Total mutual fund assets decreased by $18.6 billion or 1.0% in May, to just below $1.9 trillion in May compared to slightly above that amount in April.
Meanwhile, ETFs saw strong growth in May, building on the momentum of the previous month.
Net sales of $2.6 billion were driven by equity funds (net sales of $1.6bn), specialty ($593m), money market funds ($347m), and balanced funds ($229m). There were net redemptions for bond ETFs ($235m).
ETF assets totalled $310.9 billion at the end of May 2022, having increased by $0.9 billion or 0.3% compared to April 2022.