Investors pulled $4 billion out of exchange-traded funds that invested in emerging markets last year, making them the least-popular form of ETFs in 2011.

The first half told most of the story, according to State Street Global Advisors. Investors pulled $3.7 billion out of emerging market funds in the first six months of the year and $326 million came out in the last half.

These are funds that invest in developing markets that can range from China, on the large size, to Chile or Vietnam, on the smaller side.

Also losing favor were small cap funds, which lost $3.5 billion, mid cap funds, which lost $2.2 billion, financials, which lost $1.5 billion and industrials, which lost $1.3 billion.

Also hit hard in the first half of the year was SSgA’s flagship ETF, the SPDR S&P500 Fund, known as SPY.

Investors pulled $2.5 billion out of SPY in the first half. But rushed back in the second half, adding $8.1 billion. That gave it a net inflow of $5.7 billion.

“Due to the influence of SPY, large cap remained the largest category as measured by assets under management,’’ State Street said, in a year end report.

Donna Mitchell writes for Financial Planning.

Tom Steinert-Threlkeld is editorial director of the Money Management Group at SourceMedia. He oversees the Web and print operations of Money Management Executive, Mandate Pipeline, and Securities Technology Monitor. He also advises the Web operations of FInancial Planning, On Wall Street and Bank Investment Consultant. He was vice president of the Enterprise Group of Ziff Davis Media, where he founded Baseline magazine and was editor of Interactive Week. He also has extensive background in metropolitan daily news at The Dallas Morning News and the Fort Worth Star-Telegram in Texas. More recently, he served as editorial director of Broadcasting and Cable as well as Multichannel News magazines for Reed Business Information.