The S&P 500’s strong gains kept money flowing into index funds, but gold miners stole the spotlight. Morningstar’s equity precious metals category surged 43.8% in Q3, outpacing digital assets (+21.9%) and China region funds (+21.2%). The VanEck Gold Miners ETF soared 125% YTD, compared with a 46% rise in SPDR Gold Shares. With bullion near $3,863/oz and miners’ costs at ~$1,600, margins are at record highs — though history warns of eventual overexpansion and busts.

Digital assets also shone: Ethereum ETFs surged 65%, with leveraged Ether funds up ~130%, while Bitcoin lagged at +6.2%. The MicroSectors Gold Miners 3X Leveraged ETF jumped 181%.

Meanwhile, index funds stayed dominant: the Vanguard S&P 500 ETF drew $21.6B in Q3 inflows, while iShares Core S&P 500 added $10.6B. Actively managed ETFs also gained ground, with $86.5B inflows, surpassing outflows from active mutual funds.

Money market funds attracted $135B, reflecting investor caution despite falling short-term rates. Growth and small-cap funds posted strong returns but saw outflows, while foreign stocks — cheap and up 27% YTD — remain underowned.