Stock exchange traded funds were thumped on November’s first day of trading following one of their best months ever in October.

Financial sector ETFs were the biggest decliners in Tuesday’s sell-off on the surprise referendum in Greece and questions over the collapse of MF Global. [Bank ETFs Fall]

U.S. equity markets and exchange traded funds experienced one of their best months in October as stocks gained on higher consumer confidence and improved U.S. economic data.

The S&P 500 rallied around 11% in October, parring losses over the past five months after U.S. GDP data and consumer confidence showed greater improvements, report Rita Nazareth and John Detrixhe for Bloomberg. Some say U.S. equities are cheap based on earnings forecasts. The S&P 500 is trading at 13.2 times reported earnings, compared to its average of 16.4 since 1954, according to the story. [S&P 500 ETFs’ Rally Over 200-Day Average Opens Door to Year-End Rally]

According to Bloomberg’s survey of 10,000 analysts, the S&P 500 may jump 16% to 1,449,01 from the close on Oct. 31. Additionally, the analysts project S&P companies to report an increase in profits of 18% for 2011. [October ETF Performance Report: Best Month Since 1982]

The MSCI All-Country World Index surged 11% on speculation that the global economy will continue to expand, adding on $4.2 trillion in share value. The Standard & Poor’s GSCI Total Return Index of commodities increased 9.8%, led by gains in energy and metals.