Emerging markets exchange traded funds have been on a tear to start 2016 and that trend was amplified in March thanks in part to strong performances and some impressive asset-gathering. The Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), two largest emerging markets exchange traded funds by assets, were leaders.

Commodities prices are rebounding, in turn bolstering some emerging economies, such as Russia, Brazil and other Latin American nations that are represented in EEM and VWO. Still, some market observers acknowledge emerging markets appear inexpensive because earnings growth is contracting with little sign of rebounding in the near-term.

Last month, EEM hauled in nearly $2.1 billion in new assets while VWO added more than $495 million in new capital.

“Investors pumped more than $1 billion into U.S. exchange traded funds that buy emerging market stocks and bonds last week, bringing the month’s inflows to a record $9 billion,” reports Kenneth Kohn for Bloomberg. “Deposits into emerging-market ETFs that invest across developing nations as well as those that target specific countries totaled $1.11 billion in the week ended April 1, compared with $1.44 billion the previous period, according to data compiled by Bloomberg.”

Although still China and its slowing economic growth loom large for emerging markets ETFs, rebounding oil prices have boosted shares of Russian stocks while anti-corruption probes in Brazil have helped stocks in Latin America’s largest economy rally.

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The Brazilian rally went into high gear after former President Luiz Inacio Lula da Silva was detained, adding to speculation that support will grow to impeach his successor, President Dilma Rousseff. Amid intensifying protests, some market observers believe Rousseff’s days in power are numbered. However, doubters remain.

Speculation that Rousseff will be impeached has been a major driver of the surge for Brazilian stocks this year, but she is still in power and recently said she will not resign. Impeaching the president could take months and even if those proceedings begin soon, there are no guarantees she will be forced out of office.

“March’s total of $9.09 billion was the most in records going back to the start of 2014 and more than made up for losses of $5.29 billion in the first two months of the year. For the first quarter, emerging market ETFs added $3.8 billion, the most since $7.41 billion in last year’s second quarter, the data show,” according to Bloomberg.

iShares MSCI Emerging Markets ETF

Tom Lydon’s clients own shares of EEM.