Investors have added more than $40 billion to U.S.-listed ETFs in the third quarter with buying picking up from the pace set during the first half of the year.

“With just eight days to go, ETF money flows for Q3 are +$46.5 billion across the 1,455 products currently on offer. If that holds through the end of the month, it will signal an acceleration from the $37.5 billion quarterly run rate average of the first half,” says Nicholas Colas, chief market strategist at ConvergEx Group.

“As for where all that capital is flowing, look to global equity markets – $34.9 billion (75% of the total) has found a home in stocks and $22.9 billion (49% of the total) specifically in U.S. equities. No, that’s not enough to offset the $40.3 billion that has exited U.S. listed mutual funds,” he wrote in a note Wednesday.

Among sector ETFs, financials and industrials saw the heaviest inflows with $1.6 billion and $1.1 billion, respectively, in the third quarter.

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