For various reasons, there’s a perception that exchange-traded funds are more up the alley of younger investors than older investors. Turns out that’s not the case, at least  according to a recent report from Pershing LLC that found that investors ages 51 and up are the biggest users of ETFs.

In its report, The Evolving ETF: Using Exchange Traded Funds in Client Portfolios, Pershing worked with Beacon Strategies LLC to interview more than 1,500 financial advisors both in the U.S. and abroad to gauge their attitudes toward—and usage of–ETFs.

Among their findings: baby boomers (ages 51 to 70) are the biggest users of ETFs among the clients of surveyed advisors, with 48 percent of this cohort having such products in their portfolios. That was followed by the so-called Greatest Generation (ages 71 and older), at 29 percent; and Generation X (ages 36 to 50) and millennials (under age 36) at 17 percent and 6 percent, respectively.

The rise of robo-advisors, which rely heavily on low-cost ETFs and have appealed to younger investors who typically don’t have enough assets to qualify for accounts with traditional wealth managers, has engendered the vibe that ETFs are mainly a young investors’ game.

“The widespread assumption across the investment management industry is that the continued growth and popularity of ETFs is being driven by younger investors. However, advisors are telling us that this is not necessarily the case,” said Justin Fay, director of financial solutions for alternative investments and ETFs at Pershing, a division of BNY Mellon.

Making his comments in a press release, he noted that older investors are gravitating toward ETFs in part for their low fees.

Among other findings in the report, of the advisors who use ETFs, 64 percent said the products are core to their clients’ portfolios and 68 percent said they’ll boost their use of ETFs during the next 12 months.

Elsewhere, advisors said performance was the most important factor in choosing a specific ETF and a provider’s brand recognition was the least important. And advisor feedback indicates that concerns about the structure of ETFs was the biggest barrier to using these products.