2020 was a very good year for ETFs but not for mutual funds. ETFs had net inflows of $502 billion, led by taxable-bond ETFs, which collected nearly half those assets, while mutual funds saw outflows of $289 billion, according to Morningstar’s latest fund flows report, which tracks both ETFs and mutual funds. That divergence in flows is nothing new. ETF flows have topped mutual fund flows in eight of the past 10 years, but the gap in 2020 was the biggest ever, according to Ben Johnson, director of global exchange-traded fund research at Morningstar.
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