Q1 Global ETF Flows Top $70B, DXJ Stars

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Investors poured more than $18 billion into U.S. ETFs in March and over $54 billion in the entire first quarter, as DXJ, WisdomTree's currency-hedged Japan ETF, was the most popular ETF so far in 2013-a year in which inflows are on pace to easily top last year's record of $188 billion.

Globally, the ETF market raked in a record $70.1 billion in fresh assets in the first quarter, with equities accounting for 93 percent of global flows, according to BlackRock data.

The WisdomTree Japan Hedged Equity Fund (NYSEArca:DXJ) hauled in $1.1 billion in March and about $4 billion in the first quarter, as total U.S.-listed ETF assets under management rose to almost $1.467 trillion-just shy of an all-time record, according to data compiled by IndexUniverse.

Total assets at the end of the quarter were 3 percent higher than at the end of February, nearly 9 percent above year-end 2012 levels and more than 21 percent over the $1.21 trillion in total AUM a year ago.

The quarterly asset haul of $54.73 billion looks, at first blush, to be the third-biggest quarter of inflows in the 20-year history of ETFs. Last year's third quarter was the all-time high, with creations of almost $60 billion, while the nearly $56 billion in 2012's first quarter appears to be No. 2 in the pantheon of top flows.

WisdomTree's DXJ is easily the top ETF story so far in 2013, as increasing numbers of U.S. investors flock to the fund as a way to take advantage of Japan's rising stock market while steering clear of the declining yen. Japanese equities have received a shot in the arm from pledges by Japan's new leadership to weaken the yen to help spur growth there.

The renewed excitement about Japanese stocks spread to the ETF market's biggest equities fund, the iShares MSCI Japan Index Fund (NYSEArca:EWJ). It pulled in $830.6 million in March and $1.45 billion in the entire first quarter.

The flows into DXJ helped propel New York-based WisdomTree to the No. 6 spot of the U.S. ETF industry league table, with total assets of $25.1 billion. It surpassed Bethesda, Md.-based ProShares, which ended in the No. 7 spot, with just over $23.58 billion in assets.

The top ETF in inflows for the month of March was the iShares Core S&P 500 ETF (NYSEArca:IVV), which pulled in $2.27 billion. It ended the month and quarter with assets of $41.03 billion.

March 2013 Top Gainers ($, Millions)

Ticker Name Issuer Flows AUM ($, M) Turnover
IVV iShares Core S&P 500 BlackRock 2,266.16 41,031.36 13,580.22
BSV Vanguard Short-Term Bond Vanguard 1,503.31 11,531.18 2,495.94
IWM iShares Russell 2000 BlackRock 1,335.14 21,399.91 60,345.36
IWF iShares Russell 1000 Growth BlackRock 1,121.42 19,407.53 3,951.34
DXJ WisdomTree Japan Hedged Equity WisdomTree 1,104.24 5,632.64 2,609.03
SSO ProShares Ultra S&P 500 ProShares 968.51 2,436.23 9,901.78
EWJ iShares MSCI Japan BlackRock 830.64 7,275.60 6,054.52
USMV iShares MSCI USA Minimum Volatility BlackRock 796.63 2,606.01 732.92
VNQ Vanguard REIT Vanguard 678.44 18,216.72 3,548.18
SPY SPDR S&P 500 SSgA 670.49 129,835.33 360,998.47
2013 First-Quarter Most Popular Funds
Name Issuer Flows AUM ($, M) Turnover
WisdomTree Japan Hedged Equity WisdomTree 3,946.88 5,632.64 7,649.53
iShares Core S&P 500 BlackRock 2,358.67 41,031.36 37,185.60
Vanguard Short-Term Bond Vanguard 2,230.97 11,531.18 5,723.09
Vanguard Total Stock Market Vanguard 2,154.40 29,037.49 10,479.93
iShares MSCI USA Minimum Volatility BlackRock 1,680.53 2,606.01 1,318.12
Vanguard REIT Vanguard 1,677.29 18,216.72 11,051.58
Vanguard S&P 500 Vanguard 1,528.79 8,855.10 7,471.62
PowerShares Senior Loan Invesco PowerShares 1,500.85 3,014.33 3,564.24
iShares MSCI Japan BlackRock 1,453.27 7,275.60 20,774.34
Financial Select SPDR SSgA 1,380.13 11,677.49 54,386.49
March 2013 Assets By Class
March 2013 Assets By Class Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 14,655.42 703,682.93 2.08%
International Equity - 1,702.71 353,550.63 -0.48%
U.S. Fixed Income 5,250.21 233,381.44 2.25%
International Fixed Income - 29.96 27,031.22 -0.11%
Commodities - 2,246.51 107,424.60 -2.09%
Currency - 36.86 2,732.98 -1.35%
Leveraged 251.12 14,151.49 1.77%
Inverse 1,067.68 18,450.79 5.79%
Asset Allocation 190.33 3,092.44 6.15%
Alternatives 376.89 3,279.35 11.49%
Total: 17,775.61 1,466,777.85 1.21%
2013 First-Quarter Flows By Assets
Q1 2013 Flows By Assets Net Flows ($, mm) AUM ($, mm) % of AUM
U.S. Equity 30,334.36 685,587.38 4.42%
International Equity 18,781.74 353,550.63 5.31%
U.S. Fixed Income 6,798.58 233,381.44 2.91%
International Fixed Income 1,711.27 27,031.22 6.33%
Commodities - 6,666.43 107,424.60 -6.21%
Currency 87.26 2,732.98 3.19%
Leveraged - 865.10 14,151.49 -6.11%
Inverse 3,111.74 18,450.79 16.87%
Asset Allocation 571.61 3,092.44 18.48%
Alternatives 861.51 3,279.35 26.27%
Total: 54,726.53 1,466,777.85 3.78%

