According to the latest money flows report out on Tuesday, exchange-traded funds in the U.S. produced net outflows of $1.5 billion in the first quarter. 

The data was compiled by Strategic Insight, which is a well-known market researcher and consultant in the mutual funds industry. It has recently revamped its database to include tracking ETFs. Earlier this year, the firm published its first market-sizing report on the industry. (See related story here.)

The firm has predicted that ETF assets globally will top $1 trillion within two years. Now, despite a downturn in the opening quarter of 2009, Strategic Insight is still predicting rapid growth for the industry. (It has estimated record net inflows of $176 billion in 2008.)

The latest report also estimated that March had net inflows for both equity and fixed-income ETFs and exchange-traded notes. That was the first positive month for both since December 2008.