ETFGI United States ETF and ETP industry insights October 2012

This short summary of key findings has been prepared for reference by the media. Our full report will be available in Q4 on a paid subscription basis. For further information on subscribing contact deborah.fuhr@etfgi.com

FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

United States ETF and ETP asset growth as at end of October 2012
At the end of October 2012, the US ETF industry had 1,156 ETFs, assets of US$1,149 Bn, from 33 providers on 3 exchanges. Including other Exchange Traded Products (ETPs), at the end of October 2012, the US ETF/ETP industry had 1,439 ETFs/ETPs, assets of US$1,289 Bn, from 51 providers on 3 exchanges.
Assets (US$ Bn) 1,400 1,200 1,000 800 600 400 200 0
Year # ETFs # ETFs/ETPs ETF assets ETF/ETP assets 2000 79 89 $66 $71 2001 104 115 $85 $88 2002 117 128 $102 $106 2003 123 134 $151 $157 2004 157 169 $228 $237 2005 207 221 $305 $311 2006 350 381 $416 $433 2007 608 673 $586 $621 2008 704 845 $498 $539 2009 778 925 $706 $790 2010 902 1,099 $894 $1,010 2011 1,093 1,369 $939 $1,061 Oct-12 1,156 1,439 $1,149 $1,289

ETF assets

ETP assets

# ETFs

# ETPs

# ETFs/ETPs 1,400

10 year ETF/ETP CAGR: 25.9% YTD 2012: 21.5%

1,200 1,000 800 600 400 200 0

Source: ETFGI, Bloomberg, ETF/ETP providers Note: ETFs are typically open-end index funds that provide daily portfolio transparency, are listed and traded on exchanges like stocks on a secondary basis as well as utilising a unique creation and redemption process for primary transactions. ETPs refers to other products that have similarities to ETFs in the way they trade and settle but they do not use a mutual fund structure. The use of other structures including grantor trusts, partnerships, notes and depositary receipts by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Summary for United States listed ETFs

Assets At the end of October 2012, the US ETF industry had 1,156 ETFs, assets of US$1,149 Bn, from 33 providers on 3 exchanges. ETF assets have decreased by 0.8% from US$1,158 Bn in September 2012 to US$1,149 Bn in October 2012. YTD through end of October 2012, ETF assets have increased by 22.4% from US$939 Bn to US$1,149 Bn. Flows In October 2012, ETFs saw net inflows of US$1.3 Bn. YTD through end of October 2012, ETFs saw net inflows of US$126 Bn. iShares gathered the largest net ETF inflows in October with US$7,335 Mn, followed by Vanguard with US$3,282 Mn and Van Eck Associates Corp with US$792 Mn net inflows. Vanguard gathered the largest net ETF inflows YTD with US$45,681 Mn, followed by iShares with US$39,813 Mn and SPDR ETFs with US$14,363 Mn net inflows. SPDR ETFs experienced the largest net ETF outflows in October with US$9,466 Mn, followed by PowerShares with US$1,226 Mn and Bank of New York with US$773 Mn net outflows. Direxion Shares experienced the largest net ETF outflows YTD with US$933 Mn, followed by Bank of New York with US$709 Mn and Russell Investments with US$284 Mn net outflows. Products In October 2012, 11 new ETFs were launched by 7 providers on 2 exchanges, while 29 ETFs delisted. YTD through end of October 2012, 132 new ETFs have been launched by 22 providers on 3 exchanges, while 71 ETFs have delisted. The top 100 ETFs, out of 1,156, account for 80.4% of US ETF assets. 161 ETFs have greater than US$1 Bn in assets, while 644 ETFs have less than US$100 Mn in assets, 532 ETFs have less than US$50 Mn in assets and 231 ETFs have less than US$10 Mn in assets. Trading volumes ETF average daily trading volumes increased by 7.9% from US$47 Bn in September 2012 to US$51 Bn in October 2012.

