankMarkets Research

China Money Market Inflows offsetEquity OutflowsData in this report is as of 28th April 2017

Asia-Pac listed ETP Flows: Strong inflows into China money market ETFs,outflows from equitiesAsia-Pac listed ETPs registered inflows of +$1.6bn in April taking YTD inflowstotal to +$22.7bn. Equity ETFs flows turned negative and recorded outflows of-$736mn while fixed income ETFs registered inflows of +$2.6bn). Equity ETFoutflows in Asia-Pac region have been primarily driven by leveraged/inverse andKorea focused ETFs recording -$809mn and -$414mn worth of redemptions. TillMarch, Equity ETFs have been receiving strong inflows which were primarilycontributed by huge inflows into Japan-focused ETFs driven by Bank of Japanpurchases. But in April, Japan focused ETFs received only mild inflows (+$217mn). Fixed income ETF inflows were primarily driven by China money marketETFs bringing in +$2.6bn in new money over the last month.

New launches: 14 new ETFs launched primarily around US treasuries andleveraged/inverse exposureDuring April 2017, Asia-Pac ETP market recorded 14 new launches including 7fixed income, 6 equity and 1 commodity ETFs. New launches were around longterm US treasuries with long only, leveraged long and inverse exposures, Korea,dividend, low vol, Japan and global technology sector exposures.

Releated recent research

ETF Annual Review & Outlook -

$4 trillion Global ETF market in

sight for 2017

31-Jan-17Global ETP assets set to surpass $4 trillion markGlobal ETP AUM have grown rapidly this year and moved to its new peak bythe end of April. Total ETP AUM closed the month at $3.96 trillion with 2%month-on-month and 12.7% year-on-year rise, supported by strong inflows andbullish markets. Asia-Pac listed ETP assets closed the month at $355.9bn. Inflowsfor ETPs listed globally (ex-RoW) slowed down in April in comparison to Q1but still stood healthy. ETPs listed globally received inflows of about +$33bn inApril taking YTD total to +220.6bn. Similar to previous months, inflows weredominated by US ETPs bringing in +$26.4bn in new money, followed by Europeand Asia-Pac ETPs attracting +$4.9bn and +$1.6bn worth of inflows respectively.

Global investor positioning: Broad DM, Europe and EM preferred, Inflow toIndia, outflow from KoreaBased on March flows to ETFs listed globally with regional focus, Broad (global)DM have been most favored receiving major inflows, followed by DM Europe and

Ari Rajendra

Strategist

+44-20-754-52282

Sebastian Mercado, CFA

Strategist

+1-212-250-8690

Deutsche Bank AG/London

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should beaware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should considerthis report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONSARE LOCATED IN APPENDIX 1.MCI (P) 083/04/2017.

Distributed on: 10/05/2017 16:15:10 GMT

0bed7b6cf11c

mailto:[email protected]

mailto:[email protected]

10 May 2017


Broad (global) EM. After experiencing outflows for almost entire year in 2016, DMEurope received its fifth consecutive monthly inflows in April this year.

Equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region closed the month at $129.4bn. These ETFs recorded inflows in Apriltotaling +$768mn on net basis. India and DM (broad) Asia focused ETFs receivedmajor inflows recording +$263mn and +$248mn in new money respectively. Onthe contrary, Korea focused ETFs shed -$208mn as outflows. India focused ETFshave been attracting steady inflows for last three months bringing in +$753mnworth of inflows on YTD basis.


10 May 2017


Table Of Contents

1. Market Overview .......................................................... 4Market review: Positivity continues for most markets .................................... 4

2. Asia-Pac Listed ETF Activity Summary ........................ 5Strong inflow into China money market ETFs, outflows from equitie ............. 5

3. Product Insights ........................................................... 7New launches – 14 new ETFs launched primarily around US treasurie .......... 7

4. Global ETP Industry Overview and Investment Tre........................................................................................... 8Global ETP assets set to surpass $4 trillion mark .......................................... 8Regional positioning: Broad DM, Europe and EM preferred ........................... 9Global Investor positioning in Asia: Inflow to India, outflow fro ..................... 9ETFs vs. Mutual Funds in Asia Pac .............................................................. 11

5. Performance and Growth ........................................... 13Performance and growth for Asia-Pac focused ETFs listed globally ............. 13Top ETPs – Asia-Pac listed ........................................................................... 15Top ETPs – Other regions with Asia-Pac focus ............................................. 18

6. Asia-Pac Listed ETPs - Statistics ................................ 22Country Breakdown ...................................................................................... 24Issuer Rankings ............................................................................................ 25

7. ETP - Net Flows ......................................................... 33Investment Focus ......................................................................................... 33Sub Segment ................................................................................................ 34Issuer ............................................................................................................ 37Index Provider ............................................................................................... 38Underlying Index/Security ............................................................................. 40

8. ETP - Turnover ............................................................ 41Investment Focus ......................................................................................... 41Sub Segment ................................................................................................ 43Exchange ...................................................................................................... 45Issuer ............................................................................................................ 46Index Provider ............................................................................................... 47Underlying Index/Security ............................................................................. 48

9. ETP - Assets Under Management .............................. 50Investment Focus ......................................................................................... 50Sub Segment ................................................................................................ 52Issuer ............................................................................................................ 54Index Provider ............................................................................................... 55Underlying Index/Security ............................................................................. 56

Appendix A: Glossary ..................................................... 59

Appendix B: How we define ETPs ................................. 60


10 May 2017


1. Market OverviewMarket review: Positivity continues for most markets

Major equity markets globally continue to return positive on a month-over-monthbasis for most of the markets. During April, within Asia-Pac region, South Koreaand Hong Kong were the best performers with over 2% MoM return. Broad globalemerging markets return was also positive at about 2% over the last month.Outside Asia-Pac region, European and US markets witnessed healthy positivereturns of about 1.5% and 1% respectively.

On a YTD basis, all the major markets ended in positive territory at the end ofApril. Within Asia-Pac, India and Hong Kong recorded highest returns of about12% while broad global emerging markets were up by 13.4%. US and Europeanmarkets returned about 6.5% and 7% respectively.

Following is the snapshot of major benchmarks’ recent performance:

Figure 1: Major Benchmark Performance

Japan (Nikkei 225) 1.52% -1.10% 0.43% 15.18%

South Korea (KOSPI2) 2.34% 3.92% 10.46% 17.13%

China (CSI 300) -0.47% 0.09% 3.92% 8.97%

Taiwan (TWSE) 0.62% 0.63% 6.68% 17.83%

Hong Kong (HSI) 2.09% 1.56% 11.88% 16.84%

India (Sensex) 1.01% 3.05% 12.36% 16.84%

Singapore (FSSTI) 0.01% 2.54% 10.23% 11.87%

Australia (S&P/ASX 200) 1.01% 2.67% 4.56% 12.79%

US (S&P 500) 0.91% -0.04% 6.49% 15.44%

Europe (STOXX Europe 600) 1.56% 2.94% 7.10% 13.36%

Asia-Pac (MSCI AC Asia Pacific - MXAP) 1.33% 1.27% 10.24% 15.47%

EM (MSCI Emerging Markets - MXEF) 2.04% 2.35% 13.42% 16.87%

BenchmarksApr - 17

(MoM)

Mar - 17

(MoM)YTD TTM

Source: Deutsche Bank, Bloomberg Finance LP

Figure 2: Apr-17 (MoM) benchmark performance

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Figure 3: YTD benchmark performance

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2. Asia-Pac Listed ETFActivity SummaryStrong inflow into China money market ETFs, outflowsfrom equities

Asia-Pac listed ETPs registered inflows of +$1.6bn in April taking YTD inflowstotal to +$22.7bn. Equity ETFs flows turned negative and recorded outflows of -$736mn while fixed income ETFs registered inflows of +$2.6bn.

Equity ETF outflows in Asia-Pac region have been primarily driven by leveraged/inverse and Korea focused ETFs recording -$809mn and -$414mn worth ofredemptions. Till March, Equity ETFs have been receiving strong inflows whichwere primarily contributed by huge inflows into Japan-focused ETFs driven byBank of Japan purchases. But in April, Japan focused ETFs received only mildinflows (+$217mn). Fixed income ETF inflows were primarily driven by Chinamoney market ETFs bringing in +$2.6bn in new money over the last month.

Figure 4: Major flow activity by country – Apr 2017

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India Hong Kong Australia

*Includes Asia listed equity and fixed income ETFs by investment focus country

Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Figure 5: Major flow activity by country – YTD

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

Wins and losses: At ETP level, largest inflows were received by Yinhua TradedMoney Market Fund (511880 CH), Fortune SGAM Xianjin Tianyi Money Market(511990 CH) and Nomura Nikkei 225 ETF (1321 JP) collecting +$1.3bn, +$1.1bnand +$568mn respectively. Largest redemptions were experienced by Next FundsNikkei 225 Inverse Index ETF (1571 JP), Daiwa ETF - Nikkei 225 (1320 JP) andNikko Exchange Traded Index 225 (1330 JP) with outflows of -$990mn, -$548mnand -$319mn respectively.

Turnover: Floor activity down by 20% in AprilAsia-Pac-listed ETP turnover was down by 20% and totaled $157bn for the monthof April. On a country level, stock exchanges in China topped the turnover rankingwith aggregate turnover of $97.5bn, followed by Japan ($28.3bn), Korea ($14.5bn)and Hong Kong ($12.8bn).

At ETP level, Fortune SGAM Xianjin Tianyi Money Market (511990 CH), YinhuaTraded Money Market Fund (511880 CH) and Next Funds Nikkei 225 Leveraged


10 May 2017


Index ETF (1570 JP) were the most traded products of the month recording totalturnovers of $36.6bn, $23.2bn and $17.6bn respectively.

AUM: Assets at $356bnAsia-Pac-listed ETPs closed the month at $355.9bn with 1.1% or $3.9bn increaseon MoM basis. On a year-to-date basis assets are about 13% or $41.5bn abovelast year levels.


10 May 2017


3. Product InsightsNew launches – 14 new ETFs launched primarily aroundUS treasuries and leveraged/inverse exposure

During April 2017, Asia-Pac ETP market recorded 14 new launches including 7fixed income, 6 equity and 1 commodity ETFs.

Among fixed income ETFs, new launches were around long term US treasurieswith long only, leveraged long and inverse exposures. These ETFs were listedby KB Asset Management on Korea Stock Exchange and Cathay SecuritiesInvestment Trust on Taiwan Stock Exchange. These 7 new launches haveexpanded the product range in the Asia-Pac region tracking long term UStreasuries and providing leveraged/inverse exposure.

Among equity ETFs, new launches were around Korea, dividend, low vol,leveraged, Japan and global technology sector exposures.These ETFs were listedby various issuers on Korea Stock Exchange, Singapore Exchange, Tokyo StockExchange and Australian Securities Exchange.

In addition, Paradigm Asset Management made its debut with the launch of onecommodity ETF on Taiwan Stock Exchange tracking the performance of S&P GSCISoybeans ER Index.

Figure 6: New launches in April



10 May 2017


4. Global ETP IndustryOverview and InvestmentTrendsGlobal ETP assets set to surpass $4 trillion mark

Global ETP AUM have grown rapidly this year and moved to its new peak by theend of April. Total ETP AUM closed the month at $3.96 trillion with 2% month-on-month and 12.7% year-on-year rise, supported by strong inflows and bullishmarkets. Asia-Pac listed ETP assets closed the month at $355.9bn.

Inflows for ETPs listed globally (ex-RoW) slowed down in April in comparison toQ1 but still stood healthy. ETPs listed globally received inflows of about +$33bnin April taking YTD total to +220.6bn. Similar to previous months, inflows weredominated by US ETPs bringing in +$26.4bn in new money, followed by Europeand Asia-Pac ETPs attracting +$4.9bn and +$1.6bn worth of inflows respectively.On asset class level, equity and fixed income drove the inflows contributing +$16.8bn and +$15bn inflows respectively over the last month.

Figure 7: Global ETP regional asset growth historically

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

RoW 5.8 7.9 12.1 16.1 24.0 21.2 42.5 54.0 56.3 75.6 76.6 81.1 74.7 94.9 102.3

Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.4 136.3 169.8 206.8 283.9 314.4 355.9

Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 570.3 652.9

US 144.4 205.7 297.8 427.1 611.8 536.7 783.4 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,532.6 2,847.7

Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.7 1,444.3 1,491.5 1,913.6 2,339.9 2,725.9 2,978.2 3,512.2 3,958.9

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*As of last month except for RoW which is as of 8 May 2017



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Figure 8: Global flows summary by region

Apr-17 Mar-17 YTD

Asia-Pac 1,635 6,049 22,677

Europe 4,910 11,686 39,684

US 26,366 45,415 158,211

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Figure 9: Regional flows as a % of AUM

Apr-17 Mar-17 YTD

Asia-Pac 0.5% 1.8% 86.5%

Europe 0.8% 1.9% 83.5%

US 0.9% 1.7% 75.0%

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Regional positioning: Broad DM, Europe and EM preferred

Based on March flows to ETFs listed globally with regional focus, Broad (global)DM have been most favored receiving major inflows, followed by DM Europe andBroad (global) EM. After experiencing outflows for almost entire year in 2016, DMEurope received its fifth consecutive monthly inflows in April this year.

Figure 10: Broad market flows movement – Apr 2017*

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DM - Europe DM - Broad DM - Asia Pac EM - Asia Pac Broad - Asia Pac EM - Broad EM - EMEA EM - LATAM

*These figures includes globally listed broad market focused ETFs from all the segments within equityasset class (i.e. country, regional, sector, size, strategy, style and thematic).


Figure 11: Broad market flows movement – YTD*

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DM - Europe DM - Broad DM - Asia Pac EM - Asia Pac Broad - Asia Pac EM - Broad EM - EMEA EM - LATAM

*These figures includes globally listed broad market focused ETFs from all the segments within equityasset class (i.e. country, regional, sector, size, strategy, style and thematic).Source: Deutsche Bank, Bloomberg Finance LP, Reuters

Global Investor positioning in Asia: Inflow to India, outflowfrom Korea

Total assets of equity ETFs listed globally (offshore only) with investment focusin the Asia-Pacific region closed the month at $129.4bn, 1.6% above previousmonth's level.

