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ETF Assets Rebound in March: ICI

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April 30, 2003 — The combined assets of the nation’s exchange-traded funds (ETFs) increased to $100.8 billion at the end of March, up from $92.8 billion at the end of February, according to the Investment Company Institute (ICI).

ETF assets totalled $102.1 billion as of year-end 2002.

At the end of March, 114 ETFs were in operation, unchanged from the prior month. Of that total, 66 ETFs tracked domestic stock indexes and held assets of $92.0 billion. Forty ETFs tracked international/global equity indexes and held assets of $5.2 billion. Eight bond index ETFs held assets of $3.7 billion.

The ICI noted that assets of equity index ETF assets increased by $8.2 billion to $97.2 billion, while bond index ETF assets decreased by $165 million to $3.7 billion. Assets of domestic equity ETFs increased by $8.2 billion, and international equity ETF assets decreased by $42 million.

In addition, the value of all ETF shares issued exceeded that of shares redeemed by $7.7 billion. All equity index ETFs experienced a positive net issuance of $7.9 billion, while bond ETFs experienced a negative net issuance of $148 million. Gross issuance of all ETFs increased in March to $10.30 billion from a revised $3.5 billion in February, and redemptions decreased to $2.6 billion from $5.4 billion in February.

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.