US ETF Compass 21 August 2017 Synthetic Equity & … August 2017 US ETF Compass ETF Monthly Insights Promising second half began with positive returns for risky assets The second half

21 August 2017

US ETF Compass

North America Synthetic Equity & Index Strategy

US ETF CompassDate21 August 2017

Deutsche BankMarkets Research

US ETPs cross $3.0 trillion AUMmilestone in JulyPromising second half began with positive returns for risky assetsThe second half kicked off recording mostly positive returns for risky assets.Global equities were up by 2.73% during last month, mainly driven by EM andIntl DM equities with returns of 5.82% and 2.65%, respectively; meanwhile,US equities were also positive, they recorded returns of 1.88%. Fixed Income(+0.33%) was mostly positive, but registered more discrete returns. Convertibledebt (+3.02%), Intl DM Debt (+2.93%), Intl Inflation (+2.50%), and EM Gov. Debtin local currency (+2.26%) were among the best performers in the debt space.Commodity registered gains of 4.08%, driven by Energy (+5.77%) and IndustrialMetals (+2.44%). On the currency side, the USD weakened against most majorforeign currencies, with UUP recording negative returns of 2.75% during lastmonth.

US ETP assets break the $3.0 trillion ceiling fueled by inflowsJuly flows were led by Equity and by Fixed Income ETPs; while, Commodity ETPsexperienced negative flows. ETPs registered $26.9bn in new cash, helping assetsrise by 2.8% from one month earlier, breaking the $3.0 trillion mark at the endof July. During February 2015, ETPs assets crossed the $2.0 trillion mark, taking2 years and 4 months to reach this new AUM milestone ($3.04 trillion). Equityand Fixed income attracted inflows of $18.2bn and $12.0bn, respectively; while,Commodity ETPs posted outflows of $3.3bn.

Among the most relevant inflow trends we saw US, DM ex-US, and EM Equitieswith $10.0bn, $3.3bn, and $3.0bn, respectively. Furthermore, on the fixed incomeside, Corporates and Broad exposure recorded $6.1bn and $2.4bn in positiveflows, respectively.

A Guide to Value ETF DNALast week we published a full guide on US Equity Large Cap Value ETFs, wediscussed the many different funds accounting for about $100bn in assets. Weidentified three major groups of Value ETFs: Style Mix, Style Pure, and FactorTilt. Furthermore we reviewed and demonstrated that all of these Value ETFshave indeed a Value bias, in addition to a significant Financials overweight and aTechnology underweight, with the exception of a couple of ETFs which manageto provide a Value bias without tilting sector exposures significantly away fromthe parent indices.

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: 22/08/2017 04:02:09 GMT

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21 August 2017

US ETF Compass

Table Of Contents

ETF Monthly Insights ....................................................... 3Promising second half began with positive returns for risky asset ................. 3US ETP assets break the $3.0 trillion ceiling fueled by inflows ...................... 4A Guide to Value ETF DNA ............................................................................ 5

Asset Allocation Heatmaps .............................................. 6Global Multi Asset Allocator heatmaps .......................................................... 6US Equity Allocator heatmaps ....................................................................... 8International Equity Allocator heatmaps ...................................................... 10Cross Asset Correlations .............................................................................. 1212-Month Relative Performance Monitor ..................................................... 13House View Portfolio: Monthly Brief ............................................................ 14

Business Intelligence ...................................................... 15New Listings ................................................................................................. 15Delistings ...................................................................................................... 17Trends in products launched in the last 12 months ..................................... 18Popular Product Segments: Smart Beta & Currency Hedged ....................... 19Average Performance by Products Type and Size (Equity) ........................... 20Total Expense Ratio X-Ray ............................................................................ 22

ETF Statistics .................................................................. 23Global ETF Assets and Provider Ranking ..................................................... 23US Historical ETF Trends .............................................................................. 24ETF Issuer and Index Provider league tables ................................................ 25Monthly Snapshot ........................................................................................ 27Top 15 ETFs (includes ETNs) ........................................................................ 33

Appendix A: ETN Snapshot ............................................ 34

Appendix B: ETF List ...................................................... 35

Appendix C: Definitions ................................................. 38ETP Universe Definitions .............................................................................. 38Management Style or Product Strategy Definitions ..................................... 38Product Type Definitions .............................................................................. 39

Page 2 Deutsche Bank Securities Inc.

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US ETF Compass

ETF Monthly InsightsPromising second half began with positive returns for riskyassets

The second half kicked off recording mostly positive returns for risky assets.Global equities were up by 2.73% during last month, mainly driven by EM andIntl DM equities with returns of 5.82% and 2.65%, respectively; meanwhile,US equities were also positive, they recorded returns of 1.88%. Fixed Income(+0.33%) was mostly positive, but registered more discrete returns. Convertibledebt (+3.02%), Intl DM Debt (+2.93%), Intl Inflation (+2.50%), and EM Gov. Debtin local currency (+2.26%) were among the best performers in the debt space.Commodity registered gains of 4.08%, driven by Energy (+5.77%) and IndustrialMetals (+2.44%). On the currency side, the USD weakened against most majorforeign currencies, with UUP recording negative returns of 2.75% during lastmonth.

Returns and flows were mostly consistent across equities and fixed income;however, commodity assets experienced outflows with positive performances.Flows were positive for Europe-focused ETFs (+3.3% of assets) and flat forEurozone-focused ETFs; recording positive performances of 2.83% and 3.24%,respectively. US equities experienced weak inflows, but performance was morepositive (+1.88%) with US Large Cap equities registering returns of 2.06%.Furthermore, US Treasury ETF recorded healthy inflows (3.0% of assets),particularly the Very Short- and Short-focused ETFs. Finally, the commodity spaceexperienced mixed returns and mostly outflows, with Crude Oil WTI productsregistering gains of 8.21% and outflows of 23.0% of their assets.

Within US equities, performance was positive for all sectors and most industries;while flows were mixed across sectors and industries during last month.Technology and Energy were the top sectors by performance with gains of4.13% and 2.62%, respectively; meanwhile, Industrials and Consumer Staplesrecorded weak, but still positive returns of 0.29% and 0.69%, respectively. In theflows space, Financials recorded the most significant inflows (+2.5% of assets),followed by Utilities (+1.6%), and Healthcare (+1.0%); while, Materials (-3.0%),and Energy (-1.3%) registered the most significant outflows. Moreover, at theindustry level, Metals & Mining and Semiconductors were the most consistentin terms of both strong inflows and performance, while Retail and Transportationled the redemptions with -8.5% and -3.9% of assets, respectively.

Activity in international equity markets resembled the previous month. ChinaA-Share ETFs received the strongest inflows at 13.6% of their assets duringJuly, accompanied by positive returns of 3.48%. Italy was also another highlightamong foreign countries with strong inflows (+11.6% of assets), and positivereturns of 7.05%. In the meantime, performance and flows were mostly positivein developed Europe; while Asian countries registered positive returns andmostly negative flows with Japan experiencing redemptions of 2.9% of theirassets. Similarly, BRIC countries experienced positive performance of 8.33%, andoutflows (-1.1% of assets).

In terms of correlation trends, Global Equities have become mostly uncorrelatedwith the majority of asset classes recently; while correlations of equity markets

Deutsche Bank Securities Inc. Page 3

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US ETF Compass

outside the US continue to trend lower against US equities, with the exception ofEM equity markets which have seen a rebound in correlations.

US ETP assets break the $3.0 trillion ceiling fueled byinflows

July flows were led by Equity and by Fixed Income ETPs; while, Commodity ETPsexperienced negative flows. ETPs registered $26.9bn in new cash, helping assetsrise by 2.8% from one month earlier, breaking the $3.0 trillion mark at the endof July. During February 2015, ETPs assets crossed the $2.0 trillion mark, taking2 years and 4 months to reach this new AUM milestone ($3.04 trillion). Equityand Fixed income attracted inflows of $18.2bn and $12.0bn, respectively; while,Commodity ETPs posted outflows of $3.3bn.

Among the most relevant inflow trends, we saw US and DM ex-US Equitieswith $10.0bn and $3.3bn, respectively; meanwhile, EM- and Europe-focusedETPs attracted $3.0bn and $0.8bn in new cash, respectively. Furthermore, on thefixed income space, Corporates and Broad exposure recorded $6.1bn and $2.4bnin positive flows, respectively. On the outflow side, Japan and Russia-focusedETPs posted negative flows of $0.88bn and $0.17bn, respectively. Beta, SmartBeta, and Active products experienced inflows of $21.7bn, $5.1bn, and $1.0bn,respectively; while, Beta+ (leveraged and inverse) products registered outflowsby $0.9bn.

Within Equity Smart Beta products, Style and Low Risk ETFs were the mostpopular categories in July, attracting $2.0bn and $0.9bn in fresh new cash,respectively. In the negative side, Single-Factor and Equal ETFs posted outflowsof $0.4bn and $0.1bn, respectively. Currency Hedged ETFs registered outflowsof $1.5bn, mainly dragged by ETPs offering FX hedged exposure to Multiplecurrencies (-$1.45bn) and EUR (-$0.2bn). In term of product types, AssetAllocation and Cash Management received inflows of $18.1bn and $12.4bn,respectively; meanwhile, Pseudo Futures and Leveraged & Inverse postedoutflows of $2.8bn, and $0.9bn, respectively.

Total ETP turnover was $1.17 trillion last month, down 27% from the previousmonth. Furthermore, ETF turnover represented 22.0% of all cash equity traded inthe US during July, under its 12-month average of 24.6%.


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US ETF Compass

A Guide to Value ETF DNA

Making sense of all the different Value ETFsIn this report we review all of the Value ETFs with focus on US Large Cap Equities.Overall, we identify 26 different products with about $100bn in assets. Value ETFsare designed to track indices with a focus on cheap stocks, however the path eachof these indices takes to get to that goal can differ significantly. We identify threemain groups of Value ETFs with similar characteristics: Style Mix, Style Pure, andFactor Tilt.

Value ETFs have indeed a Value bias and a clear Financials tiltUnlike other ETFs where the name is not always aligned with the true productexposure, all Value ETFs indeed deliver exposure to Value stocks. The level ofexposure, however, can vary among different Value ETF types. For example, StylePure and Factor Tilt exhibit a higher level of exposure to Value factors relativeto Style Mix. The most popular value metrics are those involving Book Value,followed by those involving Earnings, Sales, Dividends, and Cash Flows. ValueETFs usually have below average P/B, P/E, P/Sales, and P/Cash Flows ratios; andabove average dividend yield. Moreover, all Value ETF types coincide on Financialsbeing their top sector allocation with a significant overweight relative to a USEquity Large Cap benchmark, while having a clear underweight on Technology.However, there are more sector insights beyond these more obvious observations.

Value is in the eye of the beholderAlthough quantifiable, the right Value exposure depends on how you define Value.Thus, the available Value ETFs provide plenty of alternatives to meet differentinvestors' definitions and preferences. If you want something like the headlineindex, but with some Value bias given from sector tilts, then one of the Style MixETFs may be the answer. Or maybe you want something with a more exclusivebasket of Value stocks, then a Style Pure may be what you need. Or maybe youwant to keep a similar sector exposure as the headline index, but with a clearValue bias, or a more concentrated Value play, then a Factor Tilt may be what youare looking for. You even have ETFs for those who want pure long/short factorexposure and active management. Furthermore, you may want something moretraditional that uses just Book Value-based metrics, or maybe you want a moreelaborate Value metric involving a composite of multiple figures.

This report was published on August 18th 2017. Contact us to request a copy ofthe full report.


21 August 2017

US ETF Compass

Asset Allocation HeatmapsGlobal Multi Asset Allocator heatmaps

Figure 1: 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 2.73% 5.84% 11.73% 17.68% 6.58% 11.19% 0.8% 3.1% 7.8% 18.7% 13.4% 17.1%

VTI US Total Market 1.88% 3.89% 8.93% 16.12% 10.47% 14.76% 0.6% 1.2% 4.6% 16.1% 12.2% 15.8%

SPY S&P 500 (Large Cap) 2.06% 4.16% 9.46% 15.97% 10.76% 14.71% 1.0% 1.5% 5.3% 17.6% 10.9% 13.3%

MDY S&P 400 (Mid Cap) 0.91% 1.96% 4.95% 14.32% 10.13% 14.76% 0.1% -0.5% 2.1% 14.2% 12.6% 17.8%

IWM Russell 2000 (SM Cap) 0.86% 2.21% 5.40% 18.55% 9.96% 14.28% -0.2% -2.0% 1.0% 23.8% 16.5% 17.8%

EFA Intl DM 2.65% 6.62% 14.07% 18.42% 2.94% 9.13% 1.1% 10.8% 19.5% 24.6% 19.4% 30.1%

VGK Europe 2.83% 7.32% 17.13% 20.98% 2.84% 9.80% 3.3% 23.7% 37.7% 27.8% 7.7% 42.2%

EZU Eurozone 3.24% 7.77% 19.66% 25.81% 4.03% 11.62% 0.0% 12.5% 28.1% 9.1% 15.7% 50.4%

EWJ Japan 2.07% 6.27% 8.98% 15.59% 6.04% 10.38% -2.9% 0.0% -5.4% 0.6% 2.4% 33.3%

EPP Pacific ex JP 4.41% 5.39% 11.91% 15.78% 1.39% 5.99% -0.3% -0.1% 2.8% 4.6% -2.1% -4.5%

EEM EM 5.82% 9.85% 17.85% 22.94% 2.03% 4.28% 1.7% 6.7% 15.6% 27.4% 9.1% 7.7%

ILF Latin America 8.92% 6.21% 10.07% 21.08% -3.54% -2.39% -0.3% -2.2% 0.4% 26.9% 3.9% -0.1%

EEMA EM Asia 5.23% 11.77% 21.48% 27.13% 5.64% 8.22% 1.7% 5.8% 10.4% 3.7% 5.1% 10.0%

GUR EM Europe 3.24% 2.48% 7.75% 22.44% -3.50% -1.11% -5.2% -9.9% -16.5% 8.5% 11.9% 11.6%

AFK Africa 6.62% 8.89% 8.38% 13.48% -9.34% -1.09% -1.1% -2.1% -0.7% 8.0% -2.5% 1.5%

FM Frontier Market 2.45% 2.92% 7.06% 17.89% -3.84% -2.3% 3.5% 12.8% 23.7% 0.5% 27.6%

BKF BRIC 8.33% 10.56% 19.09% 28.69% 3.16% 4.86% -1.1% -22.0% 19.6% -17.7% -18.4% -25.2%

AGG Fixed Income (Broad) 0.33% 1.01% 2.53% -0.62% 2.69% 1.95% 2.3% 7.3% 14.8% 26.2% 25.1% 18.7%

GOVT US Treasury 0.17% 0.68% 1.78% -2.69% 2.04% 1.03% 3.0% 8.2% 16.3% 16.0% 27.2% 16.0%

SHV Very Short 0.10% 0.24% 0.29% 0.46% 0.25% 0.16% 9.8% 15.7% 20.2% 50.5% 36.5% 15.2%

SHY Short 0.19% 0.18% 0.47% 0.02% 0.67% 0.50% 6.1% 6.6% 9.5% 25.9% 20.6% 10.0%

IEI Intermediate 0.37% 0.50% 1.54% -1.37% 2.12% 1.17% -2.5% 3.3% 11.1% 3.4% 20.8% 18.9%

TLT Long -0.66% 2.02% 4.58% -10.20% 5.49% 1.80% 2.9% 8.4% 30.6% -7.2% 28.0% 14.2%

TIP US Inflation 0.46% -0.45% 0.41% -0.97% 0.70% -0.12% 0.9% 3.5% 9.7% 33.6% 21.3% 6.9%

MUB Municipal 0.88% 1.99% 3.42% -0.27% 3.03% 2.40% 1.2% 4.4% 8.2% 19.3% 28.1% 19.4%

MBB Securitized 0.51% 0.72% 1.85% -0.08% 2.31% 1.68% 2.7% 2.3% 11.6% 29.7% 33.1% 22.0%

LQD IG Corporates 0.77% 2.60% 4.88% 0.86% 4.11% 3.49% 2.9% 11.6% 23.1% 31.8% 24.6% 19.2%

HYG HY Corporates 1.02% 2.20% 4.45% 9.58% 4.15% 5.17% 5.7% 3.3% 4.6% 17.3% 13.6% 10.8%

FLOT Corp. Floater 0.16% 0.51% 0.98% 1.90% 0.89% 1.04% 4.7% 13.1% 42.5% 107.6% 20.7%

BKLN Senior Loans 0.84% 0.78% 1.55% 4.20% 2.24% 3.14% 0.7% 1.2% 12.8% 97.8% 17.6%

PFF Preferred 0.66% 2.03% 6.04% 3.17% 5.77% 6.11% 2.8% 8.3% 13.7% 20.3% 28.6% 18.3%

CWB Convertible 3.02% 5.32% 10.24% 16.76% 7.60% 11.95% 6.9% 14.0% 31.4% 75.9% 15.3% 38.7%

BWX Intl DM Debt 2.93% 5.26% 7.89% -1.57% -1.36% -0.07% 1.6% 8.9% 3.9% 16.5% -1.0% 8.5%

WIP Intl Inflation 2.50% 2.93% 6.89% 4.13% -1.56% 0.80% -6.5% -8.5% -22.1% -35.1% -20.3% -14.9%

EMB EM Gov Debt USD 1.18% 1.22% 5.21% 3.93% 4.97% 4.08% -3.6% 9.0% 32.7% 34.0% 33.3% 19.4%

EMLC EM Gov Debt Local 2.26% 4.41% 9.84% 6.96% -2.01% -0.94% 6.3% 13.6% 35.3% 52.0% 22.8% 15.8%

EMCB EM Corp USD 0.97% 1.12% 4.59% 6.22% 2.04% 3.30% -1.4% -4.6% -3.3% 13.7% -2.6%

HYEM EM HY Corp USD 0.80% 0.24% 3.32% 7.82% 4.72% 5.60%

DBC Commodities 4.08% 1.62% -4.51% 5.32% -15.94% -11.21% -5.1% -3.9% -0.5% -11.7% 3.8% -2.8%

DBE Energy Cmdty 5.77% 0.82% -6.54% 9.45% -24.92% -14.26% -20.0% -5.5% -2.6% -22.0% 46.5% 12.2%

USO Crude Oil WTI 8.21% 0.39% -9.19% 5.33% -34.34% -20.65% -23.0% -6.5% -2.5% -24.4% 73.8% 19.6%

UNG Natural Gas -6.78% -16.51% -19.59% -26.08% -33.09% -22.11% -0.8% 9.6% 9.4% -7.1% 13.4% -5.3%

DBA Agriculture 0.40% 0.96% -2.30% -3.21% -9.41% -7.93% 3.1% 1.1% -3.1% -3.4% -3.9% -7.2%

DBB Industrial Metals 2.44% 5.47% 2.82% 22.21% -1.82% -1.26%

DBP Precious Metals 1.97% -0.76% 2.11% -10.55% -3.04% -7.17% -4.6% -3.8% 0.9% -10.9% 2.2% -3.9%

GLD Gold Physical 2.31% -0.02% 4.50% -6.38% -0.72% -5.05% -5.5% -4.9% 0.6% -12.5% 2.3% -4.9%

SLV Silver Physical 1.21% -2.45% -4.39% -17.83% -6.70% -10.13% 0.7% 3.3% 1.6% -1.6% 2.5% 2.3%

PPLT Platinum Physical 1.86% -0.79% -5.76% -18.28% -14.11% -8.39% 4.4% 2.5% 9.9% 11.2% 1.8% 3.5%

PALL Palladium Physical 5.07% 7.09% 17.35% 24.30% 0.06% 7.90% -2.0% -7.0% -5.5% -19.2% -20.7% -29.0%

UUP Bull USD -2.75% -5.87% -6.45% -2.43% 3.45% 1.17% 2.0% -18.4% -25.6% -34.3% -12.2% -11.9%

FXY JPYUSD 2.00% 0.98% 2.14% -7.89% -2.70% -7.05%

FXE EURUSD 3.59% 8.46% 9.20% 5.04% -4.67% -1.32%

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.


