US ETF Compass 16 April 2017 Synthetic Equity & … April 2017 US ETF Compass North America Synthetic Equity & Index Strategy US ETF Compass Date 16 April 2017 Deutsche Bank Markets

16 April 2017

US ETF Compass

North America Synthetic Equity & Index Strategy

US ETF CompassDate16 April 2017

Deutsche BankMarkets Research

Inflows of $45bn in March close an all-time record quarter for ETPsUS Equity returns hit a speed bump last month...March marked a slowdown for US equities. Global Equities were up by 1.35%during last month, mainly boosted by EM and Intl DM Equities with returnsof 3.69% and 3.23%, respectively; while, US equities recorded flat to negativeperformance. Fixed Income registered somewhat weak performance in general(-0.05%), Rates and Corporate Credit were weak, while EM Gov Debt Local(+2.24%), Convertible (+0.85%) and Intl DM debt (+0.76%) recorded strongerreturns. Commodities registered losses of 3.24%, dragged by Energy commoditylosses of 3.30%, meanwhile, Agriculture and Precious Metal recorded returnsof -2.08% and -0.65%, respectively. On the currency side, the USD weakenedagainst most major foreign currencies, as suggested by the -0.61% in UUP.

...but US equity inflows remained strong with $20bn, and +$45.3bn for all ETPsMarch flows were led by Equity leaving Fixed Income ETPs in second place; while,Commodity ETPs registered negative numbers. ETPs registered $45.3bn in newcash; helping assets to rise 1.7% from one month earlier, ending with a total of$2.78 trillion at the end of March. Equity and Fixed Income attracted inflows of$36.3bn and $9.6bn, while, Commodity recorded $0.5bn in outflows. US EquityETPs dominated flow activity with $20bn inflows.

Q1 makes history for ETPs with 10% growth in AUM, and +$132bn in CFThe first quarter of 2017 has definitely won its place in the books of ETP records.ETPs grew by 10% during Q1, adding $252bn in assets under management, and$132bn in net new cash flows on the back of a US trade driven by discussionsof fiscal stimulus and economic growth, and DOL tailwinds for passive vehicles,particularly ETFs. We believe that we are very much on track for a record year ofgrowth for ETPs with inflows between $400bn to $500bn within total reach.

European ETFs are back on the table with over $5bn inflows since early DecInflows have gained momentum recently and have been favoring both regionaland country exposures, and DM and EM european markets; however, fx hedgedETFs have not seen the same fate.

The 2016 Guide to Institutional ETF OwnershipInstitutional ETF assets grew by $213bn and reached $1.44 trillion in 2016.Hedge funds recorded the strongest relative YoY growth in ETF assets. Insurancecompanies and mutual funds grow, brokers and pension funds lag. Assetallocation remains top institutional usage for ETFs, but not the only one.

Sebastian Mercado, CFA

Strategist

+1-212-250-8690

Hallie Martin

Strategist

+1-212-250-7994

Srineel Jalagani, CFA

Strategist

+1-212-250-2060

Deutsche Bank Securities Inc.

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

Distributed on: 16/04/2017 19:45:11 GMT

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mailto:[email protected]



16 April 2017

US ETF Compass

Table Of Contents

ETF Monthly Insights ....................................................... 3US Equity returns hit a speed bump last month... ......................................... 3...but US equity inflows remained strong with $20bn, and +$45.3bn ............ 4Q1 makes history for ETPs with 10% (+$252bn) growth in AUM, and + ........ 4European ETFs are back on the table ............................................................ 5The 2016 Guide to Institutional ETF Ownership ............................................. 7

Asset Allocation Heatmaps .............................................. 8Global Multi Asset Allocator heatmaps .......................................................... 8US Equity Allocator heatmaps ..................................................................... 10International Equity Allocator heatmaps ...................................................... 12Cross Asset Correlations .............................................................................. 1412-Month Relative Performance Monitor ..................................................... 15House View Portfolio: Monthly Brief ............................................................ 16

Business Intelligence ...................................................... 17New Listing .................................................................................................. 17Delistings ...................................................................................................... 19Trends in products launched in the last 12 months ..................................... 20Popular Product Segments: Smart Beta & Currency Hedged ....................... 21Average Performance by Products Type and Size (Equity) ........................... 22Total Expense Ratio X-Ray ............................................................................ 24

ETF Statistics .................................................................. 25Global ETF Assets and Provider Ranking ..................................................... 25US Historical ETF Trends .............................................................................. 26ETF Issuer and Index Provider league tables ................................................ 27Monthly Snapshot ........................................................................................ 29Top 15 ETFs (includes ETNs) ........................................................................ 35

Appendix A: ETN Snapshot ............................................ 36

Appendix B: ETF List ...................................................... 37

Appendix C: Definitions ................................................. 40ETP Universe Definitions .............................................................................. 40Management Style or Product Strategy Definitions ..................................... 40Product Type Definitions .............................................................................. 41

Page 2 Deutsche Bank Securities Inc.

16 April 2017

US ETF Compass

ETF Monthly InsightsUS Equity returns hit a speed bump last month...

March marked a slowdown for US equities. Global Equities were up by 1.35%during last month, mainly boosted by EM and Intl DM Equities with returnsof 3.69% and 3.23%, respectively; while, US equities recorded flat to negativeperformance. Fixed Income registered somewhat weak performance in general(-0.05%), Rates and Corporate Credit were weak, while EM Gov Debt Local(+2.24%), Convertible (+0.85%) and Intl DM debt (+0.76%) recorded strongerreturns. Commodities registered losses of 3.24%, dragged by Energy commoditylosses of 3.30%, meanwhile, Agriculture and Precious Metal recorded returns of-2.08% and -0.65%, respectively. On the currency side, the USD weakened againstmost major foreign currencies, as suggested by the -0.61% in UUP.

Returns and flows were mostly consistent for Global Equities and Commodities;while, Fixed Income products were somewhat mixed. Flows and performancewere positive for Intl DM ETFs registering inflows of 2.7% of assets; meanwhile,the Eurozone and Europe recorded gains of 6.18% and 4.43% on the back ofstrong inflows, respectively. In the meantime, EM markets received inflows of3.1% of assets, highlighting BRIC and EM Asia with 2.57% and 3.62% in positiveperformance, and 7.3% and 2.2% of assets in inflows, respectively. In the fixedincome space, US Treasuries and Senior Loans had strong inflows, but weakreturns; meanwhile Intl DM debt had good returns with outflows. Convertibleshowed more consistency with positive returns (0.85%) and strong inflows (8.0%of asset). On the other hand, commodities were mostly consistent, with theexception of Crude Oil WTI, and Natural Gas which were mixed registering lossesof 7.1% and inflows of 10.4% of assets, and gains of 13.1%, and outflows of23.4% of assets, respectively.

Within US equities, performance and flows were more consistent with manysectors and industries experiencing moderate losses and outflows, and othersrecording mild inflows and gains last month. Energy ETFs, however, registeredmostly negative returns and positive flows. During March, Utilities and Energyregistered inflows of 2.4% and 1.5% of their assets, respectively; while, ConsumerDiscretionary and Materials experienced the largest outflows losing 4.5% and3.5% of their assets, respectively. On the other hand, at the industry level, EnergyE&P and Energy Eq. & Serv. experienced the largest inflows amounting to 22.7%and 13.2% of their assets, respectively; meanwhile, Retail and Capital marketsregistered outflows of 35.7% and 19.2%% of their assets, respectively.

In international equity markets, we saw mixed flows and mostly positiveperformance across most exposures. Spain registered the top performance(11.39%), followed by Italy and Portugal, with over 8.0% in returns each; while, onthe other hand, the most negative performance was Pakistan (-3.03%), followedby New Zealand with a loss of 2.13%. On the flow side, Malaysia experienced thelargest inflows with 11.8% of assets; meanwhile, Mexico saw the largest outflows(15.3% of assets).

In terms of correlation trends, we highlight the significant de-coupling of US andEM equities. Correlation between them was over 0.8 less than 1 year ago, andwent under 0.2 at the end of March.

Deutsche Bank Securities Inc. Page 3

16 April 2017

US ETF Compass

...but US equity inflows remained strong with $20bn, and+$45.3bn for all ETPs

March flows were led by Equity leaving Fixed Income ETPs in second place; while,Commodity ETPs registered negative numbers. ETPs registered $45.3bn in newcash; helping assets to rise 1.7% from one month earlier, ending with a total of$2.78 trillion at the end of March. Equity and Fixed Income attracted inflows of$36.3bn and $9.6bn, while, Commodity recorded $0.5bn in outflows.

Among the most relevant inflow trends, we saw US Equities with $20.2bn(71.3% of DM Equity total flows), DM ex-US Equities with $6.5bn, and regionalEurope and Eurozone-focused ETPs with almost $1.0bn each. Meanwhile, onthe fixed income space, Broad and US Treasury exposures recorded $3.3bn and$1.8bn in positive flows, respectively. On the outflow side, Japan and Mexicoequities registered negative flows of $1.1bn and $0.25bn, respectively. Beta,Smart Beta, Beta+ (leveraged and inverse), and Active products experiencedinflows of $36.9bn, $6.1bn, $1.3.0bn, and $1.1bn, respectively.

Within Equity Smart Beta products, Style and Equal-weighted ETFs were themost popular categories in March, the first of them adding $5.5bn; while, thesecond one posted $0.8bn in fresh new cash. Currency Hedged ETFs experiencedanother weak month registering outflows by $0.7bn. The largest negative flowswere experienced by ETFs offering FX hedged exposure to JPY (-$0.52bn); while,those offering FX hedged exposure to Multiple Currencies experienced inflowsof $0.12bn during March. In term of product types, all of them posted inflows.Asset Allocation, Cash Management, Pseudo Futures and Leveraged & Inverseregistered inflows of $18.7bn, $18.1bn, $7.2bn, and $1.3bn, respectively.

Total ETP turnover was $1.68 trillion last month, up 37% from the previous month.Furthermore, ETF turnover represented 26.1% of all cash equity traded in the USduring March, over its 12-month average of 25.5%.

Q1 makes history for ETPs with 10% (+$252bn) growth inAUM, and +$132bn in CF

The first quarter of 2017 has definitely won its place in the books of ETP records.ETPs grew by 10% during Q1, adding $252bn in assets under management, and$132bn in net new cash flows on the back of a US trade driven by discussionsof fiscal stimulus and economic growth, and DOL tailwinds for passive vehicles,particularly ETFs.

The growth exhibited by ETPs is an all-time record for absolute quarterly assetgrowth, and inflows. But what is more impressive to us is the fact that this cameduring the first quarter of the year which has usually been the weakest quarter forETP flows historically. Thus, the growth metrics observed during the past quarterare clear outliers among over 24 years of ETP history.

Although we believe that part of this impressive growth has been due to structuralchanges such as the DOL rule, we think that the outflows from active mutualfunds (-$20bn in the first two months of the year) relative to the inflows intopassive instruments (+$139bn in the same two months) don't suggest that thereal shift from active mutual funds towards ETFs or Index Funds has begun yet.


16 April 2017

US ETF Compass

Therefore our view is that we are very much on track for a record year of growthfor ETPs with inflows between $400bn to $500bn within total reach.

Figure 1: Last quarter inflows of $132bn are clearly anoutlier among historical Q1 flows

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Figure 2: The growth in ETP assets this Q1 stands outclearly among historical quarterly asset growth in the last10 years

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Figure 3: Historical ETP flow dollar notional seasonalityclearly suggests weakness in the first half, particularly inQ1. However, last quarter inflows surpassed all historicaldollar comparisons...

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Figure 4: ...and still did quite well even in relative toassets terms.

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European ETFs are back on the table

DB's Global Asset Allocation strategist, Binky Chadha, recently downgraded theUS to neutral from overweight, and upgraded European equities to overweight.Similarly, recent ETF flows suggest that investor sentiment towards Europeanequities has also been improving. In fact, since flows turned the corner back inearly December, European ETFs listed in the US have gained over $5bn throughlast Thur April 13th. Furthermore, allocations have been favoring both regional andcountry exposures, and DM and EM european markets; however, fx hedged ETFshave not seen the same fate. We provide additional insights and a list of Europeanan Eurzone-focused ETFs for investors' reference.


16 April 2017

US ETF Compass

Figure 5: All segments of European ETF investing, withthe exception of currency hedged vehicles, have receivedinflows since flows turned around on December 6th 2016.

(2,000) - 2,000 4,000 6,000

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Figure 6: Flows in ETFs with European DM focus aregaining momentum, while those focused in EM Europehave been more volatile.

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Figure 7: In DM, flows into European and Eurozoneregional and country ETFs began improving after the USelection last year, and have gained significant momentumin the last month

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Figure 8: Still in DM, flows for ETFs with European FXunhedged exposure have improved significantly recently,however those ETFs offering similar exposures with an FXhedged have not seen a significant turn in their outflowtrend

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Figure 9: Select list of European and Eurozone-focused ETFs (>$100m AUM)

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Cheap Core VGK Vanguard FTSE Europe ETF 3-Mar-05 0.10% 11,401 143 202 345 0.01 2.0

Market Access IEV iShares Europe ETF 25-Jul-00 0.60% 2,494 33 2,033 2,066 0.01 2.6

FX Hedged DBEU Deutsche X-trackers MSCI Europe Hedged Equity ETF 1-Oct-13 0.45% 2,386 39 2,281 2,320 0.01 3.8

Cheap Core IEUR iShares Core MSCI Europe ETF 12-Jun-14 0.10% 1,812 30 28 58 0.02 5.6

Dividend FDD First Trust STOXX European Select Dividend Index Fund 30-Aug-07 0.60% 302 3 129 132 0.01 11.9

Multi Factor FEP First Trust Europe AlphaDEX Fund 19-Apr-11 0.80% 293 3 84 87 0.04 13.9

Mega Cap FEU SPDR STOXX Europe 50 ETF 21-Oct-02 0.29% 176 1 1,607 1,608 0.03 10.1

Eurozone

FX Hedged HEDJ WisdomTree Europe Hedged Equity Fund 31-Dec-09 0.58% 9,286 100 352 452 0.01 1.6

Market Access EZU iShares MSCI Eurozone ETF 25-Jul-00 0.48% 9,236 234 603 837 0.01 2.7

Mega Cap FEZ SPDR EURO STOXX 50 ETF 21-Oct-02 0.29% 2,842 110 1,231 1,341 0.01 2.8

FX Hedged HEZU iShares Currency Hedged MSCI Eurozone ETF 10-Jul-14 0.51% 1,363 22 56 79 0.01 3.6

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FocusTicker ETF Name Listing Date

Source: Deutsche Bank, Bloomberg Finance LP. Data as of April 13th 2017.


16 April 2017

US ETF Compass

The 2016 Guide to Institutional ETF Ownership

Welcome to Deutsche Bank's institutional ETF ownership landscape guideOur comprehensive fact-driven analysis of the institutional ETF ownershiplandscape includes over 780,000 ETF positions across all US-domiciled ETFs inthe last 17 years from almost 6,000 firms from over 40 countries. Complementedwith additional insights from hundreds of meetings and interactions withinstitutional ETF users from over 20 countries. Featuring Investment Adviser,Private Bank/WM, Broker, Mutual Fund, Hedge Fund, Pension Fund, InsuranceCompany, and groups of special interest such as institutions in retail distributionchannels (e.g. wirehouses, RIAs, IBDs, RBDs, TAMPs, Robo-Advisors), LatinAmerican pension funds, and international asset managers.

Institutional ETF assets grew by $213bn and reached $1.44 trillion in 2016As of the end of 2016, almost 3,500 institutional investors held more than $1.44trillion in ETF assets accounting for about 59% of all ETF assets. InvestmentAdviser remained as the dominant group with $813bn representing 33% of allETF assets. Meanwhile, Private Bank/Wealth Management followed in a strongsecond place with $372bn in ETF assets or 15% of total assets.

Hedge funds recorded the strongest relative YoY growth in ETF assetsHedge funds saw an increase of 77% in ETF assets to $43.8bn, an increase from1.2% to 1.8% in ETF ownership, and an increase of 17% in the number of fundsusing ETFs. Overall, they continued to prefer a reduced sample of ultra liquid ETFs.And had a very sizeable allocation to US Financials at the end of the year.

Insurance companies and mutual funds grow, brokers and pension funds lagInsurance companies and mutual funds seem to be embracing ETFs more andmore and recorded healthy ETF asset growth of 43% and 38%, respectively. Whilebrokers and pension funds saw negative (-4%), and flat (1%) growth, respectively.The decline in brokers reflects the recent capital constraints in banks, while thetepid growth in pensions answers to a rotation of users.

Asset allocation remains top institutional usage for ETFs, but not the only oneInvestment advisers and private banks mostly use ETFs as core asset allocationbuilding blocks in multi asset portfolios. Hedge funds and brokers mostly useETFs for quick access to liquidity, and risk management, and in the case of hedgefunds also for tactical asset allocation. Meanwhile, mutual funds, pension funds,and insurance companies use ETFs for completion strategies, tactical satellitepositions, or cash management.

This report was published on April 12th, 2017. Contact us to request a copy of thefull report.


16 April 2017

US ETF Compass

Asset Allocation HeatmapsGlobal Multi Asset Allocator heatmaps

Figure 10: Global Multi Asset Performance and Net Cash flow Trends

1M Chg 3M Chg 6M Chg 1Y Chg 3Y Ann 5Y Ann 1M 3M 6M 1Y 3Y Ann 5Y Ann

ACWI Global Equities 1.35% 6.91% 8.04% 15.40% 5.25% 8.47% 1.6% 4.8% 11.8% 17.1% 13.6% 15.8%

VTI US Total Market 0.06% 5.68% 10.15% 18.09% 9.68% 13.15% 1.2% 3.8% 12.0% 18.5% 12.9% 15.7%

SPY S&P 500 (Large Cap) 0.13% 5.92% 10.11% 17.08% 10.25% 13.17% 1.3% 3.2% 13.3% 17.6% 11.9% 12.9%

MDY S&P 400 (Mid Cap) -0.45% 3.81% 11.40% 20.55% 9.04% 12.99% 0.6% 6.0% 12.7% 21.2% 14.6% 17.1%

IWM Russell 2000 (SM Cap) 0.03% 2.24% 11.46% 26.18% 7.26% 12.38% 1.4% 5.2% 20.9% 33.4% 13.8% 18.2%

EFA Intl DM 3.23% 7.90% 6.43% 12.37% 0.47% 5.74% 2.7% 7.1% 10.9% 4.5% 16.8% 25.6%

VGK Europe 4.43% 8.15% 6.91% 10.15% -1.19% 5.94% 4.6% 7.5% 5.8% -11.3% 2.4% 33.3%

EZU Eurozone 6.18% 8.67% 9.73% 12.79% -1.33% 6.46% 4.2% 4.3% -0.5% -34.6% 12.5% 45.6%

EWJ Japan 0.53% 5.40% 3.88% 15.07% 5.91% 6.43% -3.9% -0.8% 9.8% -16.9% 0.9% 30.3%

EPP Pacific ex JP 2.88% 12.94% 8.11% 18.53% 1.79% 4.94% 2.4% 2.9% -2.2% 6.6% 0.8% -5.4%

EEM EM 3.69% 12.51% 6.39% 17.24% 0.79% 0.35% 3.1% 8.6% 10.0% 24.1% 10.5% 5.2%

ILF Latin America 1.77% 14.97% 14.29% 28.15% -2.55% -5.46% 0.2% 6.6% 26.5% 34.7% 6.9% -0.5%

EEMA EM Asia 3.62% 14.60% 5.77% 18.06% 4.22% 4.03% 2.2% 2.4% -4.1% -11.0% 5.4% 5.3%

GUR EM Europe 2.28% 2.86% 11.14% 14.83% -4.92% -4.92% -2.9% 1.8% 26.8% 13.1% 16.5% 12.3%

AFK Africa -0.10% 5.51% 3.48% 13.38% -10.14% -4.04% 0.0% -0.5% 2.6% -5.4% 0.4% 0.7%

FM Frontier Market 2.66% 11.63% 8.14% 15.36% -3.24% 1.1% 12.0% 11.1% 20.1% 8.4% 27.2%

BKF BRIC 2.57% 13.93% 7.32% 24.68% 2.66% 0.14% 7.3% 17.3% 5.7% -26.2% -24.2% -21.5%

AGG Fixed Income (Broad) -0.05% 0.81% -2.33% 0.21% 2.61% 2.23% 2.0% 7.9% 10.9% 23.7% 23.2% 19.0%

GOVT US Treasury -0.01% 0.69% -3.33% -1.60% 1.99% 1.50% 3.5% 9.2% 6.1% -4.2% 25.5% 13.8%

SHV Very Short 0.01% 0.11% 0.16% 0.38% 0.17% 0.12% 7.4% 26.9% 35.2% 12.1% 26.6% 15.3%

SHY Short 0.06% 0.21% -0.24% 0.12% 0.59% 0.51% 1.5% 6.1% 10.8% 6.3% 18.0% 6.5%

IEI Intermediate 0.11% 0.66% -2.13% -1.03% 1.98% 1.45% 3.0% 3.4% -2.4% -6.5% 27.1% 17.8%

TLT Long -0.65% 1.75% -11.11% -5.32% 6.14% 4.24% 6.7% 7.4% -10.6% -34.4% 20.7% 13.3%

TIP US Inflation 0.00% 1.31% -1.37% 1.46% 1.90% 0.83% 2.3% 9.4% 25.3% 41.2% 21.2% 6.9%

MUB Municipal 0.33% 1.11% -2.32% -0.29% 3.08% 2.58% 1.6% 2.9% 8.1% 24.5% 29.1% 20.7%

MBB Securitized 0.01% 0.58% -1.70% -0.15% 2.49% 1.76% 2.5% 13.6% 17.7% 45.0% 36.1% 23.9%

LQD IG Corporates -0.29% 1.17% -2.72% 2.50% 3.68% 3.99% 2.0% 12.4% 9.6% 26.6% 20.9% 20.2%

HYG HY Corporates -0.15% 2.31% 3.19% 13.30% 3.04% 5.26% -1.8% 0.1% 7.4% 7.8% 9.7% 10.7%

FLOT Corp. Floater 0.16% 0.48% 0.87% 1.98% 0.80% 1.01% 13.8% 33.8% 61.3% 66.6% 16.2%

BKLN Senior Loans -0.19% 0.44% 2.11% 6.96% 2.02% 3.24% 2.5% 18.0% 58.0% 117.8% 14.5%

PFF Preferred 0.50% 5.05% 0.88% 4.91% 5.72% 6.04% 0.8% 2.6% 1.9% 25.6% 28.7% 18.8%

CWB Convertible 0.85% 5.88% 6.57% 16.46% 6.38% 9.54% 8.0% 11.2% 27.1% 54.0% 15.9% 31.7%

BWX Intl DM Debt 0.76% 2.54% -7.63% -4.41% -3.05% -1.29% -6.2% -13.8% -14.0% 5.1% -0.7% 7.7%

WIP Intl Inflation 0.72% 5.36% -2.53% 2.25% -1.49% -0.03% 1.0% -4.7% -13.6% -20.0% -17.4% -11.8%

