ETFs: No longer just purchases

While US and global equities, which have long been popular, are now also being sold off heavily, inflows are once again dominating European equities. In addition, emerging market ETFs have made a comeback. They, too, are celebrating new highs. 
 

October 28, 2025. FRANKFURT (Frankfurt Stock Exchange). The euphoria has subsided. Despite ever-new records on Wall Street, in Europe, and even in emerging markets, skepticism has arisen in ETF trading. “Overall, inflows still predominate, but the picture is now balanced for the otherwise sought-after global and US stocks,” reports Frank Mohr of Société Générale. Holger Heinrich of Baader Bank even reports a slight sales surplus.

The S&P 500, Dow Jones, and Nasdaq reached new record highs yesterday, Monday. The European indices Euro Stoxx 50 and Stoxx Europe 600 are also at all-time highs, as is the long-lagging MSCI Emerging Markets. The DAX, on the other hand, continues to move sideways at 24,281 points on Tuesday afternoon. The development of the gold price remains striking: after rising to a peak of US$4,380 a week ago, the troy ounce now costs only US$3,926 again. “We have high turnover in mining ETFs and gold and silver ETCs, but mostly profit-taking,” reports Michael Norizin, who trades ETFs and ETCs for Lang & Schwarz.

Back and forth in US and global equities

In the US equities sector, Mohr says that iShares S&P 500 is being favored, while Nasdaq trackers from iShares and Amundi are being sold. According to Heinrich, technology and climate strategies are on the shopping list, such as the First Trust Vest Nasdaq 100 Moderate Buffer (IE000GAKWFA7) and the UBS MSCI USA Tech 125 Universal (IE0003B4BV34). “On the sell side, there are active and growth-oriented products such as the JPM US Growth Active (IE000UZZ5SU2),” adds the trader. Lang & Schwarz's trading-savvy clientele likes to invest in the WisdomTree Nasdaq 100 3x Daily Leveraged (IE00BLRPRL42), an ETN that tracks the Nasdaq with 3x leverage. 
World ETFs are also bought and sold from time to time. Mohr sees inflows for the iShares Core MSCI World (IE00B4L5Y983), for example, and outflows from the Amundi MSCI World. According to Heinrich, broadly diversified global indices tend to be sold off, such as the UBS Core MSCI World (<IE000TB15RC6 Europe>). 

 

“Emerging market ETFs account for 20 percent of sales”

When it comes to European equities, MSCI Europe and Stoxx Europe 600 trackers from various providers are popular, as Mohr observes. According to Heinrich, “stable, index-linked strategies with a sustainability focus” are well received, such as the Invesco MSCI Europe ESG Climate Paris Aligned (IE000TI21P14) and the Amundi F.A.Z. 100 (LU2611732129). This refers to the F.A.Z 100 index, which comprises the 100 largest German stock corporations. Norizin also sees more interest than usual in Japanese stocks. The background to this is the surge on Japan's stock markets, where the Nikkei closed above the 50,000-point mark for the first time in its history yesterday, Monday.

Interest in emerging market stocks has also risen significantly. “Emerging market ETFs now account for 20 percent of our turnover in equity ETFs. For a long time, it was only a few percent,” Mohr notes. The MSCI Emerging Markets ETF from Amundi and the iShares MSCI EM IMI Screened (IE00BFNM3P36) are in demand. Both are trading at all-time highs.  

Tech rally: Many positions also closed out

Tech stocks remain the focus of trading in sector ETFs. “However, there is no clear trend; we are seeing both buying and selling,” Mohr notes. Inflows dominated in Xtrackers Artificial Intelligence & Big Data (IE00BGV5VN51) and iShares S&P 500 Information Technology (IE00B3WJKG14), while there were outflows from iShares Automation & Robotics (IE00BYZK4552). There is also some activity in blockchain ETFs, as Michael Norizin reports, specifically the VanEck Crypto and Blockchain Innovators (IE00BMDKNW35). “In crypto ETNs, on the other hand, there is not much going on,” he adds.

Gold and gold mine trackers: profit-taking after rally

Gold mining ETFs remain extremely strong in terms of turnover, as traders unanimously report. According to Mohr, the VanEck Gold Miners (IE00BQQP9F84) and the UBS Solactive Global Pure Gold Miners (IE00B7KMNP07) are very popular, while according to Norizin, the iShares Gold Producers (IE00B6R52036) and the Amundi NYSE Arca Gold Bugs (LU2611731824). Also generating strong turnover are gold ETCs such as iShares Physical Gold (IE00B4ND3602) and WisdomTree Gold 3x Daily Leveraged (IE00B8HGT870). “Profits are mostly being taken on ETFs and ETCs,” he notes.

In the bond ETF business, the familiar picture continues with high turnover, especially in money market trackers. “ETFs are being used as a substitute for cash, now also by many private investors,” Mohr notes. Particularly popular are products from Xtrackers and Amundi.