ETFs: “Avoiding US stocks”

It's not just US and tech stocks – this insight seems to be gaining traction at the moment. Stocks from other countries and sectors are in greater demand, such as those from Germany or Japan.

January 20, 2026. FRANKFURT (Deutsche Börse). The DAX is struggling due to the Greenland dispute and new US tariff threats, while precious metal prices continue to rise. Following a significant buying surplus last week, there are now also some ETF redemptions, as Frank Mohr of Société Générale reports. “However, it is not a wave of selling,” he adds. “Uncertainty due to the tariff threats is high, and many are now looking for a safe haven,” notes Maurice Mohnfeld of Lang & Schwarz. Silver and gold ETCs and ETFs are now in demand again after temporary sales. 

“Advice on greater diversification is being taken seriously.”

According to Mohr, the focus remains on major indices such as MSCI World, S&P 500, Nasdaq, and Stoxx Europe 600. “However, it is striking that there is greater regional diversification.” US stocks are no longer quite as popular, with investors increasingly turning to European, German, Japanese, and emerging market stocks. “It seems that advice on greater diversification is being taken seriously.” DAX and Stoxx Europe 600 index funds (LU2611732046, LU0908500753) are now also in high demand. Japanese stocks are also popular, for example with the Amundi Core MSCI Japan (LU1781541252) and the Xtrackers Nikkei 225 (LU2196470426). Mohnfeld has also observed a shift away from US stocks: “For us, a lot revolves around the iShares MSCI World ex-USA (IE000R4ZNTN3).”

Also “complementary structural components”

However, Holger Heinrich from Baader Bank reports a clear buying surplus for all regions: “In the case of European ETFs, we saw purchases particularly in products focusing on the Euro Stoxx 50 and value concepts,” he notes. In the case of world ETFs, multi-factor and quality strategies as well as small-cap products were particularly popular, such as the Xtrackers MSCI World Quality (IE00BL25JL35) and the Avantis Global Small Cap Value (IE0003R87OG3). When it comes to US equities, Baader Bank's clients are focusing on S&P 500 and MSCI USA trackers (IE000Z3S26J2, IE00B52SFT06). These are complemented by “additional structural components,” such as Russell 2000 ETFs.

Precious metal products: “Some profit-taking”

As Mohnfeld notes, there has also been some profit-taking in the previously sought-after gold and silver price ETCs and mining ETFs. “When the price of silver fell, we saw a lot of selling.” However, the price of silver has now risen to a new high of over $95, as has the price of gold at $4,736. Classic silver ETCs are strong performers, as are the WisdomTree Silver 3x Daily Leveraged (IE00B7XD2195), gold price ETCs (DE000A0S9GB0, IE00B4ND3602) and mining ETFs. Favourites among Société Générale customers are the iShares Gold Producers (IE00B6R52036), the VanEck Gold Miners (IE00BQQP9F84) and the VanEck Junior Gold Miners (IE00BQQP9G91). All three have more than doubled in price since January 2025.

Skepticism toward tech stocks

However, tech index funds continue to dominate trading in sector ETFs. “Sales predominate,” Mohr notes. Examples include the iShares S&P 500 Information Technology (IE00B3WJKG14), the Xtrackers MSCI World Information Technology (IE00BM67HT60), and the iShares Digitalisation (IE00BYZK4883). Bank ETFs (LU1829219390) are also very strong in terms of turnover, but with a buying surplus. More specialized products are also in demand, as Mohr adds, such as the VanEck Space Innovators (IE000YU9K6K2), the VanEck Rare Earth and Strategic Metals (IE0002PG6CA6) and the WisdomTree Renewable Energy (IE000P3D0W60).