US-listed ETFs totaled $10.2 trillion in assets under management at the end of November, and flows for the year are on pace to reach a record high $1 trillion. November saw ETF inflows of $158 billion—up 35% compared to October—with equities getting the lion’s share. Last month 46 ETFs launched, a decrease of 32% versus October and 25% lower than November 2023.
U.S. listed ETF flows (in millions) as of November 29, 2024
Within the “Other” asset class, interest in the Alternatives space increased significantly with inflows totaling $180 million for the month. That was perhaps at the expense of Commodities, with an outflow of $826 million in November and notable outflows from Gold and Energy ETFs.
At the sector level, Financials continued as the leader in attracting new assets, and Technology appears to be maintaining a consistent level of fund flows on a month-over-month basis. In the Energy sector, flows tend to run hot and cold.
U.S. sector fund flows (in millions) as of November 29, 2024
November saw 46 U.S. ETF launches, which was 32% less than October and 25% less compared to November 2023. In addition, four mutual funds converted to an ETF structure.
Equity ETF launches were down to 28 from 57 last month and 42 in November 2023.
In fixed income, 14 ETFs launched, up from 5 last month and 11 in November 2023.
This month we selected ETF management style as a sidenote topic. Originally, ETFs were designed as index-tracking products. Since the ETF Rule was adopted at the end of 2019, the number of actively managed ETFs has grown exponentially. The increase stems from both organic growth and mutual fund conversions.
While most fund flows are directed to passively managed products, the percentage of increase going to actively managed has more than doubled in the last two years. So far this year, over a quarter of the flows into ETFs have gone to actively managed products.
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