EMB EM Gov Debt USD 0.51% 3.97% -0.78% 8.02% 5.44% 4.86% 4.8% 15.5% 8.5% 60.6% 36.8% 20.9%

EMLC EM Gov Debt Local 2.24% 6.08% -0.45% 4.76% -2.62% -1.90% 7.1% 18.7% 18.3% 67.0% 13.6% 14.1%

EMCB EM Corp USD 0.61% 3.82% 2.51% 10.81% 3.23% 3.82% -2.3% 8.7% 16.3% 49.8% 5.7%

HYEM EM HY Corp USD 0.20% 3.51% 2.88% 14.29% 5.27%

DBC Commodities -3.24% -3.98% 1.33% 14.45% -16.49% -11.99% -1.1% 0.7% -9.3% 2.4% 4.7% -2.7%

DBE Energy Cmdty -3.30% -8.83% 1.78% 20.59% -24.51% -15.97% 5.4% 2.8% -11.7% -29.4% 51.5% 12.8%

USO Crude Oil WTI -7.07% -9.22% -2.65% 9.69% -33.75% -22.97% 10.4% 3.4% -12.2% -30.9% 77.6% 18.1%

UNG Natural Gas 13.15% -18.95% -9.45% 13.66% -32.32% -13.82% -23.4% 5.2% -15.1% -33.4% 16.5% -6.3%

DBA Agriculture -2.08% -0.95% -1.00% -3.98% -11.29% -6.78% -6.3% 0.7% -4.5% 21.4% -7.7% -8.1%

DBB Industrial Metals -0.49% 9.72% 16.51% 31.80% 1.04% -4.01%

DBP Precious Metals -0.65% 9.21% -6.28% 2.28% -2.75% -8.18% -1.0% 1.0% -10.0% 4.6% 2.4% -3.9%

GLD Gold Physical -0.43% 8.31% -5.51% 0.92% -1.34% -6.04% -1.0% 1.5% -10.5% 4.6% 2.9% -4.8%

SLV Silver Physical -0.69% 14.16% -5.22% 17.51% -3.24% -11.28% -1.3% -2.9% -7.9% 2.1% 1.1% 1.6%

PPLT Platinum Physical -7.47% 5.21% -7.99% -3.33% -13.01% -10.88% 0.0% 6.0% 10.0% 14.0% 2.0% 2.4%

PALL Palladium Physical 3.47% 17.21% 10.14% 40.78% 0.39% 3.46% 0.0% -4.1% -11.0% -23.2% -23.4% -21.9%

UUP Bull USD -0.61% -1.93% 5.15% 5.75% 6.54% 3.44% -5.0% -9.4% -7.7% -22.0% 2.1% -9.3%

FXY JPYUSD 0.83% 4.85% -9.13% 0.58% -2.91% -6.14%

FXE EURUSD 0.61% 1.12% -5.43% -6.99% -8.73% -4.87%

Ticker Asset ClassTotal Return ETF Net Cash Flows as % of Initial AUM

Source: Deutsche Bank, FactSet, Bloomberg Finance LP. Note: Data as of the end of last month; performance is Total Returns; Cash flows are based on US-listed ETFs and ETVs excluding leveraged,inverse products, and ETNs. Asset Classes that had less than $500 million in AUM at the beginning of all periods are excluded from the Net Cash flow calculations. Green cells correspond to largestvalues, while red cells correspond to lowest values. Figures over 1Y are annualized. The ETFs mentioned in this figure are provided as reference and have been selected as investable and representativevehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purposes; however, they should not be seen as theonly or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions" on AppendixC for further details on products selection criteria depending on product usage.


16 April 2017

US ETF Compass

Figure 11: Global Multi Asset Risk and Risk-adjusted Performance Measures

1M 3M 6M 1Y 3Y 5Y 1Y 3Y 5Y 1Y 3Y 5Y

ACWI Global Equities 8.0% 6.7% 7.9% 11.8% 13.7% 13.6% -7.1% -19.4% -19.4% 1.3 0.4 0.6

VTI US Total Market 8.6% 7.2% 8.1% 10.4% 13.2% 12.9% -5.9% -15.1% -15.1% 1.7 0.7 1.0

SPY S&P 500 (Large Cap) 8.4% 6.8% 7.8% 10.0% 13.1% 12.7% -5.5% -13.0% -13.0% 1.7 0.8 1.0

MDY S&P 400 (Mid Cap) 12.0% 11.0% 11.3% 13.3% 14.4% 14.5% -7.1% -19.3% -19.3% 1.5 0.6 0.9

IWM Russell 2000 (SM Cap) 14.6% 13.7% 14.5% 15.5% 16.8% 16.3% -8.3% -25.7% -25.7% 1.7 0.4 0.8

EFA Intl DM 8.7% 7.6% 8.6% 15.5% 15.6% 15.6% -10.3% -23.1% -23.1% 0.8 0.0 0.4

VGK Europe 9.4% 8.2% 9.9% 18.4% 17.3% 17.4% -13.6% -24.9% -24.9% 0.6 (0.1) 0.3

EZU Eurozone 11.7% 9.8% 11.2% 19.6% 18.9% 19.5% -13.4% -27.1% -27.1% 0.7 (0.1) 0.3

EWJ Japan 9.5% 9.1% 9.7% 15.0% 16.9% 17.4% -6.9% -21.6% -21.6% 1.0 0.3 0.4

EPP Pacific ex JP 13.6% 11.0% 11.8% 15.3% 17.5% 17.1% -8.1% -30.4% -30.4% 1.2 0.1 0.3

EEM EM 15.9% 12.4% 16.2% 18.6% 19.4% 19.2% -10.2% -36.1% -36.1% 0.9 0.0 0.0

ILF Latin America 27.6% 22.4% 26.0% 27.9% 28.0% 25.1% -15.4% -56.1% -57.8% 1.0 (0.1) (0.2)

EEMA EM Asia 12.6% 10.6% 14.5% 16.6% 18.3% 18.2% -10.5% -31.5% -31.5% 1.1 0.2 0.2

GUR EM Europe 18.3% 15.4% 16.0% 20.6% 24.9% 23.9% -11.9% -48.9% -52.3% 0.7 (0.2) (0.2)

Middle East

AFK Africa 17.8% 17.9% 19.3% 23.4% 20.2% 18.4% -12.5% -54.0% -54.0% 0.6 (0.5) (0.2)

FM Frontier Market 10.0% 12.6% 11.9% 13.1% 14.7% -7.3% -36.6% 1.2 (0.2)

BKF BRIC 16.4% 13.3% 15.7% 18.0% 21.3% 20.5% -11.0% -39.4% -39.4% 1.4 0.1 0.0

AGG Fixed Income (Broad) 3.7% 3.4% 3.6% 3.2% 3.3% 3.2% -4.5% -4.5% -5.1% 0.1 0.8 0.7

GOVT US Treasury 3.5% 3.7% 3.8% 3.7% 3.8% 3.6% -5.9% -5.9% -5.9% (0.4) 0.5 0.4

SHV Very Short 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% -0.1% -0.1% -0.1% 1.4 0.8 0.7

SHY Short 1.0% 0.9% 0.9% 0.9% 0.9% 0.8% -1.0% -1.0% -1.0% 0.1 0.6 0.6

IEI Intermediate 3.2% 3.1% 3.1% 3.0% 3.1% 3.0% -4.3% -4.3% -4.3% (0.3) 0.6 0.5

TLT Long 10.7% 11.1% 12.4% 12.4% 13.3% 13.2% -17.9% -17.9% -20.5% (0.4) 0.5 0.3

TIP US Inflation 5.1% 4.1% 4.2% 4.3% 4.9% 5.0% -4.6% -5.3% -11.1% 0.3 0.4 0.2

MUB Municipal 2.4% 2.7% 3.6% 3.3% 2.9% 3.9% -6.7% -6.7% -9.7% (0.1) 1.1 0.7

MBB Securitized 4.3% 3.7% 3.4% 2.6% 2.6% 2.7% -3.4% -3.4% -4.8% (0.1) 1.0 0.6

LQD IG Corporates 5.4% 4.8% 5.2% 5.0% 5.2% 5.2% -5.9% -6.0% -8.6% 0.5 0.7 0.8

HYG HY Corporates 7.4% 5.0% 6.2% 6.8% 7.0% 6.6% -4.1% -13.4% -13.4% 2.0 0.4 0.8

FLOT Floater 0.4% 0.6% 0.8% 0.8% 0.8% 0.9% -0.2% -0.6% -0.7% 2.4 0.9 1.1

BKLN Senior Loans 2.8% 2.0% 2.1% 2.7% 3.3% 3.1% -1.4% -7.1% -7.1% 2.6 0.6 1.0

PFF Preferred 5.5% 5.5% 7.1% 6.1% 5.5% 5.4% -7.5% -7.5% -8.7% 0.8 1.0 1.1

CWB Convertible 5.5% 5.7% 7.5% 8.3% 9.9% 9.2% -4.4% -15.9% -15.9% 2.0 0.6 1.0

BWX Intl DM Debt 8.8% 8.4% 8.6% 8.0% 7.5% 7.3% -12.7% -15.4% -15.4% (0.5) (0.4) (0.2)

WIP Intl Inflation 8.9% 7.8% 8.7% 8.5% 8.0% 7.5% -10.1% -19.1% -19.1% 0.3 (0.2) (0.0)

EMB EM Gov Debt USD 6.8% 5.5% 8.4% 7.2% 6.8% 7.1% -7.6% -7.6% -14.5% 1.1 0.8 0.7

EMLC EM Gov Debt Local 10.5% 8.4% 12.1% 12.2% 10.5% 10.1% -9.9% -27.6% -32.0% 0.4 (0.2) (0.2)

EMCB EM Corp USD 5.5% 6.0% 8.8% 8.1% 7.9% 7.4% -4.6% -13.3% -13.3% 1.3 0.4 0.5

HYEM EM HY Corp USD 4.7% 4.3% 6.3% 5.8% 6.8% -4.8% -14.0% 2.5 0.8

DBC Commodities 11.9% 11.2% 13.2% 15.7% 16.2% 14.8% -10.1% -55.9% -60.0% 0.9 (1.0) (0.8)

DBE Energy Cmdty 16.6% 16.6% 21.0% 25.9% 27.9% 24.1% -15.7% -71.4% -71.4% 0.8 (0.9) (0.7)

USO Crude Oil WTI 25.8% 23.1% 29.3% 33.4% 37.2% 31.9% -24.9% -79.8% -80.2% 0.3 (0.9) (0.7)

UNG Natural Gas 26.7% 41.7% 44.3% 42.4% 39.8% 39.6% -32.2% -78.4% -79.1% 0.3 (0.8) (0.3)

DBA Agriculture 7.7% 8.9% 8.7% 11.3% 11.4% 11.2% -14.3% -33.2% -36.2% (0.4) (1.0) (0.6)

DBB Industrial Metals 15.8% 17.9% 18.7% 17.0% 17.3% 17.0% -8.4% -39.0% -45.8% 1.9 0.1 (0.2)

DBP Precious Metals 11.9% 11.3% 13.6% 15.2% 16.1% 17.8% -19.6% -26.3% -48.7% 0.1 (0.2) (0.5)

GLD Gold Physical 10.4% 10.4% 12.4% 13.9% 14.8% 16.2% -17.8% -22.0% -42.1% 0.1 (0.1) (0.4)

SLV Silver Physical 20.7% 17.1% 21.4% 23.3% 22.9% 25.4% -23.9% -36.5% -61.5% 0.8 (0.1) (0.4)

PPLT Platinum Physical 17.0% 17.9% 19.5% 20.8% 19.5% 19.3% -24.4% -46.2% -53.6% (0.2) (0.7) (0.6)

PALL Palladium Physical 20.0% 27.7% 26.8% 26.3% 26.9% 25.6% -15.6% -48.4% -48.4% 1.6 0.0 0.1

UUP Bull USD 7.8% 7.5% 7.2% 7.4% 7.9% 7.3% -4.1% -9.4% -9.4% 0.8 0.8 0.5

FXY JPYUSD 8.7% 11.0% 10.9% 12.7% 10.1% 10.1% -15.5% -19.8% -39.0% 0.0 (0.3) (0.6)

FXE EURUSD 8.7% 8.2% 8.2% 8.0% 9.3% 8.7% -10.3% -26.6% -26.7% (0.9) (0.9) (0.6)

Sharpe (TR / Vol)Ticker Asset Class

Annualized Volatility Max Drawdown

Source: Deutsche Bank FactSet. Note: Data as of the end of last month; Calculations based on total returns; Volatility based on daily total returns annualized using a 252 day factor; Sharpe ratiocalculation assumes Risk free equal to zero. For Max DD and Sharpe calculation, green cells correspond to largest value, while red cells correspond to lowest values. For Volatility calculations, greencells are the least volatile (lowest values), while red cells are the most volatile (highest values). The ETFs mentioned in this figure are provided as reference and have been selected as investable andrepresentative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purpose; however, they should notbe seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions"on Appendix C for further details on product selection criteria depending on product usage.


16 April 2017

US ETF Compass

US Equity Allocator heatmaps

Figure 12: US Equity Performance and Net Cash Flow Trends


VTI US Total Market 0.06% 5.68% 10.15% 18.09% 9.68% 13.15% 1.2% 3.8% 12.0% 18.5% 12.9% 15.7%

SPY S&P 500 (Large Cap) 0.13% 5.92% 10.11% 17.08% 10.25% 13.17% 1.3% 3.2% 13.3% 17.6% 11.9% 12.9%

DIA DJI -0.59% 5.06% 14.21% 19.66% 10.44% 11.98% 1.3% 3.2% 13.3% 17.6% 11.9% 12.9%

QQQ NASDAQ-100 2.03% 11.96% 12.07% 22.47% 15.96% 15.81% 1.3% 3.2% 13.3% 17.6% 11.9% 12.9%

IWF Russell 1000 Growth 1.21% 8.80% 10.00% 15.65% 11.10% 13.13% 1.7% 2.2% 7.7% 8.6% 10.2% 11.5%

IWD Russell 1000 Value -0.97% 3.12% 10.13% 19.02% 8.47% 12.94% 0.9% 5.5% 16.2% 30.0% 19.5% 21.3%

MDY S&P 400 (Mid Cap) -0.45% 3.81% 11.40% 20.55% 9.04% 12.99% 0.6% 6.0% 12.7% 21.2% 14.6% 17.1%

IWM Russell 2000 (SM Cap) 0.03% 2.24% 11.46% 26.18% 7.26% 12.38% 1.4% 5.2% 20.9% 33.4% 13.8% 18.2%

VIG Div. Growth -0.07% 6.09% 8.39% 13.11% 8.48% 11.38% 0.5% 1.8% 5.9% 22.5% 14.4% 16.7%

DVY Div. Yield -0.52% 3.65% 7.97% 15.12% 11.03% 13.97% 0.5% 1.8% 5.9% 22.5% 14.4% 16.7%

VYM Div. Yield -0.30% 3.22% 9.36% 15.99% 10.50% 13.34% 0.5% 1.8% 5.9% 22.5% 14.4% 16.7%

SDY Div. Yield & Growth -0.22% 3.52% 6.67% 13.96% 11.36% 14.04% 0.5% 1.8% 5.9% 22.5% 14.4% 16.7%

XLY Cons. Discretionary 2.13% 8.37% 10.87% 13.01% 12.46% 16.03% -4.5% 0.8% 0.3% -12.9% 5.5% 8.4%

PEJ Hotels, Rest & Leisure 0.71% 3.00% 16.18% 12.29% 7.08% 14.16%

XHB Home Builders 3.54% 10.18% 10.12% 10.78% 5.21% 12.48% -3.3% -0.9% 1.6% -20.5% -14.2% -11.2%

ITB Household Durables 5.06% 16.50% 16.33% 18.58% 10.13% 17.24% -3.3% -0.9% 1.6% -20.5% -14.2% -11.2%

PBS Media 1.39% 5.88% 8.65% 14.06% 4.34% 13.51%

XRT Retail -1.36% -3.91% -2.45% -7.35% 1.24% 7.88% -35.7% 31.8% -14.3% -26.9% -15.2% -27.3%

XLP Cons. Staples -0.42% 6.11% 3.88% 5.46% 11.02% 12.82% -0.4% 1.1% -12.9% -21.5% 8.7% 4.8%

PBJ Food Products 0.28% -0.06% 2.46% 4.57% 8.24% 12.51%

XLE Energy -1.49% -6.64% 0.11% 15.66% -5.37% 1.78% 1.5% 4.2% 13.9% 20.7% 22.7% 21.9%

OIH Energy Eq. & Serv. -4.05% -7.62% 6.68% 17.39% -13.34% -3.79% 13.2% 10.1% 19.2% 24.3% 7.1% 3.6%

XES Energy Eq. & Serv. -6.05% -10.00% 5.75% 16.77% -23.07% -10.26% 13.2% 10.1% 19.2% 24.3% 7.1% 3.6%

IEZ Energy Eq. & Serv. -4.02% -7.18% 6.85% 18.94% -13.67% -3.54% 13.2% 10.1% 19.2% 24.3% 7.1% 3.6%

XOP Energy E&P -0.91% -9.43% -2.28% 24.37% -18.54% -6.97% 22.7% 8.5% 3.1% 19.6% 32.2% 20.2%

IEO Energy E&P -0.06% -6.39% -0.21% 18.76% -9.26% -0.32% 22.7% 8.5% 3.1% 19.6% 32.2% 20.2%

AMLP MLPs -1.17% 2.62% 3.92% 25.58% -3.08% 1.78% 3.5% 12.1% 24.8% 39.7% 22.4% 38.7%

XLF Financials -2.95% 2.43% 23.96% 32.28% 11.44% 15.18% 0.7% 9.1% 56.0% 47.3% 11.0% 23.2%

KBWB Large Banks -4.13% 0.63% 31.13% 46.11% 10.32% 15.07% 6.3% 17.0% 58.2% 65.1% 13.0% 17.0%

KRE Regional Banks -4.67% -1.43% 30.09% 47.53% 11.62% 15.93% 6.3% 17.0% 58.2% 65.1% 13.0% 17.0%

KCE Capital Markets -1.36% 4.86% 16.90% 23.07% 0.62% 9.32% -19.2% -4.8% 36.2% 8.2% -16.2% 12.4%

KIE Insurance -1.28% 3.94% 17.00% 26.20% 13.31% 17.59% 3.0% 14.6% 50.6% 70.7% 30.6% 33.3%

XLV Healthcare -0.48% 8.25% 3.95% 11.47% 9.95% 16.47% -0.1% 3.7% 8.8% 11.3% 7.5% 21.0%

IBB Biotech & Pharma -1.23% 10.62% 1.46% 12.71% 7.63% 19.16% -0.3% 0.1% 7.2% 15.6% 11.7% 25.6%

BBH Large Biotech -1.84% 10.67% 3.65% 15.17% 9.60% 21.98% -0.3% 0.1% 7.2% 15.6% 11.7% 25.6%

IHI HC Eq. & Supplies 1.39% 13.82% 4.53% 24.36% 16.26% 18.25% -0.1% -1.1% -24.9% 4.2% 3.4% 11.2%

IHF HC Providers & Serv -1.21% 7.07% 8.25% 10.20% 10.94% 15.31% -0.5% -4.5% -18.6% -39.4% 0.2% 7.2%

PPH Large Pharma -0.85% 5.01% -3.41% -1.95% 0.06% 9.95% -5.1% -4.8% 1.2% -12.3% -9.3% 2.6%

XLI Industrials -0.77% 5.04% 12.63% 19.85% 9.80% 14.06% -1.5% 4.3% 51.1% 65.4% 10.1% 27.6%

ITA Aerospace & Def -1.80% 6.06% 15.90% 28.65% 12.15% 18.86% 6.1% 27.2% 142.2% 199.8% 80.4% 76.4%

IYT Transportation -3.19% 0.97% 13.46% 16.42% 7.66% 13.02% -12.3% -6.5% 37.7% 38.5% 4.4% 8.1%

XLB Materials 0.62% 5.78% 10.83% 19.31% 5.60% 9.55% -3.5% -1.0% 14.7% 51.1% -5.7% 9.6%

XME Metals & Mining -5.87% 0.16% 15.11% 50.15% -8.44% -7.90% -2.7% 7.7% 16.8% 44.4% 10.3% 7.4%

VNQ Real Estate -2.42% 0.80% -2.07% 3.00% 9.91% 9.72% 1.3% 3.6% -1.5% 17.8% 13.3% 16.3%

VGT Technology 2.25% 11.93% 13.38% 25.43% 15.58% 14.27% 1.3% 5.8% 13.9% 15.2% 4.3% 10.5%

IGN Comm. Equipment -1.22% 4.44% 11.37% 25.23% 10.56% 8.91%

FDN Int. Software & Serv. 2.12% 10.28% 7.95% 28.92% 14.25% 18.87% -0.9% 1.2% -2.6% 1.2% 7.5% 33.9%

SMH Semiconductors 4.35% 11.26% 15.65% 45.87% 22.08% 19.20% 6.6% 27.1% 30.2% 99.3% 20.4% 15.7%

IGV Software 3.04% 16.24% 11.46% 25.83% 15.48% 14.40% -4.6% 3.3% 3.5% -6.7% -25.8% -10.2%

VOX Telecom -2.11% -4.46% 2.17% 5.58% 7.18% 11.64% -1.3% 0.5% -2.5% -1.6% 17.8% 10.8%

XLU Utilities -0.14% 6.44% 6.54% 6.94% 11.16% 11.93% 2.4% -2.5% -10.2% -16.5% 10.0% 1.6%




16 April 2017

US ETF Compass

Figure 13: US Equity Risk and Risk-adjusted Performance Measure

1M 3M 6M 1Y 3Y 5Y 1Y 3Y 5Y 1Y 3Y 5Y

VTI US Total Market 8.6% 7.2% 8.1% 10.4% 13.2% 12.9% -5.9% -15.1% -15.1% 1.7 0.7 1.0

SPY S&P 500 (Large Cap) 8.4% 6.8% 7.8% 10.0% 13.1% 12.7% -5.5% -13.0% -13.0% 1.7 0.8 1.0

DIA DJI 7.7% 6.7% 7.4% 9.5% 12.7% 12.2% -4.8% -13.9% -13.9% 2.1 0.8 1.0

QQQ NASDAQ-100 8.0% 6.8% 9.8% 12.0% 15.6% 15.1% -7.9% -16.1% -16.1% 1.9 1.0 1.0

IWF Russell 1000 Growth 7.3% 6.1% 7.9% 9.9% 13.3% 13.0% -5.7% -13.8% -13.8% 1.6 0.8 1.0

IWD Russell 1000 Value 9.5% 8.1% 8.6% 10.9% 13.3% 12.9% -5.8% -16.2% -16.2% 1.7 0.6 1.0

MDY S&P 400 (Mid Cap) 12.0% 11.0% 11.3% 13.3% 14.4% 14.5% -7.1% -19.3% -19.3% 1.5 0.6 0.9

IWM Russell 2000 (SM Cap) 14.6% 13.7% 14.5% 15.5% 16.8% 16.3% -8.3% -25.7% -25.7% 1.7 0.4 0.8

