Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
Deutsche Bank Markets Research
Asia
Synthetic Equity & Index Strategy
Asia-Pac Monthly ETF Insights
Date
10 August 2016
EM and Broad Asia Preferred while Japan and China Saw Outflows
Data in this report is as of 29th July 2016
________________________________________________________________________________________________________________
Deutsche Bank AG/Hong Kong
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 057/04/2016.
Author
Shan Lan
Strategist
(+852) 22036716
Team Contacts
Ari Rajendra
Strategist
(+44) 20 754-52282
Sebastian Mercado
Strategist
(+1) 212 250-8690
Related recent research Date
ETF Annual Review & Outlook - Strong Growth to Continue Despite Volatile Markets
21 Jan 2016
Source: Deutsche Bank
Global ETP assets grow to $3.3 trillion amid rising markets and healthy inflows Global ETP AUM was up by 5% ($157bn) last month and reached $3.3tn (11.3% increase YTD), supported by bullish markets and strong inflows. Asia-Pac listed ETPs closed the month at record high assets of $306bn. ETPs listed globally (ex-RoW) received inflows of +$53.7bn over the last month with US ETPs bringing in largest inflows (+$45.7bn), followed by Europe (+$10.6bn) while Asia-Pac ETPs experienced outflows of -$2.6bn. Global ETP flows reached +$164.5bn in total YTD (5.7% of last year end AUM).
Global investor positioning: Broad EM and DM preferred, Europe continues to retreat, outflows from Japan and China Based on July flows to ETFs listed globally with regional focus, Broad (global) EM have been most favoured receiving major inflows, followed by Broad (global) DM, which was being preferred most during H1 period. Investors continued to be bearish on Europe and redeemed heavily.
Offshore equity ETFs listed globally with investment focus in Asia-Pac received first ever positive monthly flows in July this year, although totalled only +$156mn. However on country and sub-region level, net flow directions were divergent. China and Japan focused ETFs saw major outflows recording -$850mn and -$486mn in redemptions. While broad Asian benchmarked ETFs received notable inflows of +$741mn, followed by Australia (+$443mn). It is worth highlighting that Indonesia focused offshore ETFs attracted inflows in July totalling +$120mn which is 14.5% of last month’s total assets.
Asia-Pac listed ETP Flows: Japan and gold ETPs received inflows, outflows from Chinese equity and money market ETFs After amassing +$23.4bn inflows in H1 this year, net flows for Asia listed ETPs turned negative in July totaling -$2.6bn and bringing YTD total to +$20.8bn. Fixed income and equity ETFs saw outflows of -$2.5bn and -$684mn respectively, partially offset by inflows into commodity ETPs (+$474mn). Japan ETFs attracted strong inflows of +$2.6bn while China and Taiwan ETFs recorded outflows of -$1.3bn and -$963mn. Fixed income ETF outflows were driven by China money market ETFs recording outflows of -$2.7bn over the last month. Within commodity, gold ETPs attracted notable inflows of +$435mn which were primarily gathered by China listed gold ETFs.
New launches in Asia: International equities, healthcare sector, leveraged/inverse, India and China exposures It was another busy month for Asia-Pac region with 14 new ETFs launch including 12 equity and 2 fixed income ETFs. Equity ETF new launches were around international equities, healthcare sector, leveraged/inverse, India and China exposures. One RQFII ETF was launched in Europe.
Distributed on: 08/10/2016 13:38:02GMT
10 August 2016
Asia-Pac Monthly ETF Insights
Page 2 Deutsche Bank AG/Hong Kong
Table of Contents
1. Market and Industry Overview ................................................... 3 Market review: July proves to be bullish across the globe ..................................................... 3 Global ETP assets grow to $3.3 trillion amid rising markets and healthy inflows ................... 4 ETFs vs. Mutual Funds in Asia Pac ......................................................................................... 5
2. Global ETF Investment Trends .................................................... 6 Regional positioning: Broad EM and DM preferred, Europe continue to retreat .................... 6 Global Investor positioning in Asia: Inflows to broad ETFs while outflows from China and
Japan ...................................................................................................................................... 6 China ETF Market Insights: Redemptions in July .................................................................... 8 ETF investment trends in the US and European markets ....................................................... 9
3. Asia-Pac Listed ETF Activity Summary .................................... 10 Japan and gold ETPs received inflows, outflows from Chinese equity and money market
ETFs ...................................................................................................................................... 10
4. Product Insights ......................................................................... 11 New launches – 14 ETFs launched in Asia-Pac, 1 RQFII ETF in Europe................................ 11 Low Volatility ETF momentum continues ............................................................................. 11
5. Performance and Growth .......................................................... 13 Performance and growth for ETFs listed globally with investment focus in Asia-Pac .......... 13 Top ETPs – Asia-Pac listed .................................................................................................... 15 Top ETPs – Other regions with Asia-Pac focus ..................................................................... 18
6. Asia-Pac Listed ETPs –Statistics ............................................... 22 Country Breakdown .............................................................................................................. 23 Issuer Rankings..................................................................................................................... 24
7. ETP – Net Flows ......................................................................... 31 Investment Focus ................................................................................................................. 31 Sub Segment ........................................................................................................................ 32 Issuer .................................................................................................................................... 35 Index Provider ....................................................................................................................... 36 Underlying Index/Security ..................................................................................................... 37
8. ETP – Turnover ........................................................................... 38 Investment Focus ................................................................................................................. 38 Sub Segment ........................................................................................................................ 39 Exchange .............................................................................................................................. 41 Issuer .................................................................................................................................... 42 Index Provider ....................................................................................................................... 43 Underlying Index/Security ..................................................................................................... 43
9. ETP – Assets under Management ............................................. 44 Investment Focus ................................................................................................................. 44 Sub Segment ........................................................................................................................ 45 Issuer .................................................................................................................................... 47 Index Provider ....................................................................................................................... 48 Underlying Index/Security ..................................................................................................... 48
Appendix A: Glossary .................................................................... 50
Appendix B: How we define ETPs ................................................ 51
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 3
1. Market and Industry Overview
Market review: July proves to be bullish across the globe
Post Brexit referendum in June, it was a bullish month across all the major equity markets globally in July. Within Asia-Pac region, equity markets in Japan and Australia witnessed robust return of over 6% on a month-over-month basis. Equity markets in Hong Kong, India, Taiwan and South Korea also saw notable returns. Outside Asia-Pac region, US and European markets also made a comeback with about 3.5% return last month.
Following is the snapshot of major benchmarks’ recent performance:
Benchmarks Jul - 16 (MoM)
Jun - 16 (MoM)
YTD TTM
Japan (Nikkei 225) 6.38% -9.63% -12.95% -19.51%
South Korea (KOSPI2) 3.01% 0.21% 4.62% 2.94%
China (CSI 300) 1.59% -0.49% -14.13% -16.05%
Taiwan (TWSE) 3.67% 1.53% 7.75% 3.68%
Hong Kong (HSI) 5.28% -0.10% -0.11% -11.14%
India (Sensex) 3.90% 1.24% 7.41% -0.22%
Singapore (FSSTI) 0.98% 1.79% -0.49% -10.42%
Australia (S&P/ASX 200) 6.29% -2.70% 5.03% -2.40%
US (S&P 500) 3.56% 0.09% 6.34% 3.32%
Europe (STOXX Europe 600) 3.64% -5.06% -6.54% -13.74% Source: Deutsche Bank, Bloomberg Finance LP
Figure 1: Jul-16 (MoM) benchmark performance Figure 2: YTD benchmark performance
94
97
100
103
106
109
Ind
ex
Le
ve
ls R
eb
ase
d (
10
0)
Nikkei 225
S&P/ASX 200HSI
Sensex
TWSE
STOXX Europe 600S&P 500
KOSPI2
CSI 300
FSSTI
Nikkei 225
FSSTI
75
80
85
90
95
100
105
110
Ind
ex
Le
vels
Re
bas
ed
(1
00
)
TWSE
Sensex
S&P 500
S&P/ASX 200KOSPI2
HSI
FSSTI
STOXX Europe 600Nikkei 225
CSI 300
TWSE
CSI 300
Source: Deutsche Bank, Bloomberg Finance LP
10 August 2016
Asia-Pac Monthly ETF Insights
Page 4 Deutsche Bank AG/Hong Kong
Global ETP assets grow to $3.3 trillion amid rising markets and healthy inflows
Global ETP assets closed the month at $3.3 trillion Global ETP AUM was up by 5% ($157bn) last month and reached $3.3 trillion, supported by bullish markets and strong inflows. On a year-to-date basis global ETP AUM is up by 11.3% ($335.4bn). Asia-Pac listed ETPs closed the month at record high assets of $306bn. ETPs listed globally (ex-RoW) received robust inflows of +$53.7bn over the last month with US ETPs bringing in largest inflows (+$45.7bn), followed by Europe (+$10.6bn) while Asia-Pac ETPs experienced outflows of -$2.6bn. Adding to +$110.8bn inflows collected during H1, global ETP flows total reached +$164.5bn by the end of July. On YTD basis, US ETPs brought in largest inflows (+$110.7bn), followed by Europe (+$32.9bn) and Asia-Pac (+$20.8bn). Amid market headwinds this year, risk-off assets are being preferred which is evident from fixed income (+$81.1bn) and commodity ETP flows (+$29.9bn), restricting equity ETFs at +$52.5bn.
Asia-Pac ETP AUM at a record high level Asia-Pac listed ETP assets closed the month at $306bn, highest on record level. After amassing +$23.4bn inflows in H1 this year, net flows for July turned negative totalling -$2.6bn, primarily because of China equity and money market ETFs.
Figure 3: Global ETP regional asset growth historically
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
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 90.9
Asia-Pac 34.8 39.9 42.8 49.2 61.8 52.9 67.0 84.2 91.3 136.3 168.8 202.2 283.9 306.0
Europe 20.5 33.0 51.3 91.4 131.7 144.9 243.8 309.3 297.5 368.3 415.7 458.8 506.3 558.8
US 144.4 205.8 297.8 427.1 611.8 536.7 783.5 996.8 1,046.4 1,333.5 1,677.9 1,979.2 2,113.5 2,358.0
Global 205.6 286.6 404.0 583.7 829.3 755.7 1,136.8 1,444.3 1,491.5 1,913.6 2,338.9 2,721.3 2,978.2 3,313.7
0
500
1,000
1,500
2,000
2,500
3,000
3,500
AU
M (
$b
n)
*As of last month except for RoW which is as of 3rd Aug 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 4: Global flows summary by region Figure 5: Regional flows as a % of AUM
Jul-16 Jun-16 YTD
Asia-Pac (2,592) 634 20,826
Europe 10,600 4,983 32,946
US 45,692 19,620 110,703
(20,000)
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Ne
t F
low
s ($
mn
)
Jul-16 Jun-16 YTD
US 2.0% 0.9% 5.2%
Europe 2.0% 0.9% 6.5%
Asia-Pac -0.9% 0.2% 7.3%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Ne
t F
low
s a
s a
% o
f A
UM
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 5
ETFs vs. Mutual Funds in Asia Pac
Asia-Pac ETPs comprised 6.5% of the continent’s mutual fund industry as of Q1 2016 according to mutual fund industry data published by the Investment Company Institute (ICI). This has steadily grown from 4.6% at the end of Q1 2014. US ETPs comprised 16.8% while Europe ETPs comprised 3.5% of respective region’s mutual fund industry as of Q1 2016. Within Asia-Pac, Taiwan is on the top with ETP assets accounting for 13.5% of mutual fund assets. Japan ETP assets account for 11.5% of mutual fund assets.
Figure 6: 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
ETP AUM 171,157 189,613 190,048 206,763 227,940 243,017 267,108 280,359 293,375
ETP vs Mutual Funds 4.6% 4.8% 5.0% 5.4% 5.7% 5.6% 6.6% 6.3% 6.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
ETP
vs
Mu
tual Fu
nd
s
ETP
AU
M (
$m
n)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI
Figure 7: Asia-Pac ETP vs. mutual fund flows
Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Mutual Funds 1.7% 1.4% 2.5% 3.1% 8.3% 0.5% 5.9% -0.3%
ETPs 5.8% -0.2% 1.0% 1.9% 2.0% 26.8% -1.6% 7.6%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Qu
art
erl
y F
low
s as
a %
of
AU
M($
mn
)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters, ICI
10 August 2016
Asia-Pac Monthly ETF Insights
Page 6 Deutsche Bank AG/Hong Kong
2. Global ETF Investment Trends
Regional positioning: Broad EM and DM preferred, Europe continue to retreat
Based on July flows to ETFs listed globally with regional focus, Broad (global) EM have been most favored receiving major inflows, followed by Broad (global) DM. Unlike what we observed in July, Broad (global) DM was being preferred most during H1 period. Investors continued to be bearish on Europe and redeemed heavily.
Figure 8: Broad market flows movement – Jul 2016* Figure 9: Broad market flows movement – YTD*
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Cu
mu
lati
ve F
low
s (
$b
n)
DM - Europe DM - Broad DM - Asia PacEM - Asia Pac Broad - Asia Pac EM - BroadEM - EMEA EM - LATAM
(30)
(20)
(10)
-
10
20
Cu
mu
lati
ve F
low
s (
$b
n)
DM - Europe DM - Broad DM - Asia PacEM - Asia Pac Broad - Asia Pac EM - BroadEM - EMEA EM - LATAM
*These figures includes globally listed broad market focused ETFs from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Global Investor positioning in Asia: Inflows to broad ETFs while outflows from China and Japan
Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region closed the month at $118.4bn with a MoM increase of 5.4%.
Offshore equity ETFs received first ever positive monthly flows in July this year, although totaled only +$156mn. However, on country and sub-region level, net flow directions were divergent. China and Japan focused ETFs saw major outflows recording -$850mn and -$486mn in redemptions. While broad Asian benchmarked ETFs received notable inflows of +$741mn, followed by Australia (+$443mn). It is worth highlighting that Indonesia focused offshore ETFs attracted inflows in July totaling +$120mn which is 14.5% of last month’s total assets. Indonesia focused ETF assets have grown from half a billion dollar to $1bn this year supported by healthy inflows on YTD basis (+$368mn).
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 7
Figure 10: Offshore equity ETFs listed globally with investment focus in Asia*
Investment Focus Jul-16% of
AUMJun-16 May-16 YTD
% of
AUMJul-16 Jun-16 Dec-15
Emerging Markets
Bangladesh 1 6.7% 1 0 0 1.4% 23 21 22
China -850 -2.8% 611 -1,377 -1,464 -4.2% 30,372 30,321 34,551
India 92 1.0% 23 -208 -208 -2.2% 9,777 9,165 9,479
Indonesia 120 14.5% 81 -92 368 74.4% 999 828 495
Malaysia -2 -0.6% -17 -21 94 34.5% 372 377 272
Pakistan 8 21.6% 5 1 13 46.3% 45 36 28
Philippines 16 3.7% 96 -43 93 30.7% 440 416 302
South Korea -9 -0.2% -121 -306 -314 -7.0% 4,569 4,324 4,500
Taiwan 101 3.5% 32 -224 -560 -16.4% 3,178 2,888 3,405
Thailand 58 14.7% 10 -33 153 59.9% 485 396 256
Vietnam 9 1.3% -6 -13 -49 -6.7% 706 682 733
EM Asia Broad 146 6.6% -17 85 461 24.4% 2,475 2,225 1,888
Total -312 -0.6% 700 -2,231 -1,412 -2.5% 53,441 51,680 55,930
Developed Markets
Australia 443 16.5% 35 -280 659 28.1% 3,352 2,684 2,347
Hong Kong -100 -4.5% 189 -194 -866 -28.4% 2,269 2,236 3,052
Japan -486 -1.2% -1,605 -1,891 -13,575 -22.2% 42,690 40,569 61,166
New Zealand 2 1.8% 4 12 40 54.3% 135 122 74
Singapore 13 2.2% -16 -25 -10 -1.6% 617 603 607
DM Asia Broad 486 5.9% 17 50 648 8.1% 9,303 8,244 8,053
Total 359 0.7% -1,376 -2,328 -13,104 -17.4% 58,366 54,458 75,300
Asia Broad Indices 108 1.8% -11 -124 -462 -6.9% 6,588 6,183 6,720
Grand Total 156 0.1% -687 -4,683 -14,978 -10.9% 118,395 112,320 137,950
*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 11: Flows by DM country – Jul 2016* Figure 12: Flows by DM country – YTD*
-600 -400 -200 0 200 400 600
Japan
Hong Kong
New Zealand
Singapore
Australia
July Flows ($mn)
-17,000 -14,000 -11,000 -8,000 -5,000 -2,000 1,000
Japan
Hong Kong
Singapore
New Zealand
Australia
YTD Flows ($mn)
*This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 8 Deutsche Bank AG/Hong Kong
Figure 13: Flows by EM country – Jul 2016* Figure 14: Flows by EM country – YTD*
-1,000 -800 -600 -400 -200 0 200
China
South Korea
Malaysia
Vietnam
Philippines
Thailand
India
Taiwan
Indonesia
July Flows ($mn)
-2,000 -1,500 -1,000 -500 0 500
China
Taiwan
South Korea
India
Vietnam
Philippines
Malaysia
Thailand
Indonesia
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
China ETF Market Insights: Redemptions in July
China focused offshore equity ETFs recorded net outflows of -$850mn in July. These outflows were attributed to both A-shares and H-shares which each recording over -$400mn worth of redemptions. RQFII equity ETF outflows contribution was about -$300mn among A-share ETFs. On YTD basis, divergence between A-share and H-share ETF flows, especially during H1 period. H-share ETFs saw redemptions of -$2.1bn while A-share ETFs registered inflows of +$558mn on YTD basis. A-share ETF inflows were driven by RQFII equity ETFs collecting +$747mn this year. China focused onshore equity ETFs experienced outflows of -$651mn in July but net inflows of +$1.2bn on YTD basis.
