SPY - Rotation Toward Cyclical And Out-Of-Favor Issues Continued In January

• The average equity fund (including ETFs) just managed to stay in positive territory for January, posting a 0.28% return for a third consecutive month of plus-side performance.
• Investors injected a net $60.9 billion into ETFs in January, with equity ETFs (+$40.5 billion) attracting the largest net inflows.
• Despite the rising yield curve, the third largest draw of net new money was seen in Core Bond ETFs, which took in $5.5 billion for the month.

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