Flows into exchange-traded funds reached record levels last month, marking 20 consecutive months of net inflows, according to a London-based research house.
According to ETFGI, a research and consultancy firm studying ETF trends, around $2.7bn (£1.9bn) poured into European- listed ETFs throughout May.
At the end of the month, the European ETF industry had 2,219 ETFs with 6,927 listings, and total assets of $530bn (£373bn) from 52 providers listed on 25 exchanges in 21 countries, the report stated.
Assets invested in ETFs listed globally hit $3.1trn (£2.2trn), marking another record month of inflows.
This comes despite the S&P 500 index being up just 1.8 per cent in May, while developed markets excluding the US declined 0.9 per cent, and emerging markets declined 3.2 per cent.
Deborah Fuhr, managing partner at ETFGI, said there is still a significant amount of uncertainty in the markets due to the upcoming vote on the European Union referendum and the expectation the Fed will raise rates sooner than expected.
Fixed income ETFs gathered the largest net inflows in Europe with $2.8bn (£2bn), followed by commodity ETFs with $982m (£691m).
However, equity ETFs experienced net outflows of $1.2bn (£0.85bn) in May, and saw net outflows of $6.4bn (£4.5bn) for the year to date.
For the year to the end of May, ETFs garnered $17.3bn (£12.2bn) of new money, while fixed income topped the list with the largest inflows, hitting $16.1bn (£11.3bn)
BlackRock’s ETF arm iShares gathered the largest net inflows of any ETF provider in May, with $1.4bn (£0.99bn), according to ETFGI.
Last week, a BlackRock report revealed gold-exposed exchange traded funds saw the highest level of inflows in May.