These ETFs recorded inflows in April totaling +$768mn on net basis. India andDM (broad) Asia focused ETFs received major inflows recording +$263mn and +$248mn in new money respectively. On the contrary, Korea focused ETFs shed -$208mn as outflows. India focused ETFs have been attracting steady inflows forthe last three months bringing in +$753mn worth of inflows on YTD basis. Thismay be primarily due to state elections results and anticipated economic reforms.


10 May 2017


Figure 12: Offshore equity ETFs listed globally with investment focus in Asia*

Investment Focus Apr-17% of

AUMMar-17 Feb-17 YTD

% of

AUMApr-17 Mar-17 Dec-16

Emerging Markets

Bangladesh 0 0.0% 0 0 0 0.0% 26 28 25

China 34 0.1% -302 -292 -1,230 -4.3% 29,408 29,400 28,477

India 263 2.5% 390 111 753 8.7% 11,225 10,716 8,667

Indonesia 50 6.5% 11 -13 36 4.9% 841 768 739

Malaysia 27 6.7% 75 1 106 35.7% 445 402 297

Pakistan 3 3.9% -3 9 25 51.5% 73 69 48

Philippines 20 8.8% -3 -2 32 15.8% 259 227 203

South Korea -208 -4.7% -59 2 -289 -7.4% 4,211 4,411 3,897

Taiwan 50 1.3% 184 -23 212 6.5% 3,903 3,784 3,243

Thailand -4 -0.8% 19 13 29 6.9% 488 493 427

Vietnam -6 -1.0% -15 4 -16 -3.1% 542 552 518

EM Asia Broad 90 3.3% 110 119 354 16.3% 2,882 2,732 2,170

Total 320 0.6% 407 -73 12 0.0% 54,302 53,581 48,711

Developed Markets

Australia -59 -1.8% -629 15 -605 -17.9% 3,094 3,183 3,379

Hong Kong 10 0.4% 10 77 -137 -5.7% 2,616 2,541 2,410

Japan -83 -0.2% -1,128 787 675 1.5% 49,080 48,529 46,353

New Zealand 4 3.0% 2 24 30 26.3% 151 145 114

Singapore -11 -1.9% -30 -15 -62 -11.1% 578 587 564

DM Asia Broad 248 2.1% 501 294 1,237 12.7% 12,007 11,659 9,712

Total 109 0.2% -1,274 1,182 1,137 1.8% 67,526 66,645 62,531

Asia Broad Indices 340 4.8% 314 -19 527 8.6% 7,619 7,131 6,160

Grand Total 768 0.6% -553 1,090 1,676 1.4% 129,446 127,357 117,402

Net Flows ($ million) AUM ($ million)

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


Figure 13: Flows by DM country – Apr 2017*

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Hong Kong

New Zealand

Singapore

Australia

Japan

Apr. Flows ($mn)

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


Figure 14: Flows by DM country – YTD*

-1,000 -500 0 500 1,000

Australia

Hong Kong

Singapore

New Zealand

Japan

YTD Flows ($mn)

*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


10 May 2017


Figure 15: Flows by EM country – Apr 2017*

-300 -200 -100 0 100 200 300

India

Taiwan

Indonesia

China

Malaysia

Philippines

Thailand

Vietnam

South Korea

Apr. Flows ($mn)

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


Figure 16: Flows by EM country – YTD

-1,500 -1,000 -500 0 500 1,000

China

South Korea

Vietnam

Thailand

Philippines

Indonesia

Malaysia

Taiwan

India

YTD Flows ($mn)

*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

ETFs vs. Mutual Funds in Asia Pac

Asia-Pac ETPs comprised 7.6% of the continent’s mutual fund industry as ofQ4 2016 according to mutual fund industry data published by the InvestmentCompany Institute (ICI). This has steadily grown from 4.6% at the end of Q12014. US ETPs comprised 18.6% while Europe ETPs comprised 3.8% of respectiveregion’s mutual fund industry as of Q4 2016. Within Asia-Pac, Taiwan is on the topwith ETP assets accounting for 18.9% of mutual fund assets, followed by JapanETP assets accounting for 16.8% of mutual fund assets.

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

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4*16

ETP AUM 171,174 189,629 190,061 206,844 228,083 243,236 267,534 283,865 294,131 298,102 327,288 314,426

ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.7% 6.4% 6.5% 6.5% 6.7% 7.6%

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


10 May 2017


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

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4*16

Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.4% 5.8% -0.3% 1.6% 3.4% 1.9%

ETPs 5.8% -0.2% 1.1% 1.9% 2.0% 26.9% -0.4% 7.6% 0.6% 4.4% -1.8%

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


10 May 2017


5. Performance andGrowthPerformance and growth for Asia-Pac focused ETFs listedglobally

ETF Performance - Outperformers and underperformersTop performing ETFs of the month were dominated by India-focused ETFs whilean ETF tracking S&P/ASX 200 Index was least performer of the month.

Figure 19: Top 10 best performance

ETF Name Bloomberg Underlying Index 28-Apr-17 31-Mar-17 28-Feb-17 YTD

VanEck Vectors India Small-Cap Index ETF SCIF US Market Vectors India Small-Cap 8.6% 9.0% 7.4% 41.1%

R*Shares CPSE BeES CPSEBE IN CPSE Index 6.7% 0.3% 4.4% 19.2%

iShares MSCI India Small-Cap ETF SMIN US MSCI India Small Cap 6.5% 8.2% 9.1% 36.9%

Smartshares - Europe Trust EUF NZ FTSE Developed Europe Index 6.4% 6.7% 0.5% 14.2%

KraneShares CSI China Internet ETF KWEB US CSI Overseas China Internet 6.0% 5.7% 5.0% 29.2%

iShares MSCI Philippines ETF EPHE US MSCI Philippines Investable Market 4.9% 2.8% -3.0% 10.5%

PowerShares Golden Dragon China Portfolio PGJ US NASDAQ Golden Dragon China 4.9% 4.1% 5.3% 24.7%

Kotak Gold ETF KOGOLD IN Commodity Gold 4.5% -3.8% 4.8% 6.9%

Gold Bullion Securities GOLD AU Commodity Gold 4.3% -0.5% 3.0% 5.8%

Market Vectors MSCI World ex Australia Quality ETF QUAL AU MSCI World Ex Australia Quality Index 4.3% 2.1% 2.9% 6.3%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month


Figure 20: Top 3 ETFs by performance April - Daily performance YTD

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Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previousmonth



10 May 2017


Figure 21: Top 10 least performance

ETF Name Bloomberg Underlying Index 28-Apr-17 31-Mar-17 28-Feb-17 YTD

db x-trackers S&P/ASX 200 UCITS ETF (DR) XAUS GR S&P/ASX 200 -6.4% 2.0% 5.7% 2.2%

db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D RQFI GY CSI 300 Index -5.3% -0.8% 2.5% -0.4%

iShares Dow Jones Asia Pacific Select Dividend 30 (DE) APSDEX GR DJ Asia Pacific Select Dividend -5.1% 0.0% 5.1% 1.1%

Harvest CSI 500 ETF 159922 CH CSI 500 Index -4.5% 1.2% 4.1% 0.4%

iShares Asia Pacific Dividend UCITS ETF IAPD LN DJ Asia Pacific Select Dividend -4.2% 0.2% 4.4% 2.3%

iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia -4.1% 2.1% 5.1% 5.0%

db x-trackers FTSE Vietnam UCITS ETF XFVT GR FTSE Vietnam -3.6% 3.5% 3.9% 5.3%

Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -3.6% -14.0% -9.2% -41.2%

iShares China Large Cap UCITS ETF FXC LN FTSE China 50 -3.3% 0.1% 5.4% 4.5%

Lyxor UCITS ETF China Enterprise (HSCEI) ASI FP Hang Seng China Enterprise Index -3.0% -1.2% 7.4% 5.6%

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month


Figure 22: Bottom 3 ETFs by performance in April - Daily performance YTD

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4%

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10%

12%

2-J

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XAUS GR RQFI GY APSDEX GR

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previousmonth


ETP flow growth - Winners and losersAn ETF tracking Indian small caps led the table as largest fund flow receiveras a percentage of AUM during last month, whereas an ETF providing inverseexposure to Japanese equities saw the largest outflows as a percentage of AUMover the same period.


10 May 2017


Figure 23: Top 10 Inflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

iShares MSCI India Small-Cap ETF SMIN US MSCI India Small Cap 48.9% 52.0 166.5 11.3% 10.0 2.4% 1.9 86.3% 63.9

Huatai-PB Traded Money Market Fund 511830 CH Other 47.4% 130.8 406.0 45.8% 86.7 -27.8% -72.8 -41.7% (288.2)

Yinhua Traded Money Market Fund 511880 CH Other 35.6% 1,319.0 5,029.1 -11.9% -499.1 0.0% -0.7 46.4% 1,570.5

Nomura Topix Banks 1615 JP TOPIX Banks Index 33.1% 82.7 337.7 -24.1% -83.8 2.6% 8.8 2.4% 7.6

iShares Nikkei 225 UCITS ETF CSNKY SW NIKKEI 225 29.7% 65.9 291.8 -20.9% -58.5 -2.7% -7.7 45.8% 87.2

Samsung KODEX Leverage ETF 122630 KS KOSPI 200 Index 28.9% 190.1 877.2 -13.2% -91.2 -6.0% -42.6 -33.2% (337.2)

iShares MSCI Japan High Dividend ETF 1478 JP MSCI Japan High Dividend Yield Index 23.2% 29.1 157.0 -4.8% -6.3 18.8% 20.9 97.8% 75.0

iShares Asia 50 ETF AIA US S&P Asia 50 22.7% 78.7 434.8 -2.9% -10.2 0.0% 0.0 14.6% 49.2

Samsung Kodex KOSDAQ 150 ETF 229200 KS KOSDAQ150 Index 21.5% 42.4 238.0 14.1% 24.0 18.0% 25.0 48.1% 74.3

CCB Cash TianYi Traded Money Market Fund 511660 CH Other 20.6% 217.9 1,275.8 10.5% 100.5 32.0% 232.6 63.5% 493.6

Apr-17 Mar-17 Feb-17 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month


Figure 24: Top 10 outflows as a % of AUM

ETF Name Bloomberg Underlying Index % of AUMCashflows

($mn)

AUM

($mn)

% of

AUM

Cashflows

($mn)

% of

AUM

Cashflow

s ($mn)

% of

AUM

Cashflow

s ($mn)

Next Funds Nikkei 225 Inverse Index ETF 1571 JP Nikkei 225 Inverse Index -82.1% (989.8) 230.5 -4.8% -60.6 1.4% 17.8 -72.5% (455.1)

Guotai Gold ETF 518800 CH Commodity Gold -47.7% (48.6) 55.5 -5.8% (6.3) 5.2% 5.1 -62.7% (77.8)

Rongtong Easy Payment Money Market Fund 511910 CH Other -45.4% (72.5) 87.0 265.8% 116.1 -50.1% (43.7) -67.0% (173.6)

Daiwa ETF Japan Nikkei 225 Inverse Index 1456 JP Nikkei 225 Inverse Index -44.0% (63.4) 81.5 -14.7% (24.7) 0.0% - -56.0% (94.2)

Ping An-Uob Traded Money Market Fund 511700 CH Other -40.0% (58.0) 87.0 -16.5% (28.9) -20.0% (43.7) -68.9% (188.3)

Huaan Ririxin Monetary Market Fund ETF 511600 CH Other -36.3% (58.0) 101.5 -8.3% (14.5) 9.1% 14.6 -84.6% (535.4)

Essence Margin Traded Money Market Fund 511680 CH Other -28.5% (29.0) 72.5 -41.5% (72.4) -14.3% (29.1) -67.3% (145.2)

China Southern CSI All Share Securities Companies ETF Index Fund 512900 CH SSE All Securities Company Index -27.6% (42.8) 110.1 0.0% 157.7 0.0% - 0.0% 115.0

Yuanta S&P GSCI Crude Oil 2X Leveraged ER Futures ETF 00672L TT S&P GSCI Crude Oil 2X Leveraged Index E -27.0% (46.4) 123.8 99.9% 87.5 -14.2% (14.1) 23.9% 25.3

Hanwha Arirang Dividend ETF 161510 KS FnGuide Dividend Index -26.7% (37.1) 96.6 -20.7% (34.8) 10.7% 15.3 -48.4% (75.9)

Apr-17 Mar-17 Feb-17 YTD

Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month


Top ETPs – Asia-Pac listed

Figure 25: Top 20 ETPs by AUM

ETP Name Issuer BBG TickerAsset Class

& StructureTER

AUM

US$ MM

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 42,580.0

Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 39,141.0

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 20,680.3

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 20,112.3

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 19,433.9

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 18,575.9

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 10,992.2

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 10,540.2

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 9,496.1

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,235.1

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 5,609.1

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 5,461.5

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 5,029.1

China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,235.2

Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 3,915.0

ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,880.4

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,508.8

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 3,468.6

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% 3,354.4

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 3,284.0



10 May 2017


Figure 26: Top 20 ETPs by AUM change


& StructureTER

AUM

Change

US$ MM




Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% (974.8)

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 594.9

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 503.4

TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 439.5

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% (315.7)

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (280.5)

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 255.8

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 220.2

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 216.6

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 193.3

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% (142.0)

R*Shares CPSE BeES Reliance Capital Asset Management CPSEBE IN Equity ETF 0.49% 131.9

Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% 130.3

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (128.5)

Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 103.2

China Merchants Caifubao Traded Money Market Fund China Merchants Fund Management Co 511850 CH Fixed Income ETF 0.00% 101.4

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 101.0


Figure 27: Top 20 ETPs by inflow


& StructureTER

Net Flow

US$ MM



Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 568.4

Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 331.2

Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 265.9

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 217.9

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 190.1

Huatai-PB Traded Money Market Fund Huatai-PineBridge Fund Management Co 511830 CH Fixed Income ETF 0.43% 130.8

Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% 116.4

Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 112.2

Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 110.5

China Merchants Caifubao Traded Money Market Fund China Merchants Fund Management Co 511850 CH Fixed Income ETF 0.00% 101.5

