US ETF assets have reach a new high, according to the May issue of The Cerulli Edge – US Monthly Product Trends report.

US exchange-traded funds reached an all-time high at the end of April with more than $2.1 trillion in assets, according to new research by Cerulli Associates.

ETF accumulated flows of nearly $15 billion brought the year-to-date total to $72 billion.

Mutual fund assets climbed a marginal 0.5 per cent over April to $12.6 trillion, as foreign large blend took in $11.6 billion, contributing the most flows of any Morningstar category over the month.

Meanwhile, over 80 per cent of product groups cited increased product complexity as a key driver behind organizational changes. Cerulli said the spread of complex investment product strategies was pushing managers to further educate investors as well as their own sales professionals.

Elsewhere, the analytics firm said investors that specialize in alternative products are seeking out opportunities in the investment-only variable annuity space.

“Cerulli recommends that asset managers interested in subadvising within IOVA vehicles need to be prepared to educate wholesalers and ultimately clients,” said Cerulli.