Assets invested in exchange-traded funds and products listed in the U.S. hit a new record high $2.23 trillion at the end of May, ETFGI reported Friday.

The U.S. sector had 1,902 ETFs/ETPs from 96 providers listed on three exchanges.

ETFGI also reported record levels of assets invested in globally listed ETFs/ETPs, $3.14 trillion, and in Japan, $147 billion.

In May, U.S.-listed funds gathered net inflows of $3.3 billion. The biggest gainers were commodity ETFs/ETPs, which had net inflows of $4.6 billion, and fixed income funds with $3.4 billion. Equity ETFs/ETPs experienced net outflows of $6.5 billion.

In the first five month of the year, ETFs/ETPs had net inflows of $48.6 billion.

Year to date through May, fixed income and commodity ETFs/ETPs were at record levels, recording net inflows of $37 billion and $13 billion, respectively. Inverse funds were also at a record level, $1.4 billion.

For their part, equity ETFs/ETPs experienced net outflows of $7.7 billion between January and May.

“The S&P 500 index was up just 1.8% in May,” ETFGI managing director Deborah Fuhr said in a statement. “Developed markets ex-U.S. declined 0.9%, and emerging markets declined 3.2%.

“There is still a significant amount of uncertainty in the markets due to the [June 23] Brexit vote and the expectation that the Fed will raise rates sooner than expected.”

Vanguard recorded the largest net ETF/ETP inflows in May with $8 billion, followed by Schwab ETFs with $1.3 billion and Van Eck with $1.1 billion net inflows.

Year to date, Vanguard has had the largest net ETF/ETP inflows, $30 billion, followed by iShares with $16 billion and Schwab ETFs with $5 billion net inflows.

At the end of May, the global industry counted 6,374 ETFs/ETPs from 280 providers, with 12,200 listings on 65 exchanges in 53 countries. 

Globally listed ETFs/ETPs experienced net inflows in May for the 28th consecutive month, $10.6 billion.  Fixed income and commodity funds accounted for the largest net inflows, while equity funds experienced the biggest net outflows.

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