While the U.S. equities market experienced one of their best January start to a new year in decades, investors still pulled billions from U.S. stock-related ETFs.

Investors redeemed $25 billion from U.S. stock ETFs in January, reflecting increased caution after Decembers fallout, even as U.S. markets strengthened on stronger-than-expected earnings and signs the Federal Reserve will ease up on interest rate hikes, the Wall Street Journal reports.

On the other hand, investors are shifting over to fixed-income ETFs and ditching U.S. stocks for emerging market exposure and higher quality companies with stable growth outlooks.

“The overall view in the market is still quite bearish,” Daniel Suzuki, portfolio strategist for Richard Bernstein Advisors, told the WSJ.

Specifically, among the most hated ETF plays of January, the SPDR S&P 500 ETF (NYSEArca: SPY) experienced $12 billion in net outflows, iShares Core S&P 500 ETF (NYSEArca: IVV) saw $7 billion in net outflows, iShares Russell 1000 Value ETF (NYSEArca: IWD) bled $2.6 billion and iShares Russell 2000 ETF (NYSEArca: IWM) lost $2.4 billion, according to XTF data.

On the other hand, looking at the most popular ETF picks of January, the iShares Core MSCI Emerging Markets ETF (NYSEArca: IEMG) attracted $4.2 billion in net inflows, Vanguard Short-Term Corporate Bond ETF (NASDAQ: VCSH) brought in $3 billion in inflows, Vanguard Interm-Term Corp Bd ETF (NASDAQ: VCIT) added $2.6 billion and iShares Edge MSCI USA Quality Factor ETF (Cboe: QUAL) saw $1.8 billion in inflows.

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