As the appetite for riskier investments dwindled last month, investors moved money into global stock exchange-traded funds at the slowest pace since October but stepped up their buying of bond ETFs, according to data from BlackRock.

The more cautious tone was evident in demand for US government bond ETFs, which took in $2.2bn despite dwindling bond yields, the biggest inflow since November. Overall, bond ETFs attracted $9.5bn, the most since May 2012.