Investors’ increased appetite for risk over the past month is visible in selling of ETFs indexed to U.S. Treasury bonds, gold and other traditional safe-haven sectors.

For the trailing month, iShares Barclays 1-3 Year Treasury Bond Fund (NYSEArca: SHY) has seen the largest outflows with investors pulling $1.6 billion, according to data from

Additionally, investors have withdrawn $972.5 million and $628.1 million from iShares Barclays 3-7 Year Treasury Bond Fund (NYSEArca: IEI) and iShares Barclays 7-10 Year Treasury Bond Fund (NYSEArca: IEF), respectively.

They have also been exiting the largest gold ETF with prices below $1,600 an ounce on speculation the Federal Reserve is less likely to engage in further quantitative easing. SPDR Gold Shares (NYSEArca: GLD) has experienced net outflows of $1.2 billion the past month.

The pain has spilled over into gold miner ETFs. Market Vectors Gold Miners (NYSEArca: GDX) has seen redemptions of $465.7 million.

In U.S. equity sectors, Utilities Select Sector SPDR (NYSEArca: XLU) has experienced the biggest outflow the past month at $267.4 million, according to The utilities ETF was a huge seller in 2011 with investors gravitating to stable, dividend-paying sectors.

Chart source:

Full disclosure: Tom Lydon’s clients own GLD and SHY.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.