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Summary for United States listed ETFs/ETPs

Assets Including other Exchange Traded Products (ETPs), at the end of October 2012, the US ETF/ETP industry had 1,439 ETFs/ETPs, with 1,439 listings, assets of US$1,289 Bn, from 51 providers on 3 exchanges. ETF/ETP assets have decreased by 1.0% from US$1,301 Bn in September 2012 to US$1,289 Bn in October 2012. YTD through end of October 2012, ETF/ETP assets have increased by 21.5% from US$1,061 Bn to US$1,289 Bn. Flows In October 2012, ETFs/ETPs saw net inflows of US$2.7 Bn. YTD through end of October 2012, ETFs/ETPs saw net inflows of US$138 Bn. iShares gathered the largest net ETF/ETP inflows in October with US$7,774 Mn, followed by Vanguard with US$3,282 Mn and Van Eck Associates Corp with US$792 Mn net inflows. Vanguard gathered the largest net ETF/ETP inflows YTD with US$45,681 Mn, followed by iShares with US$42,283 Mn and SPDR ETFs with US$19,259 Mn net inflows. SPDR ETFs experienced the largest net ETF/ETP outflows in October with US$8,544 Mn, followed by PowerShares with US$1,226 Mn and Bank of New York with US$773 Mn net outflows. Direxion Shares experienced the largest net ETF/ETP outflows YTD with US$933 Mn, followed by Bank of New York with US$709 Mn and Russell Investments with US$284 Mn net outflows. Products In October 2012, 13 new ETFs/ETPs were launched by 9 providers on 2 exchanges, while 30 ETFs/ETPs delisted. YTD through end of October 2012, 157 new ETFs/ETPs have been launched by 29 providers on 3 exchanges, while 89 ETFs/ETPs have delisted. The top 100 ETFs/ETPs, out of 1,439, account for 79.2% of US ETF/ETP assets. 173 ETFs/ETPs have greater than US$1 Bn in assets, while 863 ETFs/ETPs have less than US$100 Mn in assets, 732 ETFs/ETPs have less than US$50 Mn in assets and 357 ETFs/ETPs have less than US$10 Mn in assets. Trading volumes ETF/ETP average daily trading volumes increased by 6.1% from US$52 Bn in September 2012 to US$56 Bn in October 2012.

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

United States listed ETFs/ETPs by asset class

October 2012 ETF/ETP net new assets by type of exposure (US$ Mn)
Fixed income Commodities Active Leveraged Inverse Mixed Alternative Currency Leveraged Inverse Equity (3,920) Total: 2,653 (8,000) (3,000) 2,000 7,000 (108) (395) (613) 4,293 2,069 659 363 266 39

YTD ETF/ETP net new assets by type of exposure (US$ Mn)

Equity Fixed income Commodities Active Alternative Leveraged Inverse Mixed Inverse (197) 77,856 42,877 11,689 4,012 3,490 2,460 292

In October 2012, ETFs/ETPs saw net inflows of US$2,653 Mn. Fixed income ETFs/ETPs gathered the largest net inflows with US$4,293 Mn, followed by commodity ETFs/ETPs with US$2,069 Mn and active ETFs/ETPs with US$659 Mn, while equity ETFs/ETPs experienced the largest net outflows with US$3,920 Mn. YTD through end of October 2012, ETFs/ETPs saw net inflows of US$138,392 Mn. Equity ETFs/ETPs gathered the largest net inflows with US$77,856 Mn, followed by fixed income ETFs/ETPs with US$42,877 Mn and commodity ETFs/ETPs with US$11,689 Mn. Currency ETFs/ETPs have experienced the largest net outflows YTD with US$2,472 Mn, followed by leveraged ETFs/ETPs with US$1,615 Mn net outflows.

