Exchange-Traded Fund Assets
July 2004Washington, DC, August 25, 2004 - The combined assets of the nation's exchange-traded funds (ETFs) were $172.12 billion in July, 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 2004 |
June 2004 |
December 2003 |
Total Domestic Equity Index |
142,879 |
149,560 |
132,332 |
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Domestic (Broad-based) |
121,293 |
127,547 |
114,049 |
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Domestic (Sector/Industry) |
21,586 |
22,013 |
18,283 |
Global/International Equity Index |
22,235 |
22,268 |
13,984 |
Bond Index |
7,007 |
6,709 |
4,667 |
All |
172,121 |
178,538 |
150,983 |
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Value of Shares Issued and Redeemed by All Exchange-Traded Funds
(millions of dollars) |
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July 2004 |
June 2004 |
YTD 2004 |
YTD 2003 |
Gross Issuance |
9,596 |
20,001 |
87,718 |
41,768 |
Gross Redemptions |
8,813 |
11,654 |
64,223 |
43,463 |
Net Issuance |
783 |
8,347 |
23,495 |
-1,695 |
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Number of Exchange-Traded Funds by Type |
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July 2004 |
June 2004 |
December 2003 |
Total Domestic Equity Index |
96 |
96 |
72 |
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Domestic (Broad-Based) |
59 |
59 |
40 |
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Domestic (Sector/Industry) |
37 |
37 |
32 |
Global/International Equity Index |
41 |
41 |
41 |
Bond Index |
6 |
6 |
6 |
All |
143 |
143 |
119 | Highlights: Assets of all exchange-traded funds decreased by $6.42 billion to $172.12 billion in July. Equity index ETF assets decreased by $6.71 billion to $165.11 billion, while bond index ETF assets increased by $298 million to $7.01 billion. Assets of domestic equity ETFs decreased by $6.68 billion, and international equity ETF assets decreased by $33 million. During July, the value of all ETF shares issued exceeded that of shares redeemed by $783 million. Equity index ETFs experienced a positive net issuance of $534 million, while bond ETFs also experienced a positive net issuance of $249 million. Gross issuance of all ETFs decreased in July to $9.60 billion from $20.00 billion in June, and redemptions decreased to $8.81 billion from $11.65 billion in June. Ninety-six ETFs tracked domestic stock indexes in July and held assets of $142.88 billion. Forty-one ETFs tracked international equity indexes and held assets of $22.24 billion. And six ETFs tracked bond indexes.
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