Total assets under management (AUM) of the Asia-Pacific exchange-traded funds stayed flat in the first four months of 2014, hovering around $170 billion, according to Cerulli Associates’ June 2014 issue of “Asian Monthly Product Trends.”

Dips of $2.5 billion (U.S.), $0.2 billion and $2.2 billion in China, Hong Kong and Korea, respectively, offset a $2.7 gain in ETF AUM in Japan during the January to April period.

The report attributes the sluggish performance in ETF AUM to “uncertain global market conditions,” as opposed to a loss of faith among investors in ETFs. The report adds that some ETF providers in the region have not yet gained name recognition.

“[T]o establish a retail presence, efforts are needed to build brand awareness and to get retail investors to understand the investment philosophies of ETF providers,” says Thusitha de Silva, Asia editor for Cerulli.

In April of 2014, the report shows, ETF assets under management hit $159.5 billion, a 1.4 percent rise over the $157.3 billion recorded in March of 2014. Over the same period, long-term mutual fund AUM rose to $2.17 trillion from $2.16 trillion, a 0.2 percent rise.