(Bloomberg) -- Investors are pulling out of exchange- traded funds for emerging-market bonds at the fastest pace since November after a three-month rally pushed down yields and dimmed the allure of the securities.

U.S.-based ETFs focused on developing-country bonds have posted a net outflow of $400 million this month, according to data compiled by Bloomberg through yesterday. That’s bigger than any full month since November, when they lost $406 million.

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