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ETF Assets Fell in September: ICI

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Oct. 24, 2002 — The combined assets of the nation’s exchange-traded funds (ETFs) totaled about $82.3 billion at the end of September, down from $91.3 billion at the end of August, according to data released by the Investment Company Institute (ICI).

At the end of September, 106 ETFs were in operation, unchanged from the prior month. Of that total, 68 ETFs tracked domestic stock indexes and held assets of $74.0 billion. Thirty-four ETFs tracked international/global equity indexes and held assets of $4.3 billion. Four bond index ETFs, which were first offered to investors in June, held assets of $3.9 billion in September.

The ICI noted that assets of all equity ETFs decreased by $9.4 billion in September to $78.3 billion, while assets of domestic equity ETFs alone dropped by $6.8 billion. Moreover, bond index ETF assets increased by $321 million, and international equity ETFs decreased by $2.59 billion.

ICI added that in September the value of equity ETF shares issued exceeded that of shares redeemed by $453 million. Net issuance of all equity index ETFs equaled $215 million, while bond ETF net issuance was $238 million. Gross issuance of all ETFs decreased in September to $5.97 billion from $6.78 billion in August, and redemptions increased to $5.52 billion from $3.59 billion in August.

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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