Given how crucial November was given the U.S. presidential election, it is warranted that we look at how the $2.47 billion ETF industry performed in the month. Overall, the month saw sweet surprises. The Trump rally for the most part of the month on hopes of fiscal reflation can be credited to these unexpected gains.

However, greater U.S. economic growth momentum and staggering retail sales on events like Black Friday and Cyber Monday along with an OPEC output curb deal also deserve credit.

Against this backdrop, let’s take a look at the corners that were the hot favorites of investors and those that were casted out.

U.S. Markets Fueled Up

A better earnings season, U.S. economic recovery and hopes of higher fiscal spending and tax cuts kept investors charged up throughout the month. As a result, SPDR S&P 500 ETF Trust (SPY - Free Report) , iShares Core S&P 500 (IVV- Free Report) and Vanguard 500 ETF (VOO - Free Report) grabbed about $8.37 billion, $3.84 billion and $1.23 billion in assets, respectively in the month.

Small-Caps Get Huge Attraction

The Trump rally was mainly beneficial for small-cap stocks leading the Russell 2000 to log its ‘longest rally in two decades.’ A 13-year high greenback and U.S. economic momentum were the other factors that attracted investors to this space. These stocks have less foreign exposure and are thus less perturbed by negative currency translation.

Plus, Trump’s plan to put America first and market speculation of higher domestic job creation went in favor of small-cap stocks. Small-cap ETFs like iShares Russell 2000 (IWM - Free Report) thus stood second in the asset gatherers’ list having hauled in about $6.1 billion in assets. iShares Core S&P Small-Cap (IJR- Free Report) also fetched about $1.44 billion in assets.

Finance Gets Traction

Since Trump is not supportive of the stringent Dodd-Frank Regulatory Act especially on smaller banks, his win went in favor of financial stocks. A rising rate environment on increased inflationary expectations and bets on faster monetary policy tightening were added advantages. As a result, Financial Select Sector SPDR ETF (XLF - Free Report) hauled in $5.5 billion in assets in the week.

TIPS Bonds Top

Increased inflationary expectations on Trump’s victory boosted investors’ interest in TIPS bonds. iShares TIPS BondETF (TIP - Free Report) attracted about $2.17 billion in assets in November.

Emerging Market Loses

This segment faced the double whammy of a falling currency and Trump’s controversial stance on foreign policies regarding trade, immigration and outsourcing. Since many emerging markets are known as solid manufacturing outsourcing hubs, iShares MSCI Emerging Markets ETF (EEM - Free Report) saw about $3.54 billion of funds gushing out. Emerging market bond ETF iShares JPMorgan USD Emerging Markets Bond ETF (EMB - Free Report) lost about $908.5 million in assets in November.

Gold Lost Its Glitter   

With safe-havens losing their appeal and the greenback rising, gold fell out of investors’ favor. SPDR Gold Trust (GLD - Free Report) and iShares Gold Trust (IAU- Free Report) shed about $2.29 billion and $1.14 billion in assets, respectively.

Low Volatility ETFs Out of Favor

Since risky securities rallied hard in the month, low volatility ETFs like iShares Edge MSCI Minimum Volatility EAFE EFAV and iShares Edge MSCI Minimum Volatility USA ETF USMV saw about $688.6 million and $680.1 million of assets, respectively, leaving the funds.

Consumer Funds Were Hit

First Trust Consumer Staples AlphaDEX ETF (FXG - Free Report) and First Trust Consumer Discretionary AlphaDEX ETF FXD also shed about $1.12 billion and $1.089 billion in assets. Higher rates, prospects of rising energy prices on an OPEC output cut deal and greater focus in other sectors like industrial and healthcare probably led investors to shun consumer stocks.