Figure 15: Offshore China ETF Flows – Jul 2016* Figure 16: Offshore China ETF Flows – YTD*
75
80
85
90
95
100
105
110
(600)
(400)
(200)
-
200
Ind
ex
Le
ve
ls R
eb
ase
d (
10
0)
Ch
ina
Off
sh
ore
ET
Fs C
um
. F
low
s $
mn
A-share ETFs H-share & OthersCSI 300 (rhs) MSCI China (rhs)
75
80
85
90
95
100
105
(2,400)
(2,000)
(1,600)
(1,200)
(800)
(400)
-
400
800
1,200
Ind
ex
Le
ve
ls R
eb
ase
d (
10
0)
Ch
ina
Off
sho
re E
TFs
Cu
m. F
low
s $
mn
A-share ETFs H-share & OthersCSI 300 (rhs) MSCI China (rhs)
* As of 29 Jul 2016 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 9
ETF investment trends in the US and European markets
Europe: EM Equity and Debt ETFs Benefit in July Europe domiciled ETPs registered strong inflows of +€9.6bn across all major asset classes (equity, fixed income and commodity). Fixed Income ETFs lead with inflows of +€4.9bn followed by Commodity ETPs (+€2.5bn) and Equity ETFs (+€2.1bn).
Global EM and S&P 500 exposed ETFs benefitted from inflows: Investors trading Europe listed ETPs were net buyers of Global Emerging Markets (+€1.2bn) focused ETFs. US focused ETFs listed in Europe also benefitted in July with monthly inflows of +€0.8bn (+€2.4bn YTD flows). ETFs tracking broad European indices experienced net outflows of -€1.7bn in July (-€9bn so far this year). Countrywise, Germany-focused ETFs suffered redemptions of -€0.4bn (YTD -€1.9bn). Robust inflows into Low volatility products, Dividend ETFs also benefit: Smart beta ETFs continued their positive run and registered +€1.8bn worth of new money in July, taking YTD inflows above +€6bn. Low volatility remains popular amongst investors where we observed inflows into a variety of Low Vol products which includes exposure to Europe, Global and US equities. Dividend ETFs also benefitted where two products in particular saw healthy inflows (SPDR S&P US Dividend Aristocrats and SPDR S&P Euro Dividend Aristocrats). EM Bond ETFs dominates within the Sovereign bond category: Both Corporate and Sovereign bond ETFs contributed significantly to the overall Fixed Income flows, attracting +€2.6bn and +€2.3bn respectively. Interestingly, Emerging Markets bond ETFs were popular taking up the top 3 ranks by net inflows into the Fixed Income asset class. Gold ETPs continue to draw investment: Commodity ETPs flows remained strong during the month of July with inflows of +€2.5bn (YTD +€9.4bn). This was primarily driven by inflows into Gold ETPs (+€1.5bn). Gold ETPs have now registered net inflows of +€7.3bn this year while Equities ETFs are in negative territory (-€0.7bn YTD flows).
US: Inflows across all asset classes US-domiciled ETPs recorded strong inflows of +$45.7bn in July (+$19.6bn in Jun’16) taking YTD flows to +$110.7bn. Equities attracted +$32.7bn in new money, followed by fixed income (+$10.8bn). On YTD basis, fixed income ETFs took the lead with +$60.5bn inflows while equity and commodity ETPs recorded inflows of +$31.3bn and +$18.2bn respectively.
EM preference continues: After receiving notable inflows in June, broad EM ETFs once again received strong inflows totaling +$6.2bn in July. These ETFs recovered from experiencing outflows in the previous months in 2016 taking YTD flows total to +$10.1bn. Seeking yield: During last month, ETFs tracking high dividend yielding stocks received notable inflows of +$3.5bn (+$12.2bn YTD). This suggests that investors are looking for yield in low interest rate scenario. Low Vol and Real Estate attracted inflows: Investors continue to allocate assets into low vol ETFs to manage volatility which resulted into +$2.6bn worth of new money into these ETFs. US Real Estate ETFs also attracted net inflows of +$1.2bn over the last month. Redemptions from Europe and Japan: Europe continued to experience significant and consistent outflows in July (-$5.3bn), suggesting that negative sentiment towards the region hasn’t tapered, despite the relief rally following the Brexit vote. Also Japan focused ETFs saw redemptions totaling -$587mn last month. IG corporate and EM bond ETFs benefitted: US based IG corporate bond ETFs received inflows of +$2.9bn in July followed by EM bond ETFs which attracted +$1.8bn.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 10 Deutsche Bank AG/Hong Kong
3. Asia-Pac Listed ETF Activity Summary
Japan and gold ETPs received inflows, outflows from Chinese equity and money market ETFs
After amassing +$23.4bn inflows in H1 this year, net flows for Asia-Pac listed ETPs turned negative in July totalling -$2.6bn and bringing YTD total to +$20.8bn. Fixed income and equity ETFs saw outflows of -$2.5bn and -$684mn respectively, partially offset by inflows into commodity ETPs (+$474mn).
Within equity, Japan-focused ETFs attracted strong inflows of +$2.6bn while China and Taiwan-focused ETFs recorded outflows of -$1.3bn and -$963mn. Further, leveraged/inverse ETFs saw -$1bn worth of redemptions in July.
Fixed income ETF outflows were driven by China money market ETFs recording outflows -$2.7bn over the last month. Within commodity, gold ETPs attracted notable inflows of +$435mn which were primarily gathered by China listed gold ETFs.
Figure 17: Major flow activity by country – Jul 2016 Figure 18: Major flow activity by country – YTD
(5)
(4)
(3)
(2)
(1)
-
1
2
3
Cu
mu
lati
ve
Ne
t F
low
s (
$b
n)
Japan South Korea China Taiwan
India Hong Kong Australia
(10)
(5)
-
5
10
15
20
Cu
mu
lati
ve N
et
Flo
ws
($b
n)
Japan China Hong Kong Taiwan
South Korea Australia India
*Includes Asia listed equity and fixed income ETFs by investment focus country Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Wins and losses: At ETP level, largest inflows were received by Nikko Exchange Traded Index 225 (1330 JP), Yuanta/P-shares Taiwan Top 50 1X Bear ETF (00632R TT) and Samsung KODEX Inverse ETF (114800 KS) collecting +$688mn, +$655mn and +$635mn respectively. Largest redemptions were experienced by Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Yuanta/P-Shares Taiwan Top 50 ETF (0050 TT) and Fortune SGAM Xianjin Tianyi Money Market (511990 CH) with outflows of -$1.8bn, -$963mn and -$854mn respectively.
Turnover: Floor activity down by 15.3% in July Asia-Pac listed ETP turnover activity was down by 15.3% in July and totaled $164.6bn. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $85.1bn, followed by Japan ($49.6bn), South Korea ($14.5bn) and Hong Kong ($8.8bn).
At ETP level, Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Fortune SGAM Xianjin Tianyi Money Market (511990 CH) and Yinhua Traded Money Market Fund (511880 CH) were the most traded products of the month recording total turnovers of $31.5bn, $21.7bn and $17.1bn respectively.
AUM: Assets closed the month at $306bn Asia-Pac listed ETP assets closed the month at a record high level of $306bn with 2.6% or $7.9bn increase on MoM basis. On year-to-date basis assets are up by 7.8% or 22.1bn.
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 11
4. Product Insights
New launches – 14 ETFs launched in Asia-Pac, 1 RQFII ETF in Europe
Asia-Pac listings: Issuance around international equities, healthcare sector, leveraged/inverse, India and China exposures It was another busy month for Asia-Pac region with 14 new ETFs launch including 12 equity and 2 fixed income ETFs. Mirae Asset MAPS Global Investments launched 4 equity ETFs on Korea Stock Exchange. These ETFs track US large caps, Eurozone high dividend yielding stocks, global healthcare sector and Japanese healthcare sector respectively. Cathay Securities Investment Trust listed 2 equity ETFs on Taiwan Stock Exchange providing leveraged long and inverse exposure, respectively, to broad Taiwanese equity market. Remaining 6 equity ETFs were launched by various ETF providers with exposures around Indian large caps, Indian mid caps, Vietnam, Eurozone large caps, Chinese growth stocks and global gold miners with currency hedging respectively. Reliance Capital Asset Management listed one ETF on National Stock Exchange (India) tracking long duration Indian government bonds. China Merchants Fund Management Company launched one money market ETF on Shanghai Stock Exchange.
Europe – RQFII ETF launch Wisdom Tree launched one RQFII equity ETF on London Stock Exchange tracking S&P China 500 Index. This was the eighth RQFII ETF launch in Europe.
Figure 19: New Launches in July
ETP Name BBG IssuerAsset Class
& StructureExchange TER
Asia-Pac
Mirae Asset Tiger Dow Jones 30 ETF 245340 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.35%
Mirae Asset Tiger Euro Stoxx Dividend 30 ETF 245350 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.35%
Mirae Asset Tiger Synth-Global Healthcare ETF 248270 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.40%
Mirae Asset Tiger Synth-Japan Healthcare ETF 248260 KS Mirae Asset MAPS Global Investments Equity ETF Korea SE - KSE 0.40%
Cathay TAIEX Daily Leveraged 2X ETF 00663L TT Cathay Securities Investment Trust Equity ETF Taiwan SE - TSEC 0.81%
Cathay TAIEX Daily Inversed ETF 00664R TT Cathay Securities Investment Trust Equity ETF Taiwan SE - TSEC 0.81%
ICICI Prudential Midcap Select ETF ICPMIDC IN Prudential ICICI Asset Management Equity ETF India - NSE na
KIM KINDEX Vietnam VN30 ETF Synth 245710 KS Korea Investment Trust Mg Equity ETF Korea SE - KSE 0.70%
ANZ ETFS Euro Stoxx 50 ETF ESTX AU ANZ Asset Management Equity ETF Australia - ASX 0.35%
Birla Sun Life Sensex ETF BSLSENX IN Birla Sun Life Asset Management Co Equity ETF India - Bombay na
Huaan ChiNext 50 ETF Fund 159949 CH Huaan Fund Management Equity ETF China - Shenzhen na
Betashares Global Gold Miners ETF-Currency Hedged MNRS AU BetaShares Capital Ltd Equity ETF Australia - ASX 0.57%
China Merchants Caifubao Traded Money Market Fund 511850 CH China Merchants Fund Management Co Fixed Income ETF China - Shanghai na
R*Shares Long Term Gilt ETF RELGILT IN Reliance Capital Asset Management Fixed Income ETF India - NSE na
Europe
ICBCCS WisdomTree S&P China 500 UCITS ETF CHIN LN WisdomTree Equity ETF London SE - LSE 0.75% * Europe listing is for Asia-Pac focus ETFs only Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Low Volatility ETF momentum continues
Low volatility ETFs track equities with lower volatility characteristics relative to the broader market. These ETFs may help to reduce losses during declining markets while still experiencing gains during rising markets. So, low volatility ETFs tend to attract attention when the volatility rises.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 12 Deutsche Bank AG/Hong Kong
This is evident since start of the year and especially in July these ETFs registered inflows of +$3.9bn taking YTD total to +$21.4bn globally amid high volatility period. On exchange trading activity also risen recording average monthly turnover of about $10.7bn this year which is more than two times of 2015 monthly average. Total assets of low volatility ETFs have reached to $54.8bn at the end of July which is just under double of the 2015 ending level of $28.9bn.
Figure 20: Low Volatility ETF Snapshot
Jul-16 2015 Jul-16 2015 Jul-16 YTD Avg 2015 Avg Jul-16 YTD Avg 2015 Avg
US 26 26 44,843 24,364 2,617 2,410 834 9,758 9,492 4,356
Europe 26 19 9,659 4,495 1,279 622 82 1,714 1,176 531
Asia-Pac 5 5 273 91 (11) 24 (1) 12 10 13
Global 57 50 54,775 28,951 3,885 3,056 915 11,484 10,678 4,900
Low Vol ETFs
Listing
Region
# of ETFs AUM ($mn) Monthly Flows ($mn) Monthly Turnover ($mn)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 13
5. Performance and Growth
Performance and growth for ETFs listed globally with investment focus in Asia-Pac
ETF Performance - Winners and losers Singapore-listed ETF tracking MSCI India index was the top performing ETF of the month while one ETF tracking S&P 500 VIX Short-term Futures Index was the least performer of the month, followed by crude oil based ETPs amid sharp fall in oil prices.
Figure 21: Top 10 best performance
ETF Name Bloomberg Underlying Index 29-Jul-16 30-Jun-16 31-May-16 YTD
iShares MSCI India ETF INDIA SP MSCI India 11.4% 1.0% 2.4% 15.2%
China Universal CSI Consumer Staples Index ETF 159928 CH CSI Consumer Staples Index 9.0% 3.6% 3.0% 2.9%
iShares Asia Pacific Dividend UCITS ETF IAPD LN DJ Asia Pacific Select Dividend 9.0% 10.7% -2.1% 31.6%
iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia 8.1% 10.3% -1.7% 23.3%
iShares MSCI New Zealand Capped ETF ENZL US MSCI New Zealand IMI 25/50 8.1% 2.5% 0.4% 24.1%
iShares Dow Jones Asia Pacific Select Dividend 30 (DE) APSDEX GR DJ Asia Pacific Select Dividend 8.0% 1.9% 0.1% 14.7%
iShares MSCI Thailand Capped ETF THD US MSCI Thailand IMI 25/50 7.9% 1.8% -0.4% 26.8%
Yuanta/P-Shares PS Taiwan Dividend Plus ETF 0056 TT Taiwan Dividend Index 7.8% 3.0% 1.6% 11.5%
GS CPSE BeES CPSEBE IN CPSE Index 7.7% 4.7% -1.1% 4.9%
db x-trackers S&P/ASX 200 UCITS ETF (DR) XAUS GR S&P/ASX 200 7.7% 1.1% 0.9% 3.5%
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 22: Top 3 ETFs by performance in Jul – Daily performance -YTD
-30%
-20%
-10%
0%
10%
20%
30%
40%
Daily P
erf
orm
an
ce
INDIA SP 159928 CH IAPD LN
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 14 Deutsche Bank AG/Hong Kong
Figure 23: Top 10 least performance
ETF Name Bloomberg Underlying Index 29-Jul-16 30-Jun-16 31-May-16 YTD
Kokusai S&P500 VIX Short Term Futures Index ETF 1552 JP S&P 500 VIX Short-Term Futures Index -25.1% -2.9% -13.3% -53.2%
Next Funds NOMURA Crude Oil 1699 JP Nomura Crude Oil Long Index -17.0% -9.3% 10.5% -23.8%
WTI Crude Oil Price Linked ETF 1671 JP UBS Bloomberg Constant Maturity Commodity Index -16.8% -8.9% 10.3% -20.5%
Yuanta S&P GSCI Crude Oil ER Futures ETF 00642U TT S&P GSCI Crude Oil Excess Reurn Index -13.7% 0.4% na 1.5%
Mirae Asset MAPS TIGER WTI Futures ETF 130680 KS S&P GSCI Crude Oil Enhanced Index -13.2% 0.2% 5.9% 0.4%
Mirae Asset MAPS Tiger China Consumer ETF 150460 KS FnGuide China Consumer Index -5.1% -3.9% -0.3% -16.2%
E Fund ChiNext Price Index ETF 159915 CH ChiNext Index -4.7% 3.0% 1.8% -20.0%
Mirae Asset MAPS Tiger Consumer Staples ETF 139280 KS KOSPI 200 Consumer Staples Sector Index -4.1% -0.4% 3.2% -0.7%
Fubon SZSE 100 ETF 00639 TT SZSE 100 Index -2.9% 1.8% 0.0% -18.7%
Yuanta/P-Shares CSI 300 Fund 0061 TT CSI 300 Index -1.7% -0.5% 0.2% -13.8%
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 24: Bottom 3 ETFs by performance in Jul – Daily performance - YTD
-60%
-40%
-20%
0%
20%
40%
60%
Daily P
erf
orm
an
ce
1552 JP 1699 JP 1671 JP
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
ETP flow growth - Winners and losers One Chinese money market ETF led the table as largest fund flow receiver as a percentage of AUM during last month, whereas another Chinese money market ETF saw the largest outflows as a percentage of AUM during last month.