VIG Div. Growth 7.2% 6.0% 6.8% 9.0% 11.9% 11.7% -5.2% -12.1% -12.1% 1.5 0.7 1.0

DVY Div. Yield 8.8% 7.9% 8.9% 10.3% 11.8% 11.4% -5.6% -12.0% -12.0% 1.5 0.9 1.2

VYM Div. Yield 7.7% 6.6% 7.4% 9.4% 12.3% 11.8% -4.5% -13.0% -13.0% 1.7 0.9 1.1

SDY Div. Yield & Growth 8.0% 7.1% 8.2% 9.9% 11.8% 11.7% -6.7% -10.8% -10.8% 1.4 1.0 1.2

XLY Cons. Discretionary 7.3% 7.0% 9.3% 11.2% 14.3% 14.1% -6.8% -15.8% -15.8% 1.2 0.9 1.1

PEJ Hotels, Rest & Leisure 12.4% 11.0% 12.2% 14.0% 17.0% 16.6% -15.0% -21.7% -21.7% 0.9 0.4 0.9

XHB Home Builders 13.0% 13.3% 15.4% 16.8% 18.2% 20.2% -15.2% -28.2% -28.2% 0.6 0.3 0.6

ITB Household Durables 15.3% 16.2% 17.1% 17.8% 20.5% 23.8% -15.1% -26.4% -26.4% 1.0 0.5 0.7

PBS Media 9.5% 8.9% 10.9% 13.0% 15.7% 15.8% -8.5% -23.2% -23.2% 1.1 0.3 0.9

XRT Retail 16.0% 18.0% 18.0% 18.5% 17.8% 17.0% -14.6% -24.2% -24.2% (0.4) 0.1 0.5

XLP Cons. Staples 4.7% 7.0% 9.3% 10.5% 11.7% 11.3% -9.2% -10.1% -10.1% 0.5 0.9 1.1

PBJ Food Products 7.4% 8.7% 11.5% 12.4% 13.3% 13.0% -7.9% -11.0% -11.0% 0.4 0.6 1.0

XLE Energy 16.9% 14.5% 16.4% 19.1% 22.9% 20.5% -11.3% -46.7% -46.7% 0.8 (0.2) 0.1

OIH Energy Eq. & Serv. 24.4% 22.6% 27.1% 31.3% 31.7% 27.9% -15.9% -61.3% -61.3% 0.6 (0.4) (0.1)

XES Energy Eq. & Serv. 29.9% 28.7% 33.2% 37.8% 38.5% 33.1% -20.7% -72.8% -72.8% 0.4 (0.6) (0.3)

IEZ Energy Eq. & Serv. 24.7% 22.7% 26.4% 31.1% 31.7% 28.0% -15.8% -61.8% -61.8% 0.6 (0.4) (0.1)

XOP Energy E&P 28.3% 23.5% 29.0% 32.5% 38.4% 33.5% -18.7% -71.0% -71.0% 0.8 (0.5) (0.2)

IEO Energy E&P 23.5% 19.9% 23.5% 26.7% 29.6% 26.4% -15.0% -56.8% -56.8% 0.7 (0.3) (0.0)

AMLP MLPs 10.0% 10.3% 13.1% 17.8% 27.7% 22.3% -7.4% -53.1% -53.1% 1.4 (0.1) 0.1

XLF Financials 17.3% 15.2% 16.1% 16.3% 16.6% 16.2% -9.6% -22.3% -22.3% 2.0 0.7 0.9

KBWB Large Banks 21.4% 18.6% 20.0% 21.7% 21.0% 19.8% -15.5% -29.1% -29.1% 2.1 0.5 0.8

KRE Regional Banks 27.4% 22.6% 22.8% 23.7% 22.0% 20.3% -15.0% -28.0% -28.0% 2.0 0.5 0.8

KCE Capital Markets 16.1% 14.6% 15.7% 21.4% 21.1% 20.1% -17.4% -36.4% -36.4% 1.1 0.0 0.5

KIE Insurance 10.4% 9.1% 10.1% 13.2% 13.7% 13.7% -8.8% -15.2% -15.2% 2.0 1.0 1.3

XLV Healthcare 8.5% 9.2% 12.3% 12.7% 15.7% 14.4% -12.4% -17.1% -17.1% 0.9 0.6 1.1

IBB Biotech & Pharma 16.4% 18.3% 24.1% 25.3% 27.4% 25.3% -17.7% -39.2% -39.2% 0.5 0.3 0.8

BBH Large Biotech 14.8% 16.3% 21.8% 22.6% 25.6% 24.2% -16.3% -33.8% -33.8% 0.7 0.4 0.9

IHI HC Eq. & Supplies 9.7% 9.7% 13.7% 14.1% 15.3% 14.8% -11.6% -14.2% -14.2% 1.7 1.1 1.2

IHF HC Providers & Serv 10.7% 11.0% 14.6% 14.7% 17.3% 16.2% -14.1% -26.3% -26.3% 0.7 0.6 0.9

PPH Large Pharma 9.7% 11.9% 16.0% 16.0% 16.4% 14.7% -17.8% -29.9% -29.9% (0.1) 0.0 0.7

XLI Industrials 11.6% 9.9% 10.8% 12.3% 14.5% 14.5% -6.6% -15.7% -15.7% 1.6 0.7 1.0

ITA Aerospace & Def 12.0% 10.7% 12.7% 13.1% 15.0% 14.9% -6.3% -17.2% -17.2% 2.2 0.8 1.3

IYT Transportation 15.9% 14.4% 13.8% 15.8% 17.4% 17.2% -12.2% -27.3% -27.3% 1.0 0.4 0.8

XLB Materials 13.3% 11.5% 11.5% 14.0% 16.7% 16.4% -7.8% -26.9% -26.9% 1.4 0.3 0.6

XME Metals & Mining 32.2% 27.9% 29.4% 34.2% 33.6% 30.8% -16.7% -71.8% -74.7% 1.5 (0.3) (0.3)

VNQ Real Estate 12.3% 11.4% 15.0% 14.7% 15.2% 14.9% -15.2% -17.2% -18.0% 0.2 0.7 0.7

VGT Technology 9.0% 7.9% 10.6% 12.5% 15.8% 15.4% -7.5% -16.4% -16.4% 2.0 1.0 0.9

IGN Comm. Equipment 9.4% 12.2% 13.7% 16.1% 17.7% 18.5% -10.3% -24.9% -26.0% 1.6 0.6 0.5

FDN Int. Software & Serv. 10.9% 9.9% 12.4% 14.0% 19.0% 18.5% -7.3% -25.8% -25.8% 2.1 0.8 1.0

SMH Semiconductors 10.7% 13.2% 16.4% 18.6% 20.4% 19.6% -8.7% -23.7% -23.7% 2.5 1.1 1.0

IGV Software 10.5% 10.3% 13.1% 14.8% 17.6% 17.4% -7.9% -21.5% -21.5% 1.7 0.9 0.8

VOX Telecom 12.8% 13.6% 14.2% 14.3% 14.5% 13.9% -13.3% -13.3% -13.3% 0.4 0.5 0.8

XLU Utilities 11.9% 11.8% 15.4% 15.1% 15.5% 14.0% -12.4% -15.7% -15.7% 0.5 0.7 0.9

Ticker Asset ClassMax DrawdownAnnualized Volatility Sharpe (TR / Vol)

Source: Deutsche Bank, FactSet. Note: Data as of the end of last month; Calculations based on total returns; Volatility based on daily total returns annualized using a 252 day factor; Sharpe ratiocalculation assumes Risk free equal to zero. For Max DD and Sharpe calculation, green cells correspond to largest value, while red cells correspond to lowest values. For Volatility calculations, greencells are the least volatile (lowest values), while red cells are the most volatile (highest values). The ETFs mentioned in this figure are provided as reference and have been selected as investable andrepresentative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purpose; however, they should notbe seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions"on Appendix C for further details on product selection criteria depending on product usage.


16 April 2017

US ETF Compass

International Equity Allocator heatmaps

Figure 14: International Equity Performance and Net ETF Cash Flow Trends


EFA Intl DM 3.23% 7.90% 6.43% 12.37% 0.47% 5.74% 2.7% 7.1% 10.9% 4.5% 16.8% 25.6%

EWC Canada 0.71% 2.79% 5.68% 15.41% -1.15% 1.09% -8.8% -10.3% -0.4% 9.3% 2.9% -6.7%

EIS Israel 1.77% 10.45% 7.81% 9.13% 1.01% 5.83%

VGK Europe 4.43% 8.15% 6.91% 10.15% -1.19% 5.94% 4.6% 7.5% 5.8% -11.3% 2.4% 33.3%

EDEN Denmark 3.51% 8.65% -0.17% -0.82% 4.96% 14.82%

NORW Norway -1.93% 1.45% 3.50% 15.41% -8.51% -1.67%

EWD Sweden 4.16% 9.89% 8.62% 11.46% -1.27% 5.57%

EWL Switzerland 3.03% 8.55% 4.75% 10.50% 0.07% 7.62% 3.9% 5.3% 1.1% -11.4% 7.3% 14.4%

EWU UK 2.01% 6.06% 4.17% 7.83% -3.01% 2.98% 2.1% 28.7% 31.4% 22.6% -4.7% 17.3%

EZU Eurozone 6.18% 8.67% 9.73% 12.79% -1.33% 6.46% 4.2% 4.3% -0.5% -34.6% 12.5% 45.6%

EWO Austria 4.43% 9.92% 11.71% 18.09% -0.94% 4.41%

EWK Belgium 4.98% 7.14% 0.39% 8.09% 4.54% 11.84%

EFNL Finland 4.48% 6.23% 1.53% 12.21% 2.43% 7.90%

EWQ France 6.42% 7.46% 10.12% 12.87% -0.59% 6.67%

EWG Germany 4.47% 8.57% 9.48% 14.49% -0.83% 6.60% 1.6% 1.9% 6.0% -25.2% 1.8% 10.2%

EIRL Ireland 2.19% 6.74% 5.97% 0.96% 2.43% 13.60%

EWI Italy 8.84% 6.32% 17.87% 9.50% -7.71% 2.38% -1.1% -4.3% 19.8% -31.9% -4.9% 40.4%

EWN Netherlands 5.34% 11.01% 8.36% 11.98% 3.14% 9.53%

PGAL Portugal 8.46% 10.20% 8.24% 5.58% -14.33%

EWP Spain 11.39% 14.71% 16.31% 17.15% -5.53% 5.08% 19.6% 49.7% 59.1% -5.8% 2.7% 71.5%

EWJ Japan 0.53% 5.40% 3.88% 15.07% 5.91% 6.43% -3.9% -0.8% 9.8% -16.9% 0.9% 30.3%

EPP Pacific ex JP 2.88% 12.94% 8.11% 18.53% 1.79% 4.94% 2.4% 2.9% -2.2% 6.6% 0.8% -5.4%

EWA Australia 3.01% 11.76% 11.07% 21.86% 0.14% 4.19% -2.4% 2.9% 2.1% 10.7% 7.0% -5.8%

EWH Hong Kong 2.96% 14.22% 2.18% 16.05% 7.15% 8.22% -0.6% -13.3% -20.4% -19.2% -2.1% -1.9%

ENZL New Zealand -2.13% 6.27% -6.77% 7.55% 4.23% 10.95%

EWS Singapore 2.20% 14.45% 8.45% 9.10% -0.86% 1.36% -5.2% -10.2% -13.9% -5.8% -12.7% -15.8%

EEM EM 3.69% 12.51% 6.39% 17.24% 0.79% 0.35% 3.1% 8.6% 10.0% 24.1% 10.5% 5.2%

ILF Latin America 1.77% 14.97% 14.29% 28.15% -2.55% -5.46% 0.2% 6.6% 26.5% 34.7% 6.9% -0.5%

EWZ Brazil -0.72% 12.36% 12.46% 45.31% -3.37% -7.74% 3.9% 20.0% 27.0% 50.0% 13.3% -1.5%

ECH Chile 8.12% 16.41% 18.13% 20.30% 0.26% -7.11% 14.0% 6.1% 31.0% 23.1% 17.0% -0.7%

GXG Colombia 3.26% 4.06% 1.50% 5.85% -18.47% -12.73%

EWW Mexico 11.05% 16.37% 6.03% -3.16% -5.60% -2.32% -15.3% -27.1% 44.1% 3.7% -9.3% 12.2%

EPU Peru -0.47% 3.90% 2.94% 30.51% 3.17% -4.32% -2.6% 10.9% 13.3% 13.4% -1.6% -7.0%

EEMA EM Asia 3.62% 14.60% 5.77% 18.06% 4.22% 4.03% 2.2% 2.4% -4.1% -11.0% 5.4% 5.3%

FXI China H 0.76% 10.89% 3.31% 17.15% 5.27% 3.82% -2.7% -5.4% -11.4% -26.8% -2.6% -1.3%

ASHR China A -0.12% 7.16% 2.97% 3.10% 14.72% 2.9% 3.7% -9.3% 4.6% 19.9% 86.6%

INDA India 6.12% 17.44% 7.35% 17.13% 6.96% 5.65% 4.8% 6.0% 3.3% 4.5% 38.8% 31.6%

EIDO Indonesia 5.31% 6.88% -2.35% 10.77% -0.95% -2.24% 1.5% -3.5% -22.4% -16.6% -1.7% -0.1%

EWM Malaysia 3.36% 8.59% -1.82% -9.48% -9.59% -3.65% 28.9% 31.5% 14.5% 20.1% -5.6% -8.8%

EPHE Philippines 2.77% 5.37% -8.06% -6.19% 0.93% 4.44%

EWY South Korea 5.65% 16.25% 7.72% 18.55% 1.79% 2.14% -0.6% -1.0% -12.9% -25.0% -5.1% 1.2%

EWT Taiwan 2.59% 13.14% 8.34% 22.72% 7.51% 6.73% 6.9% 6.7% 9.1% 9.0% 1.5% 3.1%

THD Thailand 3.97% 8.18% 7.26% 18.94% 5.15% 4.01% 4.8% 10.3% -2.3% 13.2% -9.4% -9.1%

GUR EM Europe 2.28% 2.86% 11.14% 14.83% -4.92% -4.92% -2.9% 1.8% 26.8% 13.1% 16.5% 12.3%

GREK Greece 3.24% 2.18% 13.05% 7.80% -30.31% -11.83%

EPOL Poland 2.71% 19.10% 20.75% 9.04% -8.18% -0.80%

RSX Russia 2.48% -2.59% 11.99% 28.42% -1.87% -5.03% -3.9% -0.3% 30.4% 11.7% 26.4% 11.0%

TUR Turkey 1.88% 10.26% -5.29% -16.38% -7.82% -5.66% -3.4% 13.7% 20.5% 25.8% -4.9% 6.6%

Middle East

QAT Qatar -0.91% 2.47% 0.54% 0.91%

UAE UAE -0.44% 1.48% -0.42% 5.66%

AFK Africa -0.10% 5.51% 3.48% 13.38% -10.14% -4.04% 0.0% -0.5% 2.6% -5.4% 0.4% 0.7%

EGPT Egypt -0.14% 7.39% -24.18% -24.62% -23.22% -8.22%

EZA South Africa 0.36% 5.40% -0.50% 8.44% -3.06% -1.48% 0.0% -2.8% -3.7% -11.4% -0.7% -0.9%

FM Frontier Market 2.66% 11.63% 8.14% 15.36% -3.24% 1.1% 12.0% 11.1% 20.1% 8.4% 27.2%

ARGT Argentina 7.49% 22.50% 18.73% 46.76% 13.26% 6.42%

NGE Nigeria 3.04% -6.63% -14.35% -33.19% -32.28%

PAK Pakistan -3.03% -2.97% 10.40% 32.89%

VNM Vietnam 3.77% 7.52% -4.87% 2.61% -10.93% -3.33% -1.9% 4.7% -6.0% -12.2% -0.8% 8.2%

BKF BRIC 2.57% 13.93% 7.32% 24.68% 2.66% 0.14% 7.3% 17.3% 5.7% -26.2% -24.2% -21.5%




16 April 2017

US ETF Compass

Figure 15: International Equity Risk and Risk-adjusted Performance Measure

1M 3M 6M 1Y 3Y 5Y 1Y 3Y 5Y 1Y 3Y 5Y

EFA Intl DM 8.7% 7.6% 8.6% 15.5% 15.6% 15.6% -10.3% -23.1% -23.1% 0.8 0.0 0.4

EWC Canada 12.1% 12.2% 11.9% 14.6% 17.4% 16.2% -7.3% -41.4% -41.4% 1.1 (0.1) 0.1

EIS Israel 11.0% 11.3% 11.9% 12.7% 14.0% 15.0% -10.6% -20.9% -20.9% 0.7 0.1 0.4

VGK Europe 9.4% 8.2% 9.9% 18.4% 17.3% 17.4% -13.6% -24.9% -24.9% 0.6 (0.1) 0.3

EDEN Denmark 11.0% 11.0% 12.9% 16.8% 16.8% 17.2% -18.3% -18.3% -18.3% (0.0) 0.3 0.9

NORW Norway 15.2% 14.3% 14.7% 21.6% 24.1% 22.7% -13.3% -50.9% -50.9% 0.7 (0.4) (0.1)

EWD Sweden 11.8% 11.5% 12.6% 19.6% 19.2% 19.9% -14.7% -25.6% -25.6% 0.6 (0.1) 0.3

EWL Switzerland 7.6% 7.1% 9.5% 14.0% 14.0% 14.1% -9.7% -21.4% -21.4% 0.8 0.0 0.5

EWU UK 9.1% 8.3% 9.9% 19.7% 18.3% 17.0% -15.5% -29.3% -29.3% 0.4 (0.2) 0.2

EZU Eurozone 11.7% 9.8% 11.2% 19.6% 18.9% 19.5% -13.4% -27.1% -27.1% 0.7 (0.1) 0.3

EWO Austria 13.0% 12.7% 13.2% 19.4% 18.8% 19.7% -16.2% -31.0% -32.6% 0.9 (0.0) 0.2

EWK Belgium 13.4% 10.1% 10.9% 15.7% 15.5% 16.4% -12.0% -15.0% -15.0% 0.5 0.3 0.7

EFNL Finland 11.2% 10.2% 12.9% 18.7% 18.4% 20.6% -11.0% -19.2% -27.7% 0.7 0.1 0.4

EWQ France 11.6% 10.2% 11.3% 19.1% 18.8% 19.7% -13.4% -25.8% -25.8% 0.7 (0.0) 0.3

EWG Germany 9.9% 9.4% 10.7% 18.0% 18.7% 19.1% -12.3% -26.6% -26.6% 0.8 (0.0) 0.3

EIRL Ireland 11.7% 10.1% 11.4% 20.3% 18.0% 18.5% -18.1% -20.8% -22.7% 0.0 0.1 0.7

EWI Italy 16.7% 16.2% 18.2% 26.9% 25.3% 26.5% -18.6% -41.5% -41.5% 0.4 (0.3) 0.1

EWN Netherlands 11.6% 10.0% 11.0% 17.1% 17.3% 17.5% -13.1% -19.6% -19.6% 0.7 0.2 0.5

PGAL Portugal 11.7% 11.0% 13.7% 20.0% 23.7% -15.1% -49.5% 0.3 (0.6)

EWP Spain 17.2% 14.5% 15.2% 24.6% 22.9% 25.3% -19.5% -42.5% -42.5% 0.7 (0.2) 0.2

EWJ Japan 9.5% 9.1% 9.7% 15.0% 16.9% 17.4% -6.9% -21.6% -21.6% 1.0 0.3 0.4

EPP Pacific ex JP 13.6% 11.0% 11.8% 15.3% 17.5% 17.1% -8.1% -30.4% -30.4% 1.2 0.1 0.3

EWA Australia 15.7% 12.9% 13.7% 17.7% 20.5% 19.6% -9.0% -35.4% -35.4% 1.2 0.0 0.2

EWH Hong Kong 10.5% 10.1% 12.0% 14.2% 17.6% 16.9% -12.3% -29.5% -29.5% 1.1 0.4 0.5

ENZL New Zealand 12.1% 12.7% 14.9% 16.2% 15.9% 16.2% -17.5% -23.2% -23.2% 0.5 0.3 0.7

EWS Singapore 12.4% 11.2% 12.5% 15.7% 15.9% 15.6% -10.7% -32.5% -32.5% 0.6 (0.1) 0.1

EEM EM 15.9% 12.4% 16.2% 18.6% 19.4% 19.2% -10.2% -36.1% -36.1% 0.9 0.0 0.0

ILF Latin America 27.6% 22.4% 26.0% 27.9% 28.0% 25.1% -15.4% -56.1% -57.8% 1.0 (0.1) (0.2)

EWZ Brazil 34.7% 28.1% 31.4% 33.3% 35.9% 31.2% -18.5% -66.5% -70.0% 1.4 (0.1) (0.2)

ECH Chile 14.9% 14.5% 17.6% 18.6% 18.5% 18.9% -10.1% -36.0% -54.7% 1.1 0.0 (0.4)

GXG Colombia 15.9% 16.2% 19.8% 23.2% 25.9% 22.3% -18.4% -67.0% -68.3% 0.3 (0.7) (0.6)

EWW Mexico 20.6% 20.6% 27.4% 25.9% 21.7% 21.0% -22.1% -40.1% -41.6% (0.1) (0.3) (0.1)

EPU Peru 17.0% 15.2% 15.2% 23.6% 20.7% 19.5% -11.3% -50.6% -60.6% 1.3 0.2 (0.2)

EEMA EM Asia 12.6% 10.6% 14.5% 16.6% 18.3% 18.2% -10.5% -31.5% -31.5% 1.1 0.2 0.2

FXI China H 15.1% 12.5% 15.5% 19.1% 24.1% 23.3% -11.2% -44.6% -44.6% 0.9 0.2 0.2

ASHR China A 13.8% 13.3% 14.0% 17.3% 36.8% -9.8% -50.2% 0.2 0.4

INDA India 16.2% 13.4% 16.3% 17.6% 20.2% 22.4% -15.5% -28.7% -29.6% 1.0 0.3 0.3

EIDO Indonesia 11.5% 10.7% 19.3% 21.5% 25.5% 27.1% -16.1% -42.8% -52.1% 0.5 (0.0) (0.1)

EWM Malaysia 9.5% 8.3% 15.9% 17.0% 19.7% 18.2% -19.4% -40.2% -40.2% (0.6) (0.5) (0.2)

EPHE Philippines 11.5% 15.6% 19.7% 21.2% 19.8% 21.7% -24.2% -31.1% -31.8% (0.3) 0.0 0.2

EWY South Korea 16.3% 14.9% 17.4% 19.6% 18.6% 19.1% -12.0% -32.8% -32.8% 0.9 0.1 0.1

EWT Taiwan 15.2% 12.6% 15.6% 18.2% 19.1% 18.4% -10.8% -31.3% -31.3% 1.2 0.4 0.4

THD Thailand 11.3% 11.1% 16.4% 17.7% 19.4% 22.0% -12.2% -33.5% -38.0% 1.1 0.3 0.2

GUR EM Europe 18.3% 15.4% 16.0% 20.6% 24.9% 23.9% -11.9% -48.9% -52.3% 0.7 (0.2) (0.2)

GREK Greece 22.3% 24.1% 26.0% 36.1% 46.8% 45.7% -29.0% -76.8% -77.4% 0.2 (0.6) (0.3)

EPOL Poland 21.3% 19.6% 20.2% 24.8% 22.9% 24.2% -19.5% -47.0% -47.0% 0.4 (0.4) (0.0)

RSX Russia 23.9% 19.5% 21.3% 24.2% 36.0% 32.1% -12.4% -51.6% -56.5% 1.2 (0.1) (0.2)

TUR Turkey 26.1% 28.5% 28.8% 31.2% 30.5% 30.2% -33.4% -48.0% -57.9% (0.5) (0.3) (0.2)

Middle East

QAT Qatar 19.4% 17.3% 17.5% 17.9% -15.3% 0.1

UAE UAE 11.1% 17.7% 17.7% 17.8% -14.0% 0.3

AFK Africa 17.8% 17.9% 19.3% 23.4% 20.2% 18.4% -12.5% -54.0% -54.0% 0.6 (0.5) (0.2)

EGPT Egypt 13.3% 19.0% 40.2% 33.4% 29.9% 29.4% -40.1% -65.3% -65.3% (0.7) (0.8) (0.3)

EZA South Africa 29.9% 22.8% 31.3% 33.1% 30.9% 28.6% -19.7% -45.0% -45.0% 0.3 (0.1) (0.1)

FM Frontier Market 10.0% 12.6% 11.9% 13.1% 14.7% -7.3% -36.6% 1.2 (0.2)

ARGT Argentina 16.2% 15.3% 16.0% 18.6% 23.0% 23.6% -9.3% -34.0% -34.0% 2.5 0.6 0.3

NGE Nigeria 16.9% 15.4% 19.3% 30.8% 29.6% -47.0% -74.3% (1.1) (1.1)

PAK Pakistan 10.6% 12.7% 14.1% 15.8% -6.7% 2.1

VNM Vietnam 10.1% 13.4% 14.9% 18.0% 21.6% 24.0% -17.1% -42.9% -42.9% 0.1 (0.5) (0.1)

BKF BRIC 16.4% 13.3% 15.7% 18.0% 21.3% 20.5% -11.0% -39.4% -39.4% 1.4 0.1 0.0

Ticker Asset ClassAnnualized Volatility Max Drawdown Sharpe (TR / Vol)

Source: Deutsche Bank FactSet. Note: Data as of the end of last month; Calculations based on total returns; Volatility based on daily total returns annualized using a 252 day factor; Sharpe ratiocalculation assumes Risk free equal to zero. For Max DD and Sharpe calculation, green cells correspond to largest value, while red cells correspond to lowest values. For Volatility calculations, greencells are the least volatile (lowest values), while red cells are the most volatile (highest values). The ETFs mentioned in this figure are provided as reference and have been selected as investable andrepresentative vehicle for each asset class considering the product's asset class representation, liquidity, size, cost, and ease to borrow for tactical or risk hedging purpose; however, they should notbe seen as the only or best alternative for each asset class as finding the right product will depend on the specific investor's objective and intended usage. Please refer to "Product Type Definitions"on Appendix C for further details on product selection criteria depending on product usage.