Leveraged (1,615) Currency (2,472)

Total: 138,392

(45,000)

5,000

55,000 105,000

Asset class Equity Fixed income Commodities Active Alternative Currency Mixed Leveraged Inverse Leveraged Inverse Total

# Assets % ETFs/ (US$ Mn) market ETPs Oct-12 share 741 870,312 67.5% 170 227,238 17.6% 142 145,364 11.3% 46 7,409 0.6% 17 2,785 0.2% 27 3,887 0.3% 36 1,389 0.1% 119 12,658 1.0% 48 5,501 0.4% 93 12,274 1.0% 1,439 1,288,818 100.0%

ADV NNA YTD 2012 YTD 2011 (US$ Mn) (US$ Mn) NNA NNA 2011 NNA Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 42,157 (3,920) 77,856 48,457 53,261 3,039 4,293 42,877 32,064 42,903 3,643 2,069 11,689 6,982 7,634 99 659 4,012 1,846 2,103 938 (108) 3,490 (498) (411) 183 (395) (2,472) 1,546 1,463 11 39 292 248 348 2,878 363 (1,615) 2,247 2,631 442 266 (197) 3,494 3,202 2,183 (613) 2,460 6,142 5,229 55,573 2,653 138,392 102,529 118,362

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

United States listed ETFs/ETPs by asset class: Equity

October 2012 ETF/ETP NNA by region of equity exposure (US$ Mn)
Emerging Global (ex-US) Europe Asia Pacific Middle East and Africa Global North America (10,373) (11) 3,740 1,366 1,014 342 2

YTD ETF/ETP NNA by region of equity exposure (US$ Mn)

North America Emerging Global (ex-US) Europe Global Middle East and Africa Asia Pacific (1,691) 18,969 5,928 4,736 1,670 1 48,242

In October 2012, equity ETFs/ETPs saw net outflows of US$3,920 Mn. North American equity ETFs/ETPs experienced the largest net outflows with US$10,373 Mn, while ETFs/ETPs providing exposure to emerging market equity indices gathered the largest net inflows with US$3,740 Mn, followed by ETFs/ETPs providing exposure to global (ex-US) equities with US$1,366 Mn and ETFs/ETPs providing exposure to European equities with US$1,014 Mn. YTD through end of October 2012, equity ETFs/ETPs saw net inflows of US$77,856 Mn. North American equity ETFs/ETPs have gathered the largest net inflows with US$48,242 Mn, followed by emerging market equity ETFs/ETPs with US$18,969 Mn and global (ex-US) equity ETFs/ETPs with US$5,928 Mn. Asia Pacific equity ETFs/ETPs have experienced the largest net outflows YTD with US$1,691 Mn.

Total: (3,920)

(24,000)

(4,000)

16,000

Total: 77,856

(30,000)

10,000

50,000

# ETFs/ Equity exposure ETPs Asia Pacific 35 Europe 35 Emerging 138 Middle East and Africa 1 North America 401 Global (ex-US) 71 Global 60 Total 741

Assets % ADV NNA NNA NNA NNA (US$ Mn) market (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Oct-12 share Oct-12 Oct-12 YTD 2012 YTD 2011 2011 19,216 2.2% 429 342 (1,691) 1,928 1,403 15,092 1.7% 384 1,014 4,736 2,210 1,407 143,876 16.5% 4,837 3,740 18,969 (1,541) (2,876) 81 0.0% 1 2 1 (32) (34) 601,673 69.1% 35,287 (10,373) 48,242 33,780 39,552 75,613 8.7% 1,120 1,366 5,928 10,540 12,260 14,760 1.7% 99 (11) 1,670 1,571 1,547 870,312 100.0% 42,157 (3,920) 77,856 48,457 53,261

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. The data displayed above does not include active, leveraged, inverse or leveraged inverse products. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

United States listed ETFs/ETPs by asset class: Fixed Income

October 2012 ETF/ETP NNA by fixed income exposure (US$ Mn)
Corporate Emerging Mortgage Govt/Corp Government Broad/Aggregate Covered Convertible High Yield (0) (4) (395) 415 336 163 154 1,341 2,744