Figure 25: Top 10 Inflows as a % of AUM
ETF Name Bloomberg Underlying Index % of AUMCashflows
($mn)
AUM
($mn)
% of
AUM
Cashflows
($mn)
% of
AUM
Cashflow
s ($mn)
% of
AUM
Cashflow
s ($mn)
Harvest Institution Express Money Market Fund 511960 CH Other 278.5% 419.3 571.1 -41.4% -106.8 -6.0% -16.7 0.0% 572.6
Next Funds Nikkei 225 Double Inverse Index ETF 1357 JP Nikkei 225 Double Inverse Index 100.5% 429.1 803.1 -40.1% -196.8 -18.1% -123.2 120.2% 364.1
iShares MSCI Australia UCITS ETF SAUS LN MSCI Australia 81.2% 435.5 1,021.0 -2.5% -13.7 -30.3% -250.8 44.1% 293.3
Samsung KODEX Inverse ETF 114800 KS F-KOSPI200 Index 72.4% 634.5 1,512.2 4.6% 37.1 -24.6% -273.3 245.3% 1,055.3
E Fund Gold Tradable Open-end Securities Investment Fund 159934 CH Commodity Gold 68.2% 98.7 245.0 116.0% 74.0 67.4% 27.0 1322.0% 219.3
iShares MSCI Emerging Markets Asia ETF EEMA US MSCI Emerging Markets Asia 66.9% 81.3 208.6 0.0% 0.0 0.0% 0.0 67.9% 81.3
Nikkei Average Bear Double Exchange Trade Fund / Simplex 1360 JP Nikkei Average Double Inverse Index 65.6% 97.1 227.7 -36.5% -60.6 -9.2% (18.8) 72.0% 77.2
Daiwa ETF MSCI Japan Human and Physical Investment Index 1479 JP MSCI Japan Human and physical Index 61.1% 186.5 517.9 8.9% 25.4 0.0% 279.1 0.0% 491.0
Bosera Gold Exchange Traded Open-End Fund 159937 CH Commodity Gold 52.7% 71.7 209.5 36.2% 33.9 8.3% 7.5 127.7% 106.9
UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF A-acc JPEUBH SW MSCI Japan 100% hedged to EUR 44.4% 65.9 224.9 0.0% 0.0 -2.6% (4.3) -18.7% -60.3
Jul-16 Jun-16 May-16 YTD
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 15
Figure 26: Top 10 outflows as a % of AUM
ETF Name Bloomberg Underlying Index % of AUMCashflows
($mn)
AUM
($mn)
% of
AUM
Cashflows
($mn)
% of
AUM
Cashflow
s ($mn)
% of
AUM
Cashflow
s ($mn)
Invesco Great Wall Traded Money Market Fund 511890 CH Other -62.2% (224.7) 135.2 83.9% 165.7 -13.2% (30.6) -64.0% (256.3)
Zhongrong Daily Earning Transactional Money Market Fund 511930 CH Other -61.7% (269.1) 165.3 313.5% 333.3 39.8% 30.7 -19.8% (42.6)
Daiwa ETF Japan Nikkei 225 Inverse Index 1456 JP Nikkei 225 Inverse Index -55.7% (215.0) 169.4 534.3% 295.6 -14.2% (10.0) -83.6% (408.9)
Fubon TOPIX Leveraged 2X Index ETF 00640L TT TOPIX Leveraged (2x) Index -43.7% (44.9) 71.2 140.7% 64.2 -2.4% (1.0) 105.0% 35.5
Yuanta/P-Shares Taiwan Top 50 ETF 0050 TT TSEC Taiwan 50 Index -38.4% (963.0) 1,690.6 2.5% 57.3 7.9% 168.3 -47.1% (1,159.6)
Bosera Security Deposit Real-time Traded Money Market Fund 511860 CH Other -38.1% (734.6) 1,187.1 43.4% 586.7 15.5% 184.6 1.5% 17.6
KB KSTAR 200 ETF 148020 KS KOSPI 200 Index -29.7% (225.5) 569.7 35.1% 191.3 -7.2% (44.9) -27.6% (192.7)
Next Funds Nikkei 225 Leveraged Index ETF 1570 JP Nikkei 225 Leveraged Index -28.8% (1,791.0) 5,158.3 17.0% 1,013.6 7.1% 373.6 -4.3% (264.3)
Topix Bull 2x ETF 1568 JP TOPIX Leveraged (2x) Index -28.7% (87.1) 250.0 25.0% 67.0 1.3% 3.3 -10.2% (34.8)
Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -28.5% (124.4) 365.6 18.6% 77.0 2.0% 7.8 -1.2% (5.0)
Jul-16 Jun-16 May-16 YTD
Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, AUM >$100mn as of previous month Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Top ETPs – Asia-Pac listed
Figure 27: Top 20 ETPs by AUM (US$ Million)
ETP Name Issuer BBG TickerAsset Class
& StructureTER
AUM
US$ MM
Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 31,156.4
TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 26,900.8
Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 15,882.8
Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 15,850.9
Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 14,432.8
Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 12,674.0
Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 12,370.9
Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 10,043.8
Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 7,709.6
Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 7,620.0
Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 6,071.0
Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 5,424.3
Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 5,158.3
Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 4,167.6
China 50 ETF China Asset Management 510050 CH Equity ETF 0.60% 4,079.7
ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 4,067.7
iShares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 0.99% 3,928.7
MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 3,733.0
Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 3,395.9
CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 3,172.5
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 16 Deutsche Bank AG/Hong Kong
Figure 28: Top 20 ETPs by AUM change(US$ Million)
ETP Name Issuer BBG TickerAsset Class
& StructureTER
AUM
Change
US$ MM
Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 1,875.9
TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 1,525.0
Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 1,397.9
Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 1,077.9
Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (1,057.5)
Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (885.2)
Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 830.2
Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (815.7)
Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (739.6)
Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 648.9
Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 635.3
Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 627.4
Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 565.6
China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (426.2)
Harvest Institution Express Money Market Fund Harvest Fund Management Co 511960 CH Fixed Income ETF 0.60% 420.6
Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (379.3)
ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 379.3
Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 376.3
Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 357.1
Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 352.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 29: Top 20 ETPs by inflow (US$ Million)
ETP Name Issuer BBG TickerAsset Class
& StructureTER
Net Flow
US$ MM
Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 0.28% 687.8
Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd. 00632R TT Equity ETF 1.08% 654.7
Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 634.5
TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 495.9
Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 492.7
Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 441.9
Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 429.1
Harvest Institution Express Money Market Fund Harvest Fund Management Co 511960 CH Fixed Income ETF 0.60% 419.3
ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 364.8
Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 331.8
Huaan Yifu Gold ETF Huaan Fund Management 518880 CH Commodity ETF 0.50% 262.7
Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 251.8
Daiwa ETF MSCI Japan Human and Physical Investment Index Daiwa Asset Management 1479 JP Equity ETF 0.43% 186.5
Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 182.4
Maxis JPX- Nikkei index 400 ETF Mitsubishi UFJ Asset Mg 1593 JP Equity ETF 0.13% 169.2
Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.14% 143.2
Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 132.7
DIAM ETF JPX/S&P CAPEX & Human Capital Index DIAM Asset Management 1484 JP Equity ETF 0.17% 109.1
E Fund Gold Tradable Open-end Securities Investment Fund E Fund Management 159934 CH Commodity ETF 0.50% 98.7
Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% 97.1 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 17
Figure 30: Top 20 ETPs by outflow (US$ Million)
ETP Name Issuer BBG TickerAsset Class
& StructureTER
Net Flow
US$ MM
Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (1,791.0)
Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd. 0050 TT Equity ETF 0.36% (963.0)
Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (854.0)
Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% (734.6)
Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (448.0)
China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (419.4)
Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% (374.5)
Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% (343.8)
Zhongrong Daily Earning Transactional Money Market Fund Zhongrong Fund Management Co Ltd 511930 CH Fixed Income ETF 0.61% (269.1)
Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co 510300 CH Equity ETF 0.50% (253.2)
CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% (229.2)
KB KSTAR 200 ETF KB Asset Management 148020 KS Equity ETF 0.07% (225.5)
Invesco Great Wall Traded Money Market Fund Invesco Great Wall Fund Management Co. Ltd 511890 CH Fixed Income ETF 0.30% (224.7)
Daiwa ETF Japan Nikkei 225 Inverse Index Daiwa Asset Management 1456 JP Equity ETF 0.75% (215.0)
E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (194.7)
China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (180.5)
Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% (180.3)
MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% (164.7)
Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (150.1)
Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co 159919 CH Equity ETF 0.50% (143.6) Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 31: Top 20 ETPs by Monthly Turnover (US$ Million)
ETP Name Issuer BBG TickerAsset Class
& StructureTER
Turnover
US$ MM
Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 31,478.4
Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% 21,732.4
Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% 17,136.9
Fullgoal Shouyibao Exchange Traded Money Market Fund Fullgoal Fund Management Co 511900 CH Fixed Income ETF 0.00% 7,633.6
China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% 7,407.4
China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% 6,346.5
Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 6,309.9
Penghua Profit Added Traded Money Market Fund Penghua Fund Management Co Ltd 511820 CH Fixed Income ETF 0.00% 4,891.4
Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 3,797.6
Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% 3,695.6
Bosera Security Deposit Real-time Traded Money Market Fund Bosera Fund Management Co Ltd 511860 CH Fixed Income ETF 0.30% 3,442.5
Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% 3,320.6
Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% 2,386.0
Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 2,286.6
Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% 2,194.5
E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% 2,074.0
Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 1,760.7
CSOP FTSE China A50 ETF CSOP Asset Management 82822 HK Equity ETF 1.08% 1,649.3
Harvest Institution Express Money Market Fund Harvest Fund Management Co 511960 CH Fixed Income ETF 0.60% 1,615.2
Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% 1,600.2 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 18 Deutsche Bank AG/Hong Kong
Figure 32: Top 20 ETPs by Monthly Turnover change (US$ Million)
ETP Name Issuer BBG TickerAsset Class
& StructureTER
Turnover
Change
US$ MM
Fortune SGAM Xianjin Tianyi Money Market Fortune SGAM Fund Management 511990 CH Fixed Income ETF 0.35% (8,568.7)
Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (5,501.8)
Yinhua Traded Money Market Fund Yinhua Fund Management 511880 CH Fixed Income ETF 0.30% (5,077.1)
China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd 511810 CH Fixed Income ETF 0.30% (2,748.8)
China Universal Tianfutong Money Market Fund China Universal Asset Management Co 511980 CH Fixed Income ETF 0.00% (2,600.8)
Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 1,263.1
Guangfa Money Market Fund GF Fund Management Co Ltd 511920 CH Fixed Income ETF 0.00% (1,044.7)
Harvest Institution Express Money Market Fund Harvest Fund Management Co 511960 CH Fixed Income ETF 0.60% 900.4
China Universal Quick Gains Money Market Fund China Universal Asset Management Co 159005 CH Fixed Income ETF 0.28% (734.3)
Samsung KODEX 200 Samsung Asset Management 069500 KS Equity ETF 0.26% (721.2)
Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 599.3
Samsung KODEX Leverage ETF Samsung Asset Management 122630 KS Equity ETF 0.64% (552.0)
E Fund Money Market Fund E Fund Management 511800 CH Fixed Income ETF 0.30% (513.8)
Nikkei Average Bear Double Exchange Trade Fund / Simplex Simplex Asset Management Co Ltd 1360 JP Equity ETF 0.80% (476.1)
E Fund ChiNext Price Index ETF E Fund Management 159915 CH Equity ETF 0.50% (472.8)
China Merchants Caifubao Traded Money Market Fund China Merchants Fund Management Co 511850 CH Fixed Income ETF 0.00% 438.7
E Fund Hang Seng China Enterprises Index ETF E Fund Management 510900 CH Equity ETF 0.60% (431.1)
Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% (430.6)
Samsung KODEX Inverse ETF Samsung Asset Management 114800 KS Equity ETF 0.64% (415.9)
Zhongrong Daily Earning Transactional Money Market Fund Zhongrong Fund Management Co Ltd 511930 CH Fixed Income ETF 0.61% (415.1) Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Top ETPs – Other regions with Asia-Pac focus
Figure 33: Top 20 ETPs by AUM (US$ Million)
ETP Name Issuer BBG TickerAsset Class &
StructureTER
AUM
US$ MM
iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 13,967.5
WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 7,751.5
iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 3,990.8
iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 3,586.5
iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 3,387.1
Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 2,956.1
iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 2,602.8
iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 2,415.7
iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 2,367.8
iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 2,350.5
iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% 2,149.3
iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 1,952.9
db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 1,783.1
iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 1,738.1
iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 1,709.6
iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,572.3
WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 1,445.6
iShares Core MSCI Japan IMI UCITS ETF BlackRock SJPA LN Equity ETF 0.20% 1,405.3
Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,355.7
Lyxor ETF MSCI India Lyxor INR FP Equity ETF 0.85% 1,332.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 19
Figure 34: Top 20 ETPs by AUM change (US$ Million)
ETP Name Issuer BBG TickerAsset Class &
StructureTER
AUM
Change
US$ MM
WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 979.4
iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 484.7
iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (435.3)
iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 350.9
iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 341.4
iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 320.8
Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 304.2
iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 236.3
Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 225.7
Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 215.6
iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 192.0
iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 177.9
iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 127.1
iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 126.0
iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 119.5
Lyxor MSCI Pacific ex Japan UCITS ETF Lyxor PAXJ FP Equity ETF 0.30% 105.4
iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 101.2
Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 90.0
iShares MSCI Emerging Markets Asia ETF BlackRock EEMA US Equity ETF 0.49% 87.1
iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% 83.4 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 35: Top 20 ETPs by inflow (US$ Million)
ETP Name Issuer BBG TickerAsset Class &
StructureTER
Net Flow
US$ MM
iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 435.5
WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 414.3
Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 239.7
iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 210.3
iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 193.1
Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 175.0
iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 113.5
Lyxor MSCI Pacific ex Japan UCITS ETF Lyxor PAXJ FP Equity ETF 0.30% 104.9
iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 90.6
iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 90.2
iShares MSCI Emerging Markets Asia ETF BlackRock EEMA US Equity ETF 0.49% 81.3
iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 80.4
iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 73.2
UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF A-acc UBS JPEUBH SW Equity ETF 0.45% 65.9
Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 63.4
iShares MSCI Thailand Capped ETF BlackRock THD US Equity ETF 0.62% 56.7
Amundi ETF MSCI EM Asia UCITS ETF Amundi AASI FP Equity ETF 0.45% 52.1
iShares Dow Jones Asia Pacific Select Dividend 30 (DE) BlackRock APSDEX GR Equity ETF 0.31% 41.1
Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% 37.3
db x-trackers CSI300 Index UCITS ETF 1C Deutsche AM XCHA LN Equity ETF 0.50% 35.5 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 20 Deutsche Bank AG/Hong Kong
Figure 36: Top 20 ETPs by outflow (US$ Million)
ETP Name Issuer BBG TickerAsset Class &
StructureTER
Net Flow
US$ MM
iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (1,302.0)
db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% (121.5)
iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (87.5)
iShares MSCI Japan UCITS ETF (Inc) BlackRock IJPN LN Equity ETF 0.59% (77.1)
UBS-ETF MSCI Japan "A" UBS JPNCHA SW Equity ETF 0.35% (66.4)
Lyxor UCITS ETF China Enterprise (HSCEI) Lyxor ASI FP Equity ETF 0.65% (57.8)
Lyxor UCITS ETF Japan Topix -D-EUR Lyxor JPN FP Equity ETF 0.45% (57.1)
Vanguard FTSE Japan UCITS ETF Vanguard VJPN LN Equity ETF 0.19% (34.9)
iShares JPX-Nikkei 400 ETF BlackRock JPXN US Equity ETF 0.48% (30.2)
Amundi JPX-Nikkei 400 UCITS ETF - EUR Amundi JPNK FP Equity ETF 0.18% (26.4)
Source JPX-Nikkei 400 UCITS ETF Source N400 LN Equity ETF 0.20% (24.3)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF Deutsche AM DBKO US Equity ETF 0.58% (24.2)
db x-trackers FTSE China 50 UCITS ETF Deutsche AM XX25 GR Equity ETF 0.60% (23.8)
iShares NIKKEI 225 (DE) BlackRock NKYEX GR Equity ETF 0.51% (23.1)
HSBC MSCI China UCITS ETF HSBC HMCH LN Equity ETF 0.60% (21.3)
Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% (19.0)
Lyxor UCITS ETF MSCI Taiwan-C-EUR Lyxor TWN FP Equity ETF 0.65% (16.4)
Deka MSCI Japan MC UCITS ETF Deka Investment GmbH ETFJPMC GR Equity ETF 0.50% (13.8)
Nomura JPX-Nikkei 400 USD Hedged Index UCITS ETF Nomura Asset Management NJXU LN Equity ETF 0.30% (13.2)
iShares MSCI Japan - B UCITS ETF BlackRock CSJP SW Equity ETF 0.48% (12.2) Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 37: Top 20 ETPs by Monthly Turnover (US$ Million)
ETP Name Issuer BBG TickerAsset Class &
StructureTER
Turnover
US$ MM
iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% 12,240.6
iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% 8,654.4
WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% 7,087.1
iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% 2,069.2
iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% 1,649.3
WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% 1,394.5
iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% 1,067.2
Deutsche X-trackers MSCI Japan Currency-Hedged Equity ETF Deutsche AM DBJP US Equity ETF 0.50% 1,001.2
iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% 970.2
iShares MSCI All Country Asia ex Japan ETF BlackRock AAXJ US Equity ETF 0.69% 859.1
iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% 841.1
iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% 748.7
iShares Currency Hedged MSCI Japan ETF BlackRock HEWJ US Equity ETF 0.48% 730.3
iShares MSCI Pacific ex Japan ETF BlackRock EPP US Equity ETF 0.49% 658.0
iShares MSCI Japan EUR Hedged UCITS ETF Blackrock IJPE LN Equity ETF 0.64% 499.2
iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 491.9
iShares MSCI Indonesia ETF BlackRock EIDO US Equity ETF 0.62% 461.9
Vanguard FTSE Pacific ETF Vanguard VPL US Equity ETF 0.12% 441.1
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.80% 420.4
iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 374.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 21
Figure 38: Top 20 ETPs by Monthly Turnover change (US$ Million)
ETP Name Issuer BBG TickerAsset Class &
StructureTER
Turnover Change
US$ MM
iShares China Large-Cap ETF BlackRock FXI US Equity ETF 0.73% (7,836.2)
iShares MSCI Japan ETF BlackRock EWJ US Equity ETF 0.48% (1,638.4)
iShares MSCI South Korea Capped ETF BlackRock EWY US Equity ETF 0.62% (1,092.2)
iShares MSCI Taiwan ETF BlackRock EWT US Equity ETF 0.62% (960.8)
iShares MSCI Australia ETF BlackRock EWA US Equity ETF 0.48% (815.6)
iShares MSCI Hong Kong ETF BlackRock EWH US Equity ETF 0.48% (689.4)
iShares MSCI China ETF BlackRock MCHI US Equity ETF 0.62% (571.0)
WisdomTree India Earnings Fund WisdomTree EPI US Equity ETF 0.83% (565.2)
iShares MSCI Australia UCITS ETF BlackRock SAUS LN Equity ETF 0.50% 427.6
WisdomTree Japan Hedged Equity Fund WisdomTree DXJ US Equity ETF 0.48% (398.4)
iShares MSCI India ETF BlackRock INDA US Equity ETF 0.68% (371.5)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF Deutsche AM ASHR US Equity ETF 0.80% (253.4)
iShares MSCI Philippines ETF BlackRock EPHE US Equity ETF 0.62% (176.9)
Direxion Daily FTSE China Bull 3X Shares DirexionShares YINN US Equity ETF 0.94% (165.9)
Lyxor UCITS ETF JPX-Nikkei 400 Lyxor JPX4 FP Equity ETF 0.25% (165.4)
PowerShares India Portfolio PowerShares PIN US Equity ETF 0.81% (164.6)
Amundi ETF Japan TOPIX UCITS ETF - Daily Hedged EUR Amundi TPXH FP Equity ETF 0.48% 164.1
iShares MSCI AC Far East ex-Japan UCITS ETF BlackRock IFFF LN Equity ETF 0.74% 143.8
db x-trackers MSCI Japan Index UCITS ETF 1C Deutsche AM XMJP GR Equity ETF 0.50% 131.7
KraneShares CSI China Internet ETF KraneShares KWEB US Equity ETF 0.68% 128.6 Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 22 Deutsche Bank AG/Hong Kong
6. Asia-Pac Listed ETPs –Statistics
Figure 39: Number of ETPs by Asset Class
Prev. Month End of 2015
Asset Class# of
ETPs
Mkt
Share %
# of
ETPs
# of
ETPs
% # of
ETPs
# of
ETPs
# of
ETPs
% # of
ETPs
Equity 740 82.2% 728 12 1.6% 679 61 9.0%
Fixed income 82 9.1% 80 2 2.5% 74 8 10.8%
Commodity 62 6.9% 62 - 0.0% 68 (6) -8.8%
Currency 8 0.9% 8 - 0.0% 8 - 0.0%
Multi Asset 6 0.7% 6 - 0.0% 2 4 200.0%
Alternative 2 0.2% 2 - 0.0% 2 - 0.0%
Total 900 100% 886 14 1.6% 833 67 8.0%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 40: ETP Net Flows (US$ Million) by Asset Class
Asset ClassNet
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Equity (684) -0.3% 7,009 3.0% 22,081 9.8%
Fixed income (2,475) -4.4% (6,482) -10.4% (2,871) -5.2%
Commodity 474 9.1% 73 1.5% 1,222 34.5%
Currency 38 7.6% 52 11.6% 95 21.6%
Multi Asset (1) -1.0% - 0.0% 49 183.3%
Alternative 56 21.8% (33) -12.1% 234 180.1%
Total (2,592) -0.9% 619 0.2% 20,811 7.3%
YTDCurrent Month Prev. Month
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 41: ETP Turnover (US$ Million) by Asset Class
Prev. Month Year 2015
Asset Class TurnoverMkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Equity 84,227 51.2% 93,379 (9,152) -9.8% 128,130 (43,903) -34.3%
Fixed income 76,992 46.8% 97,666 (20,674) -21.2% 103,201 (26,208) -25.4%
Commodity 2,829 1.7% 2,398 431 18.0% 906 1,922 212.1%
Currency 196 0.1% 230 (34) -14.8% 87 110 126.5%
Multi Asset 23 0.0% 23 (0) -1.0% 2 21 1054.3%
Alternative 291 0.2% 591 (300) -50.7% 237 54 22.8%
Total 164,558 100% 194,287 (29,729) -15.3% 232,563 (68,005) -29.2%
Current Month MoM Change Change from 2015
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 23
Figure 42: ETP AUM (US$ Million) by Asset Class
Prev. Month End of 2015
Asset Class AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Equity 245,967 80.4% 236,151 9,816 4.2% 224,945 21,023 9.3%
Fixed income 53,604 17.5% 55,929 (2,326) -4.2% 54,778 (1,175) -2.1%
Commodity 5,542 1.8% 5,191 351 6.8% 3,544 1,998 56.4%
Currency 537 0.2% 499 38 7.6% 442 95 21.5%
Multi Asset 81 0.0% 80 2 2.1% 27 55 202.9%
Alternative 246 0.1% 255 (10) -3.8% 130 116 88.7%
Total 305,977 100% 298,106 7,871 2.6% 283,865 22,112 7.8%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Country Breakdown
Figure 43: ETF Summary by Country
Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) AUM (US$m)Mkt Share
(AUM)
Australia 101 126 136 -5.2% 1,311 0.8% 11,472 3.7%
China 134 134 (2,890) 111.5% 85,081 51.7% 67,128 21.9%
Hong Kong 107 188 (430) 16.6% 8,774 5.3% 37,380 12.2%
India 64 64 11 -0.4% 402 0.2% 2,428 0.8%
Indonesia 8 8 (18) 0.7% 0 0.0% 112 0.0%
Japan 156 204 1,481 -57.1% 49,553 30.1% 154,596 50.5%
Philippines 1 1 (2) 0.1% 1 0.0% 19 0.0%
Korea 221 221 (404) 15.6% 14,489 8.8% 20,847 6.8%
Vietnam 1 1 - 0.0% 0 0.0% 16 0.0%
Malaysia 8 8 46 -1.8% 1 0.0% 604 0.2%
New Zealand 23 23 (4) 0.1% 15 0.0% 1,170 0.4%
Singapore 9 84 33 -1.3% 204 0.1% 1,784 0.6%
Taiwan 51 54 (546) 21.0% 4,715 2.9% 8,268 2.7%
Thailand 16 16 (7) 0.3% 12 0.0% 153 0.1%
Total 900 1132 (2,592) 100.0% 164,558 100.0% 305,977 100.0%
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 44: ETF Product Breakdown and Asset Class Market Share by Country – AUM US$ Million
Country Country Regional Sector Size Style Strategy Thematic Equity TotalFixed
IncomeComdty Other Equity Total
Fixed
IncomeComdty
Australia 4,793 578 1,340 245 1,366 358 161 8,840 1,720 484 428 80.0% 15.6% 4.4%
China 22,347 - 1,465 109 1,068 92 217 25,299 40,335 1,494 - 37.7% 60.1% 2.2%
Hong Kong 31,566 329 86 33 242 62 3 32,321 4,879 180 - 86.5% 13.1% 0.5%
India 338 - 30 6 6 4 580 964 80 1,384 - 39.7% 3.3% 57.0%
Indonesia 67 - 19 - - - 25 112 - - - 100.0% 0.0% 0.0%
Japan 136,397 259 5,334 113 799 8,724 1,203 152,828 134 1,388 246 99.0% 0.1% 0.9%
Philippines 19 - - - - - - 19 - - - 100.0% 0.0% 0.0%
Korea 9,207 59 948 37 478 3,699 1,008 15,436 4,884 336 191 74.7% 23.6% 1.6%
Vietnam 16 - - - - - - 16 - - - 100.0% 0.0% 0.0%
Malaysia 4 1 - - - - 103 108 496 - - 17.9% 82.1% 0.0%
New Zealand 335 137 99 155 112 - - 838 332 - - 71.6% 28.4% 0.0%
Singapore 995 30 - - 16 - - 1,040 743 - - 58.3% 41.7% 0.0%
Taiwan 3,464 14 63 25 244 4,207 13 8,029 - 239 - 97.1% 0.0% 2.9%
Thailand 103 - 12 - 2 - - 117 - 36 - 76.3% 0.0% 23.7%
Total 209,651 1,406 9,397 721 4,332 17,146 3,314 245,967 53,604 5,542 864 80.6% 17.6% 1.8%
Equity Product Type Asset Class Mkt Share by country
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 24 Deutsche Bank AG/Hong Kong
Figure 45: ETF Turnover (US$ Million) by Country Figure 46: ETF AUM (US$ Million) by Country
- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
Indonesia
Vietnam
Malaysia
Philippines
Thailand
New Zealand
Singapore
India
Australia
Taiwan
Hong Kong
Korea
Japan
China
TO (US$ Million)
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000
Vietnam
Philippines
Indonesia
Thailand
Malaysia
New Zealand
Singapore
India
Taiwan
Australia
Korea
Hong Kong
China
Japan
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Issuer Rankings
Net Flows
Figure 47: ETP inflows (US$ Million) by Issuer – Top 10
Issuer Equity Fixed Commo- Other Total YTD Total
Nikko Asset Management 851 45 - - 896 4,461
Daiwa Asset Management 711 - - - 711 3,425
Huaan Fund Management 57 - 263 - 320 811
Mitsubishi UFJ Asset Mg 288 - - - 288 1,505
Harvest Fund Management Co (141) 419 - - 278 493
Samsung Asset Management 336 (134) (8) - 195 736
Yinhua Fund Management (0) 182 - - 182 104
State Street (228) 369 - - 141 1,224
China Merchants Fund Management Co - 130 - - 130 (168)
BetaShares Capital Ltd 3 58 1 7 69 341
Total Top 10 (Inflows) 1,877 1,070 257 7 3,210 12,934
Current Month inflows (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 48: ETP outflows (US$ Million) by Issuer – Top 10
Issuer Equity Fixed Commo- Other Total YTD Total
Fortune SGAM Fund Management (1) (854) - - (855) (3,307)
Bosera Fund Management Co Ltd (2) (735) 72 - (665) 118
Yuanta Securities Inv trust Co Ltd. (460) - 29 - (431) 1,004
China Universal Asset Management Co (11) (413) - - (423) 1,564
Hang Seng Investment Management (384) - - - (384) 249
Penghua Fund Management Co Ltd (1) (374) - - (375) 35
Nomura Asset Management (312) - 6 - (306) 6,750
KB Asset Management (233) (44) - 0 (278) 161
CSOP Asset Management (231) (53) 8 - (276) 596
Huatai-PineBridge Fund Management Co (256) (15) - - (271) (181)
Total Top 10 (Outflows) (1,891) (2,488) 114 0 (4,264) 6,990
Current Month outflows (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 25
Turnover
Turnover information
Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure.
Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.
Figure 49: ETP Turnover (US$ Million) by Issuer – Top 40
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
Nomura Asset Management 41,613.2 - 73.8 - 41,687.0 25.3%
Fortune SGAM Fund Management 0.7 21,732.4 - - 21,733.1 13.2%
Yinhua Fund Management 0.1 17,136.9 - - 17,137.0 10.4%
Samsung Asset Management 9,914.2 72.8 32.9 17.3 10,037.1 6.1%
China Southern Fund Management Co Ltd 771.1 7,407.4 - - 8,178.4 5.0%
Fullgoal Fund Management Co 0.1 7,633.6 - - 7,633.7 4.6%
China Universal Asset Management Co 5.3 6,673.7 - - 6,679.0 4.1%
Penghua Fund Management Co Ltd 1.9 4,891.4 - - 4,893.4 3.0%
Simplex Asset Management Co Ltd 4,651.2 - 63.1 - 4,714.3 2.9%
E Fund Management 3,036.4 1,368.2 305.4 - 4,709.9 2.9%
State Street 4,051.5 8.5 101.8 - 4,161.8 2.5%
Bosera Fund Management Co Ltd 4.5 3,442.9 340.1 - 3,787.5 2.3%
Yuanta Securities Inv trust Co Ltd. 2,850.8 - 201.5 - 3,052.3 1.9%
China Asset Management 2,532.2 - - - 2,532.2 1.5%
Mirae Asset MAPS Global Investments 2,034.2 14.5 53.1 3.7 2,105.5 1.3%
Huatai-PineBridge Fund Management Co 1,526.2 505.2 - - 2,031.5 1.2%
Hang Seng Investment Management 1,775.4 - 0.3 - 1,775.6 1.1%
Harvest Fund Management Co 123.2 1,615.3 - - 1,738.5 1.1%
CSOP Asset Management 1,665.4 3.4 9.3 - 1,678.1 1.0%
China Merchants Fund Management Co 0.4 1,329.1 - - 1,329.5 0.8%
Huaan Fund Management 138.1 - 1,172.3 - 1,310.4 0.8%
Fubon Securities Investment Trust Co 1,296.0 - - - 1,296.0 0.8%
BlackRock 1,140.9 42.6 - - 1,183.6 0.7%
Woori Asset Management 214.6 881.0 - 54.9 1,150.5 0.7%
Daiwa Asset Management 1,105.7 - - - 1,105.7 0.7%
Zhongrong Fund Management Co Ltd - 910.9 - - 910.9 0.6%
Guotai Asset Management Co Ltd 12.3 511.6 229.9 - 753.7 0.5%
Korea Investment Trust Mg 649.9 1.2 12.4 - 663.6 0.4%
Nikko Asset Management 642.1 5.5 - - 647.7 0.4%
Rakuten Investment Management 580.1 - - - 580.1 0.4%
Goldman Sachs 26.0 333.4 16.5 - 375.8 0.2%
Vanguard 304.8 46.8 - - 351.6 0.2%
BetaShares Capital Ltd 115.8 178.7 9.5 43.2 347.3 0.2%
KB Asset Management 311.1 4.5 - 1.6 317.2 0.2%
Kokusai Asset Management Co Ltd - - - 291.5 291.5 0.2%
Cathay Securities Investment Trust 284.4 - - - 284.4 0.2%
Mitsubishi UFJ Asset Mg 268.5 - - - 268.5 0.2%
Invesco Great Wall Fund Management Co. Ltd 7.9 203.0 - - 210.9 0.1%
Mitsubishi UFJ Trust and Banking Corporation - - 129.8 - 129.8 0.1%
Kiwoom Asset Management Co Ltd 0.0 - - 98.1 98.1 0.1%
Total (Top 40) 83,656 76,954 2,752 510 163,873 99.6%
Current Month Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 26 Deutsche Bank AG/Hong Kong
Figure 50: ETP Turnover (US$ Million) by Issuer – Contd.