Pag

e 14

Deu

tsche B

ank S

ecurities In

c.

Cross Asset Correlations

Figure 16: 3-Year Cross Asset Class Correlations of Weekly Total Returns3Y - Cross Asset Class Correlation of Weekly Total Returns

Category Ticker ACWI VTI EFA EEM AGG GOVT TIP MUB MBB LQD HYG FLOT BKLN PFF CWB BWX WIP EMB EMLC EMCB DBC DBE DBA DBB DBP UUP FXY FXE

Global Equities ACWI 0.95 0.95 0.85 -0.21 -0.31 -0.02 -0.22 -0.20 0.00 0.67 0.08 0.60 0.46 0.89 -0.06 0.21 0.53 0.51 0.44 0.45 0.41 0.28 0.42 -0.11 0.10 -0.35 -0.13

US Total Market VTI 0.95 0.84 0.71 -0.27 -0.37 -0.08 -0.29 -0.25 -0.05 0.65 0.07 0.58 0.41 0.90 -0.17 0.06 0.42 0.35 0.37 0.36 0.34 0.23 0.36 -0.20 0.21 -0.41 -0.22

Intl DM EFA 0.95 0.84 0.81 -0.18 -0.27 -0.01 -0.17 -0.18 0.00 0.60 0.07 0.56 0.46 0.81 0.02 0.28 0.51 0.52 0.41 0.44 0.40 0.26 0.41 -0.06 -0.01 -0.31 -0.03

EM EEM 0.85 0.71 0.81 -0.01 -0.10 0.17 -0.05 0.03 0.15 0.62 0.10 0.51 0.41 0.70 0.16 0.42 0.67 0.75 0.54 0.49 0.40 0.33 0.46 0.12 -0.03 -0.12 -0.02

US Agg Bond IG AGG -0.21 -0.27 -0.18 -0.01 0.96 0.85 0.79 0.87 0.90 -0.01 -0.09 -0.10 0.25 -0.18 0.66 0.56 0.36 0.30 0.16 -0.14 -0.20 -0.06 -0.10 0.48 -0.31 0.57 0.24

US Treasury GOVT -0.31 -0.37 -0.27 -0.10 0.96 0.80 0.78 0.82 0.83 -0.14 -0.12 -0.24 0.16 -0.29 0.65 0.51 0.27 0.23 0.08 -0.23 -0.28 -0.11 -0.15 0.49 -0.32 0.58 0.26

US Inflation TIP -0.02 -0.08 -0.01 0.17 0.85 0.80 0.66 0.78 0.82 0.13 -0.05 0.03 0.28 -0.04 0.63 0.62 0.43 0.44 0.26 0.08 0.02 0.02 0.12 0.46 -0.33 0.47 0.25

Municipal MUB -0.22 -0.29 -0.17 -0.05 0.79 0.78 0.66 0.72 0.69 -0.09 -0.12 -0.21 0.19 -0.21 0.52 0.47 0.28 0.26 0.02 -0.17 -0.24 -0.01 -0.10 0.40 -0.24 0.50 0.17

MBS MBB -0.20 -0.25 -0.18 0.03 0.87 0.82 0.78 0.72 0.75 -0.03 -0.13 -0.13 0.24 -0.18 0.59 0.53 0.32 0.29 0.16 -0.12 -0.17 -0.11 -0.08 0.43 -0.29 0.51 0.21

IG Corporates LQD 0.00 -0.05 0.00 0.15 0.90 0.83 0.82 0.69 0.75 0.25 -0.06 0.16 0.41 0.05 0.57 0.56 0.52 0.40 0.29 -0.01 -0.05 0.00 -0.04 0.39 -0.23 0.46 0.15

HY Corporates HYG 0.67 0.65 0.60 0.62 -0.01 -0.14 0.13 -0.09 -0.03 0.25 0.10 0.76 0.54 0.70 0.01 0.22 0.69 0.55 0.57 0.53 0.51 0.21 0.31 0.04 0.09 -0.15 -0.13

Floater FLOT 0.08 0.07 0.07 0.10 -0.09 -0.12 -0.05 -0.12 -0.13 -0.06 0.10 0.14 -0.08 0.01 0.05 0.07 0.00 0.10 0.17 0.13 0.11 0.16 0.07 0.07 -0.09 0.01 0.07

Senior Loans BKLN 0.60 0.58 0.56 0.51 -0.10 -0.24 0.03 -0.21 -0.13 0.16 0.76 0.14 0.44 0.62 -0.06 0.12 0.48 0.41 0.47 0.44 0.42 0.20 0.30 -0.04 0.13 -0.22 -0.16

Preferred PFF 0.46 0.41 0.46 0.41 0.25 0.16 0.28 0.19 0.24 0.41 0.54 -0.08 0.44 0.52 0.13 0.30 0.55 0.38 0.41 0.23 0.21 0.21 0.21 0.04 0.03 -0.02 -0.08

Convertible CWB 0.89 0.90 0.81 0.70 -0.18 -0.29 -0.04 -0.21 -0.18 0.05 0.70 0.01 0.62 0.52 -0.13 0.11 0.50 0.39 0.42 0.37 0.35 0.19 0.34 -0.18 0.19 -0.34 -0.20

Intl DM Debt BWX -0.06 -0.17 0.02 0.16 0.66 0.65 0.63 0.52 0.59 0.57 0.01 0.05 -0.06 0.13 -0.13 0.85 0.34 0.53 0.18 0.14 0.04 0.15 0.15 0.63 -0.86 0.75 0.78

Intl Inflation WIP 0.21 0.06 0.28 0.42 0.56 0.51 0.62 0.47 0.53 0.56 0.22 0.07 0.12 0.30 0.11 0.85 0.53 0.72 0.33 0.30 0.20 0.20 0.24 0.56 -0.73 0.52 0.64

EM Gov Debt USD EMB 0.53 0.42 0.51 0.67 0.36 0.27 0.43 0.28 0.32 0.52 0.69 0.00 0.48 0.55 0.50 0.34 0.53 0.76 0.72 0.37 0.33 0.20 0.18 0.24 -0.09 0.13 0.02

EM Gov Debt Local EMLC 0.51 0.35 0.52 0.75 0.30 0.23 0.44 0.26 0.29 0.40 0.55 0.10 0.41 0.38 0.39 0.53 0.72 0.76 0.57 0.46 0.35 0.33 0.33 0.42 -0.37 0.25 0.31

EM Corp USD EMCB 0.44 0.37 0.41 0.54 0.16 0.08 0.26 0.02 0.16 0.29 0.57 0.17 0.47 0.41 0.42 0.18 0.33 0.72 0.57 0.38 0.37 0.17 0.15 0.05 0.00 0.03 -0.05

Commodities DBC 0.45 0.36 0.44 0.49 -0.14 -0.23 0.08 -0.17 -0.12 -0.01 0.53 0.13 0.44 0.23 0.37 0.14 0.30 0.37 0.46 0.38 0.94 0.49 0.49 0.15 -0.19 -0.04 0.14

Energy Cmdty DBE 0.41 0.34 0.40 0.40 -0.20 -0.28 0.02 -0.24 -0.17 -0.05 0.51 0.11 0.42 0.21 0.35 0.04 0.20 0.33 0.35 0.37 0.94 0.28 0.33 -0.03 -0.09 -0.12 0.05

Agriculture DBA 0.28 0.23 0.26 0.33 -0.06 -0.11 0.02 -0.01 -0.11 0.00 0.21 0.16 0.20 0.21 0.19 0.15 0.20 0.20 0.33 0.17 0.49 0.28 0.29 0.14 -0.22 0.04 0.20

Industrial Metals DBB 0.42 0.36 0.41 0.46 -0.10 -0.15 0.12 -0.10 -0.08 -0.04 0.31 0.07 0.30 0.21 0.34 0.15 0.24 0.18 0.33 0.15 0.49 0.33 0.29 0.13 -0.19 -0.08 0.17

Precious Metals DBP -0.11 -0.20 -0.06 0.12 0.48 0.49 0.46 0.40 0.43 0.39 0.04 0.07 -0.04 0.04 -0.18 0.63 0.56 0.24 0.42 0.05 0.15 -0.03 0.14 0.13 -0.51 0.59 0.41

Bull USD UUP 0.10 0.21 -0.01 -0.03 -0.31 -0.32 -0.33 -0.24 -0.29 -0.23 0.09 -0.09 0.13 0.03 0.19 -0.86 -0.73 -0.09 -0.37 0.00 -0.19 -0.09 -0.22 -0.19 -0.51 -0.60 -0.97

JPYUSD FXY -0.35 -0.41 -0.31 -0.12 0.57 0.58 0.47 0.50 0.51 0.46 -0.15 0.01 -0.22 -0.02 -0.34 0.75 0.52 0.13 0.25 0.03 -0.04 -0.12 0.04 -0.08 0.59 -0.60 0.48

EURUSD FXE -0.13 -0.22 -0.03 -0.02 0.24 0.26 0.25 0.17 0.21 0.15 -0.13 0.07 -0.16 -0.08 -0.20 0.78 0.64 0.02 0.31 -0.05 0.14 0.05 0.20 0.17 0.41 -0.97 0.48

Source: Deutsche Bank, FactSet. Data as of the end of last month. Green cells denote highest correlations, while red cells denote lowest correlations.

Figure 17: 26W Rolling Correlation for selected asset class pairs (5Y)

-1

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1

Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16

Global Equities - 26W Rolling Correlation

US Agg Bond IG Commodities Real Estate Bull USD Gold

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1


US Equities - 26W Rolling Correlation

DM Intl EM Japan Pacific ex JP Europe

-1

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1


US Fixed Income - 26W Rolling Correlation

US Treasury IG Corp HY Corp Sr Loans

Source: Deutsche Bank, FactSet. Correlations based on weekly total returns of US-listed ETFs: Global Equities (ACWI), US Agg Bond IG (AGG), Commodities (DBC), Real Estate (VNQ) and Gold (GLD). US Equity (VTI), DM Intl (EFA), EM (EEM), Japan (EWJ), Pacific ex JP (EPP), andEurope (VGK). US Fixed Income (AGG), US Treasury (GOVT), IG Corp (LQD), HY Corp (HYG), and Sr Loans (BKLN).

16

Ap

ril 201

7

US

ETF C

om

pass

16 April 2017

US ETF Compass

12-Month Relative Performance Monitor1

Figure 18: Selected relative performance pairs

0.60

0.80

1.00

1.20

1.40

1.60

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

US Equity Sectors

Healthcare/Energy

Technology/Industrials

Financials/Real Estate

Financials/Utilities

0.90

0.95

1.00

1.05

1.10

1.15

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

Global Equities

US Total Market/Intl DM

US Total Market/EM

0.80

0.85

0.90

0.95

1.00

1.05

1.10

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

Intl DM Equities

Eurozone/Europe

Japan/Pacific ex JP

0.80

0.85

0.90

0.95

1.00

1.05

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

US Equity Size and Style

S&P 500/Russell 2000 (SM Cap)

Russell 1000 Growth/Russell 1000 Value

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

EM Equities

EM Asia/Latin America

China H/China A

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

Cross Asset Class

Global Equities/Fixed Income (Broad)

Global Equities/Commodities

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

Fixed Income Credit

HY Corporates/US Treasury

HY Corporates/IG Corporates

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

Precious Metals

Gold/Silver

Gold/Platinum

Gold/Palladium 0.80

0.90

1.00

1.10

1.20

1.30

Mar-

16

Ap

r-1

6

May-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Sep

-16

Oct-

16

No

v-1

6

Dec-1

6

Jan

-17

Feb

-17

Mar-

17

Fixed Income duration and EM debt

UST Short/UST Long

EM Gov Debt USD/EM Gov Debt Local

Source: Deutsche Bank, FactSet

1 Performance for each asset class is based on the ETFs mentioned in the heatmaps presented earlier inthis section. Total return data is as of the end of last month


16 April 2017

US ETF Compass

House View Portfolio: Monthly Brief

Our House View Portfolio (HVP) and its benchmark were flat in March,underperforming Global Equities (ACWI) which were up by 1.35% during thesame period.

Figure 19: House View Portfolio

Target Actual Direction Type

VTI 0.05% 25% 25.5% Long Core Equity US Broad

XLU 0.14% 5% 5.3% Long Satellite Equity US Utilities

KBWB 0.35% 10% 10.1% Long Satellite Equity US Banks

IBB 0.48% 10% 9.7% Long Satellite Equity US Biotech/Pharma

VXUS 0.13% 20% 21.0% Long Core Equity Global ex US

LQD 0.15% 15% 14.4% Long Core Credit Inv. Grade

TIP 0.20% 5% 4.8% Long Satellite Inflation US TIPs

UUP 0.80% 10% 9.3% Long Core FX Long USD

ExposurePosition Asset

Class

Weight

Source: Deutsche Bank. Actual weights as of the end of last month. Last rebalance as of 18-Nov-16

Figure 20: Portfolio performance vs. Global Equities andBenchmark since inception (10/01/2012)

90

100

110

120

130

140

150

160

Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16

No

rmalized

Level (1

00

)

House View Port. ACWI Bnchmk

Source: Deutsche Bank, FactSet. Benchmark is 50% Global Equities (ACWI), 30% Fixed Income (BND),and 20% Commodities (DBC) rebalanced at the end of each calendar quarter. Data as of the end of lastmonth.

Figure 21: Monthly performance of portfolio andbenchmark positions

-6% -4% -2% 0% 2% 4%

Fixed Income (BND)

Comdty (DBC)

Equity (ACWI)

FX Long USD (UUP)

Inv. Grade (LQD)

Eq. US Utilities (XLU)

Eq. US Broad (VTI)

Eq. US Bio/Phar. (IBB)

Eq. US Banks (KBWB)

Eq. Global ex US (VXUS)

Inflation (TIP)

Performance

Ho

use V

iew

Po

rt.

Bnchm

k

Source: Deutsche Bank, FactSet. Data as of the end of last month. Performance only applicable whilepositions held in the portfolio.

Figure 22: Portfolio Allocations

0%

10%

20%

30%

40%

50%

60%

70%

80%

Equity Fixed

Income

Alterna-

tives

US Intl

Target Actual

Asset Class Global Equity

Source: Deutsche Bank, FactSet. Actual data as of the end of last month.


16 April 2017

US ETF Compass

Business IntelligenceNew Listing

There were sixteen new ETFs and one new ETN listed during the previous month;twelve were listed in the NYSE Arca; four in the BATS; while the remaining fundwas listed in the Nasdaq. The new funds offer exposure to DM ex-US, GlobalGreen Bonds, US infrastructure sector, actively managed exposure to US equityfocusing on short squeeze, IG core debt, Corporate bonds, IG debt with shortterm, Energy commodity futures, three broad Commodity strategies, 3x inverseand leveraged exposure to Crude Oil, and two Multi-Asset strategies; while, thenote offers exposure to Natural Gas prices.

Figure 23: Products listed during last month

Ticker NameAsset Class &

StructureListing Date TER

AUM

$MM

GRNB VanEck Vectors Green Bond ETF Fixed Income ETF 6-Mar-17 0.40% 5

PAVE Global X U.S. Infrastructure Development ETF Equity ETF 8-Mar-17 0.47% 4

GAZB iPath Series B Bloomberg Natural Gas Subindex Total Return ETN Commodity ETN 9-Mar-17 0.45% 4

CEFS Saba Closed-End Funds ETF Multi Asset ETF 21-Mar-17 1.12% 4

SQZZ Active Alts Contrarian ETF Equity ETF 22-Mar-17 1.95% 3

ONTL O'Shares FTSE Russell International Quality Dividend ETF Equity ETF 22-Mar-17 0.48% 3

HQBD Hartford Quality Bond ETF Fixed Income ETF 22-Mar-17 0.39% 20

HCOR Hartford Corporate Bond ETF Fixed Income ETF 22-Mar-17 0.44% 15

IDEV iShares Core MSCI International Developed Markets ETF Equity ETF 23-Mar-17 0.07% 31

OILU ProShares UltraPro 3x Crude Oil ETF Commodity ETF 27-Mar-17 0.95% 6

OILD ProShares UltraPro 3x Short Crude Oil ETF Commodity ETF 27-Mar-17 0.95% 4

CWAI CWA Income ETF Multi Asset ETF 30-Mar-17 0.75% 2

COM Direxion Auspice Broad Commodity Strategy ETF Commodity ETF 30-Mar-17 0.70% 15

ARCM Arrow Reserve Capital Management ETF Fixed Income ETF 31-Mar-17 0.38% 2

BEF ETFS Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF Commodity ETF 31-Mar-17 0.39% 3

BCI ETFS Bloomberg All Commodity Strategy K-1 Free ETF Commodity ETF 31-Mar-17 0.29% 2

BCD ETFS Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF Commodity ETF 31-Mar-17 0.29% 3


Equity■ Global X Funds listed one new ETF (PAVE) which offers exposure to

the US Infrastructure sector. PAVE tracks the Indxx U.S. InfrastructureDevelopment Index and comes with an annual expense ratio of 0.47%.This is the first ETF to focus completely in US Infrastructure.

■ Huntington Strategy Shares listed one new actively managed ETF (SQZZ)offering exposure to US equity securities focusing on “short squeeze”opportunities to generate potential income. The fund comes with anannual expense ratio of 1.95%.

■ O’Shares Investment listed one new ETF (ONTL) which offers exposure toLarge-Cap Developed Market ex-US companies focusing on fundamentalfactors as high quality, low volatility, and high dividend payments. ONTLtracks the FTSE Developed ex US Qual/Vol/Yield 5% capped Factor Indexand comes with annual expense ratio of 0.48%.

■ BlackRock listed one new ETF (IDEV) during last month offering exposureto International Developed Markets tracking the MSCI World ex USA


16 April 2017

US ETF Compass

Investable Market Index. The fund comes with an annual expense ratioof 0.07%.

Fixed Income■ VanEck Vectors listed one new ETF (GRNB) which offers exposure to

Global ESG-focused bonds. GRBN invests in debt issued by companiesto finance projects that have a positive impact in the environment. Thefund tracks the S&P Green bond Select Index and comes with an annualexpense ratio of 0.40%. This is a "first-of-its-kind" ETF and offers an ESG-friendly alternative for a core bond position.

■ Hartford Funds listed two new fixed income ETFs during March. The firstone (HQBD) offers actively managed exposure to a portfolio of InvestmentGrade US securities focusing on agency MBS; while, the second fund(HCOR) offers a similar strategy focusing on USD-denominated Corporatebonds. HQBD and HCOR come with an annual expense ratio of 0.39%and 0.44%, respectively.

■ ArrowShares listed one new ETF (ARCM) which is designed toprovide actively managed exposure to a portfolio of USD-denominatedInvestment Grade debt with maturity of 0-2 years. ARCM comes with anannual expense ratio of 0.38%.

Commoditiy■ ETF Securities listed three new broad commodity exposure ETFs during

last month. All of them present an actively managed alternative free of K-1tax form filing requirements by relying on a 1940 Act structure. The firstone (BCI) offers exposure to a diversified portfolio of commodity futurecontracts from different sectors such as agriculture, energy, industrialmetals, precious metals and livestock. The second one (BCD) offers thesame exposure through futures contracts 3-months ahead of the standardcalendar. Similarly, the last fund (BEF) offers exposure to a portfolio offutures 3-months ahead of the standard contract calendar, but in theEnergy sector including crude oil, heating oil, unleaded gasoline andnatural gas. BCI and BCD come with an annual expense ratio of 0.29%;while, BEF comes with an expense ratio of 0.39%, offering expense ratiosbelow the average which range from 70-80 basis points.

■ DirexionShares listed one new ETF (COM) which offers actively managedexposure to a broad commodity portfolio which includes twelve futurescontracts from Agriculture, Energy, and Metal sectors. The commoditiescan independently be switched from long to flat positions (i.e. going tocash) in case they are experiencing downward trends. COM comes withan annual expense ratio of 0.70%.

