Donald Trump’s victory in the U.S. presidential election and OPEC’s output deal signed for the first time in eight years were the highlights of the month of November.

Trump’s victory led to about 4.1% gains for the S&P 500, 6% for the Dow Jones Industrial Average and about 3.3% returns for the Nasdaq composite despite a somber start to the month. Investors should note that some specific sectors like industrial, biotech and banking were the ones to benefit the most following Trump’s win.

Meanwhile, the Fed is preparing to raise the interest rates in December, which acted as another market mover. Oil prices witnessed a steep jump following the OPEC deal, largely benefiting energy stocks to end the month. However, the broader market wasn’t impacted much.

Winners

Barclays Inverse US Treasury Aggregate ETN TAPR

With almost 100% chance of a December hike, the yield on benchmark U.S. Treasury note jumped to 2.37% on November 30 from 1.83% at the start of the month. This in turn boosted inverse bond exchange-traded products like TAPR, which was up over 30% (read: ETFs in Focus on Rate Hike Hopes Following Fed Minutes).

ETFS Physical Palladium PALL

The usage of palladium is high in the automotive industry for manufacturing catalytic converters.With a bullish outlook for the global auto sector, palladium hit an 18-month high in November. Moreover, 2017 is projected to witness substantial supply shortages. PALL added about 24% in November (read: Will this Precious Metal ETF Outshine Others in 2017?).

iPath Pure Beta Copper ETN CUPM

China's factory activity grew at its fastest clip in over two years in November. The country caters to roughly 40% of the global copper demand, logically giving copper prices a boost. CUPM gained about 23% in the month.

SPDR S&P Metals and Mining ETF XME

The dual dose of Trump and China boosted the space. Trump’s pledge to invest in infrastructure activities also went in favor of some metals, which are used as raw materials.Plus, since the Chinese economy accounts for about half of the global consumption of the industrial commodities, the surge in metal and mining stocks are self-explanatory. XME advanced over 22% in November.

Investors should note that ETFs like PowerShares KBW Regional Bank ETF KBWR, BioShares Biotechnology Products BBP and First Trust RBA American Industrial Renaissance ETF AIRR added over 20%, 18% and 17%, respectively in November.

Losers

Though volatility tracking product iPath S&P 500 VIX Short-Term Futures ETN VXX lost over 18% in the month as the S&P 500 was steady, several metal and mining products featured on the losers’ list.

VanEck Vectors Junior Gold Miners ETF GDXJ

As the risk-on sentiment was back on the market and the greenback hit a 13-year high on the Fed outlook, safe-haven metals like gold and silver fell out of favor. A rising U.S. dollar undermined commodity prices to some extent. Gold mining ETFs like GDXJ and VanEck Vectors Gold Miners ETF GDX lost over 15% in November (read: Gold ETF: Should You Follow Soros or Go Bottom Fishing?).

iShares MSCI Global Silver Miners SLVP

Silver miners were also losers in the month due to rising rate prospects. SLVP was down about 15% in November.

Global X Brazil Consumer ETF BRAQ

Brazil ETFs were downtrodden in the month on rising U.S. dollar, which put emerging market investing under pressure. BRAQ and VanEck Vectors Brazil Small-Cap ETF BRF were also off 16% and 14%, respectively.

VanEck Vectors India Small-Cap ETF SCIF

On November 8,India’s Prime Minister Narendra Modi announced note demonetization. Per the announcement, the Indian government withdrew high-denomination banknotes – 500 rupee and 1000 rupee notes – in circulation, as part of a clampdown against illegal money and corruption.

Since small-cap stocks are a better barometer of the domestic economy, these were under pressure. Investors should also note that about 40%of the Indian economy runs on small- and mid-scale companies, which are largely cash-dependent. SCIF was down about 13% in November (read: India ETFs Tangled Between Note Demonetization & Trump Win).