It probably is not surprising, but with 13F filing season underway, it is obvious that the exchange traded funds most favored by hedge funds are also some of the largest ETFs by assets.

The lone ETF that ranked among the five largest hedge holdings at the end of the first quarter was Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO), the largest emerging markets ETF by assets and fourth-largest ETF overall, reports Geoffrey Rogow for the Wall Street Journal.

The $44.5 billion VWO charges 0.15% per year, making it cheaper than 90% of rival funds, according to Vanguard data. Home to 960 stocks, VWO allocates a combined 48% of its weight to China, Brazil and Taiwan.

In addition to VWO, the top-five ETFs held by hedge funds at the end of the first quarter were the SPDR S&P 500 ETF (NYSEArca: SPY), SPDR Gold Shares (NYSEArca: GLD), iShares MSCI Emerging Markets ETF (NYSEArca: EEM) and the iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSEArca: LQD), according to the Journal.

SPY is the largest ETF in the world while EEM and GLD are the seventh- and eighth-largest U.S.-listed ETFs, respectively. LQD is the second-largest bond ETF behind the Vanguard Total Bond Market ETF (NYSEArca: BND). [ETFs for Rising Rates]

John Paulson’s Paulson & Co. held 10.23 million shares of GLD at the end of the first quarter, making the hedge fund the largest hold of the gold ETF. [Paulson, Soros Still Love Gold ETFs]

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