■ ProShares listed two new commodity ETFs, which provide 3x-inverse(OILD) and -long (OILU) leveraged exposure to Crude Oil prices. They trackthe Bloomberg WTI Crude Oil ER Index and come with an annual expenseratio of 0.95%.

■ Barclays Bank issued one new ETN (GAZB) which offers exposure toNatural Gas prices tracking the Bloomberg Natural Gas Total Return Index.The note comes with an annual expense ratio of 0.45%.

Multi-Asset■ Saba Capital made its debut in the ETF Market listing one new ETF (CEFS)

during March. CEFS is a “fund of funds” and offers exposure to Closed-


16 April 2017

US ETF Compass

End Funds; while mitigating interest rate risk. The fund comes with anannual expense ratio of 1.12%.

■ StrongerVest Global debuted listing one new multi-asset ETF (CWAI)during last month. CWAI offers actively managed exposure to Broadequity and fixed income securities without geographic, maturity, creditquality, or market capitalization restrictions. Under normal conditions, theequity exposure is capped at 20% and comes with annual expense ratioof 0.75%.

Delistings

Figure 24: Delisted products during last month

Ticker NameAsset Class &

Structure

Delisting

dateTER

AUM at

Delisting $MM

ICN WisdomTree Indian Rupee Strategy Fund Currency ETF 23-Mar-17 0.45% 11

AUNZ WisdomTree Australia & New Zealand Debt Fund Currency ETF 23-Mar-17 0.45% 18

RTR OppenheimerFunds ADR Revenue ETF Equity ETF 10-Mar-17 0.49% 12

DXKW WisdomTree Korea Hedged Equity Fund Equity ETF 23-Mar-17 0.58% 11

DXJT WisdomTree Japan Hedged Tech Media & Telecom Fund Equity ETF 23-Mar-17 0.43% 1

RGRO OppenheimerFunds Global Growth Revenue ETF Equity ETF 10-Mar-17 0.70% 2

CAPX Elkhorn S&P 500 Capital Expenditures Portfolio Equity ETF 14-Mar-17 0.29% 3

JDG WisdomTree Japan Quality Dividend Growth Fund Equity ETF 23-Mar-17 0.43% 3

HDLS WisdomTree International Hedged Smallcap Dividend Fund Equity ETF 23-Mar-17 0.58% 4

HDWM WisdomTree International Hedged Equity Fund Equity ETF 23-Mar-17 0.35% 3

ELKU Elkhorn FTSE RAFI U.S. Equity Income ETF Equity ETF 14-Mar-17 0.39% 3

TALL RBC S&P 500 Trend Allocator ETN Equity ETN 14-Mar-17 0.85% 4



16 April 2017

US ETF Compass

Trends in products launched in the last 12 months

Figure 25: Main trends among those products launched in the last 12 months

Net Cash

Flows

12M $MM

AUM

Mar '17

$MM

New Funds

last 12MAsset Class Focus

Net Cash

Flows

12M $MM

AUM

Mar '17

$MM

New

Funds

last 12M

Total (All) 5,789 5,973 233 Top 5 by Geographic Focus (Equities)

By Asset Class US - US 2,250 2,355 89

Equity 3,728 3,915 162 EM - Global (reg) 416 446 9

Fixed Income 1,773 1,765 43 DM - Global ex US (reg) 386 411 12

Commodities 74 74 12 Global - Global (reg) 278 286 20

Currency - - - DM - Global (reg) 199 209 16

Multi Asset 142 142 12 Top 5 by Category (Fixed Income)

Alternative 73 77 4 Broad 661 651 15

By Management Strategy Corporates 554 557 17

Beta 966 980 48 US Treasury 451 451 2

Beta+ 87 78 16 Municipal 42 42 4

Smart Beta 3,602 3,749 118 EM debt 42 42 2

Active 1,134 1,166 51


Figure 26: Top 20 products by net cash flow raised in thelast 12 months

Ticker Name TER

Net CF

12M

$MM

FTXO First Trust Nasdaq Bank ETF 0.60% 900

UWT VelocityShares 3x Long Crude Oil ETN 1.50% 443 CLTL PowerShares Treasury Collateral Portfolio ETF 0.08% 371

FLQE Franklin LibertyQ Emerging Markets ETF 0.55% 308

AGGP IQ Enhanced Core Plus Bond US ETF 0.20% 223

PSC Principal US Small Cap Index ETF 0.38% 220

HYLB Deutsche X-Trackers USD High Yield Corporate Bond ETF 0.25% 156 BLHY Virtus Newfleet Dynamic Credit ETF 0.68% 133

ESGD iShares MSCI EAFE ESG Optimized ETF 0.40% 111

LVHB Elkhorn Lunt Low Vol/High Beta Tactical ETF 0.49% 111

RFDI First Trust RiverFront Dynamic Developed International ETF 0.83% 102 FDRR Fidelity Dividend ETF for Rising Rates 0.29% 96

CATH Global X S&P 500 Catholic Values ETF 0.29% 83

AGGE IQ Enhanced Core Bond US ETF 0.20% 81 GBIL Goldman Sachs Treasury Access 0-1 Year ETF 0.14% 80 DWT VelocityShares 3x Inverse Crude Oil ETN 1.50% 71 QXTR QuantX Risk Managed Multi-Asset Total Return ETF 1.25% 69

QXGG QuantX Risk Managed Growth ETF 0.95% 59 JPHF JPMorgan Diversified Alternatives ETF 0.80% 58 BMLP BMO Elkhorn DWA MLP Select Index ETN 0.85% 57

Source: Deutsche Bank, Bloomberg Finance LP. Includes ETNs

Figure 27: Top 20 Issuers by inflows to products launchedin the last 12 months

Top 20 IssuersNet Cash Flows

12M $MM

AUM

Mar '17 $MM

New Funds

last 12M

First Trust 1,259 1,293 17

PowerShares 437 438 8

Franklin Templeton 428 451 7

IndexIQ Advisors 349 340 3

BlackRock 347 368 21

Fidelity Investments 237 247 6

Principal Financial 233 264 3

JPMorgan 222 235 6

Global X Funds 214 229 11

Deutsche AM 182 185 5

Virtus Investment 171 172 4

State Street 163 170 8

Elkhorn Inv. 148 159 13

Goldman Sachs 106 110 2

ALPS 100 103 8

Janus Capital 95 97 6

Nuveen 95 95 7

DirexionShares 92 83 14

Guggenheim Inv. 54 55 5

Amplify Investments 46 47 3



16 April 2017

US ETF Compass

Popular Product Segments: Smart Beta & CurrencyHedged

Figure 28: Summary statistics for Smart Beta Equity ETFs

Smart Beta

(Equities)

Mar '17

$MM

YTD

$MM

Mar '17

$MM

MoM

Chg %

Mkt

Shr

Mar '17

$MM

MoM

Chg %

Mkt

Shr

Mar '17

All

Mkt

Shr

YTD

New

Dividend 574 2,710 20,175 15% 15% 152,511 0% 26% 123 20% 1

Equal 813 2,470 52,701 39% 40% 43,732 1% 7% 78 12% 3

ESG 8 86 301 54% 0% 3,379 1% 1% 27 4% -

Fundamental 607 2,209 4,187 24% 3% 26,858 3% 4% 57 9% 1

Low Risk 218 (519) 7,854 14% 6% 41,253 1% 7% 56 9% 2

Multi-factor (499) 1,093 7,364 75% 6% 33,959 -2% 6% 159 25% 1

Single-factor 473 788 2,093 9% 2% 14,127 3% 2% 47 7% -

Style 3,549 10,237 37,208 23% 28% 280,905 1% 47% 67 11% -

Other 16 82 126 13% 0% 850 3% 0% 14 2% -

Total 5,759 19,156 132,013 29% 100% 597,582 1% 100% 629 100% 8

Net Cash Flows Turnover AUM # of Funds


Figure 29: Summary statistics for Currency-Hedged Equity ETFs

Currency Hedged

(Equities)

Mar '17

$MM

YTD

$MM

Mar '17

$MM

MoM

Chg %

Mkt

Shr

Mar '17

$MM

MoM

Chg %

Mkt

Shr

Mar '17

All

Mkt

Shr

YTD

New

Multiple 124 889 3,302 18% 28% 18,037 4% 45% 47 51% -

AUD - - 0 -71% 0% 8 3% 0% 2 2% -

BRL - - 0 -31% 0% 4 -3% 0% 1 1% -

CAD - - 1 -33% 0% 3 1% 0% 1 1% -

CHF - 0 1 -18% 0% 4 3% 0% 1 1% -

CNY - 1 0 -77% 0% 4 0% 0% 2 2% -

EUR (275) (866) 2,769 18% 24% 10,296 2% 26% 15 16% -

GBP 5 15 21 19% 0% 108 5% 0% 3 3% -

JPY (521) 73 5,508 27% 47% 11,416 -5% 29% 16 17% -

KRW (12) (21) 35 501% 0% 30 -1% 0% 2 2% -

MXN 1 (0) 2 -1% 0% 6 24% 0% 2 2% -

Total (678) 92 11,640 22% 100% 39,916 1% 100% 92 100% -



Figure 30: Top 10 Issuers in Equity Smart Beta

Top 10 Issuers

(Equity Smart Beta)

AUM

Mar '17

$MM

Net Cash

Flows

12M $MM

# of Funds

Mar '17

BlackRock 237,510 28,975 80

Vanguard 136,463 22,142 22

State Street 43,914 5,934 56

WisdomTree 40,538 (6,992) 57

PowerShares 36,577 2,924 85

First Trust 30,417 3 77

Guggenheim Inv. 21,587 3,078 30

Charles Schwab 20,838 6,967 9

FlexShares 5,375 1,213 16

ProShares 3,776 1,967 6


Figure 31: Top 10 Issuers in Equity Currency hedged

Top 10 Issuers

(Equity Currency Hedged)

AUM

Mar '17

$MM

Net Cash

Flows

12M $MM

# of Funds

Mar '17

WisdomTree 19,108 (8,736) 20

Deutsche AM 12,881 (6,120) 25

BlackRock 7,230 (1,283) 25

IndexIQ Advisors 309 193 3

First Trust 186 172 4

JPMorgan 69 66 2

FlexShares 62 29 2

State Street 25 3 2

O'Shares Investments 17 11 2

Franklin Templeton 10 10 1



16 April 2017

US ETF Compass

Average Performance by Products Type and Size (Equity)

1 Month Comparisons

Figure 32: US Equity ETFs - 1 Month Total Returns

BetaSmart

BetaActive All

Large Cap 0.3% 0.0% -0.3% 0.0%

Mid Cap -0.2% -0.2% -0.2%

Small Cap 0.1% -0.1% 1.9% 0.0%

Broad 0.2% -0.1% 0.3% 0.0%

All 0.1% -0.1% 0.3% 0.0%

US Equity, Broad sector,

non levered, 1M Total

Return by

Product Type

Siz

e

Source: Deutsche Bank, FactSet. Total Return corresponds to last month.

Figure 33: US Equity ETFs - # of Funds in 1M sample

BetaSmart

BetaActive All

Large Cap 19 90 8 117

Mid Cap 7 30 - 37

Small Cap 11 45 2 58

Broad 10 71 15 96

All 47 236 25 308


non levered, # of funds by

Product Type

Siz

e

Source: Deutsche Bank.

Figure 34: DM Equity ETFs - 1 Month Total Returns

BetaSmart

BetaActive All

Large Cap 4.0% 3.2% 3.5%

Mid Cap 2.5% 2.5%

Small Cap 2.4% 2.8% 2.6%

Broad 3.5% 3.4% 3.5% 3.4%

All 3.3% 3.3% 3.5% 3.3%

DM Equity, Broad sector,

regional, non levered, 1M

Total Return by

Product Type

Siz

e


Figure 35: DM Equity ETFs - # of Funds in 1M sample

BetaSmart

BetaActive All

Large Cap 6 9 - 15

Mid Cap - 2 - 2

Small Cap 8 7 - 15

Broad 26 74 5 105

All 40 92 5 137


regional, non levered, # of

funds by

Product Type

Siz

e


Figure 36: EM Equity ETFs - 1 Month Total Returns

BetaSmart

BetaActive All

Large Cap 3.0% 2.4% 2.6%

Mid Cap

Small Cap 3.4% 3.8% 3.6%

Broad 2.6% 2.3% 2.2% 2.4%

All 2.7% 2.4% 2.2% 2.5%

EM Equity, Broad sector,

regional, non levered, 1M

Total Return by

Product Type

Siz

e


Figure 37: EM Equity ETFs - # of Funds in 1M sample

BetaSmart

BetaActive All

Large Cap 2 3 - 5

Mid Cap - - - -

Small Cap 2 2 - 4

Broad 25 38 1 64

All 29 43 1 73



funds by

Product Type

Siz

e



16 April 2017

US ETF Compass

1 Year Comparisons

Figure 38: US Equity ETFs - 1 Year Total Returns

BetaSmart

BetaActive All

Large Cap 17.7% 16.4% 14.5% 16.5%

Mid Cap 18.6% 19.0% 18.9%

Small Cap 24.8% 23.8% 8.0% 23.7%

Broad 19.4% 15.8% 14.2% 16.1%

All 19.9% 17.9% 14.0% 18.0%

Product Type

Siz

e


non levered, 1Y Total

Return by


Figure 39: US Equity ETFs - # of Funds in 1Y sample

BetaSmart

BetaActive All

Large Cap 19 82 7 108

Mid Cap 7 29 - 36

Small Cap 11 39 1 51

Broad 10 62 9 81

All 47 212 17 276


non levered, # of funds by

Product Type

Siz

e


Figure 40: DM Equity ETFs - 1 Year Total Returns

BetaSmart

BetaActive All

Large Cap 14.3% 9.3% 11.4%

Mid Cap 12.6% 12.6%

Small Cap 14.3% 15.5% 14.9%

Broad 15.5% 11.3% 6.1% 12.4%

All 15.1% 11.5% 12.6%


regional, non levered, 1Y

Total Return by

Product Type

Siz

e


Figure 41: DM Equity ETFs - # of Funds in 1Y sample

BetaSmart

BetaActive All

Large Cap 6 8 - 14

Mid Cap - 2 - 2

Small Cap 8 7 - 15

Broad 26 66 1 93

All 40 83 1 124



funds by

Product Type

Siz

e


Figure 42: EM Equity ETFs - 1 Year Total Returns

BetaSmart

BetaActive All

Large Cap 14.1% 14.0% 14.1%

Mid Cap

Small Cap 17.2% 25.3% 21.2%

Broad 16.5% 15.5% 16.0%

All 16.4% 16.0% 16.1%


regional, non levered, 1Y

Total Return by

Product Type

Siz

e


Figure 43: EM Equity ETFs - # of Funds in 1Y sample

BetaSmart

BetaActive All

Large Cap 2 3 - 5

Mid Cap - - - -

Small Cap 2 2 - 4

Broad 25 31 - 56

All 29 36 - 65



funds by

Product Type

Siz

e



16 April 2017

US ETF Compass

Total Expense Ratio X-Ray

Figure 44: Average TER analysis by asset class and product type

TER By Beta Beta+ Smart Beta Active All Beta Beta+ Smart Beta Active All

Equity 0.46% 0.91% 0.47% 0.88% 0.54% 0.19% 0.94% 0.27% 0.92% 0.22%

Fixed Income 0.26% 0.87% 0.30% 0.53% 0.37% 0.21% 0.94% 0.31% 0.53% 0.23%

Commodity 1.01% 0.93% 0.83% 0.60% 0.88% 0.43% 0.95% 0.89% 0.62% 0.49%

Currency 0.47% 0.95% 0.80% 0.49% 0.62% 0.56% 0.95% 0.80% 0.50% 0.64%

Multi Asset 0.56% 0.82% 0.78% 0.73% 0.44% 0.73% 0.81% 0.54%

Alternative 2.09% 0.95% 0.77% 1.01% 1.13% 3.67% 0.95% 0.68% 0.93% 1.25%

All 0.45% 0.91% 0.48% 0.72% 0.54% 0.20% 0.94% 0.28% 0.59% 0.23%

Simple Average AUM-Weighted Average

Source: Source: Deutsche Bank, Bloomberg Finance LP.

Figure 45: Selected TER averages for the top 15 Issuers by AUM

BetaSmart

BetaBeta Active Beta

Smart

BetaBeta Active

BlackRock 1,083,304 0.46% 0.31% 0.23% 0.32% 0.36% 0.27% 0.23% 0.22% 0.27% 0.25%

Vanguard 681,106 0.11% 0.14% 0.09% 0.11% 0.09% 0.09% 0.08% 0.09%

State Street 536,390 0.33% 0.29% 0.27% 0.52% 0.32% 0.13% 0.33% 0.30% 0.60% 0.18%

PowerShares 120,799 0.42% 0.50% 0.40% 0.30% 0.51% 0.22% 0.44% 0.53% 0.39%

Charles Schwab 69,329 0.08% 0.27% 0.07% 0.16% 0.06% 0.18% 0.06% 0.00% 0.10%

First Trust 45,152 0.61% 0.68% 0.76% 0.71% 0.60% 0.62% 0.84% 0.66%

WisdomTree 41,976 0.44% 0.48% 0.15% 0.54% 0.47% 0.43% 0.50% 0.15% 0.50%

VanEck Vectors 35,553 0.62% 0.53% 0.34% 0.68% 0.53% 0.49% 0.00% 0.53%

Guggenheim Inv. 34,652 0.62% 0.49% 0.39% 0.47% 0.55% 0.42% 0.00% 0.28% 0.40%

ProShares 27,310 0.29% 0.47% 0.51% 0.88% 0.39% 0.36% 0.67% 0.84%

ALPS 14,650 0.63% 0.62% 0.41% 0.60% 0.84% 0.45% 0.00% 0.74%

Deutsche AM 13,663 0.53% 0.43% 0.28% 0.47% 0.26% 0.00% 0.40%

FlexShares 13,436 0.48% 0.45% 0.20% 0.30% 0.39% 0.48% 0.40% 0.25% 0.39%

PIMCO 13,094 0.27% 0.51% 0.39% 0.00% 0.39%

DirexionShares 11,527 0.64% 0.84% 0.00% 0.64% 0.00% 0.00% 0.93%

Equity Fixed IncomeAll

Simple Average AUM-Weighted Average

AllEquity Fixed IncomeAUM Mar

'17 $MMTop 15 Issuers



16 April 2017

US ETF Compass

ETF StatisticsGlobal ETF Assets and Provider Ranking

Figure 46: Historical Growth of Global ETP Asset*

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17*

Asia Pacific ($) 62 53 67 84 91 136 169 202 284 314 352

Europe ($) 132 145 244 309 297 368 416 459 506 570 635

US ($) 612 535 783 997 1,046 1,333 1,678 1,979 2,113 2,533 2,784

US, Europe & Asia Pacific ($) 804 733 1,094 1,390 1,435 1,838 2,262 2,640 2,904 3,417 3,772

Europe (€) 90 104 170 231 229 279 302 379 466 541 594

Number of ETPs** 1,213 1,666 2,041 2,580 3,124 3,492 3,711 4,019 4,453 4,733 4,827

0

1,000

2,000

3,000

4,000

5,000

6,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Nu

mb

er

of

ET

Ps

AU

M $

billio

n

Source: Deutsche Bank, Bloomberg Finance LP. *These figures don't include the ETF markets in the Americas ex US and in the Middle East and Africa regions. data as of the end of last month.

Figure 47: Top 10 Global ETP Provider Ranking and Summary Statics

IssuerCurrent

AUM

Mkt.

Share2016 AUM

2016 Mkt.

Share

Current

Month CF

Current

Month TOYTD CF

BlackRock 1,387,101 36.8% 1,262,390 36.9% 676 26,505 545,577 64,207

Vanguard 713,106 18.9% 639,873 18.7% 112 13,522 101,791 41,739

State Street 577,379 15.3% 538,567 15.8% 268 1,881 750,249 12,510

PowerShares 123,436 3.3% 112,834 3.3% 167 567 73,974 3,707

Nomura Asset Management 94,208 2.5% 79,904 2.3% 51 3,725 21,396 10,635

Deutsche AM 78,106 2.1% 72,241 2.1% 244 1,096 9,471 1,943

Charles Schwab 69,329 1.8% 59,750 1.7% 21 2,352 8,621 6,763

Lyxor 61,357 1.6% 53,664 1.6% 224 921 10,441 4,576

First Trust 45,420 1.2% 41,230 1.2% 127 638 9,829 2,245

Nikko Asset Management 43,148 1.1% 35,341 1.0% 27 2,375 435 6,172

Total Top 10 3,192,592 84.7% 2,895,793 84.7% 1,917 53,582 1,531,786 154,497

Others 578,923 15.3% 521,616 15.3% 2,910 9,196 423,217 32,719

Global Total 3,771,515 100.0% 3,417,409 100.0% 4,827 62,777 1,955,003 187,216

Source: Deutsche Bank, Bloomberg Finance LP, FactSet. data as of the end of last month.


16 April 2017

US ETF Compass

US Historical ETF Trends

Figure 48: Annual ETP historical growth in AUM and # offunds

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Nu

mb

er

of

ET

Ps

AU

M $

billio

n

Others

Fixed Income

Equity

# Funds

Source: Deutsche Bank, Bloomberg Finance LP. ETPs include ETFs and ETVs; ETVs represent about 2%of ETP assets and track mostly non-Equity and non-Fixed Income exposures. *YTD data as of the endof last month.

Figure 49: Monthly ETF Volume $ growth vs. VIX and ETFVolume

0%

10%

20%

30%

40%

50%

60%

70%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan

-05

Au

g-0

5

Mar-

06

Oct-

06

May-0

7

Dec-0

7

Ju

l-0

8

Feb

-09

Sep

-09

Ap

r-1

0

No

v-1

0

Ju

n-1

1

Jan

-12

Au

g-1

2

Mar-

13

Oct-

13

May-1

4

Dec-1

4

Ju

l-1

5

Feb

-16

Sep

-16

ET

F t

rad

ing

as %

of

all U

S C

ash

E

qu

ity t

rad

ing

an

d V

IX L

evel (

en

d o

f m

on

th)

Mo

nth

ly E

TF T

urn

over

$b

illio

n ETF Turnover ETF % Cash Eqty VIX

Source: Deutsche Bank, Bloomberg Finance LP. ETF Turnover excludes ETVs and ETNs. Data as of theend of last month.

Figure 50: Net Cash Flows and AUM historicalcomparison between Mutual Funds and ETFs*

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

-300,000

-200,000

-100,000

0

100,000

200,000

300,000

400,000

500,000

ET

F A

UM

as %

of

Mu

tual Fu

nd

AU

M

Net

Cash

Flo

ws $

millio

n

MF CF ETF CF ETF/MF % AUM

Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of January 2017. Mutual Fundsonly include Long Term Mutual Funds.

Figure 51: Net Cash Flows and AUM historicalcomparison between Active and Passive mgmt style*

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-500,000

-400,000

-300,000

-200,000

-100,000

0

100,000

200,000

300,000

400,000

500,000

600,000

Passiv

e A

UM

as %

of

Acti

ve A

UM

Net

Cash

Flo

ws $

millio

n

Active MF+ETF Passive MF+ETF

Passive / Active %

Source: Deutsche Bank, ICI, Bloomberg Finance LP. *Data as of the end of December 2016. Mutual Fundsonly include Long Term Mutual Funds.


