Total assets in exchange-traded funds fell 5.8%, or $45 billion, in January from a month earlier, according to monthly data from State Street.

That brought ETF assets in the U.S. down to $730 billion from the $1 trillion milestone they hit in December. The drop was mostly in line with the market's disappointing performance in January, as the S&P 500 fell 3.6% and the MSCI EAFE Index lost 4.4%.

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