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
Hanwha Investment Trust Management 93.51 1.89 - 0.05 95.45 0.06%
Deutsche AM 89.02 0.31 - - 89.32 0.05%
GF Fund Management Co Ltd 61.23 16.06 - - 77.29 0.05%
Van Eck Funds 69.46 - - - 69.46 0.04%
ETF Securities - - 46.08 - 46.08 0.03%
Fuh-Hwa Securities Investment Trust 42.65 - - - 42.65 0.03%
CSC Investment Trust 36.53 - - - 36.53 0.02%
Kyobo AXA Investment Mg Co Ltd 27.94 2.72 - - 30.65 0.02%
Enhanced Investment Products Limited 15.29 - - - 15.29 0.01%
Russell Investments 9.09 5.86 - - 14.95 0.01%
Smartshares Ltd 14.35 0.43 - - 14.78 0.01%
Value Partners 5.46 - 7.75 - 13.21 0.01%
HFT Investment Management Co Ltd 0.30 10.14 - - 10.43 0.01%
BOCI - Prudential Asset Man Ltd 10.16 - - - 10.16 0.01%
ICBC Credit Suisse Asset Management 9.57 - - - 9.57 0.01%
Dacheng Fund Management Co Ltd 8.71 - - - 8.71 0.01%
China Life AMP Asset Management Co 7.96 - - - 7.96 0.00%
ANZ Asset Management 6.36 - 1.21 0.04 7.60 0.00%
Bangkok Capital Asset Management 6.79 - - - 6.79 0.00%
SBI Funds Management 0.12 0.00 6.44 - 6.56 0.00%
CIMB-GK Securities Pte Ltd 6.27 - - - 6.27 0.00%
Lyxor 5.79 - 0.12 - 5.91 0.00%
Kotak Mahindra Asset Man 4.02 - 1.77 - 5.79 0.00%
Reliance Capital Asset Management 1.74 0.00 3.25 - 4.99 0.00%
UBS 4.63 - - - 4.63 0.00%
Amundi 4.57 - - - 4.57 0.00%
UTI Asset Management 0.10 - 4.22 - 4.32 0.00%
Horizons ETFs 4.19 - - - 4.19 0.00%
DIAM Asset Management 2.86 - - - 2.86 0.00%
SinoPac Securities Investment Trust Co 2.67 - - - 2.67 0.00%
BMO Global Asset Management 2.33 0.28 - - 2.61 0.00%
Krung Thai Asset Management 1.11 - 0.95 - 2.06 0.00%
HDFC Asset Management Co Ltd 0.09 - 1.81 - 1.90 0.00%
Yurie Asset Management 1.84 - - - 1.84 0.00%
Yuanda Chinese Holdings Ltd 1.57 - - - 1.57 0.00%
One Asset Management Ltd 1.50 - - - 1.50 0.00%
Lion Fund Management Co Ltd 1.08 - - - 1.08 0.00%
Daishin Investment Trust Mg 0.97 - - - 0.97 0.00%
UOB Asset Management Ltd 0.97 - - - 0.97 0.00%
Kasikorn Asset Management - - 0.89 - 0.89 0.00%
BOCOM Schroders 0.81 - - - 0.81 0.00%
First Metro Asset Management 0.65 - - - 0.65 0.00%
Heungkuk Asset Management 0.62 - - - 0.62 0.00%
Motilal Oswal Mutual Fund 0.53 - - - 0.53 0.00%
Midas Asset Management Co 0.52 - - - 0.52 0.00%
IDBI Asset Management - - 0.47 - 0.47 0.00%
Viet Fund Management 0.47 - - - 0.47 0.00%
Passive Funds Management Ltd 0.45 - - - 0.45 0.00%
i-VCAP Management 0.44 - - - 0.44 0.00%
Haitong International 0.43 - - - 0.43 0.00%
Bank of China Investment Management 0.42 - - - 0.42 0.00%
Canara Robeco - - 0.40 - 0.40 0.00%
Quantum Asset Management 0.05 - 0.34 - 0.40 0.00%
CCB Principal Asset Management Co Ltd. 0.39 - - - 0.39 0.00%
Total 84,225 76,992 2,827 510 164,555 100.00%
Current Month Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 27
Figure 51: ETP Turnover (US$ Million) by Issuer – Completion
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
Sumitomo Mitsui Asset Management 0.32 - - - 0.32 0.0%
Prudential ICICI Asset Management 0.11 - 0.18 - 0.30 0.0%
BNP Paribas 0.24 - 0.04 - 0.28 0.0%
NZAM 0.27 - - - 0.27 0.0%
Thanachart Fund Management - - 0.27 - 0.27 0.0%
Axis Asset Management - - 0.26 - 0.26 0.0%
GTJA Allianze Fund Management Co 0.23 - - - 0.23 0.0%
KDB Asset Management Co Ltd/Korea 0.21 - - - 0.21 0.0%
Wanjia Asset Management 0.19 - - - 0.19 0.0%
Ping An of China Asset Management 0.18 - - - 0.18 0.0%
HSBC Inv Funds Ltd/Hong Kong - 0.17 - - 0.17 0.0%
Mizuho Asset Management Co Ltd - - 0.12 - 0.12 0.0%
BBL Asset Management Co - - 0.12 - 0.12 0.0%
Edelweiss Asset Management 0.11 - - - 0.11 0.0%
Birla Sun Life Asset Management Co 0.01 - 0.10 - 0.10 0.0%
Religare Mutual Fund 0.00 - 0.07 - 0.07 0.0%
ComStage 0.06 - - - 0.06 0.0%
Indo Premier Securities 0.06 - - - 0.06 0.0%
Dongbu Asset Management 0.06 - - - 0.06 0.0%
UBS Hana Asset Management Co Ltd 0.03 - - - 0.03 0.0%
AmInvestment Services Berhad/Malaysia 0.00 0.01 - - 0.01 0.0%
Lippo Investments Management 0.01 - - - 0.01 0.0%
TMB Asset Management 0.00 - - - 0.00 0.0%
LIC Nomura MF Asset Management Co 0.00 - - - 0.00 0.0%
Total ( All Local Issuers) 84,227 76,992 2,829 510 164,558 100.0%
Current Month Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 28 Deutsche Bank AG/Hong Kong
AUM
AUM information
Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.
AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 55 for a detail of Foreign Issuer's AUMs
Figure 52: ETP AUM (US$ Million) ranking by Local Issuer – Top 40
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
Nomura Asset Management 70,429 - 386 - 70,815 23.1%
Nikko Asset Management 30,945 745 - - 31,690 10.4%
Daiwa Asset Management 29,525 - - - 29,525 9.6%
State Street 14,090 4,096 - - 18,187 5.9%
Fortune SGAM Fund Management 29 15,883 - - 15,912 5.2%
Mitsubishi UFJ Asset Mg 13,302 - - - 13,302 4.3%
Hang Seng Investment Management 11,544 - 10 - 11,554 3.8%
Samsung Asset Management 8,532 2,189 95 17 10,834 3.5%
BlackRock 9,541 510 - - 10,052 3.3%
China Asset Management 9,055 - - - 9,055 3.0%
Yinhua Fund Management 14 7,710 - - 7,724 2.5%
China Southern Fund Management Co Ltd 3,231 2,990 - - 6,221 2.0%
Yuanta Securities Inv trust Co Ltd. 5,660 - 239 - 5,900 1.9%
E Fund Management 3,684 1,584 245 - 5,514 1.8%
Mirae Asset MAPS Global Investments 3,389 759 256 19 4,423 1.4%
Huaan Fund Management 2,636 - 957 - 3,593 1.2%
CSOP Asset Management 3,238 209 29 - 3,475 1.1%
Harvest Fund Management Co 2,856 604 - - 3,460 1.1%
Fullgoal Fund Management Co 22 3,396 - - 3,418 1.1%
China Universal Asset Management Co 222 3,126 - - 3,348 1.1%
Huatai-PineBridge Fund Management Co 3,126 180 - - 3,306 1.1%
Vanguard 2,859 425 - - 3,283 1.1%
DIAM Asset Management 2,467 - - - 2,467 0.8%
Penghua Fund Management Co Ltd 25 1,984 - - 2,009 0.7%
BetaShares Capital Ltd 765 734 77 427 2,003 0.7%
Fubon Securities Investment Trust Co 1,804 - - - 1,804 0.6%
Simplex Asset Management Co Ltd 1,304 - 370 - 1,674 0.5%
KB Asset Management 700 823 - 38 1,561 0.5%
Bosera Fund Management Co Ltd 113 1,205 210 - 1,527 0.5%
Goldman Sachs 758 80 459 - 1,297 0.4%
Korea Investment Trust Mg 1,011 134 18 - 1,163 0.4%
Smartshares Ltd 773 332 - - 1,105 0.4%
Hanwha Investment Trust Management 672 376 - 7 1,055 0.3%
HFT Investment Management Co Ltd 12 937 - - 950 0.3%
NZAM 915 - - - 915 0.3%
Woori Asset Management 468 378 - 47 893 0.3%
GF Fund Management Co Ltd 725 15 - - 740 0.2%
Kyobo AXA Investment Mg Co Ltd 512 226 - - 738 0.2%
Guotai Asset Management Co Ltd 475 101 83 - 660 0.2%
Mitsubishi UFJ Trust and Banking Corporation - - 630 - 630 0.2%
Total (Top 40) 241,431 51,731 4,063 556 297,782 97.3%
Current Month AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 29
Figure 53: ETP AUM (US$ Million) ranking by Local Issuer – Contd.
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
BOCI - Prudential Asset Man Ltd 569 - - - 569 0.19%
AmInvestment Services Berhad/Malaysia 1 496 - - 497 0.16%
Sumitomo Mitsui Asset Management 493 - - - 493 0.16%
HSBC Inv Funds Ltd/Hong Kong - 479 - - 479 0.16%
Reliance Capital Asset Management 20 - 444 - 463 0.15%
ETF Securities - - 424 - 424 0.14%
Russell Investments 254 165 - - 419 0.14%
China Merchants Fund Management Co 32 326 - - 358 0.12%
Van Eck Funds 316 - - - 316 0.10%
Invesco Great Wall Fund Management Co. Ltd 146 135 - - 281 0.09%
Kokusai Asset Management Co Ltd - - - 246 246 0.08%
Cathay Securities Investment Trust 236 - - - 236 0.08%
UBS 217 - - - 217 0.07%
Fuh-Hwa Securities Investment Trust 210 - - - 210 0.07%
Kotak Mahindra Asset Man 36 - 168 - 205 0.07%
BMO Global Asset Management 92 105 - - 197 0.06%
Zhongrong Fund Management Co Ltd - 165 - - 165 0.05%
Value Partners 56 - 89 - 145 0.05%
Horizons ETFs 130 - - - 130 0.04%
Dacheng Fund Management Co Ltd 126 - - - 126 0.04%
Indo Premier Securities 112 - - - 112 0.04%
Prudential ICICI Asset Management 92 - 19 - 111 0.04%
CSC Investment Trust 109 - - - 109 0.04%
BOCOM Schroders 108 - - - 108 0.04%
Rakuten Investment Management 107 - - - 107 0.03%
i-VCAP Management 103 - - - 103 0.03%
HDFC Asset Management Co Ltd - - 88 - 88 0.03%
UTI Asset Management - - 86 - 86 0.03%
Kiwoom Asset Management Co Ltd 10 - - 62 72 0.02%
Enhanced Investment Products Limited 69 - - - 69 0.02%
Passive Funds Management Ltd 65 - - - 65 0.02%
One Asset Management Ltd 64 - - - 64 0.02%
ICBC Credit Suisse Asset Management 64 - - - 64 0.02%
Yurie Asset Management 59 - - - 59 0.02%
CIMB-GK Securities Pte Ltd 50 - - - 50 0.02%
China Life AMP Asset Management Co 44 - - - 44 0.01%
Birla Sun Life Asset Management Co 30 - 13 - 42 0.01%
Lion Fund Management Co Ltd 42 - - - 42 0.01%
SBI Funds Management 4 - 37 - 41 0.01%
Haitong International 39 - - - 39 0.01%
Axis Asset Management - - 35 - 35 0.01%
Bangkok Capital Asset Management 34 - - - 34 0.01%
ANZ Asset Management 29 - 3 0 32 0.01%
Midas Asset Management Co 32 - - - 32 0.01%
Dongbu Asset Management 32 - - - 32 0.01%
CCB Principal Asset Management Co Ltd. 29 - - - 29 0.01%
Krung Thai Asset Management 17 - 10 - 27 0.01%
Amundi 27 - - - 27 0.01%
UOB Asset Management Ltd 24 - - - 24 0.01%
GTJA Allianze Fund Management Co 22 - - - 22 0.01%
Motilal Oswal Mutual Fund 22 - - - 22 0.01%
UBS Hana Asset Management Co Ltd 20 - - - 20 0.01%
First Metro Asset Management 19 - - - 19 0.01%
Ping An of China Asset Management 19 - - - 19 0.01%
Total 245,860 53,604 5,480 864 305,808 100%
Current Month AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 30 Deutsche Bank AG/Hong Kong
Figure 54: ETP AUM (US$ Million) ranking by Local Issuer – Completion
Issuer EquityFixed
Income
Commo-
dityOther Total
Mkt
Share %
Heungkuk Asset Management 18 - - - 18 0.01%
Yuanda Chinese Holdings Ltd 18 - - - 18 0.01%
IDBI Asset Management - - 17 - 17 0.01%
Viet Fund Management 16 - - - 16 0.01%
BNP Paribas 14 - - - 14 0.00%
BBL Asset Management Co - - 11 - 11 0.00%
Quantum Asset Management 1 - 10 - 10 0.00%
Daishin Investment Trust Mg 10 - - - 10 0.00%
Lippo Investments Management 9 - - - 9 0.00%
Kasikorn Asset Management - - 9 - 9 0.00%
SinoPac Securities Investment Trust Co 9 - - - 9 0.00%
Religare Mutual Fund 0 - 7 - 8 0.00%
Thanachart Fund Management - - 6 - 6 0.00%
Bank of China Investment Management 4 - - - 4 0.00%
KDB Asset Management Co Ltd/Korea 3 - - - 3 0.00%
TMB Asset Management 2 - - - 2 0.00%
Edelweiss Asset Management 2 - - - 2 0.00%
Canara Robeco - - 2 - 2 0.00%
China International Fund Mgmt 1 - - - 1 0.00%
Wanjia Asset Management 1 - - - 1 0.00%
Mizuho Asset Management Co Ltd - - 1 - 1 0.00%
Total ( All Local Issuers) 245,967 53,604 5,542 864 305,977 100%
Current Month AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 55: ETP AUM (US$ Million) ranking by Foreign Issuer
Issuer EquityFixed
IncomeCommodity Other Total
Mkt
Share %
State Street 211,208 - 41,325 - 252,533 40.8%
BlackRock 229,023 6,246 - - 235,268 38.1%
Vanguard 77,509 - - - 77,509 12.5%
Deutsche AM 24,400 2,839 - - 27,239 4.4%
ETF Securities - - 9,905 - 9,905 1.6%
Lyxor 7,180 - 1,080 - 8,260 1.3%
UBS 7,368 - - - 7,368 1.2%
BNP Paribas - - 108 - 108 0.0%
ComStage 66 - - - 66 0.0%
Total ( All Foreign Issuers) 556,754 9,085 52,418 - 618,256 100%
Current Month AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
The Foreign Issuer AUM
ranking includes the AUM of
all products cross listed in the
Asia-Pacific Region, with a
domicile region outside Asia-
Pacific (e.g. the US or
Europe).
