Investors last month shoveled the most cash into exchange traded funds in more than three years as they favor index-based ETFs for stock market exposure rather than underperforming actively managed mutual funds.

ETFs drew in $38 billion in new money during September, marking the strongest month of flows in over three years and a sharp rebound from August, according to Morningstar.

“So, yes, investors wanted quick, easy, immediate ‘beta,’ and they found it in ETFs,” reports Brendan Conway at Barron’s. “Get me the stock market, and get it for me, now!”

ETF flows in September showed investors were favoring risk-on sectors after the Federal Reserve launched its third round of quantitative easing, or QE3.

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