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Exchange-Traded Fund Assets Rose in September: ICI

By Staff Writer

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Oct. 29, 2004 — The combined assets of the nation’s exchange-traded funds (ETFs) rose to $180.8 billion at the end of September, from $174.5 billion at the end of August, according to the Investment Company Institute (ICI).

The number of ETFs in operation remained unchanged at 143 at the end of September. ETF assets totaled $151.0 billion at the end of December 2003.

Of the total number of ETFs in operation at the end of September, 96 tracked domestic stock indexes and held assets of $149.6 billion; 41 tracked international/global equity indexes and held assets of $23.9 billion; and six bond index ETFs held assets of $7.4 billion.

The ICI also noted that assets of domestic equity ETFs increased by $5 billion, while international equity ETF assets increased by $1.1 billion.

The value of all ETF shares issued exceeded that of shares redeemed by $3.5 billion. Equity index ETFs experienced a positive net issuance of $3.3 billion, while bond ETFs experienced a positive net issuance of $233 million. Gross issuance of all ETFs increased in September to $10.1 billion from $8.3 billion in August, and redemptions increased in September to $6.6 billion from $6.3 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.

Below is a list of the five largest ETFs.

ETF

Assets (In billions)

One-Year Returns Through 9/30/04
S&P Dep Receipts (SPY)

$46.19

+13.6%
Nasdaq -100 Trust Ser 1 (QQQ)

$23.03

+8.4%
iShares S&P 500 Index Trust (IVV)

$8.49

+13.7%
DIAMONDS Trust, Series1 (DIA)

$7.55

+10.4%
S&P MidCap Dep Receipts (MDY)

$6.88

+17.1%

Source: Nuveen Investments.

Contact Bob Keane with questions or comments at: [email protected].