Exchange-Traded Fund Assets
August 2003Washington, DC, September 26, 2003 - The combined assets of the nation's exchange-traded funds (ETFs) were $117.38 billion in August, 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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August 2003 |
July 2003 |
December 2002 |
Total Domestic Equity Index |
104,554 |
104,894 |
92,904 |
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Domestic (Broad-based) |
89,372 |
90,282 |
82,365 |
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Domestic (Sector/Industry) |
15,182 |
14,612 |
10,539 |
Global/International Equity Index |
8,506 |
7,885 |
5,324 |
Bond Index |
4,320 |
4,284 |
3,915 |
All |
117,380 |
117,062 |
102,143 |
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Value of Shares Issued and Redeemed by All Exchange-Traded Funds
(millions of dollars) |
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August 2003 |
July 2003 |
YTD-03 |
YTD-02 |
Gross Issuance |
5,495 |
4,958 |
47,263 |
59,852 |
Gross Redemptions |
8,574 |
11,913 |
52,036 |
27,190 |
Net Issuance |
-3,079 |
-6,955 |
-4,774 |
32,662 |
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Number of Exchange-Traded Funds by Type |
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August 2003 |
July 2003 |
December 2002 |
Total Domestic Equity Index |
69 |
69 |
66 |
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Domestic (Broad-Based) |
38 |
38 |
35 |
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Domestic (Sector/Industry) |
31 |
31 |
31 |
Global/International Equity Index |
41 |
41 |
39 |
Bond Index |
4 |
4 |
8 |
All |
114 |
114 |
113 | Highlights: Assets of all exchange-traded funds increased by $318 million to $117.38 billion in August. Equity index ETF assets increased by $281 million to $113.06 billion, while bond index ETF assets increased by $36 million to $4.32 billion. Assets of domestic equity ETFs decreased by $340 million, and international equity ETF assets increased by $621 million. During August, the value of all ETF shares redeemed exceeded that of shares issued by $3.08 billion. Equity index ETFs experienced a negative net issuance of $3.20 billion, while bond ETFs experienced a positive net issuance of $119 million. Gross issuance of all ETFs increased in August to $5.50 billion from $4.96 billion in July, and redemptions decreased to $8.57 billion from $11.91 billion in July. Sixty-nine ETFs tracked domestic stock indexes in August and held assets of $104.55 billion. Forty-one ETFs tracked international equity indexes and held assets of $8.51 billion. And four ETFs tracked bond indexes.
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