The Canadian ETF industry saw the launch of 25 new products and $4.7 billion in inflows in May, driven mostly by equities, according to National Bank Financial Inc.

Total inflows for Canadian ETFs have now reached the $24-billion mark so far this year, the bank said in a report Tuesday.

Equities accounted for the bulk of total ETF inflows at $2.6 billion in May, followed by fixed-income ETFs at $1.7 billion and multi-asset ETFs at $321 million.

Canadian equities recorded $206 million in inflows in May, trailing U.S. equities at $1.1 billion and international equities at $1 billion, the report said.

Demand for fixed-income products was mostly strong last month, with redemptions observed in preferred-shares ETFs and short-term bond ETFs.

Canadian ESG ETFs also recorded $95 million in net inflows, nearly recouping the losses observed in April.

Meanwhile, cash-alternative and money-market ETFs had a combined inflow of $431 million. This represented a reversal of a trend in outflows in cash-alternative ETFs; however, investors preferred money-market products with similar yields, the report said.

On the other hand, commodities and cryptoasset ETFs suffered outflows of $23 million and $65 million, respectively.

The Canadian ETF industry continued to embrace the launch of new products in May, with 25 new ETFs hitting the market. This brings the total in Canada to more than 1,400.

Of the new products, there were 17 new ETFs from Global X as it revamped its lineup following its recent rebranding and a private-credit ETF from Accelerate.