Vanguard MSCI Emerging Markets (NYSEArca: VWO) has experienced the most redemptions for any ETF the past month with nearly $900 million leaving the fund.

Earlier this year, Vanguard said it plans to drop the fund’s MSCI index and switch to a benchmark managed by FTSE. It’s unclear whether the recent outflows are related to the index switch, or other factors such as investor rotation away from developing markets or year-end tax swaps.

Since the end of October, investors have pulled $886 million from VWO, according to IndexUniverse ETF flow data.

Meanwhile, the iShares MSCI Emerging Markets (NYSEArca: EEM) managed by BlackRock (NYSE: BLK) is the best-selling ETF with inflows of nearly $2.8 billion.

Some fund managers benchmarked to MSCI indices have expressed reservations about the Vanguard index swap, according to a recent Financial Times report. Others are concerned the move may lead to negative tax consequences and costs.

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