Investors pulled more than $1 billion out of U.S. exchange-traded funds that invest in emerging-markets as a third week of outflows left the ETFs down $3.9 billion this month.

Redemptions from emerging-market ETFs that invest across developing nations as well as those that target specific countries totaled $1.17 billion in the week ended Jan. 22, according to data compiled by Bloomberg. While losses narrowed from $2.12 billion the previous week, the outflows so far this month are the most since August, when they reached $6.1 billion.

Stock funds lost $1.12 billion and bond funds declined by $51.9 million. The MSCI Emerging Markets Index advanced 0.2% in the week.

The biggest change was in China and Hong Kong, where funds shrank by $328.1 million, compared with $146.8 million of redemptions the previous week. Investors withdrew $327.3 million from stock funds and $800,000 from bonds.

The Shanghai Composite Index advanced 0.5%. The yuan strengthened 0.09% against the dollar and implied three-month volatility is 7.33%.

Taiwan had the next-biggest change, with ETF investors redeeming $185.1 million, compared with $302.8 million of outflows the previous week. All the losses came from stocks.

The Taiex lost 0.1%. The Taiwan dollar appreciated 0.42% against the dollar and implied three-month volatility is 7.85%.

Following is a table detailing net inflows and outflows for emerging-market ETFs. The data include the index-weighted allocations from the biggest multi-country funds, such as the Vanguard FTSE Emerging Markets ETF and iShares MSCI Emerging Markets ETF, as well as country-specific funds:

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