Global exchange-traded product flows reached $26.5 billion in May, the second strongest month this year, according to BlackRock’s latest ETP Landscape Monthly Snapshot.

Funds with Japanese equity exposure accumulated $10.2 billion making it the largest single monthly inflow on record.

U.S. sector equity flows shifted toward riskier categories. Cyclical and sensitive sector funds gathered $6.6 billion while redemptions in defensive sector funds totaled ($1.4 billion).

Short-Maturity fixed income funds brought in $2.8 billion in May, but for the first time this year were eclipsed by intermediate-maturity funds, which registered flows of $4.2 billion.

However, investors further trimmed their gold exposure to the tune of $5.7 billion, half the level seen in April, but still the fifth straight month with outflows of more than $1billion.

All told, year-to-date flows of $105.4 billion are up 24% over the previous year-to-date record high of $85.1 billion set in May 2012.

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