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Figure 2: Global Multi Asset Risk and Risk-adjusted Performance Measures

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

ACWI Global Equities 5.4% 6.8% 6.9% 8.4% 13.6% 12.8% -4.8% -19.4% -19.4% 2.1 0.5 0.9

VTI US Total Market 5.9% 7.1% 7.2% 8.4% 13.0% 12.4% -4.8% -15.1% -15.1% 1.9 0.8 1.2

SPY S&P 500 (Large Cap) 5.6% 6.9% 7.0% 8.0% 12.9% 12.2% -4.3% -13.0% -13.0% 2.0 0.8 1.2

MDY S&P 400 (Mid Cap) 9.7% 9.9% 10.4% 11.4% 14.3% 13.9% -6.5% -19.3% -19.3% 1.3 0.7 1.1

IWM Russell 2000 (SM Cap) 9.9% 11.5% 12.5% 13.8% 16.4% 15.8% -8.3% -25.7% -25.7% 1.3 0.6 0.9

EFA Intl DM 5.5% 8.1% 8.4% 9.5% 15.6% 14.7% -6.1% -23.0% -23.1% 1.9 0.2 0.6

VGK Europe 6.3% 10.0% 10.3% 11.1% 17.4% 16.3% -8.3% -23.2% -24.9% 1.9 0.2 0.6

EZU Eurozone 6.4% 11.7% 12.9% 12.8% 19.1% 18.3% -7.9% -23.0% -27.1% 2.0 0.2 0.6

EWJ Japan 6.2% 7.5% 7.7% 10.1% 16.5% 17.0% -4.0% -21.6% -21.6% 1.5 0.4 0.6

EPP Pacific ex JP 9.8% 10.5% 10.6% 11.8% 17.6% 16.4% -5.6% -30.4% -30.4% 1.3 0.1 0.4

EEM EM 11.2% 12.5% 12.5% 15.5% 19.5% 18.5% -10.2% -36.1% -36.1% 1.5 0.1 0.2

ILF Latin America 12.6% 28.8% 25.9% 26.2% 28.9% 25.3% -15.4% -56.1% -56.8% 0.8 (0.1) (0.1)

EEMA EM Asia 11.3% 11.8% 11.0% 14.2% 18.4% 17.5% -10.5% -31.5% -31.5% 1.9 0.3 0.5

GUR EM Europe 10.6% 14.3% 15.8% 16.0% 24.5% 23.0% -6.7% -46.7% -52.3% 1.4 (0.1) (0.0)

Middle East

AFK Africa 15.0% 14.5% 15.4% 19.0% 20.4% 18.2% -12.5% -53.3% -54.0% 0.7 (0.5) (0.1)

FM Frontier Market 8.6% 8.9% 9.5% 10.7% 14.1% -4.5% -36.3% 1.7 (0.3)

BKF BRIC 11.5% 14.1% 13.7% 15.5% 21.3% 19.9% -11.0% -39.4% -39.4% 1.9 0.1 0.2

AGG Fixed Income (Broad) 2.6% 2.6% 2.9% 3.2% 3.3% 3.2% -4.3% -4.5% -5.1% (0.2) 0.8 0.6

GOVT US Treasury 2.7% 2.8% 3.1% 3.4% 3.8% 3.6% -5.5% -5.9% -5.9% (0.8) 0.5 0.3

SHV Very Short 0.3% 0.2% 0.3% 0.3% 0.2% 0.2% -0.1% -0.1% -0.1% 1.7 1.2 0.9

SHY Short 0.7% 0.7% 0.9% 0.9% 0.9% 0.8% -0.9% -1.0% -1.0% 0.0 0.7 0.6

IEI Intermediate 2.1% 2.2% 2.6% 2.8% 3.1% 3.0% -4.0% -4.3% -4.3% (0.5) 0.7 0.4

TLT Long 8.7% 8.8% 9.5% 11.2% 13.2% 12.9% -16.7% -17.9% -19.0% (0.9) 0.4 0.1

TIP US Inflation 3.5% 3.7% 3.8% 4.0% 4.8% 5.0% -4.4% -5.3% -11.1% (0.2) 0.1 (0.0)

MUB Municipal 1.6% 1.8% 2.1% 2.9% 2.8% 3.8% -5.6% -6.7% -9.7% (0.1) 1.1 0.6

MBB Securitized 2.8% 2.6% 3.1% 2.9% 2.6% 2.8% -3.4% -3.4% -4.8% (0.0) 0.9 0.6

LQD IG Corporates 4.1% 3.9% 4.2% 4.9% 5.2% 5.2% -5.9% -6.0% -8.6% 0.2 0.8 0.7

HYG HY Corporates 2.9% 3.6% 4.3% 5.4% 7.0% 6.4% -4.1% -13.4% -13.4% 1.8 0.6 0.8

FLOT Floater 0.5% 0.5% 0.5% 0.8% 0.8% 0.9% -0.2% -0.6% -0.6% 2.4 1.0 1.2

BKLN Senior Loans 1.2% 1.7% 1.9% 1.9% 3.3% 2.9% -1.0% -7.1% -7.1% 2.2 0.7 1.1

PFF Preferred 3.4% 3.0% 3.7% 5.8% 5.5% 5.3% -7.5% -7.5% -8.7% 0.5 1.0 1.2

CWB Convertible 7.0% 8.0% 6.8% 7.7% 9.7% 9.1% -4.4% -15.9% -15.9% 2.2 0.8 1.3

BWX Intl DM Debt 6.5% 6.2% 6.5% 7.7% 7.7% 7.2% -12.7% -15.2% -15.4% (0.2) (0.2) (0.0)

WIP Intl Inflation 6.7% 6.6% 7.0% 7.9% 8.1% 7.4% -10.1% -18.9% -19.1% 0.5 (0.2) 0.1

EMB EM Gov Debt USD 4.6% 4.3% 4.6% 6.9% 6.7% 7.0% -7.6% -7.6% -14.5% 0.6 0.7 0.6

EMLC EM Gov Debt Local 7.1% 8.7% 8.3% 10.4% 10.6% 10.0% -9.9% -26.4% -32.0% 0.7 (0.2) (0.1)

EMCB EM Corp USD 4.2% 5.1% 5.3% 7.4% 7.9% 7.4% -4.6% -13.3% -13.3% 0.8 0.3 0.4

HYEM EM HY Corp USD 3.0% 2.4% 3.4% 5.3% 6.7% 6.8% -4.8% -13.1% -14.0% 1.5 0.7 0.8

DBC Commodities 12.8% 14.8% 12.8% 14.0% 16.6% 14.5% -14.4% -53.2% -60.0% 0.4 (1.0) (0.8)

DBE Energy Cmdty 21.6% 22.6% 19.3% 22.8% 28.6% 23.9% -21.9% -69.4% -71.4% 0.4 (0.9) (0.6)

USO Crude Oil WTI 27.9% 30.7% 26.6% 30.7% 38.2% 31.8% -25.9% -78.2% -79.8% 0.2 (0.9) (0.7)

UNG Natural Gas 33.7% 30.6% 31.8% 38.2% 40.1% 38.0% -34.4% -75.4% -79.1% (0.7) (0.8) (0.6)

DBA Agriculture 13.0% 13.0% 11.1% 10.2% 11.5% 11.0% -9.7% -29.5% -38.4% (0.3) (0.8) (0.7)

DBB Industrial Metals 10.6% 12.9% 15.3% 16.2% 17.4% 16.7% -8.4% -39.0% -45.7% 1.4 (0.1) (0.1)

DBP Precious Metals 12.2% 10.9% 10.6% 12.5% 15.9% 17.5% -19.6% -24.0% -48.7% (0.8) (0.2) (0.4)

GLD Gold Physical 9.8% 9.9% 9.7% 11.2% 14.5% 15.9% -17.6% -20.4% -42.1% (0.6) (0.0) (0.3)

SLV Silver Physical 18.5% 16.2% 16.0% 19.9% 22.9% 24.9% -24.8% -33.3% -61.5% (0.9) (0.3) (0.4)

PPLT Platinum Physical 14.3% 16.1% 15.7% 18.6% 19.8% 19.2% -24.4% -44.9% -53.6% (1.0) (0.7) (0.4)

PALL Palladium Physical 12.7% 21.4% 20.5% 25.0% 27.2% 25.4% -15.6% -48.4% -48.4% 1.0 0.0 0.3

UUP Bull USD 5.8% 6.0% 6.2% 6.7% 8.1% 7.2% -9.9% -9.9% -9.9% (0.4) 0.4 0.2

FXY JPYUSD 7.1% 8.0% 8.1% 10.0% 10.3% 10.1% -15.5% -19.1% -39.0% (0.8) (0.3) (0.7)

FXE EURUSD 7.6% 7.5% 7.6% 7.7% 9.6% 8.6% -8.8% -23.8% -26.7% 0.7 (0.5) (0.2)

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.


21 August 2017

US ETF Compass

US Equity Allocator heatmaps

Figure 3: US Equity Performance and Net Cash Flow Trends


VTI US Total Market 1.88% 3.89% 8.93% 16.12% 10.47% 14.76% 0.6% 1.2% 4.6% 16.1% 12.2% 15.8%

SPY S&P 500 (Large Cap) 2.06% 4.16% 9.46% 15.97% 10.76% 14.71% 1.0% 1.5% 5.3% 17.6% 10.9% 13.3%

DIA DJI 2.67% 5.22% 11.52% 21.65% 12.38% 13.63% 1.0% 1.5% 5.3% 17.6% 10.9% 13.3%

QQQ NASDAQ-100 4.06% 5.61% 15.53% 25.58% 15.89% 18.64% 1.0% 1.5% 5.3% 17.6% 10.9% 13.3%

IWF Russell 1000 Growth 2.62% 4.99% 13.06% 17.81% 12.46% 15.42% 0.9% 1.4% 6.4% 12.7% 11.6% 12.7%

IWD Russell 1000 Value 1.29% 2.80% 5.16% 13.60% 8.27% 13.81% 0.5% -0.4% 3.1% 20.3% 16.2% 21.8%

MDY S&P 400 (Mid Cap) 0.91% 1.96% 4.95% 14.32% 10.13% 14.76% 0.1% -0.5% 2.1% 14.2% 12.6% 17.8%

IWM Russell 2000 (SM Cap) 0.86% 2.21% 5.40% 18.55% 9.96% 14.28% -0.2% -2.0% 1.0% 23.8% 16.5% 17.8%

VIG Div. Growth 0.73% 2.60% 8.81% 12.04% 9.78% 12.49% 1.3% 1.9% 3.3% 11.2% 13.3% 16.0%

DVY Div. Yield 0.61% 2.19% 4.98% 10.05% 11.55% 13.79% 1.3% 1.9% 3.3% 11.2% 13.3% 16.0%

VYM Div. Yield 1.61% 3.14% 6.42% 11.92% 10.15% 13.52% 1.3% 1.9% 3.3% 11.2% 13.3% 16.0%

SDY Div. Yield & Growth 1.14% 1.97% 5.42% 7.61% 11.98% 14.50% 1.3% 1.9% 3.3% 11.2% 13.3% 16.0%

XLY Cons. Discretionary 1.93% 1.75% 8.35% 13.71% 13.21% 17.73% -0.1% 2.2% -1.0% -3.4% 7.7% 8.6%

PEJ Hotels, Rest & Leisure -1.83% -2.43% 1.33% 16.95% 7.89% 14.65%

XHB Home Builders -0.47% 1.63% 11.57% 7.08% 9.86% 13.40% -2.7% -0.5% 2.3% -5.4% -11.9% -11.1%

ITB Household Durables -0.21% 4.86% 17.35% 17.46% 15.56% 16.34% -2.7% -0.5% 2.3% -5.4% -11.9% -11.1%

PBS Media 4.06% 3.70% 5.35% 14.55% 5.38% 14.67%

XRT Retail 1.08% -3.60% -4.00% -7.42% 0.61% 8.14% -8.5% 32.2% -17.3% -16.4% -9.9% -27.9%

XLP Cons. Staples 0.69% 1.03% 6.57% 3.86% 11.48% 12.14% -1.0% 5.3% 7.8% -11.2% 8.8% 5.1%

PBJ Food Products 2.66% -3.77% -1.05% -4.45% 7.97% 11.78%

XLE Energy 2.62% -1.13% -7.44% 1.28% -9.30% 1.45% -1.3% 0.6% 1.5% 17.0% 16.6% 21.4%

OIH Energy Eq. & Serv. 0.16% -10.91% -25.57% -10.70% -21.31% -7.14% 5.3% 8.7% 11.1% 39.3% 9.6% 3.6%

XES Energy Eq. & Serv. -0.97% -13.57% -31.62% -12.90% -29.23% -13.11% 5.3% 8.7% 11.1% 39.3% 9.6% 3.6%

IEZ Energy Eq. & Serv. 0.33% -11.01% -25.54% -9.08% -21.24% -6.53% 5.3% 8.7% 11.1% 39.3% 9.6% 3.6%

XOP Energy E&P 1.88% -6.73% -18.51% -4.25% -23.47% -7.63% -5.2% 10.7% 23.1% 36.6% 31.6% 24.5%

IEO Energy E&P 2.96% -3.15% -11.26% 1.49% -14.23% -0.10% -5.2% 10.7% 23.1% 36.6% 31.6% 24.5%

AMLP MLPs 0.33% -3.10% -4.52% 0.63% -6.28% 0.90% 0.2% 2.2% 11.1% 33.5% 17.8% 31.7%

XLF Financials 1.70% 7.04% 8.44% 32.86% 13.41% 18.20% 2.5% 3.4% 8.5% 55.4% 13.4% 26.0%

KBWB Large Banks 0.45% 5.66% 5.82% 43.49% 12.97% 18.06% -0.4% 1.2% 17.1% 73.0% 15.4% 21.1%

KRE Regional Banks -0.86% 1.16% -1.00% 37.93% 14.30% 17.17% -0.4% 1.2% 17.1% 73.0% 15.4% 21.1%

KCE Capital Markets 3.68% 9.30% 12.35% 33.19% 4.63% 13.79% 3.1% -2.8% -9.8% 12.6% -14.1% 22.3%

KIE Insurance 3.84% 6.21% 10.49% 29.30% 16.36% 20.17% 0.0% -12.3% -7.6% 21.9% 30.5% 34.5%

XLV Healthcare 0.82% 6.23% 14.15% 7.93% 11.11% 17.64% 1.0% 6.0% 9.2% 14.7% 10.8% 20.5%

IBB Biotech & Pharma 2.91% 7.27% 14.94% 10.49% 8.50% 19.20% -1.0% 7.0% 5.7% 18.0% 16.7% 23.5%

BBH Large Biotech 3.35% 6.43% 13.92% 12.90% 10.48% 21.44% -1.0% 7.0% 5.7% 18.0% 16.7% 23.5%

IHI HC Eq. & Supplies -1.29% 4.29% 15.81% 14.87% 18.44% 22.18% 2.3% 24.1% 24.2% 15.4% 20.8% 29.2%

IHF HC Providers & Serv -2.06% 5.94% 12.40% 13.49% 12.20% 18.86% 1.7% 3.5% -0.9% -35.5% -4.8% 8.0%

PPH Large Pharma -1.30% 5.60% 12.36% -4.36% 0.59% 10.77% -0.6% -6.3% -11.6% -12.5% -10.7% -2.5%

XLI Industrials 0.29% 3.45% 8.78% 20.17% 11.96% 16.19% 0.4% -1.8% 2.0% 58.2% 8.2% 23.6%

ITA Aerospace & Def 4.80% 7.50% 16.34% 28.73% 18.33% 22.81% 4.9% 13.2% 45.1% 210.0% 98.9% 91.6%

IYT Transportation -3.97% 1.15% 0.48% 18.63% 5.36% 13.88% -3.9% -13.2% -25.7% 17.7% -13.9% 1.7%

XLB Materials 1.54% 3.44% 5.98% 14.44% 6.06% 11.77% -3.0% -12.1% -14.1% 10.1% -8.4% 5.1%

XME Metals & Mining 4.90% 5.70% -5.54% 9.25% -7.23% -3.10% 9.6% -6.8% -13.0% -7.2% 12.1% 0.0%

VNQ Real Estate 1.24% 2.74% 4.02% -4.70% 8.50% 9.15% 0.5% 0.3% 1.4% 7.1% 9.9% 13.5%

VGT Technology 4.13% 5.96% 16.36% 28.90% 16.35% 17.80% 0.5% 0.0% 4.8% 20.5% 5.0% 11.8%

IGN Comm. Equipment 1.16% 3.21% 5.18% 25.51% 11.57% 14.68%

FDN Int. Software & Serv. 4.36% 7.19% 15.85% 27.54% 18.82% 23.03% -1.1% 1.7% 3.9% 10.8% 19.1% 42.3%

SMH Semiconductors 4.86% 7.70% 15.31% 36.26% 22.38% 23.54% 16.5% 7.1% 25.2% 76.3% 19.9% 24.4%

IGV Software 3.93% 8.85% 21.43% 29.11% 19.30% 19.54% 2.0% 10.9% 26.9% 23.8% -10.7% -7.0%

VOX Telecom 2.11% -2.50% -5.17% -4.07% 5.47% 9.66% 0.8% -4.2% -13.4% -19.8% 11.1% 8.1%

XLU Utilities 2.42% 3.77% 9.91% 5.59% 12.69% 10.96% 1.6% -2.1% 7.2% -14.1% -0.9% 2.3%




21 August 2017

US ETF Compass

Figure 4: US Equity Risk and Risk-adjusted Performance Measure

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

VTI US Total Market 5.9% 7.1% 7.2% 8.4% 13.0% 12.4% -4.8% -15.1% -15.1% 1.9 0.8 1.2

SPY S&P 500 (Large Cap) 5.6% 6.9% 7.0% 8.0% 12.9% 12.2% -4.3% -13.0% -13.0% 2.0 0.8 1.2

DIA DJI 5.1% 5.9% 6.6% 7.7% 12.6% 11.7% -3.6% -13.9% -13.9% 2.8 1.0 1.2

QQQ NASDAQ-100 10.0% 12.8% 10.4% 10.7% 15.5% 14.6% -5.0% -16.1% -16.1% 2.4 1.0 1.3

IWF Russell 1000 Growth 6.9% 8.6% 7.6% 8.4% 13.1% 12.5% -5.4% -13.8% -13.8% 2.1 0.9 1.2

IWD Russell 1000 Value 6.3% 6.9% 7.6% 8.8% 13.2% 12.4% -4.3% -16.2% -16.2% 1.6 0.6 1.1

MDY S&P 400 (Mid Cap) 9.7% 9.9% 10.4% 11.4% 14.3% 13.9% -6.5% -19.3% -19.3% 1.3 0.7 1.1

IWM Russell 2000 (SM Cap) 9.9% 11.5% 12.5% 13.8% 16.4% 15.8% -8.3% -25.7% -25.7% 1.3 0.6 0.9

VIG Div. Growth 6.0% 7.0% 6.9% 7.6% 11.8% 11.2% -5.2% -12.1% -12.1% 1.6 0.8 1.1

DVY Div. Yield 7.1% 7.2% 7.4% 9.1% 11.8% 11.2% -5.6% -12.0% -12.0% 1.1 1.0 1.2

VYM Div. Yield 5.5% 6.1% 6.4% 7.7% 12.2% 11.4% -4.2% -13.0% -13.0% 1.5 0.8 1.2

SDY Div. Yield & Growth 7.2% 7.2% 7.2% 8.5% 11.8% 11.3% -6.6% -10.8% -10.8% 0.9 1.0 1.3

XLY Cons. Discretionary 8.0% 8.9% 8.2% 9.5% 14.0% 13.5% -6.3% -15.8% -15.8% 1.4 0.9 1.3

PEJ Hotels, Rest & Leisure 9.9% 11.6% 11.2% 12.3% 16.6% 16.0% -4.3% -21.7% -21.7% 1.4 0.5 0.9

XHB Home Builders 11.0% 11.2% 11.3% 14.4% 17.8% 18.8% -15.2% -28.2% -28.2% 0.5 0.6 0.7

ITB Household Durables 14.0% 14.3% 13.7% 16.0% 20.1% 22.2% -14.5% -26.4% -26.4% 1.1 0.8 0.7

PBS Media 9.9% 12.4% 11.0% 11.5% 15.2% 15.4% -7.2% -23.2% -23.2% 1.3 0.4 1.0

XRT Retail 21.0% 18.8% 18.3% 17.9% 18.1% 16.7% -18.7% -24.2% -24.2% (0.4) 0.0 0.5

XLP Cons. Staples 7.5% 7.3% 7.0% 9.0% 11.6% 11.1% -8.2% -10.1% -10.1% 0.4 1.0 1.1

PBJ Food Products 8.7% 9.7% 8.9% 10.9% 13.2% 12.7% -8.5% -11.0% -11.0% (0.4) 0.6 0.9

XLE Energy 14.5% 15.4% 14.8% 17.2% 23.1% 20.0% -16.3% -45.4% -46.7% 0.1 (0.4) 0.1

