ETF Assets Up in March

April 23, 2002 ( - Assets invested in exchange traded funds (ETF) added up to $88.2 billion at the close of March 2002, up 10% from the previous month's total of $80.9 billion, according a report by the Investment Company Institute (ICI).

The value of shares issued exceeded that of shares redeemed by $3.25 billion over the month. Gross issuance rose to $6.84 billion from $5.10 billion in February, and redemptions increased to $3.59 billion from $2.60 billion the previous month.

Broad-based domestic equity ETF assets edged up to $74.8 billion at the end of the month, from a February total of $68.95 billion, while domestic sector/industry funds were up to $9.55 billion, from $8.84 billion in February.

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Global/international ETFs also rose over the month, reaching $8.86 billion from $3.10 billion a month earlier.

The ICI report includes 35 broad-based domestic equity ETFs, 33 domestic sector/industry focused funds, and 34 global/internationally-oriented ETFs.

An ETF is similar to a mutual fund, but trades like a single stock. Like a mutual fund, an ETF is a basket of stocks, most typically reflecting a particular index, specific market or geographic sectors.