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ETF Assets Declined in January: ICI

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Feb. 26, 2003 — The combined assets of the nation’s exchange-traded funds (ETFs) totaled about $95.7 billion at the end of January, down from $102.1 billion at the end of December, according to data released by the Investment Company Institute (ICI).

At the end of January, 113 ETFs were in operation, the same as in the prior month. Of that total, 66 ETFs tracked domestic stock indexes and held assets of $86.7 billion. Thirty-nine ETFs tracked international/global equity indexes and held assets of $5.1 billion. Eight bond index ETFs held assets of $3.7 billion.

The ICI noted that assets of domestic equity ETFs decreased by $6.04 billion, while international equity ETF assets dropped by $216 million.

In addition, the value of all ETF shares redeemed in January exceeded that of shares issued by $4.24 billion, the ICI said. All equity index ETFs experienced a negative net issuance of $4.02 billion, while bond ETFs experienced negative net issuance of $221 million.

Gross issuance of all ETFs decreased in January to $3.28 billion from $9.98 billion in December, and redemptions decreased to $7.53 billion from $10.43 billion in December. 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.