Recent buying patterns in exchange traded funds show investors are pulling money from stock ETFs while committing new funds to defensive areas of the market.

“Defensive flows kept receiving healthy inflows during last week as investors sail choppy seas,” Deutsche Bank said in a report sent Wednesday.

Within the long-only category of exchange traded products, equity funds saw outflows of $625 million for the week ended Sept. 9, while fixed income and commodity ETPs registered inflows of $1.2 billion and $928 million, respectively.

“In general, equity defensive sectors (+$988 million), fixed income investment grade (+$637 million), commodity gold (+$619 million), and equity dividend (+$200 million) remain the favorite defensive trades during last week,” Deutsche Bank analysts wrote. [ETF Redemptions Highest Since 2008]