The state fund buys ETFs again, and the market has learned what that looks like
Turnover in a handful of broad index funds spiked in the closing hour. It is not officially confirmed and it rarely is.
Turnover in several large broad-market exchange-traded funds rose sharply in the final hour of trading, a pattern the market has come to associate with buying by state-linked institutional investors.
None of this is announced. It is inferred from volume patterns, and the inference has been right often enough that traders now watch closing-hour ETF turnover as a distinct signal.
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