16 April 2017

US ETF Compass

ETF Issuer and Index Provider league tables

Figure 52: ETP Issuer league table (excludes ETN assets)

Top 50 Issuers TotalMkt

Shr EquityFixed

IncomeCmdty Other

Mar '17

$MM

YTD

$MMMar '17

$MM

Mkt

Shr Mar '17YTD

New

BlackRock 1,083,304 38.9% 818,844 246,491 15,214 2,754 23,374 53,136 506,652 30.2% 335 1

Vanguard 681,106 24.5% 560,080 121,026 - - 12,871 40,327 98,071 5.8% 70 0

State Street 536,390 19.3% 458,724 43,930 33,328 407 991 10,412 737,533 44.0% 150 1

PowerShares 120,799 4.3% 88,827 25,349 4,739 1,883 561 3,683 73,675 4.4% 148 5

Charles Schwab 69,329 2.5% 61,326 8,004 - - 2,352 6,763 8,621 0.5% 21 0

First Trust 45,152 1.6% 37,977 5,629 127 1,420 640 2,213 9,796 0.6% 115 1

WisdomTree 41,976 1.5% 40,615 585 195 581 (487) (100) 10,422 0.6% 88 1

VanEck Vectors 35,553 1.3% 26,311 8,941 127 174 926 4,092 69,982 4.2% 60 1

Guggenheim Inv. 34,652 1.2% 23,914 9,208 - 1,530 472 1,913 7,214 0.4% 76 0

ProShares 27,310 1.0% 19,486 3,898 1,626 2,299 707 1,161 63,114 3.8% 144 2

ALPS 14,650 0.5% 14,293 326 - 31 307 1,350 2,836 0.2% 24 1

Deutsche AM 13,663 0.5% 13,414 248 - - (489) (174) 3,485 0.2% 40 0

FlexShares 13,436 0.5% 10,419 3,017 - - 391 1,301 1,375 0.1% 25 0

PIMCO 13,094 0.5% - 13,094 - - 229 390 3,708 0.2% 14 0

DirexionShares 11,527 0.4% 10,945 567 15 - 685 616 66,346 4.0% 83 3

Fidelity Investments 6,179 0.2% 5,770 409 - - 286 764 1,470 0.1% 21 0

Global X Funds 4,741 0.2% 4,479 230 - 32 228 769 1,234 0.1% 57 2

US Commodity Funds 4,345 0.2% 6 - 4,339 - 231 99 8,450 0.5% 13 0

Goldman Sachs 3,183 0.1% 3,103 80 - - 108 253 267 0.0% 7 0

ETC 2,582 0.1% 1,800 511 - 271 145 304 354 0.0% 18 0

ETF Securities 2,411 0.1% - - 2,411 - 11 73 316 0.0% 8 3

IndexIQ Advisors 2,359 0.1% 660 340 - 1,359 103 90 394 0.0% 20 1

OppenheimerFunds 1,998 0.1% 1,998 - - - 63 380 256 0.0% 7 0

JPMorgan 1,430 0.1% 1,340 30 - 60 63 224 198 0.0% 11 0

Compass EMP 1,267 0.0% 1,267 - - - 131 316 208 0.0% 11 0

ETFMG 1,196 0.0% 1,177 19 - - 24 207 286 0.0% 13 0

AdvisorShares Trust 1,092 0.0% 450 574 34 34 (1) 11 188 0.0% 22 0

Columbia Mgmt 1,035 0.0% 1,022 13 - - 13 4 166 0.0% 14 0

Millington Securities 1,015 0.0% 572 - - 442 (22) (49) 111 0.0% 12 0

Pacer Advisors 873 0.0% 873 - - - 46 94 112 0.0% 6 0

Virtus Investment 859 0.0% 484 354 - 22 75 252 259 0.0% 11 2

John Hancock Inv. 743 0.0% 743 - - - 3 49 104 0.0% 12 0

Franklin Templeton 623 0.0% 398 226 - - 8 63 28 0.0% 8 1

Principal Financial 561 0.0% 278 - - 282 0 2 2 0.0% 6 0

Highland Capital 484 0.0% - 484 - - 2 9 59 0.0% 1 0

O'Shares Investments 480 0.0% 480 - - - 27 43 97 0.0% 7 1

Cambria Funds 408 0.0% 310 9 - 88 26 62 52 0.0% 8 0

KraneShares 354 0.0% 344 10 - - 51 61 171 0.0% 5 0

Blue Sky Asset Management 184 0.0% 94 - - 89 6 184 11 0.0% 5 5

Empowered Funds 180 0.0% 180 - - - 10 36 19 0.0% 4 0

Hartford Funds 169 0.0% 134 35 - - 51 57 29 0.0% 7 2

Elkhorn Inv. 159 0.0% 135 12 11 - (7) 21 29 0.0% 13 0

Horizons Management 153 0.0% 153 - - - 1 4 23 0.0% 5 0

Legg Mason 152 0.0% 152 - - - 10 17 70 0.0% 6 0

Teucrium Trading 147 0.0% - - 147 - (8) (8) 27 0.0% 5 0

Janus Capital 118 0.0% 78 40 - - - 38 18 0.0% 8 0

ArrowShares 117 0.0% 4 2 - 112 6 6 13 0.0% 4 1

Davis Advisors 98 0.0% 98 - - - 29 97 37 0.0% 3 3

Nuveen 95 0.0% 44 51 - - 2 6 13 0.0% 7 0

ARK Inv. Mgmt 90 0.0% 90 - - - 2 15 16 0.0% 5 0Other 575 0.0% 536 - - 38 73 116 162 0.0% 38 6

Total 2,784,397 100% 2,214,430 493,743 62,315 13,910 45,325 131,755 1,678,093 100% 1,801 43

Assets Under Management Mar '17 $MM Net Cash Flows Turnover # of Funds

Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of the end of last month.


16 April 2017

US ETF Compass

Figure 53: Index Provider league table (excludes ETN assets)

Turnover

Top 20 Index Providers TotalMkt

Shr EquityFixed

IncomeCmdty Other

Mar '17

$MM

YTD

$MMMar '17

$MM

Mkt

Shr Mar '17YTD

New

S&P Dow Jones 988,612 35.5% 942,533 40,203 2,223 3,653 12,069 38,527 858,866 51.2% 398 4

FTSE Russell 403,453 14.5% 402,207 1,206 - 40 7,571 12,199 193,471 11.5% 136 1

MSCI 393,860 14.1% 393,860 - - - 10,018 24,659 199,048 11.9% 249 1

Bloomberg Barclays 288,971 10.4% - 288,971 - - 5,537 21,472 56,844 3.4% 104 -

CRSP 211,370 7.6% 211,370 - - - 3,599 10,298 20,599 1.2% 13 -

Nasdaq OMX 98,027 3.5% 96,919 215 - 893 2,308 2,479 82,804 4.9% 60 -

Markit iBoxx 55,666 2.0% - 55,666 - - 190 4,046 42,182 2.5% 14 -

Commodity - Physical 53,960 1.9% - - 53,960 - (322) 603 33,546 2.0% 20 -

WisdomTree 40,678 1.5% 40,615 20 - 43 (446) (62) 10,113 0.6% 69 1

ICE 36,221 1.3% - 36,221 - - 1,175 2,068 32,318 1.9% 7 1

Active 32,933 1.2% 4,213 25,853 963 1,904 1,150 3,177 6,277 0.4% 173 20

NYSE Euronext 26,761 1.0% 26,169 561 - 31 (1,546) (27) 53,120 3.2% 40 -

Morningstar 23,061 0.8% 22,418 322 - 321 634 1,595 2,999 0.2% 27 -

Market Vectors 14,735 0.5% 14,407 153 - 174 728 2,421 53,982 3.2% 32 -

J.P. Morgan 12,990 0.5% - 12,975 - 15 854 2,296 6,529 0.4% 4 -

BofA Merrill Lynch 12,977 0.5% 160 12,782 - 35 (111) 452 3,447 0.2% 22 -

Alerian 10,871 0.4% 10,871 - - - 216 911 2,262 0.1% 2 -

Deutsche Bank 9,208 0.3% - 4,257 4,138 814 (222) (211) 3,194 0.2% 15 -

Accretive AM 8,157 0.3% 3 8,155 - - 277 984 1,267 0.1% 19 -

Other 61,885 2.2% 48,685 6,183 1,031 5,986 1,646 3,867 15,202 44.4% 397 15

Total 2,784,397 100% 2,214,430 493,743 62,315 13,910 45,325 131,755 1,678,093 100% 1,801 43

Assets Under Management Mar '17 $MM Net Cash Flows # of Funds



16 April 2017

US ETF Compass

Monthly Snapshot

Figure 54: ETP Summary Statistics by Asset Class

Asset ClassMar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Equity 36,267 95,496 1,452,909 40% 87% 2,214,430 2% 80% 1,324 74% 18

Fixed Income 9,592 35,903 158,238 27% 9% 493,743 2% 18% 308 17% 9

Commodities (496) 484 41,188 18% 2% 62,315 -2% 2% 59 3% 7

Currency (206) (313) 3,879 32% 0% 2,827 -7% 0% 22 1% -

Multi Asset 23 (175) 735 16% 0% 7,062 0% 0% 48 3% 9

Alternative 145 359 21,152 30% 1% 4,021 1% 0% 40 2% -

Total 45,325 131,755 1,678,101 37% 100% 2,784,397 1.7% 100% 1,801 100% 43

AUMTurnover Net Cash Flows # of Funds


Figure 55: ETP Summary Statistics by Management Style (Active-Passive)

Passive-->ActiveMar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Beta 36,879 106,711 1,407,659 40% 84% 2,098,791 2% 75% 697 39% 7

Beta+ 1,295 1,256 127,922 26% 8% 33,382 3% 1% 195 11% 4

Smart Beta 6,055 20,715 136,291 28% 8% 619,311 1% 22% 737 41% 12

Active 1,095 3,073 6,230 11% 0% 32,913 3% 1% 172 10% 20

Total 45,325 131,755 1,678,101 37% 100% 2,784,397 1.7% 100% 1,801 100% 43

Turnover AUMNet Cash Flows # of Funds


Figure 56: ETP Summary Statistics by Product Type

Product TypeMar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Asset Allocation 18,655 63,311 185,886 25% 11% 959,869 2% 34% 1,501 83% 39

Cash Management 18,129 55,722 253,048 39% 15% 1,089,188 2% 39% 64 4% -

Pseudo Futures 7,239 11,469 1,111,229 41% 66% 701,923 1% 25% 41 2% -

Leveraged & Inverse 1,297 1,256 127,931 26% 8% 33,388 3% 1% 194 11% 4

Total 45,320 131,757 1,678,093 37% 100% 2,784,367 1.7% 100% 1,800 100% 43

Turnover AUMNet Cash Flows # of Funds



16 April 2017

US ETF Compass

Equity Breakdowns

Figure 57: ETP Summary Statistics by Geographic Focus – Global and Developed Market Equities

Geographic Focus

(Equities)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Global Markets Equities

Global (reg) 1,573 4,747 97,657 22% 7% 55,185 3% 2% 133 10% 6

Global ex US (reg) 1,419 3,097 5,044 7% 0% 41,176 6% 2% 30 2% 1

Asia Pacific (reg) - - 1 14% 0% 21 1% 0% 1 0% -

Asia Pacific ex JP (reg) 193 42 1,599 128% 0% 3,387 9% 0% 7 1% -

Total GME 3,185 7,886 104,300 22% 7% 99,768 4% 5% 171 13% 7

Developed Market Equities

Global (reg) 469 897 2,486 5% 0% 13,523 4% 1% 41 3% -

Global ex US (reg) 6,514 15,962 50,354 44% 3% 203,029 6% 9% 95 7% 2

Global ex JP (reg) - - 11 -7% 0% 175 1% 0% 1 0% -

Europe & Middle East

Europe (reg) 959 993 6,784 46% 0% 20,969 9% 1% 33 2% -

Denmark - - 14 -36% 0% 61 3% 0% 1 0% -

Norway (2) (7) 28 -17% 0% 141 -5% 0% 2 0% -

Sweden 19 19 204 10% 0% 325 10% 0% 1 0% -

Switzerland 46 59 491 57% 0% 1,266 7% 0% 3 0% -

UK 56 606 1,439 23% 0% 2,839 4% 0% 7 1% -

Eurozone (Reg) 920 706 10,795 59% 1% 22,728 10% 1% 15 1% -

Austria 16 43 40 -19% 0% 127 19% 0% 1 0% -

Belgium (5) (7) 46 95% 0% 83 0% 0% 1 0% -

Finland (5) (7) 6 -47% 0% 32 -11% 0% 1 0% -

France 36 56 398 57% 0% 382 18% 0% 1 0% -

Germany 82 91 2,681 31% 0% 5,281 6% 0% 8 1% -

Ireland - (2) 10 -1% 0% 64 2% 0% 1 0% -

Israel 3 11 27 19% 0% 162 4% 0% 3 0% -

Italy (6) (24) 607 27% 0% 579 8% 0% 3 0% -

Netherlands (23) (19) 164 87% 0% 167 -7% 0% 1 0% -

Portugal - - 10 284% 0% 22 7% 0% 1 0% -

Spain 158 312 1,080 105% 0% 1,053 31% 0% 4 0% -

North America

North America (reg) 48 185 247 -5% 0% 2,634 1% 0% 4 0% -

Canada (316) (368) 2,001 44% 0% 3,277 -8% 0% 6 0% -

US 20,176 56,015 1,109,496 39% 76% 1,629,333 1% 74% 680 51% 4

Asia Pacific

Pacific (reg) 114 241 404 -2% 0% 4,609 4% 0% 6 0% -

Japan (1,144) (227) 13,177 34% 1% 28,008 -4% 1% 29 2% -

Pacific ex JP (reg) 251 378 904 111% 0% 2,836 13% 0% 2 0% -

Australia (49) 51 1,470 55% 0% 2,029 0% 0% 7 1% -

Hong Kong (10) (222) 1,104 40% 0% 1,649 3% 0% 2 0% -

New Zealand 2 26 78 30% 0% 145 -1% 0% 1 0% -

Singapore (28) (52) 298 38% 0% 529 -3% 0% 1 0% -

Total DME 28,281 75,717 1,206,856 39% 83% 1,948,058 1% 88% 962 73% 6

Total Equities 36,267 95,496 1,452,909 40% 100% 2,214,430 2% 100% 1,324 100% 18




16 April 2017

US ETF Compass

Figure 58: ETP Summary Statistics by Geographic Focus – Emerging Market Equities

Geographic Focus

(Equities)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Emerging Market Equities

Global (reg) 4,391 10,614 85,285 78% 6% 125,586 6% 6% 66 5% -

BRIC (reg) 19 39 38 -55% 0% 289 9% 0% 2 0% -

Asia

Asia (reg) 38 182 104 -25% 0% 866 8% 0% 4 0% -

China (203) (385) 16,808 28% 1% 7,177 -1% 0% 27 2% -

China A 14 38 348 12% 0% 748 2% 0% 12 1% -

India 333 374 4,554 48% 0% 8,009 11% 0% 10 1% -

Indonesia 8 (20) 489 43% 0% 585 5% 0% 2 0% -

Malaysia 75 77 492 87% 0% 343 32% 0% 1 0% -

Philippines 2 12 160 42% 0% 162 2% 0% 1 0% -

South Korea (21) (29) 3,401 65% 0% 3,345 4% 0% 6 0% -

Taiwan 207 184 3,316 39% 0% 3,242 9% 0% 2 0% -

Thailand 19 38 356 80% 0% 435 8% 0% 1 0% -

Europe

Europe (reg) 3 11 9 3% 0% 48 8% 0% 1 0% -

Poland 14 24 178 26% 0% 268 7% 0% 2 0% -

Russia (136) (23) 5,281 38% 0% 3,282 -3% 0% 6 0% -

Turkey (14) 44 316 17% 0% 409 -2% 0% 1 0% -

Greece 0 2 46 -23% 0% 277 4% 0% 1 0% -

Middle East & Africa

ME & Africa (reg) (3) (3) 1 -42% 0% 27 -11% 0% 1 0% -

Middle East (reg) - (2) 3 -69% 0% 18 -2% 0% 1 0% -

Africa (reg) - (1) 5 12% 0% 67 2% 0% 1 0% -

Egypt (0) 9 19 -39% 0% 55 2% 0% 1 0% -

South Africa (0) (11) 696 70% 0% 403 0% 0% 1 0% -

Qatar (1) (2) 2 43% 0% 47 -3% 0% 1 0% -

UAE (1) (2) 1 -67% 0% 42 -3% 0% 1 0% -

Latin America

Latin America (reg) (5) 59 1,402 67% 0% 1,311 0% 0% 7 1% -

Brazil 239 893 13,723 30% 1% 5,937 0% 0% 10 1% -

Chile 55 24 374 86% 0% 476 22% 0% 1 0% -

Colombia - 11 34 46% 0% 118 4% 0% 2 0% -

Mexico (250) (480) 3,895 35% 0% 1,557 -6% 0% 5 0% -

Peru (7) 23 138 51% 0% 244 -2% 0% 1 0% -

Frontier Markets

Frontier (reg) - 39 132 -5% 0% 652 3% 0% 3 0% -

Argentina 15 29 43 23% 0% 135 21% 0% 1 0% -

Nigeria 3 12 10 2% 0% 40 16% 0% 1 0% -

Pakistan - 21 14 2% 0% 33 -2% 0% 1 0% -

Saudi Arabia - - 2 18% 0% 6 0% 0% 1 0% -

Vietnam (5) 12 58 18% 0% 291 1% 0% 1 0% -

Total EME 4,788 11,817 141,733 58% 10% 166,527 5% 8% 186 14% -

Total Equities 36,267 95,496 1,452,909 40% 100% 2,214,430 2% 100% 1,324 100% 18




16 April 2017

US ETF Compass

Figure 59: ETP Summary Statistics by Size and Market – Equities

Market Cap Segment

(Equities)

Mar '17

$MM

YTD

$MM

Mar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

Shr

Mar '17

All

Mkt

Shr

YTD

New

US Equities

Large Cap 11,179 24,743 789,654 40% 54% 833,291 1% 38% 181 14% -

Mid Cap 834 8,113 23,953 24% 2% 149,318 0% 7% 55 4% -

Small Cap 2,158 7,274 135,852 43% 9% 153,787 1% 7% 82 6% -

Broad 6,007 15,888 160,036 31% 11% 492,931 0% 22% 361 27% 4

Total US Equities 20,179 56,017 1,109,495 39% 76% 1,629,328 1% 74% 679 51% 4

DM Intl Equities

Large Cap 457 574 2,664 46% 0% 7,401 11% 0% 24 2% 1

Mid Cap 13 16 45 92% 0% 357 6% 0% 2 0% -

Small Cap 243 916 1,869 10% 0% 13,245 4% 1% 22 2% -

Broad 7,399 18,237 92,794 43% 6% 297,763 5% 13% 236 18% 3

Total DM Intl Equities 8,112 19,743 97,372 43% 7% 318,766 5% 14% 284 21% 4

EM Equities

Large Cap 58 121 14,873 24% 1% 5,514 3% 0% 15 1% -

Mid Cap - - 1 28% 0% 4 -1% 0% 1 0% -

Small Cap 39 49 585 13% 0% 2,544 4% 0% 13 1% -

Broad 4,692 11,646 126,274 64% 9% 158,465 5% 7% 157 12% -

Total EM Equities 4,788 11,817 141,733 58% 10% 166,527 5% 8% 186 14% -

Total Equities 36,267 95,496 1,452,909 40% 100% 2,214,430 2% 100% 1,324 100% 18



Figure 60: ETP Summary Statistics by Style and Market – Equities

Style

(Equities)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

US Equities

Growth 2,231 2,655 15,497 25% 1% 132,422 2% 6% 40 3% -

Value 1,244 7,462 20,973 22% 1% 145,518 -1% 7% 44 3% -

Dividend 621 2,033 11,974 17% 1% 119,852 0% 5% 54 4% -

Blend 16,083 43,867 1,061,052 40% 73% 1,231,536 1% 56% 541 41% 4


DM Intl Equities

Growth (108) (84) 261 -24% 0% 2,551 -2% 0% 1 0% -

Value (237) 207 908 30% 0% 4,804 -2% 0% 1 0% -

Dividend (201) 508 7,792 9% 1% 30,417 1% 1% 49 4% 1

Blend 8,665 19,148 88,419 47% 6% 281,030 6% 13% 236 18% 6

Total DM Intl Equities 8,118 19,778 97,380 43% 7% 318,801 5% 14% 287 22% 7

EM Equities

Dividend 94 153 589 25% 0% 3,620 4% 0% 15 1% -

Blend 4,694 11,664 141,144 59% 10% 162,907 5% 7% 171 13% -

Total EM Equities 4,788 11,817 141,733 58% 10% 166,527 5% 8% 186 14% -

Total Equities 36,267 95,496 1,452,909 40% 100% 2,214,430 2% 100% 1,324 100% 18




16 April 2017

US ETF Compass

Figure 61: ETP Summary Statistics by Sectors – US Equities

Sector

(US Equities)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Consumer Discretionary (896) 141 18,114 15% 2% 19,662 -3% 1% 25 4% -

Consumer Staples (61) 157 12,008 -14% 1% 14,836 -1% 1% 17 3% -

Energy 635 1,871 54,529 46% 5% 41,999 0% 3% 37 5% -

Financials 404 4,031 75,587 70% 7% 51,274 -3% 3% 40 6% -

Healthcare (65) 1,323 37,606 14% 3% 44,302 -1% 3% 39 6% -

Industrials (349) 864 19,701 24% 2% 21,879 -3% 1% 19 3% -

Materials (302) (83) 9,475 9% 1% 8,236 -4% 1% 15 2% -

Real Estate 666 1,771 27,234 35% 2% 52,314 -2% 3% 22 3% -

Technology 604 2,404 20,117 33% 2% 48,360 3% 3% 37 5% -

Telecom (33) 7 744 -19% 0% 2,125 -4% 0% 5 1% -

Utilities 288 (298) 19,826 39% 2% 12,101 1% 1% 12 2% -

Theme (12) 141 1,191 26% 0% 8,855 0% 1% 59 9% 4

Overall 19,293 43,681 813,357 41% 73% 1,303,375 1% 80% 352 52% -




Commodity Breakdowns

Figure 62: ETP Summary Statistics by Sectors and Sub Sectors– Commodity

Sector

(Commodities)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

Mkt

Shr

YTD

New

Diversified Broad (289) (158) 1,188 -3% 3% 4,998 -8% 8% 13 22% 3

Agriculture (61) 6 380 -1% 1% 876 -9% 1% 7 12% -

Energy 403 247 14,278 26% 35% 5,501 3% 9% 18 31% 3

Crude Oil 541 224 12,143 30% 29% 4,746 5% 8% 10 17% 2

Natural Gas (137) 50 2,067 6% 5% 539 -11% 1% 4 7% -

Industrial Metals (10) (20) 87 -12% 0% 296 -4% 0% 2 3% -

Precious Metals (539) 410 25,255 15% 61% 50,643 -2% 81% 19 32% 1

Gold (448) 557 22,348 14% 54% 42,779 -2% 69% 10 17% 1

Silver (108) (200) 2,696 27% 7% 6,674 -3% 11% 5 8% -

Platinum (0) 28 99 3% 0% 517 -9% 1% 1 2% -

Palladium - (7) 50 23% 0% 202 2% 0% 1 2% -

Total Commodities (496) 484 41,188 18% 100% 62,315 -2% 100% 59 100% 7




16 April 2017

US ETF Compass

Fixed Income Breakdowns

Figure 63: ETP Summary Statistics by Category – Fixed Income

Categories

(Fixed Income)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Broad 3,311 8,969 20,753 17% 13% 145,271 2% 29% 58 19% 4

