WASHINGTON Assets held in exchange-traded funds fell $557 million in May, to $72.77 billion, according to the Investment Company Institute.
It was the first drop for ETF assets since the mutual fund trade group began keeping track, in March.
Investors redeemed $248 million more in ETF shares than were issued in May. Gross issuance was $4.05 billion.
The 60 ETFs that track domestic stock indexes had assets of $70.85 billion in May. Half use broad-based indexes and 30 target sector or industry indexes.
