ETFs are red hot right now, with investors pouring a record amount of money into exchange traded funds in the just-completed first quarter of 2017.

$134.7 billion in fresh capital flowed into U.S.-listed ETFs in that January through March period this year. That’s an incredible 355% increase year-over-year, and puts ETFs on pace for nearly $539 billion in total inflows for the year.

That total would mark an 87% increase over 2016’s total inflows of $287.5 billion.

The inflows this year have been very top-heavy, with investors continuing to flock towards low-cost funds. As ETF.com notes, nine of the top 10 funds in terms of inflows so far this year boast expense ratios of 0.15% or less.

As usual, BlackRock’s iShares unit led the pack with inflows. Its iShares Core MSCI Emerging Markets ETF (IEMG) saw the largest uptick out of all U.S. listed ETFs, bringing in $6.6 billion in creations in Q1 alone. That fund now has a total AUM north of $27 billion.

Another BlackRock-run fund, the iShares S&P 500 Index ETF (NYSE:IVV), also saw major inflows in the period, with $6.2 billion entering the ETF. This continues a long-standing trend of investors pouring money into large cap equities, despite the markets sitting right near all-time highs.

The iShares S&P 500 Index ETF (NYSE:IVV) was trading at $236.49 per share on Tuesday morning, down $0.38 (-0.16%). Year-to-date, the second largest ETF tied to the S&P 500 index has gained 5.11%.

IVV currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #2 of 107 ETFs in the Large Cap Blend ETFs category.

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