Convertible 270 352 797 25% 1% 3,676 9% 1% 3 1% -

Corporates 1,317 11,835 70,709 59% 45% 152,578 0% 31% 97 31% 2

EM debt 939 2,689 7,982 21% 5% 19,571 5% 4% 23 7% -

Inflation 801 2,930 5,571 12% 4% 35,323 2% 7% 15 5% -

International (169) (400) 525 -12% 0% 2,549 -6% 1% 11 4% -

Municipal 407 723 4,084 -3% 3% 25,733 2% 5% 36 12% 1

Preferred 234 686 3,554 5% 2% 27,819 1% 6% 11 4% 1

Securitized 391 1,891 2,125 -22% 1% 15,798 2% 3% 9 3% -

Senior Loans 302 1,853 3,541 55% 2% 12,108 2% 2% 4 1% -

US Treasury 1,788 4,374 38,599 5% 24% 53,317 3% 11% 41 13% 1

Total Fixed Income 9,592 35,903 158,238 27% 100% 493,743 2% 100% 308 100% 9



Figure 64: ETP Summary Statistics by Credit Quality – Fixed Income

Credit Quality

(Fixed Income)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Investment Grade 8,651 30,032 93,752 8% 59% 376,705 2% 76% 203 66% 5

High Yield (529) 2,173 51,827 95% 33% 61,408 -1% 12% 52 17% 1

Mixed 1,469 3,698 12,659 13% 8% 55,631 3% 11% 53 17% 3




Figure 65: ETP Summary Statistics by Duration – Fixed Income

Duration

(Fixed Income)

Mar '17

$MM

YTD

$MMMar '17

$MM

MoM

Chg %

Mkt

ShrMar '17 $MM

MoM

Chg %

Mkt

ShrMar '17

All

Mkt

Shr

YTD

New

Short 3,089 12,636 25,560 24% 16% 128,063 2% 26% 78 25% 2

Intermediate 974 4,794 54,919 71% 35% 97,228 1% 20% 42 14% -

Long 870 1,258 28,310 4% 18% 19,682 4% 4% 29 9% -

Broad 4,213 15,531 47,699 12% 30% 237,167 2% 48% 119 39% 7

Set Maturity 445 1,684 1,751 2% 1% 11,604 4% 2% 40 13% -





16 April 2017

US ETF Compass

Top 15 ETFs (includes ETNs)

Figure 66: Top 15 by 1M Total Return Gain (non-levered)

Ticker Name TERTotal

Return

UNG United States Natural Gas Fund LP 1.27% 13.2%

EWP iShares MSCI Spain Capped ETF 0.48% 11.4%

DBSP Deutsche X-trackers MSCI Spain Hedged Equity ETF 0.45% 11.3%

EWW iShares MSCI Mexico Capped ETF 0.48% 11.0%

QESP SPDR MSCI Spain StrategicFactorsSM ETF 0.30% 11.0%

HEWP iShares Currency Hedged MSCI Spain ETF 0.51% 11.0%

NIB iPath Dow Jones-UBS Cocoa Subindex Total Return 0.75% 10.5%

DBSE Deutsche X-trackers MSCI Southern Europe Hedged 0.45% 9.1%

CHOC iPath Pure Beta Cocoa ETN 0.75% 9.1%

SCIF VanEck Vectors India Small-Cap Index ETF 0.85% 9.0%

EWI iShares MSCI Italy Capped ETF 0.48% 8.8%

UNL United States 12 Month Natural Gas Fund 0.90% 8.5%

PGAL Global X MSCI Portugal ETF 0.61% 8.5%

HEWI iShares Currency Hedged MSCI Italy ETF 0.48% 8.4%

LIT Global X Lithium & Battery Tech ETF 0.75% 8.2%


Figure 67: Top 15 by 1M Total Return Loss (non-levered)

Ticker Name TERTotal

Return

SGAR iPath Pure Beta Sugar ETN 0.75% -17.0%

VIIX VelocityShares Daily Long VIX Short-Term ETN 0.89% -14.4%

VXX iPath S&P 500 VIX Short-Term Futures ETN 0.89% -14.3%

VIXY ProShares VIX Short-Term Futures ETF 0.85% -14.3%

VMAX REX VolMAXX Long VIX Weekly Futures Strategy ETF 0.95% -13.9%

SGG iPath Dow Jones-UBS Sugar Subindex Total Return 0.75% -13.9%

DOD ELEMENTS Dogs of the Dow Linked to the DJ High 0.75% -13.8%

JJN iPath Dow Jones-UBS Nickel Subindex Total Return 0.75% -11.3%

VIIZ VelocityShares Daily Long VIX Medium-Term ETN 0.89% -10.6%

VXZ iPath S&P 500 VIX Mid-Term Futures ETN 0.89% -10.2%

VIXM ProShares VIX Mid-Term Futures ETF 0.85% -10.1%

CANE Teucrium Sugar Fund 1.79% -9.8%

OIL iPath S&P GSCI Crude Oil Total Return Index ETN 0.75% -9.1%

PGM iPath Dow Jones-UBS Platinum Subindex Total Return 0.75% -9.1%

PTM ETRACS CMCI Long Platinum Total Return 0.65% -9.0%


Figure 68: Top 15 by 1M Inflows

Ticker Name TERInflows

$MM

IVV iShares Core S&P 500 ETF 0.04% 4,290

SPY SPDR S&P 500 ETF 0.09% 2,678

IEMG iShares Core MSCI Emerging Markets ETF 0.14% 2,399

VEA Vanguard FTSE Developed Markets ETF 0.09% 2,113

IEFA iShares Core MSCI EAFE ETF 0.08% 1,896

EFA iShares MSCI EAFE ETF 0.33% 1,605

QQQ PowerShares QQQ 0.20% 1,460

IWM iShares Russell 2000 ETF 0.20% 1,427

AGG iShares Core U.S. Aggregate Bond ETF 0.05% 1,122

IJH iShares Core S&P Mid-Cap ETF 0.07% 943

FTXO First Trust Nasdaq Bank ETF 0.60% 876

BND Vanguard Total Bond Market ETF 0.06% 863

VOO Vanguard S&P 500 ETF 0.05% 849

EZU iShares MSCI Eurozone ETF 0.48% 820

VWO Vanguard FTSE Emerging Markets ETF 0.14% 808

Source: Deutsche Bank, Bloomberg Finance LP. Inflows correspond to last month.

Figure 69: Top 15 by 1M Outflows

Ticker Name TEROutflows

$MM

MDY SPDR S&P MidCap 400 ETF 0.25% (937)

JNK SPDR Bloomberg Barclays High Yield Bond ETF 0.40% (926)

FXN First Trust Energy AlphaDEX Fund 0.70% (886)

EWJ iShares MSCI Japan ETF 0.48% (549)

XLF Financial Select Sector SPDR Fund 0.14% (536)

DBJP Deutsche X-trackers MSCI Japan Currency-Hedged 0.50% (436)

GLD SPDR Gold Shares 0.40% (340)

LQD iShares iBoxx $ Investment Grade Corporate Bond ETF 0.15% (339)

UGAZ VelocityShares 3x Long Natural Gas ETN 1.65% (338)

XLY Consumer Discretionary Select Sector SPDR Fund 0.14% (329)

IWO iShares Russell 2000 Growth ETF 0.25% (321)

EWC iShares MSCI Canada ETF 0.48% (320) XRT SPDR S&P Retail ETF 0.35% (300)

PWV PowerShares Dynamic Large Cap Value Portfolio 0.59% (298)

HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF 0.55% (295)

Source: Deutsche Bank, Bloomberg Finance LP. Outflows correspond to last month.

Figure 70: Top 15 by AUM

Ticker Name TERAUM

$MM

SPY SPDR S&P 500 ETF 0.09% 240,028


VTI Vanguard Total Stock Market ETF 0.05% 76,131


VOO Vanguard S&P 500 ETF 0.05% 63,764

VWO Vanguard FTSE Emerging Markets ETF 0.14% 50,993


VEA Vanguard FTSE Developed Markets ETF 0.09% 47,553

AGG iShares Core U.S. Aggregate Bond ETF 0.05% 43,427

IJH iShares Core S&P Mid-Cap ETF 0.07% 39,234


IWD iShares Russell 1000 Value ETF 0.20% 36,504

IWF iShares Russell 1000 Growth ETF 0.20% 34,304

VNQ Vanguard REIT ETF 0.12% 34,261

GLD SPDR Gold Shares 0.40% 33,301

Source: Deutsche Bank, Bloomberg Finance LP. AUM as of the end of last month.

Figure 71: Top 15 by $ Volume traded last month

Ticker Name TERVolume

$MM

SPY SPDR S&P 500 ETF 0.09% 454,369


EEM iShares MSCI Emerging Markets ETF 0.69% 58,220


XLF Financial Select Sector SPDR Fund 0.14% 46,475

GDX VanEck Vectors Gold Miners ETF 0.52% 33,528

HYG iShares iBoxx $ High Yield Corporate Bond ETF 0.50% 28,963


XLE Energy Select Sector SPDR Fund 0.14% 26,782

TLT iShares 20+ Year Treasury Bond ETF 0.15% 22,897

GDXJ VanEck Vectors Junior Gold Miners ETF 0.54% 21,943


GLD SPDR Gold Shares 0.40% 20,245

VXX iPath S&P 500 VIX Short-Term Futures ETN 0.89% 19,413

XLU Utilities Select Sector SPDR Fund 0.14% 18,725

Source: Deutsche Bank, Bloomberg Finance LP. Volume $ corresponds to total traded last month.


16 April 2017

US ETF Compass

Appendix A: ETN Snapshot

Figure 72: ETN Summary by Asset Class

Asset Class Mar-17End of

%Chg Mar-17 Feb-17 YTDYTD Chg %

AUMMar-17 Feb-17 %Chg Mar-17

End of %Chg AUM Turnover

# of

ETNsEquity 14,616 13,649 7.1% 65 (25) 38 0.3% 2,007 1,868 7.4% 53 55 -3.6% 63.8% 3.7% 27.6%Fixed income 128 131 -2.7% 1 0 2 1.2% 38 32 19.4% 11 11 0.0% 0.6% 0.1% 5.7%Commodity 5,198 4,673 11.2% (60) 378 623 13.3% 12,295 12,047 2.1% 93 90 3.3% 22.7% 22.4% 48.4%Currency 54 64 -15.9% (0) 0 (10) -16.0% 30 17 78.2% 11 11 0.0% 0.2% 0.1% 5.7%Multi Asset 388 455 -14.8% (98) (6) (88) -19.3% 220 83 164.8% 5 5 0.0% 1.7% 0.4% 2.6%Alternative 2,536 2,687 -5.6% (111) 182 235 8.8% 40,203 33,592 19.7% 19 19 0.0% 11.1% 73.4% 9.9%Total 22,919 21,660 5.8% (203) 530 800 3.7% 54,793 47,639 15.0% 192 191 0.5% 100.0% 100.0% 100.0%

AUM ($ MM) Cash Flow ($ MM) Turnover ($ MM) # of ETNs Market Share %


Figure 73: ETN Summary by Issuer

Issuer Mar-17End of

%Chg Mar-17 Feb-17 YTDYTD Chg %

AUMMar-17 Feb-17 %Chg Mar-17

End of %Chg AUM Turn-over

# of

ETNs

Barclays Bank 6,649 6,833 -2.7% (320) 249 217 3.2% 20,733 16,662 24.4% 83 82 1.2% 29.0% 37.8% 43.2%UBS 7,057 6,528 8.1% 31 (17) 66 1.0% 709 656 8.1% 44 42 4.8% 30.8% 1.3% 22.9%Credit Suisse 3,620 3,105 16.6% (72) 256 231 7.5% 27,704 25,426 9.0% 24 24 0.0% 15.8% 50.6% 12.5%JPMorgan 3,845 3,758 2.3% - - - 0.0% 1,308 1,246 5.0% 1 1 0.0% 16.8% 2.4% 0.5%Deutsche Bank 327 315 4.0% (2) (3) (11) -3.5% 89 70 27.0% 20 20 0.0% 1.4% 0.2% 10.4%Swedish Export CC 374 396 -5.6% (12) (1) (16) -4.1% 39 31 25.1% 7 7 0.0% 1.6% 0.1% 3.6%Citigroup 783 409 91.4% 173 61 323 79.0% 4,199 3,541 18.6% 5 5 0.0% 3.4% 7.7% 2.6%Goldman Sachs 115 122 -5.7% - - - 0.0% 1 2 -61.1% 1 1 0.0% 0.5% 0.0% 0.5%Morgan Stanley 47 64 -26.4% - - - 0.0% 1 0 163.8% 1 1 0.0% 0.2% 0.0% 0.5%BMO Capital Markets 54 52 2.6% - - - 0.0% 0 0 -50.0% 1 1 0.0% 0.2% 0.0% 0.5%

VanEck Vectors 39 50 -21.1% - - (10) -20.7% 8 2 267.1% 4 4 0.0% 0.2% 0.0% 2.1%Guggenheim 8 8 4.1% - - - 0.0% 0 0 -11.0% 1 1 0.0% 0.0% 0.0% 0.5%RBC GAM - 20 -100.0% - (15) - 0.0% - 0 -100.0% 0 2 -100.0% 0.0% 0.0% 0.0%Total 22,919 21,660 5.8% (203) 530 800 3.7% 54,793 47,639 15.0% 192 191 0.5% 100.0% 100.0% 100.0%

AUM ($ MM) Cash Flow ($ MM) Turnover ($ MM) # of ETNs Market Share %



16 April 2017

US ETF Compass

Appendix B: ETF ListFigure 74: Global and US Equities Reference list

5-Day $ 5-Day bps

Global Equities ACWI iShares MSCI ACWI ETF CM 28-Mar-08 0.33% 6,514 133 45 178 0.01 1.6

US Total Market VTI Vanguard Total Stock Market ETF CM 31-May-01 0.05% 76,056 308 6,173 6,480 0.01 0.9

S&P 500 (Large Cap) SPY SPDR S&P 500 ETF PF 29-Jan-93 0.09% 232,889 19,791 10,532 30,323 0.01 0.4

DJI DIA SPDR Dow Jones Industrial Average ETF PF 14-Jan-98 0.17% 16,092 757 1,070 1,828 0.01 0.6

NASDAQ-100 QQQ PowerShares QQQ PF 10-Mar-99 0.20% 46,760 2,807 3,037 5,844 0.01 0.8

Russell 1000 Growth IWF iShares Russell 1000 Growth ETF PF 22-May-00 0.20% 34,437 199 1,460 1,659 0.01 0.9

Russell 1000 Value IWD iShares Russell 1000 Value ETF PF 22-May-00 0.20% 36,399 248 5,868 6,116 0.01 0.9

S&P 400 (Mid Cap) MDY SPDR S&P MidCap 400 ETF PF 4-May-95 0.25% 19,534 433 1,195 1,628 0.04 1.4

Russell 2000 (SM Cap) IWM iShares Russell 2000 ETF PF 22-May-00 0.20% 36,146 4,471 436 4,907 0.01 0.8

Div. Growth VIG Vanguard Dividend Appreciation ETF CM 27-Apr-06 0.09% 23,383 72 839 911 0.01 1.4

Div. Yield DVY iShares Select Dividend ETF CM 7-Nov-03 0.39% 17,127 58 820 878 0.01 1.2

Div. Yield VYM Vanguard High Dividend Yield ETF CM 16-Nov-06 0.08% 17,668 68 3,972 4,040 0.01 1.6

Div. Yield & Growth SDY SPDR S&P Dividend ETF CM 15-Nov-05 0.35% 15,456 48 381 429 0.01 1.7

Cons. Discretionary XLY Consumer Discretionary Select Sector SPDR Fund PF 22-Dec-98 0.14% 12,160 372 1,877 2,249 0.01 1.2

Hotels, Rest & Leisure PEJ PowerShares Dynamic Leisure and Entertainment Portf AA 23-Jun-05 0.63% 141 2 17 19 0.07 17.4

Home Builders XHB SPDR S&P Homebuilders ETF PF 2-Feb-06 0.35% 1,072 61 266 327 0.01 2.8

Household Durables ITB iShares U.S. Home Construction ETF CM 5-May-06 0.43% 1,479 85 74 159 0.01 3.2

Media PBS PowerShares Dynamic Media Portfolio AA 23-Jun-05 0.63% 145 0 41 41 0.08 28.5

Retail XRT SPDR S&P Retail ETF PF 22-Jun-06 0.35% 465 235 192 427 0.01 2.5

Cons. Staples XLP Consumer Staples Select Sector SPDR Fund PF 22-Dec-98 0.14% 8,790 438 1,488 1,926 0.01 1.8

Food Products PBJ PowerShares Dynamic Food & Beverage Portfolio AA 23-Jun-05 0.63% 147 0 46 46 0.08 23.7

Energy XLE Energy Select Sector SPDR Fund PF 22-Dec-98 0.14% 17,366 1,084 1,180 2,264 0.01 1.4

Energy Eq. & Serv. OIH Market Vectors Oil Services ETF PF 7-Feb-01 0.35% 1,205 154 213 368 0.01 3.3

Energy Eq. & Serv. XES SPDR S&P Oil & Gas Equipment & Services ETF AA 22-Jun-06 0.35% 325 15 90 105 0.01 7.0

Energy Eq. & Serv. IEZ iShares U.S. Oil Equipment & Services ETF AA 5-May-06 0.43% 252 2 54 55 0.05 11.5

Energy E&P XOP SPDR S&P Oil & Gas Exploration & Production ETF PF 22-Jun-06 0.35% 2,302 674 359 1,033 0.01 2.7

Energy E&P IEO iShares U.S. Oil & Gas Exploration & Production ETF AA 5-May-06 0.43% 445 5 845 849 0.04 7.1

MLPs AMLP Alerian MLP ETF CM 25-Aug-10 0.85% 10,805 92 94 187 0.01 7.8

Financials XLF Financial Select Sector SPDR Fund PF 22-Dec-98 0.14% 22,784 2,216 1,488 3,703 0.01 4.3

Large Banks KBWB PowerShares KBW Bank Portfolio AA 1-Nov-11 0.35% 792 20 630 650 0.04 9.5

Regional Banks KRE SPDR S&P Regional Banking ETF PF 22-Jun-06 0.35% 3,420 545 293 838 0.01 1.9

Capital Markets KCE SPDR S&P Capital Markets ETF AA 15-Nov-05 0.35% 96 0 104 104 0.14 31.5

Insurance KIE SPDR S&P Insurance ETF AA 15-Nov-05 0.35% 1,030 10 222 232 0.05 5.5

Healthcare XLV Health Care Select Sector SPDR Fund PF 22-Dec-98 0.14% 15,938 614 1,766 2,381 0.01 1.4

Biotech & Pharma IBB iShares Nasdaq Biotechnology ETF PF 5-Feb-01 0.47% 8,216 298 142 440 0.18 6.1

Large Biotech BBH Market Vectors Biotech ETF AA 23-Nov-99 0.35% 665 6 145 151 0.09 7.7

HC Eq. & Supplies IHI iShares U.S. Medical Devices ETF AA 5-May-06 0.43% 1,166 21 203 224 0.10 6.4

HC Providers & Serv IHF iShares U.S. Healthcare Providers ETF AA 5-May-06 0.43% 527 3 69 72 0.12 9.0

Large Pharma PPH Market Vectors Pharmaceutical ETF AA 1-Feb-00 0.35% 335 5 280 286 0.03 6.1

Industrials XLI Industrial Select Sector SPDR Fund PF 22-Dec-98 0.14% 10,815 661 1,596 2,257 0.01 1.5

Aerospace & Def ITA iShares U.S. Aerospace & Defense ETF AA 5-May-06 0.43% 2,651 35 98 133 0.09 5.9

Transportation IYT iShares Transportation Average ETF AA 10-Oct-03 0.43% 937 75 86 161 0.06 3.9

Materials XLB Materials Select Sector SPDR Fund PF 22-Dec-98 0.14% 3,724 229 531 760 0.01 1.9

Metals & Mining XME SPDR S&P Metals and Mining ETF PF 22-Jun-06 0.35% 988 119 138 256 0.01 3.4

Real Estate VNQ Vanguard REIT ETF CM 29-Sep-04 0.12% 34,950 409 602 1,011 0.01 1.3

Technology VGT Vanguard Information Technology ETF AA 30-Jan-04 0.10% 12,088 56 2,493 2,549 0.04 3.2

Comm. Equipment IGN iShares North American Tech-Multimedia Networking E AA 10-Jul-01 0.47% 76 1 102 103 0.04 8.8

Int. Software & Serv. FDN First Trust Dow Jones Internet Index Fund AA 23-Jun-06 0.60% 4,032 36 119 156 0.03 3.7

Semiconductors SMH Market Vectors Semiconductor ETF PF 5-May-00 0.35% 644 157 351 508 0.01 1.6

Software IGV iShares North American Tech-Software ETF AA 10-Jul-01 0.47% 820 15 265 280 0.06 4.9

Telecom VOX Vanguard Telecommunication Services ETF AA 29-Sep-04 0.10% 1,416 8 12 21 0.10 10.2

Utilities XLU Utilities Select Sector SPDR Fund PF 22-Dec-98 0.14% 7,200 753 616 1,369 0.01 2.0

AUM $M20D ADV

$M

Implied

Liq. $M

Total

Liq. $M

Avg. Bid/Ask SpreadsListing Date TER

Product

TypeAsset Class Ticker ETF Name

Source: Deutsche Bank, Bloomberg Finance LP, FactSet. Data as of 12-Apr-17. Bid/Ask Spreads are provided only as reference, actual spreads are trade-specific. Product Type: Asset Allocation (AA),Cash Management (CM), Pseudo Futures (PF).


