Exchange-Traded Fund Assets
December 2003Washington, DC, January 28, 2003 - The combined assets of the nation's exchange-traded funds (ETFs) were $102.14 billion in December 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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December 2002 |
November 2002 |
December 2001 |
Total Domestic Equity Index |
92,904 |
100,536R |
79,977 |
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Domestic (Broad-Based) |
82,365 |
89,147R |
71,774 |
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Domestic (Sector/Industry) |
10,539 |
11,389 |
8,202 |
Global/International Equity Index |
5,324 |
5,279R |
3,016 |
Bond Index |
3,915 |
3,896 |
--- |
All |
102,143 |
109,711 |
82,993 |
R=Revised data
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Value of Shares Issued and Redeemed by All Exchange-Traded Funds
(millions of dollars) |
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December 2002 |
November 2002 |
YTD-02 |
YTD-01 |
Gross Issuance |
9,976 |
7,305 |
97,690 |
76,312 |
Gross Redemptions |
10,425 |
5,401 |
52,388 |
45,301 |
Net Issuance |
-449 |
1,905 |
45,302 |
31,012 |
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Number of Exchange-Traded Funds by Type |
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December 2002 |
November 2002 |
December 2001 |
Total Domestic Equity Index |
66 |
68R |
68 |
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Domestic (Broad-Based) |
35 |
35R |
35 |
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Domestic (Sector/Industry) |
31 |
33 |
33 |
Global/International Equity Index |
39 |
40R |
34 |
Bond Index |
8 |
8 |
--- |
All |
113 |
116 |
102 |
R=Revised data
Highlights: Assets of all exchange-traded funds decreased by $7.57 billion to $102.14 billion in December 2002. Equity index ETF assets decreased by $7.59 billion to $98.23 billion, while bond index ETF assets increased by $19 million to $3.92 billion. Assets of domestic equity ETFs decreased by $7.63 billion, and international equity ETF assets increased by $45 million. During December, the value of all ETF shares redeemed exceeded that of shares issued by $449 million. All equity index ETFs experienced a negative net issuance of $390 million, while bond ETFs experienced negative net issuance of $59 million. Gross issuance of all ETFs increased in December to $9.98 billion from $7.31 billion in November, and redemptions increased to $10.43 billion from $5.40 billion in November. Sixty-six ETFs tracked domestic stock indexes in December and held assets of $92.90 billion. Thirty-nine ETFs tracked international equity indexes and held assets of $5.32 billion. And eight ETFs tracked bond indexes.
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