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marctomarket.com / By Marc Chandler / May 6, 2013
Flows into the exchange products continue to accelerate. In the first four months of this year, Blackrock estimates some $80 bln have flowed into ETF products globally compared with $66 bln for the same year ago period. The US-listed ETFs took in more than 80% of the inflows.
The ETF business has become somewhat less concentrated. The top 50 ETFs accounted for 62% of the assets under management on May 1 compared with 69% at the end of last year, according to Blackrock figures. Two of the largest ETFs, GLD, a popular gold ETF, and SPY, the SPDR S&P 500 fund experienced outflows.
The ETF that has seen the greatest inflow has been WisdomTree Japan Hedged Equity (DWJ), pulling in an estimated $5.5 bln. Yet it was Vanguard’s FTSE Emerging Market ETF (VWO) that has surpassed GLD to move into second place among US-list ETFs. It saw net outflows of $1.55 bln in April, but with $57.7 bln of total assets it eclipsed GLD’s $50.9 bln.
Of the top 5 US-listed ETFs (by assets under management), three are devoted to international equities. The fifth largest ETF is the ishares MSCI EAFE, also issued by Blackrock, with about $42.3 bln of assets. Two of the top five are devoted to emerging markets. In addition to Vanguard’s offering VWO, there is ishares MSCI Emerging Markets (EEM), which Blackrock is the issuer. Between the two of these, there is $102.6 bln invested.