YTD ETF/ETP NNA by type of fixed income exposure (US$ Mn)

Corporate High Yield Emerging Broad/Aggregate Govt/Corp Mortgage Inflation Convertible Covered Government (592) 0 10,000 20,000 16,159 11,048 4,604 4,586 3,675 2,528 750 105 13

In October 2012, fixed income ETFs/ETPs saw net inflows of US$4,293 Mn. Corporate bond ETFs/ETPs gathered the largest net inflows with US$2,744 Mn, followed by ETFs/ETPs providing emerging market bond exposure with US$1,341 Mn, and mortgage backed ETFs/ETPs with US$415 Mn net inflows. YTD through end of October 2012, fixed income ETFs/ETPs saw net inflows of US$42,877 Mn. Corporate bond ETFs/ETPs have gathered the largest net inflows with US$16,159 Mn, followed by high yield ETFs/ETPs with US$11,048 Mn and emerging market fixed income ETFs/ETPs with US$4,604 Mn.

Inflation (460) Total: 4,293 (2,000) 0 2,000 4,000

Total: 42,877

(10,000)

Fixed income exposure Broad/Aggregate Convertible Corporate Covered Emerging Government Govt/Corp High Yield Inflation Mortgage Total

# ETFs/ ETPs 10 2 34 1 15 63 7 18 15 5 170

Assets (US$ Mn) Oct-12 34,514 856 55,405 13 12,115 40,000 15,898 33,224 28,417 6,796 227,238

% market share 15.2% 0.4% 24.4% 0.0% 5.3% 17.6% 7.0% 14.6% 12.5% 3.0% 100.0%

ADV NNA NNA NNA NNA (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Oct-12 Oct-12 YTD 2012 YTD 2011 2011 237 154 4,586 5,644 7,884 12 (4) 105 276 257 625 2,744 16,159 7,641 9,935 0 (0) 13 172 1,341 4,604 2,358 2,882 1,076 163 (592) 4,967 7,053 80 336 3,675 2,370 3,124 595 (395) 11,048 5,594 7,120 173 (460) 750 1,909 2,781 69 415 2,528 1,308 1,869 3,039 4,293 42,877 32,064 42,903

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. The data displayed above does not include active, leveraged, inverse or leveraged inverse products. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

United States listed ETFs/ETPs by asset class: Commodities

October 2012 ETF/ETP NNA by commodity exposure (US$ Mn)
Precious metals Energy Broad Livestock Alternative Industrial metals Agriculture (51) (104) 0 1,000 2,000 1 0 408 237 1,578

YTD ETF/ETP NNA by type of commodity exposure (US$ Mn)

Precious metals Broad Energy Alternative Livestock Industrial metals Agriculture Total: 11,689 (40) (136) (801) 12,500 1,852 919 (0) 9,895

In October 2012, commodity ETFs/ETPs saw net inflows of US$2,069 Mn. Precious metal ETFs/ETPs gathered the largest net inflows with US$1,578 Mn, followed by energy ETFs/ETPs with US$408 Mn, while ETFs/ETPs providing exposure to agricultural products experienced the largest net outflows with US$104 Mn. YTD through end of October 2012, commodity ETFs/ETPs saw net inflows of US$11,689 Mn. Precious metal ETFs/ETPs gathered the largest net inflows with US$9,895 Mn, followed by broad commodity ETFs/ETPs with US$1,852 Mn and energy ETFs/ETPs with US$919 Mn. Agriculture ETFs/ETPs experienced the largest net outflows with US$801 Mn.

