Feb. 26, 2004 — The combined assets of the nation’s exchange-traded funds (ETFs) rose to $155.8 billion at the end of January, from $151.0 billion at the end of December, according to data released today by the Investment Company Institute (ICI).
ETF assets totaled $132.7 billion at the end of November 2003.
At the end of January, 132 ETFs were in operation, 13 more than in the prior month. Of that total, 85 ETFs tracked domestic stock indexes and held assets of $134.2 billion; 41 ETFs tracked international/global equity indexes and held assets of $16.5 billion; and six bond index ETFs held assets of $5.1 billion.
The ICI noted that assets of domestic equity ETFs increased by $1.9 billion, and international equity ETF assets increased by $2.5 billion.
In addition, the value of all ETF shares issued exceeded that of shares redeemed by $1.9 billion. Equity index ETFs experienced a positive net issuance of $1.5 billion, while bond ETFs experienced a positive net issuance of $437 million. Gross issuance of all ETFs decreased in January to $11.8 billion from $24.4 billion in December, and redemptions decreased to $9.9 billion from $11.9 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.