Related: Slow-and-Steady ETFs for a Volatile Market

In the fixed-income space, the iShares TIPS Bond ETF (NYSEArca: TIP) stood out, experiencing $640 million in net inflows for the month. The rising interest in Treasury inflation protected securities suggests that more fixed-income investors are beginning to worry about the negative effects of rising inflationary pressures on their bond portfolios – higher inflation usually translates to lower real yields. Investors would typically enter into a TIPS trade ahead of rising inflation to maximize the benefits.

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Meanwhile, growth ETFs saw some significant outflows, despite outperforming in May. The PowerShares QQQ (NasdaqGM: QQQ), which tracks the tech heavy Nasdaq-100 Index, saw a little over $1 billion in outflows and the Technology Select Sector SPDR (NYSEArca: XLK) shrunk by a little over $900 million.

ETF investors also pulled out of broad equity market plays. The SPDR S&P 500 (NYSEArca: SPY) saw $3.6 billion in outflows, iShares Russell 2000 ETF (NYSEArca: IWM) lost $1 billion and SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) experienced $810 million in outflows.

The markets also shunned the emerging economies, Japan and the Eurozone. Investors yanking $3.2 billion from iShares MSCI Emerging Markets ETF (NYSEArca: EEM), which may have been accelerated in response to the Federal Reserve’s more hawkish stance. Additionally, investors pulled $1.4 billion from iShares MSCI EMU ETF (NYSEArca: EZU) and $1 billion from iShares MSCI Japan ETF (NYSEArca: EWJ). Market observers have been growing more disillusioned with the former high flyers as the foreign central banks’ accommodative measures have not translated to outsized economic growth.

Full disclosure: Tom Lydon’s clients own shares of GLD and SPY.