Investors steered an estimated $17.1 billion into exchange-traded funds and notes in July, bringing their total investment in the products to $93 billion for the year, according to the latest data from the ETF Industry Association. The $93 billion represents a 31% increase from the $71.1 billion that ETFs and ETNs posted in inflows in the first seven months of 2011. 

U.S. equity-based ETFs and ETNs drew the largest share of July's $17.1 billion inflow, taking in $14.2 billion. Global equity ETFs, which posted almost $3 billion in inflows, gobbled most of the rest.

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