Investors pulled more than $1 billion out of U.S. exchange-traded funds that invest in emerging-markets as a third week of outflows left the ETFs down $3.9 billion this month.

Redemptions from emerging-market ETFs that invest across developing nations as well as those that target specific countries totaled $1.17 billion in the week ended Jan. 22, according to data compiled by Bloomberg. While losses narrowed from $2.12 billion the previous week, the outflows so far this month are the most since August, when they reached $6.1 billion.

Stock funds lost $1.12 billion and bond funds declined by $51.9 million. The MSCI Emerging Markets Index advanced 0.2 percent in the week.

The biggest change was in China and Hong Kong, where funds shrank by $328.1 million, compared with $146.8 million of redemptions the previous week. Investors withdrew $327.3 million from stock funds and $800,000 from bonds.

The Shanghai Composite Index advanced 0.5 percent. The yuan strengthened 0.09 percent against the dollar and implied three-month volatility is 7.33 percent.

Taiwan had the next-biggest change, with ETF investors redeeming $185.1 million, compared with $302.8 million of outflows the previous week. All the losses came from stocks.

The Taiex lost 0.1 percent. The Taiwan dollar appreciated 0.42 percent against the dollar and implied three-month volatility is 7.85 percent.

Following is a table detailing net inflows and outflows for emerging-market ETFs. The data include the index-weighted allocations from the biggest multi-country funds, such as the Vanguard FTSE Emerging Markets ETF and iShares MSCI Emerging Markets ETF, as well as country-specific funds:

Flow WeekFlow %EquityBondFX
RegionEnd Jan. 22ChangeFlowFlowChange
================================================================================
Total EM Flow-1,168.1-45.0%-1,116.2-51.8n/a
China and Hong Kong-328.1-123.51%-327.3-0.80.09%
Taiwan-185.138.88%-185.10.00.42%
India-132.645.62%-132.3-0.2-0.04%
South Korea-89.738.88%-87.4-2.21.08%
Russia-72.18.82%-70.3-1.7-0.52%
Mexico-63.852.30%-62.0-1.8-0.96%
South Africa-56.351.20%-54.7-1.61.92%
Brazil-43.3-472.87%-41.4-1.9-1.09%
Malaysia-24.951.66%-24.8-0.12.42%
Indonesia-22.361.23%-20.8-1.50.47%
Thailand-16.653.17%-16.3-0.30.96%
Philippines-14.472.69%-12.8-1.50.16%
Turkey-14.067.28%-12.4-1.61.53%
Chile-13.746.91%-13.6-0.12.16%
Poland-11.665.85%-9.4-2.2-0.52%
Vietnam-11.2-214.44%-11.20.00.10%
U.A.E.-6.541.18%-6.50.00.00%
Qatar-5.147.48%-3.3-1.80.00%
Colombia-4.863.99%-3.2-1.6-0.21%
Peru-3.865.53%-2.2-1.6-0.52%
Egypt-1.565.66%-1.60.10.10%
Singapore-0.1n/a0.0-0.10.68%
Nigeria0.097.39%0.00.0-0.23%
Argentina0.1101.90%0.00.1-2.21%
================================================================================
*T
NOTE1: For further ETF analysis, download the ETF workbook: XLTP XETFM
NOTE2: For Bloomberg’s ETF screener: ETF
NOTE3: Currency performance for China and Hong Kong is based on the yuan,
stock index uses the Shanghai Composite Index.
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