OIH Energy Eq. & Serv. 29.3% 28.7% 25.6% 28.2% 32.7% 27.8% -31.4% -59.4% -61.3% (0.4) (0.7) (0.3)

XES Energy Eq. & Serv. 39.7% 38.3% 33.8% 35.3% 40.1% 33.4% -38.0% -70.7% -72.8% (0.4) (0.7) (0.4)

IEZ Energy Eq. & Serv. 31.5% 30.0% 26.4% 28.0% 32.8% 27.9% -31.4% -59.8% -61.8% (0.3) (0.6) (0.2)

XOP Energy E&P 27.8% 29.8% 27.2% 29.7% 39.0% 33.1% -30.1% -69.4% -71.0% (0.1) (0.6) (0.2)

IEO Energy E&P 21.5% 22.6% 21.4% 23.8% 30.0% 25.8% -23.1% -55.3% -56.8% 0.1 (0.5) (0.0)

AMLP MLPs 8.6% 15.4% 12.5% 13.9% 28.0% 22.4% -14.1% -53.1% -53.1% 0.0 (0.2) 0.0

XLF Financials 10.1% 12.1% 13.8% 14.6% 16.8% 15.7% -8.9% -22.3% -22.3% 2.3 0.8 1.2

KBWB Large Banks 11.5% 15.2% 16.7% 17.9% 21.1% 19.3% -11.2% -29.1% -29.1% 2.4 0.6 0.9

KRE Regional Banks 14.6% 18.0% 20.1% 20.5% 22.2% 20.1% -12.6% -28.0% -28.0% 1.9 0.6 0.9

KCE Capital Markets 12.0% 12.3% 12.7% 14.7% 20.6% 19.6% -6.3% -36.4% -36.4% 2.3 0.2 0.7

KIE Insurance 9.6% 9.4% 9.6% 10.3% 13.7% 13.2% -5.0% -15.2% -15.2% 2.8 1.2 1.5

XLV Healthcare 8.8% 8.6% 8.1% 11.0% 15.4% 14.2% -12.4% -17.1% -17.1% 0.7 0.7 1.2

IBB Biotech & Pharma 15.0% 18.3% 16.6% 21.5% 26.6% 25.0% -17.7% -39.2% -39.2% 0.5 0.3 0.8

BBH Large Biotech 14.0% 16.5% 14.8% 19.3% 24.6% 23.9% -16.3% -33.8% -33.8% 0.7 0.4 0.9

IHI HC Eq. & Supplies 11.9% 9.9% 9.3% 12.5% 15.1% 14.2% -11.6% -14.2% -14.2% 1.2 1.2 1.6

IHF HC Providers & Serv 12.2% 11.5% 10.9% 13.1% 17.2% 15.7% -11.4% -26.3% -26.3% 1.0 0.7 1.2

PPH Large Pharma 11.0% 11.1% 10.6% 14.1% 16.3% 14.6% -17.8% -29.9% -29.9% (0.3) 0.0 0.7

XLI Industrials 6.6% 8.6% 9.3% 10.4% 14.3% 13.8% -4.0% -15.7% -15.7% 1.9 0.8 1.2

ITA Aerospace & Def 8.2% 10.0% 10.5% 11.9% 14.5% 14.4% -5.0% -17.2% -17.2% 2.4 1.3 1.6

IYT Transportation 15.0% 13.7% 14.0% 14.0% 17.5% 16.7% -8.3% -27.3% -27.3% 1.3 0.3 0.8

XLB Materials 9.8% 11.1% 10.9% 11.6% 16.8% 15.8% -5.9% -26.9% -26.9% 1.2 0.4 0.7

XME Metals & Mining 20.9% 22.4% 24.7% 28.4% 34.0% 30.3% -19.3% -71.8% -73.3% 0.3 (0.2) (0.1)

VNQ Real Estate 13.0% 10.5% 10.6% 13.9% 15.3% 14.4% -15.2% -17.2% -18.0% (0.3) 0.6 0.6

VGT Technology 10.7% 13.4% 11.0% 11.3% 15.7% 14.8% -5.2% -16.4% -16.4% 2.6 1.0 1.2

IGN Comm. Equipment 13.5% 16.6% 14.4% 14.2% 17.7% 17.6% -8.3% -24.9% -24.9% 1.8 0.7 0.8

FDN Int. Software & Serv. 14.0% 15.6% 12.8% 12.8% 18.0% 18.0% -6.5% -25.8% -25.8% 2.1 1.0 1.3

SMH Semiconductors 14.6% 18.5% 15.7% 16.7% 20.6% 19.1% -9.1% -23.7% -23.7% 2.2 1.1 1.2

IGV Software 14.3% 15.8% 13.0% 13.4% 17.4% 16.6% -5.4% -21.5% -21.5% 2.2 1.1 1.2

VOX Telecom 14.9% 13.9% 13.1% 14.2% 14.7% 13.8% -12.8% -13.3% -13.3% (0.3) 0.4 0.7

XLU Utilities 8.2% 8.1% 9.6% 13.8% 15.1% 14.0% -11.0% -15.7% -15.7% 0.4 0.8 0.8

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.


21 August 2017

US ETF Compass

International Equity Allocator heatmaps

Figure 5: International Equity Performance and Net ETF Cash Flow Trends


EFA Intl DM 2.65% 6.62% 14.07% 18.42% 2.94% 9.13% 1.1% 10.8% 19.5% 24.6% 19.4% 30.1%

EWC Canada 4.26% 7.12% 3.50% 12.56% -2.67% 3.38% 0.4% -3.0% -16.2% 2.4% -2.2% -7.0%

EIS Israel -1.60% 3.98% 11.70% 10.35% 3.06% 9.84%

VGK Europe 2.83% 7.32% 17.13% 20.98% 2.84% 9.80% 3.3% 23.7% 37.7% 27.8% 7.7% 42.2%

EDEN Denmark 5.07% 12.11% 23.78% 16.59% 10.09% 20.18%

NORW Norway 11.12% 14.09% 9.60% 26.17% -4.99% 2.53%

EWD Sweden 0.68% 5.48% 14.51% 24.62% 3.58% 8.30%

EWL Switzerland 0.47% 5.92% 14.57% 16.61% 4.13% 10.69% 4.9% 9.2% 13.5% 3.7% 8.7% 16.8%

EWU UK 2.37% 5.39% 10.92% 13.36% -1.98% 5.00% 5.9% -2.6% 3.2% 25.2% -5.5% 19.4%

EZU Eurozone 3.24% 7.77% 19.66% 25.81% 4.03% 11.62% 0.0% 12.5% 28.1% 9.1% 15.7% 50.4%

EWO Austria 7.58% 18.41% 32.93% 53.53% 10.59% 12.63%

EWK Belgium 6.13% 8.83% 18.79% 17.58% 9.66% 15.56%

EFNL Finland 1.56% 8.64% 22.93% 23.32% 7.03% 16.42%

EWQ France 2.36% 6.88% 19.75% 25.50% 5.25% 11.43%

EWG Germany 1.45% 5.49% 13.81% 22.10% 3.84% 10.88% -1.4% 6.4% 18.2% 11.4% 13.2% 14.0%

EIRL Ireland 0.90% 5.05% 14.86% 19.36% 10.07% 18.94%

EWI Italy 7.05% 14.56% 27.64% 36.65% -0.36% 9.92% 11.6% 9.2% -3.8% -1.5% -18.4% 40.7%

EWN Netherlands 6.26% 10.82% 25.78% 30.89% 10.65% 14.17%

PGAL Portugal 4.54% 13.19% 27.55% 22.22% -5.16%

EWP Spain 3.93% 7.94% 25.38% 34.59% -2.04% 12.51% -1.3% 13.0% 74.6% 81.0% -5.7% 60.0%

EWJ Japan 2.07% 6.27% 8.98% 15.59% 6.04% 10.38% -2.9% 0.0% -5.4% 0.6% 2.4% 33.3%

EPP Pacific ex JP 4.41% 5.39% 11.91% 15.78% 1.39% 5.99% -0.3% -0.1% 2.8% 4.6% -2.1% -4.5%

EWA Australia 4.70% 3.29% 9.22% 14.02% -0.42% 4.58% -1.1% -8.1% -14.0% -8.0% 0.8% -6.1%

EWH Hong Kong 3.63% 7.83% 17.42% 19.42% 6.15% 10.88% 0.0% 2.1% 1.6% 1.5% -5.6% -2.1%

ENZL New Zealand 2.98% 13.97% 11.64% 7.92% 10.41% 14.57%

EWS Singapore 5.21% 9.33% 15.40% 18.79% -0.57% 2.60% -2.1% 7.9% -2.9% -6.3% -9.6% -13.8%

EEM EM 5.82% 9.85% 17.85% 22.94% 2.03% 4.28% 1.7% 6.7% 15.6% 27.4% 9.1% 7.7%

ILF Latin America 8.92% 6.21% 10.07% 21.08% -3.54% -2.39% -0.3% -2.2% 0.4% 26.9% 3.9% -0.1%

EWZ Brazil 10.72% 2.55% 3.39% 16.13% -5.80% -3.85% -1.3% 4.5% 21.3% 36.9% 13.1% -0.5%

ECH Chile 9.10% 7.61% 18.85% 20.23% 3.35% -4.21% 6.7% -4.2% 11.6% 26.2% 10.9% 1.3%

GXG Colombia 3.00% 6.18% 5.17% 15.14% -19.41% -11.42%

EWW Mexico 4.38% 9.97% 27.03% 15.10% -4.45% -0.30% 3.2% -0.5% -41.5% 16.8% -13.5% 8.8%

EPU Peru 4.96% 8.51% 3.31% 5.74% 1.13% -0.72% -1.0% -24.7% -30.3% -27.2% -9.2% -7.7%

EEMA EM Asia 5.23% 11.77% 21.48% 27.13% 5.64% 8.22% 1.7% 5.8% 10.4% 3.7% 5.1% 10.0%

FXI China H 7.13% 10.90% 16.46% 23.04% 4.10% 6.96% 1.2% 4.4% 2.0% -4.9% 0.9% 2.9%

ASHR China A 3.48% 13.66% 13.07% 16.97% 14.49% 13.6% 43.3% 51.2% 49.6% 23.8% 110.7%

INDA India 7.04% 7.52% 21.62% 17.05% 5.89% 10.08% 1.3% 4.9% 14.9% 12.7% 20.9% 36.5%

EIDO Indonesia -1.25% 3.30% 11.43% 4.81% 0.34% -0.62% 2.5% -6.4% -4.8% -29.5% -6.0% 2.5%

EWM Malaysia -0.06% 1.10% 9.68% 1.94% -8.84% -2.54% 1.7% 15.3% 59.1% 39.6% -2.5% -6.8%

EPHE Philippines 1.65% 1.94% 6.58% -7.52% 0.57% 4.82%

EWY South Korea 2.79% 12.24% 20.42% 26.74% 3.40% 6.05% 0.4% 9.8% 4.5% -9.5% -4.0% 6.0%

EWT Taiwan 2.35% 8.41% 16.12% 24.64% 7.74% 10.96% 0.0% 1.7% 10.5% 17.0% 3.3% 6.6%

THD Thailand 1.46% 3.83% 6.36% 9.40% 3.26% 5.44% -5.0% -13.6% -7.3% -16.9% -10.9% -10.8%

GUR EM Europe 3.24% 2.48% 7.75% 22.44% -3.50% -1.11% -5.2% -9.9% -16.5% 8.5% 11.9% 11.6%

GREK Greece 0.69% 18.79% 34.48% 38.23% -20.43% -0.39%

EPOL Poland 6.38% 9.08% 28.37% 50.39% 0.19% 4.94%

RSX Russia 4.38% -4.17% -6.41% 12.81% -2.98% -2.68% -6.2% -14.7% -21.2% 6.3% 17.8% 9.9%

TUR Turkey 6.79% 14.28% 35.23% 20.27% -6.01% -1.78% -1.0% -7.4% -24.4% -5.2% 0.3% 1.2%

Middle East

QAT Qatar 7.64% -4.13% -5.56% -5.66% -7.26%

UAE UAE 5.92% 7.27% 7.02% 6.02% -5.90%

AFK Africa 6.62% 8.89% 8.38% 13.48% -9.34% -1.09% -1.1% -2.1% -0.7% 8.0% -2.5% 1.5%

EGPT Egypt -3.16% -2.53% 1.93% -30.95% -26.00% -8.86%

EZA South Africa 6.05% 3.71% 10.55% 6.12% -1.70% 1.41% -1.5% -4.0% -3.0% 1.8% -4.2% -0.4%

FM Frontier Market 2.45% 2.92% 7.06% 17.89% -3.84% -2.3% 3.5% 12.8% 23.7% 0.5% 27.6%

ARGT Argentina 1.40% 3.56% 15.65% 31.96% 10.74% 13.99%

NGE Nigeria 9.73% 28.22% 23.38% 17.44% -28.43%

PAK Pakistan -3.13% -9.55% -8.53% 5.48%

VNM Vietnam -1.00% 5.27% 9.00% -0.30% -8.27% -0.71% 0.0% -0.7% 1.6% -11.0% -5.4% 7.6%

BKF BRIC 8.33% 10.56% 19.09% 28.69% 3.16% 4.86% -1.1% -22.0% 19.6% -17.7% -18.4% -25.2%




21 August 2017

US ETF Compass

Figure 6: International Equity Risk and Risk-adjusted Performance Measure

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

EFA Intl DM 5.5% 8.1% 8.4% 9.5% 15.6% 14.7% -6.1% -23.0% -23.1% 1.9 0.2 0.6

EWC Canada 8.9% 11.8% 11.7% 12.5% 17.6% 15.6% -7.3% -41.4% -41.4% 1.0 (0.2) 0.2

EIS Israel 11.4% 11.0% 10.7% 11.2% 13.8% 14.4% -10.6% -20.9% -20.9% 0.9 0.2 0.7

VGK Europe 6.3% 10.0% 10.3% 11.1% 17.4% 16.3% -8.3% -23.2% -24.9% 1.9 0.2 0.6

EDEN Denmark 10.4% 12.5% 12.3% 13.1% 16.8% 16.5% -15.9% -18.3% -18.3% 1.3 0.6 1.2

NORW Norway 12.7% 15.1% 15.0% 15.7% 24.2% 21.8% -8.2% -47.7% -50.9% 1.7 (0.2) 0.1

EWD Sweden 12.1% 12.3% 12.9% 13.2% 19.2% 18.7% -8.5% -23.4% -25.6% 1.9 0.2 0.4

EWL Switzerland 7.5% 10.2% 9.2% 10.3% 14.2% 13.5% -9.7% -21.4% -21.4% 1.6 0.3 0.8

EWU UK 7.7% 8.9% 8.8% 10.4% 18.3% 16.2% -9.2% -26.9% -29.3% 1.3 (0.1) 0.3

EZU Eurozone 6.4% 11.7% 12.9% 12.8% 19.1% 18.3% -7.9% -23.0% -27.1% 2.0 0.2 0.6

EWO Austria 8.7% 13.7% 14.0% 13.9% 19.0% 18.6% -4.1% -23.8% -32.6% 3.9 0.6 0.7

EWK Belgium 9.2% 12.5% 12.3% 12.0% 15.8% 15.6% -11.4% -13.5% -15.0% 1.5 0.6 1.0

EFNL Finland 10.8% 13.5% 12.9% 13.7% 18.4% 19.1% -10.9% -16.7% -19.2% 1.7 0.4 0.9

EWQ France 6.6% 12.3% 14.1% 13.3% 19.1% 18.5% -6.1% -20.7% -25.8% 1.9 0.3 0.6

EWG Germany 8.5% 11.5% 12.1% 12.6% 18.8% 17.9% -7.9% -24.0% -26.6% 1.8 0.2 0.6

EIRL Ireland 9.9% 11.1% 11.3% 12.1% 17.8% 17.5% -8.9% -19.5% -22.7% 1.6 0.6 1.1

EWI Italy 6.9% 14.7% 17.3% 18.3% 25.1% 24.7% -11.0% -35.5% -41.5% 2.0 (0.0) 0.4

EWN Netherlands 6.3% 9.9% 11.0% 11.6% 17.3% 16.5% -8.7% -19.6% -19.6% 2.7 0.6 0.9

PGAL Portugal 11.4% 15.4% 14.0% 15.1% 23.3% -12.7% -39.3% 1.5 (0.2)

EWP Spain 6.7% 14.6% 16.0% 15.8% 23.0% 23.2% -10.5% -39.6% -42.5% 2.2 (0.1) 0.5

EWJ Japan 6.2% 7.5% 7.7% 10.1% 16.5% 17.0% -4.0% -21.6% -21.6% 1.5 0.4 0.6

EPP Pacific ex JP 9.8% 10.5% 10.6% 11.8% 17.6% 16.4% -5.6% -30.4% -30.4% 1.3 0.1 0.4

EWA Australia 13.1% 14.4% 13.5% 14.3% 20.7% 19.0% -8.6% -35.4% -35.4% 1.0 (0.0) 0.2

EWH Hong Kong 6.9% 8.4% 8.8% 11.3% 17.4% 16.4% -12.3% -29.5% -29.5% 1.7 0.4 0.7

ENZL New Zealand 11.2% 10.7% 11.2% 13.9% 15.9% 15.6% -17.5% -22.9% -23.2% 0.6 0.7 0.9

EWS Singapore 12.7% 10.2% 10.0% 12.7% 16.0% 15.1% -9.0% -32.2% -32.5% 1.5 (0.0) 0.2

EEM EM 11.2% 12.5% 12.5% 15.5% 19.5% 18.5% -10.2% -36.1% -36.1% 1.5 0.1 0.2

ILF Latin America 12.6% 28.8% 25.9% 26.2% 28.9% 25.3% -15.4% -56.1% -56.8% 0.8 (0.1) (0.1)

EWZ Brazil 15.4% 41.8% 35.9% 33.6% 37.5% 32.0% -19.0% -66.5% -67.0% 0.5 (0.2) (0.1)

ECH Chile 10.9% 13.0% 13.7% 16.0% 18.4% 18.6% -10.1% -32.2% -54.3% 1.3 0.2 (0.2)

GXG Colombia 10.0% 15.4% 15.1% 19.4% 26.0% 22.2% -18.4% -66.9% -68.3% 0.8 (0.7) (0.5)

EWW Mexico 13.7% 16.8% 17.5% 23.4% 22.0% 20.6% -22.1% -40.1% -41.6% 0.6 (0.2) (0.0)

EPU Peru 7.6% 11.7% 12.9% 15.5% 20.7% 19.2% -11.3% -50.1% -60.6% 0.4 0.1 (0.0)

EEMA EM Asia 11.3% 11.8% 11.0% 14.2% 18.4% 17.5% -10.5% -31.5% -31.5% 1.9 0.3 0.5

FXI China H 13.5% 13.1% 12.9% 15.2% 24.0% 22.6% -11.2% -44.6% -44.6% 1.5 0.2 0.3

ASHR China A 12.8% 12.7% 12.3% 13.9% 36.7% -9.8% -50.2% 1.2 0.4

INDA India 11.4% 12.1% 13.0% 15.6% 19.5% 21.5% -15.5% -28.7% -29.6% 1.1 0.3 0.5

EIDO Indonesia 13.5% 17.1% 14.5% 19.1% 24.7% 26.6% -16.1% -42.4% -52.1% 0.3 0.0 (0.0)

EWM Malaysia 6.6% 8.8% 8.3% 13.5% 19.7% 18.0% -16.2% -40.2% -40.2% 0.1 (0.4) (0.1)

EPHE Philippines 15.1% 15.4% 14.0% 18.8% 19.9% 21.3% -23.9% -31.1% -31.8% (0.4) 0.0 0.2

EWY South Korea 14.5% 15.1% 14.8% 17.4% 18.9% 18.4% -12.0% -32.3% -32.8% 1.5 0.2 0.3

EWT Taiwan 11.0% 11.5% 11.9% 15.3% 19.1% 17.7% -7.4% -31.3% -31.3% 1.6 0.4 0.6

THD Thailand 8.7% 7.9% 8.9% 14.6% 18.8% 21.3% -12.2% -33.5% -38.0% 0.6 0.2 0.3

GUR EM Europe 10.6% 14.3% 15.8% 16.0% 24.5% 23.0% -6.7% -46.7% -52.3% 1.4 (0.1) (0.0)

GREK Greece 20.4% 23.9% 23.0% 24.6% 46.3% 43.7% -10.3% -72.9% -77.4% 1.6 (0.4) (0.0)

EPOL Poland 15.4% 18.4% 19.1% 20.0% 23.2% 23.2% -13.6% -44.1% -47.0% 2.5 0.0 0.2

RSX Russia 15.9% 20.0% 20.6% 21.2% 35.3% 31.4% -17.7% -48.3% -56.5% 0.6 (0.1) (0.1)

TUR Turkey 17.1% 19.8% 22.0% 25.9% 30.2% 30.0% -25.6% -46.8% -57.9% 0.8 (0.2) (0.1)

Middle East

QAT Qatar 17.9% 26.1% 22.6% 20.6% 21.7% -20.3% -39.1% (0.3) (0.3)

UAE UAE 11.9% 16.1% 15.1% 16.6% 24.3% -14.0% -44.3% 0.4 (0.2)

AFK Africa 15.0% 14.5% 15.4% 19.0% 20.4% 18.2% -12.5% -53.3% -54.0% 0.7 (0.5) (0.1)

EGPT Egypt 13.8% 17.6% 17.4% 31.4% 29.5% 28.2% -40.1% -65.3% -65.3% (1.0) (0.9) (0.3)

EZA South Africa 22.8% 23.4% 23.9% 28.8% 31.4% 28.5% -19.7% -45.0% -45.0% 0.2 (0.1) 0.0

FM Frontier Market 8.6% 8.9% 9.5% 10.7% 14.1% -4.5% -36.3% 1.7 (0.3)

ARGT Argentina 12.8% 18.7% 16.7% 16.8% 22.1% 22.6% -9.3% -31.1% -34.0% 1.9 0.5 0.6

NGE Nigeria 23.9% 36.7% 28.9% 27.0% 31.2% -22.6% -74.6% 0.6 (0.9)

PAK Pakistan 31.1% 26.1% 20.8% 17.9% -18.9% 0.3

VNM Vietnam 15.8% 12.8% 12.4% 15.4% 20.6% 22.8% -16.2% -42.9% -42.9% (0.0) (0.4) (0.0)

BKF BRIC 11.5% 14.1% 13.7% 15.5% 21.3% 19.9% -11.0% -39.4% -39.4% 1.9 0.1 0.2

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.


