ETF investors favoring emerging markets equities and U.S. corporate bonds, fleeing short-term Treasuries and developed international equities

U.S. ETFs have seen net inflows of $137.6 billion through the first 10 months of 2012. Vanguard's emerging markets ETF and two iShares corporate bond funds have accounted for nearly 18% of net inflows through October; while the iShares MSCI EAFE and iShares' short-term Treasury ETF have seen the largest year-to-date outflows.