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 31
7. ETP – Net Flows
Investment Focus
Figure 56: 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 2,325 1.6% 2,843 1.9% 16,026 11.4%
Emerging Markets (2,507) -4.8% 1,023 2.0% (201) -0.4%
Global Markets 19 4.8% 19 5.3% 194 93.3%
Sectors 181 2.0% 267 3.2% 826 10.6%
Capitalization (5) -0.7% 5 0.8% 26 3.9%
Strategy (1,037) -6.0% 2,439 16.0% 3,241 23.2%
Style 22 0.5% (55) -1.3% 812 22.9%
Thematic 317 11.2% 467 20.1% 1,158 54.1%
Total (684) -0.3% 7,009 3.0% 22,081 9.8%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 57: 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 386 5.4% 951 15.9% 1,434 24.8%
Corporates 4 0.3% 11 0.7% 148 10.7%
Money Market (2,906) -6.3% (7,471) -13.8% (4,636) -9.9%
Overall 41 4.2% 28 3.0% 182 22.8%
Total (2,475) -4.4% (6,482) -10.4% (2,871) -5.2%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 58: 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 433.8 11.5% 189.9 5.7% 1,168.2 47.7%
Overall - n.a - 0.0% (0.1) -1.5%
Energy 38.5 2.9% (114.7) -8.0% 52.1 5.0%
Agriculture 2.2 4.6% (2.5) -5.1% 1.2 2.9%
Industrial Metals (0.8) -6.2% 0.4 3.1% 0.6 4.9%
Total 474 9.1% 73 1.5% 1,222 34.5%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 32 Deutsche Bank AG/Hong Kong
Sub Segment
Figure 59: 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 (103) -2.2% (128) -2.7% (91) -2.0%
Hong Kong (201) -1.3% 247 1.6% 862 5.8%
Japan 2,586 2.0% 2,668 2.1% 14,933 12.5%
New Zealand (10) -4.9% (7) -3.7% (9) -4.8%
Singapore (1) -0.3% 11 2.5% 87 24.4%
Asia Pacific 2,271 1.5% 2,791 1.9% 15,783 11.3%
US (4) -1.5% 40 18.1% 54 26.8%
UK - 0.0% 8 n.a 8 n.a
Germany 1 3.1% 9 23.5% 8 20.2%
Global broad indices 56 7.7% (3) -0.5% 173 27.4%
DM Total 2,325 1.6% 2,843 1.9% 16,026 11.4%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 60: 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 (1,282) -3.2% 490 1.2% 1,393 3.2%
India 19 2.0% (2) -0.2% 92 9.3%
Indonesia (10) -12.3% (3) -3.7% (4) -6.6%
Malaysia - 0.0% - 0.0% - 0.0%
Philippines (2) -7.9% (2) -8.6% (12) -40.0%
South Korea (272) -3.2% 434 5.5% (539) -6.3%
Taiwan (963) -37.2% 73 3.0% (1,147) -45.4%
Thailand (6) -5.8% 34 49.3% 4 4.7%
Vietnam 9 56.3% (1) -5.8% 7 45.9%
Asia Pacific broad (1) -6.5% - 0.0% (1) -6.7%
Asia Pacific (2,508) -4.8% 1,023 2.0% (207) -0.4%
Brazil (0) 0.0% 0 0.0% 1 4.3%
LATAM broad - 0.0% - 0.0% - 0.0%
Latin America (0) 0.0% 0 0.0% 1 4.0%
Russia (0) 0.0% 0 0.0% 2 10.2%
South Africa 0 0.0% (0) -0.1% (0) 0.0%
Global broad indices 1 1.0% 0 0.1% 3 2.7%
EM Total (2,507) -4.8% 1,023 2.0% (201) -0.4%
YTDCurrent Month Prev. Month
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 33
Figure 61: 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 (20) -7.7% 4 1.6% (29) -9.5%
Consumer Staples (5) -0.9% (28) -5.0% (189) -26.4%
Energy 18 30.0% 1 2.5% 17 29.3%
Financials 164 2.3% 293 4.5% 923 16.2%
Healthcare 35 10.4% (5) -1.5% 99 30.5%
Industrials (6) -7.1% 2 3.1% 1 1.8%
Information Technology (2) -0.8% (1) -0.3% (6) -2.4%
Materials 2 1.4% 2 1.5% (2) -1.5%
Telecommunication Services (1) -5.8% 0 0.9% 4 30.5%
Utilities 0 0.0% (0) -0.7% 4 72.0%
Overall (4) -2.7% (3) -1.7% 5 2.6%
Sector 181 2.0% 267 3.2% 826 10.6%
Large Cap (3) -0.7% 5 1.3% 20 5.3%
Mid Cap (0) -0.4% (0) -0.2% 0 0.0%
Small Cap (2) -1.0% (0) 0.0% 6 3.7%
Capitalization (5) -0.7% 5 0.8% 26 3.9%
Short 1,201 29.5% 1,262 47.5% 2,778 128.9%
Leveraged (2,838) -24.8% 1,402 12.8% (259) -2.5%
Leveraged Short 615 83.9% (336) -39.8% 477 87.6%
Quantitative (32) -5.6% 79 15.6% 174 45.2%
Fundamental 18 4.3% 33 8.7% 70 19.4%
Strategy (1,037) -6.0% 2,439 16.0% 3,241 23.2%
Growth 46 4.6% (142) -12.8% 358 43.3%
Value (11) -5.3% 7 3.6% 22 11.4%
Dividend (13) -0.4% 79 2.8% 431 17.1%
Style 22 0.5% (55) -1.3% 812 22.9%
Sustainability (2) -3.6% 7 17.4% 15 41.2%
Commodities 1 3.0% - 0.0% 1 4.9%
Other Theme 318 11.5% 460 20.4% 1,142 55.0%
Thematic 317 11.2% 467 20.1% 1,158 54.1%
Total (521) -1.5% 3,123 10.1% 6,063 21.6%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 34 Deutsche Bank AG/Hong Kong
Figure 62: 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% - 0.0% (0) -1.5%
Agriculture
Overall 2 5.2% (2) -5.6% 2 4.9%
Corn - n.a - n.a - n.a
Soybeans - 0.0% - 0.0% - 0.0%
Wheat - n.a - n.a (0) -97.5%
Grains - n.a - n.a (1) -101.2%
Energy
Overall - n.a - n.a (0) -93.8%
Crude Oil 39 2.9% (115) -8.0% 52 5.1%
Oil & Gas - n.a - n.a - n.a
Natural Gas - n.a - n.a (0) -79.4%
Industrial Metals
Overall - 0.0% - 0.0% - 0.0%
Copper (1) -7.5% 0 3.8% 1 6.1%
Precious Metals
Overall - 0.0% - 0.0% - 0.0%
Gold 435 12.3% 189 6.1% 1,161 51.5%
Palladium - 0.0% - 0.0% 0 6.9%
Platinum (0) 0.0% (0) -0.2% 6 7.2%
Silver (1) -1.0% 1 0.8% 0 0.3%
Total 474 9.1% 73 1.5% 1,222 34.5%
YTDPrev. MonthCurrent Month
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 35
Issuer
Figure 63: ETP inflows (US$ Million) by Issuer – Top 10
Issuer Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUMNikko Asset Management 896 3.0% 1,097 3.8% 4,461 16.8%
Daiwa Asset Management 711 2.6% 1,086 4.0% 3,425 13.3%
Huaan Fund Management 320 10.0% 21 0.7% 811 25.9%
Mitsubishi UFJ Asset Mg 288 2.3% 188 1.5% 1,505 13.0%
Harvest Fund Management Co 278 8.9% (122) -3.7% 493 14.2%
Samsung Asset Management 195 1.9% 444 4.8% 736 7.9%
Yinhua Fund Management 182 2.4% (2,509) -24.8% 104 1.3%
State Street 141 0.8% 417 2.5% 1,224 7.6%
China Merchants Fund Management Co 130 57.7% (153) -40.1% (168) -31.2%
BetaShares Capital Ltd 69 3.6% 43 2.4% 341 21.0%
Total Top 10 (Inflows) 3,210 2.8% 513 0.5% 12,934 12.2%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
Figure 64: ETP outflows (US$ Million) by Issuer – Top 10
IssuerNet
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Net
Cashflow
% of
AUM
Fortune SGAM Fund Management (855) -5.1% (4,141) -19.6% (3,307) -16.8%
Bosera Fund Management Co Ltd (665) -30.4% 619 39.3% 118 8.3%
Yuanta Securities Inv trust Co Ltd. (431) -6.9% 774 14.5% 1,004 22.3%
China Universal Asset Management Co (423) -11.2% (793) -17.3% 1,564 83.8%
Hang Seng Investment Management (384) -3.3% 181 1.6% 249 2.1%
Penghua Fund Management Co Ltd (375) -15.7% (32) -1.3% 35 108.1%
Nomura Asset Management (306) -0.5% 2,128 3.2% 6,750 10.6%
KB Asset Management (278) -15.6% 475 37.8% 161 12.4%
CSOP Asset Management (276) -7.6% 593 19.1% 596 18.7%
Huatai-PineBridge Fund Management Co (271) -7.7% (424) -10.7% (181) -4.5%
Total Top 10 (Outflows) (4,264) -3.5% (620) -0.5% 6,990 5.6%
Current Month Prev. Month YTD
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 36 Deutsche Bank AG/Hong Kong
Index Provider
Figure 65: ETP Net Flows (US$ Million) by Index Provider – Equity
(1,000) (800) (600) (400) (200) - 200 400 600 800
Commodity
KRX
FTSE
Nasdaq OMX
UBS
Markit iBoxx
S&P Dow Jones
Reuters/Jefferies
Maekyung FnGuide
Nikkei
MSCI
HSIL
Topix
Deutsche Borse
Net Cashflow (US$ Million)
Figure 66: ETP Net Flows (US$ Million) by Index Provider – Fixed Income
(3,000) (2,500) (2,000) (1,500) (1,000) (500) - 500 1,000
CSI
Markit iBoxx
KRX
Commodity
Deutsche Bank
S&P Dow Jones
Other
SSE
Weiner Borse
Net Cashflow (US$ Million)
Figure 67: ETP Net Flows (US$ Million) by Index Provider – Commodity
(100) - 100 200 300 400 500
Other
UBS
Commodity
IISL
HSIL
Net Cashflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 37
Underlying Index/Security
Figure 68: ETP inflows (US$ Million) by Underlying Index
– Equity (Top 10)
Figure 69: ETP outflows (US$ Million) by Underlying
Index – Equity (Top 10)
- 500 1,000 1,500 2,000
JPX Nikkei Index 400
Nikkei Average Double …
TSE REIT Index
JPX/S&P Capex & Human …
MSCI Japan Human and …
Nikkei 225 Double Inverse Index
Taiwan Top 50 Index
F-KOSPI200 Index
TOPIX
Nikkei 225
Inflow (US$ Million)
(2,500) (2,000) (1,500) (1,000) (500) -
S&P/ASX 200
TOPIX Leveraged (2x) Index
Nikkei 225 Inverse Index
Hang Seng Index
FTSE China A50 Index
Hang Seng China Enterprise Index
CSI 300 Index
KOSPI 200 Index
TSEC Taiwan 50 Index
Nikkei 225 Leveraged Index
Outflow (US$ Million)
Figure 70: ETP inflows (US$ Million) by Underlying Index
– Fixed Income (Top 10)
Figure 71: ETP outflows (US$ Million) by Underlying
Index – Fixed Income
- 100 200 300 400
S&P/ASX Australian Fixed Interest …
UBS Government Inflation Index
MK Korea Monetary Stabilization …
KAP Short-Term Bond Index
iBoxx ABF Malaysia Bond Index
Bloomberg AusBond Composite …
iBoxx ABF Singapore Bond Index
iBoxx ABF Hong Kong Index
30 day Bank Bill Swap Rate
iBoxx ABF Pan-Asia Index
Inflow (US$ Million)
-3000 -2500 -2000 -1500 -1000 -500 0
KIS MSB Short Term Index
MaeKyung Money Market TR Index
KAP Money Market Index
KIS MSB 5M Index
China Bond 5-year Treasurey Bond Index
KIS MSB 3M Index
KRW Cash Index TR
KRW Cash Plus Index
China PBOC Benchmark Notice Deposit 7 Day
Other
Outflow (US$ Million)
Figure 72: ETP inflows (US$ Million) by Underlying
Index/Security – Commodity
Figure 73: ETP outflows (US$ Million) by Underlying
Index/Security – Commodity
0 100 200 300 400 500
S&P GSCI Agriculture
Enhanced Select Index
S&P GSCI Gold Excess Return
Index
S&P GSCI Crude Oil Enhanced
Index
Nomura Crude Oil Long Index
BofA merril Lynch Commodity
Index eXtra CLA Index
S&P GSCI Crude Oil Excess
Reurn Index
Commodity Gold
Inflow (US$ Million)
-6 -5 -4 -3 -2 -1 0
Nikkei-TOCOM Platinum Index
S&P GSCI North American Copper Index TR
S&P GSCI Sliver TR Index
S&P GSCI Crude Oil Index
UBS Bloomberg Constant Maturity Commodity
Index
S&P GSCI Gold Index
Outflow (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 38 Deutsche Bank AG/Hong Kong
8. ETP – Turnover
Turnover information
Monthly Turnover definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure.
Note on Turnover The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded.
Investment Focus
Figure 74: ETP Monthly Turnover (US$ Million) by Investment Focus – Equity
Prev. Month Year 2015
Investment Focus - Equity TurnoverMkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Size 128 0.2% 155 (28) -17.7% 606 (478) -78.9%
Regional 172 0.2% 323 (151) -46.8% 280 (108) -38.5%
Style 2,460 2.9% 2,966 (506) -17.1% 4,443 (1,983) -44.6%
Sector 686 0.8% 608 78 12.8% 3,597 (2,911) -80.9%
Country 25,507 30.3% 26,684 (1,177) -4.4% 73,649 (48,142) -65.4%
Strategy 55,174 65.5% 62,545 (7,371) -11.8% 44,251 10,923 24.7%
Thematic 100 0.1% 97 3 3.1% 1,305 (1,205) -92.3%
Total 84,227 100% 93,379 (9,152) -9.8% 128,130 (43,903) -34.3%
Current Month MoM Change Change from 2015
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 75: ETP Monthly Turnover (US$ Million) by Investment Focus – Fixed Income
Prev. Month Year 2015
Investment Focus - Fixed
IncomeTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Sovereign 1,416 1.8% 913 502 55.0% 2,351 (935) -39.8%
Corporates 23 0.0% 26 (3) -12.0% 24 (1) -3.9%
Money Market 75,484 98.0% 96,672 (21,187) -21.9% 100,764 (25,279) -25.1%
Overall 69 0.1% 55 14 25.5% 63 7 11.0%
Total 76,992 100% 97,666 (20,674) -21.2% 103,201 (26,208) -25.4%
Change from 2015MoM ChangeCurrent Month
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 76: ETP Monthly Turnover (US$ Million) by Investment Focus – Commodity
Prev. Month Year 2015
Investment Focus -
CommodityTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Precious Metals 2,446 86.5% 1,954 491 25.1% 401 2,044 509.5%
Overall 0 0.0% 0 (0) -25.7% 1 (1) -74.3%
Energy 369 13.1% 428 (59) -13.7% 494 (124) -25.2%
Agriculture 10 0.4% 12 (1) -9.7% 9 2 21.6%
Industrial Metals 3 0.1% 4 (1) -22.9% 1 1 107.3%
Total 2,829 100% 2,398 431 18.0% 906 1,922 212.1%
MoM ChangeCurrent Month Change from 2015
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 39
Sub Segment
