ETFs: “Buying interest remains strong”

Interest in ETFs remains high. Global equity index funds are particularly sought after. European equities and precious metals are also being bought. There has been renewed profit-taking in US equity ETF trading. 

16 December 2025. FRANKFURT (Deutsche Börse). At the end of the 2025 stock market year, investors in Deutsche Börse's ETF segment are still very active. “With increased turnover, we had almost 40 percent more purchases than sales,” reports Holger Heinrich of Baader Bank AG. Frank Mohr of Société Générale also reports a net excess of purchases. This is particularly pronounced in global equity ETFs, while it is more moderate in US equity index funds. These two segments account for 70 percent of all turnover.

Global ETFs: Focus on factor and small-cap strategies

Mohr reports purchases of the Vanguard FTSE All-World (IE00BK5BQT80), while Heinrich reports investments in the iShares Edge MSCI World Value Factor (IE00BP3QZB59) and the Xtrackers World Small Cap Green Tech Innovators (LU2859297330). Both traders also see strong demand for the Amundi MSCI World ESG Broad Transition (<IE0001GSQ209>). “The focus for global ETFs is currently on factor and small-cap strategies,” Heinrich summarizes. Broadly diversified global ETFs with ESG exposure (IE0004CIQ1O4; IE000K1P4V37; IE0008YN55P8), on the other hand, are mostly being sold.

Profit-taking in the Nasdaq 100, purchases of the Stoxx Europe 600

Trading in US stocks is mixed. Mohr has recorded sales of Nasdaq 100 trackers (IE0032077012; IE00B53SZB19; IE00BMFKG444) across various providers. Heinrich sees strong interest in specific growth-oriented strategy ETFs such as the JPMorgan US Growth Equity Active (IE000UZZ5SU2) and the UBS MSCI USA Socially Responsible (IE00BJXT3B87).

European ETFs are characterized by high activity in active and thematically oriented products, as Heinrich explains. He reports purchases for the Xtrackers Europe Equity Enhanced Active (IE00002ZKAP0) and the Amundi MSCI Europe Action (LU2608817958), among others. Small cap and value strategies are more likely to be sold, including the Amundi MSCI Europe Small Cap ESG Broad Transition (LU2572257470) and the SPDR MSCI Europe Value (IE00BSPLC306). Mohr sees engagements in various Stoxx Europe 600 index funds. “Overall, there is a little more buying here.”

Silver ETCs dominate commodity trading

“However, precious metals remain our main focus,” explains Orlemann. Leading the way are silver ETCs (JE00B1VS3333; IE00B43VDT70), whose price has already more than doubled this year and climbed to new all-time highs. Despite strong price movements, the trader sees “no excitement among investors” in crypto ETN trading. Bitcoin has fallen slightly again over the week and is currently trading at just over $87,000.