June 20, 2002 — The combined assets of the nation’s exchange-traded funds (ETFs) totaled $92.86 billion at the end of May 2002, up from $85.86 billion at the end of April, according to the Investment Company Institute.

At the end of May, 102 ETFs were in operation, unchanged from the prior month. Of that total, 68 tracked domestic stock indexes and had assets of $85.70-billion. Among domestic ETFs, 35 used broad-based indexes, while 33 targeted sector or industry indexes.

The ICI noted that assets of domestic ETFs increased by $3.96-billion during the month, while assets of international ETFs increased by $3.04 billion.

The value of shares issued exceeded that of shares redeemed by $8.96 billion in May. Gross issuance in May increased to $12.75-billion from $6.23-billion in April, while gross redemptions in May rose to $3.79-billion from $2.82- billion in April.

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.