Meanwhile, S&P 500 index-based mutual funds saw $216 million in outflows for the second week after $53 in outflows over the first week, which suggests that more investors are taking the recent pullback as an impetus to get out of mutual funds entirely.
Other asset categories also exhibited comparable flows. For instance, in the mid-cap growth category, investors pulled $132 million from Columbia Acorn Fund (ACRNX), the largest mid-cap growth fund over the second week while the iShares S&P Mid-Cap 400 Growth ETF (NYSEArca: IJK) attracted $48 million.
The story was the same in the fixed-income space, with investors pulling $569 million and $1.9 billion from U.S. taxable fixed-income mutual funds over the weeks ended August 26 and September, respectively. Meanwhile, $1.3 billion and $3.8 billion flowed into U.S. taxable fixed income ETFs over the two respective weeks.
“The trend of investors shifting assets to ETFs, and out of mutual funds, is consistent with what we have seen throughout 2015,” Rosenbluth added. “However, we think the market volatility has caused some investors to rethink their asset allocation approach and the products they use to help achieve their goals.”
For more information on ETF flows, visit our ETF performance reports category.
Max Chen contributed to this article.