This issue of The Cerulli Edge—U.S. Monthly Product Trends analyzes mutual fund and exchange-traded fund (ETF) product trends as of November 2024 and analyzes how alternative ETF assets have crossed the $400 billion threshold in net assets.

Highlights from this research:  

• Mutual fund assets grew $738 billion in November, falling just shy of $21 trillion despite outflows of $44.5 billion during the month, equaling an organic growth rate of -0.22%.

• ETF assets exceeded the $10 trillion mark for the first time in November. The vehicle crushed its previous monthly flow record, totaling $156 billion. As of the end of November, active ETFs nearly doubled their total net inflows posted in 2023.

• Alternative ETF assets crossed the $400 billion threshold in net assets in November and hold an impressive 93% YoY asset growth rate, highest among all asset classes. 81% of financial advisors surveyed by Cerulli in 2024 who allocate to alternative investments for moderate-risk clients report that they currently use the ETF structure as one of the structures for doing so. New developments in digital assets and private capital demonstrate the flexibility of the ETF structure in providing access to a broad range of alternative exposures, as well as the competitive environment in which managers seek to innovate continuously.