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Cross Asset Correlations

Figure 7: 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 0.86 -0.18 -0.29 0.01 -0.19 -0.15 0.03 0.67 0.09 0.59 0.47 0.88 -0.02 0.23 0.56 0.54 0.47 0.41 0.38 0.27 0.41 -0.09 0.06 -0.32 -0.09

US Total Market VTI 0.95 0.83 0.73 -0.24 -0.35 -0.06 -0.25 -0.21 -0.02 0.66 0.08 0.58 0.43 0.89 -0.15 0.08 0.45 0.39 0.40 0.31 0.30 0.21 0.36 -0.19 0.18 -0.39 -0.20

Intl DM EFA 0.95 0.83 0.81 -0.15 -0.25 0.02 -0.13 -0.14 0.04 0.60 0.08 0.54 0.46 0.79 0.06 0.30 0.54 0.55 0.44 0.40 0.37 0.26 0.40 -0.05 -0.05 -0.28 0.02

EM EEM 0.86 0.73 0.81 0.01 -0.10 0.19 -0.03 0.05 0.17 0.63 0.11 0.52 0.42 0.73 0.16 0.42 0.69 0.75 0.56 0.47 0.39 0.32 0.45 0.13 -0.04 -0.11 -0.01

US Agg Bond IG AGG -0.18 -0.24 -0.15 0.01 0.96 0.84 0.80 0.89 0.90 0.01 -0.08 -0.08 0.22 -0.15 0.67 0.57 0.37 0.31 0.16 -0.13 -0.18 -0.08 -0.11 0.52 -0.31 0.58 0.23

US Treasury GOVT -0.29 -0.35 -0.25 -0.10 0.96 0.80 0.80 0.86 0.83 -0.13 -0.11 -0.22 0.14 -0.26 0.65 0.52 0.28 0.23 0.08 -0.21 -0.27 -0.12 -0.17 0.52 -0.31 0.58 0.24

US Inflation TIP 0.01 -0.06 0.02 0.19 0.84 0.80 0.65 0.78 0.81 0.14 -0.04 0.05 0.24 0.00 0.64 0.63 0.44 0.44 0.25 0.09 0.03 0.00 0.11 0.50 -0.32 0.48 0.24

Municipal MUB -0.19 -0.25 -0.13 -0.03 0.80 0.80 0.65 0.74 0.70 -0.08 -0.12 -0.19 0.17 -0.16 0.53 0.48 0.29 0.27 0.02 -0.17 -0.23 -0.06 -0.13 0.45 -0.23 0.52 0.16

MBS MBB -0.15 -0.21 -0.14 0.05 0.89 0.86 0.78 0.74 0.76 -0.02 -0.14 -0.11 0.21 -0.13 0.60 0.55 0.32 0.31 0.15 -0.10 -0.14 -0.11 -0.10 0.48 -0.28 0.54 0.19

IG Corporates LQD 0.03 -0.02 0.04 0.17 0.90 0.83 0.81 0.70 0.76 0.26 -0.05 0.17 0.39 0.08 0.58 0.57 0.52 0.41 0.29 0.00 -0.04 -0.01 -0.05 0.43 -0.23 0.46 0.15

HY Corporates HYG 0.67 0.66 0.60 0.63 0.01 -0.13 0.14 -0.08 -0.02 0.26 0.10 0.77 0.54 0.71 0.03 0.24 0.71 0.57 0.59 0.50 0.49 0.21 0.32 0.05 0.07 -0.14 -0.10

Floater FLOT 0.09 0.08 0.08 0.11 -0.08 -0.11 -0.04 -0.12 -0.14 -0.05 0.10 0.15 -0.09 0.03 0.06 0.07 0.01 0.11 0.17 0.14 0.12 0.16 0.07 0.05 -0.10 0.02 0.08

Senior Loans BKLN 0.59 0.58 0.54 0.52 -0.08 -0.22 0.05 -0.19 -0.11 0.17 0.77 0.15 0.45 0.61 -0.04 0.14 0.49 0.42 0.48 0.45 0.43 0.21 0.31 -0.01 0.11 -0.20 -0.13

Preferred PFF 0.47 0.43 0.46 0.42 0.22 0.14 0.24 0.17 0.21 0.39 0.54 -0.09 0.45 0.53 0.12 0.29 0.55 0.39 0.41 0.21 0.19 0.19 0.20 0.04 0.04 -0.04 -0.08

Convertible CWB 0.88 0.89 0.79 0.73 -0.15 -0.26 0.00 -0.16 -0.13 0.08 0.71 0.03 0.61 0.53 -0.10 0.13 0.54 0.43 0.45 0.31 0.31 0.15 0.33 -0.16 0.17 -0.31 -0.18

Intl DM Debt BWX -0.02 -0.15 0.06 0.16 0.67 0.65 0.64 0.53 0.60 0.58 0.03 0.06 -0.04 0.12 -0.10 0.85 0.34 0.54 0.19 0.16 0.06 0.14 0.15 0.65 -0.85 0.74 0.77

Intl Inflation WIP 0.23 0.08 0.30 0.42 0.57 0.52 0.63 0.48 0.55 0.57 0.24 0.07 0.14 0.29 0.13 0.85 0.53 0.73 0.34 0.31 0.21 0.19 0.23 0.59 -0.72 0.53 0.63

EM Gov Debt USD EMB 0.56 0.45 0.54 0.69 0.37 0.28 0.44 0.29 0.32 0.52 0.71 0.01 0.49 0.55 0.54 0.34 0.53 0.77 0.72 0.36 0.32 0.20 0.17 0.29 -0.09 0.14 0.02

EM Gov Debt Local EMLC 0.54 0.39 0.55 0.75 0.31 0.23 0.44 0.27 0.31 0.41 0.57 0.11 0.42 0.39 0.43 0.54 0.73 0.77 0.59 0.44 0.34 0.32 0.31 0.43 -0.38 0.26 0.32

EM Corp USD EMCB 0.47 0.40 0.44 0.56 0.16 0.08 0.25 0.02 0.15 0.29 0.59 0.17 0.48 0.41 0.45 0.19 0.34 0.72 0.59 0.38 0.37 0.19 0.14 0.07 -0.01 0.03 -0.04

Commodities DBC 0.41 0.31 0.40 0.47 -0.13 -0.21 0.09 -0.17 -0.10 0.00 0.50 0.14 0.45 0.21 0.31 0.16 0.31 0.36 0.44 0.38 0.94 0.48 0.49 0.16 -0.21 -0.01 0.15

Energy Cmdty DBE 0.38 0.30 0.37 0.39 -0.18 -0.27 0.03 -0.23 -0.14 -0.04 0.49 0.12 0.43 0.19 0.31 0.06 0.21 0.32 0.34 0.37 0.94 0.28 0.35 0.00 -0.11 -0.09 0.07

Agriculture DBA 0.27 0.21 0.26 0.32 -0.08 -0.12 0.00 -0.06 -0.11 -0.01 0.21 0.16 0.21 0.19 0.15 0.14 0.19 0.20 0.32 0.19 0.48 0.28 0.29 0.11 -0.24 0.02 0.23

Industrial Metals DBB 0.41 0.36 0.40 0.45 -0.11 -0.17 0.11 -0.13 -0.10 -0.05 0.32 0.07 0.31 0.20 0.33 0.15 0.23 0.17 0.31 0.14 0.49 0.35 0.29 0.12 -0.21 -0.08 0.19

Precious Metals DBP -0.09 -0.19 -0.05 0.13 0.52 0.52 0.50 0.45 0.48 0.43 0.05 0.05 -0.01 0.04 -0.16 0.65 0.59 0.29 0.43 0.07 0.16 0.00 0.11 0.12 -0.50 0.62 0.39

Bull USD UUP 0.06 0.18 -0.05 -0.04 -0.31 -0.31 -0.32 -0.23 -0.28 -0.23 0.07 -0.10 0.11 0.04 0.17 -0.85 -0.72 -0.09 -0.38 -0.01 -0.21 -0.11 -0.24 -0.21 -0.50 -0.58 -0.97

JPYUSD FXY -0.32 -0.39 -0.28 -0.11 0.58 0.58 0.48 0.52 0.54 0.46 -0.14 0.02 -0.20 -0.04 -0.31 0.74 0.53 0.14 0.26 0.03 -0.01 -0.09 0.02 -0.08 0.62 -0.58 0.45

EURUSD FXE -0.09 -0.20 0.02 -0.01 0.23 0.24 0.24 0.16 0.19 0.15 -0.10 0.08 -0.13 -0.08 -0.18 0.77 0.63 0.02 0.32 -0.04 0.15 0.07 0.23 0.19 0.39 -0.97 0.45

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

Figure 8: 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 Apr-17

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).

21

Au

gu

st 201

7

US

ETF C

om

pass

21 August 2017

US ETF Compass

12-Month Relative Performance Monitor1

Figure 9: Selected relative performance pairs

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

US Equity Sectors

Healthcare/Energy

Technology/Industrials

Financials/Real Estate

Financials/Utilities

0.90

0.95

1.00

1.05

1.10

1.15

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

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

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

Intl DM Equities

Eurozone/Europe

Japan/Pacific ex JP

0.80

0.85

0.90

0.95

1.00

1.05

1.10

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

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

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

EM Equities

EM Asia/Latin America

China H/China A

0.70

0.80

0.90

1.00

1.10

1.20

1.30

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

Cross Asset Class

Global Equities/Fixed Income (Broad)

Global Equities/Commodities

0.90

0.95

1.00

1.05

1.10

1.15

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

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

1.30

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

Precious Metals

Gold/Silver

Gold/Platinum

Gold/Palladium 0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

1.30

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

Ap

r-1

7

May-1

7

Ju

n-1

7

Ju

l-1

7

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


21 August 2017

US ETF Compass

House View Portfolio: Monthly Brief

Our House View Portfolio (HVP) was up by 2.14% last month, underperforming itsbenchmark (2.32%), and Global Equities (ACWI) which was up by 2.73% duringthe same period.

Figure 10: House View Portfolio

Target Actual Direction Type

DIA 0.05% 20% 20.2% Long Core Equity Mega Cap

QQQ 0.14% 10% 9.9% Long Core Equity Mega Cap Tech Tilt

XLF 0.35% 5% 5.1% Long Satellite Equity US Financials

VGK 0.48% 25% 24.8% Long Core Equity Europe

EEMA 0.13% 10% 10.5% Long Satellite Equity EM Asia

SJNK 0.15% 15% 14.9% Long Core Credit Short High Yield

TIP 0.20% 5% 4.9% Long Satellite Inflation US TIPs

UUP 0.80% 10% 9.6% 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 05-May-17

Figure 11: Portfolio performance vs. Global Equities andBenchmark since inception (10/01/2012)

90

100

110

120

130

140

150

160

170

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 12: Monthly performance of portfolio andbenchmark positions

-4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6%

Fixed Income (BND)

Comdty (DBC)

Equity (ACWI)

FX Long USD (UUP)

Short HY Credit (QQQ)

Eq. US Financials (XLF)

Eq. US Mega Cap (DIA)

Eq. US Mega Cap Tech (IBB)

Eq. Europe (VGK)

Eq. EM Asia (EEMA)

Inflation (TIP)

Performance

Ho

use V

iew

Po

rt.

Bnchm

k

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

Figure 13: 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.


21 August 2017

US ETF Compass

Business IntelligenceNew Listings

There were twenty new ETFs listed during the previous month; ten were listed inthe BATS; five in the NYSE Arca; while the remaining five products were listed inthe Nasdaq. The new funds offer exposure to Global Markets, EM, Intl Markets,US mid- and small-cap companies, US small-cap focused on quality, EM ex-China, US low volatility stocks, US large-cap focused on momentum and value,3x leveraged exposure to the Eurozone, US large-cap stocks correlated with ratesrises, thematic exposure to US sport sponsor companies, new technologies andmedia; short and broad maturity US corporate bonds issued by ESG-companies;multi-factor selected IG and HY US debt; US corporate bonds, actively managedexposure to preferred securities; and 3x direct & inverse leveraged exposure toWTI oil futures.

Figure 14: Products listed during last month

Ticker NameAsset Class &

StructureListing Date TER

AUM

$MM

SMMD iShares Russell 2500 ETF Equity ETF 7-Jul-17 0.15% 4

PREF Principal Spectrum Preferred Securities Active ETF Fixed Income ETF 11-Jul-17 0.55% 25

FANZ ProSports Sponsors ETF Equity ETF 11-Jul-17 0.69% 2

IBD Inspire Corporate Bond Impact ETF Fixed Income ETF 11-Jul-17 0.61% 15

EUXL Direxion Daily Euro Stoxx 50 Bull 3x Shares Equity ETF 12-Jul-17 0.95% 4

FNG AdvisorShares New Tech and Media ETF Equity ETF 12-Jul-17 0.85% 19

REEM Oppenheimer Emerging Markets Revenue ETF Equity ETF 13-Jul-17 0.46% 13

RGLB Oppenheimer Global Revenue ETF Equity ETF 13-Jul-17 0.43% 13

REFA Oppenheimer International Revenue ETF Equity ETF 13-Jul-17 0.42% 13

SPMV PowerShares S&P 500 Minimum Variance Portfolio Equity ETF 13-Jul-17 0.13% 3

USEQ PowerShares Russell 1000 Enhanced Equal Weight Portfolio Equity ETF 13-Jul-17 0.29% 47

SQLV Legg Mason Small-Cap Quality Value ETF Equity ETF 13-Jul-17 0.60% 2

SUSB iShares ESG 1-5 Year USD Corporate Bond ETF Fixed Income ETF 13-Jul-17 0.12% 10

SUSC iShares ESG USD Corporate Bond ETF Fixed Income ETF 13-Jul-17 0.18% 10

HYDB iShares Edge High Yield Defensive Bond ETF Fixed Income ETF 13-Jul-17 0.35% 10

IGEB iShares Edge Investment Grade Enhanced Bond ETF Fixed Income ETF 13-Jul-17 0.18% 10

EMXC iShares MSCI Emerging Markets ex China ETF Equity ETF 20-Jul-17 0.49% 10

USOU United States 3x Oil Fund Commodity ETF 20-Jul-17 1.84% 3

USOD United States 3x Short Oil Fund Commodity ETF 20-Jul-17 2.19% 2

EQRR Proshares Equities For Rising Rates ETF Equity ETF 25-Jul-17 0.35% 15

Source: Deutsche Bank, Bloomberg Finance LP.

Equity■ BlackRock listed six new ETFs during July, two of them equity ETFs. The

first one (SMMD) offers exposure to US mid- and small-cap companies,tracking the Russell 2500 Index. SMMD comes with an annual expenseratio of 0.15%. Meanwhile, the second fund (EMXC) offers exposure toEmerging Markets excluding China. EMXC tracks the MSCI EmergingMarkets ex China Index and comes with an annual expense ratio of 0.49%.

■ OppenheimerFunds listed three new ETFs last month. The funds offerexposure to companies in Emerging Markets (REEM), Global Markets(RGLB) and International Markets (REFA), weighted by revenue. REEMtracks the OFI Revenue Weighted Emerging Markets Index and comeswith an annual expense ratio of 0.46%; RGLB tracks the OFI RevenueWeighted Global Index and comes with an expense fee of 0.43%;


21 August 2017

US ETF Compass

meanwhile, REFA tracks the OFI Revenue Weighted International Indexand comes with an expense ratio of 0.42%.

■ PowerShares listed two new ETFs during last month. The first one (SPMV)offers exposure to US large-cap companies selected and weighted basedon low volatility. SPMV tracks the S&P 500 Minimum Volatility Index andcomes with an annual expense ratio of 0.13%. The second one (USEQ)offers equally-weighted exposure to US large-cap companies focused onvalue and momentum factors. USEQ tracks the Russell 1000 EnhancedValue Equal Weight Index and comes with an annual expense ratio of0.29%.

■ Exchange Traded Concepts listed one new ETF (FANZ) which offersequally-weighted exposure to a thematic portfolio of Global companiesthat sponsor or have broadcasting rights of US Pro Sports Leagues,including: Football, Baseball, Hockey, and Basketball. FANZ tracks theProSports Sponsor Index and comes with an annual expense ratio of0.69%.

■ DirexionShares listed one new ETF (EUXL) offering 3x leveraged exposureto the EURO STOXX 50 Index; which tracks Eurozone-focused stocks.EUXL comes with an annual expense ratio of 0.95%.

■ AdvisorShares Trust listed one new ETF (FNG) offering actively managedexposure to a portfolio of US companies which are related with media,social media, new and innovative technologies. FNG comes with annualexpense ratio of 0.85%.

■ Legg Mason GAM listed one new ETF (SQLV) which offers exposure to USsmall-cap companies based on value and quality factors. SQLV tracks thefundamentally-weighted Royce Small-Cap Quality Value Index and comeswith an annual expense ratio of 0.60%.

■ ProShares listed one new ETF (EQRR) offering exposure to US large-capequity stocks that had a strong trend to outperform during periods of ratesrise. EQRR tracks the Nasdaq U.S. Large Cap Equities For Rising RatesIndex, which is composed by five sectors with the highest correlation to10 Year Treasury rate over the last three years; each sector include tenequally-weighted stocks. The fund comes with an annual expense ratioof 0.35%.

Fixed Income■ BlackRock listed four new fixed income ETFs during July. Two of them

offer exposure to US investment grade corporate bonds issued by ESG-companies with short- (SUSB) and broad-(SUSC) maturity, respectively.SUSB tracks the Bloomberg Barclays MSCI US Corporate 1-5 YearESG Focus Index and comes with an annual expense ratio of 0.12%;meanwhile, SUSC tracks the Bloomberg Barclays MSCI US CorporateESG Focus Index and comes with an expense ratio of 0.18%. Theremaining two funds offer exposure to US high-yield (HYDB) and USinvestment-grade (IGEB) debt with broad maturity, respectively. Bothfunds track multi-factors indexes which weight and select bonds based ondefault probability, default-adjusted spreads, and volatility. HYDB tracksthe BlackRock High Yield Defensive Bond Index and comes with anannual expense ratio of 0.35%; meanwhile, IGEB tracks the BlackRock


21 August 2017

US ETF Compass

Investment Grade Enhanced Bond Index and comes with an expense ratioof 0.18%.

■ CWM Advisors listed one new ETF (IBD) offering exposure to USD-denominated investment grade corporate bonds issued by S&P 500-component companies. The equally-weighted ETF tracks the InspireCorporate Bond Impact Equal Weight Index and comes with an annualexpense ratio of 0.61%. IBD aims to invest in bonds of companies alignedwith biblical values.

