November's election results helped trigger a record-setting month for exchange-traded funds.
Republican Donald Trump's victory coincided with investors making heavy bets that U.S.-focused stocks would rise, as the move up in the market coincided with still more cash pouring in. When it all was over, ETFs saw a whopping $49.1 billion in inflows, the highest monthly total ever in records going back to 1998, according to State Street Global Advisors.
"While the jury is clearly still out on President-elect Trump's decree to make America great again, as he has yet to take office, the post-election fervor has certainly made U.S.-based fund flows great again," State Street said in a statement.
Investors were caught off guard by Trump's victory, and many Wall Street strategists predicted that if he prevailed over Democrat Hillary Clinton, the market would head into a tailspin of 5 percent or more.
Just the opposite happened.
From the Nov. 4 low to the Nov. 25 high, the S&P 500 jumped 6.2 percent. For the month, the market gauge gained 3.3 percent.
Flows to stocks dwarfed other asset classes, with bonds seeing a healthy month for inflows despite losing what State Street estimated to be $1.7 trillion in market value. Commodities got clobbered amid a rising dollar, which makes products priced in the U.S. currency more expensive.
Bond funds overall have had a big year, pulling in a record total despite rising yields that otherwise tend to scare off fixed income investors. Rising yields come with falling prices, which hurt values of bond funds.