10 ETFs Close in May

The total ETF assets at the end of May surged 35% year over year, or $201.13 billion, to a total of $783.05 billion, the Investment Company Institute (ICI) announced Tuesday. However, combined assets fell from April by $47.81 billion, or 5.8%.

An interesting tidbit in the ICI release. Amid all the hubbub of new ETF launches and the recent market correction, it appears some news fell under the radar. While the total number of ETFs grew 21%, or 148, from the year-ago month, 10 funds closed during May. Adding in new launches, the net decline for May was five funds leaving a total of 860.

The ICI breaks ETFs down into five categories, with commodity funds listed under the category Domestic (Sector/Industry). Domestic Equity (Sector/Industry) lost eight funds, while Domestic Equity (Broad-based) saw two close. Global/International Equity added three funds and bonds gained two. The category Hybrid ETFs remained constant with a total of six funds.

The ICI said that since May 2009 assets in domestic equity ETFs increased $106.84 billion to $461.06 billion and global equity ETFs assets rose $49.11 billion to $198.15 billion. Last month, bond fund assets stood at $123.61 billion and hybrid funds held $233 million. During May, the value of all ETF shares issued exceeded that of shares redeemed by $7.55 billion. In May 2009, ETFs experienced a net issuance of $13.70 billion.

Copyright 2010

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