“We expect the Fed to raise interest rates in December and this is still not fully priced in,” Nick Kounis, head of macro and markets research at ABN Amro Bank NV, told Bloomberg.

So far this month, among the top ETF redemptions, the iShares 1-3 Year Treasury Bond ETF (NYSEArca: SHY) saw $1.5 billion in net outflows, SPDR Barclays High Yield Bond ETF (NYSEArca: JNK) experienced $973.7 million in outflows, iShares 7-10 Year Treasury Bond ETF (NYSEArca: IEF) lost $762.5 million in outflows, iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSEArca: LQD) shrunk by $587.5 million and SPDR Barclays 1-3 Month T-Bill (NYSEArca: BIL) saw assets drop by $552.8 million, according to ETF.com. [Bond ETFs, Duration, Maturity, and Rising Rates]

The iShares Core U.S. Aggregate Bond ETF (NYSEArca: AGG), though, saw almost $2.4 billion in net inflows so far in November. Some investors may have trimmed bets on specific or more niche bond funds to bulk up on this diversified aggregate bond ETF to diminish risk. On the other hand, AGG may have experienced large inflows on greater short interest as short sellers borrow shares of AGG.

For more information the fixed-income market, visit our bond ETFs category.

Max Chen contributed to this article.