Exchange-traded funds which track equity indices in the US are continuing to make headway at the expense of mutual funds, as investors speculate on the short-term movement of stocks, rather than putting their faith in the long-term performance of active managers.

In the seven days ended September 26, ETFs in the equity sector saw net inflows of $2.4bn, the third straight week of inflows, according to data provider Lipper. The inflows included $900m into the SPDR gold ETF - inlcuded under the equities banner by Lipper - sponsored by State Street. Around $2.2bn went into the SPDR S&P 500 ETF, although $1.1bn was pulled out of the iShares Russell 2000 ETF.