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 101.4

Mirae Asset Tiger 200 Futures Leverage ETF Mirae Asset MAPS Global Investments 267770 KS Equity ETF 0.09% 88.5

China CSI 500 ETF China Southern Fund Management Co Ltd 510500 CH Equity ETF 0.50% 87.7

Nomura Topix Banks Nomura Asset Management 1615 JP Equity ETF 0.22% 82.7

Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% 75.1

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 72.6

Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 62.9

iShares MSCI Australia 200 Index Fund BlackRock IOZ AU Equity ETF 0.19% 57.2



10 May 2017


Figure 28: Top 20 ETPs by outflow


& StructureTER

Net Flow

US$ MM

Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% (989.8)

Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (547.5)

Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% (318.6)

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% (292.2)

iShares Nikkei 225 BlackRock 1329 JP Equity ETF 0.17% (190.6)

MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% (149.2)

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (94.3)


TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% (82.2)

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% (75.9)

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (75.8)

Samsung KODEX KRW Cash ETF Samsung Asset Management 153130 KS Fixed Income ETF 0.15% (75.6)

E Fund Gold Tradable Open-end Securities Investment Fund E Fund Management 159934 CH Commodity ETF 0.50% (73.7)

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (72.5)

Rongtong Easy Payment Money Market Fund Rongtong Fund Management 511910 CH Fixed Income ETF 0.00% (72.5)

Samsung KODEX KRW Cash Plus ETF - Bond Samsung Asset Management 214980 KS Fixed Income ETF 0.15% (69.1)

Daiwa ETF Japan Nikkei 225 Inverse Index Daiwa Asset Management 1456 JP Equity ETF 0.75% (63.4)

Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (58.0)

Huaan Ririxin Monetary Market Fund ETF Huaan Fund Management 511600 CH Fixed Income ETF 0.00% (58.0)

Ping An-Uob Traded Money Market Fund Ping An Asset Management 511700 CH Fixed Income ETF 0.00% (58.0)


Figure 29: Top 20 ETPs by Monthly Turnover


& StructureTER

Turnover

US$ MM




China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 7,539.2

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 6,484.0

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 3,997.9

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 3,887.3

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% 3,620.5

CCB Cash TianYi Traded Money Market Fund CCB Principal Asset Management Co Ltd. 511660 CH Fixed Income ETF 0.00% 3,408.1

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 2,986.6

Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 2,922.7

Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 2,546.4

Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 2,470.4

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 2,133.3

E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% 2,036.9

Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments 102110 KS Equity ETF 0.09% 1,498.7

China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co 159003 CH Fixed Income ETF 0.64% 1,322.8


China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 1,261.4

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% 1,156.1



10 May 2017


Figure 30: Top 20 ETPs by Monthly Turnover change


& StructureTER

Turnover

Change

US$ MM

Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (15,067.7)

Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (7,937.2)

E Fund - Guranteed Income Money Market Fund E Fund Management 159001 CH Fixed Income ETF 0.56% (7,822.4)

China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% 2,792.3

Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (2,758.2)

Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (2,237.6)

China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (1,720.9)

Dacheng Tianyi Traded Money Market Fund Dacheng Fund Management Co Ltd 511690 CH Fixed Income ETF 0.00% (1,706.0)


Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (1,269.3)

Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 1,118.2

China Life AMP Monetary Market Fund China Life AMP Asset Management Co 511970 CH Fixed Income ETF 0.00% (739.2)

Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (440.1)

SPDR200 - SPDRS&P/ASX 200 State Street STW AU Equity ETF 0.29% (430.5)


Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd 511010 CH Fixed Income ETF 0.40% (406.7)

China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (343.0)

Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 339.1

CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (310.3)

iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% (310.0)


Top ETPs – Other regions with Asia-Pac focus

Figure 31: Top 20 ETPs by AUM

ETP Name Issuer BBG TickerAsset Class &

StructureTER

AUM

US$ MM

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 15,838.3

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 8,210.2

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 4,966.4

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 3,735.3

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 3,356.7

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,154.6

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 3,110.9

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 3,093.8

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 2,899.8

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 2,299.1

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,208.8

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 2,141.1

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% 1,911.4

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,902.1

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,753.5

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 1,733.6

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 1,719.4

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,689.8

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,607.5

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 1,471.6



10 May 2017


Figure 32: Top 20 ETPs by AUM change


StructureTER

AUM

Change

US$ MM

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 218.8

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (201.6)

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 190.0

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% (140.6)

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 125.1

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 118.4

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 118.2

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 114.4

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 94.6

iShares Asia 50 ETF BlackRock AIA US Equity ETF 0.50% 88.0

iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% 86.5

Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.10% 75.3

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 67.7

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 65.8

iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (63.9)

iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% 60.9

iShares MSCI India Small-Cap ETF BlackRock SMIN US Equity ETF 0.74% 60.2

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% (59.6)

VanEck Vectors India Small-Cap Index ETF VanEck Vectors SCIF US Equity ETF 0.85% 58.9

Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% (49.7)


Figure 33: Top 20 ETPs by inflow


StructureTER

Net Flow

US$ MM

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 138.0

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 128.8

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 126.7

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 95.8

iShares Core MSCI Pacific ETF BlackRock IPAC US Equity ETF 0.10% 78.8


iShares Nikkei 225 UCITS ETF BlackRock CSNKY SW Equity ETF 0.48% 65.9

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 61.5

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 59.3


Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% 54.2


iShares MSCI India Small-Cap ETF BlackRock SMIN US Equity ETF 0.74% 52.0


Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 40.3

VanEck Vectors India Small-Cap Index ETF VanEck Vectors SCIF US Equity ETF 0.85% 39.0

iShares MSCI Japan - B UCITS ETF BlackRock CSJP SW Equity ETF 0.48% 36.8

Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 31.7

db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D Deutsche AM RQFI GY Equity ETF 0.65% 31.5

Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% 29.6



10 May 2017


Figure 34: Top 20 ETPs by outflow


StructureTER

Net Flow

US$ MM

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (279.0)


iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (53.8)

Amundi ETF MSCI Japan UCITS ETF Amundi CJ1 FP Equity ETF 0.45% (50.5)

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (46.0)


iShares MSCI Korea UCITS ETF (Inc) BlackRock IKOR LN Equity ETF 0.74% (35.8)

HSBC MSCI Japan ETF HSBC HMJP LN Equity ETF 0.40% (29.5)

iShares MSCI Japan USD Hedged UCITS ETF BlackRock IJPD LN Equity ETF 0.64% (27.4)

iShares China Large Cap UCITS ETF BlackRock FXC LN Equity ETF 0.74% (27.2)

WisdomTree Japan Hedged Capital Goods Fund WisdomTree DXJC US Equity ETF 0.43% (21.4)

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% (20.6)

iShares Sustainable MSCI Japan SRI EUR Hedged UCITS ETF BlackRock SUJS LN Equity ETF 0.35% (17.1)

iShares MSCI Singapore Capped ETF BlackRock EWS US Equity ETF 0.48% (11.4)

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% (11.3)

db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.30% (10.0)

iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% (9.9)

Lyxor UCITS ETF MSCI Korea -C-EUR Lyxor KRW FP Equity ETF 0.65% (9.8)

iShares MSCI Taiwan UCITS ETF BlackRock ITWN LN Equity ETF 0.74% (8.2)

Lyxor UCITS ETF Japan Topix -D-JPY Lyxor LYJPN SW Equity ETF 0.45% (7.9)


Figure 35: Top 20 ETPs by Monthly Turnover


StructureTER

Turnover

US$ MM

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% 10,123.7

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 5,898.7

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 4,006.7

iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 2,845.4

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,724.9

iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 1,880.3

iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% 1,456.3

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 1,380.8

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% 1,151.2

iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 1,144.2

iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 942.5

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 867.3


Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 445.3


iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 381.2

iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% 339.1

Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% 302.6

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.65% 295.5

iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 291.9



10 May 2017


Figure 36: Top 20 ETPs by Monthly Turnover change


StructureTER

Turnover

Change

US$ MM

iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.74% (3,870.9)

iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (1,565.0)

Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% (647.9)

iShares MSCI Capped Taiwan ETF BlackRock EWT US Equity ETF 0.62% (590.3)

WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.84% (575.6)



iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (458.9)


iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.64% (395.6)

WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 385.3

iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% (296.7)

iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (233.9)

iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% (221.7)

iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% (177.2)


iShares MSCI Malaysia ETF BlackRock EWM US Equity ETF 0.48% (152.5)

Amundi ETF MSCI Pacific ex-Japan UCITS ETF Amundi CP9 FP Equity ETF 0.45% (138.1)

iShares MSCI Singapore Capped ETF BlackRock EWS US Equity ETF 0.48% (131.8)

iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% (113.4)



10 May 2017


6. Asia-Pac Listed ETPs -Statistics

Figure 37: Number of ETPs by Asset Class

Prev. Month End of 2016

Asset Class# of

ETPs

Mkt

Share %

# of

ETPs

# of

ETPs

% # of

ETPs

# of

ETPs

# of

ETPs

% # of

ETPs

Equity 829 80.8% 823 6 0.7% 790 39 4.9%

Fixed income 105 10.2% 98 7 7.1% 93 12 12.9%

Commodity 61 5.9% 60 1 1.7% 60 1 1.7%

Currency 19 1.9% 19 - 0.0% 14 5 35.7%

Multi Asset 9 0.9% 9 - 0.0% 9 - 0.0%

Alternative 3 0.3% 3 - 0.0% 3 - 0.0%

Total 1,026 100% 1,012 14 1.4% 969 57 5.9%

Current Month MoM Change YTD Change

Source: Deutsche Bank, Bloomberg Finance LP.

Figure 38: ETP Net Flows (US$ Million) by Asset Class

Asset ClassNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Equity (736) -0.2% 8,708 2.9% 24,569 9.1%

Fixed income 2,624 7.4% (2,765) -7.2% (1,720) -4.4%

Commodity (274) -5.3% 53 1.0% (246) -5.0%

Currency (1) -0.2% 30 4.5% 30 4.6%

Multi Asset 1 0.8% (0) 0.0% 3 2.6%

Alternative 21 11.9% 23 12.5% 41 17.8%

Total 1,635 0.5% 6,049 1.8% 22,677 7.2%

YTDCurrent Month Prev. Month


Figure 39: ETP Turnover (US$ Million) by Asset Class

Prev. Month Year 2016

Asset Class TurnoverMkt

Share %Turnover Turnover

%

TurnoverTurnover Turnover

%

Turnover

Equity 62,404 39.7% 65,507 (3,103) -4.7% 82,815 (20,411) -24.6%

Fixed income 89,762 57.2% 125,868 (36,106) -28.7% 111,150 (21,388) -19.2%

Commodity 4,163 2.7% 4,034 129 3.2% 2,802 1,362 48.6%

Currency 468 0.3% 508 (39) -7.8% 198 271 137.0%

Multi Asset 10 0.0% 11 (2) -15.6% 10 (0) -2.5%

Alternative 238 0.2% 173 65 37.9% 321 (83) -25.9%

Total 157,045 100% 196,100 (39,055) -19.9% 197,295 (40,250) -20.4%

Current Month MoM Change Change from 2016



10 May 2017


Figure 40: ETP AUM (US$ Million) by Asset Class


Asset Class AUMMkt

Share %AUM AUM % AUM AUM AUM % AUM

Equity 311,892 87.6% 310,249 1,643 0.5% 269,341 42,551 15.8%

Fixed income 38,132 10.7% 35,632 2,500 7.0% 39,158 (1,026) -2.6%

Commodity 4,880 1.4% 5,138 (259) -5.0% 4,920 (40) -0.8%

Currency 693 0.2% 694 (1) -0.2% 655 37 5.7%

Multi Asset 113 0.0% 113 (1) -0.6% 101 11 11.1%

Alternative 190 0.1% 177 13 7.3% 230 (40) -17.5%

Total 355,898 100% 352,004 3,894 1.1% 314,405 41,493 13.2%




10 May 2017


Country Breakdown

Figure 41: ETF Summary by Country

Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) AUM (US$m)Mkt Share

(AUM)

Australia 114 139 143 8.8% 1,215 0.8% 13,793 3.9%

China 151 151 2,502 153.0% 97,474 62.1% 52,871 14.9%

Hong Kong 119 206 (284) -17.4% 12,777 8.1% 38,084 10.7%

India 61 61 20 1.2% 353 0.2% 4,819 1.4%

Indonesia 9 9 9 0.6% 0 0.0% 245 0.1%

Japan 161 208 (575) -35.2% 28,321 18.0% 211,574 59.4%

Philippines 1 1 2 0.1% 1 0.0% 24 0.0%

Korea 273 273 (182) -11.2% 14,541 9.3% 21,042 5.9%

Vietnam 1 1 - 0.0% 1 0.0% 20 0.0%

Malaysia 8 8 (0) 0.0% 0 0.0% 443 0.1%

New Zealand 23 23 6 0.4% 12 0.0% 1,262 0.4%

Singapore 12 86 (4) -0.2% 158 0.1% 1,748 0.5%

Taiwan 79 84 (1) -0.1% 2,190 1.4% 9,843 2.8%

Thailand 14 14 (0) 0.0% 2 0.0% 132 0.0%

Total 1026 1264 1,635 100.0% 157,045 100.0% 355,898 100.0%


Figure 42: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million

Country Country Regional Sector Size Style Strategy Thematic Equity TotalFixed

IncomeComdty Equity Total

Fixed

IncomeComdty

Australia 5,474 842 1,459 324 1,644 609 243 10,594 2,252 516 431 79.3% 16.9% 3.9%

China 21,734 - 1,563 134 1,079 95 2,363 26,967 24,650 1,255 - 51.0% 46.6% 2.4%

Hong Kong 31,296 1,288 83 35 233 615 4 33,553 4,394 137 - 88.1% 11.5% 0.4%

India 1,796 - 50 14 10 5 1,858 3,734 102 983 - 77.5% 2.1% 20.4%

Indonesia 52 - 26 - - - 167 245 - - - 100.0% 0.0% 0.0%

Japan 193,463 256 6,446 96 1,212 6,750 1,505 209,728 376 1,313 158 99.2% 0.2% 0.6%

