There has been ample chatter in recent weeks regarding weakness in small-cap stocks and exchange traded funds.

No, the chart for the iShares Russell 2000 ETF (NYSEArca: IWM) is not a thing of beauty. The largest small-cap ETF entered trading Thursday more than 5% below its 50-day moving average and 1.6% below its 200-day line. The chart shows IWM is highly vulnerable to additional price retrenchment.

Despite the warnings, of which there have been plenty, investors are displaying some curious behavior with small-cap ETFs. For example, IWM has seen inflows of almost $319 million over the past month while losing more than 2%. [Small-Cap ETFs Falter]

The iShares Core S&P Small-Cap ETF (NYSEArca: IJR) has shed $164.5 million while the Vanguard Small-Cap ETF (NYSEArca: VB) has lost $22 million despite a modest one-month increase.

There are additional signs investors are not yet willing to commit to overtly bearish positions against small-caps. The Direxion Daily Small Cap Bear 3X Shares (NYSEArca: TZA) was Direxion’s second-best bearish ETF in May entering Thursday’s session, according to issuer data.

Conversely, the Direxion Daily Small Cap Bull 3X Shares (NYSEArca: TNA) is the issuer’s third-worst bullish ETF this month, but creation and redemption data indicate investors either expect the small-cap decline to be short-lived or that they are wrong. Over the past 30 days, TNA has seen creation activity while shares of TZA have been redeemed, according to Direxion data.