Total: 2,069

(1,000)

(10,000) (2,500) 5,000

Commodity exposure Broad Alternative Agriculture Energy Industrial metals Livestock Precious metals Total

# ETFs/ ETPs 27 1 30 30 22 3 29 142

Assets (US$ Mn) Oct-12 16,476 1 8,480 4,536 1,071 64 114,735 145,364

% market share 11.3% 0.0% 5.8% 3.1% 0.7% 0.0% 78.9% 100.0%

ADV NNA NNA NNA NNA (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Oct-12 Oct-12 YTD 2012 YTD 2011 2011 291 237 1,852 838 735 0 (0) (1) (1) 58 (104) (801) 4,162 3,665 595 408 919 (1,585) (1,787) 15 (51) (136) 261 162 1 1 (40) 36 40 2,684 1,578 9,895 3,272 4,821 3,643 2,069 11,689 6,982 7,634

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. The data displayed above does not include active, leveraged, inverse or leveraged inverse products. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Top 20 ETF providers by assets: United States

iShares is the largest ETF provider in terms of assets with US$507 Bn, reflecting 44.1% market share; Vanguard is second with US$232 Bn and 20.2% market share, followed by SPDR ETFs with US$229 Bn and 19.9% market share. The top three ETF providers, out of 33, account for 84.2% of US ETF assets, while the remaining 30 providers each have less than 6% market share.

Provider iShares Vanguard SPDR ETFs PowerShares Van Eck ProShares WisdomTree Guggenheim Bank of New York PIMCO First Trust Schwab ETFs Direxion ALPS ETF Trust FlexShares Global X Funds Emerging Global AdvisorShares IndexIQ RevenueShares Others (13) Total

# ETFs 276 65 115 127 50 117 49 70 1 19 73 15 47 4 7 31 22 16 12 6 34 1,156

Assets (US$ Mn) Oct-12 506,644 231,930 229,033 57,515 28,401 18,772 16,776 9,806 9,257 8,358 8,048 7,857 5,965 4,597 1,787 1,447 781 697 559 432 812 1,149,473

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 44.1% 13,359 7,335 39,813 22,342 28,313 20.2% 1,848 3,282 45,681 30,384 35,829 (9,466) 14,363 17,334 20,639 19.9% 25,653 5.0% 3,167 (1,226) 6,251 3,068 4,393 2.5% 1,232 792 3,698 7,174 6,154 1.6% 2,693 121 457 5,256 4,625 1.5% 177 47 3,718 3,362 3,929 0.9% 69 91 1,364 431 24 0.8% 407 (773) (709) (2,564) (3,026) 0.7% 122 529 4,124 1,201 1,713 0.7% 77 130 1,253 1,449 1,482 0.7% 63 362 2,261 2,062 2,587 0.5% 1,911 (200) (933) 3,624 3,523 0.4% 29 218 2,467 977 1,339 0.2% 12 172 1,261 369 463 0.1% 30 8 209 437 380 0.1% 4 1 202 162 194 0.1% 11 41 302 294 311 0.0% 6 12 102 156 187 0.0% 2 (3) (62) (68) (71) 0.1% 10 (177) (275) 519 599 100.0% 50,881 1,296 125,546 97,969 113,587

Market share of largest ETF providers by assets

Top 20, 99.9% Top 10, 97.1% Top 5, 91.7% Top 3, 84.2%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 967,607 1,053,523 1,116,492 1,148,661

% total 84.2% 91.7% 97.1% 99.9%

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Top 20 ETF index providers by assets: United States

S&P Dow Jones has the largest amount of ETF assets tracking its benchmarks with US$383 Bn, reflecting 33.3% market share; MSCI is second with US$297 Bn and 25.8% market share, followed by Barclays Capital with US$159 Bn and 13.9% market share.