■ Principal Financial Group listed one new fixed income ETF (PREF)which offers actively managed exposure to Global $1000 par preferredsecurities. PREF comes with an annual expense ratio of 0.55%.

Commodity■ United States Commodity Funds listed two new commodity ETFs, offering

3x-direct (USOU) and 3x-inverse (USOD) leveraged exposure to front-month WTI crude oil futures contracts. USOU and USOD track the FrontMonth Light Sweet Crude Oil Index and come with an annual expenseratio of 1.84% and 2.19%, respectively.

Delistings

Figure 15: Delisted products during last month

Ticker NameAsset Class &

Structure

Delisting

dateTER

AUM at

Delisting $MM

GUR SPDR S&P Emerging Europe ETF Equity ETF 25-Jul-17 0.49% 55

GAF SPDR S&P Emerging Middle East & Africa ETF Equity ETF 25-Jul-17 0.49% 25

GML SPDR S&P Emerging Latin America ETF Equity ETF 25-Jul-17 0.49% 37

IPS SPDR S&P International Consumer Staples Sector ETF Equity ETF 25-Jul-17 0.40% 39

IPU SPDR S&P International Utilities Sector ETF Equity ETF 25-Jul-17 0.40% 26

IPD SPDR S&P International Consumer Discretionary Sector ETF Equity ETF 25-Jul-17 0.40% 20

IRY SPDR S&P International Health Care Sector ETF Equity ETF 25-Jul-17 0.40% 197

IST SPDR S&P International Telecommunications Sector ETF Equity ETF 25-Jul-17 0.40% 40

IPF SPDR S&P International Financial Sector ETF Equity ETF 25-Jul-17 0.40% 9

IRV SPDR S&P International Materials Sector ETF Equity ETF 25-Jul-17 0.40% 13

IPN SPDR S&P International Industrial Sector ETF Equity ETF 25-Jul-17 0.40% 28

IPK SPDR S&P International Technology Sector ETF Equity ETF 25-Jul-17 0.40% 55

IPW SPDR S&P International Energy Sector ETF Equity ETF 25-Jul-17 0.40% 48

GMMB Columbia Intermediate Municipal Bond ETF Fixed Income ETF 24-Jul-17 0.52% 5

GMTB Columbia Core Bond ETF Fixed Income ETF 24-Jul-17 0.57% 8

RBL SPDR S&P Russia ETF Equity ETF 25-Jul-17 0.59% 26

EMDD Columbia EM Strategic Opportunities ETF Equity ETF 24-Jul-17 0.85% 6

EMCR Columbia Emerging Markets Core ETF Equity ETF 24-Jul-17 0.70% 5

SIPE SPDR Bloomberg Barclays 0-5 Year TIPS ETF Fixed Income ETF 25-Jul-17 0.15% 11

QAUS SPDR MSCI Australia StrategicFactorsSM ETF Equity ETF 25-Jul-17 0.30% 16

QESP SPDR MSCI Spain StrategicFactorsSM ETF Equity ETF 25-Jul-17 0.30% 10

HFEZ SPDR Euro Stoxx 50 Currency Hedged ETF Equity ETF 25-Jul-17 0.32% 27

HDWX SPDR S&P International Dividend Currency Hedged ETF Equity ETF 25-Jul-17 0.48% 4



21 August 2017

US ETF Compass

Trends in products launched in the last 12 months

Figure 16: Main trends among those products launched in the last 12 months

Net Cash

Flows

12M $MM

AUM

Jul '17 $MM

New Funds

last 12MAsset Class Focus

Net Cash

Flows

12M $MM

AUM

Jul '17

$MM

New

Funds

last 12M

Total (All) 7,621 7,907 220 Top 5 by Geographic Focus (Equities)

By Asset Class US - US 2,817 2,980 91

Equity 4,417 4,676 149 DM - Global (reg) 818 864 9

Fixed Income 2,629 2,645 41 Global - Global (reg) 386 407 18

Commodities 172 175 14 DM - Global ex US (reg) 177 191 11

Currency - - - EM - Global (reg) 55 58 6

Multi Asset 238 245 14 Top 5 by Category (Fixed Income)

Alternative 165 167 2 US Treasury 1,116 1,118 2

By Management Strategy Corporates 714 724 16

Beta 2,088 2,132 40 Broad 687 689 14

Beta+ 76 81 17 Municipal 64 65 6

Smart Beta 3,345 3,509 107 Preferred 43 43 2

Active 2,112 2,184 56

Source: Deutsche Bank, Bloomberg Finance LP

Figure 17: 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% 1,021

GBIL Goldman Sachs Treasury Access 0-1 Year ETF 0.14% 665 UWT VelocityShares 3x Long Crude Oil ETN 1.50% 464

CLTL PowerShares Treasury Collateral Portfolio ETF 0.08% 451

GDVD Principal Active Global Dividend Income ETF 0.58% 425

BOTZ Global X Robotics & Artificial Intelligence Thematic ETF 0.68% 256

PSC Principal US Small Cap Index ETF 0.38% 241 HYLB Deutsche X-Trackers USD High Yield Corporate Bond ETF 0.25% 190

CSML IQ Chaikin US Small Cap ETF 0.36% 149

FDRR Fidelity Dividend ETF for Rising Rates 0.29% 145

JPHF JPMorgan Diversified Alternatives ETF 0.80% 139 BLHY Virtus Newfleet Dynamic Credit ETF 0.68% 120

FLQL Franklin LibertyQ US Equity ETF 0.25% 114

FFTI FormulaFolios Tactica Income ETF 0.80% 114 LVHB Elkhorn Lunt Low Vol/High Beta Tactical ETF 0.49% 112 FLEU Barclays ETN+ FI Enhanced Europe 50 ETN Series B 0.76% 111 CCOR Cambria Core Equity ETF 1.05% 107

JPGB JPMorgan Global Bond Opportunities ETF 0.55% 106 HYLV IQ S&P High Yield Low Volatility Bond ETF 0.40% 92 VNLA Janus Henderson Short Duration Income ETF 0.35% 85

Source: Deutsche Bank, Bloomberg Finance LP. Includes ETNs

Figure 18: Top 20 Issuers by inflows to products launchedin the last 12 months

Top 20 IssuersNet Cash Flows

12M $MM

AUM

Jul '17 $MM

New Funds

last 12M

First Trust 1,282 1,336 21

Goldman Sachs 760 768 4

Principal Financial 703 753 5

PowerShares 601 603 11

JPMorgan 352 357 5

Global X Funds 335 360 6

Fidelity Investments 332 351 6

IndexIQ Advisors 240 243 2

BlackRock 226 231 13

Deutsche AM 200 203 3

Franklin Templeton 189 193 6

Virtus Investment 174 177 5

Nuveen 159 163 10

Elkhorn Inv. 132 148 12

Cambria Funds 112 111 2

ETF Securities 86 89 3

OppenheimerFunds 76 82 5

Legg Mason 74 76 6

State Street 64 70 3

WisdomTree 60 62 4



21 August 2017

US ETF Compass

Popular Product Segments: Smart Beta & CurrencyHedged

Figure 19: Summary statistics for Smart Beta Equity ETFs

Smart Beta

(Equities)

Jul '17

$MM

YTD

$MM

Jul '17

$MM

MoM

Chg %

Mkt

Shr

Jul '17

$MM

MoM

Chg %

Mkt

Shr

Jul '17

All

Mkt

Shr

YTD

New

Dividend 864 6,257 13,066 -17% 15% 160,219 2% 25% 127 19% 6

Equal (102) 3,784 33,762 -27% 39% 46,623 1% 7% 80 12% 5

ESG 45 373 282 -4% 0% 3,871 3% 1% 32 5% 5

Fundamental 612 4,581 2,503 -13% 3% 29,325 5% 5% 60 9% 7

Low Risk 918 2,835 4,878 -15% 6% 46,574 4% 7% 61 9% 7

Multi-factor 378 2,796 3,788 -6% 4% 37,394 3% 6% 166 25% 10

Single-factor (355) 415 2,474 -4% 3% 15,725 0% 2% 51 8% 2

Style 2,044 14,376 25,443 -26% 29% 296,920 2% 47% 67 10% -

Other 46 201 126 -2% 0% 997 7% 0% 14 2% 1

Total 4,449 35,619 86,374 -23% 100% 637,710 2% 100% 661 100% 45

Net Cash Flows Turnover AUM # of Funds


Figure 20: Summary statistics for Currency-Hedged Equity ETFs

Currency Hedged

(Equities)

Jul '17

$MM

YTD

$MM

Jul '17

$MM

MoM

Chg %

Mkt

Shr

Jul '17

$MM

MoM

Chg %

Mkt

Shr

Jul '17

All

Mkt

Shr

YTD

New

Multiple (1,449) 1,046 5,126 47% 50% 18,613 -7% 46% 44 52% -

AUD - (4) 0 -34% 0% 3 -2% 0% 1 1% -

BRL - - 0 -39% 0% 4 4% 0% 1 1% -

CAD - - 0 -29% 0% 2 0% 0% 1 1% -

CHF 1 3 2 1580% 0% 7 24% 0% 1 1% -

CNY - 1 0 13% 0% 5 3% 0% 2 2% -

EUR (200) (628) 2,190 -8% 22% 10,404 -2% 25% 13 15% -

GBP (5) (54) 9 -22% 0% 41 -11% 0% 3 4% -

JPY 105 (97) 2,824 -18% 28% 11,686 2% 29% 15 18% -

KRW - (23) 7 260% 0% 31 1% 0% 2 2% -

MXN - (0) 2 1426% 0% 6 1% 0% 2 2% -

Total (1,547) 243 10,161 9% 100% 40,804 -3% 100% 85 100% -

Net Cash Flows Turnover AUM # of Funds


Figure 21: Top 10 Issuers in Equity Smart Beta

Top 10 Issuers

(Equity Smart Beta)

AUM

Jul '17

$MM

Net Cash

Flows

12M $MM

# of Funds

Jul '17

BlackRock 250,299 20,321 80

Vanguard 146,333 20,932 22

State Street 45,213 5,980 53

WisdomTree 42,362 (1,192) 58

PowerShares 38,309 310 89

First Trust 32,347 1,045 83

Charles Schwab 24,454 7,686 9

Guggenheim Inv. 22,430 2,681 31

FlexShares 5,928 1,109 16

Goldman Sachs 4,482 1,996 7


Figure 22: Top 10 Issuers in Equity Currency hedged

Top 10 Issuers

(Equity Currency Hedged)

AUM

Jul '17

$MM

Net Cash

Flows

12M $MM

# of Funds

Jul '17

WisdomTree 19,034 (3,228) 20

Deutsche AM 11,980 (4,975) 20

BlackRock 8,663 1,114 25

IndexIQ Advisors 524 298 3

First Trust 424 303 4

JPMorgan 72 15 2

FlexShares 59 21 2

O'Shares Investments 20 3 2

Franklin Templeton 10 (15) 1

ProShares 9 (2) 2



21 August 2017

US ETF Compass

Average Performance by Products Type and Size (Equity)

1 Month Comparisons

Figure 23: US Equity ETFs - 1 Month Total Returns

BetaSmart

BetaActive All

Large Cap 2.1% 1.8% 1.1% 1.8%

Mid Cap 1.3% 1.1% 1.1%

Small Cap 0.7% 0.7% 2.9% 0.8%

Broad 1.8% 1.6% 2.1% 1.7%

All 1.6% 1.4% 1.8% 1.5%

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

BetaSmart

BetaActive All

Large Cap 19 97 9 125

Mid Cap 7 32 - 39

Small Cap 11 51 2 64

Broad 10 75 16 101

All 47 255 27 329


non levered, # of funds by

Product Type

Siz

e

Source: Deutsche Bank.

Figure 25: DM Equity ETFs - 1 Month Total Returns

BetaSmart

BetaActive All

Large Cap 2.4% 2.7% 2.6%

Mid Cap 3.1% 3.1%

Small Cap 3.0% 3.2% 3.1%

Broad 2.1% 2.1% 3.1% 2.2%

All 2.3% 2.3% 3.1% 2.3%

DM Equity, Broad sector,

regional, non levered, 1M

Total Return by

Product Type

Siz

e


Figure 26: DM Equity ETFs - # of Funds in 1M sample

BetaSmart

BetaActive All

Large Cap 5 9 - 14

Mid Cap - 2 - 2

Small Cap 8 7 - 15

Broad 27 76 6 109

All 40 94 6 140


regional, non levered, # of

funds by

Product Type

Siz

e


Figure 27: EM Equity ETFs - 1 Month Total Returns

BetaSmart

BetaActive All

Large Cap 4.8% 4.3% 4.5%

Mid Cap

Small Cap 3.4% 5.4% 4.4%

Broad 5.5% 4.9% 6.4% 5.1%

All 5.2% 4.9% 6.4% 5.0%

EM Equity, Broad sector,

regional, non levered, 1M

Total Return by

Product Type

Siz

e


Figure 28: EM Equity ETFs - # of Funds in 1M sample

BetaSmart

BetaActive All

Large Cap 2 3 - 5

Mid Cap - - - -

Small Cap 2 2 - 4

Broad 20 38 1 59

All 24 43 1 68



funds by

Product Type

Siz

e



21 August 2017

US ETF Compass

1 Year Comparisons

Figure 29: US Equity ETFs - 1 Year Total Returns

BetaSmart

BetaActive All

Large Cap 16.8% 15.1% 14.3% 15.3%

Mid Cap 13.5% 13.9% 13.8%

Small Cap 17.8% 17.0% 16.5% 17.2%

Broad 16.9% 13.2% 16.0% 14.0%

All 16.6% 14.7% 15.4% 15.1%

Product Type

Siz

e


non levered, 1Y Total

Return by


Figure 30: US Equity ETFs - # of Funds in 1Y sample

BetaSmart

BetaActive All

Large Cap 19 87 7 113

Mid Cap 7 30 - 37

Small Cap 11 40 2 53

Broad 10 63 10 83

All 47 220 19 286


non levered, # of funds by

Product Type

Siz

e


Figure 31: DM Equity ETFs - 1 Year Total Returns

BetaSmart

BetaActive All

Large Cap 18.5% 16.1% 17.0%

Mid Cap 21.6% 21.6%

Small Cap 22.4% 23.5% 23.0%

Broad 19.0% 15.9% 16.6% 16.7%

All 19.6% 16.6% 17.5%


regional, non levered, 1Y

Total Return by

Product Type

Siz

e


Figure 32: DM Equity ETFs - # of Funds in 1Y sample

BetaSmart

BetaActive All

Large Cap 5 8 - 13

Mid Cap - 2 - 2

Small Cap 8 7 - 15

Broad 26 70 4 100

All 39 87 4 130



funds by

Product Type

Siz

e


Figure 33: EM Equity ETFs - 1 Year Total Returns

BetaSmart

BetaActive All

Large Cap 20.7% 15.8% 17.8%

Mid Cap

Small Cap 17.1% 21.8% 19.4%

Broad 21.6% 17.6% 24.5% 19.1%

All 21.2% 17.6% 24.5% 19.0%


regional, non levered, 1Y

Total Return by

Product Type

Siz

e


Figure 34: EM Equity ETFs - # of Funds in 1Y sample

BetaSmart

BetaActive All

Large Cap 2 3 - 5

Mid Cap - - - -

Small Cap 2 2 - 4

Broad 20 36 1 57

All 24 41 1 66



funds by

Product Type

Siz

e



21 August 2017

US ETF Compass

Total Expense Ratio X-Ray

Figure 35: Average TER analysis by asset class and management style

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

Equity 0.45% 0.91% 0.47% 0.86% 0.54% 0.19% 0.94% 0.26% 0.89% 0.22%

Fixed Income 0.27% 0.87% 0.27% 0.53% 0.36% 0.20% 0.94% 0.29% 0.53% 0.23%

Commodity 1.01% 1.10% 0.83% 0.56% 0.89% 0.43% 0.95% 0.89% 0.59% 0.48%

Currency 0.47% 0.95% 0.80% 0.49% 0.62% 0.53% 0.95% 0.80% 0.50% 0.60%

Multi Asset 0.56% 0.82% 0.71% 0.69% 0.43% 0.74% 0.79% 0.53%

Alternative 2.29% 0.80% 0.82% 0.89% 1.14% 3.77% 0.94% 0.65% 0.88% 1.23%

All 0.46% 0.92% 0.47% 0.69% 0.54% 0.20% 0.94% 0.27% 0.60% 0.23%

Simple Average AUM-Weighted Average

Source: Source: Deutsche Bank, Bloomberg Finance LP.

Figure 36: Selected TER averages for the top 15 Issuers by AUM

BetaSmart

BetaBeta Active Beta

Smart

BetaBeta Active

BlackRock 1,211,496 0.45% 0.31% 0.24% 0.32% 0.36% 0.26% 0.23% 0.21% 0.26% 0.25%

Vanguard 757,761 0.10% 0.14% 0.09% 0.11% 0.08% 0.07% 0.07% 0.08%

State Street 552,301 0.29% 0.29% 0.27% 0.52% 0.31% 0.13% 0.33% 0.30% 0.60% 0.18%

PowerShares 127,351 0.42% 0.49% 0.40% 0.30% 0.50% 0.23% 0.43% 0.53% 0.38%

Charles Schwab 81,655 0.08% 0.27% 0.07% 0.16% 0.06% 0.19% 0.06% 0.00% 0.10%

First Trust 49,921 0.61% 0.67% 0.74% 0.70% 0.60% 0.62% 0.81% 0.66%

WisdomTree 43,959 0.40% 0.47% 0.15% 0.54% 0.45% 0.37% 0.50% 0.15% 0.50%

Guggenheim Inv. 36,690 0.62% 0.47% 0.39% 0.46% 0.57% 0.29% 0.28% 0.33%

VanEck Vectors 31,382 0.62% 0.53% 0.34% 0.68% 0.53% 0.49% 0.38% 0.00% 0.53%

ProShares 27,823 0.29% 0.45% 0.51% 0.87% 0.39% 0.36% 0.67% 0.83%

FlexShares 14,320 0.48% 0.45% 0.20% 0.30% 0.39% 0.48% 0.41% 0.20% 0.39%

ALPS 14,271 0.63% 0.60% 0.41% 0.57% 0.00% 0.26% 0.73%

PIMCO 14,027 0.27% 0.43% 0.34% 0.00% 0.00% 0.39% 0.39%

Deutsche AM 12,966 0.55% 0.42% 0.28% 0.47% 0.31% 0.41%

DirexionShares 11,184 0.58% 0.84% 0.00% 0.55% 0.00% 0.00% 0.93%

AllEquity Fixed IncomeAUM Jul '17

$MMTop 15 Issuers

Equity Fixed IncomeAll

Simple Average AUM-Weighted Average



21 August 2017

US ETF Compass

ETF StatisticsGlobal ETF Assets and Provider Ranking

Figure 37: Historical Growth of Global ETP Asset*

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

Asia Pacific ($) 62 53 67 84 91 136 169 202 284 314 385

Europe ($) 132 145 244 309 297 368 416 459 506 570 719

US ($) 612 535 783 997 1,046 1,333 1,678 1,979 2,113 2,533 3,040

US, Europe & Asia Pacific ($) 804 733 1,094 1,390 1,435 1,838 2,262 2,640 2,904 3,417 4,144

Europe (€) 90 104 170 231 229 279 302 379 466 541 610

Number of ETPs** 1,213 1,666 2,041 2,580 3,124 3,492 3,711 4,019 4,455 4,738 5,015

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

4,500

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 38: 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 1,551,831 37.4% 1,262,390 36.9% 688 18,720 392,168 157,137

Vanguard 793,121 19.1% 639,873 18.7% 112 8,394 72,678 88,841

State Street 598,177 14.4% 538,567 15.8% 268 2,677 458,578 10,507

PowerShares 130,034 3.1% 112,834 3.3% 169 -47 109,837 4,424

Nomura Asset Management 102,256 2.5% 79,904 2.3% 51 1,172 16,662 13,514

Deutsche AM 88,152 2.1% 72,155 2.1% 232 57 8,406 6,103

Charles Schwab 81,655 2.0% 59,750 1.7% 21 1,941 6,026 15,504

Lyxor 70,434 1.7% 53,664 1.6% 227 1,093 10,821 8,717

First Trust 50,318 1.2% 41,230 1.2% 138 350 5,952 5,123

Nikko Asset Management 48,691 1.2% 35,341 1.0% 29 1,369 388 9,356

Total Top 10 3,514,668 84.8% 2,895,708 84.7% 1,935 35,725 1,081,515 319,226

Others 629,803 15.2% 521,616 15.3% 3,080 6,338 311,000 55,761

Global Total 4,144,471 100.0% 3,417,324 100.0% 5,015 42,062 1,392,515 374,987

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


21 August 2017

US ETF Compass

US Historical ETF Trends

Figure 39: 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 3,200

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 40: 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

Ap

r-1

7

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

0%

5%

10%

15%

20%

25%

-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 June 2017. Mutual Funds onlyinclude Long Term Mutual Funds.

