Wim van Zwol

In a remarkable turn of events, actively managed equity funds suddenly saw substantial inflows in May, after months of steady outflows. At the same time, investors left index trackers in droves.

ETFs have remained open for business during the coronacrisis, while credit markets were largely frozen. But ETFs were still able to cope with unprecedented outflows, providing investors with badly needed liquidity. However, this may just be a Pyrrhus victory for the index providers.