Philippines 24 - - - - - - 24 - - - 100.0% 0.0% 0.0%

Korea 8,830 168 1,103 90 543 4,405 1,004 16,143 4,220 325 354 78.0% 20.4% 1.6%

Vietnam 20 - - - - - - 20 - - - 100.0% 0.0% 0.0%

Malaysia 4 1 - - - - 100 104 339 - - 23.5% 76.5% 0.0%

New Zealand 339 212 99 171 124 - - 946 316 - - 74.9% 25.1% 0.0%

Singapore 893 34 43 - 52 - - 1,021 726 - - 58.4% 41.6% 0.0%

Taiwan 3,248 33 78 125 293 4,910 12 8,699 758 335 51 88.8% 7.7% 3.4%

Thailand 104 - 11 - 2 - - 116 - 15 - 88.4% 0.0% 11.6%

Total 267,277 2,833 10,959 988 5,191 17,388 7,256 311,892 38,132 4,880 995 87.9% 10.7% 1.4%

Equity Product Type Asset Class Mkt Share by country



10 May 2017


Figure 43: ETF Turnover (US$ Million) by Country

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

Indonesia

Malaysia

Philippines

Vietnam

Thailand

New Zealand

Singapore

India

Australia

Taiwan

Hong Kong

Korea

Japan

China

TO (US$ Million)


Figure 44: ETF AUM (US$ Million) by Country

- 50,000 100,000 150,000 200,000 250,000

Vietnam

Philippines

Thailand

Indonesia

Malaysia

New Zealand

Singapore

India

Taiwan

Australia

Korea

Hong Kong

China

Japan

AUM (US$ Million)

TO (US$ Million)


Issuer Rankings

Net Flows

Figure 45: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Total YTD Total

Yinhua Fund Management (0) 1,319 - - 1,319 1,570

Fortune SGAM Fund Management 1 1,074 - - 1,075 1,558

Huatai-PineBridge Fund Management Co 131 131 - - 261 (177)

CCB Principal Asset Management Co Ltd. 0 218 - - 218 493

China Merchants Fund Management Co - 149 - - 149 268

China Southern Fund Management Co Ltd 42 73 - - 115 (1,684)

Dacheng Fund Management Co Ltd 8 101 - - 110 234

Samsung Asset Management 223 (145) (7) 1 73 (954)

BetaShares Capital Ltd 23 39 5 1 67 315

KB Asset Management 20 39 - - 58 (293)

Total Top 10 (Inflows) 448 2,997 (2) 2 3,445 1,330

Current Month inflows (US$ Million)


Figure 46: ETP outflows (US$ Million) by Issuer – Top 10

Issuer Equity Fixed Commo- Total YTD Total

Nomura Asset Management (271) - (0) - (271) 10,361

Daiwa Asset Management (254) - - - (254) 5,676

E Fund Management (20) (5) (74) - (99) (655)

BlackRock (96) 6 - - (90) 3

CSOP Asset Management (77) (3) - - (80) 64

Simplex Asset Management Co Ltd (71) - (7) - (78) (101)

China Universal Asset Management Co (38) (39) - - (77) (457)

Fullgoal Fund Management Co (1) (72) - - (73) (1,650)

Rongtong Fund Management - (72) - - (72) (174)

Bosera Fund Management Co Ltd 1 (59) (14) - (71) (806)

Total Top 10 (Outflows) (827) (245) (94) - (1,166) 12,263

Current Month outflows (US$ Million)



10 May 2017


Turnover

Figure 47: ETP Turnover (US$ Million) by Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Fortune SGAM Fund Management 41.1 36,642.6 - - 36,683.6 23.4%

Nomura Asset Management 23,889.9 - 40.7 - 23,930.5 15.2%

Yinhua Fund Management 0.0 23,190.0 - - 23,190.0 14.8%

Samsung Asset Management 8,262.0 81.2 53.7 187.5 8,584.4 5.5%

China Universal Asset Management Co 49.1 8,003.0 - - 8,052.1 5.1%

State Street 6,793.6 2.4 58.2 - 6,854.3 4.4%

China Southern Fund Management Co Ltd 493.1 3,997.9 - - 4,491.0 2.9%

E Fund Management 2,564.3 1,364.6 146.3 - 4,075.1 2.6%

Mirae Asset MAPS Global Investments 3,815.8 77.8 39.5 103.5 4,036.5 2.6%

Dacheng Fund Management Co Ltd 3.1 3,620.5 - - 3,623.6 2.3%

CCB Principal Asset Management Co Ltd. 0.1 3,408.1 - - 3,408.2 2.2%

Huaan Fund Management 100.0 260.6 2,986.6 - 3,347.2 2.1%

Hang Seng Investment Management 2,947.6 - 0.1 - 2,947.7 1.9%

China Asset Management 2,229.9 517.8 - - 2,747.8 1.7%

Simplex Asset Management Co Ltd 2,132.5 - 53.0 - 2,185.5 1.4%

Fullgoal Fund Management Co 0.2 2,133.3 - - 2,133.5 1.4%

China Merchants Fund Management Co 0.2 1,490.7 - - 1,490.8 0.9%

CSOP Asset Management 1,439.8 0.2 1.1 - 1,441.1 0.9%

Yuanta Securities Inv trust Co Ltd. 953.4 60.8 274.3 12.2 1,300.7 0.8%

Huatai-PineBridge Fund Management Co 1,071.4 148.1 - - 1,219.5 0.8%

Penghua Fund Management Co Ltd 2.0 1,067.9 - - 1,069.9 0.7%

Guotai Asset Management Co Ltd 128.9 674.3 224.3 - 1,027.6 0.7%

BlackRock 905.4 37.8 - - 943.2 0.6%

Woori Asset Management 87.9 812.4 - 38.7 939.0 0.6%

Daiwa Asset Management 754.0 - - - 754.0 0.5%

Fubon Securities Investment Trust Co 653.5 - - 41.4 694.8 0.4%

KB Asset Management 289.6 282.5 - 3.1 575.2 0.4%

Rakuten Investment Management 510.9 - - - 510.9 0.3%

Korea Investment Trust Mg 411.1 48.9 13.8 - 473.8 0.3%

Rongtong Fund Management - 465.1 - - 465.1 0.3%

Bosera Fund Management Co Ltd 10.5 304.6 140.5 - 455.6 0.3%

Nikko Asset Management 413.1 8.0 - - 421.1 0.3%

BetaShares Capital Ltd 136.7 113.6 11.0 33.3 294.5 0.2%

Vanguard 233.5 43.2 - - 276.7 0.2%

Goldman Sachs 20.2 229.2 18.4 - 267.8 0.2%

Hanwha Investment Trust Management 187.9 61.9 - 2.2 252.0 0.2%

Ping An Asset Management - 229.7 - - 229.7 0.1%

Mitsubishi UFJ Asset Mg 198.5 - - - 198.5 0.1%

Kokusai Asset Management Co Ltd - - - 196.7 196.7 0.1%

Harvest Fund Management Co 96.8 64.6 - - 161.4 0.1%

Total (Top 40) 61,827 89,443 4,062 618 155,951 99.3%

Current Month Turnover (US$ Million)



10 May 2017


Figure 48: ETP Turnover (US$ Million) by Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Cathay Securities Investment Trust 109.61 39.84 - - 149.45 0.10%

GF Fund Management Co Ltd 129.43 2.04 - - 131.47 0.08%

Kiwoom Asset Management Co Ltd 9.23 - - 97.27 106.50 0.07%

Zhongrong Fund Management Co Ltd - 100.95 - - 100.95 0.06%

Essence Asset Management - 81.61 - - 81.61 0.05%

Reliance Capital Asset Management 61.29 0.02 - - 61.31 0.04%

Deutsche AM 60.44 0.38 - - 60.83 0.04%

China Life AMP Asset Management Co 0.51 56.66 - - 57.17 0.04%

Mitsubishi UFJ Trust and Banking Corporation - - 53.51 - 53.51 0.03%

Van Eck Funds 38.15 - - - 38.15 0.02%

Kyobo AXA Investment Mg Co Ltd 24.76 0.00 - - 24.76 0.02%

ETF Securities - - 21.18 - 21.18 0.01%

Russell Investments 9.78 8.61 - - 18.40 0.01%

Fuh-Hwa Securities Investment Trust 16.85 - - - 16.85 0.01%

Invesco Great Wall Fund Management Co. Ltd 0.80 13.95 - - 14.75 0.01%

Enhanced Investment Products Limited 13.93 - - - 13.93 0.01%

Kotak Mahindra Asset Man 9.84 - 3.55 - 13.40 0.01%

HFT Investment Management Co Ltd 0.08 12.36 - - 12.44 0.01%

CSC Investment Trust 11.78 - - - 11.78 0.01%

Value Partners 2.52 - 8.86 - 11.38 0.01%

Smartshares Ltd 9.69 0.91 - - 10.60 0.01%

Mega International Investment Trust Co Ltd/Taiwan 10.25 - - - 10.25 0.01%

ANZ Asset Management 8.81 - 0.81 0.00 9.62 0.01%

BOCI - Prudential Asset Man Ltd 7.62 - - - 7.62 0.00%

BMO Global Asset Management 6.52 0.56 - - 7.08 0.00%

Paradigm Asset Management Co Ltd - - 5.91 - 5.91 0.00%

UBS 4.38 - - - 4.38 0.00%

ICBC Credit Suisse Asset Management 4.06 - - - 4.06 0.00%

Lyxor 3.83 - 0.03 - 3.86 0.00%

SBI Funds Management 0.34 0.00 3.33 - 3.67 0.00%

CIMB-GK Securities Pte Ltd 2.71 - - - 2.71 0.00%

Prudential ICICI Asset Management 1.81 - 0.53 - 2.34 0.00%

Horizons ETFs 1.84 - - - 1.84 0.00%

UTI Asset Management 0.09 - 1.68 - 1.77 0.00%

Amundi 1.45 - - - 1.45 0.00%

One Asset Management Ltd 1.43 - - - 1.43 0.00%

Passive Funds Management Ltd 1.42 - - - 1.42 0.00%

Enhanced Investment Products Ltd 1.36 - - - 1.36 0.00%

Viet Fund Management 1.24 - - - 1.24 0.00%

DIAM Asset Management 0.98 - - - 0.98 0.00%

First Metro Asset Management 0.97 - - - 0.97 0.00%

HDFC Asset Management Co Ltd 0.06 - 0.90 - 0.95 0.00%

Motilal Oswal Mutual Fund 0.86 - - - 0.86 0.00%

Phillip Capital Management 0.86 - - - 0.86 0.00%

Krung Thai Asset Management 0.23 - 0.45 - 0.68 0.00%

Yuanda Chinese Holdings Ltd 0.61 - - - 0.61 0.00%

BOCOM Schroders 0.61 - - - 0.61 0.00%

Bangkok Capital Asset Management 0.52 - - - 0.52 0.00%

Lion Fund Management Co Ltd 0.48 - - - 0.48 0.00%

NZAM 0.29 - - - 0.29 0.00%

Heungkuk Asset Management 0.27 - - - 0.27 0.00%

BNP Paribas 0.22 - 0.05 - 0.27 0.00%

Sumitomo Mitsui Asset Management 0.26 - - - 0.26 0.00%

UOB Asset Management Ltd 0.25 - - - 0.25 0.00%

Total 62,403 89,761 4,162 716 157,042 100.00%




10 May 2017


Figure 49: ETP Turnover (US$ Million) by Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Midas Asset Management Co 0.25 - - - 0.25 0.0%

Tebon Fund Management - 0.24 - - 0.24 0.0%

IDBI Asset Management - - 0.23 - 0.23 0.0%

Yurie Asset Management 0.23 - - - 0.23 0.0%

Canara Robeco - - 0.22 - 0.22 0.0%

UBS Hana Asset Management Co Ltd 0.19 - - - 0.19 0.0%

Haitong International 0.18 - - - 0.18 0.0%

GTJA Allianze Fund Management Co 0.17 - - - 0.17 0.0%

Quantum Asset Management 0.01 - 0.16 - 0.17 0.0%

Axis Asset Management - - 0.16 - 0.16 0.0%

Bank of China Investment Management 0.14 - - - 0.14 0.0%

HSBC Inv Funds Ltd/Hong Kong - 0.13 - - 0.13 0.0%

Indo Premier Securities 0.13 - - - 0.13 0.0%

Birla Sun Life Asset Management Co 0.01 - 0.10 - 0.10 0.0%

Edelweiss Asset Management 0.07 - - - 0.07 0.0%

Thanachart Fund Management - - 0.06 - 0.06 0.0%

i-VCAP Management 0.06 - - - 0.06 0.0%

Wanjia Asset Management 0.06 - - - 0.06 0.0%

LIC Nomura MF Asset Management Co 0.03 0.03 - - 0.06 0.0%

Ping An of China Asset Management 0.06 - - - 0.06 0.0%

Dongbu Asset Management 0.05 - - - 0.05 0.0%

SinoPac Securities Investment Trust Co 0.05 - - - 0.05 0.0%

Mizuho Asset Management Co Ltd - - 0.04 - 0.04 0.0%

Lippo Investments Management 0.04 - - - 0.04 0.0%

Religare Mutual Fund 0.00 - 0.03 - 0.03 0.0%

AmInvestment Services Berhad/Malaysia 0.01 0.00 - - 0.01 0.0%

TMB Asset Management 0.01 - - - 0.01 0.0%

ComStage 0.01 - - - 0.01 0.0%

AMP - - - - - 0.0%

Bahana TCW Investment Management - - - - - 0.0%

Tong Yang Investment Trust Mg - - - - - 0.0%

Daishin Investment Trust Mg - - - - - 0.0%

Hyundai Investments - - - - - 0.0%

KTB Asset Management Co Ltd/Korea - - - - - 0.0%

China International Capital Corp/Hon - - - - - 0.0%

Prudential Asset Management Company Ltd. - - - - - 0.0%

KDB Asset Management Co Ltd/Korea - - - - - 0.0%

India Infoline Asset Management Co - - - - - 0.0%

Kasikorn Asset Management - - - - - 0.0%

CMS Asset Management HK Co Ltd - - - - - 0.0%

BBL Asset Management Co - - - - - 0.0%

Chimaera Capital Ltd - - - - - 0.0%

Changsheng Fund - - - - - 0.0%

China International Fund Mgmt - - - - - 0.0%

Maybank Asset Management Thailand Co Ltd - - - - - 0.0%

Pinnacle Investments - - - - - 0.0%

Total ( All Local Issuers) 62,404 89,762 4,163 716 157,045 100.0%




10 May 2017


AUM

Figure 50: ETP AUM (US$ Million) ranking by Local Issuer – Top 40

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Nomura Asset Management 94,632 - 346 - 94,978 26.7%