2013 First-Quarter ETF League Table

Issuer Net Flows AUM ($M) % of AUM Turnover
BlackRock 11,913.51 524,281.89 2.27% 732,387.26
SSgA -714.63 400,749.68 -0.18% 1,933,033.65
Vanguard 20,068.47 276,699.09 7.25% 155,032.98
Invesco PowerShares 3,622.89 77,522.14 4.67% 171,789.15
Van Eck 294.91 26,205.24 1.13% 73,576.89
WisdomTree 5,892.12 25,102.57 23.47% 20,525.87
ProShares 2,326.43 23,575.32 9.87% 189,851.84
Guggenheim 1,660.65 15,140.67 10.97% 20,355.25
PIMCO 2,022.06 11,156.83 18.12% 8,601.99
Charles Schwab 1,649.19 10,850.37 15.20% 6,401.70
First Trust 1,412.67 10,548.26 13.39% 6,410.14
ALPS 955.14 6,179.93 15.46% 3,631.20
Direxion -77.76 5,780.06 -1.35% 101,853.75
Barclays Capital 466.83 5,772.06 8.09% 70,399.53
JPMorgan - 5,761.45 0.00% 4,418.51
Northern Trust 2,215.96 4,502.81 49.21% 2,713.06
ETF Securities 161.43 4,192.33 3.85% 2,345.86
US Commodity Funds -652.87 2,695.14 -24.22% 18,373.88
UBS 251.18 1,938.11 12.96% 1,783.68
Global X 400.37 1,819.84 22.00% 1,621.96
Merrill Lynch 44.40 1,251.75 3.55% 460.88
Emerging Global Shares 148.44 1,226.99 12.10% 639.53
VelocityShares 78.00 968.38 8.06% 26,254.22
AdvisorShares 108.03 725.85 14.88% 594.39
IndexIQ 114.91 702.96 16.35% 343.42
Credit Suisse 46.76 548.83 8.52% 298.73
Pacer Financial 16.54 491.25 3.37% 154.38
GreenHaven 15.60 480.37 3.25% 198.30
RBS Securities 84.35 331.50 25.45% 197.23
Goldman Sachs - 258.37 0.00% 61.53
Precidian 11.99 228.05 5.26% 747.87
Fidelity - 192.20 0.00% 77.57
Exchange Traded Concepts 71.10 185.22 38.39% 151.88
Deutsche Bank 31.94 181.52 17.60% 101.00
Jefferies - 73.23 0.00% 21.91
Teucrium 8.68 64.27 13.51% 230.36
Arrow Investment Advisors 31.75 59.54 53.34% 56.23
Morgan Stanley - 33.81 0.00% 18.49
Columbia - 27.08 0.00% 32.19
Pax World 10.21 24.41 41.81% 9.77
FFCM -4.41 23.00 -19.18% 35.70
Huntington Strategy Shares 2.79 20.55 13.58% 7.13
BNP Paribas 2.19 19.78 11.07% 5.21
Factor Advisor 0.46 17.53 2.64% 29.89
Russell 6.05 9.33 64.81% 7.04
CitiGroup - 2.21 0.00% 5.11
Pyxis - - - -


Leading Redemptions

The iShares MSCI Emerging Markets Index Fund (NYSEArca:EEM) was the least popular ETF last month, with redemptions of $4.19 billion. It ended the month with $45.58 billion under management. In the entire quarter, EEM had redemptions of $1.44 billion.

