J.P. Morgan Asset Management’s website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name.
ETF flows totaled $178B for the month, and U.S. ETF assets rose 9.3% to $14.9Tn.
Flows reversed sharply versus the start of the year, rotating back toward growth, technology, and U.S.-centric strategies.
High yield bonds also posted their best month of the year.
Active spotlight
Flows totaled about $50 billion for the month. This year, about 38% of ETF flows have gone into active strategies.
65 active ETFs were launched in April. Active ETFs represent 79% of total ETF launches in 2026.
Equities shined in April, with derivative income, large blend, and technology leading flows by category as markets looked through geopolitical turbulence and reached new highs.
Investors are choosing active ETFs
The 2019 SEC ETF Rule was the fire starter for the second ETF revolution. It accelerated the adoption of active strategies within the ETF wrapper, and flows confirm this shift. In the first quarter of 2026, active ETFs gathered $135 billion, while active mutual funds saw $332 billion in outflows.
The market backdrop is increasingly supportive of active management. Earnings dispersion is rising, and AI-related capital spending is expected to reach $725 billion in 2026, creating clearer winners and losers. At the same time, equity markets remain highly concentrated.
Active ETFs combine portfolio discretion with structural efficiency, offering a pragmatic tool for navigating a more differentiated and concentrated market environment.
Guide to ETFs featured slide of the month (slide 12)