Nikko Asset Management 42,765 966 - - 43,731 12.3%

Daiwa Asset Management 42,017 - - - 42,017 11.8%

State Street 15,386 3,913 - - 19,299 5.4%

Mitsubishi UFJ Asset Mg 17,538 - - - 17,538 4.9%

BlackRock 12,168 574 - - 12,742 3.6%

Hang Seng Investment Management 11,747 - 8 - 11,755 3.3%

Fortune SGAM Fund Management 67 10,540 - - 10,608 3.0%

Samsung Asset Management 8,318 2,059 112 67 10,557 3.0%

China Asset Management 9,168 217 - - 9,385 2.6%

Yuanta Securities Inv trust Co Ltd. 5,843 725 317 20 6,905 1.9%

Mirae Asset MAPS Global Investments 3,996 802 205 58 5,062 1.4%

Yinhua Fund Management 14 5,029 - - 5,043 1.4%

China Southern Fund Management Co Ltd 3,081 1,696 - - 4,778 1.3%

DIAM Asset Management 4,708 - - - 4,708 1.3%

Vanguard 3,419 695 - - 4,114 1.2%

E Fund Management 3,193 440 212 - 3,845 1.1%

Huaan Fund Management 2,639 101 946 - 3,686 1.0%

Huatai-PineBridge Fund Management Co 2,930 406 - - 3,336 0.9%

China Universal Asset Management Co 2,294 671 - - 2,965 0.8%

CSOP Asset Management 2,754 44 14 - 2,812 0.8%

Harvest Fund Management Co 2,724 55 - - 2,780 0.8%

BetaShares Capital Ltd 1,207 902 83 431 2,623 0.7%

Fubon Securities Investment Trust Co 2,114 - - 31 2,146 0.6%

Reliance Capital Asset Management 1,872 3 - - 1,875 0.5%

KB Asset Management 981 520 - 46 1,547 0.4%

Simplex Asset Management Co Ltd 1,006 - 342 - 1,349 0.4%

CCB Principal Asset Management Co Ltd. 31 1,276 - - 1,307 0.4%

Smartshares Ltd 878 316 - - 1,194 0.3%

Hanwha Investment Trust Management 856 319 - 18 1,193 0.3%

Korea Investment Trust Mg 876 112 27 - 1,014 0.3%

GF Fund Management Co Ltd 911 90 - - 1,000 0.3%

NZAM 959 - - - 959 0.3%

Woori Asset Management 581 253 - 66 899 0.3%

HFT Investment Management Co Ltd 10 862 - - 872 0.2%

SBI Funds Management 667 3 155 - 826 0.2%

Dacheng Fund Management Co Ltd 108 681 - - 789 0.2%

Fullgoal Fund Management Co 21 739 - - 760 0.2%

Goldman Sachs 206 83 432 - 722 0.2%

Guotai Asset Management Co Ltd 613 48 56 - 716 0.2%

Total (Top 40) 305,300 35,144 3,256 737 344,436 96.8%

Current Month AUM (US$ Million)



10 May 2017


Figure 51: ETP AUM (US$ Million) ranking by Local Issuer – Contd.

Issuer EquityFixed

Income

Commo-

dityOther Total

Mkt

Share %

Kyobo AXA Investment Mg Co Ltd 515 156 - - 671 0.19%

China Merchants Fund Management Co 27 625 - - 652 0.18%

Sumitomo Mitsui Asset Management 631 - - - 631 0.18%

Mitsubishi UFJ Trust and Banking Corporation - - 624 - 624 0.18%

UTI Asset Management 528 - 71 - 599 0.17%

BOCI - Prudential Asset Man Ltd 523 - - - 523 0.15%

Bosera Fund Management Co Ltd 137 306 42 - 485 0.14%

Van Eck Funds 478 - - - 478 0.13%

Russell Investments 272 183 - - 456 0.13%

ETF Securities - - 422 - 422 0.12%

Penghua Fund Management Co Ltd 23 377 - - 400 0.11%

Cathay Securities Investment Trust 356 33 - - 388 0.11%

HSBC Inv Funds Ltd/Hong Kong - 353 - - 353 0.10%

AmInvestment Services Berhad/Malaysia 1 339 - - 340 0.10%

Indo Premier Securities 245 - - - 245 0.07%

UBS 242 - - - 242 0.07%

BMO Global Asset Management 125 110 - - 235 0.07%

China Life AMP Asset Management Co 35 188 - - 224 0.06%

Kotak Mahindra Asset Man 43 - 158 - 201 0.06%

Fuh-Hwa Securities Investment Trust 196 - - - 196 0.06%

Prudential ICICI Asset Management 165 - 17 - 182 0.05%

Kiwoom Asset Management Co Ltd 68 - - 100 168 0.05%

CSC Investment Trust 164 - - - 164 0.05%

Invesco Great Wall Fund Management Co. Ltd 149 14 - - 164 0.05%

LIC Nomura MF Asset Management Co 148 12 - - 160 0.04%

Kokusai Asset Management Co Ltd - - - 158 158 0.04%

Value Partners 54 - 96 - 150 0.04%

Horizons ETFs 145 - - - 145 0.04%

Rakuten Investment Management 131 - - - 131 0.04%

HDFC Asset Management Co Ltd 42 - 78 - 120 0.03%

i-VCAP Management 100 - - - 100 0.03%

Rongtong Fund Management - 87 - - 87 0.02%

Ping An Asset Management - 87 - - 87 0.02%

ANZ Asset Management 72 - 10 0 82 0.02%

One Asset Management Ltd 82 - - - 82 0.02%

BOCOM Schroders 76 - - - 76 0.02%

Essence Asset Management - 72 - - 72 0.02%

Passive Funds Management Ltd 68 - - - 68 0.02%

ICBC Credit Suisse Asset Management 66 - - - 66 0.02%

Amundi 56 - - - 56 0.02%

CIMB-GK Securities Pte Ltd 54 - - - 54 0.02%

Yurie Asset Management 42 - - - 42 0.01%

Birla Sun Life Asset Management Co 30 - 11 - 41 0.01%

Midas Asset Management Co 37 - - - 37 0.01%

Enhanced Investment Products Limited 36 - - - 36 0.01%

Dongbu Asset Management 36 - - - 36 0.01%

Lion Fund Management Co Ltd 36 - - - 36 0.01%

Motilal Oswal Mutual Fund 30 - - - 30 0.01%

Bangkok Capital Asset Management 29 - - - 29 0.01%

Zhongrong Fund Management Co Ltd - 29 - - 29 0.01%

Axis Asset Management - - 28 - 28 0.01%

Haitong International 27 - - - 27 0.01%

UOB Asset Management Ltd 24 - - - 24 0.01%

Phillip Capital Management 24 - - - 24 0.01%

Total 311,670 38,116 4,813 995 355,593 100%




10 May 2017


Figure 52: ETP AUM (US$ Million) ranking by Local Issuer – Completion

Issuer EquityFixed

Income

Commo-

dityTotal

Mkt

Share %

Krung Thai Asset Management 14 - 10 - 24 0.01%

First Metro Asset Management 24 - - - 24 0.01%

Mega International Investment Trust Co Ltd/Taiwan 21 - - - 21 0.01%

GTJA Allianze Fund Management Co 21 - - - 21 0.01%

Viet Fund Management 20 - - - 20 0.01%

Heungkuk Asset Management 18 - - - 18 0.01%

Paradigm Asset Management Co Ltd - - 18 - 18 0.01%

UBS Hana Asset Management Co Ltd 17 - - - 17 0.00%

Wanjia Asset Management 17 - - - 17 0.00%

Tebon Fund Management - 16 - - 16 0.00%

IDBI Asset Management - - 16 - 16 0.00%

BNP Paribas 15 - - - 15 0.00%

Yuanda Chinese Holdings Ltd 13 - - - 13 0.00%

Ping An of China Asset Management 13 - - - 13 0.00%

Lippo Investments Management 11 - - - 11 0.00%

Quantum Asset Management 1 - 9 - 10 0.00%

Religare Mutual Fund 0 - 7 - 7 0.00%

Enhanced Investment Products Ltd 6 - - - 6 0.00%

Thanachart Fund Management - - 5 - 5 0.00%

SinoPac Securities Investment Trust Co 5 - - - 5 0.00%

Bank of China Investment Management 3 - - - 3 0.00%

TMB Asset Management 2 - - - 2 0.00%

Canara Robeco - - 2 - 2 0.00%

Edelweiss Asset Management 1 - - - 1 0.00%

Mizuho Asset Management Co Ltd - - 1 - 1 0.00%

AMP - - - - - 0.00%

Lyxor - - - - - 0.00%

Bahana TCW Investment Management - - - - - 0.00%

Tong Yang Investment Trust Mg - - - - - 0.00%

Daishin Investment Trust Mg - - - - - 0.00%

Deutsche AM - - - - - 0.00%

Hyundai Investments - - - - - 0.00%

KTB Asset Management Co Ltd/Korea - - - - - 0.00%

China International Capital Corp/Hon - - - - - 0.00%

Prudential Asset Management Company Ltd. - - - - - 0.00%

KDB Asset Management Co Ltd/Korea - - - - - 0.00%

India Infoline Asset Management Co - - - - - 0.00%

Kasikorn Asset Management - - - - - 0.00%

CMS Asset Management HK Co Ltd - - - - - 0.00%

BBL Asset Management Co - - - - - 0.00%

Chimaera Capital Ltd - - - - - 0.00%

Changsheng Fund - - - - - 0.00%

China International Fund Mgmt - - - - - 0.00%

Maybank Asset Management Thailand Co Ltd - - - - - 0.00%

ComStage - - - - - 0.00%

Pinnacle Investments - - - - - 0.00%

Total ( All Local Issuers) 311,892 38,132 4,880 995 355,898 100%




10 May 2017


The Foreign Issuer AUM ranking includesthe AUM of all products cross listed in theAsia-Pacific Region, with a domicile regionoutside Asia-Pacific (e.g. the US or Europe).

Figure 53: ETP AUM (US$ Million) ranking by Foreign Issuer

Issuer EquityFixed

IncomeCommodity Total

Mkt

Share %

BlackRock 301,971 7,700 - - 309,671 40.3%

State Street 268,569 3,913 34,736 - 307,219 40.0%

Vanguard 98,510 695 - - 99,205 12.9%

Deutsche AM 25,502 2,514 - - 28,016 3.6%

ETF Securities - - 10,335 - 10,335 1.3%

Lyxor 5,908 - 1,017 - 6,924 0.9%

UBS 6,798 - - - 6,798 0.9%

BNP Paribas 15 - 95 - 110 0.0%

ComStage 97 - - - 97 0.0%

Total ( All Foreign Issuers) 707,370 14,822 46,183 - 768,375 100%




10 May 2017


7. ETP - Net FlowsInvestment Focus

Figure 54: ETP Net Flows (US$ Million) by Investment Focus – Equity

Investment Focus - EquityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Developed Markets 174 0.1% 10,444 5.1% 25,146 13.8%

Emerging Markets (428) -0.9% (1,865) -3.6% (3,628) -7.3%

Global Markets (68) -4.8% (191) -12.3% (140) -10.7%

Sectors 385 3.6% 109 1.0% 862 8.6%

Capitalization 12 1.2% 72 8.0% 199 27.1%

Strategy (807) -4.4% 877 5.1% 877 5.6%

Style 81 1.6% 29 0.6% 485 10.8%

Thematic (86) -1.2% (767) -9.7% 768 13.1%

Total (736) -0.2% 8,708 2.9% 24,569 9.1%

Current Month Prev. Month YTD


Figure 55: ETP Net Flows (US$ Million) by Investment Focus – Fixed Income

Investment Focus - Fixed IncomeNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Sovereign 128 1.7% (28) -0.4% 595 8.8%

Corporates 2 0.1% 5 0.3% (13) -0.9%

Money Market 2,493 9.8% (2,790) -9.8% (2,403) -8.0%

Overall 2 0.1% 48 4.1% 101 9.5%

Total 2,624 7.4% (2,765) -7.2% (1,720) -4.4%



Figure 56: ETP Net Flows (US$ Million) by Investment Focus – Commodity

Investment Focus - CommodityNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Precious Metals (214.2) -5.6% (72.2) -1.8% (239.6) -6.6%

Overall - n.a (0.8) -9.7% (0.8) -10.5%

Energy (83.8) -6.9% 124.2 10.7% (33.9) -2.7%

Agriculture 22.5 40.3% 1.7 3.0% 25.5 51.2%

Industrial Metals 1.5 9.3% 0.5 3.3% 2.9 23.1%

Total (274) -5.3% 54 1.0% (246) -5.0%




10 May 2017


Sub Segment

Figure 57: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Developed Markets

Investment Focus

Developed Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Australia 58 1.0% 337 6.6% 154 3.1%

