May 30, 2002 — The combined assets of the nation’s exchange-traded funds (ETFs) totaled $85.86 billion at the end of April 2002, down from $88.20 billion at the end of March, according to the Investment Company Institute.

At the end of April, 102 ETFs were in operation, unchanged from the prior two months. Of that total, 68 tracked domestic stock indexes and had assets of $81.74 billion. Among domestic ETFs, 35 used broad-based indexes, while 33 targeted sector or industry indexes.

The ICI noted that while assets of domestic ETFs decreased by $2.61 billion, assets of international ETFs increased by $264 million.

The value of shares issued exceeded that of shares redeemed by $3.42 billion in April. Gross issuance in April declined to $6.23 billion from $6.84 billion in March, while gross redemptions in April dropped to $2.82 billion from $3.59 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.