Investors yanked a record $446.5 million from an exchange-traded fund managed by Pacific Investment Management Co. co-founder Bill Gross after his sudden departure from the firm on Sept. 26.

Reuters reported that outflows slowed on Monday to $98 million, according to a Pimco spokesperson.

Pimco’s $3.1 billion Total Return ETF, which follows a similar investment strategy as the Newport Beach, California-based firm’s flagship $222 billion mutual fund, has lost 0.17 percent since Sept. 25. Gross, who oversaw the fund since its March 2012 inception, left for Janus Capital Group Inc. after struggling in the face of outflows and waning bond returns.

Friday's daily outflow accounted for 12.5 percent of the ETF’s shares outstanding, data compiled by Bloomberg show.

With $3.12 billion in assets as of Monday, the ETF is a fraction of the Pimco Total Return Fund, the $222 billion bond fund that Gross had managed since 1987. Gross co-founded Pimco, a $2 trillion asset management firm, in 1971.

His departure may benefit other funds companies, such as Vanguard and Blackrock, as investors decide to move money from Pimco, observers say.