Risk appetite in global financial markets is gradually increasing with investors targeting developed markets and funneling money into equity-based exchange traded funds.

U.S. ETFs saw $41 billion in inflows over the past four weeks, recouping the $40.2 billion in outflows in the previous month, Bloomberg reports. Global equity ETFs have attracted $15.3 billion in assets over the first 11 days of March.

After touching a fourth-month low on Feb. 4 on emerging market woes and global growth concerns, the MSCI All-Country World Index has increased 5.8%. The MSCI index also touched its highest level since 2007 this month, showing strength despite concerns about U.S. retail sales and housing data during the exceptionally harsh winter.

“Dwindling outflows show investors regaining confidence that the global economy is going to grow,” Joseph Quinlan, the chief market strategist at Bank of America Corp.’s US Trust, said in the article. “When you look at growth in the US, this is emblematic of one economy pulling other economies along.”

Meanwhile, Federal Reserve Chair Janet Yellen has maintained tapering in the bond purchasing program as the economy gradually strengthens.

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