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.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.