State Street Global Advisors lost nearly $7 billion in net outflows from its equity and bond funds in February, MarketWatch reports - with most of the money being pulled from its SPDR, according to Financial Research Corp. Of the total $6.99 billion in outflows, $6.4 billion was from the SPDR ETF.

Although retail investors have gravitated to exchange-traded funds, most of the money in them is still from institutional investors, noted FRC analyst Ross Frankenfield. "A lot of times, they [institutional investors] are using these as short-term solutions to equitize cash, and I think that's basically what's going on."

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