The world's biggest bullion fund, the SPDR Gold Shares (NYSEArca:GLD), led all redemptions in the first quarter, with outflows of $6.62 billion. GLD was No. 2 on the March redemptions list, with outflows of $1.68 billion.

The world's biggest exchange-traded fund, the SPDR S&P 500 ETF (NYSEArca:SPY), was right behind GLD on the quarterly outflows table, with redemptions totaling $5.27 billion. SPY, which ended the quarter with assets of nearly $130 billion, had inflows of $670.5 million in the month of March.

March 2013 Biggest Losers ($, Millions)

Ticker Name Issuer Flows AUM ($, M) Turnover
EEM iShares MSCI Emerging Markets BlackRock - 4,188.47 45,582.19 45,230.88
GLD SPDR Gold SSgA - 1,676.64 62,729.74 24,739.70
IJH iShares Core S&P Mid-Cap BlackRock - 1,059.04 15,187.45 3,266.54
VWO Vanguard FTSE Emerging Markets Vanguard - 1,040.05 58,489.10 14,675.90
FXI iShares FTSE China 25 BlackRock - 874.11 6,701.15 12,282.57
MVV ProShares Ultra MidCap 400 ProShares - 836.53 141.54 1,091.41
XLI Industrial Select SPDR SSgA - 477.46 4,511.57 8,211.07
TIP iShares Barclays TIPS Bond BlackRock - 444.84 20,704.68 2,985.56
EMB iShares J.P. Morgan USD Emerging Markets Bond BlackRock - 437.44 5,710.56 2,116.53
IWR iShares Russell Midcap BlackRock - 418.58 7,297.16 1,044.12
2013 First-Quarter Biggest Losers ($, Millions)
Ticker Name Issuer Flows AUM ($, M) Turnover
GLD SPDR Gold SSgA - 6,622.91 62,729.74 105,775.33
SPY SPDR S&P 500 SSgA - 5,271.46 129,835.33 1,225,852.09
TIP iShares Barclays TIPS Bond BlackRock - 1,471.22 20,704.68 9,520.18
EEM iShares MSCI Emerging Markets BlackRock - 1,437.56 45,582.19 140,539.11
LQD iShares iBoxx $ Investment Grade Corporate Bond BlackRock - 1,379.37 23,676.84 16,151.44
EWZ iShares MSCI Brazil Capped BlackRock - 1,369.49 7,848.89 42,567.15
FXI iShares FTSE China 25 BlackRock - 1,206.36 6,701.15 42,479.87
EMB iShares J.P. Morgan USD Emerging Markets Bond BlackRock - 936.75 5,710.56 8,133.19
IEI iShares Barclays 3-7 Year Treasury Bond BlackRock - 861.10 2,234.81 2,678.52
DIA SPDR Dow Jones Industrial Average Trust SSgA - 849.41 11,242.18 49,721.12
2013 First-Quarter ETF Giants ($, Millions)
Ticker Name Issuer Flows AUM ($, M) Turnover
SPY SPDR S&P 500 SSgA - 5,271.46 129,835.33 1,225,852.09
GLD SPDR Gold SSgA - 6,622.91 62,729.74 105,775.33
VWO Vanguard FTSE Emerging Markets Vanguard 518.74 58,489.10 50,987.89
EEM iShares MSCI Emerging Markets BlackRock - 1,437.56 45,582.19 140,539.11
EFA iShares MSCI EAFE BlackRock 673.84 41,503.35 65,852.76
IVV iShares Core S&P 500 BlackRock 2,358.67 41,031.36 37,185.60
QQQ PowerShares QQQ Invesco PowerShares - 350.89 31,868.73 139,595.77
VTI Vanguard Total Stock Market Vanguard 2,154.40 29,037.49 10,479.93
LQD iShares iBoxx $ Investment Grade Corporate Bond BlackRock - 1,379.37 23,676.84 16,151.44
TIP iShares Barclays TIPS Bond BlackRock - 1,471.22 20,704.68 9,520.18

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , ETFs

Referenced Stocks: EEM , EWJ , GLD , IVV , SPY

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