Figure 42: Net Cash Flows and AUM historicalcomparison between Active and Passive mgmt style*

0%

10%

20%

30%

40%

50%

60%

-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 June 2017. Mutual Funds onlyinclude Long Term Mutual Funds.


21 August 2017

US ETF Compass

ETF Issuer and Index Provider league tables

Figure 43: ETP Issuer league table (excludes ETN assets)

Top 50 Issuers TotalMkt

Shr EquityFixed

IncomeCmdty Other

Jul '17

$MM

YTD

$MM Jul '17 $MMMkt

Shr Jul '17YTD

New

BlackRock 1,211,496 39.9% 919,856 272,718 15,735 3,186 14,267 132,441 361,939 30.9% 343 9

Vanguard 757,761 24.9% 624,121 133,639 - - 8,132 85,495 70,231 6.0% 70 0

State Street 552,301 18.2% 471,486 48,109 32,279 427 2,439 6,649 452,442 38.7% 131 1

PowerShares 127,351 4.2% 93,742 27,795 4,043 1,770 6 4,392 109,620 9.4% 152 9

Charles Schwab 81,655 2.7% 72,605 9,050 - - 1,941 15,504 6,026 0.5% 21 0

First Trust 49,921 1.6% 41,114 7,149 140 1,518 339 4,986 5,932 0.5% 124 10

WisdomTree 43,959 1.4% 42,472 646 168 674 132 639 6,850 0.6% 90 3

Guggenheim Inv. 36,690 1.2% 25,153 9,955 - 1,582 252 2,688 5,227 0.4% 77 1

VanEck Vectors 31,382 1.0% 20,601 10,456 130 195 (309) 77 39,362 3.4% 60 1

ProShares 27,823 0.9% 20,350 3,696 1,465 2,312 (625) 1,397 53,413 4.6% 145 3

FlexShares 14,320 0.5% 11,189 3,131 - - 36 1,797 709 0.1% 25 0

ALPS 14,271 0.5% 13,908 363 - - 25 1,595 2,619 0.2% 20 1

PIMCO 14,027 0.5% - 14,027 - - 181 1,263 2,513 0.2% 12 0

Deutsche AM 12,966 0.4% 12,679 288 - - (1,507) (1,230) 3,794 0.3% 35 0

DirexionShares 11,184 0.4% 10,661 512 12 - (252) 269 34,599 3.0% 86 9

Fidelity Investments 7,209 0.2% 6,763 446 - - 210 1,504 1,149 0.1% 21 0

Global X Funds 5,789 0.2% 5,519 241 - 29 241 1,625 1,063 0.1% 57 2

Goldman Sachs 5,203 0.2% 4,482 721 - - 664 1,993 915 0.1% 9 2

US Commodity Funds 3,820 0.1% 5 - 3,816 - (882) (305) 7,045 0.6% 15 2

ETC 3,469 0.1% 2,599 548 - 322 174 984 677 0.1% 19 2

IndexIQ Advisors 2,855 0.1% 1,012 428 - 1,414 126 525 286 0.0% 21 2

ETF Securities 2,538 0.1% - - 2,538 - 45 189 388 0.0% 8 3

OppenheimerFunds 2,241 0.1% 2,241 - - - 65 603 193 0.0% 10 3

JPMorgan 2,025 0.1% 1,705 181 - 140 166 717 301 0.0% 13 2

Victory Capital Mgt. 1,700 0.1% 1,700 - - - 101 693 169 0.0% 13 2

ETFMG 1,478 0.0% 1,459 20 - - 53 485 252 0.0% 13 0

Columbia Mgmt 1,253 0.0% 1,253 - - - 1 107 113 0.0% 10 0

AdvisorShares Trust 1,089 0.0% 483 565 27 14 17 2 154 0.0% 18 1

Pacer Advisors 1,077 0.0% 1,077 - - - 30 250 74 0.0% 8 2

Principal Financial 1,059 0.0% 743 25 - 291 27 476 30 0.0% 8 2

Millington Securities 1,004 0.0% 549 - - 455 7 (75) 38 0.0% 12 0

Virtus Investment 976 0.0% 619 346 - 10 18 407 216 0.0% 12 3

KraneShares 943 0.0% 933 10 - - 104 513 324 0.0% 5 0

John Hancock Inv. 838 0.0% 838 - - - (21) 111 94 0.0% 12 0

Franklin Templeton 811 0.0% 580 230 - - 63 224 96 0.0% 11 4

O'Shares Investments 577 0.0% 577 - - - 12 124 57 0.0% 7 1

Cambria Funds 569 0.0% 444 10 - 116 8 196 41 0.0% 10 2

Highland Capital 565 0.0% - 565 - - 4 93 43 0.0% 1 0

Legg Mason 495 0.0% 495 - - - 263 352 146 0.0% 10 4

ARK Inv. Mgmt 280 0.0% 280 - - - 46 180 103 0.0% 5 0

Hartford Funds 241 0.0% 205 36 - - 19 117 34 0.0% 9 4

Empowered Funds 229 0.0% 202 - - 27 4 75 16 0.0% 5 1

Horizons Management 206 0.0% 206 - - - 36 53 49 0.0% 5 0

Blue Sky Asset Management 194 0.0% 103 - - 91 - 188 3 0.0% 5 5

Davis Advisors 182 0.0% 182 - - - 14 169 19 0.0% 3 3

ArrowShares 167 0.0% 5 56 - 106 (1) 56 7 0.0% 4 1

Elkhorn Inv. 167 0.0% 135 19 13 - 3 24 10 0.0% 13 0

Nuveen 163 0.0% 78 84 - - 4 70 9 0.0% 10 3

FormulaFolio Inv. 149 0.0% 35 114 - - 26 149 37 0.0% 2 2

Teucrium Trading 148 0.0% - - 148 - (14) (11) 155 0.0% 5 0Other 1,182 0.0% 956 101 6 119 120 527 265 0.0% 57 15

Total 3,040,001 100% 2,418,404 546,279 60,519 14,799 26,808 271,353 1,169,845 100% 1,837 120

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

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


21 August 2017

US ETF Compass

Figure 44: Index Provider league table (excludes ETN assets)

Turnover

Top 20 Index Providers TotalMkt

Shr EquityFixed

IncomeCmdty Other

Jul '17

$MM

YTD

$MM Jul '17 $MMMkt

Shr Jul '17YTD

New

S&P Dow Jones 1,045,518 34.4% 995,676 43,321 2,212 4,309 9,825 62,873 538,489 46.0% 358 13

MSCI 461,845 15.2% 461,845 - - - 5,352 63,993 151,128 12.9% 253 9

FTSE Russell 449,122 14.8% 447,855 1,245 - 22 2,141 34,137 117,145 10.0% 137 3

Bloomberg Barclays 315,023 10.4% - 315,023 - - 6,224 45,342 39,345 3.4% 102 -

CRSP 226,763 7.5% 226,763 - - - 1,572 16,575 12,791 1.1% 13 -

Nasdaq OMX 113,250 3.7% 112,154 202 - 894 (1,178) 4,364 127,863 10.9% 100 10

Markit iBoxx 64,177 2.1% - 64,177 - - 3,098 11,438 32,591 2.8% 14 -

Commodity - Physical 52,817 1.7% - - 52,817 - (3,206) (594) 26,965 2.3% 22 2

WisdomTree 42,554 1.4% 42,472 20 - 62 122 575 6,670 0.6% 70 2

ICE 39,771 1.3% - 39,771 - - 209 5,306 28,616 2.4% 7 1

Active 38,050 1.3% 5,633 29,484 848 2,085 979 8,137 4,760 0.4% 182 39

Morningstar 24,468 0.8% 23,614 511 - 344 441 2,370 1,939 0.2% 26 -

NYSE Euronext 22,007 0.7% 21,502 505 - - (1,044) (5,171) 28,668 2.5% 39 -

J.P. Morgan 15,853 0.5% - 15,841 - 11 (400) 4,899 6,299 0.5% 4 -

BofA Merrill Lynch 14,233 0.5% 166 14,025 - 42 395 1,504 2,318 0.2% 23 1

Market Vectors 12,524 0.4% 12,132 197 - 195 196 948 25,856 2.2% 32 -

Alerian 10,248 0.3% 10,248 - - - (17) 915 2,326 0.2% 2 -

Deutsche Bank 9,273 0.3% - 4,951 3,694 628 106 (110) 2,244 0.2% 15 -

Accretive AM 8,796 0.3% - 8,796 - - 158 1,567 684 0.1% 18 -

Other 73,709 2.4% 58,344 8,211 949 6,205 1,836 12,286 13,148 44.4% 420 40

Total 3,040,001 100% 2,418,404 546,279 60,519 14,799 26,808 271,353 1,169,845 100% 1,837 120

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



21 August 2017

US ETF Compass

Monthly Snapshot

Figure 45: ETP Summary Statistics by Asset Class

Asset ClassJul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Equity 18,182 188,918 994,015 -29% 85% 2,418,404 3% 80% 1,348 73% 73

Fixed Income 12,047 83,095 122,025 -13% 10% 546,279 3% 18% 317 17% 23

Commodities (3,312) (1,207) 31,841 -16% 3% 60,519 -3% 2% 63 3% 11

Currency (87) (583) 2,900 -13% 0% 2,527 -4% 0% 22 1% -

Multi Asset 99 307 528 -32% 0% 7,750 2% 0% 49 3% 12

Alternative (121) 823 18,872 -10% 2% 4,522 -3% 0% 38 2% 1

Total 26,808 271,353 1,170,182 -27% 100% 3,040,001 2.8% 100% 1,837 100% 120

# of FundsAUMTurnover Net Cash Flows


Figure 46: ETP Summary Statistics by Management Style (Active-Passive)

Passive-->ActiveJul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Beta 21,707 224,049 989,346 -27% 85% 2,307,370 3% 76% 674 37% 14

Beta+ (948) 834 86,794 -26% 7% 33,122 0% 1% 202 11% 13

Smart Beta 5,075 38,545 89,290 -23% 8% 661,528 2% 22% 781 43% 56

Active 974 7,925 4,752 -21% 0% 37,980 3% 1% 180 10% 37

Total 26,808 271,353 1,170,182 -27% 100% 3,040,001 2.8% 100% 1,837 100% 120

# of FundsTurnover AUMNet Cash Flows


Figure 47: ETP Summary Statistics by Product Type

Product TypeJul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Asset Allocation 18,113 141,700 138,825 -14% 12% 1,080,487 4% 36% 1,532 83% 107

Cash Management 12,421 133,913 191,761 -20% 16% 1,212,045 3% 40% 64 3% -

Pseudo Futures (2,777) (5,092) 752,803 -30% 64% 714,352 2% 23% 41 2% -

Leveraged & Inverse (948) 833 86,792 -26% 7% 33,117 0% 1% 200 11% 13

Total 26,808 271,353 1,170,182 -27% 100% 3,040,001 2.8% 100% 1,837 100% 120

# of FundsTurnover AUMNet Cash Flows



21 August 2017

US ETF Compass

Equity Breakdowns

Figure 48: ETP Summary Statistics by Geographic Focus – Global and Developed Market Equities

Geographic Focus

(Equities)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Global Markets Equities

Global (reg) (107) 2,229 46,617 -32% 5% 53,842 3% 2% 134 10% 10

Global ex US (reg) 917 9,002 4,696 -22% 0% 50,804 5% 2% 30 2% 2

Asia Pacific (reg) - - 0 -71% 0% 23 6% 0% 1 0% -

Asia Pacific ex JP (reg) 325 891 1,744 -2% 0% 4,736 13% 0% 7 1% -

Total GME 1,136 12,122 53,058 -31% 5% 109,405 4% 5% 172 13% 12

Developed Market Equities

Global (reg) 166 2,843 1,507 -36% 0% 16,218 4% 1% 43 3% 2

Global ex US (reg) 3,320 44,703 42,115 -22% 4% 248,029 4% 10% 89 7% 7

Global ex JP (reg) 146 144 164 -3% 0% 330 84% 0% 1 0% -

Europe & Middle East

Europe (reg) 831 8,240 6,542 -39% 1% 30,299 6% 1% 33 2% -

Denmark 6 (6) 13 -37% 0% 66 16% 0% 1 0% -

Norway 1 (7) 18 -8% 0% 161 12% 0% 2 0% -

Sweden 37 139 283 22% 0% 471 9% 0% 1 0% -

Switzerland 68 144 485 -30% 0% 1,455 6% 0% 3 0% -

UK 157 533 1,579 5% 0% 2,901 8% 0% 7 1% -

Eurozone (Reg) (7) 5,776 9,241 -20% 1% 29,055 2% 1% 15 1% 1

Austria 20 103 68 -34% 0% 223 18% 0% 1 0% -

Belgium - (22) 27 -50% 0% 76 6% 0% 1 0% -

Finland 6 1 10 -15% 0% 43 18% 0% 1 0% -

France 29 211 414 -29% 0% 575 8% 0% 1 0% -

Germany (87) 882 2,144 -1% 0% 6,366 0% 0% 8 1% -

Ireland - (4) 7 0% 0% 68 1% 0% 1 0% -

Israel 1 6 22 -10% 0% 164 0% 0% 3 0% -

Italy 69 24 655 11% 0% 715 20% 0% 3 0% -

Netherlands 4 (9) 84 -28% 0% 201 9% 0% 1 0% -

Portugal 4 21 15 -12% 0% 48 14% 0% 1 0% -

Spain (20) 675 542 -29% 0% 1,557 3% 0% 2 0% -

North America

North America (reg) 63 407 187 -29% 0% 2,854 7% 0% 4 0% -

Canada 11 (496) 1,264 -15% 0% 3,258 4% 0% 6 0% -

US 9,983 85,182 761,122 -30% 77% 1,723,485 2% 71% 713 53% 40

Asia Pacific

Pacific (reg) 119 923 412 -49% 0% 5,619 5% 0% 6 0% -

Japan (875) (492) 9,046 -21% 1% 29,265 -2% 1% 28 2% -

Pacific ex JP (reg) - 499 370 -24% 0% 3,075 4% 0% 2 0% -

Australia (20) (154) 842 -24% 0% 1,820 3% 0% 5 0% -

Hong Kong - (186) 1,315 -11% 0% 1,836 4% 0% 2 0% -

New Zealand 7 42 40 -10% 0% 180 7% 0% 1 0% -

Singapore (12) (22) 283 14% 0% 608 3% 0% 1 0% -

Total DME 14,029 150,098 840,818 -30% 85% 2,111,020 3% 87% 986 73% 50

Total Equities 18,182 188,918 994,015 -29% 100% 2,418,404 3% 100% 1,348 100% 73

# of FundsNet Cash Flows Turnover AUM



21 August 2017

US ETF Compass

Figure 49: ETP Summary Statistics by Geographic Focus – Emerging Market Equities

Geographic Focus

(Equities)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Emerging Market Equities

Global (reg) 2,951 24,446 59,272 -15% 6% 152,316 8% 6% 67 5% 4

BRIC (reg) (3) 47 28 22% 0% 335 7% 0% 2 0% -

Asia

Asia (reg) 116 359 146 15% 0% 1,181 18% 0% 4 0% -

China 77 28 12,633 -20% 1% 8,764 9% 0% 27 2% -

China A 112 296 424 -47% 0% 1,091 15% 0% 12 1% -

India 103 1,001 3,020 -10% 0% 9,496 9% 0% 10 1% -

Indonesia 15 (41) 305 -30% 0% 592 2% 0% 2 0% -

Malaysia 7 153 313 -27% 0% 432 2% 0% 1 0% -

Philippines - 25 118 -25% 0% 187 2% 0% 1 0% -

South Korea 14 136 2,943 -23% 0% 3,929 3% 0% 6 0% -

Taiwan - 302 2,480 -24% 0% 3,720 3% 0% 2 0% -

Thailand (20) (24) 241 -8% 0% 381 -3% 0% 1 0% -

Europe

Europe (reg) (55) (40) 15 34% 0% - -100% 0% - 0% -

Poland 1 70 132 -14% 0% 372 7% 0% 2 0% -

Russia (166) (536) 2,638 -35% 0% 2,599 -2% 0% 5 0% -

Turkey (4) (32) 188 -27% 0% 416 5% 0% 1 0% -

Greece 17 86 123 -23% 0% 446 7% 0% 1 0% -

Middle East & Africa

ME & Africa (reg) (25) (32) 2 149% 0% - -100% 0% - 0% -

Middle East (reg) (2) (4) 4 47% 0% 16 -6% 0% 1 0% -

Africa (reg) - (1) 4 50% 0% 75 6% 0% 1 0% -

Egypt - 14 8 -22% 0% 57 -2% 0% 1 0% -

South Africa (6) (23) 509 -4% 0% 428 5% 0% 1 0% -

Qatar 5 7 15 -14% 0% 51 17% 0% 1 0% -

UAE - 3 3 -46% 0% 50 6% 0% 1 0% -

Latin America

Latin America (reg) (19) (195) 535 -3% 0% 1,075 7% 0% 6 0% -

Brazil (139) 1,176 11,200 -14% 1% 6,400 9% 0% 10 1% -

Chile 28 22 308 -1% 0% 494 16% 0% 1 0% -

Colombia (2) (1) 15 -38% 0% 112 1% 0% 2 0% -

Mexico 38 (750) 2,244 -17% 0% 1,413 7% 0% 6 0% 1

Peru (2) (55) 27 -57% 0% 172 4% 0% 1 0% -

Frontier Markets

Frontier (reg) (12) 40 92 -2% 0% 690 0% 0% 3 0% -

Argentina (25) 55 64 -21% 0% 167 -12% 0% 2 0% 1

Nigeria - 21 10 -48% 0% 62 8% 0% 1 0% -

Pakistan 5 29 16 -30% 0% 37 11% 0% 1 0% -

Saudi Arabia 3 12 8 -39% 0% 18 12% 0% 1 0% -

Vietnam - 10 49 -10% 0% 305 0% 0% 1 0% -

Total EME 3,012 26,602 100,132 -17% 10% 197,879 7% 8% 185 14% 6

Total Equities 18,182 188,918 994,015 -29% 100% 2,418,404 3% 100% 1,348 100% 73




21 August 2017

US ETF Compass

Figure 50: ETP Summary Statistics by Size and Market – Equities

Market Cap Segment

(Equities)

Jul '17

$MM

YTD

$MM

Jul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

Shr

Jul '17

All

Mkt

Shr

YTD

New

US Equities

Large Cap 8,515 43,654 563,364 -30% 57% 891,099 3% 37% 198 15% 17

Mid Cap 111 7,152 16,354 -29% 2% 152,943 1% 6% 57 4% 2

Small Cap (247) 5,579 71,810 -39% 7% 155,756 1% 6% 89 7% 7

Broad 1,603 28,796 109,594 -25% 11% 523,686 2% 22% 369 27% 14

Total US Equities 9,983 85,182 761,122 -30% 77% 1,723,485 2% 71% 713 53% 40

DM Intl Equities

Large Cap 86 2,437 1,955 -39% 0% 9,882 4% 0% 24 2% 2

Mid Cap 19 52 35 -1% 0% 427 8% 0% 2 0% -

Small Cap 321 2,441 1,543 -14% 0% 16,203 6% 1% 22 2% -

Broad 3,620 60,031 76,165 -22% 8% 361,070 4% 15% 227 17% 10

Total DM Intl Equities 4,047 64,961 79,698 -23% 8% 387,582 4% 16% 275 20% 12

EM Equities

Large Cap 106 588 10,878 -20% 1% 6,552 8% 0% 15 1% -

Mid Cap - - 0 -48% 0% 5 10% 0% 1 0% -

Small Cap 3 391 407 -12% 0% 3,104 5% 0% 13 1% -

Broad 2,903 25,623 88,847 -16% 9% 188,219 7% 8% 156 12% 6

Total EM Equities 3,012 26,602 100,132 -17% 10% 197,879 7% 8% 185 14% 6

Total Equities 18,182 188,918 994,015 -29% 100% 2,418,404 3% 100% 1,348 100% 73



Figure 51: ETP Summary Statistics by Style and Market – Equities

Style

(Equities)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

US Equities

Growth 1,331 6,365 13,022 -15% 1% 144,703 3% 6% 41 3% 1

Value 725 7,524 12,046 -36% 1% 148,566 2% 6% 45 3% 1

Dividend 1,552 4,926 7,272 -17% 1% 125,445 2% 5% 60 4% 6

Blend 6,375 66,367 728,783 -31% 73% 1,304,772 2% 54% 567 42% 32


DM Intl Equities

Growth 29 179 219 -25% 0% 3,045 3% 0% 1 0% -

Value - 415 520 49% 0% 5,297 3% 0% 1 0% -

Dividend 191 1,877 5,576 -14% 1% 32,908 2% 1% 49 4% 2

Blend 3,831 62,542 73,388 -24% 7% 346,385 4% 14% 227 17% 13

Total DM Intl Equities 4,051 65,013 79,703 -23% 8% 387,635 4% 16% 278 21% 15

EM Equities

Dividend 16 381 353 -13% 0% 4,072 5% 0% 15 1% -

Blend 2,996 26,220 99,779 -17% 10% 193,807 7% 8% 170 13% 6

Total EM Equities 3,012 26,602 100,132 -17% 10% 197,879 7% 8% 185 14% 6

Total Equities 18,182 188,918 994,015 -29% 100% 2,418,404 3% 100% 1,348 100% 73




21 August 2017

US ETF Compass

Figure 52: ETP Summary Statistics by Sectors – US Equities

Sector

(US Equities)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Consumer Discretionary (16) 354 14,065 -22% 2% 20,579 1% 1% 25 4% -

