Barclay's Global Investors' introduction of four new exchange-traded funds attracted close to $800 million in assets on their first day of trading on the American Stock Exchange.
The four iShares funds - the iShares S&P 500 Fund, Russell 1000 Fund, Dow Jones U.S. Internet Fund and Dow Jones U.S. Technology Sector Fund - had a total of $1.07 billion in assets under management when the market closed May 22. The funds were introduced May 19.
iShares are index funds that can be bought and sold like common stock on a national stock exchange, at any time during normal market hours and are priced continuously. The funds can be held in any type of brokerage account.
Barclay's plans to introduce 10 additional iShares products on May 26, another 16 between June 9 and June 16, and others in July, said Tom Taggart, a Barclay's Global Investors spokesperson. Ultimately, the company plans to have 50 exchange-traded funds in the iShares family, he said.