Assets flowing into ESG ETFs are increasing at a faster clip than the overall stock market—in part because numerous new ETFs are being launched each month, according to ETFGI, a London-based research and consulting firm that tracks global trends in ETFs.

During the first 11 months of this year, ESG ETF assets increased 22.3%, growing from $393.11 billion at the end of 2022 to $480.96 billion by the end of November, ETFGI said. In November alone, assets in ESG ETFs saw $6.04 billion in growth, according to ETFGI’s Landscape Insights Report. It was the eighth consecutive month of increasing assets.

The S&P 500 index was up 9.13% in November and was up 20.8% year to date, the report said. Since the first ESG ETF was launched in 2002, the number and diversity of products has steadily increased, with 29 new ESG ETFs having been launched in November of this year alone, bringing the total to 1,457 from 239 providers.

Despite seeing steady increases in assets allocated to ESG ETFs, the totals for year-to-date for 2023 are were only the fourth highest, with each of the past three years having seen slightly higher total inflows.

“Confusion persists around what constitutes an ESG fund,” ETFGI said. “According to PRI, a United Nation’s supported initiative that seeks to understand the investment implications of ESG issues, 56% of adopters believe there is a lack of clarity in ESG definitions,” the report noted.

ETFGI developed a classification system that attempts to provide greater precision, with ETFs and Exchanged Traded Products that are listed globally organized into categories, such as core ESG products and theme-based groups.

A list of the 20 top ESG ETFs by asset size can be found here.