As the summer began, nearly $10 billion exited mutual funds as investors left equity funds in favor of bonds, just before the S&P 500 hit 3,000.

In a reflection of how jittery investors are, an estimated $9.88 billion flowed out of long-term mutual funds during a six-day period ending July 2, according to the Investment Company Institute’s weekly fund-flow estimate report.

During that six-day period, nearly $17 billion exited equity mutual funds, while $7.5 billion flowed into bond funds. Of these totals, $12.6 billion exited domestic equity funds and $4.2 billion flowed out of world equity funds, while $6 billion flowed into taxable bond funds and another $1.5 billion entered municipal bond funds.

In the previous report period, ended June 26, an estimated $15.6 billion flowed out of equity mutual funds as $5.5 billion flowed into bond mutual funds.

During the six days ending July 2, approximately $8.9 billion flowed out of long-term ETFs, according to the ICI’s weekly estimates of ETF net issuance. Nearly $12 billion exited equity ETFs—though $573 million flowed into world equity ETFs, another $12.5 billion exited domestic equity ETFs. During the same period, $2.9 billion entered bond ETFs, $2.7 billion flowed into taxable bond ETFs and $170 million flowed into municipal ETFs.

For comparison, in the previous period ended June 26, almost $13.6 billion flowed into ETFs all told, according to the ICI—$6.7 billion into equity ETFs and $5 billion into bond ETFs.

When the ICI combined mutual funds and ETFs, approximately $18.7 billion flowed out of long-term funds all told during the six days ending on July 2 after $1.5 billion flowed into funds in the period ending June 26.

Approximately $28.8 billion flowed out of equity funds during the six-day period ending July 2 after just $8.8 billion exited equity funds during the period ending June 26. In the most recent report, $10.4 billion flowed into bond funds after $10.5 billion flowed into bond funds during the period ending June 26.