U.S. ETF assets under management increased to $11.05 trillion in May. Monthly inflows rose 25% from April, reaching $87.7 billion, bringing the year-to-date total to $465 billion. ETF launches slowed in May, with only 52 new funds introduced. However, YTD launches are still well ahead of 2024 levels.
U.S. listed ETF flows (in millions) as of May 31, 2025
Total ETF inflows for May reached $87.7 billion, a 25% increase from April.
Equities flows dropped to its lowest this year with $44.3 billion, down 8% from the previous month.
Inflows for fixed income ETFs increased more than threefold to $38.3 billion, accounting for 44% of net new assets in May.
Currency ETFs attracted $6.5 billion, attracting their highest level this calendar year while commodities shed $1.9 billion
In May, Technology, Consumer Discretionary, and Communication Services demonstrated strength, offset by outflows from Financials, Energy, and the Materials sectors.
May saw the lowest number of ETF launches in 2025, with just 52 new funds—down 29% from March and six funds fewer than the same month last year. Equity funds continued to be of most interest, accounting for 79% of all May launches. Actively managed ETFs made up 87% of launches, consistent with the trend we have seen for the past 18 months.
By the end of the month, the total number of ETF launches for the year stood at 370, above the same period last year with 237.
Some interesting ETF launches in May include:
Russell Investments introduced five actively managed ETFs, each employing a multi-manager, multi-style framework.
Volatility Shares launched two XRP (Ripple) ETFs, including Volatility Shares XRP ETF(XRPI)—the first futures ETF for the cryptocurrency.
Lazard International Dynamic Equity ETF (IEQ) debuted through a mutual fund conversion, bringing $31.1 million in assets. The fund focuses on non-U.S. equities.
Strategy Shares Monopoly ETF (MPLY) targets companies with monopolistic or oligopolistic market characteristics.
In the analysis of March ETF data, we reported more interest in ultra-short U.S. Treasurys, and May shows even greater demand for fixed income funds overall. Inflows surged to more than three times April’s figures. Fixed income segments with the top flows in May indicate greater risk-taking in both duration and credit exposure.
Top 10 FactSet fixed income segments in terms of flows
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