The Markets January 31, 2007

ICI: ETF Assets Reach $422B in December

The total combined assets of the nation's exchange-traded funds (ETFs) inched up 2.8% to $422.48 billion in December, according to the Investment Company Institute’s monthly report on the industry.
Reported by

During the month, assets in domestic equity ETFs totaled $290 billion, up from the $288 billion posted the month before. Of that amount, $232 billion was in Domestic (broad-based) funds, and $58 billion was in Domestic (Sector/Industry) funds.

Assets in Global/International Equity Index funds came in at $111 billion, and assets in Bond Index funds totaled $20 billion.

During December, the value of all ETF shares issued exceeded that of shares redeemed by $9.2 billion. In 2006, ETFs experienced a net issuance of $73.9 billion.
The total number of ETFs was up by 10 in December over November, to 357, ICI said.
Over the past 12 months, ETF assets increased $121.66 billion, or 40.4%. Assets in domestic equity ETFs increased $70.17 billion since December 2005, and global equity ETFs assets rose $45.98 billion during this period.

The full ICI December report is here.

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The Markets January 31, 2007

Wells Fargo Revises Target Date Share Class Offerings

Wells Fargo Funds Management announced Wednesday that it has added a no-load share class to its lineup of target date funds and that it will close its A, B and C share classes of target date funds to new investors.
Reported by

According to a press release from the fund management arm of Wells Fargo & Company, current investors will still be able to access the A, B and C share classes.

“We have introduced the no-load share class with the goal of assisting the do-it-yourself investor who is seeking a long-term asset allocation retirement solution,” said Andrew Owen, head of Wells Fargo Fund Management’s Investment Review and Product Group, in the release. “Additionally, the new share class provides a seamless avenue for retirement investors who wish to roll over their 401(k) assets.”

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According to the release, the no-load share class applies to the following funds:

  • Wells Fargo Advantage Dow Jones Target Today Fund
  • Wells Fargo Advantage Dow Jones Target 2010 Fund
  • Wells Fargo Advantage Dow Jones Target 2020 Fund
  • Wells Fargo Advantage Dow Jones Target 2030 Fund
  • Wells Fargo Advantage Dow Jones Target 2040 Fund

The firm began offering the target date funds, which track the Dow Jones Index, in June 2006.

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