(Bloomberg) -- The world of ETFs has sent up another signal that European investors are growing more risk averse than their peers in the U.S.

While investors piled $4.4 billion into U.S.- domiciled ETFs that track emerging-market stocks since the beginning of the year, they pulled $244 million from similar funds in Europe, according to data compiled by Bloomberg. The trend is the opposite for gold ETFs, perceived as a haven from tumultuous currency and equity markets, where the four most popular funds are all based in Europe.

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