Exchange-traded funds (ETFs) that buy bonds in the U.S. are losing out to equity ETFs as investors move toward riskier assets, signaling confidence in the strength of the economy.

Investors deposited $251 million into fixed-income ETFs yesterday, below the 20-day average of $960 million, according to data compiled by Bloomberg. That compares with $3.9 billion that flowed into stock funds.

Buyers are regaining their appetite for risk after a rout in emerging markets from Argentina to Turkey and a slowdown in U.S. jobs growth in January led to the shift of record amounts out of U.S. stock funds and into fixed income. Last week, bond mutual funds attracted the biggest inflow since May, according to the Investment Company Institute. Demand for safer securities is weakening now as investor confidence revives.

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