Industry Updates

ETFs in review: Q1 2024

A recap of flows, performance and the biggest stories over the quarter

Theo Andrew

Nvidia drove the ETF performance charts in Q1 as the chipmaker continued to defy expectations.

Semiconductor ETFs led the way, with the Amundi MSCI Semiconductor ESG Screened UCITS ETF (CHIP) the best performing over the quarter, with returns of 33.6%, followed by the VanEck Semiconductor UCITS ETF (SMGB) returning 22.7%.

Currency-hedged Japan ETFs also shone, with the WisdomTree Japan Equity UCITS ETF (DXJ) returning 24% in the first quarter.

Investors poured into US equity ETFs, with the iShares Core S&P 500 UCITS ETF (CSPX) raking in $4.7bn inflows in Q1, followed by the $3.4bn for the SPDR S&P 500 UCITS ETF (SPY5), according to data from ETFbook.

BlackRock saw inflows into its European ETF range slow in Q1 while DWS and Vanguard continued to gain momentum.

The biggest stories of the quarter were dominated by the three largest issuers launching various global equity ETFs.

Fee wars also intensified over the period, particularly among bitcoin exchange-traded products (ETPs), while active ETFs gained momentum.

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