Consumer Staples (159) 957 11,182 -33% 1% 15,750 0% 1% 17 2% -

Energy (550) 1,623 40,634 -27% 5% 38,886 0% 2% 38 5% 1

Financials 1,203 4,608 40,581 -33% 5% 54,127 4% 3% 40 6% -

Healthcare 532 3,944 29,333 -26% 4% 50,532 2% 3% 37 5% -

Industrials 93 759 12,263 -32% 2% 22,971 1% 1% 22 3% 3

Materials (231) (849) 6,511 -17% 1% 7,739 -1% 0% 15 2% -

Real Estate 226 1,828 17,274 -29% 2% 53,426 2% 3% 22 3% -

Technology 206 2,915 24,823 -30% 3% 52,841 5% 3% 37 5% -

Telecom 15 (100) 512 -11% 0% 2,004 2% 0% 5 1% -

Utilities 194 (35) 12,089 -17% 2% 12,777 4% 1% 13 2% 1

Theme 38 392 750 -29% 0% 9,419 3% 1% 62 9% 8

Overall 8,432 68,773 551,104 -31% 72% 1,382,411 2% 80% 379 53% 27




Commodity Breakdowns

Figure 53: ETP Summary Statistics by Sectors and Sub Sectors– Commodity

Sector

(Commodities)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

Mkt

Shr

YTD

New

Diversified Broad 67 (471) 638 -34% 2% 4,529 3% 7% 15 24% 5

Agriculture 26 7 460 90% 1% 886 3% 1% 7 11% -

Energy (1,102) (238) 10,585 -13% 33% 4,888 -14% 8% 20 32% 5

Crude Oil (1,089) (244) 9,445 -15% 30% 4,249 -15% 7% 12 19% 4

Natural Gas (4) 71 1,108 4% 3% 466 -8% 1% 4 6% -

Industrial Metals 42 (49) 105 52% 0% 272 23% 0% 2 3% -

Precious Metals (2,346) (456) 20,053 -17% 63% 49,944 -3% 83% 19 30% 1

Gold (2,407) (536) 17,157 -21% 54% 42,332 -4% 70% 10 16% 1

Silver 44 (3) 2,681 17% 8% 6,376 3% 11% 5 8% -

Platinum 22 46 116 38% 0% 533 6% 1% 1 2% -

Palladium (4) (18) 57 -14% 0% 214 4% 0% 1 2% -

Total Commodities (3,312) (1,207) 31,841 -16% 100% 60,519 -3% 100% 63 100% 11




21 August 2017

US ETF Compass

Fixed Income Breakdowns

Figure 54: ETP Summary Statistics by Category – Fixed Income

Categories

(Fixed Income)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Broad 2,419 21,273 15,212 -17% 12% 161,198 2% 30% 62 20% 9

Convertible 283 951 1,445 47% 1% 4,514 10% 1% 3 1% -

Corporates 6,058 29,051 50,336 -16% 41% 169,752 4% 31% 102 32% 8

EM debt (196) 6,146 7,773 -20% 6% 23,386 0% 4% 23 7% -

Inflation 281 4,134 3,549 6% 3% 36,268 1% 7% 13 4% -

International 48 7 490 3% 0% 3,152 4% 1% 11 3% -

Municipal 322 2,508 2,904 -8% 2% 27,951 2% 5% 37 12% 3

Preferred 864 3,736 3,394 3% 3% 31,377 3% 6% 12 4% 2

Securitized 431 2,535 1,777 -11% 1% 16,525 3% 3% 9 3% -

Senior Loans 91 2,563 1,860 -34% 2% 12,834 1% 2% 4 1% -

US Treasury 1,447 10,192 33,288 -10% 27% 59,323 3% 11% 41 13% 1

Total Fixed Income 12,047 83,096 122,025 -13% 100% 546,279 3% 100% 317 100% 23



Figure 55: ETP Summary Statistics by Credit Quality – Fixed Income

Credit Quality

(Fixed Income)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Investment Grade 8,456 66,368 76,987 -11% 63% 416,740 2% 76% 211 67% 17

High Yield 2,821 5,923 32,680 -18% 27% 65,761 5% 12% 53 17% 2

Mixed 771 10,803 12,358 -13% 10% 63,778 2% 12% 53 17% 4




Figure 56: ETP Summary Statistics by Duration – Fixed Income

Duration

(Fixed Income)

Jul '17

$MM

YTD

$MMJul '17

$MM

MoM

Chg %

Mkt

ShrJul '17 $MM

MoM

Chg %

Mkt

ShrJul '17

All

Mkt

Shr

YTD

New

Short 3,905 24,197 18,084 -10% 15% 140,041 3% 26% 81 26% 6

Intermediate 2,534 11,534 38,638 -16% 32% 105,155 3% 19% 40 13% -

Long 391 3,981 22,313 -17% 18% 22,678 2% 4% 29 9% -

Broad 4,951 40,595 41,975 -11% 34% 265,610 2% 49% 126 40% 16

Set Maturity 266 2,788 1,015 -4% 1% 12,795 2% 2% 41 13% 1





21 August 2017

US ETF Compass

Top 15 ETFs (includes ETNs)

Figure 57: Top 15 by 1M Total Return Gain (non-levered)

Ticker Name TERTotal

Return

REMX VanEck Vectors Rare Earth/Strategic Metals ETF 0.57% 24.5%

COPX Global X Copper Miners ETF 0.65% 19.8%

SGAR iPath Pure Beta Sugar ETN 0.75% 15.8%

EWZS iShares MSCI Brazil Small-Cap ETF 0.62% 15.6%

BRAQ Global X Brazil Consumer ETF 0.77% 15.4%

BRF VanEck Vectors Brazil Small-Cap ETF 0.59% 13.2%

KWEB KraneShares CSI China Internet ETF 0.68% 13.2%

FBZ First Trust Brazil AlphaDEX Fund 0.83% 13.0%

UGA United States Gasoline Fund 0.75% 12.9%

PICK iShares MSCI Global Metals & Mining Producers ETF 0.39% 12.8%

UHN United States Diesel-Heating Oil Fund 0.75% 12.7%

UBN ETRACS CMCI Energy Total Return 0.65% 12.6%

PGJ PowerShares Golden Dragon China Portfolio 0.70% 12.5%

JO iPath Dow Jones-UBS Coffee Subindex Total Return 0.75% 12.1%

ENOR iShares MSCI Norway Capped ETF 0.53% 11.3%


Figure 58: Top 15 by 1M Total Return Loss (non-levered)

Ticker Name TERTotal

Return

EVIX VelocityShares 1x Long VSTOXX Futures ETN 1.35% -16.6%

VMAX REX VolMAXX Long VIX Weekly Futures Strategy ETF 0.95% -15.0%

VIXY ProShares VIX Short-Term Futures ETF 0.85% -12.3%

VIIX VelocityShares Daily Long VIX Short-Term ETN 0.89% -12.2%

VXX iPath S&P 500 VIX Short-Term Futures ETN 0.89% -12.0%

GRWN iPath Pure Beta Softs ETN 0.75% -8.9%

GAZ iPath Bloomberg Natural Gas Subindex Total Return 0.75% -8.3%

VIIZ VelocityShares Daily Long VIX Medium-Term ETN 0.89% -7.8%

VXZ iPath S&P 500 VIX Mid-Term Futures ETN 0.89% -7.8%

VIXM ProShares VIX Mid-Term Futures ETF 0.85% -7.7%

UNG United States Natural Gas Fund LP 1.27% -6.8%

GAZB iPath Series B Bloomberg Natural Gas Subindex Total 0.45% -6.8%

WEAT Teucrium Wheat Fund 3.34% -6.6%

MENU USCF Restaurant Leaders Fund 0.65% -5.7%

COW iPath Dow Jones-UBS Livestock Subindex Total 0.75% -5.4%


Figure 59: Top 15 by 1M Inflows

Ticker Name TERInflows

$MM

IVV iShares Core S&P 500 ETF 0.04% 3,827

SPY SPDR S&P 500 ETF 0.09% 3,081

IEFA iShares Core MSCI EAFE ETF 0.08% 2,913

LQD iShares iBoxx $ Investment Grade Corporate Bond 0.15% 1,567

VEA Vanguard FTSE Developed Markets ETF 0.07% 1,368

HYG iShares iBoxx $ High Yield Corporate Bond ETF 0.50% 1,248

XLF Financial Select Sector SPDR Fund 0.14% 989

AGG iShares Core U.S. Aggregate Bond ETF 0.05% 928

IEMG iShares Core MSCI Emerging Markets ETF 0.14% 840

SPHD PowerShares S&P 500 High Dividend Low Volatility 0.30% 784

EEM iShares MSCI Emerging Markets ETF 0.69% 734

JNK SPDR Bloomberg Barclays High Yield Bond ETF 0.40% 666

VWO Vanguard FTSE Emerging Markets ETF 0.14% 659

IJR iShares Core S&P Small-Cap ETF 0.07% 649

SHV iShares Short Treasury Bond ETF 0.15% 585

Source: Deutsche Bank, Bloomberg Finance LP. Inflows correspond to last month.

Figure 60: Top 15 by 1M Outflows

Ticker Name TEROutflows

$MM

GLD SPDR Gold Shares 0.40% (2,401)

IWM iShares Russell 2000 ETF 0.20% (1,905)

QQQ PowerShares QQQ 0.20% (1,409)

DBEF Deutsche X-trackers MSCI EAFE Currency-Hedged 0.35% (1,392)

EWJ iShares MSCI Japan ETF 0.48% (1,025)

GDX VanEck Vectors Gold Miners ETF 0.52% (887)

USO United States Oil Fund LP 0.72% (846)

EMB iShares J.P. Morgan USD Emerging Markets Bond 0.40% (679)

IEF iShares 7-10 Year Treasury Bond ETF 0.15% (543)

DIA SPDR Dow Jones Industrial Average ETF 0.17% (476)

XLE Energy Select Sector SPDR Fund 0.14% (442)

IYR iShares U.S. Real Estate ETF 0.43% (437) SVXY ProShares Short VIX Short-Term Futures ETF 0.95% (357)

USMV iShares Edge MSCI Min Vol USA ETF 0.15% (321)

XLI Industrial Select Sector SPDR Fund 0.14% (319)

Source: Deutsche Bank, Bloomberg Finance LP. Outflows correspond to last month.

Figure 61: Top 15 by AUM

Ticker Name TERAUM

$MM

SPY SPDR S&P 500 ETF 0.09% 244,220


VTI Vanguard Total Stock Market ETF 0.04% 81,704

EFA iShares MSCI EAFE ETF 0.33% 78,694

VOO Vanguard S&P 500 ETF 0.04% 71,667

VWO Vanguard FTSE Emerging Markets ETF 0.14% 59,313

VEA Vanguard FTSE Developed Markets ETF 0.07% 58,642

QQQ PowerShares QQQ 0.20% 50,334

AGG iShares Core U.S. Aggregate Bond ETF 0.05% 48,553

IJH iShares Core S&P Mid-Cap ETF 0.07% 39,622


IWD iShares Russell 1000 Value ETF 0.20% 36,936

IWF iShares Russell 1000 Growth ETF 0.20% 36,008

IWM iShares Russell 2000 ETF 0.20% 35,812

IEMG iShares Core MSCI Emerging Markets ETF 0.14% 35,176

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

Figure 62: Top 15 by $ Volume traded last month

Ticker Name TERVolume

$MM

SPY SPDR S&P 500 ETF 0.09% 260,569

QQQ PowerShares QQQ 0.20% 99,777

IWM iShares Russell 2000 ETF 0.20% 52,609

EEM iShares MSCI Emerging Markets ETF 0.69% 40,869

XLF Financial Select Sector SPDR Fund 0.14% 27,753

EFA iShares MSCI EAFE ETF 0.33% 21,155

XLE Energy Select Sector SPDR Fund 0.14% 20,366

HYG iShares iBoxx $ High Yield Corporate Bond ETF 0.50% 19,401

TLT iShares 20+ Year Treasury Bond ETF 0.15% 18,754

XIV VelocityShares Daily Inverse VIX Short-Term ETN 1.35% 18,068

GDX VanEck Vectors Gold Miners ETF 0.52% 17,938


GLD SPDR Gold Shares 0.40% 15,120

VXX iPath S&P 500 VIX Short-Term Futures ETN 0.89% 13,838


Source: Deutsche Bank, Bloomberg Finance LP. Volume $ corresponds to total traded last month.


21 August 2017

US ETF Compass

Appendix A: ETN Snapshot

Figure 63: ETN Summary by Asset Class

Asset Class Jul-17End of

%Chg Jul-17 Jun-17 YTDYTD Chg %

AUMJul-17 Jun-17 %Chg Jul-17

End of %Chg AUM Turnover

# of

ETNsEquity 15,016 13,649 10.0% 93 1 292 2.1% 1,364 2,178 -37.4% 52 55 -5.5% 64.0% 2.8% 27.1%Fixed income 118 131 -10.1% (0) 1 1 1.1% 6 9 -40.9% 11 11 0.0% 0.5% 0.0% 5.7%Commodity 4,936 4,673 5.6% (86) 129 644 13.8% 10,724 10,121 6.0% 93 90 3.3% 21.1% 22.4% 48.4%Currency 44 64 -30.7% - 0 (15) -22.8% 6 7 -4.5% 11 11 0.0% 0.2% 0.0% 5.7%Multi Asset 354 455 -22.2% (0) - (146) -32.0% 50 60 -16.7% 5 5 0.0% 1.5% 0.1% 2.6%Alternative 2,978 2,687 10.8% 317 29 977 36.4% 35,819 48,495 -26.1% 20 19 5.3% 12.7% 74.7% 10.4%Total 23,446 21,660 8.2% 323 159 1,754 8.1% 47,969 60,870 -21.2% 192 191 0.5% 100.0% 100.0% 100.0%

AUM ($ MM) Cash Flow ($ MM) Turnover ($ MM) # of ETNs Market Share %


Figure 64: ETN Summary by Issuer

Issuer Jul-17End of

%Chg Jul-17 Jun-17 YTDYTD Chg %

AUMJul-17 Jun-17 %Chg Jul-17

End of %Chg AUM Turnover

# of

ETNs

Barclays Bank 6,681 6,833 -2.2% 226 37 454 6.6% 14,867 20,398 -27.1% 82 82 0.0% 28.5% 31.0% 42.7%UBS 7,285 6,528 11.6% 80 (84) 315 4.8% 521 716 -27.2% 46 42 9.5% 31.1% 1.1% 24.0%Credit Suisse 4,179 3,105 34.6% 182 32 765 24.6% 27,626 34,381 -19.6% 22 24 -8.3% 17.8% 57.6% 11.5%JPMorgan 3,584 3,758 -4.6% 1 4 4 0.1% 875 1,433 -39.0% 2 1 100.0% 15.3% 1.8% 1.0%Citigroup 843 409 106.0% (181) 205 353 86.2% 3,993 3,845 3.9% 5 5 0.0% 3.6% 8.3% 2.6%Deutsche Bank 299 315 -4.9% (3) (5) (48) -15.1% 43 50 -13.9% 20 20 0.0% 1.3% 0.1% 10.4%Swedish Export CC 332 396 -16.1% 19 (30) (55) -13.9% 38 43 -11.2% 7 7 0.0% 1.4% 0.1% 3.6%Goldman Sachs 111 122 -8.9% - - - 0.0% 0 1 -67.5% 1 1 0.0% 0.5% 0.0% 0.5%Morgan Stanley 44 64 -31.8% - - - 0.0% 0 1 -4.4% 1 1 0.0% 0.2% 0.0% 0.5%BMO Capital Markets 49 52 -6.0% - - - 0.0% 0 0 24.5% 1 1 0.0% 0.2% 0.0% 0.5%VanEck Vectors 30 50 -38.8% - - (13) -27.0% 3 2 34.5% 4 4 0.0% 0.1% 0.0% 2.1%Guggenheim 8 8 6.4% - - - 0.0% 0 0 0.4% 1 1 0.0% 0.0% 0.0% 0.5%RBC GAM - 20 -100.0% - - (20) -102.2% - - n.a. 0 2 -100.0% 0.0% 0.0% 0.0%Total 23,446 21,660 8.2% 323 159 1,754 8.1% 47,969 60,870 -21.2% 192 191 0.5% 100.0% 100.0% 100.0%

AUM ($ MM) Cash Flow ($ MM) Turnover ($ MM) # of ETNs Market Share %



21 August 2017

US ETF Compass

Appendix B: ETF ListFigure 65: Global and US Equities Reference list

5-Day $ 5-Day bps

Global Equities ACWI iShares MSCI ACWI ETF CM 28-Mar-08 0.33% 7,171 101 72 173 0.01 1.5

US Total Market VTI Vanguard Total Stock Market ETF CM 31-May-01 0.04% 80,204 256 5,593 5,849 0.01 0.8

S&P 500 (Large Cap) SPY SPDR S&P 500 ETF PF 29-Jan-93 0.09% 234,249 16,503 7,859 24,362 0.01 0.4

DJI DIA SPDR Dow Jones Industrial Average ETF PF 14-Jan-98 0.17% 17,922 649 1,086 1,735 0.01 0.5

NASDAQ-100 QQQ PowerShares QQQ PF 10-Mar-99 0.20% 50,690 5,456 4,088 9,544 0.01 0.7

Russell 1000 Growth IWF iShares Russell 1000 Growth ETF PF 22-May-00 0.20% 35,562 152 1,824 1,976 0.01 1.1

Russell 1000 Value IWD iShares Russell 1000 Value ETF PF 22-May-00 0.20% 35,467 210 4,354 4,564 0.01 0.9

S&P 400 (Mid Cap) MDY SPDR S&P MidCap 400 ETF PF 4-May-95 0.25% 17,647 397 942 1,339 0.05 1.6

Russell 2000 (SM Cap) IWM iShares Russell 2000 ETF PF 22-May-00 0.20% 33,695 3,201 265 3,465 0.01 0.8

Div. Growth VIG Vanguard Dividend Appreciation ETF CM 27-Apr-06 0.08% 24,552 59 536 596 0.01 1.1

Div. Yield DVY iShares Select Dividend ETF CM 7-Nov-03 0.39% 16,610 49 859 908 0.01 1.3

Div. Yield VYM Vanguard High Dividend Yield ETF CM 16-Nov-06 0.08% 18,492 60 3,668 3,729 0.01 1.4

Div. Yield & Growth SDY SPDR S&P Dividend ETF CM 15-Nov-05 0.35% 15,223 40 247 287 0.01 1.4

Cons. Discretionary XLY Consumer Discretionary Select Sector SPDR Fund PF 22-Dec-98 0.14% 12,211 359 1,838 2,197 0.01 1.1

Hotels, Rest & Leisure PEJ PowerShares Dynamic Leisure and Entertainment Port AA 23-Jun-05 0.63% 114 1 28 28 0.07 17.6

Home Builders XHB SPDR S&P Homebuilders ETF PF 2-Feb-06 0.35% 894 65 238 303 0.01 2.7