Figure 77: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Equity
Prev. Month Year 2015
Investment Focus
Sub Segment - EquityTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Country
Asia Pac Developed 9,275 11.0% 8,741 534 6.1% 9,120 155 1.7%
Developed non-Asia Pac 92 0.1% 101 (9) -8.6% 353 (261) -74.0%
Emerging Country 16,140 19.2% 17,842 (1,702) -9.5% 64,175 (48,035) -74.9%
Regional
Asia Pacific 14 0.0% 10 3 32.7% 17 (4) -21.9%
Asia Pacific ex-Japan 15 0.0% 28 (14) -48.1% 17 (3) -15.0%
Emerging Markets 20 0.0% 25 (4) -17.0% 76 (55) -72.9%
Eurozone 0 0.0% 0 (0) -19.8% 0 (0) -57.6%
Europe 41 0.0% 98 (56) -57.6% 54 (12) -22.9%
Global 81 0.1% 162 (81) -50.1% 113 (33) -28.7%
Greater China 1 0.0% 0 0 92.5% 2 (1) -59.6%
Sector
Global 45 0.1% 19 26 135.1% 30 15 48.4%
Other Sector 107 0.1% 84 23 27.4% 337 (231) -68.4%
Asian Country 534 0.6% 505 29 5.7% 3,230 (2,695) -83.5%
Size
Large Cap 115 0.1% 138 (23) -16.5% 389 (274) -70.4%
Mid Cap 4 0.0% 4 0 2.7% 204 (200) -98.2%
Small Cap 9 0.0% 14 (5) -35.3% 12 (3) -26.9%
Style
Growth 2,197 2.6% 2,701 (503) -18.6% 3,590 (1,393) -38.8%
Value 43 0.1% 26 17 64.8% 223 (180) -80.7%
Dividend 220 0.3% 240 (20) -8.2% 630 (410) -65.1%
Strategy
Short 5,159 6.1% 5,706 (547) -9.6% 2,831 2,329 82.3%
Leveraged 41,221 48.9% 48,019 (6,798) -14.2% 37,855 3,366 8.9%
Quantitative 37 0.0% 28 9 32.1% 342 (305) -89.2%
Fundamental 38 0.0% 31 7 22.5% 49 (11) -21.8%
Thematic
Sustainability 0 0.0% 0 0 102.7% 2 (2) -79.5%
Commodities 12 0.0% 11 1 9.9% 289 (277) -95.7%
Other Theme 87 0.1% 85 2 2.0% 1,013 (926) -91.4%
Total 84,227 100% 93,379 (9,152) -9.8% 128,130 (43,903) -34.3%
Change from 2015MoM ChangeCurrent Month
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 40 Deutsche Bank AG/Hong Kong
Figure 78: ETP Monthly Turnover (US$ Million) by Investment Focus Sub Segment – Commodity Prev. Month Year 2015
Investment Focus
Sub Segment - CommodityTurnover
Mkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Overall
Overall 0.28 0.0% 0.38 (0.10) -27.0% 1.19 (0.91) -76.5%
Overall ex Energy 0.05 0.0% 0.06 (0.01) -17.5% 0.09 (0.04) -43.2%
Overall Light Energy - 0.0% - - n.a. 0.00 (0.00) -100.0%
Agriculture
Overall 8.13 0.3% 8.40 (0.27) -3.2% 7.66 0.47 6.2%
Corn 0.64 0.0% 0.31 0.33 108.6% 0.09 0.54 576.9%
Soybeans 0.36 0.0% 1.57 (1.21) -76.9% 0.62 (0.25) -41.1%
Wheat 1.34 0.0% 1.31 0.04 2.9% 0.23 1.11 484.7%
Grains 0.01 0.0% 0.02 (0.01) -66.5% 0.02 (0.01) -61.2%
Energy
Overall 0.01 0.0% 0.11 (0.09) -88.1% 0.00 0.01 195.8%
Crude Oil 369.12 13.1% 427.30 (58.18) -13.6% 493.56 (124.45) -25.2%
Oil & Gas - 0.0% - - n.a. - - n.a
Gasoline 0.03 0.0% 0.05 (0.02) -43.5% 0.00 0.02 565.4%
Natural Gas 0.20 0.0% 0.41 (0.21) -50.6% 0.28 (0.08) -28.0%
Industrial Metals
Overall 0.13 0.0% 0.23 (0.09) -41.8% 0.12 0.01 5.6%
Copper 2.68 0.1% 3.42 (0.74) -21.8% 1.23 1.45 117.4%
Nickel 0.01 0.0% 0.01 0.00 8.2% 0.00 0.01 628.8%
Precious Metals
Overall 1.93 0.1% 1.47 0.46 31.1% 0.43 1.50 351.0%
Gold 2,364.59 83.6% 1,910.99 453.60 23.7% 369.62 1,994.97 539.7%
Palladium 0.79 0.0% 0.39 0.39 99.7% 1.05 (0.26) -25.0%
Platinum 30.26 1.1% 16.15 14.11 87.4% 13.65 16.61 121.6%
Silver 48.05 1.7% 25.29 22.76 90.0% 16.52 31.53 190.8%
Total 2,829 100% 2,398 431 18.0% 906 1,922 212.1%
Change from 2015MoM ChangeCurrent Month
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 41
Exchange
Figure 79: ETP Monthly Turnover (US$ Million) by Exchange
Prev. Month Year 2015
Exchange Name TurnoverMkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
China - Shanghai 79,701.51 48.4% 99,439.23 (19,737.72) -19.8% 134,888.58 (55,187.07) -40.9%
Japan - Osaka 34,712.48 21.1% 40,902.00 (6,189.52) -15.1% 31,468.99 3,243.49 10.3%
Japan - Tokyo SE 14,840.10 9.0% 15,589.58 (749.48) -4.8% 9,031.96 5,808.14 64.3%
Korea - KSE 14,489.17 8.8% 16,321.04 (1,831.87) -11.2% 12,708.77 1,780.40 14.0%
Hong Kong - HKE 8,774.40 5.3% 8,288.34 486.06 5.9% 23,301.45 (14,527.05) -62.3%
China - Shenzhen 5,379.54 3.3% 6,503.34 (1,123.80) -17.3% 15,195.41 (9,815.87) -64.6%
Taiwan - TSEC 4,714.95 2.9% 4,799.60 (84.64) -1.8% 4,197.63 517.32 12.3%
Australia - ASX 1,311.29 0.8% 1,764.35 (453.07) -25.7% 1,294.32 16.97 1.3%
India - NSE 401.93 0.2% 449.06 (47.13) -10.5% 284.94 116.99 41.1%
Singapore - SGX 204.14 0.1% 195.73 8.41 4.3% 171.67 32.47 18.9%
New Zealand - NZ 15.23 0.0% 20.10 (4.87) -24.3% 9.19 6.03 65.6%
Thailand - SET 11.62 0.0% 11.88 (0.26) -2.2% 7.08 4.54 64.1%
Philippines - PSE 0.65 0.0% 1.21 (0.57) -46.7% 1.58 (0.93) -59.1%
Malaysia - Kuala Lumpur 0.59 0.0% 0.26 0.33 123.7% 0.72 (0.13) -17.9%
Vietnam - HOSE 0.47 0.0% 1.06 (0.59) -55.6% 0.68 (0.21) -30.5%
India - Bombay 0.10 0.0% 0.22 (0.11) -52.6% 0.10 0.00 2.8%
Indonesia - Jakarta 0.06 0.0% 0.04 0.01 28.7% 0.09 (0.03) -35.7%
Japan - Nagoya 0.02 0.0% 0.04 (0.02) -56.1% 0.15 (0.13) -88.6%
Total 164,558 100% 194,287 (29,729) -15.3% 232,563 (68,005) -29.2%
Current Month MoM Change Change from 2015
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 42 Deutsche Bank AG/Hong Kong
Issuer
Figure 80: ETP Monthly Turnover (US$ Million) by Top 40 Issuer Prev. Month Year 2015
Issuer TurnoverMkt
Share %Turnover Turnover
%
TurnoverTurnover Turnover
%
Turnover
Nomura Asset Management 41,687 25.3% 47,042 (5,355) -11.4% 34,451 7,236 21.0%
Fortune SGAM Fund Management 21,733 13.2% 30,302 (8,569) -28.3% 68,670 (46,937) -68.4%
Yinhua Fund Management 17,137 10.4% 22,214 (5,077) -22.9% 16,134 1,003 6.2%
Samsung Asset Management 10,037 6.1% 11,743 (1,706) -14.5% 9,268 769 8.3%
China Southern Fund Management Co Ltd 8,178 5.0% 10,929 (2,750) -25.2% 6,784 1,394 20.6%
Fullgoal Fund Management Co 7,634 4.6% 7,769 (135) -1.7% 324 7,310 2257.6%
China Universal Asset Management Co 6,679 4.1% 10,013 (3,334) -33.3% 1,672 5,007 299.4%
Penghua Fund Management Co Ltd 4,893 3.0% 4,821 72 1.5% 103 4,790 4641.4%
Simplex Asset Management Co Ltd 4,714 2.9% 5,907 (1,193) -20.2% 3,436 1,278 37.2%
E Fund Management 4,710 2.9% 5,919 (1,209) -20.4% 12,735 (8,025) -63.0%
State Street 4,162 2.5% 2,980 1,182 39.7% 4,156 6 0.1%
Bosera Fund Management Co Ltd 3,788 2.3% 3,907 (120) -3.1% 1,047 2,740 261.7%
Yuanta Securities Inv trust Co Ltd. 3,052 1.9% 3,125 (73) -2.3% 1,893 1,159 61.2%
China Asset Management 2,532 1.5% 2,738 (206) -7.5% 17,095 (14,563) -85.2%
Mirae Asset MAPS Global Investments 2,105 1.3% 2,261 (156) -6.9% 1,805 300 16.6%
Huatai-PineBridge Fund Management Co 2,031 1.2% 2,038 (7) -0.3% 11,965 (9,933) -83.0%
Hang Seng Investment Management 1,776 1.1% 1,921 (146) -7.6% 3,459 (1,684) -48.7%
Harvest Fund Management Co 1,739 1.1% 801 937 117.0% 2,452 (713) -29.1%
CSOP Asset Management 1,678 1.0% 1,970 (292) -14.8% 6,832 (5,153) -75.4%
China Merchants Fund Management Co 1,330 0.8% 818 511 62.5% 1,706 (376) -22.1%
Huaan Fund Management 1,310 0.8% 1,076 234 21.8% 4,130 (2,819) -68.3%
Fubon Securities Investment Trust Co 1,296 0.8% 1,383 (87) -6.3% 2,002 (705) -35.2%
BlackRock 1,184 0.7% 1,659 (475) -28.6% 7,865 (6,681) -85.0%
Woori Asset Management 1,150 0.7% 1,143 7 0.7% 673 477 70.9%
Daiwa Asset Management 1,106 0.7% 1,077 29 2.6% 1,037 68 6.6%
Zhongrong Fund Management Co Ltd 911 0.6% 1,326 (415) -31.3% 13 898 6918.0%
Guotai Asset Management Co Ltd 754 0.5% 377 377 99.9% 4,097 (3,343) -81.6%
Korea Investment Trust Mg 664 0.4% 483 180 37.3% 498 166 33.3%
Nikko Asset Management 648 0.4% 683 (36) -5.2% 769 (121) -15.8%
Rakuten Investment Management 580 0.4% 660 (80) -12.2% 141 439 310.2%
Goldman Sachs 376 0.2% 424 (48) -11.3% 264 111 42.1%
Vanguard 352 0.2% 463 (111) -24.0% 235 116 49.4%
BetaShares Capital Ltd 347 0.2% 325 23 7.0% 266 81 30.5%
KB Asset Management 317 0.2% 443 (126) -28.4% 325 (8) -2.3%
Kokusai Asset Management Co Ltd 291 0.2% 591 (300) -50.7% 237 54 22.8%
Cathay Securities Investment Trust 284 0.2% 189 95 50.2% 139 145 104.8%
Mitsubishi UFJ Asset Mg 269 0.2% 266 3 1.0% 248 20 8.1%
Invesco Great Wall Fund Management Co. Ltd 211 0.1% 401 (190) -47.4% 600 (389) -64.8%
Mitsubishi UFJ Trust and Banking Corporation 130 0.1% 94 35 37.5% 59 71 119.4%
Kiwoom Asset Management Co Ltd 98 0.1% 86 13 14.7% 8 90 1060.1%
Total Top 40 163,873 99.6% 192,369 (28,496) -14.8% 229,594 (65,721) -28.6%
MoM Change Change from 2015Current Month
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 43
Index Provider Underlying Index/Security
Figure 81: ETP Monthly Turnover (US$ Million) by Index
Provider – Equity (Top 10)
Figure 82: ETP Monthly Turnover (US$ Million) by
Underlying Index – Equity (Top 10)
- 7,000 14,000 21,000 28,000 35,000 42,000 49,000
MSCI
S&P Dow Jones
SSE
Topix
CSI
FTSE
Other
HSIL
KRX
Nikkei
Turnover (US$ Million)
0 10000 20000 30000 40000
ChiNext Index
FTSE China A50 Index
CSI 300 Index
Hang Seng China Enterprise …
Nikkei 225
F-KOSPI200 Index
Hang Seng Index
Nikkei 225 Double Inverse Index
KOSPI 200 Index
Nikkei 225 Leveraged Index
Turnover (US$ Million)
Figure 83: ETP Monthly Turnover (US$ Million) by Index
Provider – Fixed Income
Figure 84: ETP Monthly Turnover (US$ Million) by
Underlying Index – Fixed Income
- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
CSI
Citigroup
S&P Dow Jones
Deutsche Bank
Markit iBoxx
UBS
Maekyung FnGuide
SSE
KRX
Other
Turnover (US$ Million)
- 20,000 40,000 60,000 80,000
Bloomberg AusBond Composite Index
MaeKyung Money Market TR Index
Bloomberg AusBond 0+ Yr Composite Index
KRW Cash Index TR
30 day Bank Bill Swap Rate
Active
SSE 5-Year China Treasury Note Index
MK Korea Monetary Stabilization Index
China PBOC Benchmark Notice Deposit 7 …
Other
Turnover (US$ Million)
Figure 85: ETP Monthly Turnover (US$ Million) by Index
Provider – Commodity
Figure 86: ETP Monthly Turnover (US$ Million) by
Underlying Index/Security – Commodity (Top 10)
- 500 1,000 1,500 2,000 2,500
Reuters/Jefferies
Reuters/Jefferies
Nikkei
UBS
Other
S&P Dow Jones
Commodity
Turnover (US$ Million)
- 400 800 1,200 1,600 2,000 2,400 2,800
S&P WCI Gold Excess Return Index
S&P GSCI Gold Index
S&P GSCI Gold Excess Return Index
Commodity Platinum
Commodity Silver
S&P GSCI Crude Oil Enhanced Index
UBS Bloomberg Constant Maturity …
Nomura Crude Oil Long Index
S&P GSCI Crude Oil Excess Reurn Index
Commodity Gold
Turnover (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Page 44 Deutsche Bank AG/Hong Kong
9. ETP – Assets under Management
AUM information
Assets Under Management (AUM): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding.
AUM Universe The Assets Under Management (AUM) of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 55 for a detail of Foreign Issuer's AUMs.
Investment Focus
Figure 87: ETP AUM (US$ Million) by Investment Focus – Equity
Prev. Month End of 2015
Investment Focus - Equity AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Size 721 0.3% 686 35 5.1% 659 62 9.4%
Regional 1,406 0.6% 1,267 139 10.9% 973 433 44.5%
Style 4,332 1.8% 4,143 189 4.6% 3,541 791 22.3%
Sector 9,397 3.8% 8,948 450 5.0% 7,771 1,627 20.9%
Country 209,651 85.2% 201,049 8,602 4.3% 195,868 13,783 7.0%
Strategy 17,146 7.0% 17,224 (78) -0.5% 13,990 3,156 22.6%
Thematic 3,314 1.3% 2,833 480 17.0% 2,142 1,171 54.7%
Total 245,967 100% 236,151 9,816 4.2% 224,945 21,023 9.3%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 88: ETP AUM (US$ Million) by Investment Focus – Fixed Income
Prev. Month End of 2015
Investment Focus - Fixed Income AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Sovereign 7,534 14.1% 7,093 441 6.2% 5,788 1,746 30.2%
Corporates 1,547 2.9% 1,518 29 1.9% 1,388 160 11.5%
Money Market 43,475 81.1% 46,326 (2,852) -6.2% 46,802 (3,328) -7.1%
Overall 1,048 2.0% 992 56 5.6% 801 248 30.9%
Total 53,604 100% 55,929 (2,326) -4.2% 54,778 (1,175) -2.1%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP.
