ETFs: Caution regarding US equities

Increasing warnings of an AI bubble are now having an initial impact: according to traders, Nasdaq ETFs in particular are being sold off. Overall, however, inflows still predominate. The fall in the price of Bitcoin has not yet had any major consequences.

4 November 2025. FRANKFURT (Börse Frankfurt). Caution is spreading in the ETF market. Although purchases still predominate, inflows and outflows are now balanced for US stocks, which have long been popular, as Frank Mohr of Société Générale reports. Gold and defense stocks have taken a back seat. “We are seeing less trading in gold ETCs and gold mine ETFs, as well as in defense trackers,” reports Andreas Schröer of Lang & Schwarz.

As usual, trading in large equity ETFs is primarily focused on global and US stocks. According to Mohr, investors are betting on the Vanguard FTSE All-World High Dividend Yield (IE00B8GKDB10) and the Vanguard FTSE All-World (IE00BK5BQT80), for example. The picture is balanced for US equities, with purchases of the S&P 500 ETF from iShares (IE00B5BMR087) and sales of the Vanguard ETF (IE00B3XXRP09), for example. The trend is clearer for Nasdaq ETFs, whose prices are still at record levels: “Nasdaq trackers are mostly being sold,” reports Mohr. According to Ivo Orlemann of ICF Bank, there is also considerable interest in leveraged Nasdaq and S&P 500 ETNs (IE00BLRPRL42, IE00B7Y34M31).

Mohr also sees more interest in European stocks, such as the iShares Stoxx Europe 600 (DE0002635307). High inflows into Japanese stocks (LU1681038912) are also striking. “We are no longer seeing the higher turnover in emerging market ETFs that we saw in recent weeks,” adds Mohr.

Sector ETFs: Healthcare now in the lead

There has been a change in the favorites in sector ETF trading: for once, it is not tech ETFs that are dominating, but healthcare ETFs, as Mohr observes—and from a wide variety of providers. Examples include the Amundi MSCI World Health Care (LU0533033238), the Amundi Stoxx Europe 600 Healthcare (LU1834986900), and the Invesco Nasdaq Biotech (IE00BQ70R696). 

According to Mohr, tech ETFs continue to be popular, especially the high-turnover Xtrackers Artificial Intelligence & Big Data (IE00BGV5VN51) and iShares S&P 500 Information Technology (IE00B3WJKG14). “We are also seeing high inflows into e-mobility ETFs, such as the iShares Electric Vehicles and Driving Technology (IE00BGL86Z12) and the Xtrackers Future Mobility (IE00BGV5VR99),” he explains. There is also a focus on rare earths, for example with the VanEck Rare Earth and Strategic Metals (IE0002PG6CA6). As Orlemann and Schröer note, things have quietened down for defense ETFs. “Demand has declined, and there have also been sell-offs,” explains Orlemann.

Precious metals and cryptocurrencies: No clear picture

There is also less activity than in previous weeks in gold and gold mine trackers. “We are now mostly seeing sell-offs,” notes Schröer. At ICF, purchases still predominate, but there are also many sales. According to Orlemann, gold and silver ETCs (IE00B579F325, JE00B1VS3333) are recording high sales, as are mining ETFs such as Global X Silver Miners (IE000UL6CLP7). The price of gold is currently fluctuating around US$4,000, down from a high of US$4,380 two weeks ago.  

Bitcoin, too, is currently trading at $104,000, far below its record high of just under $125,966 on October 6. Orlemann reports purchases and sales, mostly in Bitcoin and Ethereum trackers such as WisdomTree Physical Bitcoin (GB00BJYDH287) and VanEck Ethereum (DE000A3GPSP7). “There's not much going on,” Schröer notes. 

By Anna-Maria Borse, 4 November 2025 © Deutsche Börse AG