Hong Kong (118) -0.7% 12 0.1% (606) -3.6%

Japan 217 0.1% 10,047 5.6% 25,401 16.1%

New Zealand 2 1.2% 3 1.7% 4 2.2%

Singapore (4) -0.8% (8) -1.5% 11 2.3%

Asia Pacific 155 0.1% 10,391 5.1% 24,963 13.8%

US 7 2.2% (2) -0.5% 7 2.2%

UK - 0.0% - 0.0% - 0.0%

Germany (0) -1.2% (1) -3.9% (4) -11.2%

Global broad indices 13 1.0% 56 4.7% 180 17.9%

DM Total 174 0.1% 10,444 5.1% 25,146 13.8%



Figure 58: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Emerging Markets

Investment Focus

Emerging Markets - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

China (28) -0.1% (878) -2.3% (1,737) -4.7%

India 10 0.4% 88 4.3% 196 11.2%

Indonesia 1 1.8% (13) -18.5% 5 10.5%

Malaysia - 0.0% - 0.0% - 0.0%

Philippines 2 6.3% 0 0.5% 4 15.4%

South Korea (414) -4.7% (1,101) -11.6% (2,057) -22.7%

Taiwan 4 0.3% 27 1.9% (42) -3.0%

Thailand - 0.0% 1 0.9% (4) -3.7%

Vietnam - 0.0% - 0.0% - 0.0%

Asia Pacific broad - 0.0% - 0.0% - 0.0%

Asia Pacific (425) -0.9% (1,877) -3.7% (3,635) -7.4%

Brazil 0 0.0% (0) 0.0% (5) -14.2%

LATAM broad - 0.0% - 0.0% - 0.0%

Latin America 0 0.0% (0) 0.0% (5) -13.1%

Russia (3) -10.6% 9 40.1% 6 24.4%

South Africa 0 0.1% (0) 0.0% (0) 0.0%

Global broad indices 1 0.5% 3 1.9% 6 4.2%

EM Total (428) -0.9% (1,865) -3.6% (3,628) -7.3%

YTDCurrent Month Prev. Month



10 May 2017


Figure 59: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Equity – Others

Investment Focus

Sub segments - Equity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Consumer Discretionary 7 2.5% 5 1.7% (4) -1.5%

Consumer Staples (3) -0.5% (5) -0.9% (13) -2.6%

Energy (1) -1.0% 2 1.6% 7 8.6%

Financials 143 9.8% (114) -7.1% 31 2.1%

Healthcare 18 3.9% 5 1.2% 85 22.7%

Industrials 16 8.7% (16) -8.1% (9) -4.7%

Information Technology 41 13.5% 24 8.9% 79 33.1%

Materials 1 0.6% (12) -5.5% 2 0.8%

Real Estate 159 2.3% 224 3.2% 687 10.7%

Telecommunication Services 2 23.3% 0 0.0% (2) -15.9%

Utilities 0 0.0% (0) -1.4% (1) -13.0%

Overall 1 0.8% (3) -1.9% (1) -0.4%

Sector 385 3.6% 109 1.0% 862 8.6%

Large Cap 12 1.8% 63 10.3% 186 39.7%

Mid Cap 0 0.3% (0) -0.1% 0 0.0%

Small Cap (1) -0.4% 9 5.6% 13 8.7%

Capitalization 12 1.2% 72 8.0% 199 27.1%

Short (1,065) -16.5% 239 3.8% 90 1.7%

Leveraged 308 3.9% 573 7.9% 370 5.1%

Leveraged Short (53) -2.1% (12) -0.5% 284 13.1%

Quantitative 15 2.3% 47 7.8% 68 12.1%

Fundamental (13) -2.0% 30 4.6% 64 11.8%

Strategy (807) -4.4% 877 5.1% 877 5.6%

Growth 24 2.6% (128) -11.9% 9 1.0%

Value 0 0.2% (2) -0.7% (6) -2.7%

Dividend 57 1.4% 158 4.2% 481 14.5%

Style 81 1.6% 29 0.6% 485 10.8%

Sustainability 1 0.8% (21) -15.9% 47 77.3%

Commodities (9) -20.9% 3 7.3% (1) -3.0%

Other Theme (78) -1.1% (749) -9.6% 722 12.5%

Thematic (86) -1.2% (767) -9.7% 768 13.1%

Total (415) -1.0% 320 0.8% 3,191 8.7%




10 May 2017


Figure 60: ETP Net Flows (US$ Million) by Investment Focus Sub Segment – Commodity

Investment Focus

Sub Segment - Commodity

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Overall

Overall - 0.0% (1) -9.7% (1) -10.5%

Agriculture

Overall 4 7.0% 2 3.2% 8 17.1%

Corn - n.a - n.a - n.a

Soybeans 19 491.3% - 0.0% 18 375.8%

Wheat - n.a - n.a - n.a

Grains - n.a - n.a - n.a

Energy

Overall - n.a - n.a - n.a

Crude Oil (84) -6.9% 124 10.7% (34) -2.7%

Oil & Gas - n.a - n.a - n.a

Natural Gas - n.a - n.a - n.a

Industrial Metals

Overall - 0.0% - 0.0% - 0.0%

Copper 1 11.4% 0 4.0% 3 28.7%

Precious Metals

Overall - 0.0% - 0.0% - 0.0%

Gold (213) -5.9% (71) -1.9% (237) -7.0%

Palladium - 0.0% - 0.0% - 0.0%

Platinum 0 0.0% (2) -2.0% (5) -5.0%

Silver (1) -0.7% 1 1.3% 3 2.7%

Total (274) -5.3% 53 1.0% (246) -5.0%

YTDPrev. MonthCurrent Month



10 May 2017


Issuer

Figure 61: ETP inflows (US$ Million) by Issuer – Top 10

Issuer Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUMYinhua Fund Management 1,319 35.5% (499) -11.8% 1,570 46.2%

Fortune SGAM Fund Management 1,075 11.3% (1,821) -16.0% 1,558 17.3%

Huatai-PineBridge Fund Management 261 8.4% (13) -0.4% (177) -5.2%

CCB Principal Asset Management C 218 20.0% 100 10.1% 493 61.2%

China Merchants Fund Management 149 29.5% (83) -14.1% 268 70.5%

China Southern Fund Management 115 2.4% (85) -1.7% (1,684) -26.2%

Dacheng Fund Management Co Ltd 110 16.1% 127 23.0% 234 42.6%

Samsung Asset Management 73 0.7% (518) -4.8% (954) -9.1%

BetaShares Capital Ltd 67 2.6% 84 3.4% 315 14.1%

KB Asset Management 58 3.8% (2) -0.1% (293) -17.1%

Total Top 10 (Inflows) 3,445 9.0% (2,709) -7.1% 1,330 3.5%



Figure 62: ETP outflows (US$ Million) by Issuer – Top 10

IssuerNet

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Net

Cashflow

% of

AUM

Nomura Asset Management (271) -0.3% 3,725 4.1% 10,361 13.0%

Daiwa Asset Management (254) -0.6% 2,899 7.5% 5,676 16.6%

E Fund Management (99) -2.5% (307) -7.1% (655) -15.1%

BlackRock (90) -0.7% (78) -0.6% 3 0.0%

CSOP Asset Management (80) -2.8% 77 2.7% 64 2.4%

Simplex Asset Management Co Ltd (78) -5.4% 5 0.3% (101) -6.9%

China Universal Asset Management (77) -2.5% (248) -7.3% (457) -13.5%

Fullgoal Fund Management Co (73) -8.8% (406) -32.7% (1,650) -68.9%

Rongtong Fund Management (72) -45.4% 116 265.8% (174) -67.0%

Bosera Fund Management Co Ltd (71) -12.8% (102) -15.5% (806) -63.3%

Total Top 10 (Outflows) (1,166) -0.8% 5,680 4.5% 12,263 9.7%




10 May 2017


Index Provider

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

(1,400) (1,200) (1,000) (800) (600) (400) (200) - 200 400 600

Nikkei

HSIL

FTSE

KRX

Maekyung FnGuide

Nasdaq OMX

MSCI

Other

CSI

Topix

Net Cashflow (US$ Million)

Source: Deutsche Bank, Bloomberg Finance LP..

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

(500) - 500 1,000 1,500 2,000 2,500 3,000

SSE

CSI

Maekyung FnGuide

Citigroup

UBS

Deutsche Bank

Markit iBoxx

Barclays

KRX

S&P Dow Jones

Other




10 May 2017


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

(200) (150) (100) (50) - 50

Commodity

S&P Dow Jones

UBS

Other

Nikkei




10 May 2017


Underlying Index/Security

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

- 100 200 300 400

Nikkei 225 Leveraged Index

Tokyo Stock Exchange REIT Index

MSCI Australia 200

CSI 300 Index

TOPIX Banks Index

CSI 500 Index

TSE REIT Index

JPX Nikkei Index 400

F-KOSPI 200 Index

TOPIX

Inflow (US$ Million)


Figure 67: ETP outflows (US$ Million) by UnderlyingIndex – Equity (Top 10)

(1,200) (1,000) (800) (600) (400) (200) -

TOPIX-17 Steel & Nonferrous

Taiwan Top 50 Index

SSE All Securities Company Index

CSI Shanghai SOE Index

Hang Seng China Enterprise Index

FTSE China A50 Index

Hang Seng Index

KOSPI 200 Index

Nikkei 225

Nikkei 225 Inverse Index

Outflow (US$ Million)


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

- 500 1,000 1,500 2,000 2,500 3,000

Barclays Global Aggregate Corporate Bond …

KAP Money Market Credit Index

Citigroup World Government Bond Index

Bloomberg Barclays US Treasury 20+ Year …

MK Korea Monetary Stabilization Index

30 day Bank Bill Swap Rate

S&P US Treasury Bond Futures Excess Return …

ICE U.S. Treasury 20+ Year Bond Index

China PBOC Benchmark Notice Deposit 7 Day

Other



Figure 69: ETP outflows (US$ Million) by UnderlyingIndex – Fixed Income

-80 -70 -60 -50 -40 -30 -20 -10 0

MaeKyung Money Market TR Index

KAP Barbell Index

Citi Chinese Government and Policy Bank Bond …

Citi US Treasury Select Index - JIT 7-10 Years …

KOBI Half Credit Index

CSI Gilt -Edged Medium Term Treasury Bond …

KAP Money Market Index

SSE 5-Year China Treasury Note Index

KRW Cash Plus Index

KRW Cash Index TR



Figure 70: ETP inflows (US$ Million) by Underlying Index/Security – Commodity

0 5 10 15 20

Nikkei-TOCOM Platinum Index

S&P GSCI Gold 1X Inverse Index

ER

S&P GSCI Soybeans TR

S&P GSCI North American

Copper Index TR

S&P GSCI Agriculture Enhanced

Select Index

S&P GSCI Soybeans ER Index



Figure 71: ETP outflows (US$ Million) by UnderlyingIndex/Security – Commodity

-250 -200 -150 -100 -50 0

S&P GSCI Crude Oil Index

S&P GSCI Sliver TR Index

S&P WCI Gold Excess Return Index

UBS Bloomberg Constant Maturity Commodity …

S&P GSCI Gold Index

S&P GSCI Gold Excess Return Index

S&P GSCI Crude Oil Enhanced Index

S&P GSCI Crude Oil Excess Reurn Index

S&P GSCI Crude Oil 2X Leveraged Index ER

Commodity Gold




10 May 2017


8. ETP - Turnover

Investment Focus

Figure 72: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity


Investment Focus - Equity TurnoverMkt


%


%

Turnover

Size 198 0.3% 209 (12) -5.6% 162 36 21.9%

Regional 359 0.6% 504 (145) -28.8% 234 125 53.4%

Style 707 1.1% 962 (255) -26.5% 2,342 (1,635) -69.8%

Sector 692 1.1% 678 14 2.0% 613 79 12.9%

Country 26,090 41.8% 31,810 (5,720) -18.0% 27,963 (1,873) -6.7%

Strategy 34,138 54.7% 30,995 3,142 10.1% 51,345 (17,207) -33.5%

Thematic 220 0.4% 348 (127) -36.6% 156 65 41.5%

Total 62,404 100% 65,507 (3,103) -4.7% 82,815 (20,411) -24.6%



Figure 73: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income TurnoverMkt


