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Mutual fund sales outpaced ETF sales in May, according to data from the Investment Funds Institute of Canada (IFIC).

Last month, mutual funds had net sales of $8.4 billion, led by balanced funds ($4.2 billion), equities funds ($3.3 billion) and bond funds ($1.1 billion).

Specialty mutual funds recorded $345 million in net sales, and there was an outflow of $561 million from money market mutual funds, IFIC reported.

Although ETF sales lagged mutual funds, ETFs still had a strong month, recording $7.6 billion in net sales.

Equities ETFs had the most sales at $3.8 billion, followed by specialty funds ($1.9 billion), bond funds ($1.8 billion) and balanced funds ($284 million). Money market ETFs recorded an outflow of $177 million.

At the end of May, assets invested in Canadian mutual funds totalled $1.9 trillion, a 0.7% increase from April. Assets invested in Canadian ETFs totalled $297.4 billion, up 3.3% from April.