AUM, flows and more
- ETF flows totaled almost $190Bn for the month, and U.S. ETF assets rose 5.4% to $15.7Tn.
- Within equities, risk-on flows continued, led by large-cap growth (~$20bn) and the technology sector (~$17bn).
- Fixed income ETFs had their strongest month of the year, with ultra-short strategies seeing the largest inflows.
Active spotlight
- Flows totaled about $73 billion for the month. This year, about 38% of ETF flows have gone into active strategies.
- 133 active ETFs were launched in May. Active ETFs represent over 80% of total ETF launches in 2026.
- Equities shined through May, with technology and derivative income, leading flows by category as markets reached new highs.
A month of momentum in memory and space ETFs
Across ETF history, there have been a handful of moments when a single fund or an entire category catches fire in the way issuers dream about in pitch decks. The ETF structure has made it possible to bring an enormous range of ideas to market, broadening and democratizing access.
This past month, the market saw notable momentum in both memory focused ETFs and space related ETFs. But the ETF wrapper does not validate a theme; it simply makes it easier to express one. Some of these bets will prove prescient. Others may not hold up over time.