%


%

Turnover

Sovereign 1,896 2.1% 2,032 (136) -6.7% 1,379 517 37.5%

Corporates 70 0.1% 34 36 104.7% 33 37 113.3%

Money Market 87,679 97.7% 123,628 (35,950) -29.1% 109,661 (21,982) -20.0%

Overall 117 0.1% 173 (57) -32.7% 77 40 51.6%

Total 89,762 100% 125,868 (36,106) -28.7% 111,150 (21,388) -19.2%

Change from 2016MoM ChangeCurrent Month



10 May 2017


Figure 74: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity TurnoverMkt


%


%

Turnover

Precious Metals 3,750 90.1% 3,497 253 7.2% 2,186 1,565 71.6%

Overall 0 0.0% 0 (0) -26.1% 0 (0) -29.9%

Energy 396 9.5% 517 (121) -23.3% 607 (210) -34.7%

Agriculture 14 0.3% 7 7 91.8% 6 7 116.4%

Industrial Metals 3 0.1% 12 (10) -77.7% 2 0 18.2%

Total 4,163 100% 4,034 129 3.2% 2,802 1,362 48.6%

MoM ChangeCurrent Month Change from 2016



10 May 2017


Sub Segment

Figure 75: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityTurnover

Mkt


%


%

Turnover

Country

Asia Pac Developed 10,337 16.6% 13,426 (3,089) -23.0% 9,144 1,193 13.0%

Developed non-Asia Pac 77 0.1% 154 (77) -50.2% 90 (13) -14.7%

Emerging Country 15,676 25.1% 18,230 (2,554) -14.0% 18,728 (3,052) -16.3%

Regional

Asia Pacific 12 0.0% 9 3 33.2% 10 1 13.3%

Asia Pacific ex-Japan 41 0.1% 250 (209) -83.7% 38 2 6.2%

Emerging Markets 24 0.0% 35 (10) -30.2% 22 2 10.7%

Eurozone 0 0.0% 0 (0) -88.3% 0 (0) -82.0%

Europe 40 0.1% 46 (6) -13.6% 41 (1) -2.4%

Global 241 0.4% 162 79 49.1% 121 120 99.0%

Greater China 1 0.0% 3 (1) -50.5% 1 0 7.8%

Sector

Global 18 0.0% 48 (30) -62.7% 23 (5) -21.5%

Other Sector 81 0.1% 91 (10) -11.4% 60 21 35.1%

Asian Country 594 1.0% 540 54 10.0% 531 63 11.9%

Size

Large Cap 178 0.3% 179 (1) -0.6% 144 34 23.4%

Mid Cap 9 0.0% 11 (2) -16.0% 5 4 83.8%

Small Cap 10 0.0% 19 (9) -46.2% 13 (2) -19.2%

Style

Growth 428 0.7% 631 (203) -32.1% 2,055 (1,626) -79.2%

Value 9 0.0% 7 3 38.5% 15 (6) -37.1%

Dividend 270 0.4% 324 (54) -16.8% 273 (3) -1.1%

Strategy

Short 2,199 3.5% 2,428 (229) -9.4% 3,778 (1,579) -41.8%

Leveraged 25,067 40.2% 22,896 2,171 9.5% 40,246 (15,179) -37.7%

Quantitative 37 0.1% 44 (8) -17.3% 26 11 42.2%

Fundamental 36 0.1% 48 (12) -25.0% 52 (16) -30.6%

Thematic

Sustainability 18 0.0% 39 (21) -53.3% 2 16 713.1%

Commodities 13 0.0% 24 (12) -47.3% 9 3 35.9%

Other Theme 189 0.3% 285 (95) -33.4% 144 45 31.5%

Total 62,404 100% 65,507 (3,103) -4.7% 82,815 (20,411) -24.6%




10 May 2017


Figure 76: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityTurnover

Mkt


%


%

Turnover

Overall

Overall 0.34 0.0% 0.46 (0.12) -26.1% 0.46 (0.12) -26.4%

Overall ex Energy 0.00 0.0% - 0.00 n.a. 0.02 (0.02) -99.5%

Overall Light Energy - 0.0% - - n.a. - - n.a

Agriculture

Overall 6.02 0.1% 5.83 0.19 3.2% 4.79 1.23 25.7%

Corn 0.09 0.0% 0.14 (0.05) -36.0% 0.28 (0.19) -67.3%

Soybeans 6.75 0.2% 0.30 6.45 2172.5% 0.43 6.31 1460.0%

Wheat 0.65 0.0% 0.75 (0.10) -13.3% 0.76 (0.11) -14.6%

Grains 0.10 0.0% 0.07 0.03 35.7% 0.03 0.07 243.6%

Energy

Overall 0.00 0.0% 0.00 (0.00) -77.2% 0.03 (0.03) -99.3%

Crude Oil 396.19 9.5% 516.83 (120.64) -23.3% 606.52 (210.33) -34.7%

Oil & Gas - 0.0% - - n.a. - - n.a

Gasoline 0.00 0.0% 0.00 (0.00) -83.2% 0.02 (0.02) -99.3%

Natural Gas 0.30 0.0% 0.27 0.03 10.1% 0.34 (0.04) -12.0%

Industrial Metals

Overall 0.16 0.0% 4.86 (4.70) -96.8% 0.12 0.04 33.6%

Copper 2.58 0.1% 7.39 (4.81) -65.1% 2.19 0.39 17.8%

Nickel 0.00 0.0% 0.02 (0.02) -90.8% 0.01 (0.01) -73.3%

Precious Metals

Overall 1.29 0.0% 5.57 (4.28) -76.8% 0.71 0.58 82.7%

Gold 3,733.53 89.7% 3,469.79 263.73 7.6% 2,148.09 1,585.44 73.8%

Palladium 0.40 0.0% 1.16 (0.76) -65.4% 0.60 (0.20) -32.9%

Platinum 7.16 0.2% 9.28 (2.13) -22.9% 18.13 (10.97) -60.5%

Silver 7.82 0.2% 11.13 (3.31) -29.8% 18.07 (10.26) -56.7%

Total 4,163 100% 4,034 129 3.2% 2,802 1,362 48.6%




10 May 2017


Exchange

Figure 77: ETP Monthly Turnover (US$ Million) by Exchange


Exchange Name TurnoverMkt


%


%

Turnover

China - Shanghai 86,337.47 55.0% 117,241.62 (30,904.15) -26.4% 110,549.89 (24,212.43) -21.9%

Japan - Osaka 19,636.77 12.5% 18,225.58 1,411.19 7.7% 33,440.47 (13,803.70) -41.3%

Korea - KSE 14,540.78 9.3% 14,633.38 (92.60) -0.6% 13,938.86 601.92 4.3%

Hong Kong - HKE 12,776.76 8.1% 16,702.45 (3,925.68) -23.5% 10,812.17 1,964.59 18.2%

China - Shenzhen 11,136.91 7.1% 16,619.95 (5,483.04) -33.0% 9,929.48 1,207.43 12.2%

Japan - Tokyo SE 8,684.34 5.5% 6,980.92 1,703.42 24.4% 12,279.19 (3,594.85) -29.3%

Taiwan - TSEC 2,190.01 1.4% 2,817.85 (627.84) -22.3% 4,369.63 (2,179.62) -49.9%

Australia - ASX 1,214.55 0.8% 1,905.04 (690.49) -36.2% 1,346.94 (132.39) -9.8%

India - NSE 352.97 0.2% 704.21 (351.24) -49.9% 409.98 (57.01) -13.9%

Singapore - SGX 157.90 0.1% 252.81 (94.91) -37.5% 194.69 (36.80) -18.9%

New Zealand - NZ 12.02 0.0% 11.98 0.04 0.4% 14.73 (2.70) -18.3%

Thailand - SET 2.17 0.0% 3.14 (0.97) -30.9% 6.75 (4.57) -67.8%

Vietnam - HOSE 1.24 0.0% 0.16 1.08 657.3% 0.61 0.64 104.6%

Philippines - PSE 0.97 0.0% 0.60 0.36 60.5% 1.22 (0.26) -21.0%

Malaysia - Kuala Lumpur 0.18 0.0% 0.27 (0.09) -34.0% 0.31 (0.13) -41.2%

India - Bombay 0.13 0.0% 0.22 (0.09) -41.9% 0.42 (0.29) -69.2%

Indonesia - Jakarta 0.13 0.0% 0.25 (0.12) -48.5% 0.07 0.06 85.6%

Japan - Nagoya 0.08 0.0% 0.06 0.03 42.1% 0.06 0.03 47.1%

Total 157,045 100% 196,100 (39,055) -19.9% 197,295 (40,250) -20.4%




10 May 2017


Issuer

Figure 78: ETP Monthly Turnover (US$ Million) by Top 40 Issuer


Issuer TurnoverMkt


%


%

Turnover

Fortune SGAM Fund Management 36,684 23.4% 51,739 (15,056) -29.1% 37,708 (1,024) -2.7%

Nomura Asset Management 23,931 15.2% 21,387 2,543 11.9% 38,168 (14,237) -37.3%

Yinhua Fund Management 23,190 14.8% 31,127 (7,937) -25.5% 22,323 867 3.9%

Samsung Asset Management 8,584 5.5% 9,023 (439) -4.9% 9,463 (878) -9.3%

China Universal Asset Management Co 8,052 5.1% 5,614 2,438 43.4% 8,700 (648) -7.4%

State Street 6,854 4.4% 10,105 (3,251) -32.2% 4,281 2,573 60.1%

China Southern Fund Management Co Ltd 4,491 2.9% 6,111 (1,620) -26.5% 10,752 (6,261) -58.2%

E Fund Management 4,075 2.6% 12,445 (8,370) -67.3% 9,254 (5,178) -56.0%

Mirae Asset MAPS Global Investments 4,037 2.6% 3,416 621 18.2% 2,402 1,634 68.0%

Dacheng Fund Management Co Ltd 3,624 2.3% 5,331 (1,708) -32.0% 702 2,922 416.4%

CCB Principal Asset Management Co Ltd. 3,408 2.2% 3,403 5 0.2% 436 2,972 681.6%

Huaan Fund Management 3,347 2.1% 3,060 288 9.4% 2,387 960 40.2%

Hang Seng Investment Management 2,948 1.9% 4,216 (1,269) -30.1% 2,501 446 17.8%

China Asset Management 2,748 1.7% 2,496 252 10.1% 3,169 (421) -13.3%

Simplex Asset Management Co Ltd 2,185 1.4% 1,856 329 17.7% 4,502 (2,317) -51.5%

Fullgoal Fund Management Co 2,134 1.4% 4,371 (2,237) -51.2% 7,550 (5,416) -71.7%

China Merchants Fund Management Co 1,491 0.9% 1,693 (202) -11.9% 1,967 (476) -24.2%

CSOP Asset Management 1,441 0.9% 1,279 162 12.7% 1,941 (500) -25.8%

Yuanta Securities Inv trust Co Ltd. 1,301 0.8% 1,621 (320) -19.8% 2,552 (1,252) -49.0%

Huatai-PineBridge Fund Management Co 1,220 0.8% 1,351 (131) -9.7% 2,485 (1,266) -50.9%

Penghua Fund Management Co Ltd 1,070 0.7% 1,509 (439) -29.1% 3,560 (2,490) -69.9%

Guotai Asset Management Co Ltd 1,028 0.7% 1,454 (426) -29.3% 1,035 (7) -0.7%

BlackRock 943 0.6% 1,553 (609) -39.2% 2,114 (1,171) -55.4%

Woori Asset Management 939 0.6% 960 (21) -2.2% 976 (37) -3.8%

Daiwa Asset Management 754 0.5% 652 102 15.6% 1,126 (372) -33.0%

Fubon Securities Investment Trust Co 695 0.4% 1,007 (312) -31.0% 1,534 (839) -54.7%

KB Asset Management 575 0.4% 524 51 9.7% 442 133 30.1%

Rakuten Investment Management 511 0.3% 401 110 27.4% 564 (53) -9.4%

Korea Investment Trust Mg 474 0.3% 375 99 26.4% 437 37 8.4%

Rongtong Fund Management 465 0.3% 304 161 52.9% 649 (184) -28.3%

Bosera Fund Management Co Ltd 456 0.3% 785 (329) -42.0% 5,420 (4,964) -91.6%

Nikko Asset Management 421 0.3% 435 (14) -3.2% 612 (191) -31.2%

BetaShares Capital Ltd 295 0.2% 361 (66) -18.4% 310 (15) -4.8%

Vanguard 277 0.2% 348 (71) -20.4% 309 (32) -10.3%

Goldman Sachs 268 0.2% 505 (237) -47.0% 383 (115) -30.1%

Hanwha Investment Trust Management 252 0.2% 271 (19) -7.0% 99 153 154.3%

Ping An Asset Management 230 0.1% 255 (25) -9.8% 68 162 240.2%

Mitsubishi UFJ Asset Mg 198 0.1% 228 (30) -13.0% 240 (41) -17.1%

Kokusai Asset Management Co Ltd 197 0.1% 139 58 42.0% 321 (125) -38.8%

Harvest Fund Management Co 161 0.1% 183 (21) -11.7% 1,347 (1,186) -88.0%

Total Top 40 155,951 99.3% 193,894 (37,943) -19.6% 194,789 (38,838) -19.9%

MoM Change Change from 2016Current Month



10 May 2017


Index Provider

Figure 79: ETP Monthly Turnover (US$ Million) by Index Provider – Equity (Top10)

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

MSCI

S&P Dow Jones

Other

Topix

FTSE

SSE

CSI

KRX

HSIL

Nikkei

Turnover (US$ Million)


