SPHD, which like SPLV pays a monthly dividend, has lost $25.6 million in assets since the start of August.

This does not mean the low volatility theme is dead. It may just be shifting frontiers. Since August 1, the PowerShares S&P Emerging Markets Low Volatility Portfolio (NYSEArca: EELV) and the iShares MSCI Emerging Markets Minimum Volatility Portfolio (NYSEArca: EEMV) have raked in over $96 million in new assets combined.

iShares MSCI USA Minimum Volatility ETF

ETF Trends editorial team contributed to this post.