Provider S&P Dow Jones MSCI BarCap Russell Markit NASDAQ OMX FTSE NYSE Euronext WisdomTree Indxis Market Vectors BofA ML JP Morgan STOXX Morningstar Alerian Deutsche Bank Cohen & Steers Wells Fargo Accretive AM Others Total

# ETFs 356 165 85 53 11 31 37 53 35 6 24 31 2 7 20 1 2 2 3 16 216 1,156

Assets (US$ Mn) Oct-12 383,281 296,709 159,208 84,788 43,572 36,450 27,800 16,419 14,052 13,560 8,509 7,809 7,112 6,823 5,806 4,400 4,178 2,804 2,143 1,784 22,266 1,149,473

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 33.3% 29,707 (8,348) 27,954 21,915 25,298 25.8% 6,355 5,992 30,592 18,982 19,495 13.9% 2,364 2,021 20,853 23,914 31,741 7.4% 5,270 (1,192) 618 3,016 1,987 3.8% 627 536 13,087 5,436 7,157 3.2% 3,569 (2,501) 479 1,760 2,680 2.4% 717 1,453 5,067 2,389 2,411 1.4% 890 252 1,619 3,388 3,798 1.2% 161 35 3,824 1,972 2,640 1.2% 63 164 2,346 3,533 4,327 0.7% 468 252 1,505 851 (715) 0.7% 83 197 2,092 770 1,241 0.6% 101 522 2,530 1,236 1,671 0.6% 43 20 445 3,566 3,645 0.5% 42 312 2,083 737 1,311 0.4% 27 201 2,401 956 1,314 0.4% 56 529 1,249 780 812 0.2% 33 (73) 195 (36) (18) 0.2% 10 57 370 (148) (150) 0.2% 11 88 1,001 536 605 1.9% 282 779 5,235 2,416 2,336 100.0% 50,881 1,296 125,546 97,969 113,587

Market share of largest ETF index providers by assets

Top 20, 98.1% Top 10, 93.6% Top 5, 84.2% Top 3, 73.0%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 839,198 967,558 1,075,839 1,127,207

% total 73.0% 84.2% 93.6% 98.1%

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

10

Top 20 ETF/ETP providers by assets: United States

iShares is the largest ETF/ETP provider in terms of assets with US$530 Bn, reflecting 41.1% market share; SPDR ETFs is second with US$303 Bn and 23.5% market share, followed by Vanguard with US$232 Bn and 18.0% market share. The top three ETF/ETP providers, out of 51, account for 82.6% of US ETF/ETP assets, while the remaining 48 providers each have less than 5% market share.

Provider iShares SPDR ETFs Vanguard PowerShares Van Eck ProShares WisdomTree Deutsche Bank Guggenheim Bank of New York PIMCO First Trust Schwab ETFs Barclays (iPath) Direxion JPMorgan ALPS ETF Trust ETF Securities USCF FlexShares Others (31) Total

# ETFs/ ETPs 280 116 65 127 50 138 49 55 78 1 19 73 15 72 47 4 4 7 12 7 220 1,439

Assets (US$ Mn) Oct-12 529,828 302,861 231,930 57,515 28,401 22,312 16,776 13,002 11,753 9,257 8,358 8,048 7,857 6,100 5,965 5,258 4,597 4,077 3,276 1,787 9,859 1,288,818

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 41.1% 13,834 7,774 42,283 22,902 28,990 23.5% 27,052 (8,544) 19,259 16,122 20,267 18.0% 1,848 3,282 45,681 30,384 35,829 4.5% 3,167 (1,226) 6,251 3,068 4,393 2.2% 1,232 792 3,698 7,174 6,154 1.7% 3,289 122 1,364 7,118 6,432 1.3% 177 47 3,718 3,362 3,929 1.0% 172 (58) (220) 1,452 1,140 0.9% 220 (143) 279 1,055 624 0.7% 407 (773) (709) (2,564) (3,026) 0.6% 122 529 4,124 1,201 1,713 0.6% 77 130 1,253 1,449 1,482 0.6% 63 362 2,261 2,062 2,587 0.5% 946 (189) 2,141 (768) (983) 0.5% 1,911 (200) (933) 3,624 3,523 0.4% 27 1,362 894 1,157 0.4% 29 218 2,467 977 1,339 0.3% 34 (74) 297 309 235 0.3% 561 346 684 (1,132) (1,175) 0.1% 12 172 1,261 369 463 0.8% 393 87 1,874 3,471 3,289 100.0% 55,573 2,653 138,392 102,529 118,362