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

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

CSI

Citigroup

Deutsche Bank

UBS

Maekyung FnGuide

S&P Dow Jones

Markit iBoxx

SSE

KRX

Other




10 May 2017


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

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

Reuters/Jefferies

Reuters/Jefferies

Nikkei

Other

UBS

S&P Dow Jones

Commodity




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

0 5000 10000 15000 20000

SSE 50 Index


CSI 300 Index

Nikkei 225

F-KOSPI 200 Index

Nikkei 225 Double Inverse Index


KOSPI 200 Index

Hang Seng Index

Nikkei 225 Leveraged Index




10 May 2017


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

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000


Markit iBoxx USD Liquid High Yield 0-5 Index

KRW Cash Index TR


Active

KIS MSB 5M Index

SSE 5-Year China Treasury Note Index

MK Korea Monetary Stabilization Index


Other



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

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

S&P WCI Gold Excess Return Index

S&P GSCI Crude Oil 1X Inverse Index ER

S&P GSCI Gold Index



Nomura Crude Oil Long Index




Commodity Gold




10 May 2017


9. ETP - Assets UnderManagement

Investment Focus

Figure 85: ETP AUM (US$ Million) by Investment Focus – Equity


Investment Focus - Equity AUMMkt


Size 988 0.3% 975 12 1.3% 736 252 34.2%

Regional 2,833 0.9% 2,856 (22) -0.8% 2,474 359 14.5%

Style 5,191 1.7% 5,179 12 0.2% 4,494 697 15.5%

Sector 10,959 3.5% 10,730 229 2.1% 9,973 986 9.9%

Country 267,277 85.7% 265,112 2,165 0.8% 230,053 37,223 16.2%

Strategy 17,388 5.6% 18,161 (773) -4.3% 15,758 1,630 10.3%

Thematic 7,256 2.3% 7,237 19 0.3% 5,853 1,403 24.0%

Total 311,892 100% 310,249 1,643 0.5% 269,341 42,551 15.8%



Figure 86: ETP AUM (US$ Million) by Investment Focus – Fixed Income


Investment Focus - Fixed Income AUMMkt


Sovereign 7,555 19.8% 7,417 138 1.9% 6,741 814 12.1%

Corporates 1,447 3.8% 1,482 (36) -2.4% 1,464 (17) -1.2%

Money Market 27,924 73.2% 25,511 2,413 9.5% 29,882 (1,958) -6.6%

Overall 1,206 3.2% 1,222 (15) -1.3% 1,071 135 12.6%

Total 38,132 100% 35,632 2,500 7.0% 39,158 (1,026) -2.6%




10 May 2017


Figure 87: ETP AUM (US$ Million) by Investment Focus – Commodity


Investment Focus - Commodity AUMMkt


Precious Metals 3,687 75.6% 3,846 (159) -4.1% 3,607 81 2.2%

Overall 7 0.1% 7 (0) -3.6% 8 (1) -103.4%

Energy 1,092 22.4% 1,214 (121) -10.0% 1,243 (151) -12.1%

Agriculture 77 1.6% 56 21 37.7% 50 27 54.1%

Industrial Metals 16 0.3% 16 1 4.7% 13 4 29.1%

Total 4,880 100% 5,138 (259) -5.0% 4,920 (40) -0.8%




10 May 2017


Sub Segment

Figure 88: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity


Investment Focus

Sub Segment - EquityAUM

Mkt


Country

Asia Pac Developed 217,675 69.8% 214,747 2,928 1.4% 180,333 37,342 20.7%

Developed non-Asia Pac 376 0.1% 363 14 3.8% 338 39 11.5%

Emerging Country 49,225 15.8% 50,002 (777) -1.6% 49,383 (158) -0.3%

Regional

Asia Pacific 76 0.0% 78 (1) -1.8% 68 8 12.3%

Asia Pacific ex-Japan 1,208 0.4% 1,260 (53) -4.2% 1,120 88 7.9%

Emerging Markets 186 0.1% 184 2 1.2% 160 26 16.5%

Global 1,017 0.3% 1,008 8 0.8% 911 105 11.6%

Greater China 57 0.0% 56 1 1.8% 46 11 23.1%

Sector

Other Sector 545 0.2% 544 1 0.2% 483 61 12.7%

Asian Country 10,364 3.3% 10,138 226 2.2% 9,456 909 9.6%

Size

Large Cap 691 0.2% 678 13 1.9% 470 221 47.1%

Mid Cap 126 0.0% 125 1 1.0% 116 10 9.0%

Small Cap 170 0.1% 172 (2) -1.1% 150 20 13.5%

Style

Growth 934 0.3% 935 (1) -0.1% 958 (24) -2.5%

Value 236 0.1% 237 (1) -0.5% 219 16 7.4%

Dividend 4,021 1.3% 4,007 14 0.4% 3,316 705 21.3%

Strategy

Short 5,340 1.7% 6,467 (1,127) -17.4% 5,259 81 1.5%

Leveraged 8,337 2.7% 7,845 492 6.3% 7,228 1,109 15.3%

Quantitative 679 0.2% 666 12 1.8% 566 113 20.0%

Fundamental 668 0.2% 681 (13) -1.9% 544 123 22.7%

Thematic

Sustainability 117 0.0% 115 2 1.6% 61 55 90.3%

Commodities 33 0.0% 43 (11) -24.3% 33 (0) -1.2%

Other Theme 7,107 2.3% 7,079 28 0.4% 5,758 1,348 23.4%

Total 311,892 100% 310,249 1,643 0.5% 269,341 42,551 15.8%




10 May 2017


Figure 89: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity


Investment Focus

Sub Segment - CommodityAUM

Mkt


Overall

Overall 7 0.1% 7 (0) n.a 8 (1) -9.8%

Agriculture

Overall 54 1.1% 52 2 4.4% 45 9 20.3%

Corn - 0.0% - - n.a - - n.a

Soybeans 23 0.5% 4 19 487.5% 5 18 374.9%

Wheat - 0.0% - - n.a - - n.a

Grains - 0.0% - - n.a - - n.a

Energy

Overall - 0.0% - - n.a - - n.a

Oil & Gas - 0.0% - - n.a - - n.a

Crude Oil 1,092 22.4% 1,214 (121) -10.0% 1,243 (151) -12.1%

Natural Gas - 0.0% - - n.a - - n.a

Industrial Metals

Overall 3 0.1% 3 (0) -5.4% 2 0 11.2%

Copper 14 0.3% 13 1 7.0% 10 3 33.4%

Precious Metals

Overall 8 0.2% 8 (0) -0.1% 7 1 13.3%

Gold 3,460 71.0% 3,614 (153) -4.2% 3,392 68 2.0%

Palladium 7 0.1% 7 (0) -2.6% 6 1 13.6%

Platinum 102 2.1% 103 (0) -0.4% 103 (0) -0.2%

Silver 110 2.3% 115 (5) -4.1% 99 11 10.8%

Total 4,880 100.1% 5,138 (259) -5.0% 4,920 (40) -0.8%

YTD ChangeCurrent Month MoM Change



10 May 2017


Issuer

Figure 90: ETP AUM (US$ Million) by Top 40 Local Issuer


Issuer AUMMkt


Nomura Asset Management 94,978 26.7% 94,081 897 1.0% 79,781 15,198 19.0%

Nikko Asset Management 43,731 12.3% 43,189 543 1.3% 35,341 8,391 23.7%

Daiwa Asset Management 42,017 11.8% 41,717 301 0.7% 34,148 7,869 23.0%

State Street 19,299 5.4% 19,270 29 0.2% 18,103 1,196 6.6%

Mitsubishi UFJ Asset Mg 17,538 4.9% 17,285 253 1.5% 14,028 3,510 25.0%

BlackRock 12,742 3.6% 12,780 (38) -0.3% 11,965 777 6.5%

Hang Seng Investment Management 11,755 3.3% 11,710 45 0.4% 11,503 252 2.2%

Fortune SGAM Fund Management 10,608 3.0% 9,543 1,065 11.2% 8,984 1,623 18.1%

Samsung Asset Management 10,557 3.0% 10,628 (71) -0.7% 10,472 85 0.8%

China Asset Management 9,385 2.6% 9,458 (73) -0.8% 8,991 394 4.4%

Yuanta Securities Inv trust Co Ltd. 6,905 1.9% 6,921 (16) -0.2% 5,878 1,026 17.5%

Mirae Asset MAPS Global Investments 5,062 1.4% 5,319 (257) -4.8% 4,784 277 5.8%

Yinhua Fund Management 5,043 1.4% 3,718 1,326 35.7% 3,399 1,644 48.4%

China Southern Fund Management Co Ltd 4,778 1.3% 4,745 33 0.7% 6,423 (1,646) -25.6%

DIAM Asset Management 4,708 1.3% 4,639 70 1.5% 3,823 885 23.2%

Vanguard 4,114 1.2% 4,169 (55) -1.3% 3,695 419 11.3%

E Fund Management 3,845 1.1% 3,979 (134) -3.4% 4,336 (491) -11.3%

Huaan Fund Management 3,686 1.0% 3,821 (135) -3.5% 4,096 (409) -10.0%

Huatai-PineBridge Fund Management Co 3,336 0.9% 3,099 238 7.7% 3,436 (99) -2.9%

China Universal Asset Management Co 2,965 0.8% 3,088 (122) -4.0% 3,393 (428) -12.6%

CSOP Asset Management 2,812 0.8% 2,902 (90) -3.1% 2,640 172 6.5%

Harvest Fund Management Co 2,780 0.8% 2,797 (17) -0.6% 2,844 (64) -2.2%

BetaShares Capital Ltd 2,623 0.7% 2,591 33 1.3% 2,237 386 17.3%

Fubon Securities Investment Trust Co 2,146 0.6% 2,160 (14) -0.7% 1,821 325 17.8%

Reliance Capital Asset Management 1,875 0.5% 1,743 132 7.6% 656 1,219 185.7%

KB Asset Management 1,547 0.4% 1,515 31 2.1% 1,712 (165) -9.6%

Simplex Asset Management Co Ltd 1,349 0.4% 1,438 (90) -6.2% 1,453 (104) -7.2%

CCB Principal Asset Management Co Ltd. 1,307 0.4% 1,090 217 19.9% 806 501 62.1%

Smartshares Ltd 1,194 0.3% 1,185 9 0.8% 1,110 84 7.6%

Hanwha Investment Trust Management 1,193 0.3% 1,281 (89) -6.9% 1,059 134 12.7%

Korea Investment Trust Mg 1,014 0.3% 1,057 (43) -4.1% 1,104 (90) -8.2%

GF Fund Management Co Ltd 1,000 0.3% 1,033 (33) -3.2% 839 161 19.2%

NZAM 959 0.3% 973 (13) -1.4% 916 43 4.7%

Woori Asset Management 899 0.3% 884 16 1.8% 825 74 9.0%

HFT Investment Management Co Ltd 872 0.2% 900 (28) -3.1% 872 (1) -0.1%

SBI Funds Management 826 0.2% 807 19 2.3% 707 119 16.8%

Dacheng Fund Management Co Ltd 789 0.2% 681 108 15.8% 550 239 43.5%

Fullgoal Fund Management Co 760 0.2% 834 (74) -8.9% 2,395 (1,635) -68.3%

Goldman Sachs 722 0.2% 707 15 2.2% 644 78 12.1%

Guotai Asset Management Co Ltd 716 0.2% 755 (39) -5.1% 759 (43) -5.6%

Total Top 40 344,436 96.8% 340,490 3,946 1.2% 302,528 41,908 13.9%




10 May 2017


Index Provider

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

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

MSCI

S&P …

FTSE

SSE

KRX

Other

CSI

HSIL

Topix

Nikkei

AUM (US$ Million)


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

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

SSE

Maekyung FnGuide

Citigroup

KRX

Barclays

Deutsche Bank

UBS

S&P Dow Jones

Markit iBoxx

Other

AUM (US$ Million)



10 May 2017


Figure 93: ETP AUM (US$ Million) by Index Provider – Commodity

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Nikkei

Other

UBS

S&P Dow Jones

Commodity

AUM (US$ Million)



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

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

TSE REIT Index

SSE 50 Index



KOSPI 200 Index

JPX Nikkei Index 400

CSI 300 Index

Hang Seng Index

TOPIX

Nikkei 225

AUM (US$ Million)



10 May 2017


Figure 95: ETP AUM (US$ Million) by Underlying Index – Fixed Income (Top 10)

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

iBoxx ABF Singapore Bond Index


KIS MSB 3M Index

Pledgeable urban Investment Bond Index

KRW Cash Plus Index


KRW Cash Index TR


iBoxx ABF Pan-Asia Index

Other

AUM (US$ Million)


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

- 1,000 2,000 3,000 4,000


S&P GSCI Gold Index

Commodity Silver

Commodity Platinum




Nomura Crude Oil Long Index


Commodity Gold

AUM (US$ Million)



10 May 2017


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


10 May 2017


Appendix A: Glossary


10 May 2017


Appendix B: How wedefine 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 noembedded optionality and market-wide appeal to investors. This includesexchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).

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

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

Figure 97: ETP Coverage Universe Summary


Exchange-Traded Funds (ETFs, 97.4%)US (70.4%): Fund structures that issue shares that are traded on an exchangemuch the same way as equities. ETFs indexed to equity and fixed incomebenchmarks are registered under the investment company act of 1940. Onlyphysical index replication techniques are permissible by this legislation whilesynthetic replication is not allowed.

Europe (15.5%): Fund structures that issue units or shares that are traded on anexchange much the same way as equities. The vast majorities of European ETFsare UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. TheUndertakings for Collective Investment in Transferable Securities (UCITS) are aset of European Union directives that aim to allow collective investment schemesto operate freely throughout the EU on the basis of a single authorization fromone member state. Both physical and synthetic index replication is permissible byUCITS and funds are allowed to track equity, fixed income as well as diversifiedcommodity indices.

Asia (8.9%): Both European and US ETFs are cross sold into the Asian market.

Exchange-Traded Collateralized Instruments (2.6%)

Exchange-Traded Commodities (ETCs, 0.8%)


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In Europe as UCITS III does not permit the creation of funds tracking nondiversified commodity indices (for example wheat or oil), exchange-tradedproducts that track single commodity profiles are issued under the EU ProspectusDirective in two structures that have become widely known as exchange-tradedcommodities (ETCs). ETCs can either be physically backed or they can beissued through a bankruptcy remote special purpose vehicle (SPV). Both formsutilize offshore domiciles, such as Jersey, and are classed as debt instruments.Physically-backed ETCs are fully backed with securities that closely resemble thecomposition of a product’s benchmark index. SPV structures are collateralized byassets which could bear no resemblance to those of their respective benchmarkindex and ensure replication of their index return through a total return swapstructure or by holding other derivative instruments such as futures. In the vastmajority of cases, both types of ETCs are fully collateralized with secure assetssuch as money market instruments, government bonds and gold. For moreinformation, please refer to our research report issued on March 11 2010 titled‘The race for assets in the European Exchange-Traded Products Market”.

Exchange-traded vehicles (ETVs, 1.8%)This terminology typically refers to grantor trusts that exist in the US market.These instruments track primarily commodity benchmarks. They differ fromETFs in that they are registered under the Securities Act of 1933 and not theinvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.


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Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. Aside from within this report,important conflict disclosures can also be found at https://gm/db.com/equities under the "Disclosures Lookup" and "Legal"tabs. Investors are strongly encouraged to review this information before investing.

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition,the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendationor view in this report. Ari Rajendra, Sebastian Mercado

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

Equity Rating Key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holderreturn (TSR = percentage change in share price from currentprice to projected target price plus pro-jected dividend yield ) ,we recommend that investors buy the stock.Sell: Based on a current 12-month view of total share-holderreturn, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and,based on this time horizon, do not recommend either a Buyor Sell.

Newly issued research recommendations and target pricessupersede previously published research.

Regulatory Disclosures


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1.Additional InformationInformation on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or asolicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund'sinvestment objectives, risk factors, and charges and expenses before investing. This and other information can be foundin the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is notnecessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understandthe similarities and differences between investments, including investment objectives, risks, fees and expenses, it isimportant to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange throughany brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in verylarge creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generatetax 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 itreceives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinionsexpressed 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.


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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 sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

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

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

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

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto our research is available on our website under Disclaimer found on the Legal tab.??Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto 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.


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The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be theloss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adversemacroeconomic 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 issuesrelated to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instrumentsto macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or tospecified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- byconstruction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of theproper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed toa typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledgethat 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 circumstancesincluding their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such,investors should take expert legal and financial advice before entering into any transaction similar to or inspired by thecontents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As aresult of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greaterthan the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Priorto 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 contactyour 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 bynumerous market factors, including world and national economic, political and regulatory events, events in equity anddebt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposedexchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values areaffected 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 theinvestor's home jurisdiction. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review thisinformation before investing.??United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

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

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


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

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financialinstruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, TypeII Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involvedin stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying thetransaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a resultof share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming fromforeign 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 principaland other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Beforedeciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures,prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are notregistered 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 withthe coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed accordingto the Financial Instruments and Exchange Law of Japan. Target prices set by Deutsche Bank's equity analysts are basedon a 12-month forecast period.

Korea: Distributed by Deutsche Securities Korea Co.?

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

Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers shouldindependently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank researchmay not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without written consent.Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to beconstrued as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited, Taipei Branchmay not execute transactions for clients in these securities/instruments.??Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial CentreRegulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall withinthe scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, WestBay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financialproducts or services are only available to Business Customers, as defined by the Qatar Financial Centre RegulatoryAuthority.

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 bythe Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities thatfall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al OlayaDistrict, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.??


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United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulatedby the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial servicesactivities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai InternationalFinancial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed byDeutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by theDubai Financial Services Authority.

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

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