• Net inflows for US-listed ETFs totaled $155.8 billion in November, bringing total ETF assets under management to $10.35 trillion.
  
  
• Equity ETFs had net inflows totaling $118.4 billion in November, bringing trailing 12-months (TTM) net inflows to $740.3 billion. Active equity ETFs accounted for $16.9 billion in net inflows in November, compared to $101.4 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $526.4 billion, accounting for 6.4% of all equity ETF assets ($8.27 trillion), as of 11/30/24.
  
  
• Fixed income ETFs had net inflows totaling $29.2 billion in November, bringing TTM net inflows to $303.5 billion.  Active fixed income ETFs accounted for $14.3 billion in net inflows in November, compared to $15.0 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $280.0 billion, accounting for 15.6% of all fixed income ETF assets ($1.79 trillion), as of 11/30/24.
  
  
• Commodities ETFs had net outflows totaling $0.7 billion in November, bringing TTM net inflows to $2.3 billion. Energy commodity ETFs (-$0.3 billion) accounted for roughly half of the commodity sub-category outflow in November.

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Richard Bernstein provides his perspective on key investment themes to watch in the year ahead, including overlooked opportunities, potential pitfalls, and the value of seeking “maximum diversification.”

The Thanksgiving holiday celebrates all the blessings in our lives and includes a bountiful harvest on many dining room tables. It’s a wonderful day. 

For equity holders of all stripes, it has been a year of bountiful returns. You could hardly go wrong. Even the worst performing size, style or sector index was still rewarded with excellent returns. Large cap stocks, as measured by the S&P 500 Index, have done the best, up 28% year to date (“YTD”), but mid cap (S&P MidCap 400 Index) and small cap (S&P SmallCap 600 Index) stocks have delivered 23% and 18%, respectively, over the last 11 months. The S&P 500 Growth Index is up 35% but the S&P 500 Value Index is still up 20%. At the sector level, every sector is positive for the year with financials leading the way, up 38% and health care at the bottom, still positive 9%. Seven sectors are up 20% or more.

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Dave Rutherford has been a Navy SEAL, a contractor for Blackwater and the CIA, and performance coach.  In this episode, he shares insights and strategies for pursuing excellence and overcoming fear in high-pressure environments.

In this episode, Brian Wesbury discusses the implications of a Trump victory in the recent election. Recorded the day after Election Day, Brian suggests potential changes in economic policy, tax policy, and other key areas concerning the future economic landscape.

• Net inflows for US-listed ETFs totaled $119.5 billion in October, bringing total ETF assets under management to $9.88 trillion.
  
  
• Equity ETFs had net inflows totaling $76.9 billion in October, bringing trailing 12-months (TTM) net inflows to $693.3 billion. Active equity ETFs accounted for $12.9 billion in net inflows in October, compared to $64.0 billion in net inflows for passive equity ETFs. Total AUM in actively managed equity ETFs was $491.3 billion, accounting for 6.2% of all equity ETF assets ($7.87 trillion), as of 10/31/24.
  
  
• Fixed income ETFs had net inflows totaling $32.4 billion in October, bringing TTM net inflows to $305.3 billion. Active fixed income ETFs accounted for $16.1 billion in net inflows in October, compared to $16.3 billion in net inflows for passive fixed income ETFs. Total AUM in actively managed fixed income ETFs were $265.8 billion, accounting for 15.3% of all fixed income ETF assets ($1.74 trillion), as of 10/31/24.
  
  
• Commodities ETFs had net inflows totaling $3.6 billion in October, bringing TTM net inflows to $3.2 billion. Precious metals ETFs (+$3.3 billion) was the strongest commodity sub-category in October.

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In a family, the mantra goes, the middle child gets less attention than the oldest child or the baby of the family. That phenomenon may as well apply in the equity markets as well. Large cap stocks have gotten the most love over the last five years. They have also delivered superior returns.

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Bob Stein — As Election Day looms, Bob analyzes the probabilities of different election scenarios. Additionally, we explore how tariffs and other tax policies might affect the economy, discuss the implications of government spending, and consider if advancements in AI might pave the way for universal basic income initiatives.

Bill Housey discusses recent dynamics in the bond market, including why longer-term interest rates have increased since the Fed began cutting rates, where we are in the economic cycle, and implications for fixed income investors.

A renaissance of American industry is underway, in our opinion, arising from elevated risks to global supply chains, increased trade protectionism, and U.S. industrial policies offering substantial incentives to shift manufacturing onshore. While small- and mid-capitalization (“cap”) U.S. industrial stocks have performed relatively well recently, we view U.S. reindustrialization as a largely untapped secular growth opportunity that may continue to flourish over the next decade. Below, we unpack several key drivers for the return of American manufacturing, followed by a brief discussion of why we believe the First Trust RBA American Industrial Renaissance® ETF (AIRR) is well-positioned to benefit.

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