Investors dumped the iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM) in January while diving into U.S. equity ETFs, with net flows into U.S. exchange-traded products totaling $9.95 billion. Total assets in U.S. ETPs climbed about 1 percent, ending the month at almost $1.021 trillion.

The single-biggest story of the month was the culmination of the battle between EEM and the Vanguard MSCI Emerging Markets ETF (NYSEArca: VWO) for bragging rights as the world’s-biggest emerging markets fund. VWO toppled EEM on Jan. 18, and ever since, EEM’s assets have been declining sharply. EEM suffered $6.8 billion in outflows last month, while VWO gathered $1.7 billion.

Apart from VWO, which was the second-most-popular ETF last month, flows were focused on U.S. equities—large-cap funds in particular. More than $10 billion flowed into U.S. equity ETFs and, apart from exiting EEM, investors moved out of smaller-cap holdings and gold, according to data compiled by IndexUniverse.com.

Vanguard, the third-biggest U.S. ETF firm by assets, again bested its rivals in total assets gathered last month, as it did for all of last year. VWO, a $44.82 billion fund as of Jan. 31, was and remains a big part of Vanguard’s steady move up the U.S. ETF league tables.

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