US Equity ETPs Outpace Global Stocks as FI Hits Record May Inflows

iShares by BlackRock reported global ETP buying totalled $199.4bn in May 2026, with equity inflows of $106.4bn and fixed income inflows of $87.6bn, the largest monthly fixed income total on record.

US equity ETPs were the only regional equity exposure to post net inflows in May, taking in $103.3bn, down from $121.9bn in April. That marks the first month with only US equity inflows since May 2018.

Emerging market equities saw the largest outflows at $40.4bn, driven by selling of APAC- and US-listed ETPs. Japan-listed equity exposures recorded $9.1bn of outflows. European equities had $2.7bn of outflows, the biggest monthly selling since August 2022. EMEA-listed equity flows fell to $28.1bn from $31.8bn in April, while EMEA-listed flows into US equities rose to $8.8bn from $7.5bn.

Technology sector ETPs attracted $14.4bn in May. Industrials added $2.7bn and energy $1.5bn. Materials moved into net outflows of $2.9bn after recording inflows in April.

Fixed income buying was concentrated in rates, multisector and investment-grade credit. Rates-focused ETPs drew $26.4bn, multisector funds $22.0bn and investment-grade credit $13.6bn. US Treasury exposures were the main recipient of rates flows, with short-dated Treasuries receiving $12.2bn while long-dated Treasury exposures recorded net outflows of $1.4bn. Global rates products took $2.3bn and European government bonds $1.3bn. USD investment-grade credit inflows reached $9.7bn and EUR investment-grade $2.4bn.

Demand for USD high-yield eased to $1.6bn from $4.6bn in April. European high-yield posted $1.0bn, its strongest monthly inflow since October 2025. Emerging market debt inflows slowed to $5.3bn from $8.2bn in April but remained a significant allocation for the month.

Factor ETPs moderated: quality factor products had net outflows of $4.0bn, the largest since November 2025, while value factor inflows were $2.6bn and momentum $1.5bn. Commodity ETP flows were led by non-gold exposures; gold ETP inflows were $0.3bn and other commodity products, notably agricultural and broad-market exposures, drew $1.6bn.

Within EMEA listings, fixed income ETPs captured $14.0bn, the second-highest monthly inflow since October 2025, supported by $4.3bn into investment-grade allocations and $1.1bn into high-yield. EMEA-listed rates ETPs took $4.1bn across US Treasuries, European government bonds and global rates. EMEA-listed commodity ETPs recorded $2.5bn of inflows. The figures cover flows during May 2026 and were reported by iShares by BlackRock.