16 April 2017

US ETF Compass

Figure 75: International Equities Reference list

5-Day $ 5-Day bps

Intl DM EFA iShares MSCI EAFE ETF CM 14-Aug-01 0.33% 67,592 1,321 1,886 3,207 0.01 1.6

Canada EWC iShares MSCI Canada ETF CM 12-Mar-96 0.48% 3,192 76 619 695 0.01 3.7

Israel EIS iShares MSCI Israel Capped ETF AA 28-Mar-08 0.62% 113 1 20 21 0.16 31.4

Europe VGK Vanguard FTSE Europe ETF CM 3-Mar-05 0.10% 11,464 152 222 374 0.01 2.0

Denmark EDEN iShares MSCI Denmark Capped ETF AA 26-Jan-12 0.53% 59 1 13 14 0.09 15.6

Norway NORW Global X FTSE Norway 30 ETF AA 10-Nov-10 0.50% 118 1 8 9 0.02 21.7

Sweden EWD iShares MSCI Sweden ETF AA 12-Mar-96 0.48% 320 9 174 183 0.01 4.5

Switzerland EWL iShares MSCI Switzerland Capped ETF AA 12-Mar-96 0.48% 1,088 17 396 413 0.01 3.2

UK EWU iShares MSCI United Kingdom ETF CM 12-Mar-96 0.48% 2,685 62 1,077 1,139 0.01 3.1

Eurozone EZU iShares MSCI Eurozone ETF CM 25-Jul-00 0.48% 9,284 239 587 827 0.01 2.7

Austria EWO iShares MSCI Austria Capped ETF AA 12-Mar-96 0.48% 128 2 2 4 0.02 11.0

Belgium EWK iShares MSCI Belgium Capped ETF AA 12-Mar-96 0.48% 85 2 10 12 0.02 8.3

Finland EFNL iShares MSCI Finland Capped ETF AA 26-Jan-12 0.53% 32 0 17 18 0.07 18.8

France EWQ iShares MSCI France ETF AA 12-Mar-96 0.48% 410 20 771 790 0.01 3.8

Germany EWG iShares MSCI Germany ETF CM 12-Mar-96 0.48% 4,491 122 340 462 0.01 3.5

Ireland EIRL iShares MSCI Ireland Capped ETF AA 7-May-10 0.48% 64 0 12 12 0.14 35.1

Italy EWI iShares MSCI Italy Capped ETF CM 12-Mar-96 0.48% 557 25 267 291 0.01 4.0

Netherlands EWN iShares MSCI Netherlands ETF AA 12-Mar-96 0.48% 166 6 68 75 0.01 5.1

Portugal PGAL Global X FTSE Portugal 20 ETF AA 13-Nov-13 0.61% 31 1 1 1 0.04 40.1

Spain EWP iShares MSCI Spain Capped ETF CM 12-Mar-96 0.48% 1,003 46 140 186 0.01 3.3

Japan EWJ iShares MSCI Japan ETF CM 12-Mar-96 0.48% 15,827 345 1,441 1,786 0.01 2.0

Pacific ex JP EPP iShares MSCI Pacific ex Japan ETF AA 25-Oct-01 0.49% 2,881 52 403 455 0.01 3.2

Australia EWA iShares MSCI Australia ETF CM 12-Mar-96 0.48% 1,924 70 446 516 0.01 4.5

Hong Kong EWH iShares MSCI Hong Kong ETF CM 12-Mar-96 0.48% 1,658 52 129 181 0.01 4.4

New Zealand ENZL iShares MSCI New Zealand Capped ETF AA 2-Sep-10 0.48% 150 2 10 13 0.11 25.9

Singapore EWS iShares MSCI Singapore ETF CM 12-Mar-96 0.48% 526 11 58 69 0.01 4.5

EM EEM iShares MSCI Emerging Markets ETF PF 7-Apr-03 0.69% 29,640 2,450 678 3,129 0.01 2.5

Latin America ILF iShares Latin America 40 ETF AA 26-Oct-01 0.49% 1,117 65 92 158 0.01 3.3

Brazil EWZ iShares MSCI Brazil Capped ETF PF 10-Jul-00 0.62% 5,545 561 165 725 0.01 2.7

Chile ECH iShares MSCI Chile Capped ETF AA 16-Nov-07 0.62% 490 22 15 37 0.04 8.7

Colombia GXG Global X FTSE Colombia 20 ETF AA 9-Feb-09 0.68% 102 1 2 3 0.03 27.8

Mexico EWW iShares MSCI Mexico Capped ETF PF 12-Mar-96 0.48% 1,507 171 12 183 0.01 2.0

Peru EPU iShares MSCI Peru Capped ETF AA 22-Jun-09 0.62% 246 4 0 4 0.07 19.5

EM Asia EEMA iShares MSCI Emerging Markets Asia ETF AA 9-Feb-12 0.49% 313 2 495 497 0.22 36.8

China H FXI iShares China Large-Cap ETF PF 8-Oct-04 0.73% 3,077 638 220 858 0.01 2.6

China A ASHR Deutsche X-trackers Harvest CSI 300 China A-Shares ET AA 6-Nov-13 0.65% 408 13 9 22 0.01 4.1

India INDA iShares MSCI India ETF AA 2-Feb-12 0.68% 4,911 94 149 243 0.01 3.2

Indonesia EIDO iShares MSCI Indonesia ETF AA 7-May-10 0.62% 511 20 15 36 0.01 4.0

Malaysia EWM iShares MSCI Malaysia ETF CM 12-Mar-96 0.48% 342 22 19 41 0.01 3.6

Philippines EPHE iShares MSCI Philippines ETF AA 29-Sep-10 0.62% 174 8 5 13 0.03 7.6

South Korea EWY iShares MSCI South Korea Capped ETF CM 9-May-00 0.62% 3,151 157 179 336 0.01 1.7

Taiwan EWT iShares MSCI Taiwan ETF PF 20-Jun-00 0.62% 3,257 160 126 286 0.01 3.0

Thailand THD iShares MSCI Thailand Capped ETF AA 28-Mar-08 0.62% 434 16 3 19 0.08 10.0

EM Europe GUR SPDR S&P Emerging Europe ETF AA 23-Mar-07 0.49% 48 0 1 1 0.22 75.1

Greece GREK Global X FTSE Greece 20 ETF AA 8-Dec-11 0.65% 279 2 0 2 0.01 18.3

Poland EPOL iShares MSCI Poland Capped ETF AA 26-May-10 0.62% 256 7 6 13 0.02 7.9

Russia RSX Market Vectors Russia ETF PF 26-Apr-07 0.63% 2,448 183 0 184 0.01 4.8

Turkey TUR iShares MSCI Turkey ETF AA 28-Mar-08 0.62% 393 14 9 23 0.03 9.7

Middle East

Qatar QAT iShares MSCI Qatar Capped ETF AA 1-May-14 0.63% 47 0 2 2 0.34 173.7

UAE UAE iShares MSCI UAE Capped ETF AA 1-May-14 0.63% 43 0 4 4 0.15 89.0

Africa AFK Market Vectors Africa Index ETF AA 14-Jul-08 0.78% 68 0 4 4 0.17 82.6

Egypt EGPT Market Vectors Egypt Index ETF AA 18-Feb-10 0.98% 55 1 0 1 0.17 60.3

South Africa EZA iShares MSCI South Africa ETF AA 7-Feb-03 0.62% 410 33 114 148 0.04 8.2

Frontier Market FM iShares MSCI Frontier 100 ETF AA 13-Sep-12 0.79% 590 7 88 95 0.04 15.1

Argentina ARGT Global X MSCI Argentina ETF AA 3-Mar-11 0.75% 145 2 4 6 0.06 21.2

Nigeria NGE Global X MSCI Nigeria ETF AA 3-Apr-13 0.68% 39 1 0 1 0.10 61.6

Pakistan PAK Global X MSCI Pakistan ETF AA 23-Apr-15 0.88% 33 1 1 2 0.09 53.1

Vietnam VNM Market Vectors Vietnam ETF AA 14-Aug-09 0.76% 295 2 4 6 0.02 15.1

BRIC BKF iShares MSCI BRIC ETF AA 16-Nov-07 0.69% 287 8 575 583 0.07 18.6

Total

Liq. $MAsset Class Ticker ETF Name

Product

TypeListing Date

Avg. Bid/Ask SpreadsTER AUM $M

20D ADV

$M

Implied

Liq. $M



16 April 2017

US ETF Compass

Figure 76: Non-Equity Reference list

5-Day $ 5-Day bps

Fixed Income (Broad) AGG iShares Core U.S. Aggregate Bond ETF CM 26-Sep-03 0.05% 43,832 254 n.a. n.a. 0.01 0.9

US Treasury GOVT iShares Core U.S. Treasury Bond ETF AA 16-Feb-12 0.15% 3,768 29 n.a. n.a. 0.01 4.4

Very Short SHV iShares Short Treasury Bond ETF CM 12-Jan-07 0.15% 4,873 73 n.a. n.a. 0.01 0.9

Short SHY iShares 1-3 Year Treasury Bond ETF CM 26-Jul-02 0.15% 11,023 76 n.a. n.a. 0.01 1.2

Intermediate IEI iShares 3-7 Year Treasury Bond ETF CM 12-Jan-07 0.15% 6,593 54 n.a. n.a. 0.02 1.3

Long TLT iShares 20+ Year Treasury Bond ETF PF 26-Jul-02 0.15% 6,052 1,004 n.a. n.a. 0.01 0.8

US Inflation TIP iShares TIPS Bond ETF CM 12-Apr-03 0.20% 23,003 151 n.a. n.a. 0.01 1.0

Municipal MUB iShares National AMT-Free Muni Bond ETF AA 9-Sep-07 0.25% 8,047 65 n.a. n.a. 0.01 1.3

Securitized MBB iShares MBS ETF AA 15-Mar-07 0.29% 10,390 56 n.a. n.a. 0.03 2.9

IG Corporates LQD iShares iBoxx $ Investment Grade Corporate Bond ETF CM 26-Jul-02 0.15% 30,605 465 n.a. n.a. 0.01 0.9

HY Corporates HYG iShares iBoxx $ High Yield Corporate Bond ETF PF 10-Apr-07 0.50% 18,922 1,058 n.a. n.a. 0.01 1.2

Floater FLOT iShares Floating Rate Bond ETF AA 17-Jun-11 0.20% 5,344 53 n.a. n.a. 0.01 2.0

Senior Loans BKLN PowerShares Senior Loan Portfolio CM 3-Mar-11 0.65% 9,211 123 n.a. n.a. 0.01 4.3

Preferred PFF iShares U.S. Preferred Stock ETF CM 30-Mar-07 0.47% 17,309 82 n.a. n.a. 0.01 2.6

Convertible CWB SPDR Barclays Convertible Securities ETF AA 16-Apr-09 0.40% 3,500 33 n.a. n.a. 0.02 3.2

Intl DM Debt BWX SPDR Barclays International Treasury Bond ETF AA 5-Oct-07 0.50% 1,341 22 n.a. n.a. 0.03 9.5

Intl Inflation WIP SPDR DB International Government Inflation-Protected AA 19-Mar-08 0.50% 499 2 n.a. n.a. 0.30 53.8

EM Gov Debt USD EMB iShares J.P. Morgan USD Emerging Markets Bond ETF CM 12-Dec-07 0.40% 10,275 241 n.a. n.a. 0.02 1.4

EM Gov Debt Local EMLC Market Vectors Emerging Markets Local Currency Bon AA 23-Jul-10 0.47% 3,056 30 n.a. n.a. 0.01 5.5

EM Corp USD EMCB WisdomTree Emerging Markets Corporate Bond Fund AA 8-Mar-12 0.60% 50 1 n.a. n.a. 0.43 60.5

EM HY Corp USD HYEM Market Vectors Emerging Markets High Yield Bond ET AA 9-May-12 0.40% 359 5 n.a. n.a. 0.03 14.0

Commodities DBC PowerShares DB Commodity Index Tracking Fund CM 3-Feb-06 0.89% 2,165 39 n.a. n.a. 0.01 6.5

Energy Cmdty DBE PowerShares DB Energy Fund AA 5-Jan-07 0.78% 139 4 n.a. n.a. 0.02 13.7

Crude Oil WTI USO United States Oil Fund LP PF 3-Apr-06 0.72% 2,932 230 n.a. n.a. 0.01 9.1

Natural Gas UNG United States Natural Gas Fund LP PF 18-Apr-07 1.27% 445 70 n.a. n.a. 0.01 13.0

Agriculture DBA PowerShares DB Agriculture Fund CM 5-Jan-07 0.89% 728 10 n.a. n.a. 0.01 5.2

Industrial Metals DBB PowerShares DB Base Metals Fund AA 5-Jan-07 0.82% 272 3 n.a. n.a. 0.01 7.7

Precious Metals DBP PowerShares DB Precious Metals Fund AA 5-Jan-07 0.78% 163 0 n.a. n.a. 0.04 11.5

Gold Physical GLD SPDR Gold Shares PF 18-Nov-04 0.40% 33,930 892 n.a. n.a. 0.01 0.8

Silver Physical SLV iShares Silver Trust PF 27-Apr-06 0.50% 5,887 96 n.a. n.a. 0.01 5.8

Platinum Physical PPLT ETFS Physical Platinum Shares AA 8-Jan-10 0.60% 524 3 n.a. n.a. 0.10 11.1

Palladium Physical PALL ETFS Physical Palladium Shares AA 8-Jan-10 0.60% 201 2 n.a. n.a. 0.12 15.3

Bull USD UUP PowerShares DB US Dollar Index Bullish Fund CM 20-Feb-07 0.80% 760 39 n.a. n.a. 0.01 3.8

JPYUSD FXY CurrencyShares Japanese Yen Trust PF 13-Feb-07 0.40% 110 14 n.a. n.a. 0.02 1.7

EURUSD FXE CurrencyShares Euro Currency Trust PF 12-Dec-05 0.40% 258 67 n.a. n.a. 0.01 1.1

Asset Class Ticker ETF NameProduct

TypeListing Date TER AUM $M

20D ADV

$M

Implied

Liq. $M

Total

Liq. $M

Avg. Bid/Ask Spreads



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Appendix C: DefinitionsETP Universe Definitions

Exchange-Traded Products (ETPs)We define an exchange-traded product (ETP) as a secure (funded or collateralized)open-ended exchange-traded equity with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds (ETF), andexchange-traded vehicles (ETV). The vast majority of instruments are ETFs (~98%in AUM).

Exchange-Traded Funds (ETFs)ETFs are open-ended funds which are listed on an exchange and offer intra-daydual liquidity to access diversified investments in a transparent, cheap, and taxefficient way. ETFs indexed to equity and fixed income benchmarks are registeredunder the investment company act of 1940. Only physical index replicationtechniques are permissible by this legislation while synthetic replication is notallowed.

Exchange-traded vehicles (ETVs)This terminology typically refers to grantor trusts that exist in the US market.These instruments track primarily commodity benchmarks. They differ fromETFs in that they are registered under the Securities Act of 1933 and not theInvestment Company Act of 1940, hence they are not classed as funds. Vehiclesthat replicate commodity benchmarks, more often known as pools, and fundstargeting alternative index returns are formed under the Commodities ExchangeAct and are listed under the 33 Securities Act, and report under 34 Corporate Act.

Management Style or Product Strategy Definitions

BetaThis is the main group with the largest number of products and assets.Within this category we account for all those ETFs that track an index whichemploys a market capitalization weighting methodology, and a simple selectionmethodology usually involving screenings such as minimum market cap andliquidity levels, or profitability levels. ETFs in this group are also referred to as“plain-vanilla” ETFs. Some examples of indices falling within this category are:S&P 500, S&P 400, S&P 600, MSCI EAFE, MSCI EM, Russell 2000, and Russell1000, to name a few.

Beta+In this group we include every product that offers any level of leverage or inverseimplementation. For example, an ETF offering access to twice the daily returnsof the S&P 500 on either direction (long or short) would be classified under thiscategory.

ActiveClassifying products in this group is still easy; basically if the ETF doesn’t trackany index then we classify the fund as active.

Enhanced Beta (aka Smart Beta)This category is reserved for those ETFs that also track an index, but whichfollow more elaborated strategies. After defining an index universe, there aretwo main levers that determine most of the risk/return profile of the index: (1)


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the selection criteria, and (2) the weighting criteria. In their selection process,enhanced beta ETFs usually employ additional screening processes and scoringsystems involving multiple factors beyond just minimum market cap and liquiditylevels. For example, they could include growth or value scores, dividends paidor dividend yield, earnings, volatility, or momentum screens, to name a few. Theweighting methodology of enhanced beta ETFs is usually anything but marketcap weighted, it can include simple equal weighting or variations of it, optimizedweights, and other metric-specific weights such as those based on dividendspaid, inverse volatility, dividend yield, fundamental multi factor scores, earnings,and revenues, to name a few. An enhanced beta ETF will either have a non-traditional selection methodology, a non-traditional weighting methodology, or acombination of both.

Product Type Definitions

Asset Allocation ETFsThis group covers all ETFs with exception of levered and inverse products. Theseare usually good products for market access strategies, portfolio completion, andcore positions. They are also efficient building blocks for multi asset strategies.When selecting these products, major emphasis should be set on the desiredexposure, tracking efficiency, primary liquidity (i.e. the liquidity of the underlyingbasket), and cost.

Cash Management ETFsThis group covers a more selected group of ETFs which in addition to beinggood asset allocation tools, also serves a series of cash management portfolioneeds. For example, these products are very good for equitizing cash betweentransitions, around reporting periods (window dressing), and during tax lossharvesting. These ETFs usually have good liquidity, large fund size, and lowcost, all of which makes it easier to execute sizeable short-term transactions,therefore secondary market liquidity and fund size tend to be a more relevantfactor compared to asset allocation ETFs. The most popular asset allocation usageof these funds is as core building blocks.

Pseudo Futures ETFsThis group covers an even more selected sample of ETFs which in additionto being good asset allocation and cash management tools can also be usedfor fulfilling risk management functions such as risk hedging, portable alphastrategies, or tactical shorts. Many times they also trade at a cheaper level thantheir underlying basket, and offer large amounts of liquidity which can make themattractive for market making activities as well. Secondary and short liquidity (easeto borrow), and fund size tend to be more relevant characteristics at the momentof selecting this type of ETFs. There is usually no more than one pseudo futuresETF per asset class. The most popular asset allocation usage of these fundsis among portfolios that require more liquidity given their size or more tacticalnature.


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Figure 77: Selection Criteria depending on intended ETF usage

Criteria Measured by Source Pseudo Futures Cash Mgmt Asset Allocation

Secondary Liquidity (quantity) Avg. Daily Value traded in $ FactSet More Relevant More Relevant Less Relevant

Secondary Liquidity (cost) Avg. Bid/Ask Spreads Bloomberg Finance LP More Relevant More Relevant Less Relevant

Primary Liquidity Implied liquidity of basket Bloomberg Finance LP Less Relevant Less Relevant More Relevant

Short Liquidity (quantity) Short Interest/ Shrs. Out. % Bloomberg Finance LP More Relevant Less Relevant Less Relevant

Short Liquidity (cost) Avg. Borrow Rate Deutsche Bank More Relevant Less Relevant Less Relevant

Size AUM $ Bloomberg Finance LP More Relevant More Relevant Less Relevant

Ownership:

Brokers+Hedge Funds Ownership % FactSet More Relevant Relevant Less Relevant

Mutual Funds+Pension Funds Ownership % FactSet Relevant More Relevant Relevant

Invest. Adviser+Private Bank/WM+Retail Ownership % FactSet Less Relevant Less Relevant More Relevant

Flow Activity Abs(Daily Flows Median) $ Bloomberg Finance LP More Relevant Less Relevant Less Relevant

Cost Total Expense Ratio ETF Issuer Less Relevant Relevant More Relevant

Exposure/Benchmark Investor's objective Investor Relevant Relevant More Relevant

Tracking efficiency to Index NAV-Index Performance dif. Bloomberg Finance LP Less Relevant Relevant More Relevant

Tracking efficiency to NAV Price-NAV premium/discounts Bloomberg Finance LP Less Relevant Relevant More Relevant

Product Provider Assets, products, years Combination of above Less Relevant Less Relevant Relevant



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The authors of this report wish to acknowledge the contribution made by AlfonsoDelgado Valdivia, employee of Evalueserve, a third-party provider of offshoreresearch support services to Deutsche Bank.


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Appendix 1

Important Disclosures

*Other information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced fromlocal exchanges via Reuters, Bloomberg, and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other thanthe primary subject of this research, please see the most recently published company report or visit our global disclosurelook-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr. Aside from within this report,important conflict disclosures can also be found at https://gm/db.com/equities under the "Disclosures Lookup" and "Legal"tabs. Investors are strongly encouraged to review this information before investing.

Analyst Certification

The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition,the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendationor view in this report. Sebastian Mercado, Hallie Martin, Srineel Jalagani

Hypothetical Disclaimer

Backtested, hypothetical or simulated performance results have inherent limitations. Unlike an actual performancerecord based on trading actual client portfolios, simulated results are achieved by means of the retroactive applicationof a backtested model itself designed with the benefit of hindsight. Taking into account historical events the backtestingof performance also differs from actual account performance because an actual investment strategy may be adjustedany time, for any reason, including a response to material, economic or market factors. The backtested performanceincludes hypothetical results that do not reflect the reinvestment of dividends and other earnings or the deduction ofadvisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.No representation is made that any trading strategy or account will or is likely to achieve profits or losses similar tothose shown. Alternative modeling techniques or assumptions might produce significantly different results and prove tobe more appropriate. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actualresults will vary, perhaps materially, from the analysis.

Equity Rating Key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holderreturn (TSR = percentage change in share price from currentprice to projected target price plus pro-jected dividend yield ) ,we recommend that investors buy the stock.Sell: Based on a current 12-month view of total share-holderreturn, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and,based on this time horizon, do not recommend either a Buyor Sell.

Newly issued research recommendations and target pricessupersede previously published research.

Regulatory Disclosures


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1.Additional InformationInformation on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or asolicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund'sinvestment objectives, risk factors, and charges and expenses before investing. This and other information can be foundin the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling1-877-369-4617 or by visiting www.DBXUS.com. Read prospectuses carefully before investing. Past performance is notnecessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understandthe similarities and differences between investments, including investment objectives, risks, fees and expenses, it isimportant to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange throughany brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in verylarge creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generatetax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer,advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which itreceives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinionsexpressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates.

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


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

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

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

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

The Deutsche Bank Research Department is independent of other business areas divisions of the Bank. Details regardingour organizational arrangements and information barriers we have to prevent and avoid conflicts of interest with respectto our research is available on our website under Disclaimer found on the Legal tab.??Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promiseto pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows),increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss.


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The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be theloss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adversemacroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation(including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility(which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issuesrelated to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instrumentsto macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or tospecified interest rates – these are common in emerging markets. It is important to note that the index fixings may -- byconstruction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of theproper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed toa typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledgethat funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally,options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements.??Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstancesincluding their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such,investors should take expert legal and financial advice before entering into any transaction similar to or inspired by thecontents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As aresult of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greaterthan the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Priorto buying or selling an option investors must review the "Characteristics and Risks of Standardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contactyour Deutsche Bank representative for a copy of this important document.?

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected bynumerous market factors, including world and national economic, political and regulatory events, events in equity anddebt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposedexchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values areaffected by the currency of an underlying security, effectively assume currency risk.?

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in theinvestor's home jurisdiction. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review thisinformation before investing.??United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

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


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

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US ETF Compass 16 April 2017 Synthetic Equity & … April 2017 US ETF Compass North America Synthetic Equity & Index Strategy US ETF Compass Date 16 April 2017 Deutsche Bank Markets