Exchange-traded funds are driving demand for stocks as the pace of stock buybacks slow, said analysts at Goldman Sachs, MarketWatch reports.

In a note, analysts led by equity strategist David Kostin noted that ETF demand for equities surged to $98bn in the first quarter, putting 2017 on pace to exceed total demand in 2015 and 2016 combined. On an annualised basis, the $98bn in first-quarter demand from ETFs would translate into purchases of $390bn in 2017, which would top total ETF purchases for 2015 ($174bn) and 2016 ($188bn) combined.