“Sector flows depict further defensive posturing by investors as we head into a yearend littered with concerns over future growth,” Matthew Bartolini, CFA Head of SPDR Americas Research State Street Global Advisors, said in a note.

Bond ETFs did not sit out on the party. After posting outflows for the first time in 38 months over October, fixed income ETFs regained their footing in November, bringing in over $13 billion, which ranks as the category’s 6th highest monthly total on record.

The broader fund industry, though, is not having it as good. U.S. equity funds experienced $3.5 billion in outflows for the week ended Wednesday, the largest exodus since the week ending Oct. 17, CNBC reports. Nevertheless, investors added another $1.5 billion to Treasury funds due to the elevated market volatility and rising demand for safe haven assets.

For more information on the ETF industry, visit our ETF performance reports category.