Exchange-Traded Fund Assets
July 2002Washington, DC, August 22, 2002 - The combined assets of the nation's exchange-traded funds (ETFs) were $88.27 billion in July 2002, according to the Investment Company Institute, the national association of the investment company industry. The Institute's monthly statistical collection also includes the value of shares issued and redeemed by exchange-traded funds. An exchange-traded fund is an investment company with shares that trade intraday on stock exchanges at market-determined prices. Investors may buy or sell ETF shares through a broker just as they would the shares of any publicly traded company. Statistics contained in the Institute's monthly ETF report have been obtained from information provided to ICI by exchange-traded funds. Trust-issued receipts, such as Holding Company Depository Receipts (HOLDRS), are not included in the report because they are not issued by registered investment companies.
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Assets of Exchange-Traded Funds by Type
(millions of dollars) |
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July 2002 |
June 2002 |
December 2001 |
Total Domestic Equity Index |
78,595 |
81,694 |
79,977 |
Domestic (Broad-Based) |
70,330 |
73,483 |
71,774 |
Domestic (Sector/Industry) |
8,265 |
8,211 |
8,202 |
Global/International Equity Index |
6,661 |
7,257 |
3,016 |
Bond Index |
3,015 |
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All |
88,271 |
88,951 |
82,993 |
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Value of Shares Issued and Redeemed by All Equity Exchange-Traded Funds
(millions of dollars) |
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July 2002 |
June 2002 |
YTD-02 |
YTD-01 |
Gross Issuance |
9,194 |
8,228 |
53,069 |
47,336 |
Gross Redemptions |
2,045 |
4,247 |
23,603 |
27,460 |
Net Issuance |
7,149 |
3,981 |
29,465 |
19,876 |
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Number of Exchange-Traded Funds by Type |
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July 2002 |
June 2002 |
December 2001 |
Total Domestic Equity Index |
68 |
68 |
68 |
Domestic (Broad-Based) |
35 |
35 |
35 |
Domestic (Sector/Industry) |
33 |
33 |
33 |
Global/International Equity Index |
34 |
34 |
34 |
Bond Index |
4 |
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All |
106 |
102 |
102 | Highlights: This month, the Institute began tracking assets of a new category of exchange-traded funds. Bond index ETFs, which were initially offered to investors in June, held assets of $3.02 billion in July 2002. During the month, net issuance of bond index ETFs was $3.01 billion. Assets of all equity exchange-traded funds decreased by $3.70 billion to $85.26 billion in July. Assets of domestic equity ETFs decreased by $3.10 billion, while assets of international equity ETFs decreased by $596 million. The value of equity ETF shares issued exceeded that of shares redeemed by $7.15 billion in July. Gross issuance increased to $9.19 billion from $8.23 billion in June, and redemptions decreased to $2.05 billion from $4.25 billion in June. Sixty-eight ETFs tracked domestic stock indexes in July and held assets of $78.60 billion. Thirty-four ETFs tracked international equity indexes and held assets of $6.66 billion. And four ETFs tracked bond indexes. The Institute offers answers to frequently asked questions about ETFs.
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