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ETF Assets Rose in November: ICI

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Dec. 19, 2002 — The combined assets of the nation’s exchange-traded funds (ETFs) totaled about $109.7 billion at the end of November, up from $100.7 billion at the end of October, according to data released by the Investment Company Institute (ICI).

At the end of November, 116 ETFs were in operation, eight more than the prior month. Of that total, 69 ETFs tracked domestic stock indexes and held assets of $100.6 billion. Thirty-nine ETFs tracked international/global equity indexes and held assets of $5.3 billion. Eight bond index ETFs held assets of $3.9 billion.

The ICI noted that assets of equity ETFs rose by $9.1 billion — with domestic equity index ETFs alone growing by $8.5 billion — to $105.8 billion. Moreover, bond index ETF assets decreased by $143 million, and international equity ETFs increased by $599 million.

ICI added that in November, the value of all ETF shares issued exceeded that of shares redeemed by $1.9 billion. Net issuance of all equity index ETFs equaled $2 billion, while bond ETFs suffered a negative net issuance of $123 million. Gross issuance of all ETFs decreased in November to $7.3 billion from $14.6 billion in October, and redemptions increased to $5.4 billion from $3.9 billion in October.

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.