Investors poured $16.9 billion into exchange-traded funds in March, bringing the first-quarter total to $53.1 billion, according to data from Morningstar.

Despite outflows of $8.1 billion from SPDR S&P 500 SPY, U.S.-stock ETFs gained $11.2 billion—the most of any asset class. Fixed-income ETFs also pulled in $4.8 billion.

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