Net inflows into ETFs topped $7.3 billion in October, impressive gains given that October was one of the worst months on record for the markets. The October net inflows raised the level of new money, minus redemptions, shifting into ETFs to $108.6 billion for the year, according to the latest data compiled by the National Stock Exchange.

But not all of the news was good for ETF enthusiasts. In October, 272 ETFs had net outflows—some 28 more than those that recorded net inflows, the first time that has ever happened, according to the NSX.

In terms of total assets, October ended with ETFs holding $488.9 billion. That was down from $587.8 billion a month earlier and $593.8 billion at the end of October 2007, as negative market movements swamped the inflows.

Another negative indicator in the exchange-traded product market was the continued market neglect of exchange-traded notes. ETNs had net outflows in October, primarily at Barclays Capital, which holds the majority of ETN assets. Only one ETN even had net inflows, an HSBC note that took in just $2 million.