Fund flow data reveal that institutional investors piled into exchange traded funds during the impressive run-up in last week’s rally.

According to Lipper data, in the week ended Oct. 12, equity funds bled $24 million, Reuters reports. However, if ETF fund flows were excluded, total outflows amounted to $3.1 billion.

Domestic funds, excluding ETFs, saw net outflows of $2.07 billion while non-domestic funds experienced $1.04 billion in outflows, according to Lipper. [Exodus from Stock Mutual Funds Continues; ETFs See Inflows]

The fund flow data indicates that the average retail investor did not partake in the short-term rally last week.

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