Abstract
Using the unique dataset on web analytics and exploiting institutional features of search engine technology, I study the relationship between an ETF’s visibility on the Internet and its fund flows. I consider three channels of online visibility: Organic or “free” search, paid search, and website referrals. I find that ETFs with webpages ranked higher on Google, funds that engage in search engine marketing, and those with webpages referred to by more websites attract higher fund flows. Online visibility of an ETF is as important for an investor’s purchase decision as the fund’s past performance. ETF issuers use online marketing tools to reduce investors’ search costs and gain an advantage in attracting investors’ flows