As a batch of emerging markets ETFs continue ascending to new highs, signs are mounting that bearish traders are getting frustrated.

The Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), two of the largest emerging markets ETFs, are up 28.8% and 34%, respectively, year-to-date.

Some bearish traders are not sticking around to further tempt fate with EEM, which tracks the widely followed MSCI Emerging Markets Index.

“Bears extinguished $736 million of short positions in just two days in the three main emerging-market exchange-traded funds, according to IHS Markit Ltd,” reports Bloomberg. “Most of those wagers were acquired only last month as the MSCI stocks gauge posted its first monthly loss this year amid concern a stronger U.S. dollar would undermine risk appetite.”

As short sellers depart some big-name emerging markets funds, bullish traders continue entering these ETFs. Since the start of the fourth quarter, investors have added $227.2 million to EEM, bringing the ETF’s year-to-date inflows total to $2.85 billion.

Related: Emerging Market ETFs Enjoy Robust Investor Interest

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