Assets for US exchange traded funds fell 5.4% to $575m (€386m) in the first half of the year compared with the end of 2007 even as the number of ETF shares increased, according to a State Street Global Advisors report.

The value of ETFs, groups of securities that typically track a specific market index, has declined in line with the equities market, according to a report by Tom Anderson, SSgA's head of ETF research and strategy. The S&P 500 dropped 12% for the year to June 30.