Household Durables ITB iShares U.S. Home Construction ETF CM 5-May-06 0.43% 1,452 60 35 95 0.01 3.0

Media PBS PowerShares Dynamic Media Portfolio AA 23-Jun-05 0.63% 98 0 34 34 0.09 31.9

Retail XRT SPDR S&P Retail ETF PF 22-Jun-06 0.35% 260 196 173 368 0.01 2.7

Cons. Staples XLP Consumer Staples Select Sector SPDR Fund PF 22-Dec-98 0.14% 8,355 627 1,131 1,758 0.01 1.8

Food Products PBJ PowerShares Dynamic Food & Beverage Portfolio AA 23-Jun-05 0.63% 113 1 21 22 0.08 24.4

Energy XLE Energy Select Sector SPDR Fund PF 22-Dec-98 0.14% 14,359 914 820 1,734 0.01 1.6

Energy Eq. & Serv. OIH Market Vectors Oil Services ETF PF 7-Feb-01 0.35% 983 152 84 236 0.01 4.5

Energy Eq. & Serv. XES SPDR S&P Oil & Gas Equipment & Services ETF AA 22-Jun-06 0.35% 236 7 47 54 0.01 10.5

Energy Eq. & Serv. IEZ iShares U.S. Oil Equipment & Services ETF AA 5-May-06 0.43% 169 2 67 69 0.04 14.2

Energy E&P XOP SPDR S&P Oil & Gas Exploration & Production ETF PF 22-Jun-06 0.35% 2,014 499 239 738 0.01 3.4

Energy E&P IEO iShares U.S. Oil & Gas Exploration & Production ETF AA 5-May-06 0.43% 345 3 356 359 0.04 7.2

MLPs AMLP Alerian MLP ETF CM 25-Aug-10 0.85% 9,243 105 88 193 0.01 9.2

Financials XLF Financial Select Sector SPDR Fund PF 22-Dec-98 0.14% 24,681 1,317 1,138 2,455 0.01 4.0

Large Banks KBWB PowerShares KBW Bank Portfolio AA 1-Nov-11 0.35% 867 32 272 304 0.02 4.8

Regional Banks KRE SPDR S&P Regional Banking ETF PF 22-Jun-06 0.35% 3,028 272 283 554 0.01 2.0

Capital Markets KCE SPDR S&P Capital Markets ETF AA 15-Nov-05 0.35% 102 1 87 87 0.09 18.9

Insurance KIE SPDR S&P Insurance ETF AA 15-Nov-05 0.35% 956 10 202 212 0.06 6.1

Healthcare XLV Health Care Select Sector SPDR Fund PF 22-Dec-98 0.14% 17,354 508 1,418 1,927 0.01 1.3

Biotech & Pharma IBB iShares Nasdaq Biotechnology ETF PF 5-Feb-01 0.47% 8,799 288 135 423 0.23 7.3

Large Biotech BBH Market Vectors Biotech ETF AA 23-Nov-99 0.35% 672 3 86 89 0.11 8.8

HC Eq. & Supplies IHI iShares U.S. Medical Devices ETF AA 5-May-06 0.43% 1,408 32 270 302 0.09 5.8

HC Providers & Serv IHF iShares U.S. Healthcare Providers ETF AA 5-May-06 0.43% 536 5 54 59 0.13 8.8

Large Pharma PPH Market Vectors Pharmaceutical ETF AA 1-Feb-00 0.35% 275 6 305 311 0.03 5.0

Industrials XLI Industrial Select Sector SPDR Fund PF 22-Dec-98 0.14% 11,660 693 1,591 2,283 0.01 1.5

Aerospace & Def ITA iShares U.S. Aerospace & Defense ETF AA 5-May-06 0.43% 3,701 37 94 131 0.07 4.1

Transportation IYT iShares Transportation Average ETF AA 10-Oct-03 0.43% 877 51 65 116 0.07 4.5

Materials XLB Materials Select Sector SPDR Fund PF 22-Dec-98 0.14% 3,437 229 334 563 0.01 1.9

Metals & Mining XME SPDR S&P Metals and Mining ETF PF 22-Jun-06 0.35% 660 92 55 147 0.01 3.5

Real Estate VNQ Vanguard REIT ETF CM 29-Sep-04 0.12% 33,823 223 458 681 0.01 1.3

Technology VGT Vanguard Information Technology ETF AA 30-Jan-04 0.10% 13,968 57 2,753 2,810 0.06 3.8

Comm. Equipment IGN iShares North American Tech-Multimedia Networking AA 10-Jul-01 0.47% 60 1 63 64 0.04 9.1

Int. Software & Serv. FDN First Trust Dow Jones Internet Index Fund AA 23-Jun-06 0.60% 4,408 36 49 85 0.06 6.2

Semiconductors SMH Market Vectors Semiconductor ETF PF 5-May-00 0.35% 1,033 344 410 753 0.01 1.3

Software IGV iShares North American Tech-Software ETF AA 10-Jul-01 0.47% 998 20 276 297 0.08 5.8

Telecom VOX Vanguard Telecommunication Services ETF AA 29-Sep-04 0.10% 1,355 10 7 18 0.08 8.8

Utilities XLU Utilities Select Sector SPDR Fund PF 22-Dec-98 0.14% 7,822 538 523 1,061 0.01 1.9

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 18-Aug-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).


21 August 2017

US ETF Compass

Figure 66: International Equities Reference list

5-Day $ 5-Day bps

Intl DM EFA iShares MSCI EAFE ETF CM 14-Aug-01 0.33% 78,034 1,073 2,543 3,615 0.01 1.5

Canada EWC iShares MSCI Canada ETF CM 12-Mar-96 0.48% 3,078 60 550 610 0.01 3.7

Israel EIS iShares MSCI Israel Capped ETF AA 28-Mar-08 0.62% 88 1 22 23 0.17 36.4

Europe VGK Vanguard FTSE Europe ETF CM 3-Mar-05 0.10% 16,927 195 372 567 0.01 1.8

Denmark EDEN iShares MSCI Denmark Capped ETF AA 26-Jan-12 0.53% 65 1 9 10 0.14 20.8

Norway NORW Global X FTSE Norway 30 ETF AA 10-Nov-10 0.50% 128 1 8 8 0.03 21.1

Sweden EWD iShares MSCI Sweden ETF AA 12-Mar-96 0.48% 446 10 195 205 0.01 4.2

Switzerland EWL iShares MSCI Switzerland Capped ETF AA 12-Mar-96 0.48% 1,255 24 194 218 0.01 2.9

UK EWU iShares MSCI United Kingdom ETF CM 12-Mar-96 0.48% 2,718 66 1,051 1,118 0.01 3.0

Eurozone EZU iShares MSCI Eurozone ETF CM 25-Jul-00 0.48% 13,215 236 831 1,067 0.01 2.4

Austria EWO iShares MSCI Austria Capped ETF AA 12-Mar-96 0.48% 228 4 8 12 0.02 7.8

Belgium EWK iShares MSCI Belgium Capped ETF AA 12-Mar-96 0.48% 74 1 10 11 0.02 8.7

Finland EFNL iShares MSCI Finland Capped ETF AA 26-Jan-12 0.53% 45 0 22 23 0.10 25.5

France EWQ iShares MSCI France ETF AA 12-Mar-96 0.48% 636 24 858 882 0.01 3.4

Germany EWG iShares MSCI Germany ETF CM 12-Mar-96 0.48% 4,806 122 452 573 0.01 3.3

Ireland EIRL iShares MSCI Ireland Capped ETF AA 7-May-10 0.48% 67 0 8 8 0.18 41.8

Italy EWI iShares MSCI Italy Capped ETF CM 12-Mar-96 0.48% 813 40 200 239 0.01 3.4

Netherlands EWN iShares MSCI Netherlands ETF AA 12-Mar-96 0.48% 199 5 99 104 0.01 4.7

Portugal PGAL Global X FTSE Portugal 20 ETF AA 13-Nov-13 0.61% 54 1 1 2 0.05 40.5

Spain EWP iShares MSCI Spain Capped ETF CM 12-Mar-96 0.48% 1,509 42 308 350 0.01 3.0

Japan EWJ iShares MSCI Japan ETF CM 12-Mar-96 0.48% 16,133 267 1,088 1,356 0.01 1.8

Pacific ex JP EPP iShares MSCI Pacific ex Japan ETF AA 25-Oct-01 0.49% 3,095 18 296 314 0.01 2.4

Australia EWA iShares MSCI Australia ETF CM 12-Mar-96 0.48% 1,794 39 478 516 0.01 4.5

Hong Kong EWH iShares MSCI Hong Kong ETF CM 12-Mar-96 0.48% 1,805 68 90 158 0.01 4.1

New Zealand ENZL iShares MSCI New Zealand Capped ETF AA 2-Sep-10 0.48% 181 2 7 10 0.15 31.3

Singapore EWS iShares MSCI Singapore ETF CM 12-Mar-96 0.48% 592 12 75 87 0.01 4.2

EM EEM iShares MSCI Emerging Markets ETF PF 7-Apr-03 0.69% 34,743 2,050 367 2,417 0.01 2.3

Latin America ILF iShares Latin America 40 ETF AA 26-Oct-01 0.49% 1,078 24 43 67 0.01 3.3

Brazil EWZ iShares MSCI Brazil Capped ETF PF 10-Jul-00 0.62% 6,149 601 92 693 0.01 2.6

Chile ECH iShares MSCI Chile Capped ETF AA 16-Nov-07 0.62% 457 13 15 28 0.05 10.2

Colombia GXG Global X FTSE Colombia 20 ETF AA 9-Feb-09 0.68% 88 1 2 3 0.03 27.3

Mexico EWW iShares MSCI Mexico Capped ETF PF 12-Mar-96 0.48% 1,289 109 10 119 0.01 1.9

Peru EPU iShares MSCI Peru Capped ETF AA 22-Jun-09 0.62% 168 2 0 2 0.06 15.6

EM Asia EEMA iShares MSCI Emerging Markets Asia ETF AA 9-Feb-12 0.49% 489 2 357 359 0.14 20.2

China H FXI iShares China Large-Cap ETF PF 8-Oct-04 0.74% 3,296 526 201 726 0.01 2.4

China A ASHR Deutsche X-trackers Harvest CSI 300 China A-Shares E AA 6-Nov-13 0.65% 525 18 397 414 0.01 3.7

India INDA iShares MSCI India ETF AA 2-Feb-12 0.68% 5,257 91 204 295 0.01 3.0

Indonesia EIDO iShares MSCI Indonesia ETF AA 7-May-10 0.62% 507 13 2 15 0.01 4.0

Malaysia EWM iShares MSCI Malaysia ETF CM 12-Mar-96 0.48% 436 15 11 26 0.01 3.4

Philippines EPHE iShares MSCI Philippines ETF AA 29-Sep-10 0.62% 175 5 7 12 0.04 12.2

South Korea EWY iShares MSCI South Korea Capped ETF CM 9-May-00 0.62% 3,735 187 114 301 0.01 1.5

Taiwan EWT iShares MSCI Taiwan ETF PF 20-Jun-00 0.62% 3,663 113 76 188 0.01 2.8

Thailand THD iShares MSCI Thailand Capped ETF AA 28-Mar-08 0.62% 345 11 3 14 0.11 14.3

EM Europe

Greece GREK Global X FTSE Greece 20 ETF AA 8-Dec-11 0.65% 426 5 0 5 0.01 12.0

Poland EPOL iShares MSCI Poland Capped ETF AA 26-May-10 0.62% 336 6 6 11 0.02 6.1

Russia RSX Market Vectors Russia ETF PF 26-Apr-07 0.63% 1,808 87 0 87 0.01 5.0

Turkey TUR iShares MSCI Turkey ETF AA 28-Mar-08 0.62% 407 8 15 23 0.04 9.7

Middle East

Qatar QAT iShares MSCI Qatar Capped ETF AA 1-May-14 0.63% 51 0 1 1 0.10 58.9

UAE UAE iShares MSCI UAE Capped ETF AA 1-May-14 0.63% 49 0 5 5 0.08 44.3

Africa AFK Market Vectors Africa Index ETF AA 14-Jul-08 0.78% 73 0 3 3 0.17 74.8

Egypt EGPT Market Vectors Egypt Index ETF AA 18-Feb-10 0.98% 55 0 0 1 0.19 70.1

South Africa EZA iShares MSCI South Africa ETF AA 7-Feb-03 0.62% 407 27 102 129 0.05 7.5

Frontier Market FM iShares MSCI Frontier 100 ETF AA 13-Sep-12 0.79% 618 4 37 41 0.06 19.1

Argentina ARGT Global X MSCI Argentina ETF AA 3-Mar-11 0.75% 154 2 3 5 0.07 24.4

Nigeria NGE Global X MSCI Nigeria ETF AA 3-Apr-13 0.68% 66 1 0 1 0.25 118.1

Pakistan PAK Global X MSCI Pakistan ETF AA 23-Apr-15 0.88% 36 1 1 2 0.06 40.1

Vietnam VNM Market Vectors Vietnam ETF AA 14-Aug-09 0.76% 291 2 1 4 0.03 19.1

BRIC BKF iShares MSCI BRIC ETF AA 16-Nov-07 0.69% 253 1 434 435 0.07 16.4

Total

Liq. $MAsset Class Ticker ETF Name

Product

TypeListing Date

Avg. Bid/Ask SpreadsTER AUM $M

20D ADV

$M

Implied

Liq. $M



21 August 2017

US ETF Compass

Figure 67: 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% 49,624 252 n.a. n.a. 0.01 0.9

US Treasury GOVT iShares Core U.S. Treasury Bond ETF AA 16-Feb-12 0.15% 4,913 14 n.a. n.a. 0.01 4.1

Very Short SHV iShares Short Treasury Bond ETF CM 12-Jan-07 0.15% 5,771 72 n.a. n.a. 0.01 0.9

Short SHY iShares 1-3 Year Treasury Bond ETF CM 26-Jul-02 0.15% 10,990 60 n.a. n.a. 0.01 1.2

Intermediate IEI iShares 3-7 Year Treasury Bond ETF CM 12-Jan-07 0.15% 7,417 45 n.a. n.a. 0.02 1.4

Long TLT iShares 20+ Year Treasury Bond ETF PF 26-Jul-02 0.15% 7,202 919 n.a. n.a. 0.01 0.8

US Inflation TIP iShares TIPS Bond ETF CM 12-Apr-03 0.20% 23,268 106 n.a. n.a. 0.01 1.0

Municipal MUB iShares National AMT-Free Muni Bond ETF AA 9-Sep-07 0.25% 8,740 43 n.a. n.a. 0.01 1.2

Securitized MBB iShares MBS ETF AA 15-Mar-07 0.29% 10,821 57 n.a. n.a. 0.02 2.1

IG Corporates LQD iShares iBoxx $ Investment Grade Corporate Bond ETF CM 26-Jul-02 0.15% 38,569 767 n.a. n.a. 0.01 0.9

HY Corporates HYG iShares iBoxx $ High Yield Corporate Bond ETF PF 10-Apr-07 0.50% 18,211 992 n.a. n.a. 0.01 1.1

Floater FLOT iShares Floating Rate Bond ETF AA 17-Jun-11 0.20% 6,300 26 n.a. n.a. 0.01 2.0

Senior Loans BKLN PowerShares Senior Loan Portfolio CM 3-Mar-11 0.65% 8,953 73 n.a. n.a. 0.01 4.3

Preferred PFF iShares U.S. Preferred Stock ETF CM 30-Mar-07 0.47% 18,569 96 n.a. n.a. 0.01 2.6

Convertible CWB SPDR Barclays Convertible Securities ETF AA 16-Apr-09 0.40% 4,115 43 n.a. n.a. 0.01 2.6

Intl DM Debt BWX SPDR Barclays International Treasury Bond ETF AA 5-Oct-07 0.50% 1,666 11 n.a. n.a. 0.02 7.6

Intl Inflation WIP SPDR DB International Government Inflation-Protected AA 19-Mar-08 0.50% 498 1 n.a. n.a. 0.18 31.7

EM Gov Debt USD EMB iShares J.P. Morgan USD Emerging Markets Bond ETF CM 12-Dec-07 0.40% 11,785 153 n.a. n.a. 0.01 1.0

EM Gov Debt Local EMLC Market Vectors Emerging Markets Local Currency Bon AA 23-Jul-10 0.47% 4,028 29 n.a. n.a. 0.01 5.3

EM Corp USD EMCB WisdomTree Emerging Markets Corporate Bond Fund AA 8-Mar-12 0.60% 51 0 n.a. n.a. 0.58 80.6

EM HY Corp USD HYEM Market Vectors Emerging Markets High Yield Bond ET AA 9-May-12 0.40% 349 4 n.a. n.a. 0.06 23.2

Commodities DBC PowerShares DB Commodity Index Tracking Fund CM 3-Feb-06 0.89% 1,834 21 n.a. n.a. 0.01 6.8

Energy Cmdty DBE PowerShares DB Energy Fund AA 5-Jan-07 0.78% 123 2 n.a. n.a. 0.02 14.4

Crude Oil WTI USO United States Oil Fund LP PF 3-Apr-06 0.72% 2,538 258 n.a. n.a. 0.01 10.3

Natural Gas UNG United States Natural Gas Fund LP PF 18-Apr-07 1.27% 454 41 n.a. n.a. 0.01 15.2

Agriculture DBA PowerShares DB Agriculture Fund CM 5-Jan-07 0.89% 687 13 n.a. n.a. 0.01 5.4

Industrial Metals DBB PowerShares DB Base Metals Fund AA 5-Jan-07 0.82% 294 3 n.a. n.a. 0.01 6.4

Precious Metals DBP PowerShares DB Precious Metals Fund AA 5-Jan-07 0.78% 168 1 n.a. n.a. 0.04 10.8

Gold Physical GLD SPDR Gold Shares PF 18-Nov-04 0.40% 33,293 862 n.a. n.a. 0.01 0.8

Silver Physical SLV iShares Silver Trust PF 27-Apr-06 0.50% 5,734 120 n.a. n.a. 0.01 6.2

Platinum Physical PPLT ETFS Physical Platinum Shares AA 8-Jan-10 0.60% 555 8 n.a. n.a. 0.11 11.3

Palladium Physical PALL ETFS Physical Palladium Shares AA 8-Jan-10 0.60% 218 3 n.a. n.a. 0.16 18.7

Bull USD UUP PowerShares DB US Dollar Index Bullish Fund CM 20-Feb-07 0.80% 596 28 n.a. n.a. 0.01 4.1

JPYUSD FXY CurrencyShares Japanese Yen Trust PF 13-Feb-07 0.40% 119 9 n.a. n.a. 0.01 1.7

EURUSD FXE CurrencyShares Euro Currency Trust PF 12-Dec-05 0.40% 329 82 n.a. n.a. 0.01 1.0

Asset Class Ticker ETF NameProduct

TypeListing Date TER AUM $M

20D ADV

$M

Implied

Liq. $M

Total

Liq. $M

Avg. Bid/Ask Spreads



21 August 2017

US ETF Compass

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)


21 August 2017

US ETF Compass

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.


21 August 2017

US ETF Compass

Figure 68: 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



21 August 2017

US ETF Compass

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.


21 August 2017

US ETF Compass

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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21 August 2017

US ETF Compass

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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21 August 2017

US ETF Compass

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. Hyperlinks to third-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content noris responsible for the accuracy or security controls of these websites.

If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report,or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank 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),


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21 August 2017

US ETF Compass

increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss.The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be 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.

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

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


http://www.optionsclearing.com/about/publications/character-risks.jsp

http://www.optionsclearing.com/about/publications/character-risks.jsp



21 August 2017

US ETF Compass

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC.Analysts located outside of the United States are employed by non-US affiliates that are not subject to FINRA regulations.

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

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at WinchesterHouse, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by thePrudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and FinancialConduct Authority. Details about the extent of our authorisation and regulation are available on request.??Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch or Deutsche Securities Asia Limited.??India: Prepared by Deutsche Equities India Pvt Ltd, which is registered by the Securities and Exchange Board of India (SEBI)as a stock broker. Research Analyst SEBI Registration Number is INH000001741. DEIPL may have received administrativewarnings from the SEBI for breaches of Indian regulations.

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

Korea: Distributed by Deutsche Securities Korea Co.?

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

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


21 August 2017

US ETF Compass

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

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?Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated bythe Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities thatfall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al OlayaDistrict, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.??United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no. 00045) is regulatedby the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial servicesactivities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai InternationalFinancial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been distributed byDeutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by theDubai Financial Services Authority.

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

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