Client outflows picked backup over the prior week as Bank of America’s data analytics’ survey of its equity clients highlighted that investor’s took back $1.1B worth of capital.

The financial institution also outlined that its client’s purchased single stocks for a third consecutive week, and that the bulk of the selling came primarily through exchange traded funds.

The financial institution noted that equity ETFs led the outflows and large cap and blended ETFs were a part of the list. At the same time the firm also stated that clients sold growth and mid cap ETFs but purchased value, small cap and broad market ETFs.

BofA delineated that while small-cap funds (NYSEARCA:VBR), (VBK), (IWO) were purchased, and improving market sentiment around small-caps have increased, they are still dwarfed in flows when compared to large-cap (NYSEARCA:SPY), (NASDAQ:QQQ), (NYSEARCA:DIA) investor flows.

See below a chart by BofA that shows the discrepancy in capital flows.

In the same breath of small-caps, Barclay’s said in an investor note on Tuesday : “We are skeptical about the recent small-cap rally,” and recommended that investors fade the recent rally in small-caps with options.

In broader financial news, stock index futures pointed to a lower open on Tuesday, but action will likely be volatile as more earnings roll in.