Market share of largest ETF/ETP providers by assets

Top 20, 99.2% Top 10, 94.9% Top 5, 89.3% Top 3, 82.6%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 1,064,619 1,150,535 1,223,636 1,278,958

% total 82.6% 89.3% 94.9% 99.2%

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

11

Top 20 ETF/ETP index providers by assets: United States

S&P Dow Jones has the largest amount of ETF/ETP assets tracking its benchmarks with US$393 Bn, reflecting 30.5% market share; MSCI is second with US$297 Bn and 23.1% market share, followed by Barclays Capital with US$160 Bn and 12.4% market share.

Provider S&P Dow Jones MSCI BarCap Russell Markit NASDAQ OMX FTSE Deutsche Bank NYSE Euronext WisdomTree Indxis Alerian Market Vectors BofA ML JP Morgan STOXX Morningstar Cohen & Steers Wells Fargo Accretive AM Others Total

# Assets ETFs/ (US$ Mn) Oct-12 ETPs 444 392,738 170 297,182 120 159,505 56 84,916 11 43,572 32 36,463 37 27,800 45 17,014 56 16,437 35 14,052 6 13,560 7 10,220 25 8,527 33 7,824 2 7,112 7 6,823 21 5,818 2 2,804 6 2,240 16 1,784 308 132,425 1,439 1,288,818

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 30.5% 31,396 (8,364) 32,471 22,218 25,682 23.1% 6,360 5,994 30,494 18,618 19,127 12.4% 2,368 2,011 20,850 24,140 31,907 6.6% 5,272 (1,184) 721 3,012 1,983 3.4% 627 536 13,087 5,436 7,157 2.8% 3,570 (2,501) 488 1,760 2,684 2.2% 717 1,453 5,067 2,389 2,411 1.3% 227 479 1,054 2,190 1,918 1.3% 890 252 1,619 3,392 3,327 1.1% 161 35 3,824 1,972 2,640 1.1% 63 164 2,346 3,533 4,327 0.8% 61 248 4,021 1,841 2,477 (715) 0.7% 470 270 1,524 851 0.6% 83 197 2,088 774 1,242 0.6% 101 522 2,530 1,236 1,671 0.5% 43 20 445 3,566 3,645 0.5% 42 313 2,087 739 1,313 0.2% 33 (73) 195 (36) (18) 0.2% 13 67 398 (117) (119) 0.1% 11 88 1,001 536 605 10.3% 3,066 2,127 12,082 4,478 5,097 100.0% 55,573 2,653 138,392 102,529 118,362

Market share of largest ETF/ETP providers by assets

Top 20, 89.7% Top 10, 84.5% Top 5, 75.9% Top 3, 65.9%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 849,425 977,913 1,089,680 1,156,393

% total 65.9% 75.9% 84.5% 89.7%

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

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About ETFGI

ETFGI is an independent research and consultancy firm aimed at providing services to the rapidly expanding global Exchange-Traded Fund (ETF) industry and investors. The new firm is focused on providing thought leadership; publishing independent research on the industry, products, applications, competitor analysis; providing education, assistance and tools for investors on product comparison, asset allocation implementation and offering customised research. The founding partners of the firm bring a wealth of ETF implementation and capital markets experience to the venture. Deborah Fuhr, Shane Kelly and Matthew Murray were instrumental in the development of the first ETF global industry research reports and worldwide handbooks while they were at Morgan Stanley and most recently they have been responsible for the development and production of ETF reports and handbooks at BlackRock/Barclays Global Investors. For further information please contact: Deborah Fuhr Partner ETFGI LLP 100 Pall Mall, St James London SW1Y 5NQ United Kingdom Phone: +44 207 321 5650 Mobile: +44 777 5823 111 Email: deborah.fuhr@etfgi.com

FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

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