Figure 89: ETP AUM (US$ Million) by Investment Focus – Commodity
Prev. Month End of 2015
Investment Focus - Commodity AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Precious Metals 4,299 77.6% 3,785 514 13.6% 2,448 1,850 75.6%
Overall 6 0.1% 6 (0) -5.1% 6 0 -105.5%
Energy 1,177 21.2% 1,339 (162) -12.1% 1,034 143 13.8%
Agriculture 47 0.8% 48 (1) -2.6% 43 4 8.6%
Industrial Metals 13 0.2% 14 (0) -3.5% 12 1 11.4%
Total 5,542 100% 5,191 351 6.8% 3,544 1,998 56.4%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 45
Sub Segment
Figure 90: ETP AUM (US$ Million) by Investment Focus Sub Segment – Equity
Prev. Month End of 2015
Investment Focus
Sub Segment - EquityAUM
Mkt
Share %AUM AUM % AUM AUM AUM % AUM
Country
Asia Pac Developed 157,782 64.1% 148,405 9,378 6.3% 139,597 18,186 13.0%
Developed non-Asia Pac 327 0.1% 308 19 6.3% 241 86 35.8%
Emerging Country 51,541 21.0% 52,337 (795) -1.5% 56,030 (4,489) -8.0%
Regional
Asia Pacific 63 0.0% 66 (3) -5.3% 64 (2) -3.0%
Asia Pacific ex-Japan 264 0.1% 227 37 16.5% 44 220 503.6%
Emerging Markets 150 0.1% 140 9 6.5% 132 17 12.9%
Global 745 0.3% 661 84 12.6% 598 147 24.7%
Greater China 42 0.0% 40 2 4.9% 36 6 15.5%
Sector
Other Sector 481 0.2% 478 4 0.8% 485 (4) -0.8%
Asian Country 8,905 3.6% 8,468 437 5.2% 7,285 1,619 22.2%
Size
Large Cap 427 0.2% 408 18 4.5% 384 43 11.2%
Mid Cap 120 0.0% 114 6 5.2% 123 (3) -2.2%
Small Cap 174 0.1% 164 11 6.4% 153 22 14.3%
Style
Growth 996 0.4% 993 4 0.4% 827 170 20.5%
Value 217 0.1% 216 1 0.3% 196 20 10.5%
Dividend 3,119 1.3% 2,934 185 6.3% 2,518 601 23.9%
Strategy
Short 5,129 2.1% 4,073 1,056 25.9% 2,155 2,974 138.0%
Leveraged 9,740 4.0% 11,429 (1,689) -14.8% 10,541 (802) -7.6%
Quantitative 578 0.2% 582 (5) -0.8% 385 192 50.0%
Fundamental 443 0.2% 407 35 8.7% 363 79 21.8%
Thematic
Sustainability 51 0.0% 50 2 3.2% 35 16 44.6%
Commodities 29 0.0% 27 2 8.7% 30 (1) -2.2%
Other Theme 3,233 1.3% 2,757 476 17.3% 2,077 1,156 55.6%
Total 245,967 100% 236,151 9,816 4.2% 224,945 21,023 9.3%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 46 Deutsche Bank AG/Hong Kong
Figure 91: ETP AUM (US$ Million) by Investment Focus Sub Segment – Commodity
Prev. Month End of 2015
Investment Focus
Sub Segment - CommodityAUM
Mkt
Share %AUM AUM % AUM AUM AUM % AUM
Overall
Overall 6 0.1% 6 (0) n.a 6 0 2.8%
Agriculture
Overall 42 0.8% 43 (1) -1.6% 38 4 9.3%
Corn - 0.0% - - n.a - - n.a
Soybeans 5 0.1% 6 (1) -9.6% 4 1 18.2%
Wheat - 0.0% - - n.a 0 (0) -100.0%
Grains - 0.0% - - n.a 1 (1) -100.0%
Energy
Overall - 0.0% - - n.a 0 (0) -100.0%
Oil & Gas - 0.0% - - n.a - - n.a
Crude Oil 1,177 21.3% 1,339 (162) -12.1% 1,034 143 13.8%
Natural Gas - 0.0% - - n.a 0 (0) -100.0%
Industrial Metals
Overall 2 0.0% 2 0 3.2% 2 0 8.3%
Copper 11 0.2% 11 (1) -4.9% 10 1 12.2%
Precious Metals
Overall 8 0.2% 8 0 5.6% 6 2 31.7%
Gold 4,028 72.8% 3,541 487 13.8% 2,256 1,772 78.6%
Palladium 9 0.2% 8 1 18.0% 7 2 34.4%
Platinum 116 2.1% 103 13 12.8% 86 31 35.7%
Silver 137 2.5% 125 12 9.4% 94 43 45.9%
Total 5,542 100.1% 5,191 351 6.8% 3,544 1,998 56.4%
YTD ChangeCurrent Month MoM Change
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 47
Issuer
Figure 92: ETP AUM (US$ Million) by Top 40 Local Issuer
Prev. Month End of 2015
Issuer AUMMkt
Share %AUM AUM % AUM AUM AUM % AUM
Nomura Asset Management 70,815 23.1% 67,846 2,969 4.4% 63,510 7,305 11.5%
Nikko Asset Management 31,690 10.4% 29,502 2,188 7.4% 26,557 5,134 19.3%
Daiwa Asset Management 29,525 9.6% 27,566 1,959 7.1% 25,671 3,854 15.0%
State Street 18,187 5.9% 17,254 932 5.4% 16,197 1,990 12.3%
Fortune SGAM Fund Management 15,912 5.2% 16,797 (886) -5.3% 19,659 (3,747) -19.1%
Mitsubishi UFJ Asset Mg 13,302 4.3% 12,353 949 7.7% 11,588 1,714 14.8%
Hang Seng Investment Management 11,554 3.8% 11,477 77 0.7% 11,624 (71) -0.6%
Samsung Asset Management 10,834 3.5% 10,115 719 7.1% 9,274 1,560 16.8%
BlackRock 10,052 3.3% 9,702 349 3.6% 10,655 (603) -5.7%
China Asset Management 9,055 3.0% 9,030 26 0.3% 9,899 (843) -8.5%
Yinhua Fund Management 7,724 2.5% 7,537 187 2.5% 7,712 12 0.1%
China Southern Fund Management Co Ltd 6,221 2.0% 6,393 (172) -2.7% 5,577 644 11.6%
Yuanta Securities Inv trust Co Ltd. 5,900 1.9% 6,227 (327) -5.3% 4,502 1,398 31.0%
E Fund Management 5,514 1.8% 5,629 (115) -2.0% 11,773 (6,260) -53.2%
Mirae Asset MAPS Global Investments 4,423 1.4% 4,419 4 0.1% 4,324 99 2.3%
Huaan Fund Management 3,593 1.2% 3,181 413 13.0% 3,138 456 14.5%
CSOP Asset Management 3,475 1.1% 3,638 (162) -4.5% 3,193 282 8.8%
Harvest Fund Management Co 3,460 1.1% 3,114 346 11.1% 3,470 (10) -0.3%
Fullgoal Fund Management Co 3,418 1.1% 3,603 (186) -5.2% 1,059 2,359 222.8%
China Universal Asset Management Co 3,348 1.1% 3,766 (418) -11.1% 1,867 1,482 79.4%
Huatai-PineBridge Fund Management Co 3,306 1.1% 3,499 (193) -5.5% 4,066 (760) -18.7%
Vanguard 3,283 1.1% 3,037 247 8.1% 2,484 799 32.2%
DIAM Asset Management 2,467 0.8% 2,285 182 8.0% 1,750 717 41.0%
Penghua Fund Management Co Ltd 2,009 0.7% 2,388 (379) -15.9% 33 1,976 6053.2%
BetaShares Capital Ltd 2,003 0.7% 1,895 108 5.7% 1,627 376 23.1%
Fubon Securities Investment Trust Co 1,804 0.6% 1,869 (64) -3.5% 1,391 413 29.7%
Simplex Asset Management Co Ltd 1,674 0.5% 1,808 (134) -7.4% 1,574 101 6.4%
KB Asset Management 1,561 0.5% 1,777 (216) -12.2% 1,299 262 20.2%
Bosera Fund Management Co Ltd 1,527 0.5% 2,190 (663) -30.3% 1,428 99 6.9%
Goldman Sachs 1,297 0.4% 1,237 60 4.9% 1,174 123 10.4%
Korea Investment Trust Mg 1,163 0.4% 1,216 (52) -4.3% 1,011 152 15.0%
Smartshares Ltd 1,105 0.4% 1,050 56 5.3% 946 159 16.9%
Hanwha Investment Trust Management 1,055 0.3% 1,074 (19) -1.7% 1,049 6 0.6%
HFT Investment Management Co Ltd 950 0.3% 940 9 1.0% 973 (24) -2.4%
NZAM 915 0.3% 870 45 5.2% 696 219 31.5%
Woori Asset Management 893 0.3% 853 39 4.6% 553 340 61.4%
GF Fund Management Co Ltd 740 0.2% 769 (30) -3.9% 685 54 7.9%
Kyobo AXA Investment Mg Co Ltd 738 0.2% 731 6 0.9% 863 (125) -14.5%
Guotai Asset Management Co Ltd 660 0.2% 637 23 3.6% 741 (81) -10.9%
Mitsubishi UFJ Trust and Banking Corporation 630 0.2% 600 30 5.0% 457 173 37.8%
Total Top 40 297,782 97.3% 289,874 7,907 2.7% 276,048 21,734 7.9%
Current Month MoM Change YTD Change
Source: Deutsche Bank, Bloomberg Finance LP.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 48 Deutsche Bank AG/Hong Kong
Index Provider Underlying Index/Security
Figure 93: ETP AUM (US$ Million) by Index Provider –
Equity (Top 10)
Figure 94: ETP AUM (US$ Million) by Underlying Index –
Equity (Top 10)
- 20,000 40,000 60,000 80,000 100,000
MSCI
S&P …
SSE
FTSE
KRX
Other
CSI
HSIL
Topix
Nikkei
AUM (US$ Million)
- 15,000 30,000 45,000 60,000 75,000
SSE 50 Index
Nikkei 225 Leveraged Index
JPX Nikkei Index 400
FTSE China A50 Index
Hang Seng China Enterprise Index
KOSPI 200 Index
CSI 300 Index
Hang Seng Index
TOPIX
Nikkei 225
AUM (US$ Million)
Figure 95: ETP AUM (US$ Million) by Index Provider –
Fixed Income
Figure 96: ETP AUM (US$ Million) by Underlying Index –
Fixed Income (Top 10)
- 10,000 20,000 30,000 40,000 50,000
Barclays
CSI
Citigroup
SSE
UBS
Deutsche Bank
Maekyung FnGuide
KRX
Markit iBoxx
Other
AUM (US$ Million)
- 10,000 20,000 30,000 40,000
iBoxx ABF Singapore Bond Index
KIS MSB 5M Index
KIS MSB 3M Index
30 day Bank Bill Swap Rate
KRW Cash Plus Index
Pledgeable urban Investment Bond Index
KRW Cash Index TR
China PBOC Benchmark Notice Deposit 7 …
iBoxx ABF Pan-Asia Index
Other
AUM (US$ Million)
Figure 97: ETP AUM (US$ Million) by Index Provider –
Commodity
Figure 98: ETP AUM (US$ Million) by Underlying
Index/Security – Commodity (Top 10)
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
Nikkei
Other
UBS
S&P Dow Jones
Commodity
AUM (US$ Million)
- 700 1,400 2,100 2,800 3,500 4,200
S&P GSCI Gold Excess Return Index
S&P GSCI Agriculture Enhanced Select Index
S&P GSCI Gold Index
Commodity Silver
Commodity Platinum
S&P GSCI Crude Oil Excess Reurn Index
S&P GSCI Crude Oil Enhanced Index
Nomura Crude Oil Long Index
UBS Bloomberg Constant Maturity …
Commodity Gold
AUM (US$ Million)
Source: Deutsche Bank, Bloomberg Finance LP, Reuters
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 49
The authors of this report wish to acknowledge the contribution made by Vibhor
Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to
Deutsche Bank of offshore research support services.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 50 Deutsche Bank AG/Hong Kong
Appendix A: Glossary
ETF Glossary
Term Definition
Cross Listing A Cross Listing is an additional listing of a previously existing ETF on a trading venue different from the ETF’s Primary Listing Exchange. A Cross Listing is a symbol of the number of investment options available in the local market.
Primary Listing ETFs may trade on multiple exchanges but they always have one primary exchange. The listing on the primary exchange is referred as the primary listing, which usually corresponds also to the first/oldest listing. A primary listing offers access to a new product which was not available for trading before. The number of primary listings is a symbol of the distinct investment options available across different markets.
TER Total Expense Ratio or TER is the overall cost borne by a fund’s share holder for a 1 year ownership period. It usually includes the management fee and other expenses paid by the fund. TER is, in general, expressed as a percentage of the amount invested and it is proportionally discounted according to the actual holding period.
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 51
Appendix B: How we define ETPs Exchange-Traded Products (ETPs)
We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchange-
traded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes
exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US).
The figure below provides a summary of our current coverage universe by region and structure type as on 31 December
2014.
The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451
products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US.
Figure 99: ETP Coverage Universe Summary
Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. %
US 1,450 1,979,179 72.7% 1,380 1,922,462 70.6% 70 56,717 2.1%
Europe 1,869 459,225 16.9% 1,418 438,870 16.1% 451 20,355 0.7%
Asia Pacific 674 201,756 7.4% 659 201,354 7.4% 15 405 0.0%
RoW 454 81,059 3.0% 449 77,846 2.9% 5 3,213 0.1%
Global 4,447 2,721,220 100.0% 3,906 2,640,532 97.0% 541 80,691 3.0%
ETPs ETFs ETC/Vs
Source: Deutsche Bank, Bloomberg Finance LP, Reuters.
Exchange-Traded Funds (ETFs, 97%)
US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs
indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. Only
physical index replication techniques are permissible by this legislation while synthetic replication is not allowed.
Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as
equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and
Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union
directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single
authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds
are allowed to track equity, fixed income as well as diversified commodity indices.
Asia (7%): Both European and US ETFs are cross sold into the Asian market.
Exchange-Traded Collateralized Instruments (3%)
Exchange-Traded Commodities (ETCs, 1%)
In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example
wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus
Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either
be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms
utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed
with securities that closely resemble the composition of a product’s benchmark index. SPV structures are collateralized
by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their
index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast
majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments,
government bonds and gold. For more information, please refer to our research report issued on March 11 2010 titled
‘The race for assets in the European Exchange-Traded Products Market”.
Exchange-traded vehicles (ETVs, 2%)
This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily
commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the
investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks,
more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange
Act and are listed under the 33 Securities Act, and report under 34 Corporate Act.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 52 Deutsche Bank AG/Hong Kong
Appendix 1
Important Disclosures
Additional information available upon request
*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Shan Lan
Equity rating key Equity rating dispersion and banking relationships
Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock.
Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock
Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.
Newly issued research recommendations and target prices supersede previously published research.
53 %
36 %
11 %15 % 15 % 19 %
050
100150200250300350400450500
Buy Hold Sell
Asia-Pacific Universe
Companies Covered Cos. w/ Banking Relationship
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 53
Regulatory Disclosures
1.Additional Information
Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a
solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's
investment objectives, risk factors, and charges and expenses before investing. This and other information can be found
in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling
1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is not
necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand
the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is
important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through
any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very
large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate
tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,
advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it
receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions
expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.
Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the
"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.
2. Short-Term Trade Ideas
Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are
consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the
SOLAR link at http://gm.db.com.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 54 Deutsche Bank AG/Hong Kong
Additional Information
The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively
"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources
believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.
If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this
report, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche
Bank may act as principal for its own account or as agent for another person.
Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own
account or with customers, in a manner inconsistent with the views taken in this research report. Others within
Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those
taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,
equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication
may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or
otherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on.
Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment
banking revenues.
Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do
not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank research
analysts sometimes have shorter-term trade ideas that are consistent or inconsistent with Deutsche Bank's existing
longer term ratings. These trade ideas for equities can be found at the SOLAR link at http://gm.db.com. A SOLAR idea
represents a high conviction belief by an analyst that a stock will outperform or underperform the market and/or sector
delineated over a time frame of no less than two weeks. In addition to SOLAR ideas, the analysts named in this report
may have from time to time discussed with our clients, including Deutsche Bank salespersons and traders, or may
discuss in this report or elsewhere, trading strategies or ideas that reference catalysts or events that may have a near-
term or medium-term impact on the market price of the securities discussed in this report, which impact may be
directionally counter to the analysts' current 12-month view of total return as described herein. Deutsche Bank has no
obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or
estimate contained herein changes or subsequently becomes inaccurate. Coverage and the frequency of changes in
market conditions and in both general and company specific economic prospects makes it difficult to update research at
defined intervals. Updates are at the sole discretion of the coverage analyst concerned or of the Research Department
Management and as such the majority of reports are published at irregular intervals. This report is provided for
informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to
participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s
judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must
make their own informed investment decisions. Prices and availability of financial instruments are subject to change
without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a
financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may
adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise
indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via
Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases,
other parties.
The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regarding
our organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respect
to our research is available on our website under Disclaimer found on the Legal tab.
Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise
to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash
flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 55
loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the
loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse
macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation
(including changes in assets holding limits for different types of investors), changes in tax policies, currency
convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and
settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed
income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to
FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the
index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended
to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon
rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is
also important to acknowledge that funding in a currency that differs from the currency in which coupons are
denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to
the risks related to rates movements.
Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.
The appropriateness or otherwise of these products for use by investors is dependent on the investors' own
circumstances including their tax position, their regulatory environment and the nature of their other assets and
liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar
to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can
be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be
incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable
for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized
Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the
website please contact your Deutsche Bank representative for a copy of this important document.
Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)
exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by
numerous market factors, including world and national economic, political and regulatory events, events in equity and
debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed
exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are
affected by the currency of an underlying security, effectively assume currency risk.
Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the
investor's home jurisdiction.
United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and
SIPC. Analysts employed by non-US affiliates may not be associated persons of Deutsche Bank Securities Incorporated
and therefore not subject to FINRA regulations concerning communications with subject companies, public appearances
and securities held by analysts.
Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated
in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under
German Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal
Financial Supervisory Authority.
United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester
House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the
Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial
Conduct Authority. Details about the extent of our authorisation and regulation are available on request.
Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.
India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India
(SEBI) as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received
administrative warnings from the SEBI for breaches of Indian regulations.
10 August 2016
Asia-Pac Monthly ETF Insights
Page 56 Deutsche Bank AG/Hong Kong
Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial
instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,
Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks
involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by
multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to
losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional
losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories
of investment advice, products and services. Recommended investment strategies, products and services carry the risk
of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in
market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the
relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in
this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the
name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank
Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are
not disclosed according to the Financial Instruments and Exchange Law of Japan.
Korea: Distributed by Deutsche Securities Korea Co.
South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register
Number in South Africa: 1998/003298/10).
Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles
Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters
arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who
is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and
regulations), they accept legal responsibility to such person for its contents.
Taiwan: Information on securities/investments that trade in Taiwan is for your reference only. Readers should
independently evaluate investment risks and are solely responsible for their investment decisions. Deutsche Bank
research may not be distributed to the Taiwan public media or quoted or used by the Taiwan public media without
written consent. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and
is not to be construed as a recommendation to trade in such securities/instruments. Deutsche Securities Asia Limited,
Taipei Branch may not execute transactions for clients in these securities/instruments.
Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre
Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall
within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,
West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related
financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre
Regulatory Authority.
Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute,
any appraisal or evaluation activity requiring a license in the Russian Federation.
Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the
Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall
within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya
District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.
United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulated
by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services
activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai
International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been
distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as
10 August 2016
Asia-Pac Monthly ETF Insights
Deutsche Bank AG/Hong Kong Page 57
defined by the Dubai Financial Services Authority.
Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product
referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please
refer to Australian specific research disclosures and related information at
https://australia.db.com/australia/content/research-information.html
Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the
meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.
Additional information relative to securities, other financial products or issuers discussed in this report is available upon
request. This report may not be reproduced, distributed or published without Deutsche Bank's prior written consent.
Copyright © 2016 Deutsche Bank AG
David Folkerts-Landau Group Chief Economist and Global Head of Research
Raj Hindocha Global Chief Operating Officer
Research
Michael Spencer Head of APAC Research
Global Head of Economics
Steve Pollard Head of Americas Research
Global Head of Equity Research
Anthony Klarman Global Head of Debt Research
Paul Reynolds Head of EMEA
Equity Research
Dave Clark Head of APAC
Equity Research
Pam Finelli Global Head of
Equity Derivatives Research
Andreas Neubauer Head of Research - Germany
Stuart Kirk Head of Thematic Research
International Locations
Deutsche Bank AG
Deutsche Bank Place
Level 16
Corner of Hunter & Phillip Streets
Sydney, NSW 2000
Australia
Tel: (61) 2 8258 1234
Deutsche Bank AG
Große Gallusstraße 10-14
60272 Frankfurt am Main
Germany
Tel: (49) 69 910 00
Deutsche Bank AG
Filiale Hongkong
International Commerce Centre,
1 Austin Road West,Kowloon,
Hong Kong
Tel: (852) 2203 8888
Deutsche Securities Inc.
2-11-1 Nagatacho
Sanno Park Tower
Chiyoda-ku, Tokyo 100-6171
Japan
Tel: (81) 3 5156 6770
Deutsche Bank AG London
1 Great Winchester Street
London EC2N 2EQ
United Kingdom
Tel: (44) 20 7545 8000
Deutsche Bank Securities Inc.
60 Wall Street
New York, NY 10005
United States of America
Tel: (1) 212 250 2500