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.

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