Emerging market exchange traded funds experienced one of their worst week of sales in months as market volatility pummeled riskier equities.

According to J.P. Morgan estimates, emerging market funds experienced $3.5 billion in net redemptions, reports Dimitra DeFotis for Barron’s. Emerging market ETFs shrunk by $1.9 billion.

So far this year, emerging market equity funds have lost $5.3 billion in assets, with emerging markets ETFs contracting by $3.2 billion.

For the week ended Oct. 10, the iShares MSCI Emerging Markets ETF (NYSEArca: EEM) experienced $1.12 billion in outflows, according to ETF.com data. However, the rival Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) added $420,000. [Emerging Market ETF Investors Are Getting Skittish]

The MSCI Emerging Markets Index has dropped as much as 10% from the September high this year, signaling a correction to some investors. Since the September 5 high, EEM is down 10.8% and VWO is 10.9% lower.

The emerging markets could continue to experience swings as investors focus on countries that are more likely to benefit from exports to the U.S. while avoiding areas that provide materials for a slowing China, reports Chris Vellacott for Reuters. Instead, investors need to selectively choose their country exposure.

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