ETF Assets Rise Again in April: ICI

May 28, 2003 -- The combined assets of the nation's exchange-traded funds (ETFs) increased to $110.5 billion at the end of April, up from $100.8 billion at the end of March, according to data released today by the Investment Company Institute (ICI).

ETF assets totalled $102.1 billion as of year-end 2002.

At the end of March, 118 ETFs were in operation, four more than in the prior month. Of that total, 69 ETFs tracked domestic stock indexes and held assets of $101.5 billion; 41 ETFs tracked international/global equity indices and held assets of $5.6 billion; and eight bond index ETFs held assets of $3.3 billion.

The ICI noted that equity index assets of all ETFs increased by $10.03 billion to $107.19 billion, while bond index ETF assets decreased by $384 million.

Assets of domestic equity ETFs increased by $9.54 billion, and international equity ETF assets increased by $485 million.

In addition, the value of all ETF shares issued exceeded that of shares redeemed by $1.80 billion. All equity index ETFs experienced a positive net issuance of $2.23 billion, while bond ETFs experienced a negative net issuance of $422 million. Gross issuance of all ETFs decreased in April to $6.63 billion from $10.30 billion in March, and redemptions increased to $4.83 billion from $2.56 billion in March.

Net issuance, which is gross issuance minus redemptions, is roughly equivalent to the unit of net new cash flow that is used for conventional mutual funds.

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