October 03, 2008 at 1:00 am by Tom Lydon
Amid the doom and gloom of the market, there is a silver lining coming from the exchange traded fund (ETF) industry.
According to the Investment Company Institute (ICI), the combined assets of U.S.-listed ETFs rose by $3.2 billion, to $585.97 billion in August 2008. ETF Guide reports that this is a 0.5% increase since July and an increase of 15.6% or $78.86 billion compared to August 2007.
The most popular places for investors to put their money in August was in bond funds, which gathered $2.2 billion in assets, and broad-based domestic funds, which pulled in $12.8 billion. Domestic sector/industry funds lost $1.8 billion, and global equity funds lost $10 billion.
Tags: Sector ETFs
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